Investment Rating - The investment rating for the company is "Outperform the Market" [2][6] Core Views - The company reported a stable revenue growth of 30% in the first half of 2024, with total revenue reaching 1.43 billion yuan, driven primarily by the growth in charging piles [5] - The revenue from electric vehicle charging piles increased by 44.8% year-on-year, contributing significantly to the overall revenue growth [5] - The company anticipates a recovery in the energy storage business, projecting a 30% revenue increase to 1.18 billion yuan in 2024 [5] Financial Performance Summary - In the first half of 2024, the company's revenue was 1.43 billion yuan, up 29.84% year-on-year, while net profit attributable to shareholders was 180 million yuan, showing a slight increase of 0.02% [5] - The gross margin for the company was 39.6%, a decrease of 2.0 percentage points year-on-year, primarily due to lower margins in the new energy power conversion equipment and electric vehicle charging piles [5] - The company expects to achieve net profits of 482 million yuan, 623 million yuan, and 801 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.55 yuan, 2.00 yuan, and 2.58 yuan [6][11] Revenue Forecasts - The company forecasts that revenue from electric vehicle charging piles will grow by 45% in 2024, reaching 1.23 billion yuan [8][9] - Revenue from new energy power conversion equipment is expected to grow by 30% in 2024, reaching 1.18 billion yuan [8][9] - The company anticipates a steady growth in battery testing and formation equipment, projecting a revenue increase of 15% in 2024 [8][9] Market Comparison - The company is compared with peers in the industry, with a projected PE ratio for comparable companies in 2024 at 19 times, while the company is given a valuation range of 18-23 times PE, corresponding to a fair value range of 27.87-35.61 yuan [6][10]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is a global leader in cement engineering technology, with a strong focus on operational and equipment business transformation, aiming for rapid growth in these areas [2][4] - The company has improved cash flow and plans to increase dividends, with a high expected dividend yield [2] - The earnings forecast for 2024 is supported by the company's leading position in cement engineering services and ongoing improvements in cash flow and dividend policies [2] Financial Performance - The company achieved a revenue of 45.799 billion yuan in 2023, a year-on-year increase of 6.9%, with a projected revenue of 50.789 billion yuan for 2024 [3] - Net profit for 2023 was 2.916 billion yuan, reflecting a 14.7% year-on-year growth, with an expected EPS of 1.28 yuan for 2024 [3][33] - The gross margin improved to 19.43% in 2023, up 2.46 percentage points from the previous year [30] Business Structure and Strategy - The company aims to achieve a balanced business structure by the end of the 14th Five-Year Plan, focusing on engineering, equipment, and services [9] - The company has integrated its engineering technology services and is expanding its operational services, particularly in overseas markets [11][16] - The company has a strong presence in overseas markets, with a significant portion of its revenue coming from international projects [26][31] Market Position - The company holds a 65% market share in global cement EPC services and has maintained its position as the world's largest provider of cement technology and equipment for 16 consecutive years [4][11] - The company is actively pursuing opportunities in emerging markets, where demand for cement is expected to grow significantly [11][26] Growth Opportunities - The company has recently increased its stake in China National Materials Group, enhancing its collaborative efforts for international expansion [26] - The company is focusing on high-end equipment manufacturing and operational services, which are expected to drive future growth [20][24] Risk Management - The company has shown resilience in its overseas operations, with a significant increase in new contracts and a robust order backlog [31][32]

[Table_MainInfo]行业研究/房地产 证券研究报告 行业周报 2024 年 08 月 11 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 房地产 海通综指 -31.25% -24.28% -17.31% -10.34% -3.37% 3.60% 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] 《第 31 周新房成交同比增速回升，供销 比回升》2024.08.04 《新型城镇化战略五年行动计划解读：推 动农业人口转移，夯实高质量发展基础》 2024.08.04 《TOP100房企 7月销售数据点评——政 策利好边际效应减弱，单月销售同环比减 弱》2024.08.02 分析师:涂力磊 Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510120001 分析师:谢盐 Tel:(021)23185696 Email:xiey@haitong.com 证书:S0850511010019 第 32 周新房成 ...

[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 08 月 11 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 新能源板块 海通综指 -22.78% -17.66% -12.54% -7.42% -2.30% 2.82% 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] 《北京市立法推进新型储能设施建设,信 阳市印发碳达峰方案提高调峰和储能能 力》2024.08.09 《民航提出大力发展低空+通航，深圳召 开低空经济高质量发展大会》2024.08.05 《汽车报废更新补贴标准提高，宁德时代 业务稳健增长》2024.07.29 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:罗青 Tel:(021)231859 ...

