Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company is a leading player in the flat electromagnetic wire sector, benefiting from accelerated investment in the electric power sector. It has maintained a strong market position in the central and southwestern regions of China, achieving a sales revenue of over 10 billion yuan in 2023, with a year-on-year growth of 17% [2][19]. - The company has a stable shareholding structure, with significant support from multiple subsidiaries, ensuring operational efficiency [11][29]. - The company is expected to achieve revenues of 17.51 billion yuan, 19.88 billion yuan, and 22.62 billion yuan from 2024 to 2026, with net profits of 590 million yuan, 694 million yuan, and 790 million yuan respectively, corresponding to PE ratios of 12.07, 10.26, and 9.01 [3][19]. Summary by Sections Company Overview - The company is a veteran in the wire and cable industry, having established a comprehensive layout through mergers and acquisitions. It has been a leader in the industry for over 70 years and has developed a strong brand presence [11][28]. Financial Situation - The company reported a total revenue of 15.29 billion yuan in 2023, with a year-on-year increase of 15.83%. The net profit attributable to shareholders reached 523 million yuan, reflecting a growth of 41.12% [31][19]. Research and Development - The company has a leading position in R&D investment within the industry, with a total R&D expenditure of 498 million yuan in 2023, representing a 3% R&D expense ratio. The number of R&D personnel reached 852, indicating a strong commitment to innovation [16][60]. Dividends - The company has a high dividend payout strategy, with a total dividend of 300 million yuan in 2023, marking a 16.73% increase year-on-year. The dividend rate reached 50.68%, with a dividend yield of 4.95% [19][64]. Industry Analysis - The electric wire and cable industry has a broad market space, with significant growth potential driven by increasing demand in the power sector. The market concentration is low, with a CR5 of 8.5%, indicating opportunities for consolidation and growth [2][73]. Competitive Advantages - The company has established a strong brand presence and competitive advantages through differentiated products and capacity expansion. It has successfully penetrated both domestic and international markets, enhancing its market position [19][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2024 revenue of 265.01 billion yuan, a decrease of 2.56% year-on-year, and a net profit attributable to shareholders of 7.48 billion yuan, down 5.04% year-on-year [2] - Emerging and overseas businesses are experiencing rapid growth, while the real estate development business continues to be consolidated [2] - The company achieved new contracts worth 621.64 billion yuan in Q1 2024, a decline of 6.9% year-on-year, with various business segments showing mixed performance [2] - The gross profit margin for Q1 2024 was 8.58%, a decrease of 0.33 percentage points year-on-year, indicating slight pressure on profitability [2] - The company is expected to achieve net profits of 36.79 billion yuan, 39.55 billion yuan, and 43.38 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.41, 1.53, and 1.68 yuan [3] Summary by Sections Financial Performance - Q1 2024 revenue was 2650.11 million yuan, down 2.56% year-on-year; net profit was 748.1 million yuan, down 5.04% year-on-year; and non-recurring net profit was 716.9 million yuan, down 3.30% year-on-year [2] - New contracts signed in Q1 2024 totaled 621.64 billion yuan, down 6.9% year-on-year, with specific segments showing varied performance [2] - The company’s gross profit margin for Q1 2024 was 8.58%, down 0.33 percentage points year-on-year, and the net profit margin was 2.82%, down 0.07 percentage points [2] Future Projections - The company is projected to achieve revenues of 1,339.86 billion yuan in 2024, with a growth rate of 6.27%, and net profits of 36.79 billion yuan, reflecting a growth rate of 9.87% [4] - EPS is expected to increase from 1.41 yuan in 2024 to 1.68 yuan in 2026, with corresponding PE ratios decreasing from 4.68 to 3.93 [3][4] Business Segments - The company’s new contracts by segment include engineering construction (470.12 billion yuan), design consulting (7.5 billion yuan), and emerging businesses (180.4 billion yuan), with year-on-year changes indicating mixed performance across segments [2] - The real estate development segment saw a significant decrease in signed area and amount, with a 60.5% decline in signed amount to 6.73 billion yuan [2]

