[Table_Main] 证券研究报告 | 行业周报 公用事业 2024年06月09日 《关于建立碳足迹管理体系的实施方 公用事业 案》印发，碳足迹核算体系加速完善 优于大市（维持） 环保与公用事业周报 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn  行情回顾：本周各板块涨跌不一，申万(2021)公用事业行业指数上涨 2.8%，环保 行业指数下跌 5.2%。公用事业板块中水电涨幅较大，上涨 5.7%，环保板块中环 卢璇 境修复跌幅较大，下跌9%。 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn  行业动态 环保： 联系人 （1）15 部门联合印发《关于建立碳足迹管理体系的实施方案》，碳排放数据管 理有望迎来发展良机。《方案》提出，到2027年，碳足迹管理体系初步建立。制 市场表现 定发布与国际接轨的国家产品碳足迹核算通则标准，制定出台 100 个左右重点产 品碳足迹核算规则标准，产品碳足迹因子数据库初步构建，产品碳足迹标识认证 公用事业 沪深300 和分级管 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 2024年06月09日 有色金属周报：央行停止购金， 有色金属 美降息叠加经济走弱，金银仍有 优于大市（维持） 证券分析师 上行空间 翟堃 资格编号：S0120523050002 [Table_Summary] 投资要点： 邮箱：zhaikun＠tebon.com.cn 张崇欣 资格编号：S0120522100003  本周核心关注央行停止购金。国家外汇管理局统计数据显示，截至 2024 年 5 月 末，黄金储备1709.6亿美元（7280万盎司），维持不变，而在此之前我国黄金储 邮箱：zhangcx＠tebon.com.cn 备已连续18个月上升。 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn  下周重要数据发布: 6月12日（周三09:30）中国5月CPI、PPI同比；6月12日 （周三20:30）美国5月核心CPI季调同比；6月13日（周四20:30）美国5月 康宇豪 核心PPI季调同比。 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn  贵金属：金银 ...

[Table_Main] 证券研究报告|行业周报 建筑材料 2024年06月09日 建筑材料 周观点：玻纤延续去库提价趋势，看 好药玻高景气度 中性（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 闫广 资格编号：S0120521060002 周观点：继续看好玻纤触底反转的行情，根据卓创资讯统计，5 月末行业库存约 邮箱：yanguang＠tebon.com.cn 57.94 万吨，环比上月下降 2.08 万吨，6 月初，巨石针对风电用纱及短切原丝进 王逸枫 行复价 10%，去库提价趋势依旧延续；同时月初，各电子纱池窑厂商谈新价，短 资格编号：S0120524010004 期下游PCB市场价格继续走高，按价格向上传导逻辑及成本端支撑下，电子布价 邮箱：wangyf6＠tebon.com.cn 格仍有上行可能。我们认为，3 月底以来粗纱及电子纱持续进行提价，标志行业 拐点已到，龙头企业不管是估值还是经营底部安全边际或已建立，价格延续上行 研究助理 趋势，Q2业绩弹性有望逐步显现，重视龙头（中国巨石、长海股份、中材科技） 的底部反弹机会。其次，看好药包材的高景气度延续，建议关注模制瓶龙头 ...

[Table_Main] 证券研究报告 | 公司点评 长安汽车(000625.SZ) 2024年06月07日 长安汽车(000625.SZ)：5 月深蓝、 买入（维持） 所属行业：汽车/乘用车 启源交付环比提升，长安成为首 当前价格(元)：13.31 批 L3 级智能网联汽车试点单位 证券分析师 邓健全 资格编号：S0120523100001 投资要点 邮箱：dengjq＠tebon.com.cn 赵悦媛 事件：长安汽车公布5月销量。5月，长安汽车实现汽车销量20.7万辆，同比+3.3%， 资格编号：S0120523100002  环比-1.6%。其中，长安自主品牌销量17.1万辆，同比+4.7%，环比-1.0%；自主 邮箱：zhaoyy5＠tebon.com.cn 乘用车销量 12.3 万辆，同比+1.3%，环比+0.1%。此外，5 月自主品牌海外销量 赵启政 3.3万辆，同比+72.9%，环比+5.2%；自主品牌新能源销量5.5万辆，同比+87.8%， 资格编号：S0120523120002 环比+6.4%。2024年1-5月，长安汽车累计实现汽车销量110.9万辆，同比+12.0%； 邮箱：zhaoq ...

