Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 7.529 billion yuan in H1 2024, representing a year-on-year increase of 15.73%, with a net profit attributable to shareholders of 709 million yuan, up 28.49% [3] - The sales expense ratio continues to optimize, with a gross margin of 31.51% in H1 2024, an increase of 1.07 percentage points year-on-year, and a net profit margin of 9.85%, up 0.99 percentage points year-on-year [3] - The company is optimistic about the growth potential of all-terrain vehicles and mid-to-large displacement motorcycles, supported by product structure upgrades and channel expansion [3] Financial Performance Summary - H1 2024 revenue: 75.29 billion yuan (+15.73%) - H1 2024 net profit: 7.09 billion yuan (+28.49%) - Q2 2024 revenue: 44.68 billion yuan (+23.20%) - Q2 2024 net profit: 4.31 billion yuan (+26.35%) [3] - H1 2024 gross margin: 31.51% (+1.07 percentage points YoY) - H1 2024 net profit margin: 9.85% (+0.99 percentage points YoY) [3] Sales Performance - All-terrain vehicle revenue: 3.532 billion yuan (-1.55%), with sales of 81,400 units (+3%) - Motorcycle revenue: 3.248 billion yuan (+41.95%), with sales of 153,900 units (+56%) - Electric two-wheeler revenue: 116 million yuan, with sales of 20,400 units, showing significant growth in both domestic and international channels [3] Profit Forecast - The company is expected to achieve net profits of 1.362 billion yuan, 1.698 billion yuan, and 2.114 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 16, 13, and 11 [3]

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading player in the photovoltaic tracking bracket market, with a global market share of 9% as of 2023, ranking fifth worldwide according to Wood Mackenzie [2] - The company plans to raise 1.131 billion yuan through a targeted issuance to expand its photovoltaic bracket production capacity [2] - The economic benefits of tracking brackets are becoming increasingly evident, with a significant increase in penetration rates and a 26% year-on-year growth in total shipments of tracking brackets in 2023 [2] - The company has seen rapid growth in orders from emerging markets, particularly in India and the Middle East, with new signed orders in these regions exceeding 10 GW in the first half of 2024 [2] - Revenue projections for the company are 8.69 billion, 10.95 billion, and 13.24 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 684 million, 897 million, and 1.099 billion yuan [2] Summary by Sections 1. Company Overview - The company has been deeply involved in the photovoltaic bracket industry for over a decade, with a focus on expanding into emerging markets [2][9] - The company has established a global presence, with significant projects in India and the Middle East, and has shipped nearly 68 GW of products globally by the end of 2023 [9] 2. Business Performance - The company's revenue from bracket sales has shown rapid growth, with a 61.9% year-on-year increase in 2022, and a strong recovery in profitability following a downturn in 2021 [13] - The tracking bracket business has seen a significant increase in revenue, growing by 124.2% year-on-year to 3.598 billion yuan in 2023 [15] 3. Market Dynamics - The tracking bracket market is experiencing a surge in demand, with global installations reaching 446 GW in 2023, a 89% year-on-year increase [20] - The company is benefiting from the growing demand for photovoltaic installations, particularly in the U.S. and emerging markets, with a projected increase in global tracking bracket shipments to over 80 GW in 2024 [21] 4. Financial Projections - The company is expected to achieve revenues of 8.69 billion, 10.95 billion, and 13.24 billion yuan from 2024 to 2026, with corresponding net profits of 684 million, 897 million, and 1.099 billion yuan [2][4] - The projected PE ratios for the company are 18.97, 14.47, and 11.81 for the years 2024, 2025, and 2026 respectively [2]

香港交易所(00388) / 非银金融 / 公司跟踪研究报告 / 2024.09.12 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-11 | | 收盘价 ( 港元 ) | 220.80 | | 流通股本 ( 亿股 ) | 12.68 | | 每股净资产 ( 港元 ) | 39.02 | | 总股本 ( 亿股 ) | 12.68 | | 最近 12 月市场表现 | | -28% -21% -13% -6% 2% 9% 香港交易所 恒生指数 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《二季度交投活跃显著改善，上半年 整体业绩稳健》 2024-08-21 2. 《业绩继续改善，美联储降息交易或 重返市场主线》 2024-07-12 3. 《交投活跃度进一步改善，阿尔法优 势仍在》 2024-06-14 ❖ 市场环境方面：1）现货方面，8 月港股市场触 ...

