Investment Rating - The report maintains a "Buy" rating for the company [8][10]. Core Insights - The company has a high self-manufacturing rate for core components upstream and possesses advantages in brand and distribution channels downstream, contributing to stable performance [7]. - The new business segment, particularly in golf carts, shows significant growth potential, driven by strong overseas demand and competitive pricing [11]. Financial Projections - The projected operating revenues for 2024, 2025, and 2026 are 30.33 billion, 37.08 billion, and 43.33 billion yuan respectively, with corresponding net profits of 3.67 billion, 4.50 billion, and 5.21 billion yuan [8][11]. - Earnings per share (EPS) are expected to be 3.36 yuan, 4.12 yuan, and 4.77 yuan for the years 2024, 2025, and 2026, respectively [8][11]. - The current stock price corresponds to price-to-earnings (P/E) ratios of 19.47, 15.89, and 13.71 for the years 2024, 2025, and 2026 [8][11]. Market Performance - The company has shown a 43.33% increase over the past 12 months, outperforming the motorcycle and other segments [19]. - The stock price has fluctuated between 43.78 and 80.52 yuan over the past year, with a current price of 65.40 yuan [4]. Business Growth Drivers - The company benefits from a robust supply chain and manufacturing capabilities, allowing it to maintain lower costs and higher profit margins [11][19]. - The North American market for golf carts is expanding, with the company positioned to capitalize on this trend through competitive pricing and product offerings [11].

一、财信研究观点 二、重要财经资讯 【财经要闻】国内航线旅客运输燃油附加费征收标准将下调 【行业动态】多部委联合印发《关于建立碳足迹管理体系的实施方案》 【行业动态】存储芯片价格周跟踪：SSD 价格小幅下降 【湖南省地方动态及政策】沈晓明专题调研信创产业发展 晨会纪要 一、市场层面 （1）分市场来看，代表全部 A 股的万得全 A 指数跌 1.03%，收于 4379.63 点，代表蓝筹股的上证指数跌 0.83%，收于 3065.4 点，代表硬科技的科创 50 指数跌 0.21%，收于 752.04 点，代表创新成长的创业板指数跌 0.54%，收于 1833.55 点，代表创新型中小企业的北证 50 指数跌 1.28%，收于 746.65 点，总体来看，硬科技板块风 格跑赢，但创新型中小企业风格跑输。 （2）分规模来看，代表超大盘股的上证 50 指数跌 0.61%，收于 2468.19 点，代表大盘股的中证 100 指数跌 0.58%，收于 3430.99 点，代表中大盘股的沪深 300 指数跌 0.58%，收于 3594.79 点，代表中盘股中证 500 指数跌 1.20%，收于 5277.94 点，代表小盘股 ...

证券研究报告 晨会纪要 晨会纪要 2024 年 06 月 05 日 | --- | --- | --- | --- | --- | --- | |------------|-------|---------|-------|-------|--------| | | | | | | | | 市场数据 | | | | | | | 指数名称 | | 收盘 | | | 涨跌 % | | 上证指数 | | 3091.20 | | | 0.41 | | 深证成指 | | 9469.32 | | | 1.05 | | 创业板指 | | 1843.59 | | | 1.33 | | 科创 50 | | 753.64 | | | 0.43 | | 北证 50 | | 756.36 | | | 0.13 | | 沪深 300 | | 3615.67 | | | 0.75 | A 股市场概览 | --- | --- | --- | --- | --- | |------------|-----------------|--------------------|-----------|-----------| | 类别 | 总市值 ...

