Investment Rating - The report maintains a "Recommended" investment rating for Dongfang Cable (603606) [1][9]. Core Viewpoints - Dongfang Cable has secured a significant order of 1.8 billion RMB from Inch Cape Offshore, highlighting the company's competitive strength in the market. This order is part of a larger contract for the Inch Cape offshore wind project, which has a total capacity of 1.08GW [1]. - The company has also won contracts for land cable systems totaling 498 million RMB and additional contracts for submarine cables, bringing the total order value to approximately 2.528 billion RMB [1]. - The European offshore wind market is expected to grow significantly, with a projected CAGR of 35% from 2024 to 2030, providing a strong support for future orders for Dongfang Cable [2]. Financial Data Forecast - The forecast for Dongfang Cable's main business revenue is as follows: - 2023: 7.31 billion RMB (4.3% YoY growth) - 2024: 9.1 billion RMB (24.5% YoY growth) - 2025: 12.5 billion RMB (37.4% YoY growth) - 2026: 16 billion RMB (28% YoY growth) [3]. - The projected net profit attributable to shareholders is: - 2023: 1 billion RMB (18.8% YoY growth) - 2024: 1.35 billion RMB (35% YoY growth) - 2025: 2 billion RMB (48.1% YoY growth) - 2026: 2.5 billion RMB (25% YoY growth) [3]. - The expected EPS for the years 2023 to 2026 is 1.45, 1.96, 2.91, and 3.64 RMB respectively, with corresponding P/E ratios of 32.0, 23.7, 16.0, and 12.8 [3]. Stock Performance - The total market capitalization of Dongfang Cable is approximately 32 billion RMB, with a total asset value of 10.6 billion RMB. The stock has traded within a range of 51.2 to 32.61 RMB over the past 52 weeks [4].

Market Overview - The Hang Seng Index closed up 174 points or 1% at 18,112, recovering from a three-day decline of 538 points[3] - The trading volume for the day was HKD 1,073.22 million[3] - The Nasdaq Composite Index rose by 0.34% to 17,667.56, while the Dow Jones Industrial Average fell by 0.17% to 38,647.10[2] Sector Performance - The Hang Seng Technology Index increased by 1.3% to 3,739.14, returning above the 50-day moving average[3] - Major blue-chip stocks showed mixed results, with Tencent rising 2.4% and HSBC declining 0.4%[3] Construction Sector Insights - The nominal value of completed construction projects in Hong Kong for Q1 2024 was HKD 687 billion, reflecting an annual increase of 8.7%[9] - Private land construction projects saw a nominal value increase of 20.8% year-on-year, totaling HKD 218 billion[9] Corporate Earnings Forecasts - China Hongqiao expects a net profit increase of approximately 2.2 times for the first half of the year, with last year's net profit at HKD 29.72 billion[15] - Panhao Group anticipates a loss of HKD 55 billion to HKD 61 billion for the fiscal year, a significant shift from a profit of HKD 8.01 billion in the previous year[14] Retail Sector Challenges - Chow Tai Fook reported a 20.2% decline in retail value from April 1 to May 31, with a 29% drop in the Hong Kong and Macau markets[16] - The company remains optimistic about recovery in the second half of the year, driven by traditional wedding jewelry demand[16]

国都证券 [table_reportdate] 晨会报告 2024 年 5 月 15 日 国都证券研究所晨报 20240515 数据来源：iFind 独立性申明：本报告中的信息均来源于公开可获得资料，国都证券对这些信息的准确性和完整性不做任何保证。分析逻辑基于 作者的职业理解，通过合理判断并得出结论，力求客观、公正，结论不受任何第三方的授意、影响，特此声明。 晨会报告 伴随新"国九条"及一系列配套政策文件出台，新一轮资本市场"1+N"政策体系框架逐渐清晰，描绘了中长期我国资 本市场高质量发展的新蓝图。此前，中国证监会发布上市公司持续监管的配套政策文件，着眼于推动上市公司提升投资价 值和加强投资者保护，围绕打击财务造假、严格规范减持、加大分红监管、加强市值管理等各方关注的重点问题，提出了 4 个方面 18 项政策措施。其中，进一步强调了分红和回购的约束机制，有效推动分红文化形成和回购机制完善。加快培育分 红文化和建立健全回购机制，能够有效提升投资者的信心、增强市场吸引力，从而吸引更多的长期资本，促进市场高质量 发展。 第五，成熟的分红和回购机制有助于提升资本市场的整体竞争力。通过提供稳定的回报，吸引国内外投资者 ...

