报 公 券 研 研 17.9、15.1 倍，首次覆盖，给与"买入"投资评级。 | --- | --- | --- | --- | --- | |----------------------|-------------------------|-------|-------|--------| | 预测指标 | 2023A 2024E 2025E 2026E | | | | | 主营收入（百万元） | 6,478 | 7,910 | 9,683 | 11,880 | | 增长率（%） | 18.6% | 22.1% | 22.4% | 22.7% | | 归母净利润（百万元） | 541 | 703 | 828 | 980 | | 增长率（%） | 23.5% | 29.9% | 17.7% | 18.4% | | 摊薄每股收益（元） | 0.40 | 0.52 | 0.62 | 0.73 | | ROE （%） | 10.8% | 12.4% | 12.9% | 13.4% | 证 司 2024 年 06 月 28 日 | --- | --- | --- | |------------------------ ...

Investment Rating - The report initiates coverage with a "Buy" investment rating for Xuji Electric (000400.SZ) [2][3] Core Insights - Xuji Electric is a leading supplier of ultra-high voltage direct current (UHVDC) core equipment, with flexible direct current (FDC) technology providing long-term growth potential [2][3] - The company's profitability across various segments continues to improve, with a significant year-on-year increase in net profit and gross margin [2][3] Financial Performance - In Q1 2024, the company achieved a revenue of 2.81 billion yuan and a net profit attributable to shareholders of 237 million yuan, representing a year-on-year growth of 47.39% [2] - The gross margin improved to 18.27%, an increase of 4.63 percentage points year-on-year, attributed to the reduction in low-margin business revenue and improvements across all segments [2] - The company forecasts revenues of 18.1 billion, 20.2 billion, and 22.4 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.20, 1.58, and 1.89 yuan [2][4] Business Segments - The company has established a comprehensive UHV business system, including UHVDC transmission, flexible DC transmission, and related services [2] - Recent project wins include significant contracts for UHVDC equipment in both domestic and international markets, indicating strong demand for its products [2][3] Growth Opportunities - The development of offshore wind power projects and the company's involvement in flexible direct current projects are expected to open up long-term growth avenues [2][3]

氟化工一体化龙头,受益行业景气度提升 —巨化股份(600160.SH)公司动态研究报告 买入(首次) 投资要点 | 分析师:张伟保 | S1050523110001 | |---------------------|------------------| | zhangwb@cfsc.com.cn | | | 联系人:刘韩 | S1050122080022 | | liuhan@cfsc.com.cn | | | 基本数据 | 2 0 2 4-0 6-2 7 | | 当前股价(元) | 23.41 | | 总市值(亿元) | 632 | | 总股本(百万股) | 2700 | | 流通股本(百万股) | 2700 | | 52 周价格范围(元) | 13.1-25.83 | | 日均成交额(百万元) | 462.41 | | 市场表现 | | | (%) 巨化股份 | 沪深 300 | | 120 | | | 100 | | | 80 | | | 60 | | | 40 | | | 20 | | | 0 | | | -20 | | | -40 | | 资料来源:Wind,华鑫证券研究 相关研究 ▌2024Q1 ...