证券研究报告 （优于大市，维持） 全球锡库存持续下降，锡价或继续走强 陈先龙（有色金属行业首席分析师） SAC号码：S0850522120002 甘嘉尧（有色金属高级分析师） SAC号码：S0850520010002 张恒浩（有色金属分析师） SAC号码：S0850524070008 联系人：梁琳、谭伊珊 2024年8月11日 投资要点 • 工业金属：全球锡库存持续下降，锡价或继续走强。8月2日-8月9日，LME铜、铝、锌、锡价涨跌幅分别为-2.8%、+1.4%、 +2.9%、+2.9%，SHFE铜、铝、锡价周涨跌幅分别为-2.8%、-0.5%、-1.4%、+2.9%；8月9日LME铜、铝、锌、锡价格分别为 8831美元/吨、2295美元/吨、 2741美元/吨、 3.12万美元/吨。铜价格方面，宏观上，海外市场预期的降息可能降低持铜成本， 但经济衰退的担忧又抑制了风险资产需求；中国经济数据显示制造业和服务业活动放缓，市场预期政府将加大政策支持。基本 面上，进入8月，铜价回调促使部分需求释放，但供应收紧预期未实现，需求依旧疲弱。CSPT会议设定的铜精矿TC指导价高于 预期，表明铜矿缺口担忧有所缓解。铝价格方面 ...

[Table_MainInfo] 金融工程研究 证券研究报告 金融工程周报 2024 年 08 月 12 日 [Table_Title] 相关研究 [Table_ReportInfo] 《大额买入与资金流向跟踪 （20240729-20240802）》2024.08.05 《下周市场或将触底反弹——量化择时 和拥挤度预警周报（20240804）》 2024.08.04 《上周 293 只固收+产品业绩创历史新高 ——绝对收益产品及策略周报 （20240729-20240802）》2024.08.08 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 分析师:曹君豪 Tel:(021)23185657 Email:cjh13945@haitong.com 证书:S0850524010001 下周市场估值或将得到修复——量化择时 和拥挤度预警周报（20240812） [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] 上周（2024.08.05-2024. ...

[Table_MainInfo] 每日报告精选 证券研究报告 [Table_Marketinfo] 重要市场数据 名称 日涨跌% 周涨跌% 年涨跌% 海通风格指数 | --- | --- | --- | --- | |------------------|----------------------------------|-------|--------| | 大盘 100 | 0.32 | -1.57 | 13.97 | | 小盘 200 | -1.21 | 0.71 | -21.88 | | 表现最好前五行业 | | | | | 石油然气 | 1.93 | -1.07 | 16.03 | | 房地产 | 1.09 | 2.58 | -10.55 | | 煤炭指数 | 0.46 | 0.09 | 6.10 | | 有色金属 | 0.38 | -2.95 | -0.97 | | 建筑工程 | 0.34 | -0.88 | -0.47 | | 表现最差前五行业 | | | | | 传媒指数 | -2.18 | -0.29 | -19.23 | | 旅游服务 | -1.70 | -0.77 | -19.54 | ...

[Table_MainInfo] 金融工程研究 证券研究报告 [Table_Title] 相关研究 [Table_ReportInfo] 《大额买入与资金流向跟踪 （20240729-20240802）》2024.08.05 《下周市场或将触底反弹——量化择时 和拥挤度预警周报（20240804）》 2024.08.04 《上周 293 只固收+产品业绩创历史新高 ——绝对收益产品及策略周报 （20240729-20240802）》2024.08.08 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 分析师:余浩淼 Tel:(021)23185650 Email:yhm9591@haitong.com 证书:S0850516050004 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] 30692 深度学习因子（多颗粒度模型-5 日标签）。本周（特指 2024.08.05-2024.08.09， 下同）、8 月及 2024 年的多空收益率分别为 0 ...

[Table_MainInfo]行业研究/公用事业 证券研究报告 行业周报 2024 年 08 月 11 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 公用事业 海通综指 2023/8 2023/11 2024/2 2024/5 -12.84% -6.63% -0.42% 5.79% 12.00% 18.21% 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《电量不是重点，看好电价未来表现》 2024.08.07 《火电水电本周调整，未来前景如何判 断》2024.07.29 《公用事业 24Q2 重仓持股分析》 2024.07.31 分析师:吴杰 Tel:(021)23183818 Email:wj10521@haitong.com 证书:S0850515120001 分析师:傅逸帆 Tel:(021)23185698 Email:fyf11758@haitong.com 证书:S0850519100001 联系人:阎石 Tel:(021)23185741 Email:ys14098@haitong.com 联系人 ...

[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 08 月 11 日 [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 -20.93% -15.76% -10.60% -5.43% -0.26% 4.90% 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] 《上海发布《关于支持生物医药产业全链 条创新发展的若干意见》，促进创新医疗 器械全链条发展》2024.08.05 《三部门联合发布《重点中心乡镇卫生院 建设参考标准》，加强中心乡镇卫生院医 疗设备配臵》2024.08.04 《持续推动医疗器械产业创新高质量发 展，关注增量领域的投资机会》 2024.08.04 分析师:余文心 Tel:(8610)58067941 Email:ywx9461@haitong.com 证书:S0850513110005 分析师:贺文斌 Tel:(010)68067998 Email:hwb10850@haitong. ...