汽车 /行业投资策略周报 / 2024.06.04 汽车行业周报 证券研究报告 投资评级:看好(维持) 乘用车期待政策发力，LNG 重卡终端实销较好 最近12月市场表现 核心观点 ❖ 板块表现： 汽车 沪深300 上证指数 5月27日-5月31日沪深300指数涨幅-1.53%，申万行业指数中，一级行业汽 14% 车（M009042850）相对收益为2.40%，二级行业中，汽车零部件（M009042905） 7% 相对收益为1.34%，汽车服务（M009042906）相对收益为3.26%，摩托车及其 1% 他（M009042907）相对收益为-0.32%，乘用车（M009042908）相对收益为5.86%， -5% 商用车（M009042909）相对收益为-1.40%。 -12% -18% ❖ 子行业观点： 乘用车：据乘联会数据，5月1-26日，乘用车市场零售120.8万辆，同比去年 同期下降6%，较上月同期下降2%，今年以来累计零售757.5万辆，同比增长 分析师 邢重阳 SAC证书编号：S0160522110003 5%；5月1-26日，全国乘用车厂商批发125.3万辆，同比去年同期下降5%， xingcy ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported Q1 2024 revenue of 2749.49 billion yuan, a year-on-year increase of 0.52%, and a net profit attributable to shareholders of 60.25 billion yuan, up 1.98% year-on-year [2] - The green environmental protection business is experiencing rapid growth, with new land reserves being added at an accelerated pace. The total new contracts signed in Q1 2024 amounted to 5506.9 billion yuan, an increase of 2.05% year-on-year [2] - The company's profitability remained stable year-on-year, but cash flow faced some pressure, with a net outflow of operating cash flow of 465.94 billion yuan, an increase of 73.78 billion yuan compared to the same period last year [2] Summary by Sections Financial Performance - Q1 2024 revenue was 2749.49 billion yuan, with a net profit of 60.25 billion yuan and a non-recurring net profit of 57.77 billion yuan [2] - The gross profit margin was 7.79%, with a net profit margin of 2.19% [2] - The company expects net profits for 2024-2026 to be 268.74 billion yuan, 286.19 billion yuan, and 304.45 billion yuan respectively, with corresponding EPS of 1.79, 1.92, and 2.05 yuan [3] Business Segments - New contracts signed in Q1 2024 by business segment included: engineering contracting (4101.12 billion yuan, +3.12%), investment operations (463.65 billion yuan, +6.65%), and green environmental protection (276.80 billion yuan, +36.70%) [2] - Real estate development saw a decline in sales, with a signed sales contract amount of 134.58 billion yuan, down 32.17% year-on-year [2] Cash Flow and Balance Sheet - Operating cash flow showed a net outflow of 465.94 billion yuan, with a cash collection ratio of 104.75% [2] - As of Q1 2024, accounts receivable and notes, inventory plus contract assets, accounts payable and notes, and prepayments plus contract liabilities were 1807.8 billion yuan, 6216.4 billion yuan, 5287.7 billion yuan, and 1468.2 billion yuan respectively [2]

拓普集团(601689) /汽车零部件 /公司点评 /2024.06.04 空悬工厂正式落成，有望带来全新增量 证券研究报告 投资评级:买入(维持) 核心观点 ❖ 事件：2024 年 5 月 22 日，公司发布通知，宣布第 6 万套空悬系统下线暨空 基本数据 2024-06-03 悬系统二部工厂正式落成。 收盘价(元) 60.01 流通股本(亿股) 11.02 每股净资产(元) 15.30 ❖ 公司空悬系统产能趋于饱和，二厂落地将新增100万台套产能：拓普空 总股本(亿股) 11.63 气悬架系统产品自2023年12月正式量产以来产量持续攀升，截至2024年5 最近12月市场表现 月已完成第6万套产品下线，目前公司已具备年产能50万套的供货能力。进 入2024年以来，伴随客户订单量暴增，空悬系统一部产能即将饱和，公司拟 拓普集团 沪深300 投资6亿元建设空悬系统二部工厂，目前项目已正式落成，计划2024年10月 上证指数 29% 正式投产，预计投产后可实现年产400万只空气弹簧，满足每年100万辆车的 18% 配套，该工厂将配备全自动组装线、全自动生产线等核心设备。未来新产能逐 7% 步释放，有望带动公司营 ...