Investment Rating - The report assigns a "Buy" investment rating for Pinggao Electric (600312.SH) [2][8] Core Insights - The company is focused on high-voltage and ultra-high-voltage direct and alternating current switchgear, with a strong market position and a significant increase in new contracts by 44.2% year-on-year in 2023 [5][6] - The high-voltage business has shown steady growth, achieving revenue of 6.156 billion yuan in 2023, representing a year-on-year increase of 23.67% [6] - The ongoing electricity reform in China is expected to accelerate the construction of distribution networks, which will benefit the company due to its leading position in distribution network products [7] Summary by Sections Company Overview - Pinggao Electric specializes in high-voltage, ultra-high-voltage, and special high-voltage switchgear, having developed several high-end products including the world's first 550 kV high-speed circuit breaker and the first ±800 kV DC high-speed switch in China [5] Financial Performance - The company reported a revenue of 11.077 billion yuan in 2023, with a projected revenue of 13.228 billion yuan in 2024, reflecting a growth rate of 19.4% [9] - The net profit attributable to shareholders is expected to grow from 816 million yuan in 2023 to 1.090 billion yuan in 2024, indicating a growth rate of 33.6% [10] Market Position - The company maintains a leading market share in ultra-high voltage and distribution network segments across 14 provinces, with a notable increase in contract values in 17 provinces [6] - The report highlights the company's competitive advantages in high-voltage and ultra-high-voltage sectors, anticipating continued growth in revenue and earnings per share (EPS) from 0.80 yuan in 2024 to 1.27 yuan in 2026 [8][10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the photovoltaic diamond wire industry, experiencing temporary profit pressure due to a decline in industry chain prices [1] - In Q1 2024, the company achieved revenue of 857 million yuan, a year-on-year decrease of 13.83%, with a net profit of 195 million yuan, down 48.46% year-on-year [1] - The company focuses on R&D as its core strategy, possessing independent intellectual property rights in key production technologies [1] - The decline in diamond wire prices since the second half of last year is expected to stabilize, allowing the company to increase market share [1] Summary by Sections Company Overview - The company shipped 12,866.43 million kilometers of diamond wire in 2023, a growth of 33.81% compared to 2022 [1] - The current stock price is 19.5 yuan, with a total market value of 9.4 billion yuan [1] Financial Performance - Revenue projections for 2024-2026 are 27.7 billion yuan, 32.9 billion yuan, and 41.7 billion yuan respectively, with EPS estimates of 1.22 yuan, 1.48 yuan, and 1.95 yuan [1][8] - The current PE ratios are 16.0, 13.2, and 10.0 for the years 2024, 2025, and 2026 respectively [1] Industry Outlook - The industry is undergoing a clearing process, with tungsten wire opening up new growth opportunities for the company [1] - The report anticipates that as diamond wire prices approach a bottom, the company will benefit from an increase in the proportion of tungsten wire sales [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][3] Core Insights - The company achieved significant revenue growth in Q1 2024, with operating income reaching 3.05 billion yuan, a year-on-year increase of 40.2%, and net profit attributable to shareholders of 200 million yuan, up 34.7% year-on-year [2] - The increase in revenue is primarily attributed to a rise in business volume, while the expense ratio was well-controlled at 12.4%, an increase of 1.2 percentage points year-on-year [2] - The overall gross margin for Q1 2024 was 20.1%, reflecting a year-on-year increase of 1.6 percentage points [2] - The company is actively increasing R&D investment and expanding its international presence, with significant investments in Mexico, Singapore, and Slovakia to enhance service for local customers and penetrate the Americas market [2][3] Summary by Sections Financial Performance - In Q1 2024, the company reported operating income of 3.05 billion yuan, with a year-on-year growth of 40.2% and a net profit of 200 million yuan, up 34.7% [2] - The expense ratio for Q1 2024 was 12.4%, with R&D and financial expense ratios at 1.7% and 5.5% respectively, showing a controlled cost structure [2] - The forecast for 2024-2026 indicates revenues of 137.7 billion, 175.3 billion, and 217.3 billion yuan respectively, with EPS projected at 2.28, 3.05, and 3.75 yuan [3] Market Strategy - The company is focusing on product development and international expansion, with a diverse product line including dashboard and cabinet systems for automotive interiors and exteriors [2] - The company has established a strong customer base, including major automotive manufacturers, and is expected to see continued revenue growth due to increasing orders [2] - The international strategy includes setting up subsidiaries in key markets, which is anticipated to enhance profitability and revenue growth [2][3]

报 基本数据 2 0 2 4-0 6-2 7 2024 年 06 月 27 日 总市值（亿元） 118 流通股本（百万股） 406 究 资料来源：Wind，华鑫证券研究 —税友股份（603171.SH）公司动态研究报告 税友股份专注于财税数字化领域，深度参与人工智能和大语言模型等 技术的研发投入，是国内领先的财税 SaaS 云平台服务提供商及税务数 字政务系统建设服务商。2023 年，公司 B 端/G 端业务产品营业收入分 别 为 108,481.48 万 元 /73,788.48 万 元 ，营收 占 比 分 别 为 59.32%/40.35%.较上年同期，B 端营业收入增长 13.84%，G 端业务受 用户预算收紧影响下降 0.07%。 2024 年第一季度营业收入/归母净利润/扣非净利润分别约为 3.63 亿 元 /3277.53 万 元 /2702.76 万 元 ， 分 别 同 比 增 长 9.66%/2.40%/13.14%，业绩增长稳健。 买入(首次) 投资要点 券 研 ▌新一轮财税改革酝酿中，公司有望进一步受益于 数字财税发展 以数据价值开发利用为核心的数字政府作为治理能力现代化的重要抓 手，已经 ...