Global Economy and Inflation - Global economic growth is slowing, with the Baltic Dry Index (BDI) averaging 1797.5 points as of May 31, 2024, a decrease of 17.10 points from the previous week [5][24] - The CRB Commodity Price Index averaged 294.98 points, increasing by 7.29 points from the previous week, indicating high inflation levels [5][31] - The economic uncertainty index for the US rose to 143.36 points, an increase of 17.55 points, while the European index increased to 270.83 points, up by 44.15 points [29][30] Domestic Economy and Inflation - China's official manufacturing PMI for May 2024 is at 49.5%, down by 0.9 percentage points from the previous month, indicating a decline in economic momentum [6][36] - The average price of pork in China was 25.23 yuan per kilogram as of May 23, 2024, an increase of 0.34 yuan from the previous week, reflecting stable inflation [6][49] Industrial Production - The high furnace operating rate was 81.67% as of May 31, 2024, a slight increase of 0.15 percentage points from the previous week, indicating stable industrial production [7][63] - The rebar steel mill operating rate was 41.62%, a decrease of 0.36 percentage points from the previous week [7][64] Consumption - Essential goods consumption remains stable, with the Keqiao Textile Price Index at 105.04 points, down by 0.20 points from the previous week [8][78] - The average daily sales of passenger cars in China increased to 68,100 units, up by 500 units from the previous week, indicating a positive trend in discretionary spending [8][84] Investment - Real estate investment remains stable, with an average daily transaction area of 288,600 square meters in 30 major cities, an increase of 6,200 square meters from the previous week [9][86] - Infrastructure investment is strengthening, with domestic excavator sales reaching 10,782 units in April 2024, an increase of 1,269 units year-on-year [9][95] Exports - The export container freight index increased to 1495.98 points as of May 31, 2024, up by 106.82 points from the previous week, indicating stable export growth [10] Emerging Industries - The Philadelphia Semiconductor Index averaged 5208.45 points as of May 31, 2024, an increase of 80.76 points, reflecting rising sentiment in the semiconductor industry [11][11] - The photovoltaic industry composite price index decreased to 14.27 points, down by 0.50 points, indicating a decline in the solar sector [11][11]

% 1M 3M 12M 宏观定期策略 上证指数-沪深 300 走势图 上证指数 -0.84 4.36 -4.26 沪深 300 -1.21 3.76 -6.72 叶彬 分析师 执业证书编号:S0530523080001 yebin@hnchasing.com 1 经济金融高频数据周报（05.20-05.24）2024- 05-27 2 宏观经济研究周报（05.20-05.24）：5 月 LPR 维持不变，美联储 5 月会议纪要偏鹰 2024-05- 26 5 月制造业 PMI 回落，美国 4 月 PCE 符合预期 投资要点 国际热点：一、美国 4 月核心 PCE同比增速 2.8%。二、韩国 5 月出 口同比增长 11.7%。 风险提示：国内政策超预期；欧美经济衰退风险加剧。 策略报告 | --- | |-----------------------------------------------------------------| | | | | | 1 本周观点 . | | 2 上周国内宏观消息梳理 | | 2.15月制造业 PMI 为 49.5% . | | 2.2 《海峡两岸经济合作框架协议》部分产品 ...

% 1M 3M 12M -17% -7% 3% 13% 2023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-122024-012024-022024-032024-042024-05 上证指数 沪深300 行业配置及主题跟踪报告 相关报告 1 大类资产跟踪周报（05.13-05.17）：美国降息 预期小幅升温，国内地产政策加码 2024-05-22 2 大类资产跟踪周报（05.06-05.10）：欧美央行 节奏分化，国内货币政策延续宽松 2024-05-13 3 大类资产跟踪周报（04.29-05.03）：美联储降 息预期前移，国内会议聚焦改革 2024-05-07 美国降息预期延后，市场风险偏好回调 图表目录 | --- | --- | |-------------------------------------|-------| | | | | 图 1： 中万一级行业上周涨跌幅（%） | | | 图 2: 成长、价值指数周度涨跌幅（%） | | | 图 3: 各期限国债到期收益率（%） | | ...

