[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 保隆科技（603197）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 06 日收盘价（元） ] | 32.15 | | 52 周股价波动（元） | 26.82-67.55 | | 总股本 / 流通 A 股（百万股） | 212/210 | | 总市值 / 流通市值（百万元） | 6818/6762 | | 相关研究 | | | [Table_ReportInfo] 《空气悬架和传感器引领增长，定点开拓和产 | | | 能扩张同步推进》 2024.04.30 | | | 《预告四季度业绩压力，智驾核心零部件成长 | | | 逻辑不变》 2024.01.30 | | | 《 23Q3 扣非归母净利润大幅增长， ...

[Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 半导体产品与半导体设备 海通综指 -34.25% -26.85% -19.44% -12.04% -4.63% 2.77% 2023/9 2023/12 2024/3 2024/6 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《关注 MEMS 扬声器应用落地》 2024.08.19 《半导体材料专题 1：硅片，从奋力追赶 到不断夯实技术竞争力》2024.07.11 《G8.6 OLED 生产线建设潮，建议关注 相关设备、材料公司业绩持续高增》 2024.07.05 分析师:张晓飞 Email:zxf15282@haitong.com | --- | |---------------------------| | | | | | 证书 :S0850523030002 | | 分析师 : 张幸 | | Tel:(021)23183951 | | Email:zx15429@haitong.com | | 证书 :S085052403000 ...

Investment Rating - The report does not explicitly state an investment rating for the steel industry, but it suggests关注 (focus on) specific companies such as Baosteel, Hualing Steel, Nanjing Steel, CITIC Special Steel, and Shougang [4]. Core Insights - The steel industry is experiencing a decline in profitability, with the net profit of the steel sector for Q2 2024 estimated at approximately 1.7 billion [4][64]. - The average profit margin for 247 steel companies is around 4.33%, indicating a significant drop in profitability and suggesting weak performance in upcoming quarterly reports [4][45]. - The report highlights a decrease in crude steel production, with July 2024 figures showing a 9.0% year-on-year decline [4][62]. Market Performance - The Wind Steel Index fell by 2.30% last week, underperforming compared to major indices [5][10]. - The social steel inventory decreased by 3.86%, indicating a tightening supply [4][52]. Price Trends - The Myspic steel price index dropped by 3.63%, with rebar futures down 5.31% and hot-rolled coil futures down 7.28% [4][16][24]. - Iron ore prices fell by 10.62%, with the Platts index reflecting a significant decrease [4][28]. Production and Supply - Daily pig iron production increased by 0.77%, while the total output of five major steel products rose by 2.81% [4][47]. - The report notes a weak performance in construction material sales, with a year-on-year decline of 27.76% [4][60]. Financial Performance - The net profit for the steel sector in H1 2024 was reported at 261 million, a staggering 94.76% decrease year-on-year [4][64]. - The report indicates that the profitability of listed steel companies is nearing zero, with ongoing pressure from high raw material prices [4][45].

[Table_MainInfo]行业研究/机械工业/新能源板块 证券研究报告 行业周报 2024 年 09 月 08 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -18.15% -13.67% -9.19% -4.71% -0.24% 4.24% 新能源板块 海通综指 2023/9 2023/12 2024/3 2024/6 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《甘肃省印发电力现货市场规则，十部委 联合印发数字化绿色化协同转型发展实 施指南》2024.09.03 《比亚迪华为联手打造方程豹智驾方案， 鹏辉能源发布第一代全固态电池》 2024.09.03 《硅片龙头联手提价，价格底部进一步明 确》2024.09.01 分析师:徐柏乔 Tel:(021)23219171 Email:xbq6583@haitong.com 证书:S0850513090008 联系人:吴志鹏 Tel:(021)23215736 Email:wzp15273@haitong.com 联系人: ...

[Table_MainInfo]行业研究/信息服务 证券研究报告 行业专题报告 2024 年 09 月 08 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 信息服务 海通综指 -36.26% -28.16% -20.06% -11.96% -3.86% 4.24% 2023/9 2023/12 2024/3 2024/6 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《《轻工业数字化转型实施方案（征求意 见稿）》发布，充分挖掘行业数字化需求》 2024.09.04 《计算机行业 2024 年 9 月研究观点：华 为全联接大会前瞻，信创与 AI 得到重点 关注》2024.09.04 《计算机行业跟踪周报 352 期：北京车路 云一体化新基建项目招标计划发布》 2024.08.25 分析师:杨林 Tel:(021)23183969 | --- | |---------------------------| | | | Email:yl11036@haitong.com | | 证书 ...

[Table_MainInfo]行业研究/医药与健康护理 证券研究报告 行业周报 2024 年 09 月 08 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 医药与健康护理 海通综指 -18.77% -13.46% -8.15% -2.84% 2.46% 7.77% 2023/9 2023/12 2024/3 2024/6 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《海通医药 9 月月报：医药板块中报披 露，制药、器械板块业绩相对较好》 2024.09.03 《美国 Medicare 首轮药品谈判价格公 布，最高降幅达到 79%》2024.08.20 《中国疾控中心发布 7 月流感样病例数 据，关注呼吸道病原体检测相关需求》 2024.08.13 分析师:余文心 Tel:(8610)58067941 Email:ywx9461@haitong.com 证书:S0850513110005 分析师:朱赵明 Tel:(021)23180000 Email:zzm12569@hai ...