了[t[a tba lbe_ le re_pmora tidna ] te] 晨会报告 晨会报告 国都证券研究所晨报 20240509 [table_news] 【财经新闻】 【行业动态与公司要闻】 【国都策略视点】 | --- | --- | |--------|-------| | | | | 涨跌 % | | | -0.61 | | | -0.79 | | | -1.35 | | | -1.55 | | | | | | -0.90 | | | -1.07 | | | 0.51 | | | 0.00 | | | -0.18 | | | | -0.15 | 涨跌% 2.16 0.04 0.00 -0.28 -0.39 [table_latestreport] 市场有风险，投资需谨慎 第 1 页 研究创造价值 晨会报告 研 究 所 2024 年 5 月 9 日 晨会报告 国 都 证 券 新能源汽车："双碳"战略激发新动能的关键抓手 海外首飞！低空经济大消息 | --- | --- | |-------------------------------|------------------| | | | | 昨日 ...

【行业动态与公司要闻】 长安汽车：4 月份汽车销量 21.01 万辆 同比增长 15.47% | --- | --- | --- | |-------------------|----------|-------| | | | | | 商品 | 收盘 | 涨跌 | | 纽约原油 | 78.37 | -0.41 | | 纽约期金 | 2322.50 | -0.45 | | 伦敦期铜 | 10009.50 | 0.96 | | 伦敦期铝 波罗的海 | 2568.50 | 0.69 | | 干散货 | 2083.00 | — | A 股率先回调见底特征明显。4 月上中旬受中东地缘政治冲突升级风险担忧、美元降息预期持续下修的影响，全球主要股指普遍 同步回调近 5%；A 股大盘指数已率先回调至低位，底部整体抗跌性凸显，但同时受新"国九条"政策、财报收官密集验证窗口 期、中东地缘政治冲突升级预期起伏等内外因素扰动，A 股板块轮动、风格切换明显加快。 4/24 起,受日元兑美元持续贬值至近 35 年新低，海外资金全球"高切低"调整中加大港股、A 股配置，以及最新公布财报的美股 科技巨头微软、谷歌等业绩超预期且悉数公布大幅增 ...

[table_main] 行业周报 所 [table_reportdate] 机械设备 究 研 2024年4月10日 行业研究 行业点评 投资评级：中性 24 年 3 月挖机内销同比+9.3%，略超市场预期 券 ----工程机械行业点评 证 都 国 核心观点 行业表现对比图 根据中国工程机械工业协会对挖掘机主要制造企业统计，2024 年 3 月 [ta1b0%le_stockTrend] 销售各类挖掘机24980台，同比下降2.34%，其中国内15188台，同比 5% 增长9.27%；出口9792台，同比下降16.2%。2024年1-3月，共销售挖 0% 掘机49964台，同比下降13.1%；其中国内26446台，同比下降8.26%； -5% 出口23518台，同比下降17.9%。 -10% -15% 告 国内销量转正，增速超出此前CME预期，主要系农村土地整改、市政工 -20% 报 究 程等基建项目开工所致，预计4-5月随着专项债和特别国债资金落地， -25 A% pr-23 Jul-23 Oct-23 Jan-24 研 其他基建项目亦有望陆续开启。此外，行业内仍存有国二及以下标准工 工程机械 沪深300 ...

