行 业 研 究 [Table_Reportdate] 2024年08月26日 行 业 周 报 电 力 设 备 与 新 能 源 [table_stockTrend] -40% -31% -22% -14% -5% 4% 13% 23-08 23-11 24-02 24-05 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.电动车需求稳步提升，储能行业低 价竞争现象短期仍将延续——电池 及 储 能 行 业 周 报 （ 2024/08/12- 2024/08/18） 2.光伏硅料价格底部企稳，陆风招开 标规模持续增长——新能源电力行 业周报（20240812-20240818) 3.充电板块量利齐升，V2G带动运营 市场快速发展——电力设备与新能 源行业深度报告 [table_invest] 标配 [Table_NewTitle 两部委印发《能源重点领域大规模设备 ] 更新实施方案》，挖掘风光需求 ——新能源电力行业周报（2024/08/19-2024/08/23） [table_main] 投资要点： ➢ 市场表现： 本周（08/19-08/23）申万光伏设备板块下降 ...

[Table_Reportdate] 2024年08月26日 行 业 周 报 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn [table_stockTrend] -27% -19% -11% -3% 5% 13% 20% 23-08 23-11 24-02 24-05 申万行业指数:汽车(0728) 沪深300 [相关研究 table_product] 1. 乘用车零售增速回暖，以旧换新 政策持续落地——汽车行业周报 （2024/08/12-2024/08/18） [table_invest] 标配 [Table_NewTitle 以旧换新政策促进零售端企稳，新能源 ] 汽车渗透率延续环比提升趋势 ——汽车行业周报（2024/08/19-2024/08/25） [table_main] 投资要点： ➢ 本周汽车板块行情表现：本周沪深300环比下跌0.55%；汽车板块整体下跌2.18%，涨幅在 31个行业中排第10。细分行业中，（1）整车：综合乘用车、商用载货车、商用载客车子板 块分别变动-4.40%、-3.12%、-2.91%。（2）汽 ...

行 业 研 究 [Table_Reportdate] 2024年08月26日 行 业 周 报 电 力 设 备 与 新 能 源 [table_stockTrend] -40% -31% -22% -14% -5% 4% 13% 23-08 23-11 24-02 24-05 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.电动车需求稳步提升，储能行业低 价竞争现象短期仍将延续——电池 及 储 能 行 业 周 报 （ 2024/08/12- 2024/08/18） 2.光伏新技术产业化加快，电动车需 求恢复——电力设备新能源行业周 报（2023/6/26-2023/7/02） [table_invest] 标配 [Table_NewTitle 固态电池加速迭代，逆变器月度出口环 ] 比回调 ——电池及储能行业周报（2024/08/19-2024/08/25） [table_main] 投资要点： ➢ 市场表现：本周（8/19-8/25）申万电池板块整体上涨0.42%，跑赢沪深300指数0.97个百 分点。主力净流入前五为宁德时代、阳光电源、万里股份、国电南瑞、金盘科技 ...

行 业 研 究 [Table_Reportdate] 2024年08月26日 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.兆易创新（603986.SH）： 利基存储价格有望继续回暖， 增资长鑫产能或有保障——公 司简评报告 1. 存储板块二季度业绩表现亮眼， 谷歌发布Pixel9系列加码端侧AI—— 电子行业周报（20240812- 20240818） 2. 中芯国际2024Q2业绩超预期，消 费电子景气度小幅回暖——电子行 业周报（20240805-20240811） 3. 周期回暖、AI驱动海外各科技大 厂2024第二季度业绩复苏——电子 行业周报（20240728-20240804） [table_invest] 标配 [Table_NewTitle] 功率半导体板块业绩回暖，国内晶圆代 工恢复动能强劲 ——电子行业周报2024/8/19-2024/8/25 [table_main] 投资要点： ➢ 电子板块观点：功率半导体下 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock performance in the coming months [13]. Core Views - The company has significantly improved its performance in H1 2024, with a revenue of 12.08 billion yuan, a year-on-year increase of 19.65%, and a net profit of 834 million yuan, up 70.31% year-on-year [9]. - The implementation of the third-generation refrigerant quotas and increased downstream market demand are expected to support the recovery of refrigerant prices and profitability [9]. - The company is focusing on R&D and the development of high-value-added fluorochemical products, with a planned R&D expenditure of 1.008 billion yuan for 2024, reflecting a 0.7% increase year-on-year [10]. - The company is projected to achieve net profits of 2.413 billion yuan, 3.537 billion yuan, and 4.692 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.89 yuan, 1.31 yuan, and 1.74 yuan [10]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 12.08 billion yuan and a net profit of 834 million yuan, with Q2 figures showing a revenue of 6.61 billion yuan and a net profit of 524 million yuan, marking significant year-on-year and quarter-on-quarter growth [9]. - The average prices of key products such as refrigerants and fluorinated chemicals have shown notable changes, with refrigerant prices increasing significantly since the beginning of 2024 [9]. Market Position - The company is positioned as a leader in the refrigerant quota market, benefiting from the implementation of new regulations and increased demand from the appliance sector [9]. - The average price changes for various products indicate a favorable market environment, with refrigerant prices rising by 53.85% to 105.80% for different types [9]. R&D and Investment - The company plans to invest 3.409 billion yuan in fixed assets in 2024, a 48.67% increase year-on-year, to enhance its production capabilities and product offerings [10]. - R&D efforts are being prioritized, with 154 projects planned for 2024, and significant progress has been made in developing new fluorinated materials [10]. Profit Forecast - The company is expected to see a steady increase in net profits over the next three years, with projections indicating a strong recovery and growth trajectory [11][12].

