Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading player in the engineering machinery sector, with a solid market position and continuous improvement in operational quality and profitability. The company has a comprehensive product range including cranes, excavators, concrete machinery, and mining machinery, and has achieved significant sales in various categories [4][5][25][27]. - The engineering machinery industry is approaching a turning point, with marginal improvements in demand expected due to stable new demand, a potential peak in replacement demand starting in 2024, and steady growth in overseas exports [4][5][57][59][62]. Summary by Sections Company Overview - The company is recognized as a leading engineering machinery enterprise in China, with a diverse product portfolio and a strong global presence, exporting to over 193 countries [25][27]. - The company has undergone significant restructuring, enhancing its operational efficiency and market competitiveness [49][51]. Financial Performance - In 2023, the company reported revenues of 92.85 billion yuan, a slight decrease of 1.0% year-on-year, while net profit increased by 23.5% to 5.33 billion yuan. The company expects continued growth in net profit for 2024-2026, with projected figures of 6.49 billion, 8.57 billion, and 10.95 billion yuan respectively [5][56]. - The company's gross margin improved to 22.4% in 2023, with a net margin of 5.7%, reflecting enhanced profitability [54][56]. Industry Outlook - The engineering machinery sector is expected to see a recovery in demand, driven by increased infrastructure investment and favorable government policies in the real estate sector [59][61]. - The upcoming peak in replacement demand for machinery is anticipated to begin in 2024, as the average lifespan of equipment approaches its end [62][63]. Growth Drivers - The company is focusing on expanding its international operations, with a robust global marketing network and increasing overseas revenue contributing to its growth [4][5][27]. - The company is also enhancing its product offerings in emerging segments such as aerial work platforms and mining machinery, which are expected to drive future revenue growth [4][5][47].

福田汽车(60016650) / 商用车 / 公司点评 / 2024.08.27 毛利率同比提升，出口销量维持高增长 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-26 | | 收盘价 ( 元 ) | 2.30 | | 流通股本 ( 亿股 ) | 65.75 | | 每股净资产 ( 元 ) | 1.84 | | 总股本 ( 亿股 ) | 80.04 | | 最近 12 月市场表现 | | -37% -29% -21% -13% -5% 4% 福田汽车 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 证券研究报告 ❖ 事件：公司发布 2024 年半年度报告，公司 2024 年 H1 实现营业收入 239.68 亿元，同比-16.91%；实现归母净利润 4.14 亿元，同比-31.63%。其中，公司 2024 年 Q2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a significant year-on-year growth in performance for H1 2024, with total revenue reaching 7.1 billion yuan, an increase of 9.3% compared to the previous year. Adjusted net profit was 358 million yuan, up 67.3% year-on-year [3] - The expansion of the store network and the increase in product categories have driven revenue growth. The company optimized online promotion and expanded its workshop store network, reaching 6,311 stores nationwide, with 402 new stores added. This expansion increased the revenue from tires and chassis components from 5 billion yuan in H1 2023 to 5.6 billion yuan in H1 2024, a growth of 10.9% [3] - The company has also introduced more services such as car cleaning and beauty at its workshop stores, which, along with a membership card program, has contributed to increased revenue from other products, rising from 364 million yuan in H1 2023 to 380 million yuan in H1 2024, a growth of 4.3% [3] - The revenue structure optimization has led to a continuous increase in gross margin, which was 25.9% in H1 2024, up 1.7 percentage points year-on-year. This improvement is attributed to better terms from suppliers, increased contribution from proprietary and self-controlled products, and a reduction in low-margin electric vehicle sales [3] Financial Projections - The company is expected to achieve revenues of 14.64 billion yuan, 16.20 billion yuan, and 17.95 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be 700 million yuan, 1.09 billion yuan, and 1.56 billion yuan for the same years. The corresponding price-to-earnings ratios (PE) are expected to be 19.13, 12.29, and 8.60 times [3][6]

投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-26 | | 收盘价(元) | 17.53 | | 流通股本(亿股) | 54.38 | | 每股净资产(元) | 5.05 | | 总股本(亿股) | 66.53 | 最近 12 月市场表现 -15% -6% 3% 12% 21% 30% 温氏股份 沪深300 分析师 余剑秋 SAC 证书编号：S0160522050003 yujq01@ctsec.com 相关报告 1. 《规模较快增长，生产经营稳健，Q1 减亏显著》 2024-04-29 2. 《经营稳健降本增量，猪鸡回暖 Q3 扭亏》 2023-10-26 3. 《经营稳健稳步发展，畜禽低迷业绩 暂承压》 2023-08-31 温氏股份(300498) / 养殖业 / 公司点评 / 2024.08.27 Q2 扭亏为盈，持续受益畜禽周期景气 证券研究报告 ❖ 事件：公司 2024H1 营收+13.49%，扭亏为盈。公司 2024 年上半年实现营 业收入 467.58 亿元（同比+13.49%）， ...

