[Table_Main] 证券研究报告 | 行业周报 公用事业 2024 年 08 月 03 日 公用事业 优于大市（维持） 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 研究助理 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 公用事业 沪深300 -24% -18% -12% -6% 0% 6% 12% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《华能国际（600011.SH）：Q2 业 绩同环比均下滑，煤电、风电盈利较 弱》，2024.8.1 2.《中国天楹（000035.SZ）：牵手 中车加强新能源合作，"环保+新能 源"双引擎发展》，2024.7.28 3.《环保与公用事业周报-发改委统 筹 3000 亿支持大规模设备更新，节 能装备有望充分受益》，2024.7.28 4.《ESG 周报：《全国碳市场发展报 告（2024）》正式发布；亚马逊开放 其专有脱碳资源助力产业链低碳转 型》 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 2024 年 08 月 04 日 有色金属 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 张崇欣 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 市场表现 有色金属 沪深300 -29% -22% -15% -7% 0% 7% 15% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《黄金：降息预期提升，金价展望 2600 美元》，2024.8.1 2.《宝武镁业（002182.SZ）：持续 推进镁下游汽车压铸件和储氢等应 用，业绩短期受弱镁价拖累》， 2024.7.30 3.《西部矿业（601168.SH）：铜矿 量价齐升，玉龙三期扩能项目推 ...

[Table_Main] 证券研究报告 | 行业周报 商贸零售 2024 年 08 月 03 日 商贸零售 优于大市（维持） 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 商贸零售 沪深300 -44% -37% -29% -22% -15% -7% 0% 7% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《——美妆&零售板块周报 0729- 招股书拆解-颖通控股：中国最大的 香水品牌管理公司》，2024.7.29 2.《——美妆&零售板块周报 0722- Q3 海外零售步入旺季，亚马逊会员 日销售同增 11%》，2024.7.22 3.《华致酒行（300755.SZ）：首次发 布 特 别 分 红 ， 重 视 股 东 回 报 》， 2024.7.12 4.《青木科技（301110.SZ）24H1 业 绩预告点评：业绩延续高增长，AI 赋 能 和 品 牌 管 理 带 来 广 阔 空 间 》， 2024.7.11 5.《结构性分化，布局中报寻找α— —美妆&零售板块 Q2 总结及 Q3 策 略》，2 ...

[Table_Main] 证券研究报告 | 公司点评 恩华药业(002262.SZ) 2024 年 08 月 02 日 买入（维持） 所属行业：医药生物/化学制药 当前价格(元)：25.65 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 吴明华 资格编号：S0120524050002 邮箱：wumh3＠tebon.com.cn 市场表现 恩华药业 沪深300 -23% -11% 0% 11% 23% 34% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|-------|-------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | 8.05 | 7.59 | 3.91 | | 相对涨幅(%) | 9.27 | 12.08 | 9.04 | 资料来源：德邦研究所，聚源数据 相关研究 1.《恩华药业（002262.SZ）：业绩符合 预期，看好麻醉管线长期增长空间》， 2023.10.26 2.《恩华药业（00 ...

