机 械 设 备 [Table_invest] 买入（维持） 报告原因：业绩点评 [Table_QuotePic] -50% -37% -24% -11% 2% 15% 27% 40% 23-05 23-08 23-11 24-02 [国茂股份 Table_NewTitle]（603915）：需求承压拖累短期 业绩，平台化布局彰显韧性 ——公司简评报告 ➢ 下游需求承压背景下，公司减速机主业显韧性。市场需求不足叠加原材料价格下降导致市 场竞争激烈，产品价格承压。公司为行业龙头，2023年营收及归母净利润保持稳健，展现 较强韧性。公司产品竞争力不断增强，积极抢占市场份额，推动国产替代，全年减速机销 售约65.45万台，同比增长约7.64%。同时，产品结构持续优化，附加值较高的齿轮减速机 发货台数以及销售额均保持增长，工业齿轮箱产品销售数量同比增长约20%。2024Q1收 入略有下滑；一季度因春节假日影响，在全年中占比有限，仍需关注后续需求情况。 ➢ 深挖下游细分市场，扩展业务领域。公司把握多领域头部客户，与比亚迪、先导智能、中 信博、天元装备等新兴优质客户业务合作进一步加深。加速构建项目型合作模式，中标多 个重大 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is one of the leading battery manufacturers in China with the highest self-sufficiency rate in core raw materials, expected to benefit significantly from the global electrification trend and the development of the energy storage industry. Projected net profits for 2024-2026 are 1.129 billion, 1.665 billion, and 2.365 billion yuan respectively, with corresponding EPS of 0.63, 0.93, and 1.32 yuan, leading to PE ratios of 29.98x, 20.32x, and 14.31x based on the closing price on May 13, 2024 [9]. Summary by Sections 1. Performance and Industry Trends - The company reported a revenue of 31.605 billion yuan in 2023, a year-on-year increase of 37.1%, and a net profit of 939 million yuan, up 201.0% year-on-year. The gross margin was 16.9%, and the net margin was 3.1% [16][19]. - In Q1 2024, the company achieved a revenue of 7.508 billion yuan, a year-on-year increase of 4.6%, but a quarter-on-quarter decrease of 23.6%. The net profit was 69 million yuan, down 8.6% year-on-year and 89.3% quarter-on-quarter [19]. 2. Global Strategy and Product Development - The company has a complete product matrix in the energy storage sector and ranks among the top ten globally in terms of shipment volume, with a 20% year-on-year increase in 2023, reaching approximately 6 GWh [9][38]. - The company has expanded its production capacity to 314 GWh/year globally, with 241 GWh/year in China and 73 GWh/year overseas. It has received approval for a 40 GWh/year battery cell project in the U.S. [41]. 3. Battery Business and Market Position - The company focuses on lithium iron phosphate batteries, with a significant market share in the A00 vehicle segment. In 2023, the domestic battery installation volume reached 15.90 GWh, a year-on-year increase of 28.1%, ranking fourth in market share [10][32]. - The company has established long-term partnerships with major automotive manufacturers, including SAIC-GM-Wuling and Changan, and has successfully entered the supply chains of Renault-Nissan-Mitsubishi and GAC [30][32]. 4. Research and Development - The company has invested heavily in R&D, with a budget of 2.061 billion yuan in 2023, a year-on-year increase of 14.9%. It has established eight R&D centers globally and holds over 8,654 patents [34][37]. - The company has made significant advancements in battery technology, achieving energy densities of 240 Wh/kg for lithium iron phosphate cells and 360 Wh/kg for ternary cells [34][37].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7][25] Core Views - The company's performance has shown rapid growth, with Q1 2024 results exceeding market expectations. In 2023, the company achieved a revenue of 11.077 billion yuan, a year-on-year increase of 19.44%, and a net profit attributable to shareholders of 816 million yuan, up 284.47% year-on-year [6][12][24] - The high-voltage segment has seen a year-on-year increase in shipments, with revenue reaching 6.2 billion yuan, a 24% increase. The company has also improved its inventory management, reducing overall inventory by approximately 5.97% compared to the beginning of the period [17][19] - The company has made significant strides in international markets, achieving a revenue of 724 million yuan from international operations, a year-on-year increase of 261.10%. The company has successfully entered the EU high-end market with its medium-voltage ring network cabinet products [21][23] Summary by Sections 1. Main Points - The company has consistently achieved rapid growth in performance, with Q1 2024 results surpassing market expectations. In 2023, the company reported a revenue of 11.077 billion yuan, a 19.44% increase year-on-year, and a net profit of 816 million yuan, up 284.47% year-on-year [6][12] - The high-voltage segment's revenue reached 6.2 billion yuan in 2023, a 24% increase year-on-year, while the distribution network segment saw a slight decline in revenue [17][19] - The company has successfully expanded into international markets, with a significant increase in revenue from overseas operations [21][23] 2. Investment Recommendations - The company is positioned as a leader in high-voltage and medium-voltage equipment, with expected revenues of 13.418 billion yuan, 15.676 billion yuan, and 18.099 billion yuan for 2024, 2025, and 2026, respectively [24][25]

