证券研究报告 （优于大市，维持） 24Q2有色金属行业基金持仓分析： 工业金属持仓比重继续提升 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 联系人：张恒浩、梁琳、谭伊珊 2024年7月25日 目录 1. 有色行业：铜铝、黄金继续获增持 2. 重点个股：把握龙头公司 3. 风险提示 2 请务必阅读正文之后的信息披露和法律声明 24Q2有色跑输大盘0.1pct 图：24Q2申万一级行业与万得全A指数季度涨跌幅 10% 0% -5.32% -5.37% -10% -20% 银 行 公 用 事 业 电 子 煤 炭 交 通 运 输 通 信 石 油 石 化 汽 车 国 防 军 工 家 用 电 器 非 银 金 融 万 得 全A 有 色 金 属 基 础 化 工 建 筑 装 饰 图： 24Q2二级子行业季度涨跌幅 图： 24Q2三级子行业季度涨跌幅 5% 0% -5% -10% -15% -20% -25% 贵金属 工业金属 小金属 金属新材料 能源金属 -20% 资料来源：Wind，海通证券研究所 农 林 牧 渔 环 保 ...

[Table_MainInfo]行业研究/汽车与零配件/汽车 证券研究报告 行业信息点评 2024 年 07 月 26 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -23.90% -17.80% -11.69% -5.59% 0.51% 6.61% 汽车 海通综指 2023/7 2023/10 2024/1 2024/4 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《6 月重卡需求淡季，新能源重卡表现亮 眼》2024.07.21 《24H1 汽车注册数平稳，库存累计减少 0.5 个月》2024.07.11 《5 月天然气重卡销量同环比增长，表现 亮眼》2024.06.20 分析师:刘一鸣 Tel:(021)23154145 Email:lym15114@haitong.com 证书:S0850522120003 分析师:张觉尹 Tel:(021)23185705 Email:zjy15229@haitong.com 证书:S0850523020001 联系人:潘若婵 Tel:(021)23154145 Emai ...

Investment Rating - The report maintains an "Outperform" rating for the photovoltaic sector [1][38]. Core Insights - The photovoltaic sector has experienced a decline of 19.95% in Q2 2024, continuing a trend of weakening market performance [3][8]. - The overall valuation of the photovoltaic sector is at a historically low level, with a PE-TTM of 15.11x, reflecting a 29.81% increase since the beginning of 2024, but still within the 31.62% percentile since 2019 [6][31]. - The report emphasizes that the current price levels in the industry chain are at the bottom, suggesting a potential turning point in the second half of the year [3][31]. Summary by Sections 1. Fund Holdings and Allocation - As of Q2 2024, the total market value of fund holdings in the photovoltaic equipment sector decreased to 57.755 billion yuan, a 27.93% decline from Q1 2024, representing only 2.18% of all fund holdings [10][12]. - The sector's overweight position has narrowed to 1.17%, down 0.43 percentage points from the previous quarter [12][10]. 2. Market Performance Analysis 2.1 Sector Performance - The photovoltaic sample sector, comprising 48 listed companies, saw an overall decline of 17.71% in Q2 2024, with the silicon wafer segment experiencing the largest drop at 30.03% [15][3]. 2.2 Top Fund Holdings - The top ten fund holdings in the photovoltaic sector by market value include: 1. 阳光电源 (Yanguang Electric) - 22.991 billion yuan, down 18.19% 2. 晶科能源 (JinkoSolar) - 7.240 billion yuan, up 73.98% 3. 德业股份 (DeYee) - 3.983 billion yuan, up 35.78% 4. 隆基绿能 (LONGi Green Energy) - 3.041 billion yuan, down 27.46% 5. 天合光能 (Trina Solar) - 2.537 billion yuan, down 68.97% 6. 特变电工 (TBEA) - 2.527 billion yuan, down 12.22% 7. 晶澳科技 (JA Solar) - 2.388 billion yuan, down 60.00% 8. 通威股份 (Tongwei) - 2.116 billion yuan, down 52.24% 9. 迈为股份 (Meyer Burger) - 1.970 billion yuan, up 33.52% 10. 福斯特 (Foster) - 1.682 billion yuan, down 55.73% [18][19]. 2.3 Historical Changes in Key Companies - 迈为股份 (Meyer Burger) saw a significant increase in fund holdings, with a market value of 1.970 billion yuan, up 33.52% from the previous quarter [22][27]. - Conversely, 通威股份 (Tongwei) experienced a decrease of 52.24% in fund holdings, with a market value of 2.116 billion yuan [22][27]. 3. Investment Recommendations - The report suggests focusing on companies with clear overseas growth trends and those benefiting from potential European interest rate cuts, such as 阳光电源 (Yanguang Electric) and 德业股份 (DeYee) [31][3]. - It also highlights the importance of new technology developments and leading material companies at the bottom of the market cycle [31][3].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 13.35-15.13 yuan for 2024, based on a PE multiple of 15-17x [27][107] Core Views - The company is a leading player in the frozen rice and flour products industry, with strong brand recognition and a nationwide production and distribution network [35] - Profitability has improved significantly in recent years, with non-GAAP net profit margin stabilizing at 8%-10% [42] - The company has outperformed peers in key metrics such as gross margin, expense ratios, ROE, and per capita revenue/profit [1][60] - Product mix optimization and R&D efficiency improvements are driving growth, with the proportion of prepared foods increasing [13][21][24] - Channel structure optimization has led to higher dealer sales and lower direct sales, improving profitability [26][73] Business Performance - Revenue CAGR was 14.06% from 2004-2023, with non-GAAP net profit CAGR of 24.25% [25] - 2023 revenue breakdown: frozen rice/flour products 82.62%, prepared foods 15.25%, chilled/short-shelf-life products 1.35% [21] - Retail/innovation market accounted for 79.73% of 2023 revenue, with catering market at 20.27% [68] - Regional sales mix in 2023: North 44.32%, West 20.29%, East 18.7%, South 16.7% [55] Financial Projections - 2024-2026 revenue growth projected at 2.4%, 3.8%, 5.2% respectively [28] - 2024-2026 EPS forecast at 0.89, 0.94, 1.00 yuan [27][28] - Gross margin expected to remain stable at around 25.3%-25.4% [28][84] - ROE projected to decline slightly from 16.7% in 2024 to 16.4% in 2026 [28] Competitive Advantages - Strong brand portfolio with "Sanquan" and "Longfeng" brands [35] - Extensive production and cold chain network across China [35] - Experienced management team with over 20 years in the industry [36] - Superior operational efficiency compared to peers, with higher per capita revenue and profit [1][60] Growth Drivers - Continuous product innovation, with new product launches targeting specific consumer segments and usage scenarios [40][48][52] - Optimization of sales channels, with increasing proportion of dealer sales [26][73] - Focus on catering market expansion and product mix upgrades [21][67] - Improved R&D efficiency and cost control measures [24][60][76]

