证券研究报告 （优于大市，维持） 《0BB即将规模化应用，助力 电池片降本增效》 徐柏乔（电力设备与新能源行业联席首席分析师） SAC号码：S0850513090008 2024年08月15日 • 行业现状：金属成本不断上升 1、光伏技术迭代导致银浆用量上升：由于TOPCon和HJT电池的渗透率不断提升，银浆的耗用量将 从23年的11.53mg/w升至24年的12.74mg/w；根据测算，银浆在电池总成本的占比达到27%，在非硅 成本中的占比已达43%，对电池成本的影响较大。 2、银浆成本上升：24年至今硅片价格下降38%，白银价格上涨16%。24年7月31日，银浆达到7237 元/kg，在银耗为13mg/w情况下，银浆成本8.4分/w左右。 0BB的优势：实现电池片降本增效 1、HJT：根据迈为的数据测算，0BB可以实现HJT降低银耗4.14mg/w，在银浆含税价格4000和8000 元/kg的时候，采用纯银方案分别降本2.2分/w和3.7分/w，采用30%银包铜分别降本1分/w和1.5分/w。 2、TOPCon：根据测算，0BB至少可以实现TOPCon降低银耗1.46mg/w，在银浆含税价格4000和 8 ...

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 重庆啤酒（600132）公司半年报点评 2024 年 08 月 15 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |-----------------------------------------------------------|-------------| | 08[Table_StockInfo 月 14日收盘价（元）] | 60.65 | | 52 周股价波动（元） | 52.53-95.26 | | 总股本/流通 A 股（百万股） | 484/484 | | 总市值/流通市值（百万元） | 29353/29353 | | 相关研究 | | | [Table_ReportInfo] 《量价齐升收入稳增，成本下行盈利改善》 | | | 2024.05.20 | | | 《 销 量 稳 健 增 长 ， 高 端 酒 短 期 承 压 》 | | | 2024.04.02 | | | 《高端动销逐季回暖，成本压力趋缓改善盈 | | | 利》2023.08.19 | | | 市场 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][5]. Core Views - The company demonstrates a balance of stability and growth, with potential for both marginal and long-term gains [1]. - The company has shown steady revenue and net profit growth since 2016, with 2023 revenue and net profit reaching 193 billion and 195 billion respectively, reflecting a year-on-year change of -12.5% and +7.1% [6][10]. - The company is positioned as a major player in the coal industry, with significant coal reserves and production capacity, and is actively expanding its coal chemical and equipment manufacturing businesses [6][19]. Company Overview - The company is a large state-owned enterprise engaged in coal production, trade, coal chemical, equipment manufacturing, and related services [6]. - The controlling shareholder is the China Coal Energy Group, which holds a 57.37% stake [8]. - The company has a coal production capacity of 2.78 billion tons per year and produced 243 million tons of coal in 2023, with a capacity utilization rate of 87.4% [8][10]. Coal Business - The company has abundant coal resources, with a total coal resource of 26.648 billion tons and a recoverable reserve of 1.3871 billion tons [13]. - In 2023, the company produced 134 million tons of coal, a year-on-year increase of 12.6% [15]. - The average selling price of self-produced coal in 2023 was approximately 600 yuan per ton, with a production cost of 307 yuan per ton, indicating a cost advantage [17]. Coal Chemical and Other Businesses - The coal chemical segment has a production capacity of 5.13 million tons per year, with a total output of 603.6 million tons in 2023, reflecting a year-on-year increase of 6.5% [19][21]. - The company has never reported a loss in its coal chemical segment, with cumulative revenue of 153.6 billion and gross profit of 30.7 billion since 2015 [21]. - The equipment manufacturing segment is a leading player in the domestic market, achieving a production value of 11.4 billion in 2023, a year-on-year increase of 14.8% [23]. Company Highlights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes return on equity (ROE) and quality of earnings, promoting market value management assessments [4][25]. - The company has initiated a special dividend of 1.5 billion yuan, indicating a commitment to shareholder returns [4][27]. - The company has significant potential for organic growth in coal production, with expected increases in output in the coming years [4][29]. Profit Forecast and Cash Flow - The company is projected to achieve net profits of 19.1 billion, 20.7 billion, and 21.3 billion yuan for the years 2024 to 2026, with corresponding EPS of 1.44, 1.56, and 1.60 yuan [5][39]. - Despite cash flow pressures from capital expenditures, the company is expected to maintain a dividend payout ratio of around 50% [37].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has achieved significant breakthroughs in lithium battery equipment and solid-state battery business, with promising future developments expected [5] - Recent announcements include winning contracts worth approximately RMB 1.25 billion from leading overseas automotive clients and a strategic cooperation agreement with Xinjie Energy for the procurement of battery automation production line equipment valued at around RMB 400 million [5] - The company has established eight overseas subsidiaries and formed close interactions with several leading overseas new energy power battery companies, marking a significant milestone in its overseas strategic layout [5] - The partnership with Xinjie Energy is expected to open new opportunities in the solid-state battery sector, enhancing the company's growth potential [5] - The company has a relatively sufficient order backlog, with new signed orders of approximately RMB 4.85 billion in 2023 and an order backlog of about RMB 7.5 billion as of the end of 2023 [5] Financial Forecasts - The projected net profit for the company for 2024, 2025, and 2026 is RMB 386 million, RMB 461 million, and RMB 556 million respectively, with corresponding EPS of RMB 1.89, RMB 2.26, and RMB 2.73 [6][10] - The company is expected to maintain a revenue growth rate of 12.2% in 2024, with total revenue projected to reach RMB 5.39 billion [7][10] - The estimated reasonable valuation range for the company in 2024 is between RMB 34.02 and RMB 41.58 per share, corresponding to a market capitalization of RMB 6.9 billion to RMB 8.5 billion [6][10] Business Segments and Performance - The company operates in multiple sectors including lithium battery equipment, photovoltaic, 3C, new display, and medical laser fields, with significant technological breakthroughs achieved [5] - The revenue from the lithium battery laser and automation equipment segment is projected to grow significantly, contributing the majority of the company's revenue [7] - The company’s gross margin is expected to remain stable around 29% over the next few years, indicating a solid profitability outlook [10]