[Table_MainInfo]行业研究/农业 证券研究报告 行业周报 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_AuthorInfo] 市场表现 [Table_QuoteInfo] 农业 海通综指 -22.60% -17.18% -11.75% -6.32% -0.90% 4.53% 2023/5 2023/8 2023/11 2024/2 资料来源：海通证券研究所 相关研究 [Table_Rep 《产品&渠道双优化，自有品牌未来可期 ortInfo] 》 2024.09.04 《猪价短期调整结束，看好生猪养殖板 块》2024.09.03 《内功提升，但业绩受累于鸡肉价格低 迷》2024.09.01 分析师:李淼 Tel:(010)58067998 Email:lm10779@haitong.com 证书:S0850517120001 分析师:冯鹤 Tel:(021)23185702 Email:fh15342@haitong.com 证书:S0850523040003 分析师:巩健 Tel:(021)23185702 Email:gj1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights the company's strong revenue growth driven by structural opportunities in traditional industries and significant growth in the new energy vehicle sector [1][6]. - The company achieved a revenue of 16.183 billion yuan in the first half of 2024, representing a year-on-year increase of 29.98%, while the net profit attributable to the parent company was 2.118 billion yuan, up 1.98% year-on-year [3][6]. - The report anticipates revenue growth of 15%-35% and net profit growth of 5%-20% for 2024 [7]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 16.183 billion yuan, with a comprehensive gross margin of 31.77%, down 4.50 percentage points year-on-year [3]. - The net profit for the same period was 2.118 billion yuan, with a year-on-year growth of 1.98% [3]. - The second quarter of 2024 saw a revenue of 9.691 billion yuan, a 26.36% increase year-on-year, but the net profit decreased by 1.72% to 1.307 billion yuan [4]. Cost and Expense Management - The company managed to reduce its expense ratio to 18.73% in the first half of 2024, down 2.42 percentage points year-on-year [4]. - The financial expense ratio increased slightly, while the management, R&D, and sales expense ratios all decreased [4]. Business Segments - The general automation business achieved a revenue of approximately 7.5 billion yuan, growing about 10% year-on-year, driven by structural opportunities in traditional industries [6]. - The new energy vehicle segment reported revenue of around 6 billion yuan, with over 100% year-on-year growth, attributed to a diverse customer base and product offerings [6]. Future Outlook - The company is expected to maintain strong growth in the new energy vehicle sector as the market penetration of electric vehicles continues to rise [6]. - The report projects net profits for 2024-2026 to be 5.220 billion yuan, 6.275 billion yuan, and 7.850 billion yuan respectively, with corresponding EPS of 1.95 yuan, 2.34 yuan, and 2.93 yuan [7][11].

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 许继电气（000400）公司半年报点评 2024 年 09 月 06 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 06 日收盘价（元） ] | 29.62 | | 52 周股价波动（元） | 16.66-35.41 | | 总股本 / 流通 A 股（百万股） | 1019/1008 | | 总市值 / 流通市值（百万元） | 30179/29866 | | 相关研究 | | | [Table_ReportInfo] 《三季度业绩持续增长，有望深度受益特高压 | | | 加速推进》 2023.11.14 | | 市场表现 [Table_QuoteInfo] 许继电气 海通综指 -22.02% -1.02% 19.98% 40.98% 61.98% 2023 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue of 20.114 billion yuan in the first half of 2024, representing a year-on-year increase of 10.02%, while the net profit attributable to the parent company was 2.709 billion yuan, up 8.36% year-on-year [6][4] - The company is expected to benefit significantly from the ongoing construction of ultra-high voltage projects and the high-quality development of distribution networks [6][4] - The company has a strong position in the smart grid technology market and is expected to gain from the increasing investment in domestic grid construction, which reached 254 billion yuan in the first half of 2024, a 23.7% increase year-on-year [6][4] Financial Performance Summary - In the first half of 2024, the company reported a comprehensive gross margin of 29.03%, an increase of 0.42 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 0.135 yuan per share (before tax) for the first half of 2024 [6] - The company’s revenue for the second quarter of 2024 was 12.416 billion yuan, a year-on-year increase of 2.73%, with a net profit of 2.114 billion yuan, up 6.95% year-on-year [4] - The company’s total revenue is projected to reach 58.244 billion yuan in 2024, with a net profit of 8.052 billion yuan, reflecting a year-on-year growth of 12.9% and 12.1% respectively [6][10] Market and Business Segments - The company’s revenue from the smart grid segment was 9.357 billion yuan in the first half of 2024, a year-on-year increase of 1.80% [6] - The energy low-carbon segment saw significant growth, with revenue reaching 5.052 billion yuan, up 32.70% year-on-year [6] - The company’s international projects are progressing rapidly, with overseas revenue reaching 0.831 billion yuan, a year-on-year increase of 92.80% [6] Valuation and Investment Recommendations - The company is expected to achieve net profits of 8.052 billion yuan, 9.169 billion yuan, and 10.512 billion yuan for the years 2024, 2025, and 2026 respectively [6] - The estimated price-to-earnings (P/E) ratio for 2024 is projected to be between 30 to 35 times, corresponding to a reasonable value range of 30 to 35 yuan per share [6]