证 券 证 券 研 报 告 行 业 研 究 2024 年 07 月 01 日 华鑫证券 CHINA FORTUNE SECURITIES —电力设备行业周报 推荐(维持) 投资要点 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn ▌1-5 月全国电网投资增速 21.6%，高于电源投资增 速 分析师：臧天律 S1050522120001 zangtl@cfsc.com.cn 表现 沪深 300 3M -14.3 -3.7 12M -35.4 -9.9 6 月 28 日，国家能源局发布 1—5 月份全国电力工业统计数 据。1—5 月份，全国主要发电企业电源工程完成投资 2578 亿元，同比增长 6.5%。电网工程完成投资 1703 亿元，同比 增长 21.6%。过去几年，电源工程投资额无论是绝对值还是 增速均高于电网工程投资额，今年以来，国家电网投资额屡 超预期，增速近年来首次反超电源侧投资。 电力设备 沪深300 10 0 -10 -20 -30 -40 -50 资料来源：Wind，华鑫证券研究 ▌国家电网召开特高压推进大会，持续看好电力改 革推进 6 月 27 日，国家电网有限 ...

电力设备业务稳步增长,充电业务扭亏为盈 —特锐德(300001.SZ)公司动态研究报告 ▌电力设备和充电双主业,业绩快速增长 公司业务包括电力设备业务和电动汽车充电业务两大板块。 2023 年,公司实现营业 收 入 146.02 亿元, 同 比 增 长 25.56%;实现归母净利润 4.91 亿元,同比增长 80.44%。 2024Q1,公司实现营业收入 25.69 亿元,同比增长 29.93%, 实现归母净利润 0.62 亿元,同比增长 203.18%。 ▌电力设备:业绩稳步增长,发布新一轮股权激励 公司电力设备产品包括 10~35kV 箱式变电站和成套开关两大 类,此外,公司也提供预制舱式电力设备租赁、电力工程集 成服务等。2023 年,公司电力设备业务实现收入 85.61 亿 元,同比增长 21.25%;毛利润 20.81 亿元,同比增长 22.25%;净利润 3.7 亿元,同比增长 26.44%。 公司电力设备业务在发电侧、电网侧、用户侧持续发力。发 电侧,公司高压预制舱式变电站和新能源箱变产品的中标份 额位居行业前列,2023 年在新能源发电领域的中标额与合同 额同比增速均超 50%;电网侧,公司在 ...

Group 1 - The North Exchange Index experienced fluctuations with a decrease of 2.54% this week, closing at 659.33 points, while the North 50 Index fell by 2.96% to 708.97 points, compared to a 0.97% decline in the Shanghai and Shenzhen 300 Index [3][102]. - The average daily trading volume on the North Exchange decreased by 12.48% from the previous week, with an average of 29.27 billion yuan this week [3][65]. - As of June 28, the average PE ratio of 223 listed companies on the North Exchange was 36.29 times, with a median PE of 20.94 times, indicating a right-skewed distribution of PE ratios [10][86]. Group 2 - Among the 33 Wind tertiary industries, 26 recorded gains this week, with the highest increases in the construction materials sector (+5.09%), electronic devices, instruments, and components sector (+3.47%), and computers and peripherals sector (+2.73%) [77][108]. - The electronic devices and components sector had a median PE ratio of 21.38 times, significantly lower than the overall A-share median of 39.08 times [12][130]. Group 3 - The report highlights three companies: Zecheng Electronics, Hengjin Induction, and Huawi Design, which saw significant weekly gains of 30.24%, 10.46%, and 5.98% respectively [33][56]. - Zecheng Electronics specializes in electronic modules and printed circuit boards, while Hengjin Induction focuses on CNC induction equipment manufacturing, and Huawi Design provides engineering design and extended services [110][67][60]. Group 4 - The special chemicals industry includes companies like Runpu Food, Meibang Technology, and Hanwei Technology, with Runpu Food being a major producer of food additives [78][42]. - The food additives market in China has shown stable growth, with a compound annual growth rate of 6.87% in production from 2015 to 2021, indicating a robust demand for food additives [44][119].