免责声明本次电话会议仅服务于德邦证券研究所客户不构成投资建议相关人员应自主做出投资决策并自行承担投资风险德邦证券不对因使用本次内容所导致的任何损失承担任何责任 未经德邦证券事先书面许可任何机构或个人不得以任何形式复制刊载转载转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎好的各位投资者朋友大家下午好我是德邦环保公务研究员郭雪 今天也跟大家汇报一下我们近期发的深度报告晚能电力我们是从去年开始跟踪调研的然后目前也是我们在火箭里面重点推荐的标的之一首先说一下我们看好晚能电力的四个比较重要的原因 那首先的话就是第一点我们觉得就是比较重要的一点就是公司呢跟同行业的火电公司相比那它的整个PE和EPS基本上是行业最低的那目前PE在10倍左右我们觉得就是可以赚一个这个至少它可以修复到就是火电的一个估值中枢可以赚一个估值的钱那第二点的话就是公司的这个装机的增长叠加盈利能力的不断提升我们觉得还可以赚一个就是业绩增长的钱 挽能应该是现在火箭公司里面成长性比较好的而且因为它即将在这个新疆还有刚辉这些坑口投产大量的这个高盈利的机组那么我们也算了一下未来的这几年三到 ...

[Table_Main] 证券研究报告 | 行业点评 计算机 2024年06月06日 计算机 关注金融信创加速机会 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈涵泊 资格编号：S0120524040004  近期金融信创项目进入密集上线期。5月8日，顶点软件新一代A5场外交易系统 邮箱：chenhb3＠tebon.com.cn 在海通证券成功上线，覆盖千万级客户，涉及 350+个分支机构，关联 35+周边系 统。5月12日，长亮科技与广发银行携手打造的国产化全行总账管理系统成功切 研究助理 换，标志着广发银行全面实现对全行总账管理系统的自主可控。三中全会临近，我 们预计后续一些有示范效应的重要项目也有望近期上线。 李杨玲 邮箱：liyl＠tebon.com.cn  我们预计下半年相关招标有望加速。2023年金融各子行业代表机构先行完成部分 三批试点工作，替换路径从外围边缘系统向内部核心系统逐渐深入，将提速进入全 市场表现 面建设阶段。根据相关政策，预计2027年央国企率先完成信创全面替换的节奏， 计算机 沪深300 我们预期今年下半年开始，证券IT等相关POC招投 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6][20]. Core Insights - The company has announced a cash dividend plan for 2024-2026, which includes fixed and special cash dividends, with a projected dividend yield exceeding 4.5% in 2024 [4]. - The second phase of the employee stock ownership plan targets the core management team and is aligned with the company's development plan for 2025-2027, aiming for a 15% annual profit growth [5]. - The company's main clean energy business shows resilience, with stable revenue per ton and an expected increase in downstream demand due to falling natural gas prices [5]. Financial Projections - Revenue projections for 2024-2026 are estimated at RMB 29.44 billion, RMB 31.63 billion, and RMB 33.00 billion, with growth rates of 10.8%, 7.4%, and 4.3% respectively [6]. - Net profit forecasts for the same period are RMB 1.51 billion, RMB 1.76 billion, and RMB 2.02 billion, with growth rates of 15.5%, 17.6%, and 14.7% respectively [6]. - The company’s price-to-earnings (PE) ratios are projected to be 12X, 10X, and 9X for 2024, 2025, and 2026 respectively [6]. Dividend Policy - The fixed cash dividends for 2024-2026 are set at RMB 750 million, RMB 850 million, and RMB 1 billion respectively, with special dividends contingent on achieving a net profit growth exceeding 18% year-on-year [4]. Employee Stock Ownership Plan - The second phase of the employee stock ownership plan has a funding scale of up to RMB 98.775 million, with performance targets for net profit set at RMB 1.725 billion, RMB 1.984 billion, and RMB 2.281 billion for 2025-2027 [5]. Market Position - The company is positioned in a "one main, two wings" strategy, focusing on clean energy while expanding into energy service and specialty gases, which are expected to provide further growth opportunities [5].

证券研究报告 | 行业点评 商贸零售 2024 年 06 月 05 日 | --- | --- | |-----------------|------------------------------------| | | | | 商贸零售 | 零售标杆胖东来是怎么炼成的? | | 优于大市 (维持) | 胖东来调改步步高、永辉超市事件思考 | 证券分析师 易丁依 资格编号: S0120523070004 邮箱：yidy@tebon.com.cn 研究助理 市场表现 商贸发售 相关研究 1.《 -- 美妆&零售板块周报 0602- 政策加码海外仓发展,跨境电商必争 之地。 持续关注出海链公司》, 2024.6.2 2.《——关妆&零售板块周报 0526-618 大促开启，美妆表现几 何？》, 2024.5.26 3.《——关妆&零售板块周报 0521-618 大促首次取消预售，看好 国货美妆持续抢占份额》,2024.5.21 4.《关妆&零售板块财报总结及５月 策略: 渐进复苏,把握趋势拐点》, 2024.5.10 5.《华致酒行（300755.SZ）:百亿 营收里程碑达成,一季度盈利回升》, 2024.5.4 ...