行 业 研 究 [Table_Reportdate] 2024年5月13日 [table_invest] [4Ta月ble_狭New义Title乘] 用车零售、批发同比-6%、 标配 行 +10%，自主品牌零售份额持续提升 业 ——汽车行业周报（2024/05/06-2024/05/12） 周 报 [table_main] [证Ta券b分le析_A师u：th ors] 投资要点： 黄涵虚 S0630522060001 hhx@longone.com.cn ➢ 本周汽车板块行情表现：本周沪深300环比上涨1.72%；汽车板块整体上涨0.76%，涨幅在 汽 [table_stockTrend] 31个行业中排第23。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 车 块分别变动-2.07%、-1.73%、6.64%。（2）汽车零部件：车身附件及饰件、底盘与发动机 系统、轮胎轮毂、其他汽车零部件、汽车电子电气系统子板块分别变动0.93%、-0.23%、 1.63%、1.33%、-1.95%；（3）汽车服务：汽车经销商、汽车综合服务子板块分别变动-0.42%、 -4.39%。（4）其他交运设备：其他运 ...

行 业 研 究 [Table_Reportdate] 2024年05月13日 [table_invest] [锂Tabl电e_N规ewT范itle] 条件加速行业整理，储能大电 标配 行 芯逐渐起量 业 周 ——电池及储能行业周报（2024/05/06-2024/05/12） 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 电 ➢ 市场表现：本周（5/6-5/12）申万电池板块整体上涨1.89%，跑赢沪深300指数0.17个百分 联系人 力 张帆远 点。主力净流入前五为赢合科技、国电南瑞、金盘科技、固德威、许继电气；净流出前五 设 zfy@longone.com.cn 为湘潭电化、当升科技、宁德时代、阳光电源、天赐材料。 备 联系人 ➢ 电池板块 与 赵敏敏 新 zmmin@longone.com.cn （1）锂电行业规范条件发布，行业需求向好。工信部发布锂电行业规范条件，指出：1） 能 公司每年研发费用不得低于3%；2）当年产能利用率不得低于50%；3）同时对电池能量密 [table ...

行 业 研 究 [Table_Reportdate] 2024年05月13日 [table_invest] [风Tabl电e_N招ewT标itle] 规模同比高增，光伏中上游有 标配 行 望出清 业 ——新能源电力行业周报（2024/05/06-2024/05/12） 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 市场表现： 光 证券分析师 伏 王珏人 S0630523100001 本周（05/06-05/10）申万光伏设备板块下跌2.18%，跑赢沪深300指数0.46个百分点，申 设 wjr@longone.com.cn 万风电设备板块下跌3.36%，跑赢沪深300指数1.64个百分点。本周光伏板块涨幅前三个 备 股为：固德威、合盛硅业、禾迈股份，跌幅前三个股为爱康科技、石英股份、晶盛机电。 [table_stockTrend] 与 18% 本周风电板块涨幅前三个股为：振江股份、明阳智能、中材科技，跌幅前三个股为双一科 6% 新 技、三一重能、湘电股份。 能 -7% 源 - ...