汽车 / 行业投资策略周报 / 2024.08.27 投资评级:看好(维持) 最近 12 月市场表现 -19% -12% -6% 0% 6% 13% 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. 《汽车行业周报》 2024-08-20 2. 《7 月份中国车市运行回顾》 2024- 08-13 3. 《汽车行业周报》 2024-08-13 报废更新补贴政策有望拉动市场需求 证券研究报告 核心观点 ❖ 板块表现： 8 月 19 日-8 月 23 日沪深 300 指数涨幅 0.90%，申万行业指数中，一级行业汽 车相对收益为 1.24%，二级行业中，汽车零部件相对收益为 1.72%，汽车服务 相对收益为 4.03%，摩托车及其他相对收益为 0.08%，乘用车相对收益为 0.21%，商用车相对收益为 1.98%。 ❖ 子行业观点： 乘用车：据乘联会数据，8 月 1-18 日，乘用车市场零售 90.7 万辆，同比去年 8 月同期 ...

信立泰(002294) / 化学制药 / 公司点评 / 2024.08.26 信立坦渠道拓展顺利，研发管线丰富 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-26 | | 收盘价(元) | 27.82 | | 流通股本(亿股) | 11.15 | | 每股净资产(元) | 7.03 | | 总股本(亿股) | 11.15 | 最近 12 月市场表现 -15% -7% 1% 9% 17% 25% 信立泰 沪深300 分析师 张文录 SAC 证书编号：S0160517100001 zhangwenlu@ctsec.com 分析师 赵则芬 SAC 证书编号：S0160524040003 zhaozf@ctsec.com 相关报告 1. 《高血压产品布局完善，仿制药负面 影响削弱》 2024-03-27 2. 《泰嘉中标单价略有下行，研发进展 顺利》 2023-08-25 3. 《信立坦加速渠道下沉，新产品蓄势 待发》 2023-03-29 证券研究报告 事件：2024 年上半年，信立泰实现营收 20.4 ...

亿纬锂能(300014) / 电池 / 公司点评 / 2024.08.26 2024H1 储能出货超预期，市占率提升 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-26 | | 收盘价(元) | 33.18 | | 流通股本(亿股) | 18.61 | | 每股净资产(元) | 17.45 | | 总股本(亿股) | 20.46 | 最近 12 月市场表现 亿纬锂能 沪深300 上证指数 电池 -36% -28% -20% -12% -4% 4% 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 分析师 张磊 SAC 证书编号：S0160522120001 zhanglei02@ctsec.com 相关报告 1. 《24Q1 业绩符合预期，出货量高增》 2024-04-28 2. 《2023 年业绩符合预期，利润稳健增 长》 2024-04-20 3. 《23Q3 业绩略超预期，研发投入持 续加大》 2023-10-28 证券研究报告 ❖ 事件 ...

轻工制造 / 行业投资策略周报 / 2024.08.25 美国零售数据显韧性，地产去库持续推进 投资评级:看好(维持) 最近 12 月市场表现 -29% -22% -14% -7% 1% 8% 轻工制造 沪深300 分析师 吕明璋 SAC 证书编号：S0160523030001 lvmz@ctsec.com 联系人 何栋 hedong@ctsec.com 相关报告 1. 《多城拟收储商品房，去库存持续推 进》 2024-08-18 2. 《各地积极跟进收储，关注相关家居 转债》 2024-08-18 3. 《7 月家具社零同比-1.1%，增速转负》 2024-08-15 核心观点 轻工行业周报 证券研究报告 本周行情回顾：本周（2024.8.19-2024.8.23）申万轻工指数收报 1560.80 点， 周涨跌幅为-3.11%，跑输沪深 300 指数 2.56pct，在 31 个申万一级行业中排名 第 22。本周轻工制造细分板块普跌，造纸/家居用品/包装印刷/文娱用品分别- 2.58%/-2.65%/-3.81%/-4.29%。 美国 7 月零售数据向好，关注轻工出口链。据 Wind 数据，2024 年 7 ...

电子 / 行业投资策略周报 / 2024.08.24 电子行业周报：继续重视 AI 算力+终端主线 投资评级:看好(维持) 最近 12 月市场表现 -24% -17% -9% -2% 5% 12% 电子 沪深300 上证指数 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 联系人 王矗 wangchu01@ctsec.com 相关报告 1. 《半导体市场稳步复苏，下半年有望 继续发力》 2024-08-21 2. 《AI 催化交换机配套升级，PCB 行 业有望受益》 2024-08-16 3. 《AI 引领增长，行业复苏向上》 2024-06-28 2024.8.19-2024.8.23 核心观点 证券研究报告 ❖ 行情回顾：本周电子板块表现跑输大盘，消费电子板块表现相对亮眼。 本周（2024 年 8 月 19 日至 2024 年 8 月 23 日），中信电子指数下跌 2.25%， 上证指数下跌 1.36%，深证成指下跌 2.09%。分板块来看，中信半导体指数下 跌 4.30%，中信消费电子指数上涨 0.90%。具体标的来看，中小市值标的表现 领先，传音 ...

世运电路(603920) / 元件 / 公司点评 / 2024.08.24 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-23 | | 收盘价 ( 元 ) | 18.87 | | 流通股本 ( 亿股 ) | 5.41 | | 每股净资产 ( 元 ) | 7.52 | | 总股本 ( 亿股 ) | 6.59 | | 最近 12 月市场表现 | | -28% -10% 7% 25% 42% 60% 世运电路 沪深300 元件 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《预告业绩亮眼，地方国资入主赋能 PCB 业务》 2024-07-10 2. 《近四十年沉淀，造就 PCB 业务璀 璨前景》 2024-03-10 3. 《去伪存真》 2021-01-09 业绩高增，通过主业优势地位向新业务延伸 证券研究报告 ❖ 事 ...