Investment Rating - The investment rating for the industry is "Positive" (maintained) [1][9] Core Insights - The China Securities Regulatory Commission (CSRC) released new guidelines on September 24, aimed at deepening the reform of the listed companies' merger and acquisition (M&A) market, which includes six major measures to support M&A activities [4] - The new measures emphasize enhancing regulatory inclusiveness, improving payment flexibility and review efficiency, and strengthening the service level of intermediary institutions [4] - The report highlights that the M&A business presents new opportunities for leading securities firms, especially as the IPO and refinancing markets tighten, making M&A a potential growth point for investment banking [4] - The report suggests that leading securities firms are likely to benefit from industry resource integration and improved risk control indicators, with a focus on firms like CITIC Securities and China Galaxy Securities [4] Summary by Sections Recent Market Performance - The report notes the recent performance of the market over the past 12 months [1] Regulatory Changes - The CSRC's new guidelines include a mechanism for phased payment of shares in M&A transactions, extending the approval validity period from 12 months to 48 months [4] - Adjustments to regulations regarding competition and related transactions have been made to increase tolerance for certain conditions [4] - Lock-up periods for private equity funds and minority shareholders in restructuring have been reduced [4] Opportunities for Securities Firms - The report emphasizes the need for securities firms to increase their investment in financial advisory services to facilitate M&A transactions [4] - It is expected that the M&A business will become a new focal point for growth amid tightening IPO and refinancing conditions [4] Investment Recommendations - The report recommends focusing on leading securities firms that are likely to benefit from resource optimization and improved return on equity (ROE) due to the new financial policies [4]

Investment Rating - The report assigns an "Overweight" rating to the company, marking the first coverage [1] Core Viewpoints - The company is a leading player in dry-type transformers and is expanding into energy storage as its second growth curve [3] - The global dry-type transformer market is expected to reach $9.2 billion by 2028, with a CAGR of 6.8% from 2023 to 2028 [3] - The company issued convertible bonds to expand its energy storage and digital production capacity for power transmission and distribution equipment [3] Financial Projections - The company is expected to achieve revenues of 7.39 billion yuan, 9.435 billion yuan, and 12.289 billion yuan in 2024, 2025, and 2026, respectively [4] - Net profits attributable to the parent company are projected to be 596 million yuan, 814 million yuan, and 1.118 billion yuan for the same periods [4] - The corresponding P/E ratios are 22.34x, 16.35x, and 11.90x for 2024, 2025, and 2026, respectively [4] Business Overview - The company specializes in dry-type transformers, with applications in wind power, rail transit, and energy efficiency [10] - It is one of the few companies globally capable of producing dry-type transformers for wind power applications, serving major wind turbine manufacturers like VESTAS, GE, and SIEMENS Gamesa [3] - The company has a clear equity structure, with the controlling shareholder holding 40.46% of the shares [14] Energy Storage Business - The company has a total energy storage production capacity of 3.9GWh across its Wuhan and Guilin bases [3] - It focuses on medium and high-voltage direct-hanging (cascaded) energy storage systems, which offer cost and performance advantages [3] - In 2023, the company secured new energy storage system orders worth 641 million yuan (excluding tax), a year-on-year increase of 144.87% [3] Market Opportunities - The dry-type transformer market is driven by its advantages over oil-immersed transformers, including higher safety, smaller size, and lower maintenance costs [3] - The company's dry-type transformers are widely used in wind power, rail transit, and energy efficiency sectors, with significant growth potential in these areas [25] - The global energy storage market is expected to grow rapidly, with the company well-positioned to benefit from this trend [46] Competitive Advantages - The company's dry-type transformers have higher capacity and voltage ratings compared to domestic peers, approaching the leading indicators of international competitors [26] - Its energy storage systems leverage the company's existing technology in power electronics and energy management, providing cost and performance advantages [56] - The company's high-voltage direct-hanging (cascaded) energy storage systems offer superior performance metrics, including higher efficiency and faster response times [62] Customer Base - The company's energy storage systems target customers in the power generation, grid, and industrial sectors, overlapping with its existing customer base [63] - Major clients include traditional power generation companies like China General Nuclear Power Group and State Power Investment Corporation, as well as renewable energy companies like Goldwind and Shanghai Electric [65]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Views - The company is a leading player in China's general aviation sector, deeply integrated with CNOOC, with 67.66% of its 2023 revenue coming from this major client [2][11]. - The low-altitude economy is supported by government policies, with the market expected to reach 2 trillion yuan by 2030, driven by various factors [2][18]. - The company's traditional business remains stable while low-altitude operational services are poised for growth, with plans for eVTOL commercialization [2][3]. - Revenue projections for 2024-2026 are 2.209 billion, 2.443 billion, and 2.779 billion yuan, with net profits of 279 million, 312 million, and 372 million yuan respectively [2][4]. Summary by Sections Company Overview - The company is a benchmark in general aviation operations in China, controlled by CITIC Group, and has expanded its business scope through various subsidiaries [11]. - It has a strong focus on offshore oil services, with significant revenue from CNOOC, and is also involved in emergency rescue, land aviation, and aviation maintenance [14][15]. Market Potential - The low-altitude economy is in its early stages in China but is accelerating, with a projected market size of 2 trillion yuan by 2030 [2][18]. - The global general aviation market is primarily dominated by North America and Europe, with Asia holding about 15% [2][26]. Financial Performance - The company has shown stable revenue growth, with a CAGR of 6.68% from 2018 to 2023, and a 2023 revenue of 1.970 billion yuan, up 9.6% year-on-year [16]. - The net profit for 2023 was 239 million yuan, reflecting a 23.11% increase from the previous year [16]. - The company maintains a gross margin above 20%, with a net margin of 12.1% in 2023 [16][17].