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved a revenue of RMB 14.602 billion in 2023, a year-on-year increase of 25.56%, with net profit attributable to shareholders of RMB 491 million, up 80.44% YoY, and non-GAAP net profit of RMB 403 million, up 169.43% YoY [3] - In Q1 2024, the company achieved revenue of RMB 2.569 billion, a year-on-year increase of 29.93%, with net profit attributable to shareholders of RMB 62 million, up 203.18% YoY, and non-GAAP net profit of RMB 47 million, up 748.12% YoY [3] - The EV charging network business turned profitable in 2023, with revenue of RMB 6.041 billion, a year-on-year increase of 32.21%, and gross profit of RMB 1.33 billion, up 52.57% YoY [3] - The microgrid business is growing rapidly, with over 400 new projects in 2023, covering more than 100 cities [3] - The "Intelligent Manufacturing + Integrated Services" business achieved revenue of RMB 8.561 billion in 2023, a year-on-year increase of 21.25%, with gross profit of RMB 2.081 billion, up 22.25% YoY [3] - The company's new energy power generation bidding and contract amounts both increased by more than 50% in 2023 [3] - The company has launched a new round of equity incentives and employee stock ownership plans, with performance requirements for revenue and net profit growth from 2025 to 2027 [3] Financial Highlights - The company's total share capital is 1.0559 billion shares, with a circulating A-share capital of 1.02795 billion shares [2] - The company's asset-liability ratio is 66.88%, with a price-to-book ratio of 3.39x and a weighted return on equity of 0.93% [2] - The company's 12-month high and low stock prices are RMB 24.67 and RMB 15.10, respectively [2] - The company's revenue is expected to grow to RMB 18.75 billion in 2024, RMB 23.329 billion in 2025, and RMB 28.884 billion in 2026 [5] - Net profit attributable to shareholders is expected to reach RMB 796 million in 2024, RMB 1.173 billion in 2025, and RMB 1.38 billion in 2026 [5] - EPS is expected to be RMB 0.75 in 2024, RMB 1.11 in 2025, and RMB 1.31 in 2026 [5] - The company's P/E ratio is expected to be 28x in 2024, 19x in 2025, and 16x in 2026 [5] Business Segments - The EV charging network business has a market share of approximately 26% in public charging piles, ranking first in China [3] - The company's charging volume reached 9.3 billion kWh in 2023, a year-on-year increase of 59%, ranking first in China [3] - The company's self-developed energy storage PCS has been widely used in various scenarios, with approximately 400 energy storage box transformers shipped in 2023 [3] - The company's prefabricated cabin products and new energy small box transformers have been continuously winning bids for China Huaneng Group projects [3]

行 业 研 究 [Table_Reportdate] 2024年05月13日 [table_invest] [4Ta月ble_抖New音Title美] 妆同比双位数增长 标配 行 ——美容护理行业周报(2024/5/06-2024/5/10) 业 [table_main] 周 [证Ta券b分le析_A师u thors] 投资要点： 报 任晓帆 S0630522070001 rxf@longone.com.cn ➢ 市场表现：（1）美容护理板块：本周沪深300指数上涨1.72%，申万美容护理指数上涨 [table_stockTrend] 2.58%，行业跑赢大盘0.86pcts，涨幅在全部申万一级行业中第13位。（2）个股方面：本 12% 美 周板块涨幅前五的个股分别为青松股份（12.87%）、洁雅股份（11.81%）、福瑞达（10.77%）、 2% 容 水羊股份（6.58%）、倍加洁（6.33%）；本周板块跌幅前五的个股分别为*ST美谷（-8.85%）、 -8% 护 名臣健康（-2.26%）、中顺洁柔（-1.57%）、豪悦护理（-1.51%）、稳健医疗（-0.13%）. -17% 理 -27% ➢ 重要公告及 ...

行 业 研 究 [Table_Reportdate] 2024年05月13日 [table_invest] [ 4Ta月ble_ CNe PwT Iit温le] 和上行，关注淡季需求表现 超配 行 ——食品饮料行业周报（2024/5/6-2024/5/12） 业 周 [table_main] [证Ta券b分le析_A师uthors] 投资要点： 报 姚星辰 S0630523010001 yxc@longone.com.cn  二级市场表现：上周食品饮料板块上涨1.72%，与沪深300指数持平，在31个申万一级板 联系人 块中排名第18位。子板块方面，上周啤酒板块上涨4.15%，相对表现较优。个股方面，上 食 陈涛 cht@longone.com.cn 周涨幅前五为新乳业、金达威、会稽山、华统股份、千禾味业，分别上涨10.3%、9.6%、 品 联系人 9.4%、9.3%、9.3%。跌幅前五为青海春天、加加食品、中葡股份、*ST西发、兰州黄河， 饮 吴康辉 分别下跌22.5%、22.0%、7.5%、7.0%、6.3%。 料 wkh@longone.com.cn  4月CPI温和上行，非食品价格走强。2024年 ...

行 业 研 究 [Table_Reportdate] 2024年05月13日 [table_invest] [存Tabl储e_N合ewT约itle] 涨价预期上调，苹果发布M4芯 标配 行 片加码AI PC 业 周 ——电子行业周报2024/5/6-2024/5/12 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 方霁 S0630523060001 fangji@longone.com.cn 电 ➢ 电子板块观点：存储芯片价格季度涨幅预期上调，各大厂接近满产，HBM或面临供不应 子 [table_stockTrend] 求；苹果首发M4芯片，AI PC领域布局迎来硬件强援；阿里云通义千问2.5在中文语境下 20% 15% 性能赶超GPT-4-Turbo，国内大模型发展迅速。当前电子行业供需处于底部平衡回暖阶 10% 段，行业估值处于历史低位，建议关注AI芯片及光模块、周期筑底、国产替代、IOT四大 5% 0% 投资主线。 -5% -10% ➢ 存储芯片价格涨幅预期上调，各大厂接近满产，HBM或面临供不应求。TrendForce上修 -15% 220 22 -1 320 ...