汽车 /行业点评报告 /2024.06.04 5 月重卡行业洞察 证券研究报告 投资评级:看好(维持) LNG 重卡淡季不淡，出口销量小幅上涨 最近12月市场表现 核心观点 ❖ 事件： 2024年5月份，我国重卡市场共计销售约7.5万辆（开票口径，包含 汽车 沪深300 上证指数 出口和新能源），环比4月份下降9%，比上年同期的7.74万辆下滑3%，减少 14% 了约2000辆。累计来看，2024年1-5月，我国重卡市场销售各类车型约43万 7% 辆，比上年同期上涨7%，净增加3万辆。 1% -5% ❖ 气价运价双低趋势延续，LNG重卡销量高涨：5月份，国内LNG一公斤 -12% 批发价格维持在 4.2-4.3 元左右，油气价格差很稳定地保持在 3-3.5 元。LNG -18% 重卡的经济性优势显现。LNG 重卡比重快速上升，柴油车型占比不断下降的 趋势有望持续。根据第一商用车网的统计，5 月国内 LNG 重卡销量虽然环比 4 月份有回落，但同比仍然是高速增长，预计同比增速达到 85-90%左右，国 分析师 邢重阳 SAC证书编号：S0160522110003 内终端市场渗透率接近40%。 xingcy01@ ...

中国电建(601669) /基础建设 / 公司点评 / 2024.06.04 能源电力工程新签高增，现金流略有承压 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司公告2023年实现营收6084.39亿元同增6.44%；归属净利润129. 基本数据 2024-06-03 88 亿元同增 13.58%；实现扣非归属净利润 117.13 亿元同增 13.17%。公司公 收盘价(元) 5.31 流通股本(亿股) 130.72 告2024Q1实现营收1401.54亿元同增5.15%；归属净利润30.45亿元同增0.7 每股净资产(元) 7.72 9%；实现扣非归属净利润30.21亿元同增1.32%。 总股本(亿股) 172.26 最近12月市场表现 ❖ 能源电力工程新签保持高增，运营业务规模持续扩张。公司2023年能源 电力/水资源与环境/基础设施/其他业务 2023 年新签分别为 6167.74/1547.99/3 中国电建 沪深300 360.25/352.46亿元，同比变化36.17%/-12.38%/-5.77%/53.40%，其中，新签光 上证指数 基础建设 5% 伏发电/抽水蓄能/火电/风电 ...

地 产 销 售 同 比 仍 负 增 实 体 经 济 图 谱 2 0 2 4 年 第 1 9 期 分析师：陈兴 博士 财通宏观首席分析师 S0160523030002 分析师：马骏 ...

建筑装饰 / 行业投资策略周报 / 2024.06.03 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 核心观点 ❖ 节能降碳方案发布，建造方式转型以及存量建筑改造带来新机遇。5 月 23 日，国务院印发《2024-2025 年节能降碳行动方案》（下称"方案"），对 2024- 2025 年节能降碳工作提出具体目标，并对建筑节能降碳给出指引：1）加快建 造方式转型，方案提出要"严格执行建筑节能降碳强制性标准"、"大力发展装 配式建筑，积极推动智能建造，加快建筑光伏一体化建设"，要求到 2025 年底 新建公共机构建筑、新建厂房屋顶光伏覆盖率力争达到 50%，城镇建筑可再生 能源替代率达到 8%，新建超低能耗建筑、近零能耗建筑面积较 2023 年增长 2000 万平方米以上。在加快建筑领域节能降碳背景下，深耕装配式建筑多年 的鸿路钢构、精工钢构、华阳国际，以及在 BIPV 领域不断取得进展的江河集 团等公司有望从中受益。2）推进存量建筑改造，到 2025 年底，完成既有建筑 节能改造面积较 2023 年增长 2 亿平方米以上，城市供热管网热损失较 2020 年 降 ...

建筑材料 / 行业投资策略周报 /2024.06.04 建材行业策略周报 证券研究报告 投资评级:看好(维持) 地产政策落地，刚需有望释放支撑产业链 最近12月市场表现 核心观点 消费建材：央行定调，收储资金设立，龙头标的估值有望率先修复。本 建筑材料 沪深300 周多个核心城市集中优化政策，除一线城市外，5/29 天津亦将首套/二套首付 8% 比例降至 15%/25%最低水平，取消房贷利率下限。根据中指监测，截至 5/28 1% 全国多地已经跟进 517 新政，武汉、郑州等城市首套/二套房贷利率降至 -6% 3.25%/3.35%，下调幅度较大。从一线城市的政策力度对比来看，广州首付比 -13% 例和房贷利率均为一线城市最低，力度较上海、深圳更大。后续北京市相关的 -21% 政策优化预期也进一步增强。多项政策举措落地，有望助推核心城市市场活跃 -28% 度提升，从而加快全国市场筑底企稳进程。未来关注地产销售数据企稳带来产 业链预期的改变，预期先行，建议关注消费建材核心标的。地产政策放松后或 提振购房信心，去库有望打通置换链条，建材需求可能迎来边际改善，我们建 分析师 毕春晖 SAC证书编号：S0160522 ...