[Table_Main] 证券研究报告 | 行业周报 公用事业 2024 年 07 月 13 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% -20% -15% -10% -5% 0% 5% 10% 2023-07 2023-11 2024-03 资料来源:聚源数据,德邦研究所 相关研究 1.《环保与公用事业周报-2023-2024 配额分配方案出炉,履约周期缩短市 场活跃度或将提高》,2024.7.7 2.《ESG 周报:2025 年底,建成 100 座污水处理绿色低碳标杆厂; 德意 志银行发行首笔 5 亿欧元社会债 券》,2024.7.6 3.《环保与公用事业周报-1-5 月全国 发电设备利用小时数同比减少 59 小 时,生态环境部发文加速燃煤锅炉超 低排放改造》,2024.6.30 4.《ESG 周报:《A 股 ESG ...

[Table_Main] 证券研究报告 | 行业周报 计算机 2024 年 07 月 14 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 市场表现 计算机 沪深300 -44% -37% -29% -22% -15% -7% 0% 7% 2023-07 2023-11 2024-03 数据来源:聚源数据,德邦研究所 相关研究 1.《WAIC2024:从大模型到具身智 能》,2024.7.7 2.《从技术路径,纵观国产大模型逆 袭之路》,2024.7.4 3.《持续关注政策+投资双重催化下 的电力 IT》,2024.7.3 4.《财税 IT 有望受益于新一轮财税 体制改革》,2024.7.1 5.《终端 AI 时代,软件视角的几点 猜想》,2024.6.30 萝卜快跑验证自动驾驶未来已来 [Table_Summary] 投资要点: 萝卜快跑自动驾驶订单激增,2024 年在武汉或完成 1000 台车辆部署。根据南方 新闻网微信公众号,百度今年 5 月公布的第一季 ...

[Table_Main] 证券研究报告 | 行业周报 计算机 2024 年 07 月 14 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 市场表现 计算机 沪深300 -44% -37% -29% -22% -15% -7% 0% 7% 2023-07 2023-11 2024-03 数据来源:聚源数据,德邦研究所 相关研究 1.《WAIC2024:从大模型到具身智 能》,2024.7.7 2.《从技术路径,纵观国产大模型逆 袭之路》,2024.7.4 3.《持续关注政策+投资双重催化下 的电力 IT》,2024.7.3 4.《财税 IT 有望受益于新一轮财税 体制改革》,2024.7.1 5.《终端 AI 时代,软件视角的几点 猜想》,2024.6.30 萝卜快跑验证自动驾驶未来已来 [Table_Summary] 投资要点: 萝卜快跑自动驾驶订单激增,2024 年在武汉或完成 1000 台车辆部署。根据南方 新闻网微信公众号,百度今年 5 月公布的第一季 ...

煤炭 优于大市(维持) 证券分析师 翟堃 资格编号:s0120523050002 邮箱:zhaikun@tebon.com.cn 薛磊 资格编号:S0120524020001 邮箱:xuelei@tebon.com.cn 研究助理 谢佶圆 邮箱:xiejy@tebon.com.cn 市场表现 煤炭开采 沪深300 -29% -20% -10% 0% 10% 20% 29% 39% 49% 2023-07 2023-11 2024-03 资料来源:聚源数据,德邦研究所 相关研究 1.《煤炭周报:旺季已至,板块企 稳反弹在即》,2024.7.7 2.《煤炭周报:终端日耗延续回 升 , 建 议 板 块 逢 低 加 配 》, 2024.6.30 3.《永泰能源事件点评:24H1 业绩 持续向好,回购彰显发展信心》, 2024.6.26 4.《甘肃能化(000552.SZ):短期 经 营 改 善 , 长 期 增 量 可 观 》, 2024.6.25 5.《煤炭周报:高温来袭煤价易涨 难 跌 , 板 块 向 好 趋 势 不 改 》, 2024.6.23 煤炭周报:高温抬升日耗,煤价 止跌反弹 [Table_Summary ...