汽车 / 行业专题报告 / 2024.09.24 汽车行业 2024 年三季报业绩前瞻 投资评级:看好(维持) 最近 12 月市场表现 -22% -16% -10% -4% 2% 8% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《《电动自行车安全技术规范（征求意 见稿）》点评》 2024-09-20 2. 《汽车行业周报》 2024-09-18 3. 《8 月份中国车市运行回顾》 2024- 09-18 海外需求强劲增长，出海+智能化为投资主线 核心观点 证券研究报告 ❖ 海外需求持续强劲，出口企业有望受益： 1-8 月汽车行业整体产销分别完 成 1867.4 万辆和 1876.6 万辆，同比分别增长 2.5%和 3%。分市场来看，1-8 月 汽车国内销量 1499.2 万辆，同比下降 1.8%，汽车出口 377.3 万辆，同比增长 28.3%，海外市场需求继续保持强劲增长。我们认为海外市场的强劲需求有望 带动出口型 ...

汽车 / 行业点评报告 / 2024.09.24 乐道 L60 订单超预期点评 投资评级:看好(维持) 最近 12 月市场表现 -22% -16% -10% -4% 2% 8% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《2 月份中国车市运行回顾》 2024- 03-12 2.《2 月新能源汽车行业洞察》 2024- 03-05 L60 订单超预期，有望打造爆款车型 核心观点 证券研究报告 ❖ 事件：9 月 23 日下午，根据乐道公众号信息，乐道 L60 订单超预期，首批交 付时间预计将于 9 月 23 日推送至用户。 ❖ L60 订单超预期，公司将投入资源拉升产能：由于乐道汽车上市后订单超 预期，公司或将拉通所有的核心合作伙伴共同拉升产能，有望缩短交付日期。 ❖ 2024 年底乐道与蔚来有望共用 1000 台以上的三代和四代换电站：目前 蔚来有超过 2500 个换电站，预计到 2024 年底，乐道可以和蔚来共用 1 ...

汽车行业周报 汽车 / 行业投资策略周报 / 2024.09.24 投资评级:看好(维持) 最近 12 月市场表现 -22% -16% -10% -4% 2% 8% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《《电动自行车安全技术规范（征求意 见稿）》点评》 2024-09-20 2. 《汽车行业周报》 2024-09-18 3. 《8 月份中国车市运行回顾》 2024- 09-18 新产品推出叠加消费刺激政策有望促进销量提升 证券研究报告 核心观点 ❖ 板块表现： 9 月 18 日-9 月 20 日沪深 300 指数涨幅 0.95%，申万行业指数中，一级行业汽 车相对收益为 0.01%，二级行业中，汽车零部件相对收益 0.51%，汽车服务相 对收益为 0.31%，摩托车及其他相对收益为 0.11%，乘用车相对收益为-0.84%， 商用车相对收益为-0.14 %。 子行业观点： 乘用车：据乘联分会数据，9 月 1-1 ...