洞藏势能持续向上,迎驾起势未来可期 买入(维持) 投资要点 分析师:孙山山 S1050521110005 sunss@cfsc.com.cn | 分析师:廖望州 | S1050523100001 | |---------------------|------------------| | liaowz@cfsc.com.cn | | | 基本数据 | 2024-06-27 | | 当前股价(元) | 58.72 | | 总市值(亿元) | 470 | | 总股本(百万股) | 800 | | 流通股本(百万股) | 800 | | 52 周价格范围(元) | 49.22-79.15 | 日均成交额(百万元) 226.9 市场表现 -30 -20 -10 0 10 20 30 40 (%) 迎驾贡酒 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《迎驾贡酒(603198):一季度开 门红,洞藏系列再创佳绩》2024-04- 26 2、《迎驾贡酒(603198):利润超预 期,中高端增长环比提速》2023-10- 28 3、《迎驾贡酒(603198):业绩超预 期,洞藏势能高增》2023-08-19 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 20% compared to the benchmark index [5][23]. Core Views - The company has shown significant revenue growth driven by the demand for new energy vehicle components, with a notable increase in gross margin [23]. - The first quarter of 2024 saw a revenue of 79 million yuan, representing a year-on-year increase of 56.8%, primarily due to the growth in new energy vehicle parts [23]. - The company is actively expanding its production capacity and investing in research and development to strengthen its competitive position in the new energy vehicle sector [23]. Financial Summary - Revenue Forecast: The company is projected to achieve revenues of 385 million yuan in 2024, 513 million yuan in 2025, and 659 million yuan in 2026, with growth rates of 39.7%, 33.2%, and 28.4% respectively [24]. - Net Profit Forecast: The net profit attributable to shareholders is expected to be 71 million yuan in 2024, 94 million yuan in 2025, and 117 million yuan in 2026, with growth rates of 38.3%, 32.1%, and 24.8% respectively [24]. - Earnings Per Share (EPS): The EPS is forecasted to be 0.74 yuan in 2024, 0.97 yuan in 2025, and 1.21 yuan in 2026 [24]. - Price-to-Earnings (P/E) Ratio: The current stock price corresponds to P/E ratios of 15.3, 11.6, and 9.3 for the years 2024, 2025, and 2026 respectively [23].

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for future performance [20][40]. Core Insights - The company is expected to see significant revenue growth driven by the increasing demand for electric vehicle components, with projected revenues of 385 million, 513 million, and 659 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 39.7%, 33.2%, and 28.4% [5][20]. - The net profit attributable to shareholders is forecasted to grow to 71 million, 94 million, and 117 million yuan over the same period, with growth rates of 38.3%, 32.1%, and 24.8% [5][20]. - The company is actively expanding its production capacity for high-voltage connectors and shielding covers, which is expected to enhance its market share in the electric vehicle sector [4][20]. Financial Projections - The company's revenue for 2023 is projected at 276 million yuan, with a year-on-year growth of 18.8% [5]. - The diluted earnings per share (EPS) are expected to increase from 0.53 yuan in 2023 to 1.21 yuan by 2026, indicating a strong upward trend in profitability [5][20]. - The report highlights a significant improvement in gross margin, which is expected to reach 32.4% in the first quarter of 2024, up 1.3 percentage points from the previous quarter [34]. Market Position and Strategy - The company is focusing on deepening its presence in the new energy vehicle sector and enhancing its technological research and development capabilities [34]. - The strategic expansion includes a public offering that raised 110 million yuan to fund the expansion of production lines for high-voltage components, which is anticipated to alleviate current capacity constraints [34]. Key Financial Metrics - The report outlines key financial metrics, including a projected return on equity (ROE) of 18.2% by 2026, indicating strong profitability [36]. - The company's operating profit is expected to grow significantly, with operating income projected to reach 133 million yuan by 2026 [35]. Conclusion - Overall, the report presents a favorable outlook for the company, driven by robust growth in the electric vehicle components market, strategic capacity expansions, and strong financial performance indicators [20][34].