[Table_Main] 证券研究报告 | 公司点评 今 世 缘(603369.SH) 2024 年 07 月 13 日 增持(维持) 所属行业:食品饮料/白酒Ⅱ 当前价格(元):48.25 尤诗超 邮箱:yousc3@tebon.com.cn | --- | |-----------------------------| | 证券分析师 | | 熊鹏 | | 资格编号:S0120522120002 | | 邮箱:xiongpeng@tebon.com.cn | | 研究助理 | 市场表现 今世缘 沪深300 -34% -26% -17% -9% 0% 9% 17% 2023-07 2023-11 2024-03 沪深300对比 1M 2M 3M 绝对涨幅(%) -4.32 -13.50 -12.56 相对涨幅(%) -2.30 -8.21 -12.47 资料来源:德邦研究所,聚源数据 相关研究 1.《今世缘(603369.SH):顺利跨越 百亿,增长势能强劲》,2024.5.7 2.《今世缘(603369.SH):成长向好, 百亿目标可期》,2023.10.31 3.《今世缘(603369.SH):业绩符合 ...

增持（维持） 证券分析师 熊鹏 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 研究助理 市场表现 -69% -57% -46% -34% -23% -11% 0% 11% 23% 2023-07 2023-11 2024-03 金种子酒 沪深300 [Table_Main] 证券研究报告 | 公司点评 金种子酒(600199.SH) 2024 年 07 月 13 日 所属行业：食品饮料/白酒Ⅱ 当前价格(元)：12.53 邮箱：yousc3＠tebon.com.cn 1.《金种子酒（600199.SH）：中高端 酒引领成长，改革创新继续深化》， 2024.5.5 2.《金种子酒（600199.SH）："春节攻 坚战"效果良好，24Q1 同比扭亏》， 2024.4.16 3.《金种子酒（600199.SH）：白酒业 务 高 增 ， 毛 利 率 大 幅 提 升 》， 2023.10.29 投资要点 事件 1：公司发布 2024 年半年度业绩预告，预计 24H1 实现归母净利润 1000- 1500 万元，上年同期归母净利润-3781 万元，扭亏为盈；预计 24H1 实 ...

Investment Rating - The report maintains a "Buy" rating for the company [13][17]. Core Views - The company has proposed a special dividend of RMB 3.92 per 10 shares, significantly higher than the average of RMB 1.92 over the past five years, reflecting confidence in future operations and commitment to shareholder returns [2][12]. - The company reported a revenue growth of 10.4% year-on-year in Q1 2024, with a notable increase in gross margin and a decrease in sales and management expense ratios, indicating a recovery in profitability [18]. Financial Summary - The projected revenue for 2024-2026 is RMB 113.3 billion, RMB 129.0 billion, and RMB 142.6 billion, with year-on-year growth rates of 11.9%, 13.9%, and 10.5% respectively [13]. - The expected net profit for the same period is RMB 2.8 billion, RMB 3.2 billion, and RMB 4.3 billion, with growth rates of 20.3%, 14.0%, and 31.8% respectively [13]. - The company's total assets are projected to be RMB 7,409.34 million, with a total market value of RMB 5,956.05 million [20].

Investment Rating - The report maintains a "Buy" rating for Shunxin Agriculture (000860.SZ) [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 330 to 480 million yuan in the first half of 2024, a significant turnaround from a loss of 80.97 million yuan in the same period last year [5][6] - The second quarter of 2024 is projected to have a net profit ranging from -120 million to 29.42 million yuan, compared to a loss of 410 million yuan in the previous year, indicating a substantial reduction in losses [5][6] - The company is focusing on market development and marketing innovation, maintaining stability in its liquor business while reducing losses in its pork business due to a recovery in the pig industry [6] Financial Projections - Expected revenue for 2024-2026 is projected at 10.86 billion, 11.92 billion, and 13.01 billion yuan, with year-on-year growth rates of 2.5%, 9.8%, and 9.1% respectively [7] - The net profit attributable to shareholders is forecasted to be 630 million, 800 million, and 970 million yuan for 2024-2026, with year-on-year growth rates of 311.8%, 27.8%, and 20.9% respectively [7] - The company aims to improve its profitability through a "dual-wheel drive" strategy focusing on product segmentation and enhancing brand recognition [8]