[Table_MainInfo]行业研究/环保 证券研究报告 行业周报 2024 年 07 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 -25.60% -18.96% -12.32% -5.69% 0.95% 7.59% 环保 海通综指 2023/6 2023/9 2023/12 2024/3 相关研究 [Table_ReportInfo] 《重点行业低碳化进行中，节能设备行业 有望持续受益》2024.07.21 《推动产业高端化、智能化、绿色化，30 年全球碳市场有望破千亿美元》 2024.07.01 《绿色低碳循环，以绿色发展加快培育新 质生产力》2024.06.17 分析师:戴元灿 Tel:(021)23185629 Email:dyc10422@haitong.com 证书:S0850517070007 联系人:杨寅琛 Tel:(021)23188562 Email:yyc15266@haitong.com 扎实推进绿色低碳发展，重点行业低碳化 进行中 [Table_Summary] 投资要点： 板块表现：行业横向比较看，2024 年第 29 周（2024 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company is expected to achieve a rapid growth in net profit in the first half of 2024, with an estimated net profit of 510-580 million yuan, representing a year-on-year increase of 50%-70% [5][6]. - The growth is driven by increased market demand for liquefied natural gas (LNG) as a clean energy source, recovery in the integrated circuit industry, and growth in the display panel sector due to the upcoming Olympic year [5][6]. - The company holds a high market share in precursor products and benefits from domestic clients' capacity expansion, with a focus on domestic substitution for photoresist products [5][6]. Financial Summary - The company’s projected net profits for 2024-2026 are 963 million yuan, 1.31 billion yuan, and 1.72 billion yuan, respectively, with corresponding EPS of 2.02 yuan, 2.75 yuan, and 3.61 yuan [6][10]. - Revenue is expected to grow from 4.74 billion yuan in 2023 to 10.63 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 28.7% [7][10]. - The gross margin is projected to improve from 31.3% in 2023 to 33.9% in 2026, indicating enhanced profitability [10][11]. Market Position and Competitive Advantage - The company is the first domestic manufacturer of LNG insulation materials to receive certification from GTT and classification societies, which strengthens its competitive position [6][8]. - The company has established contracts with major shipbuilding manufacturers for LNG transport vessels, ensuring a robust order backlog and long-term profitability [6][8]. - The company’s proprietary technology and patents provide a competitive edge in the semiconductor materials market, particularly in the context of increasing domestic demand [5][6].