汽车 优于大市（维持） 证券分析师 邓健全 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 赵启政 资格编号：S0120523120002 邮箱：zhaoqz＠tebon.com.cn 研究助理 秦梓月 邮箱：qinzy＠tebon.com.cn 市场表现 汽车 沪深300 -31% -24% -18% -12% -6% 0% 6% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《智能驾驶深度系列报告一： Robotaxi 商业化提速，高阶智驾加 速落地》，2024.7.30 2.《7 月狭义乘用车零售预计 173.0 万辆，以旧换新补贴力度加大》， 2024.7.29 3.《加大以旧换新补贴力度，汽车行 业需求有望改善》，2024.7.25 4.《拓普集团：2024H1 业绩超预期， 机器人业务放量在即》，2024.7.23 5.《新能源渗透率创新高，上海即将 启动无人驾驶汽车测试》，2024.7.21 [Table_Main] ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved cumulative sales of over 650,000 vehicles from January to July, with July exports reaching a record high [5] - The company's sales in July were 91,000 vehicles, a year-on-year decrease of 16.3% and a month-on-month decrease of 6.9%, while cumulative sales for the first seven months increased by 3.6% year-on-year [5] - The company is steadily advancing its new energy and high-end transformation, with significant sales growth in models priced above 200,000 yuan, which increased by 48.6% year-on-year [5] - The company is accelerating its global expansion, with July exports of 38,000 vehicles, a year-on-year increase of 41.4% and cumulative exports for the first seven months rising by 58.8% year-on-year [6] - The profit forecast for the company remains unchanged, with expected net profits for 2024-2026 at 9.872 billion, 12.615 billion, and 15.850 billion yuan, corresponding to P/E ratios of 20, 16, and 13 times [5] Sales Performance - In July, the sales breakdown by brand showed Haval at 53,000 vehicles (down 15.9% year-on-year), WEY at 3,000 vehicles (down 58.4% year-on-year), and Tank brand at 19,000 vehicles (up 38.5% year-on-year) [5] - Cumulative sales for the first seven months included 353,000 vehicles for Haval (down 0.8% year-on-year), 23,000 for WEY (down 8.8% year-on-year), and 135,000 for Tank (up 87.6% year-on-year) [5] Financial Forecasts - The company's total revenue is projected to reach 173.212 billion yuan in 2023, increasing to 229.996 billion yuan in 2024, and further to 327.876 billion yuan by 2026 [8] - The net profit margin is expected to improve from 4.1% in 2023 to 4.8% in 2026, with net profit growth rates projected at -15.1% for 2023, followed by 40.6% in 2024 [8] Market Comparison - The company's stock performance has been compared to the CSI 300 index, showing a relative decline in absolute returns over the past months [2][3]

Investment Rating - The report maintains an "Outperform" rating for the high-pressure fast charging sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that the slow charging speed is a core constraint affecting the penetration rate of electric vehicles (EVs), and high-pressure fast charging technology is expected to break this limitation. The average charging time for electric vehicles currently exceeds one hour, and the insufficient number of direct current (DC) fast charging stations fails to meet user demands for quick energy replenishment [4][11]. - The adoption of 800V high-pressure fast charging technology is anticipated to accelerate the penetration of new energy vehicles, with significant advantages over traditional high-current solutions, including higher charging power, reduced weight, and lower energy loss during charging and driving [4][11][24]. Summary by Sections 1. High-Pressure Fast Charging: Enhancing New Energy Vehicle Penetration - The penetration rate of pure electric new energy vehicles in 2023 reached 31.4%, with sales of 9.49 million units, a year-on-year increase of 37.9% [11]. - The distribution and efficiency of charging stations need optimization, with a significant potential for increasing the penetration rate of high-power fast charging [12][13]. - High-pressure fast charging solutions are gaining traction among manufacturers, with a notable shift towards 800V fast charging technology [17][21]. 2. Upstream Core Component Technology Upgrades Driven by 800V Fast Charging Demand - Various 800V high-pressure platform solutions are emerging, with a focus on compatibility with existing 400V charging infrastructure [24][25]. - The complexity of vehicle power supply design is increasing, leading to enhanced value in high-voltage products. The market for vehicle power supply products is projected to reach between 37.4 billion and 41.8 billion yuan by 2030 [30]. - The trend towards lightweight and cost-effective electric drive systems is driving the integration of components, with a significant increase in the penetration of three-in-one and multi-in-one electric drive systems [31]. 3. Fast Charging Ecosystem Driven by Energy Storage Stations and Liquid Cooling Technology - Energy storage stations are becoming a mainstream solution due to the high costs associated with substation upgrades. New liquid-cooled charging systems are being developed to address the inefficiencies of traditional air-cooled charging stations [5][7]. - The report suggests focusing on companies involved in high-pressure fast charging components, complete charging stations, and battery materials, indicating potential investment opportunities in these areas [5].