[Table_MainInfo]行业研究/建材 证券研究报告 行业深度报告 2024 年 08 月 15 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 建材 海通综指 -32.49% -25.82% -19.16% -12.49% -5.83% 0.84% 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《消费建材磨底，出口链亮眼》 2024.05.10 《骨料：盈利稳定性强的万亿市场》 2024.03.16 《海通建材 2024 年度投资策略报告-峰 回路转，柳暗花明》2023.11.27 分析师:冯晨阳 Tel:(021)23183846 Email:fcy10886@haitong.com 证书:S0850516060004 分析师:申浩 Tel:(021)23185636 Email:sh12219@haitong.com 证书:S0850519060001 海外水泥一：揭开非洲水泥神秘面纱 [Table_Summary] 投资要点： 撒哈拉以南非洲是 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights strong growth in overseas business orders and continuous improvement in profitability [4] - The company's net profit attributable to shareholders for Q3 2023 was 1.42 billion yuan, representing a year-on-year increase of 96% [1] Financial Performance Summary - In H1 2024, the company's revenue was 2.916 billion yuan, up 0.79% year-on-year, with a net profit of 222 million yuan, reflecting a 16.43% increase year-on-year [4] - The gross profit margin for H1 2024 was 23.36%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 7.55%, up 0.95 percentage points year-on-year [4] - The company reported a significant increase in overseas sales revenue, which reached 790 million yuan, a year-on-year increase of 48.53%, accounting for 27.3% of total sales [4] Order and Market Expansion - As of June 2024, the company had a backlog of orders worth 6.56 billion yuan, a year-on-year increase of 29.88%, with overseas orders amounting to 2.849 billion yuan, up 180.16% year-on-year [4] - The company is preparing for capacity expansion in Mexico and the United States and has established a factory in Poland along with a European sales and after-sales service headquarters [4] Profitability Forecast and Valuation - The forecast for net profit attributable to shareholders is 666 million yuan for 2024 and 916 million yuan for 2025, with corresponding EPS of 1.46 yuan and 2.00 yuan per share [5] - The report suggests a reasonable valuation range of 36.5 to 43.8 yuan based on a PE ratio of 25-30X for 2024, considering the company's leading position in the dry transformer sector and the potential for overseas business growth [5]