Key Recommendations - The pressure from high base effects is gradually easing, with a focus on value enhancement through product and channel optimization in the insurance sector, as evidenced by the July 2024 premium data from listed insurance companies [7][8] - For life insurance, the cumulative year-on-year growth rates for the first seven months of 2024 are as follows: Ping An Life (+6.4%), China Life (+4.4%), PICC Life (+1.5%), Taiping Life (-2.6%), and New China Life (-6.4%) [7] - In July, the monthly year-on-year growth rates for life insurance premiums were led by PICC Life (+21.8%), followed by Ping An Life (+17.2%) and New China Life (+11.3%), while Taiping Life faced a significant decline due to last year's high base effect [7][8] Company Analysis: Rongchang Bio (688331) - Rongchang Bio reported a rapid revenue growth of 75.59% year-on-year, achieving 742 million yuan in revenue for H1 2024, although it faced an expanded net loss of 780 million yuan [10][11] - The company’s core products, Taihetixip and Vidisizumab, continue to see increased sales, with ongoing advancements in its research pipeline contributing to significant R&D expenditures [10][11] - New indications for Taihetixip have been approved, including for rheumatoid arthritis, and ongoing clinical trials for various autoimmune diseases are expected to expand its market presence [11] Financial Sector Insights - The property and casualty insurance sector showed signs of marginal recovery, with monthly year-on-year growth rates for July being: PICC P&C (+7.6%), Ping An P&C (+6.6%), and Taiping P&C (+6.0%) [8] - The growth in non-auto insurance segments, particularly health and liability insurance, is driving overall performance, while credit guarantee insurance has shown a decline, indicating enhanced risk management [8] Market Overview - The A-share market experienced a slight decline, with the Shanghai Composite Index closing at 2856 points, down 0.35% [18][21] - The energy metals sector outperformed, with a 2.71% increase, while sectors like film and television, e-commerce, and traditional medicine faced declines [18][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance has exceeded expectations, with strong revenue growth and profitability enhancement [8][9] - The core product, Pegbivac, continues to expand its market presence and is gaining new indications, which is expected to drive demand [8] - The company has a robust pipeline of projects and is actively pursuing new product developments [8] - A stock incentive plan has been introduced, reflecting the company's confidence in long-term growth [9] - Revenue and profit forecasts for 2024-2026 indicate significant growth potential [9] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.19 billion (up 31.68%) and a net profit of 304 million (up 50.53%) [8] - Q2 alone contributed revenue of 645 million (up 33.09%) and a net profit of 176 million (up 48.75%) [8] - The gross margin reached 93.36% (up 0.42 percentage points), and the net profit margin was 25.58% (up 3.2 percentage points) [8] Product Development - Pegbivac is being utilized in clinical studies for hepatitis B cure and reducing liver cancer risk, with increasing evidence supporting its efficacy [8] - The company has received priority review for new indications of Pegbivac and has gained approval for new indications in primary thrombocythemia [8] Research and Development - R&D investment in H1 2024 was 136 million (down 18.64%), with several projects progressing well [8] - The company is preparing for the market launch of long-acting recombinant human growth hormone and is conducting Phase III clinical research for recombinant human erythropoietin [8] Stock Incentive Plan - The company announced a stock incentive plan to grant 6 million restricted shares, representing 1.47% of total equity, with ambitious performance targets for the next three years [9] Revenue and Profit Forecasts - Expected revenues for 2024, 2025, and 2026 are 2.84 billion, 3.80 billion, and 4.99 billion respectively, with net profits of 772 million, 1.05 billion, and 1.39 billion [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has demonstrated continuous rapid growth in performance, achieving revenue of 198 million yuan in H1 2024, a year-on-year increase of 39.57%, and a net profit of 17 million yuan, up 689.30% year-on-year [2][3] - The company is benefiting from domestic policy support and active promotion, leading to sustained product volume growth, particularly with the TrueForce® pressure catheter and IceMagic® cryoablation products [3] - The company is expanding its overseas market presence, having covered 36 countries and regions, with significant sales contributions from the TrueForce® pressure catheter [3] - The company has a rich pipeline of products, ensuring robust growth potential, with ongoing developments in PFA and RDN fields [3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 198 million yuan (YoY +39.57%) and a net profit of 17 million yuan (YoY +689.30%), with Q2 revenue at 109 million yuan (YoY +21.36%) and net profit at 13 million yuan (YoY +11.86%) [2][3] - The company expects revenues of 482 million yuan, 653 million yuan, and 858 million yuan for 2024, 2025, and 2026 respectively, with net profits projected at 61 million yuan, 110 million yuan, and 150 million yuan for the same years [5][6] Product Development and Market Expansion - The company has successfully launched new products, with the TrueForce® pressure catheter and IceMagic® cryoablation products seeing a year-on-year growth of 475% [2] - The company has completed national listing for the IceMagic® cryoablation product across nearly 30 provinces and is actively promoting its products in the atrial fibrillation market [3] - The company is enhancing its brand influence internationally by participating in major medical conferences and expanding its product offerings [3] Future Outlook - The company is positioned as a leading domestic player in the electrophysiology field, with a comprehensive product lineup and ongoing efforts in both domestic and international markets [3] - The report anticipates continued rapid growth in performance, supported by product launches and market expansion strategies [3]