[Table_Main] 证券研究报告 | 行业点评 计算机 2024 年 07 月 31 日 计算机 优于大市（维持） 证券分析师 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 计算机 沪深300 -44% -37% -29% -22% -15% -7% 0% 7% 2023-07 2023-11 2024-03 2024-07 资料来源：聚源数据，德邦研究所 相关研究 1.《智谱清影推动视频生成大模型普 及》，2024.7.28 2.《【德邦计算机】电力 IT 系列 2： 更新周期+出海高增，智能电表高景 气》，2024.7.26 3.《计算机行业 2024 年中期策略-三 个方向，带领计算机走出困境》， 2024.7.23 4.《DRGDIP 改革关注医疗 IT 拐点 机遇》，2024.7.23 5.《微软蓝屏，信创自主可控再掀浪 潮》，2024.7.21 工业软件+信创：自主可控吹响 反攻号角 [Table_Summary] 投资要点： 美国或扩大对华芯片出口管制，政治局会议强调高水平科技自 ...

[Table_Main] 证券研究报告 | 公司首次覆盖 仙琚制药(002332.SZ) 2024 年 08 月 01 日 买入（首次） 所属行业：医药生物/化学制药 当前价格(元)：11.94 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 吴明华 资格编号：S0120524050002 邮箱：wumh3＠tebon.com.cn 研究助理 市场表现 -17% -9% 0% 9% 17% 仙琚制药 沪深300 -26% | --- | --- | --- | --- | |--------------------------------|---------|---------|---------| | | | | | | | | | | | -34% 2023-08 | 2023-12 | 2024-04 | 2024-08 | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | 4.65 | 0.63 | 4.14 | | 相对涨幅 (%) | 5.87 | 5.11 | 9.27 | | 资料来源：德邦研究所，聚源 ...

Investment Rating - Maintain "Overweight" rating [1][4] Core Views - The company's Q2 2024 performance fell short of expectations, with both coal power and wind power segments experiencing significant declines in profit [3] - Coal power profit dropped due to reduced power generation and increased coal consumption, with profit per kWh decreasing by 0.016 yuan/kWh compared to Q1 2024 [3] - Wind power profit declined by 23% YoY in Q2 2024, likely due to poor wind conditions, with profit per kWh decreasing by 0.058 yuan/kWh compared to Q1 2024 [3] - The company's revenue for H1 2024 was 118.8 billion yuan, down 5.7% YoY, while net profit attributable to shareholders was 7.45 billion yuan, up 18.2% YoY [3] Financial Performance and Forecast - Revenue is expected to grow modestly from 257.08 billion yuan in 2024E to 268.66 billion yuan in 2026E, with growth rates of 1.1%, 2.5%, and 1.9% respectively [4][5] - Net profit attributable to shareholders is forecasted to increase from 11.83 billion yuan in 2024E to 13.51 billion yuan in 2026E, with growth rates of 40.1%, 7.9%, and 5.8% respectively [4][5] - Gross margin is projected to improve from 16.2% in 2024E to 17.6% in 2026E, reflecting better profitability [5][6] - ROE is expected to remain stable around 8.3% from 2024E to 2026E [5][6] Segment Performance - Coal power segment profit in Q2 2024 was 1.16 billion yuan, down 59.1% QoQ, with profit per kWh at 0.015 yuan/kWh [3] - Wind power segment profit in Q2 2024 was 1.62 billion yuan, down 33.1% QoQ, with profit per kWh at 0.183 yuan/kWh [3] - The company added 185.4MW of wind power capacity and 1,252.9MW of solar capacity in Q2 2024, while decommissioning 47.5MW of wind capacity [3] Valuation Metrics - P/E ratio is expected to decline from 10.27x in 2024E to 8.99x in 2026E, indicating improving valuation [6] - P/B ratio is forecasted to decrease from 0.86x in 2024E to 0.73x in 2026E [6] - EV/EBITDA is projected to improve from 6.06x in 2024E to 5.79x in 2026E [6]