房地产开发 / 行业投资策略周报 / 2024.09.23 房地产行业周报（2024 年第 38 周） 投资评级:看好(维持) 最近 12 月市场表现 -37% -30% -22% -14% -6% 2% 房地产开发 沪深300 上证指数 分析师 欧阳之光 SAC 证书编号：S0160524070001 oyzg@ctsec.com 分析师 吴梦茹 SAC 证书编号：S0160524060001 wumr@ctsec.com 相关报告 1. 《房地产行业周报（2024 年第 37 周）》 2024-09-20 2. 《房地产行业周报（2024 年第 36 周）》 2024-09-08 3. 《房地产行业周报（2024 年第 35 周）》 2024-09-02 ❖ 投资建议：本周新房和二手房成交环比和同比下跌，多地持续优化购房政 策。我们认为在政策的持续支持下，销售会逐步修复，尤其是高能级城市将 率先修复。我们看好前期在核心区域提前布局、以及在融资端具备更强信用 优势的房企，此外，建议关注拥有城中村改造经验的地方性国企，建议关注： 招商蛇口、保利发展、越秀地产、中海地产、华发股份、建发股份、滨江集 团、龙湖集团 ...

Group 1: Market Performance - The construction materials sector has seen a market performance decline of 37% over the last 12 months, compared to a 30% decline in the CSI 300 index[2] - In September, new home sales in 30 cities totaled 2.95 million square meters, a month-on-month decrease of 6% and a year-on-year decrease of 18%[5] - The second-hand housing market showed a total transaction of 2.46 million square meters in 15 cities, with a month-on-month decrease of 4% but a year-on-year increase of 31%[5] Group 2: Demand and Supply Dynamics - Cement demand is affected by weather fluctuations, with prices expected to continue fluctuating due to insufficient demand support[3] - The average price of cement has seen a decrease of 0.8% nationwide in the latest week, with a significant drop in demand due to increased rainfall in eastern and central China[16] - The glass market is facing an oversupply issue, leading to a continued decline in prices, with prices dropping by 1-5 yuan per weight box[16] Group 3: Investment Recommendations - Long-term investment is recommended for consumer-end materials such as Weixing New Materials, Beixin Building Materials, and Tubao[6] - For rebound opportunities, attention is suggested for business-end materials like Dongfang Yuhong, Sankeshu, and Mona Lisa[6] - Other related stocks to watch include Qingniao Fire Protection and Sait New Materials[6] Group 4: Risks - Risks include potential declines in the real estate market, intensified industry competition, and macroeconomic downturns[23]

化工行业周报 基础化工 / 行业投资策略周报 / 2024.09.23 投资评级:看好(维持) 最近 12 月市场表现 -27% -21% -15% -10% -4% 2% 基础化工 沪深300 上证指数 分析师 梅宇鑫 SAC 证书编号：S0160524070002 meiyx@ctsec.com 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com | --- | --- | |------------------|------------| | | | | 相关报告 | | | 《化工行业周报》 | 2024-09-10 | | | | | 《化工行业周报》 | 2024-09-03 | | 《化工行业周报》 | 2024-08-27 | 原油价格大涨，百龙创园拟发行可转债 证券研究报告 核心观点 ❖ 本周行情：本周市场综合指数整体上行，上证综指报收 2736.81，本周上涨 1.21%，深证指数本周上涨 1.15%，A 股指数上涨 1.21%；其中化工板块上涨 1.08%。 ❖ 化工公司行情：本周涨幅前五的股票为：江天化学（+22.97%）、华软科技 （+19. ...

公用事业 / 行业投资策略周报 / 2024.09.23 全社会用电量数据公布，周均来水波动提升 投资评级:看好(维持) 最近 12 月市场表现 -15% -9% -3% 3% 9% 15% 公用事业 沪深300 上证指数 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《绿证核发量激增，碳市场行业范围 扩大》 2024-09-17 2. 《绿证 CCER 衔接机制出台，充分明 确市场边界》 2024-09-12 3. 《绿电环境溢价增值，绿证市场建设 提速》 2024-09-11 公用事业周报(2024.09.16-2024.09.21） 核心观点 证券研究报告 ❖ 8 月全社会用电量数据发布：国家能源局发布 8 月份全社会用电量等数据。 全社会用电量 9649 亿千瓦时，同比增长 8.9%。分产业看，第一产业 149 亿千 瓦时，同比增长 4.6%；第二产业 5679 亿千瓦时，同比增长 4.0%；第三产业 1903 亿千瓦时，同比增长 11.2%；城乡居民生活用电量 1918 亿千瓦时，同比 增长 23.7%。 ❖ 上海市发布 20 ...