"细"节定成败 ——美国大选辩论及 8 月通胀数据解读 证券研究报告 分析师 陈兴 SAC 证书编号：S0160523030002 chenxing@ctsec.com 联系人 马乐怡 maly@ctsec.com 相关报告 1. 《低通胀稳固降息预期——7 月美国 通胀数据解读》 2024-08-15 2. 《降息条件达成——6 月美国通胀数 据解读》 2024-07-12 3. 《通胀有所降温——5 月美国通胀数 据解读》 2024-06-13 宏观月报 / 2024.09.12 核心观点 ❖ 哈里斯首次辩论占优。哈里斯和特朗普进行首次总统竞选辩论，辩论结束 后，PredictIt 数据显示哈里斯的胜算从 53%上升至 57%。不过，从摇摆州形势 来看，特朗普或仍有余地，目前哈里斯仅在三个摇摆州领先，此外在票数最多 的宾夕法尼亚州，两人支持率持平。本次辩论中，两人均基本延续了此前竞选 活动中的主要政治主张，政见增量较少，但哈里斯宣传更细。对外关系方面， 哈里斯强调加强与盟友关系，并明确认为和中国是竞争关系，通过投资保证美 国在科技领域获胜；而特朗普仍然注重于贸易关税手段。 ❖ 能源项带动 CPI 大幅降温 ...

投资评级:增持(首次) 核心观点 | --- | --- | |------------------------|------------| | | | | 基本数据 | 2024-09-11 | | 收盘价 ( 元 ) | 28.86 | | 流通股本 ( 亿股 ) | 4.53 | | 每股净资产 ( 元 ) | 5.78 | | 总股本 ( 亿股 ) | 5.48 | | 最近 12 月市场表现 | | -25% -19% -13% -6% 0% 6% 华测导航 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 华测导航(300627) / 通信设备 / 公司深度研究报告 / 2024.09.11 高精定位龙头企业，低空打开新空间 证券研究报告 ❖ 高精定位龙头企业。公司成立于 2003 年，总部位于上海，深耕卫星导航定 位领域，主要业务包括高精度 GNSS 接收机、测量系统、地理信息系统（GIS）、 无人机导航和自动驾驶。公司产品 ...

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汽车行业周报 单击或点击此处输入文字。 汽车 / 行业投资策略周报 / 2024.09.11 投资评级:看好(维持) 最近 12 月市场表现 | --- | --- | |-------|----------| | | | | | 上证指数 | | 1% 7% | | | -5% | | | -11% | | | -17% | | | -23% | | 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. 《上海市电动自行车以旧换新补贴政 策点评》 2024-09-05 2. 《8 月重卡行业洞察》 2024-09-05 3. 《8 月新能源汽车行业洞察》 2024- 09-05 新能源车及汽车出口带来市场增量 证券研究报告 核心观点 ❖ 板块表现： 9 月 2 日-9 月 6 日沪深 300 指数涨幅-1.03%，申万行业指数中，一级行业汽车 相对收益为 3.70%，二级行业中，汽车零部件相对收益为 2.94%，汽车服务相 对收益为 2.68%，摩托车及 ...

食品饮料 / 行业投资策略报告 / 2024.09.11 投资评级:看好(维持) | --- | --- | --- | |------------------------|-------|-----------------------| | 最近 12 \n食品饮料 | | 月市场表现 \n沪深 300 | | -6% 0% | | | | -12% | | | | -19% | | | | -25% | | | | -31% | | | 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 分析师 李茵琦 SAC 证书编号：S0160523020001 liyq03@ctsec.com 分析师 赵婕 SAC 证书编号：S0160523100002 zhaojie@ctsec.com 分析师 任金星 SAC 证书编号：S0160524010001 renjx@ctsec.com 相关报告 1. 《24Q2 食品饮料基金持仓分析》 2024-07-23 2. 《食品饮料 2024 年半年报前瞻》 2024-07-03 3. 《啤酒行业研究专题报告》 2024- 06 ...