Investment Rating - The report initiates coverage on Mona Lisa (002918.SZ) with an "Accumulate" rating [11][15]. Core Views - Mona Lisa is positioned as a leading brand in the building ceramics industry, focusing on the mid-to-high-end market. The company has gradually emerged from the performance low caused by the real estate downturn, with a revenue decline narrowing to -4.94% in 2023 and a significant net profit increase of 169.93% year-on-year to 266 million yuan [13][15]. - The report highlights the acceleration of industry consolidation due to stricter environmental regulations and the exit of smaller, less competitive firms, which is expected to benefit leading companies like Mona Lisa [14][15]. - The company is optimizing its sales structure and focusing on high-margin products, particularly in the rock slab segment, which is anticipated to drive future growth [14][15]. Summary by Sections Company Overview - Mona Lisa, established in 1998, is a prominent player in the high-quality building ceramics sector, with a market share ranking second in terms of production volume. The company has a diverse product line, including ceramic slabs, antique bricks, and polished tiles, and has been involved in significant projects like the Beijing Olympics and the Hong Kong-Zhuhai-Macao Bridge [25][34]. Industry Dynamics - The building ceramics industry is experiencing a phase of consolidation, driven by stricter environmental regulations and the need for product differentiation. The shift towards customized and functional products is expected to enhance the growth of leading firms [14][17]. Financial Performance - In 2023, the company reported a net profit of 266 million yuan, a significant recovery from previous losses, attributed to improved risk management and reduced asset impairment losses. The report forecasts net profits of 284 million, 357 million, and 450 million yuan for 2024, 2025, and 2026, respectively [15][49][56]. Product and Market Strategy - The company is focusing on high-margin products, with the revenue share of its core product, glazed porcelain tiles, increasing from 34.82% in 2014 to 76.40% in 2023. The rock slab segment is also gaining traction, contributing to the overall revenue and profit growth [51][52]. Cost Management - Mona Lisa has implemented effective cost control measures, resulting in a decrease in total expense ratios from 22.50% to 19.18% between 2014 and 2023. The sales expense ratio has also improved, reflecting a strategic reduction in riskier real estate-related business [43][56]. Future Outlook - The report anticipates that the company's competitive advantages in the rock slab market, combined with ongoing structural adjustments, will allow it to capture additional market share and enhance overall profitability [15][14].

证券分析师 程强 资格编号: S0120524010005 邮箱:chengqiang@tebon.com.cn > 核心观点:6月,M2 同比继续下探,M1 同比则进一步下行至-5.0%,居民和企 业端可能都出现了"提前还货"现象,政府债发行环比放缓但同比依然明显多 增,6月或是年内金融数据底。预计短期交易力量主导下 10 年国债 Q3 宽幅震 荡,波动区间或在前低 2.22%至前高 2.35%,在配置力量主导下,预计 10 年国 债 Q4仍有恢复下行趋势的可能。 (3)存款规模:6月,人民币存款增加 24600 亿元,同比少增 12500 亿元。从 结构上看,居民存款增加21400亿元,同比少增5336亿元;企业存款增加 10000 亿元,同比少增10601亿元;财政存款减少8193亿元,同比少减2303亿元;非 银金融机构存款减少 1800 亿元,同比少减 1520 亿元。 请务必阅读正文之后的信息披露和法律声明 > 其二,4月存款整顿的"后遗症"是企业端可能也有"提前还货"。6月,企业货 款新增 16300亿元,同比少增 6503亿元,同比少增幅度明显扩大,6月企业存款 同比少增幅度较 5 月进一步扩 ...