Key Recommendations - Changshu Bank (601128) reported a revenue of 5.506 billion yuan, a year-on-year increase of 12.03%, and a net profit attributable to shareholders of 1.734 billion yuan, up 19.58% year-on-year [6][8] - Anjiu Food (603345) achieved a revenue of 7.544 billion yuan in the first half of 2024, reflecting a year-on-year growth of 9.42%, with a net profit of 803 million yuan, up 9.17% [9][10] Changshu Bank Analysis - As of June 30, 2024, the total asset size of Changshu Bank reached 367.303 billion yuan, an increase of 15.57% year-on-year, with a non-performing loan ratio of 0.76% [6][7] - The bank's net interest margin for the first half of 2024 was 2.79%, a decrease of 21 basis points year-on-year [6] - The bank's investment income continued to grow, with Q2 investment income and fair value changes reaching 494 million yuan, a year-on-year increase of 61%, contributing approximately 18% to total revenue [7] - The bank's asset quality remained strong, with a non-performing loan ratio of 0.76%, and a provision coverage ratio of 538.81% [6][7] - The bank's provision for impairment losses increased to 844 million yuan in Q2, a year-on-year increase of 35.70% [7][8] Anjiu Food Analysis - In H1 2024, the revenue from prepared foods was 3.833 billion yuan, up 21.86%, while the revenue from dish products was 2.208 billion yuan, a slight increase of 0.40% [10] - The gross profit margin for H1 2024 was 23.91%, an increase of 1.81 percentage points, while the net profit margin was 10.64%, slightly down by 0.02 percentage points [10][11] - The company plans to distribute a cash dividend of 1.38 yuan per share to all shareholders [9][10] Market Overview - The U.S. manufacturing PMI for August fell to 48, the lowest in eight months, indicating a contraction in the manufacturing sector [14] - The Eurozone manufacturing PMI for August was reported at 45.6, slightly below expectations, reflecting ongoing economic challenges [14]

Investment Rating - The report suggests a positive outlook for the excavator industry, indicating a recovery phase after two cycles of decline, with expectations for sales to rebound in 2024 [5][15]. Core Insights - Excavators are primarily used in real estate, infrastructure, mining, agriculture, and water conservancy sectors, categorized by size into super large, large, medium, and small excavators [5][12]. - The excavator industry has experienced two major cycles since 2004, with the current phase indicating a bottoming out and potential recovery, as evidenced by a narrowing decline in sales [5][14]. - A large-scale equipment renewal policy has been introduced, stimulating demand through local implementation plans aimed at replacing outdated and high-pollution machinery [5][17]. - Domestic sales of excavators have shown signs of recovery, with a 6.23% year-on-year increase in sales by July 2024, while exports have also improved despite a decline [5][21]. - The report forecasts total excavator sales in China to reach 209,300 units in 2024, with further increases expected in subsequent years [5][15]. Summary by Sections 1. Globalization and Electrification Opportunities - Excavators are essential in construction and real estate, with various sizes serving different applications [12]. - The industry is poised for recovery after two cycles, with significant sales growth in 2021 and a gradual bottoming out in 2023 [14][15]. - Policies promoting equipment updates are expected to stimulate demand, with local governments actively supporting these initiatives [17][20]. 2. Sales Recovery and Export Improvement - Domestic excavator sales have increased, with a cumulative total of 59,641 units sold by July 2024, marking a positive trend [21][23]. - Exports have seen a decline of 12.3% year-on-year, but the rate of decline is slowing, indicating stabilization in overseas markets [21][23]. - The report emphasizes the importance of infrastructure investment in supporting domestic demand for excavators [31]. 3. Recommendations for Investment - The report recommends focusing on leading domestic manufacturers such as SANY Heavy Industry, XCMG, and LiuGong, which are well-positioned for growth due to their strong brand recognition and comprehensive product lines [5][9].