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook for its stock performance [8] Core Views - The company's motorcycle business, especially the high-end Wuji brand, is experiencing rapid growth, with Wuji's revenue increasing by 57.05% in 2023 and 135.21% in Q1 2024 [16] - The company's profitability is expected to improve, with net profit forecasted to grow by 87.6%, 11.6%, and 13.4% in 2024, 2025, and 2026 respectively [19][21] - The company's revenue is projected to grow steadily, with year-over-year increases of 7.9%, 9.9%, and 10.9% from 2024 to 2026 [23] Financial Performance - The company's gross margin is expected to improve slightly, reaching 18.55%, 18.74%, and 18.87% in 2024, 2025, and 2026 respectively [6] - The company's net profit margin is forecasted to increase from 4.5% in 2023 to 7.8%, 7.9%, and 8.1% in 2024, 2025, and 2026 respectively [31] - The company's EPS is expected to grow from 0.28 yuan in 2023 to 0.53, 0.59, and 0.67 yuan in 2024, 2025, and 2026 respectively [18][31] Business Segments - The motorcycle and engine business is expected to maintain strong growth, with revenue increasing by 16.38%, 15.41%, and 14.43% from 2024 to 2026 [20] - The general machinery products business is expected to see declining revenue, with year-over-year decreases of 15%, 10%, and 5% from 2024 to 2026 [2] Valuation - The company's 2024 PE ratio is estimated at 10.8x, with a target valuation range of 7.95-9.01 yuan based on 15-17x PE [21] - The company's current market capitalization is 11.828 billion yuan, with a share price of 5.76 yuan as of July 24, 2024 [13]

[Table_MainInfo]行业研究/机械工业 证券研究报告 行业信息点评 2024 年 07 月 25 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -26.30% -20.55% -14.80% -9.06% -3.31% 2.43% 机械工业 海通综指 2023/7 2023/10 2024/1 2024/4 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《6 月逆变器出口：新兴市场维持高增趋 势，欧洲出货量基本修复至去年 Q2 水平》 2024.07.22 《锂电板块 2024Q2 持仓分析报告》 2024.07.23 《关注三中全会及大规模装备更新政策 机遇；中国上半年 GDP 同比增长 5%》 2024.07.21 分析师:赵玥炜 Tel:(021)23219814 Email:zyw13208@haitong.com 证书:S0850520070002 联系人:欧阳天奕 Tel:(021)23183327 Email:oyty16226@haitong,com 统筹 3000 亿超长期特别国债资金 ...

[Table_MainInfo] 公司研究/公用事业/其他公用事业 证券研究报告 三峡能源（600905）公司跟踪报告 2024 年 07 月 25 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |---------------------------------------------------|---------------| | 07[Table_StockInfo 月 24日收盘价（元）] | 4.73 | | 52 周股价波动（元） | 4.08-5.49 | | 总股本/流通 A 股（百万股） | 28621/28586 | | 总市值/流通市值（百万元） | 135377/135212 | | 相关研究 | | | [Table_ReportInfo] 《电量稳步增长，海风阔步向前》 | 2023.08.04 | 市场表现 [Table_QuoteInfo] 三峡能源 海通综指 -19.77% -11.77% -3.77% 4.23% 12.23% 2023/7 2023/10 2024/1 2024/4 | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][6] Core Views - The report highlights strong growth in the beverage sector, with revenue contribution from this segment increasing from 42.14% in 2017 to 52.51% in 2023, and a CAGR of 20.4% from 2017 to 2023 [4] - The beverage industry in China showed a cumulative production of 98.1 million tons in the first half of 2024, reflecting a year-on-year growth of 7.9%, indicating a favorable market environment for the company's beverage business [3][4] - The introduction of green bottle packaging for purified water is expected to enhance the company's competitiveness in the bottled water market [4] - The company has maintained a stable cost structure, with net profit margin increasing from 19.31% in 2017 to 28.15% in 2023, suggesting continued strong profitability [4] Financial Summary - The projected total revenue for the company for 2024, 2025, and 2026 is estimated at 48.065 billion, 56.586 billion, and 65.901 billion respectively, with corresponding net profits of 13.069 billion, 15.608 billion, and 18.704 billion [5] - The earnings per share (EPS) are forecasted to be 1.16, 1.39, and 1.66 yuan for the years 2024, 2025, and 2026 respectively [5] - The company’s sales net profit margin is expected to remain strong, with a gross margin of approximately 58.50% in 2024, improving to 60.00% by 2026 [5][8] Valuation - The report assigns a PE valuation range of 30-35 times for 2024E, translating to a per-share value range of 34.80 to 40.60 yuan, which corresponds to a reasonable value range of 38.67 to 45.11 HKD per share [6]