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company is focusing on product strategy to stabilize the value of high-end products, with the launch of the Jiachen version of Neican enhancing brand value and a noticeable recovery in the price of the old version [3] - The company is concentrating on regional markets, particularly in Hunan, and is emphasizing banquet scenarios to drive sales growth [4] - The ongoing expense reform is expected to yield long-term growth, with short-term performance under pressure, and the company is projected to see an increase in earnings per share (EPS) from 1.50 yuan in 2024 to 2.25 yuan in 2026 [5] Summary by Sections Basic Data - Current stock price is 43.87 yuan, with a total market capitalization of 143 billion yuan and total shares outstanding of 325 million [1][2] Financial Forecast - The company’s main revenue is projected to grow from 2,967 million yuan in 2024 to 3,757 million yuan in 2026, reflecting a growth rate of 4.9% in 2024 and 15.0% in 2026 [8] - The net profit attributable to shareholders is expected to decrease to 487 million yuan in 2024 but recover to 732 million yuan by 2026, with growth rates of -11.2% and 23.4% respectively [8] - The diluted EPS is forecasted to be 1.50 yuan in 2024, increasing to 2.25 yuan in 2026, corresponding to price-to-earnings (P/E) ratios of 29, 24, and 20 times for the respective years [5][8] Market Performance - The company has shown a significant focus on banquet market development, with over 10,000 banquet events held in Changsha last year, aligning with the current growth trend in pricing [3][4]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of June 30, 2024 [2]. Core Insights - The report emphasizes the importance of monitoring the supply and demand changes in the raw material pharmaceutical industry, noting a recovery in the market for certain products [3]. - It highlights the ongoing shortage in the GLP-1 supply chain overseas, presenting opportunities for domestic GLP-1 new drugs to enter international markets [4]. - The report discusses the tightening regulation of retail channels while maintaining pricing autonomy for certain products [6]. - It points out that resource-based products are better positioned to handle uncertainties, with a focus on the progress of the new essential drug directory [8]. - The report notes the initiation of the 2024 medical insurance directory adjustments, indicating increased negotiation difficulties in the new environment [9]. - It identifies the continuous potential for reform in state-owned pharmaceutical enterprises, with an emphasis on efficiency improvements [10]. - The report mentions the domestic market for respiratory testing, which is expected to see stable growth due to increasing penetration rates [11]. - It outlines the investment selection strategy for the pharmaceutical sector, focusing on various sub-sectors and companies that are expected to perform well [12][13]. Summary by Sections Raw Material Pharmaceutical Industry - The report indicates a significant decline in China's Western medicine raw material exports in 2023, with a total of $40.909 billion, down 20.66% year-on-year, primarily due to price drops [3]. - It notes a positive growth trend in exports for Western medicine in March-April 2024, with a month-on-month increase of 2.56% in April [3]. GLP-1 Market - The report highlights the ongoing shortage of semaglutide in the U.S. and the expected continuation of this issue until the end of 2024, creating opportunities for Chinese raw material exports [4]. - It mentions the promising results of domestic GLP-1 new drug clinical trials, which could lead to significant market opportunities [4]. Retail Channel Regulation - The report discusses the introduction of a price comparison system by the National Medical Insurance Administration, which aims to stabilize prices across various retail channels [6]. Resource-Based Products - The report emphasizes that resource-based products are more resilient to uncertainties, particularly in light of the new essential drug directory adjustments [8]. Medical Insurance Directory Adjustments - The report outlines the new challenges in negotiating for inclusion in the medical insurance directory, with an expected average price reduction exceeding that of 2023 [9]. State-Owned Enterprise Reforms - The report notes that state-owned pharmaceutical enterprises have shown growth rates significantly above the industry average, with a focus on efficiency improvements [10]. Respiratory Testing Market - The report indicates that domestic companies are expected to see rapid growth in the respiratory testing market, supported by increasing market penetration [11]. Investment Selection Strategy - The report provides a detailed investment selection strategy, recommending specific companies and sectors within the pharmaceutical industry that are expected to perform well [12][13].

理想、问界稳居中国新势力品牌 6 月周销量前 二,豪华品牌周销量呈增长趋势 推荐(维持) 投资要点 分析师:林子健 S1050523090001 linzj@cfsc.com.cn 联系人:谢孟津 S1050123110012 xiemj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) -2.8 -3.8 -5.7 沪深 300 -3.3 -2.1 -9.9 市场表现 -30 -25 -20 -15 -10 -5 0 5 10 (%) 汽车 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《汽车行业动态研究报告:理 想、问界稳居中国新势力品牌 6 月 周销量前二,豪华品牌周销量呈增 长趋势》2024-06-29 2、《汽车行业动态研究报告:鸿蒙 智行月交付首次突破 4 万辆,问界 品牌进一步稳固中国高端新势力品 牌地位》2024-06-29 3、《汽车行业周报:多品牌多 SKU 助力车企扩大潜在市场空间,盘古 大模型推动人形机器人应用落地》 2024-06-23 —汽车行业周报 ▌ 大众向 Rivian 投入 50 亿美元,共同开发新车型 及下一代电动车电子电气架构 ...