Investment Rating - The report maintains an "Outperform" rating for the retail sector, specifically highlighting the performance of the company "胖东来" [5]. Core Insights - "胖东来" has established itself as a retail benchmark in Henan province through nearly 30 years of refined operations, currently operating 14 offline stores [10][14]. - The company is expected to achieve over 10 billion yuan in revenue and a net profit of 140 million yuan in 2023, with its efficiency metrics ranking first among private enterprises in China [14][17]. - The report discusses the successful transformation of peer retailers like "步步高" and "永辉超市" through the implementation of "胖东来"’s operational model, indicating a trend of learning and adaptation within the industry [6][22]. Summary by Sections 1. Basic Situation - "胖东来" was founded in 1995 and has expanded from a department store to various retail sectors, emphasizing high-quality service and customer experience [10]. - The company currently has 14 offline stores, with a significant presence in Xuchang and Xinxiang [10]. 2. Core Advantages - **Employee-Centric Culture**: The company promotes a culture of "freedom and love," focusing on employee development and providing a supportive work environment, with average monthly salaries exceeding 7,000 yuan [17]. - **Robust Supply Chain**: "胖东来" has developed a collaborative procurement system and a comprehensive logistics infrastructure, including a logistics park that began operations in 2022 [18]. - **Exceptional Store Services**: The company offers various customer services, such as free beverages and first aid supplies, enhancing customer trust through transparent pricing [20]. 3. Transformation Cases - **步步高 Supermarket**: The transformation led to a significant increase in daily sales and customer traffic, with sales rising nearly ninefold and customer visits increasing sixfold after implementing "胖东来"’s strategies [22]. - **永辉 Supermarket**: Plans for transformation are underway, focusing on product quality, pricing, and employee welfare, with a goal to align closely with "胖东来"’s successful model [23]. 4. Investment Recommendations - The report suggests monitoring traditional retail leaders like "重庆百货" and "家家悦" as they explore new business models and improve operational efficiency [24]. - Continuous tracking of the transformation efforts at "永辉超市" and "步步高" is recommended to assess the long-term viability of adopting "胖东来"’s strategies [24].

Investment Rating - The report initiates coverage on MayAir Technology (688376.SH) with a "Buy" investment rating [23]. Core Views - The company is positioned as a leading cleanroom equipment provider in China, benefiting from the growing demand in the semiconductor and biopharmaceutical sectors. The report anticipates significant revenue growth driven by capacity expansion and market demand [23][62]. - The semiconductor industry is expected to see a new round of expansion, which will further increase the demand for cleanroom equipment [61][62]. - The company has established a strong customer base across various sectors, including major semiconductor manufacturers and healthcare providers, which supports its revenue growth [62][74]. Summary by Sections Company Overview - MayAir Technology has over 20 years of experience in advanced air purification technology, initially focusing on electronic and air conditioning products before entering the semiconductor cleanroom sector in 2002 [70]. - The company has become a key supplier for major clients like SMIC and BOE, contributing significantly to its revenue [62][74]. Market Dynamics - The cleanroom market in China is projected to exceed 200 billion yuan, with equipment accounting for approximately 50% of this market [67]. - The report highlights the increasing importance of cleanroom standards in semiconductor manufacturing, particularly as production processes become more sophisticated [7][74]. Product Performance - The company's core products, including fan filter units (FFU) and filters, exhibit superior performance metrics, leading to high gross margins. The gross margins for high-efficiency filters and FFUs were reported at 33.1% and 23.8%, respectively [47][74]. - The shift towards consumable products is expected to enhance the company's business model, transitioning from project-based revenue to a more stable industrial consumer goods model [47]. Financial Projections - Revenue is projected to grow from 1.85 billion yuan in 2024 to 2.73 billion yuan in 2026, with corresponding net profits expected to rise from 239 million yuan to 361 million yuan during the same period [23][65]. - The report anticipates a compound annual growth rate (CAGR) of approximately 23.2% for revenue and 38.2% for net profit from 2024 to 2026 [23]. Competitive Landscape - MayAir Technology is compared with peers such as Zaiseng Technology and Jinhai High-Tech, with an average price-to-earnings (PE) ratio forecasted at 27X for 2024 and 22X for 2025 [48]. - The company is actively expanding its production capacity, particularly in Southeast Asia, to meet the growing international demand for its products [20][62].