Industry Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [2] Core Views - Low-altitude economy is experiencing rapid development under policy support, with continuous improvements in regulatory frameworks [4] - Local governments are actively responding by formulating development strategies tailored to regional characteristics [4] - Regional industrial clusters are being leveraged to build low-altitude economy hubs, with notable progress in provinces like Jiangxi and Guangdong [4] - Investment recommendations focus on key areas such as airspace planning, air traffic control informatization, 5G infrastructure, eVTOL aircraft, and drone systems [4] Regional Summaries Central China - **Hunan Province**: Aims to become a national low-altitude economy demonstration province, targeting over 20 large-scale enterprises and a total output value of 160 billion yuan by 2025 [10] - **Sunward Intelligent (002097.SZ)**: A leader in underground engineering equipment, with a growing aviation business segment and a strategic partnership with Volkswagen for flying car development [11][12][13] - **Hubei Province**: Wuhan and Shiyan are actively promoting low-altitude economy development through policy incentives and infrastructure investments [15][16][17] - **Aerospace Nanhu (688552.SH)**: A major supplier of air defense early warning radar systems, though facing short-term performance pressure due to delivery delays [18][19][20] Southwest China - **Sichuan Province**: Plans to build 20 general airports and over 100 vertical take-off and landing points by 2027, aiming for comprehensive coverage of regional airports [22] - **AVIC UAV (688297.SH)**: A specialized company in high-end UAV systems, with significant revenue growth from 2018 to 2022, though facing a slight decline in 2023 [24][25][26] - **Zongheng UAV (688070.SH)**: A market leader in industrial UAVs, focusing on low-altitude digital economy applications, though profitability remains under pressure [27][28][29][30] - **Sichuan Jiuzhou (000801.SZ)**: A traditional air traffic control and military enterprise, with stable revenue but declining profitability [32][33][34] Northwest China - **Shaanxi Province**: Released a development plan for the low-altitude manufacturing industry, aiming for comprehensive industrial upgrading by 2027 [46] - **AECC Aviation Power (600893.SH)**: China's leading aero-engine manufacturer, with steady revenue growth and a focus on military and civilian applications [46][47] - **Tianhe Defense (300397.SZ)**: A high-tech enterprise specializing in military-civilian dual-use technologies, with a focus on low-altitude airspace management [48][49][50] Northeast China - **Liaoning Province**: Shenyang aims to establish a low-altitude economy ecosystem by 2026, with over 100 related enterprises and an industry scale of 3 billion yuan [51] - **Heilongjiang Province**: Plans to build 46 A2-level general airports by 2025, with a focus on general aviation industry development [51][52] - **AVIC Helicopter (600038.SH)**: A leading helicopter manufacturer in China, with a diverse product portfolio and ongoing development of eVTOL aircraft [52][53] - **Guanglian Aviation (300900.SZ)**: An aerospace manufacturing company expanding into the UAV market, with steady revenue growth but declining profitability due to increased R&D investment [53][54]

公用事业 / 行业投资策略周报 / 2024.09.10 绿电环境溢价增值，绿证市场建设提速 投资评级:看好(维持) 最近 12 月市场表现 -16% -10% -4% 2% 8% 13% 公用事业 沪深300 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《中电联发布 2024 年 1-7 月份全国 电力市场交易简况》 2024-09-02 2. 《关于推动新型信息基础设施协调 发展有关事项的通知》 2024-09-04 3. 《可再生能源绿色电力证书核发和 交易规则》 2024-09-05 证券研究报告 公用事业周报(2024.09.02-2024.09.07） 核心观点 ❖ 7 月全国电力市场交易数据：2024 年 7 月，完成市场交易电量 6035 亿千瓦 时，同比增长 13.6%。其中，中长期电力直接交易电量合计为 4205 亿千瓦时， 同比增长 1.1%。1-7 月，完成市场交易电量 34950.9 亿千瓦时，同比增长 9.5%， 占全社会用电量比重为 62.4%，同比增长 1pct；占电网售电量比重为 76.2%， 同比增 ...