证 证 券 研 究 报 告 行 业 研 究 2024 年 06 月 30 日 华鑫证券 CHINA FORTUNE SECURITIES 长鑫科技拟在上海建设先进封装芯片厂，国行版 Vision Pro 正式发售 —电子行业周报 推荐(维持) 投资要点 S1050521120001 分析师：毛正 maozheng@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 表现 电子(申万) 沪深 300 3M 2.2 -1.7 1.7-9.9 相关研究 1、《电子行业周报：美光工厂火灾 牵动存储价格，华为 HDC 大会正式 开幕》2024-06-23 2、《电子行业周报：苹果 WWDC2024 开启 AI 新篇章，华为开发者大会 2024 预告》2024-06-17 3、《电子行业周报：关注“果链” 及半导体国产替代》2024-06-10 ▌ 上周回顾 6 月 24 日-6 月 28 日当周，申万一级行业一半以上处于上涨 状态。其中电子行业下跌 0.05%，位列第 19 位。估值前三的 行 业 为 国 防 军 工 、 计 算 机 、 综 合 ， 电 子 行 业 市 ...

2024 年 06 月 30 日 证 券 研 究 报 告 公 司 研 究 输配电一次设备民企龙头,海外订单高速增长 —思源电气(002028.SZ)公司动态研究报告 买入(首次) 投资要点 | 分析师:傅鸿浩 | S1050521120004 | |---------------------|------------------| | fuhh@cfsc.com.cn | | | 分析师:臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | | 基本数据 | 2024-0 6 -2 8 | | 当前股价(元) | 66.9 | | 总市值(亿元) | 518 | | 总股本(百万股) | 774 | | 流通股本(百万股) | 603 | | 52 周价格范围(元) | 46.53-75.6 | | 日均成交额(百万元) | 313.78 | | 市场表现 | | | (%) 思源电气 | 沪深 300 | | 80 | | | 60 | | | 40 | | | 20 | | | 0 | | | -20 | | | -40 | | 资料来源:Wind,华鑫证券研究 ...

2024 年 06 月 30 日 当前股价（元） 3.43 证 告 总市值（亿元） 62 流通股本（百万股） 1786 日均成交额（百万元） 478.0 研 市场表现 (%) 莲花控股 沪深300 -50 0 50 100 150 ▌ 味精规模高质量扩张，算力业务贡献业绩 究 ▌ 盈利能力显著提升，产品结构持续优化 公司 2023/2023Q4/2024Q1 总营收分别为 21.01/4.86/5.76 亿 元，分别同增 24%/29%/26%，主要系味精主营业务明显放量 所致，归母净利润分别为 1.30/0.35/0.49 亿元，分别同增 181%/2022Q4 为 -0.03 亿 元 / 同 增 135% 。 盈 利 端 ， 2023/2024Q1 公司毛利率分别为 17.15%/24.49%，分别同增 3pct/9pct，预计主要系高毛利味精/鸡精等复调产品放量优 化产品结构，叠加算力租赁业务取得进展所致；公司借助国 货机遇加大线上平台费投，2023/2024Q1 销售费用率分别同 增 1pct/2pct 至 5.02%/6.96% ， 管 理 费 用 率 分 别 为 3.59%/4.62% ，分别同比 ...

行业筑底震荡,关注结构性机会 —食品饮料行业周报 推荐(维持) 投资要点 ▌ 一周新闻速递 行业新闻:1)贵州新增 15 亿元白酒项目。2)仁怀改造窖池 46695 口。3)宜宾拟推酱酒地方标准。 公司新闻:1)贵州茅台:茅台 1935 酒全国经销商联谊会成 立。2)泸州老窖:泸州老窖集团参设投资公司。3)山西汾 酒:汾酒部署国企改革深化提升行动。 ▌投资观点 当前我们仍维持之前子板块推荐顺序:白酒>啤酒>休闲食品= 软饮料>速冻食品>调味品>乳制品。 白酒板块:本周我们参加五粮液、泸州老窖及酒鬼酒的股东 大会调研。五粮液来看,公司通过加快旺季产品动销,强化 市场分级、薄弱区域扁平化的渠道建设,保持稳健增长态 势;公司通过积极培育消费圈层,提高客户粘性,积极备战 中秋国庆旺季,且分红率未来有望稳步提升。泸州老窖来 看,公司在过去一年加快数字化进程,拓宽中度和低度酒市 场,并持续强化品牌优势,我们认为公司 2024 年营业收入同 比增长超 15%的经营目标有望顺利达成。酒鬼酒来看,我们 认为酒鬼酒目前仍处在费用改革的关键时期,红坛经过一年 的费用改革批价稳定、宴席市占率持续提升,内参在今年年 初推出甲辰版后正式 ...