Group 1: Monetary Policy and Fiscal Measures - The issuance of ultra-long special government bonds is a new highlight of fiscal policy this year, expected to enhance the capacity for long-term project support and optimize the debt structure between central and local governments [3][45][76] - The People's Bank of China has implemented significant monetary policy measures, including a 0.25 percentage point reduction in the loan interest rate for agricultural and small enterprises, and a 0.5 percentage point reduction in the reserve requirement ratio, releasing approximately 1 trillion yuan in medium to long-term liquidity [18][89] - The first month of financial data showed strong support for the real economy, with new RMB loans increasing by 4.92 trillion yuan in January, a year-on-year increase of 162 billion yuan, and the social financing scale increasing by 6.5 trillion yuan, up 506.1 billion yuan from the previous year [8][19] Group 2: Rural Industry Development - The government aims to promote rural income growth through various measures, including enhancing rural logistics and cold chain systems, and implementing high-quality rural e-commerce development projects [10][49][92] - In 2023, rural and agricultural product online retail sales reached 2.49 trillion yuan and 0.59 trillion yuan, respectively, both growing faster than the overall online retail sector [11] - The establishment of a comprehensive delivery service network in rural areas is ongoing, with 1,267 county-level public delivery centers and 289,000 village-level logistics service stations built [12] Group 3: Automotive Industry Insights - In February, domestic automobile production and sales saw a decline, with production at 150.6 million units and sales at 158.4 million units, down 37.5% and 35.1% month-on-month, respectively [25][52] - Despite the decline in production and sales, the export of domestic automobiles increased by over 14%, with a total of 37.7 million units exported in February, marking a year-on-year growth of 14.7% [30][54] - The market share of domestic passenger cars remains strong, with sales of 79.1 million units in February, a year-on-year decrease of 9.4%, but the market share increased to 59.4%, up 6.5 percentage points from the previous year [27][51] Group 4: Capital Market and Investment Opportunities - The report emphasizes the importance of venture capital and private equity in supporting technological innovation and the development of new productive forces, suggesting that these funding sources align well with the long and risky cycles of tech enterprises [55][56] - The bond market is seen as a significant avenue for supporting the cultivation of new productive forces, with recommendations to enhance the trading activity of tech-related bonds and improve the financing support system for tech enterprises [59][118] - The report highlights the need for a multi-layered capital market system to facilitate the financing of strategic emerging industries and future industries, with a focus on improving the service capabilities of the Sci-Tech Innovation Board and the Growth Enterprise Market [60][114]

Group 1: Monetary Policy and Fiscal Measures - The issuance of ultra-long special bonds is a new highlight of fiscal policy this year, which is expected to enhance the capacity to support long-term projects and optimize the debt structure between central and local governments [25][12][31] - The issuance of special bonds will not be included in the budget deficit, allowing for a significant increase in the issuance of special bonds to support development needs while maintaining fiscal sustainability [11][12] - The People's Bank of China has indicated that there is still room for further reductions in the reserve requirement ratio, with a current average of 7%, and plans to maintain reasonable liquidity [14][34] Group 2: Agricultural and Rural Development - The rural and agricultural online retail sales reached CNY 2.49 trillion and CNY 0.59 trillion in 2023, with growth rates surpassing the overall online retail growth [19] - Improving logistics and delivery services in rural areas is crucial for enhancing the competitiveness of agricultural products, as high logistics costs currently compress profit margins [20][40] - The government plans to strengthen the rural logistics and cold chain systems, as well as promote the integration of rural industries to boost farmers' income [66][67] Group 3: Automotive Industry Insights - In February, domestic automobile production and sales saw a decline, with production at 1.27 million units and sales at 1.33 million units, reflecting a year-on-year decrease of 25.8% and 19.4% respectively [45][46] - Despite the decline in production and sales, the export of automobiles remained strong, with a year-on-year growth of 14.7% in February, totaling 377,000 units [50] - The market share of domestic brands in passenger vehicles reached 59.4%, an increase of 6.5 percentage points compared to the previous year, indicating a strong competitive position [46][72] Group 4: Capital Market and Investment Opportunities - The capital market is expected to play a significant role in supporting the development of new productive forces, with a focus on venture capital and private equity investments [52][78] - The establishment of a bond financing support system for technology innovation enterprises is crucial for enhancing their access to capital [56][81] - The government is encouraged to optimize the tax system for venture capital institutions to promote early and long-term investments in technology [79][80]

2024 年 3 月 13 日 国都证券研究所晨报 20240313 货币政策前瞻发力，总量结构调节有空间 拓宽增收渠道 多重举措助推乡村产业发展 培育新质生产力，资本市场大有可为 数据来源：iFind 独立性申明：本报告中的信息均来源于公开可获得资料，国都证券对这些信息的准确性和完整性不做任何保证。分析逻辑基于 作者的职业理解，通过合理判断并得出结论，力求客观、公正，结论不受任何第三方的授意、影响，特此声明。 研究所 晨会报告 财政政策加力提效，特别国债蓄势待发 2 月汽车产销双降 出口增逾 14%成亮点 | --- | --- | --- | |-------------------------------------|---------------|---------------| | 昨日市场 [table_yesmarket] 指数名称 | 收盘 | 涨跌 % | | 上证指数 | | 3055.94 -0.41 | | 沪深 300 | | | | 深证成指 | | 3597.49 0.23 | | 中小综指 | 10130.77 0.83 | 9630.55 0.51 | | 恒生指数 | 17 ...