[Table_AuthorInfo] [Table_MainInfo]行业研究/金融/综合金融服务 证券研究报告 行业周报 2024 年 08 月 14 日 [Table_QuoteInfo] 综合金融服务 海通综指 -35.17% -27.35% -19.53% -11.72% -3.90% 3.92% 2023/8 2023/11 2024/2 2024/5 市场表现 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_Summary] 投资要点：2024 年以来日均股基交易额维持高位，两融余额保持稳定。 资本市场各项改革持续推进，头部券商优势显著。保险行业 2024 年负债 端中长期看好康养产业发展；十年期国债收益率仍在低位，如果后续经济 预期改善、长端利率上行，保险公司投资端压力将显著缓解。公司推荐： 中国太保、中国人寿、中信证券、华泰证券等。 非银行金融子行业近期表现：最近 5 个交易日（2024 年 8 月 5 日-8 月 9 日） 证券行业跑赢沪深 300 指数，多元金融行业、保险行业跑输沪深 300 指数。证 券行业下跌 1.48%，多元金融行业下跌 1.64%，保险 ...

[Table_MainInfo]行业研究/家用电器与器具 证券研究报告 行业深度报告 2024 年 08 月 14 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 2870.80 3038.77 3206.75 3374.73 3542.70 3710.68 家用电器与器具 海通综指 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《海通家电周报（24W30）：以旧换新政 策的刺激下家电板块表现比较强势》 2024.07.31 《以旧换新政策进一步落实，支持资金央 地共担》2024.07.26 《海通家电周报（24W28）：预计家电板 块中期业绩保持稳健增长》2024.07.17 分析师:陈子仪 Tel:(021)23219244 Email:chenzy@haitong.com 证书:S0850511010026 分析师:李阳 Tel:(021)23185618 Email:ly11194@haitong.com 证书:S0850518080005 联系人:吕 ...

[Table_MainInfo]行业研究/信息服务 证券研究报告 行业跟踪报告 2024 年 08 月 14 日 [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 -36.91% -28.75% -20.58% -12.42% -4.25% 3.92% 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《计算机行业跟踪周报 350 期：信创操作 系统持续发展，人形机器人落地前景可 期》2024.08.11 《医疗 IT 订单月度数据跟踪系列：7 月中 标订单表现平淡，政策有望加速医疗 IT 需求释放》2024.08.08 《计算机行业 2024 年 8 月研究观点：各 地政府积极布局，低空经济进入加速落地 期》2024.08.06 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨蒙 Tel:(021)23185700 Email:ym13254@hai ...

[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 富创精密（688409）公司信息点评 2024 年 08 月 14 日 [Table_InvestInfo] 投资评级 优于大市 调高 | --- | --- | |---------------------------------------------------|---------------| | 股票数据 | | | 08 [ Table_StockInfo 月 13 日收盘价（元） ] | 37.09 | | 52 周股价波动（元） | 33.30-99.88 | | 总股本 / 流通 A 股（百万股） | 308/177 | | 总市值 / 流通市值（百万元） | 11425/6562 | | 相关研究 | | | [Table_ReportInfo] 《 23Q2 归母净利润环比增长 | 42.92% ，模组 | | 产品收入快速成长》 2023.08.22 | | | --- | --- | --- | --- | --- | |------------------------------------ ...