投资评级:看好(维持) 最近 12 月市场表现 -20% -13% -7% -1% 5% 11% 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. 《7 月份中国车市运行回顾》 2024- 08-13 2. 《汽车行业周报》 2024-08-13 3. 《7 月新能源汽车行业洞察》 2024- 08-08 汽车 / 行业投资策略周报 / 2024.08.20 证券研究报告 乘用车销量同比提升，商用车淡季销量有所承压 核心观点 ❖ 板块表现： 8 月 12 日-8 月 16 日沪深 300 指数涨幅-0.59%，申万行业指数中，一级行业汽 车相对收益为-0.005%，二级行业中，汽车零部件相对收益为 0.23%，汽车服 务相对收益为-0.30%，摩托车及其他相对收益为 6.37%，乘用车相对收益为- 0.68%，商用车相对收益为-2.12%。 ❖ 子行业观点： 乘用车：据乘联分会数据，8 月 1-11 日，乘用车市场零售 52 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a revenue of 1.48 to 1.53 billion yuan in the first half of 2024, representing a year-on-year growth of 78.63% to 84.66%. The net profit attributable to the parent company is projected to be between 115 to 135 million yuan, with a growth of 20.19% to 41.09% [2] - The semiconductor industry is showing signs of recovery, which is expected to support the company's growth. The company is increasing its production capacity in response to strong domestic demand and a recovering international market [2] - The company is planning to acquire 100% of Beijing Yisheng Precision Semiconductor, with a transaction amount not exceeding 800 million yuan. This acquisition is expected to enhance the company's capabilities and expand its product line [2] - The acquisition is anticipated to strengthen the company's position in the semiconductor parts market, providing a comprehensive solution for domestic and international semiconductor equipment manufacturers [2] Financial Projections - Revenue projections for 2024 to 2026 are 3.23 billion, 4.47 billion, and 5.65 billion yuan respectively, with net profits of 315 million, 442 million, and 568 million yuan respectively. The corresponding price-to-earnings (PE) ratios are 34.51, 24.60, and 19.14 times [2][4] - The company is expected to see a revenue growth rate of 56.3% in 2024, followed by 38.5% in 2025 and 26.3% in 2026 [4] - The net profit growth rate is projected to be 86.74% in 2024, 40.28% in 2025, and 28.53% in 2026 [4] - The company's return on equity (ROE) is expected to improve from 6.62% in 2024 to 10.48% in 2026 [4]

软控股份(002073) / 专用设备 / 公司点评 / 2024.08.20 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-19 | | 收盘价 ( 元 ) | 6.57 | | 流通股本 ( 亿股 ) | 9.61 | | 每股净资产 ( 元 ) | 5.38 | | 总股本 ( 亿股 ) | 10.14 | | 最近 12 月市场表现 | | -31% -15% 1% 16% 32% 47% 软控股份 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 谢铭 SAC 证书编号：S0160523010001 xieming@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 相关报告 1. 《国内橡胶机械龙头，充分受益轮胎 行业产能扩张》 2024-05-28 橡胶机械全球龙头，充分受益轮胎企业扩产 证券研究报告 ❖ 事件：公司于 2024/8/20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue structure continues to optimize, with improved cash collection aiding performance recovery [1] - In H1 2024, the company achieved revenue of 516 million, a year-on-year decrease of 1.75%, while net profit attributable to shareholders increased by 660.61% to 65 million [2] - The company plans a cash dividend of 0.20 yuan per share, corresponding to a dividend yield of 2.8% based on the closing price on August 19 [2] - The operational structure is being continuously optimized, with a reduction in losses from decoration projects [2] - The company signed new orders worth 700 million, a year-on-year increase of 9.4%, with design and soft decoration businesses growing by 25.2% and 7.6% respectively [2] Financial Performance - The company's gross profit margin for H1 2024 was 33.84%, an increase of 6.62 percentage points year-on-year [3] - The net profit margin attributable to shareholders reached 12.50%, up 10.89 percentage points year-on-year [3] - The company expects to achieve revenues of 1.122 billion, 1.216 billion, and 1.344 billion for 2024, 2025, and 2026 respectively, with net profits of 76 million, 108 million, and 146 million [3][4] - The price-to-earnings ratio (PE) based on the closing price on August 19 is projected to be 25.62 for 2024, 17.98 for 2025, and 13.34 for 2026 [3][4] Business Segments - Revenue from design, soft decoration, and engineering businesses in H1 2024 was 326 million, 99 million, and 84 million respectively, with year-on-year changes of 7.87%, -11.30%, and -23.94% [2] - The gross profit margins for these segments were 44.71%, 37.29%, and -13.52%, with year-on-year changes of -7.07 percentage points, 0.22 percentage points, and 36.17 percentage points respectively [2] Cash Flow and Assets - As of the end of June, the company had cash and other liquid assets totaling 984 million, providing a solid foundation for future dividends and transformation upgrades [3] - The cash collection ratio was 125.51%, a decrease of 4.1 percentage points year-on-year, while the cash payment ratio increased by 1.29 percentage points to 91.23% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 55.928 billion yuan in H1 2024, a year-on-year decrease of 13.30%, while the net profit attributable to shareholders was 570 million yuan, an increase of 12.12% year-on-year [2] - The supply chain business faced pressure, while the shipbuilding business showed high growth, with H1 2024 revenue from shipbuilding and shipping reaching 3.645 billion yuan, a year-on-year increase of 87.40% [2] - The company's gross margin improved to 6.48% in H1 2024, up 1.64 percentage points year-on-year, driven by the higher-margin industrial chain business [2] - The company is viewed positively as a pioneer in mixed ownership reform among state-owned enterprises, with a focus on optimizing its business structure to drive profit growth [2] Financial Performance Summary - H1 2024 revenue: 55.928 billion yuan, down 13.30% year-on-year - H1 2024 net profit: 570 million yuan, up 12.12% year-on-year - H1 2024 gross margin: 6.48%, up 1.64 percentage points year-on-year - Expected net profit for 2024-2026: 1.088 billion yuan, 1.224 billion yuan, and 1.350 billion yuan respectively, with corresponding PE ratios of 9.8, 8.7, and 7.9 [2][5]