晨会纪要 晨会纪要 | --- | --- | --- | --- | --- | |------------|-----------------|-------------------|-----------|-----------| | 类别 | 总市值 （亿元） | 流通市值 （亿元） | 市盈率 PE | 市净率 PB | | 上证指数 | 578101 | 445706 | 11.50 | 1.16 | | 深证成指 | 191289 | 164206 | 19.32 | 1.95 | | 创业板指 | 47467 | 38615 | 25.69 | 3.42 | | 科创 50 | 24031 | 14988 | 31.25 | 3.05 | | 北证 50 | 1517 | 966 | 19.53 | 2.35 | | 沪深 300 | 492477 | 380334 | 10.92 | 1.15 | 一、财信研究观点 【基金研究】基金数据日跟踪 【宏观经济】欧元区 5 月制造业 PMI 终值为 47.3 【宏观经济】5 月财新中国制造业采购经理指数为 51.7 【行业动态】国家金融监管总局：一 ...

证券研究报告 行业点评 新能源电池 相关企业获研发支持，全固态电池研发提速 2024年 05月30日 2023A 2024E 2025E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 领先大市 宁德时代 10.03 19.72 11.25 17.58 13.41 14.75 买入 评级变动： 维持 科达利 4.45 20.85 5.38 17.24 6.48 14.32 买入 中科电气 0.06 158.33 0.47 20.21 0.75 12.67 买入 行业涨跌幅比较 资料来源：iFinD，财信证券 新能源电池 沪深300 10% 投资要点： 0%  事件：据中国日报网 5月 29日消息，中国将投入约 60亿元用于全固 -10% 态电池研发，包括宁德时代、比亚迪、一汽、上汽、卫蓝新能源和吉 -20% -30% 利共六家企业或获得政府基础研发支持。 -40% 2023-05 2023-08 2023-11 2024-02  传统液态锂电技术迭代已达瓶颈，固态电池具备技术颠覆潜力：传统 液态电池体系成熟，现有液态锂电池能量密度接近理论上限，难以满 % ...

Investment Rating - The industry is rated as "In Line with the Market" [6] Core Viewpoints - The banking sector is currently under pressure, with revenue growth declining and profit release facing challenges. In Q1 2024, the revenue growth rate for listed banks was -1.73%, a decline of 0.92 percentage points compared to 2023, and a further decline of 0.90 percentage points compared to Q4 2023 [6][10] - The net profit growth rate for listed banks in Q1 2024 was -0.61%, a decrease of 2.04 percentage points from 2023, but an improvement of 1.87 percentage points from Q4 2023. Provisioning and tax contributions were significant factors for profit release [6][10] - Asset quality remains stable, with most listed banks showing a flat or declining non-performing loan (NPL) ratio compared to the end of the previous year. However, some retail banks with a higher proportion of retail loans and weaker regional economic strength saw an increase in NPL ratios [6][10] Summary by Sections 1. Performance Review - **1.1 Performance Overview** - The banking sector's revenue is under pressure, with a significant number of banks experiencing negative revenue growth. In Q1 2024, 15 banks reported negative revenue growth, primarily among state-owned and joint-stock banks, while 27 banks achieved positive growth, mainly among quality regional banks [12][10] - **1.2 Performance Breakdown** - **1.2.1 Net Interest Income** - In Q1 2024, 14 banks reported positive growth in net interest income, with seven banks exceeding 5% growth. The median net interest margin for listed banks was 1.59%, reflecting a year-on-year decline [17][19] - **1.2.2 Net Non-Interest Income** - The overall non-interest income faced pressure, with most banks reporting negative growth in fee and commission income due to market volatility. However, some banks like Changshu and Ruifeng saw significant growth in this area [26][28] 2. Fundamental Outlook - The banking sector's fundamentals remain under pressure, but there are signs of improvement. New loan issuance rates are rising, and the shift in real estate policies is expected to alleviate concerns about asset quality. The wealth management market is also showing signs of recovery, benefiting banks with a high proportion of non-interest income [6][10] 3. Investment Recommendations - The report suggests focusing on banks with strong asset quality management and sustainable capital growth, such as China Construction Bank, China Merchants Bank, and Ningbo Bank, which are expected to perform well in the current market environment [6][10]

| --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...