保利发展(600048) / 房地产开发 / 公司点评 / 2024.08.20 市占率提升，土储结构优化 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-19 | | 收盘价 ( 元 ) | 8.18 | | 流通股本 ( 亿股 ) | 119.70 | | 每股净资产 ( 元 ) | 16.31 | | 总股本 ( 亿股 ) | 119.70 | | 最近 12 月市场表现 | | -43% -33% -23% -14% -4% 6% 保利发展 沪深300 上证指数 房地产开发 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. 《销售位居第一，土储质量提升》 2024-04-25 2. 《业绩稳步增长，投资进一步聚焦核 心城市》 2023-09-04 | --- | --- | --- | --- | --- | --- | ...

建筑材料 / 行业投资策略周报 / 2024.08.20 建材行业策略周报 证券研究报告 投资评级:看好(维持) 最近 12 月市场表现 -33% -25% -18% -11% -3% 4% 建筑材料 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《B 端消费建材减值计提专题研究之 防水行业》 2024-08-14 2. 《建材行业策略周报》 2024-08-12 3. 《建材行业策略周报》 2024-08-06 地产销售季节性回落，关注后续收储进度 核心观点 ❖ 消费建材：7 月销售及开竣工季节性回落，后续继续关注收储情况。7 月商品房销售回落，一方面因季节性原因，年中冲刺季刚过，房企推盘积极 性稳步下降，另一方面系高温天气、核心一二线城市政策利好效应递减。价 格端，7 月 70 个大中城一二手住宅销售价格环比降幅略有收窄，同比降幅仍 在扩大， 7 月 末 新 房 / 二 手 房 价 格 环 比 -0.65%/-0.8% ， 较 6 月 末 收 窄 0.02pct/0.05pct；同比-5.28%/-8.17%，较 6 月末扩大 0 ...

机械设备 / 行业点评报告 / 2024.08.20 五个核电项目一次性完成核准，赛道长期高景气 投资评级:看好(维持) 最近 12 月市场表现 机械设备 沪深300 上证指数 -25% -19% -14% -8% -2% 4% 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 相关报告 1. 《去库拐点已至，锂电化新纪元可期》 2024-06-27 2. 《 智 能 机 器 人 行 业 深 度 报 告 》 2024-04-18 3. 《电子皮肤行业深度研究报告》 2024-02-06 ❖ 投资建议：建议重点关注四代核电领域佳电股份、海陆重工，以及三代核电 中业绩弹性较大的中核科技、纽威股份、江苏神通。 ❖ 风险提示：核电机组核准不及预期，核电安全环保风险，宏观事件影响等。 表 1：重点公司投资评级: | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|----------|----------------|-----------------|-------|- ...

房地产开发 / 行业深度分析报告 / 2024.08.19 投资评级:看好(维持) 最近 12 月市场表现 房地产开发 沪深300 上证指数 -38% -29% -21% -12% -3% 6% 分析师 欧阳之光 SAC 证书编号：S0160524070001 oyzg@ctsec.com 相关报告 1. 《房地产行业周报（2024 年第 32 周）》 2024-08-12 2. 《房地产行业周报（2024 年第 31 周）》 2024-08-06 3. 《房地产行业周报（2024 年第 30 周）》 2024-07-29 下一个住宅潮流：居住生活与绿色生态 证券研究报告 核心观点 ❖ 从居民住宅的功能性角度切入，我国住宅大致可视为经历了三轮升级 迭代：自改革开放以来，我国居民居住质量大幅提升。从居民住宅的功能性 角度切入，我国住宅大致可视为经历了三轮升级迭代，第一代住宅旨在满足人 们的基本居住需求，第二代住宅提升了住房功能及质量，第三代住宅对住房综 合配套进行了完善。 ❖ 第四代住宅概念起源于深层生态学：第四代住宅起源最早可追溯至意大利 设计师基于深层生态学理念设计的"米兰垂直森林项目"，其初衷是希望能将 ...

| --- | --- | |------------------------|------------| | | | | | | | 投资评级 : 增持 | ( 首次 ) | | 基本数据 | 2024-08-19 | | 收盘价 ( 元 ) | 27.65 | | 流通股本 ( 亿股 ) | 0.93 | | 每股净资产 ( 元 ) | 5.37 | | 总股本 ( 亿股 ) | 0.93 | | 最近 12 月市场表现 | | -57% -40% -23% -6% 11% 27% 三孚新科 沪深300 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 ❖ PCB 行业下游需求复苏驱动电子化学品+设备业务增长：PCB 行业受 通讯电子和消费电子需求复苏以及 AI 浪潮驱动影响，已开启新成长周 期；同时，受国际政治格局变化影响，国内 PCB 企业抱团"出海"，在 东南亚投资建厂分散政治风险。根据 Prismark 预测，PCB 行业 2028 ...