证 2024 年 06 月 11 日 告 策 略 研 双融日报 报 究 --鑫融讯 究 证券研究报告 根据我们华鑫市场情绪温度指标监控显示：当前市场情绪综合评分为 36 分，市场情绪处于 "较冷"（指标含义可参考备注 5）。从最近一个月时间统计，我们发现在当前行情下，情绪值修复 至 50-60 分区间时，会出现修复阻力。 图表 1: 华鑫市场情绪温度指标 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|----------------------------------|------------|--------------------------------------|----------|----------------------------------|--------------------------------------|-------| | 资料来源： \n图表 2: | Wind ，华鑫证券研究 | | 主力资金前一交易日净流入前十（万元） | 图表 3: | | 主力资金前一交易日净流 ...

证 券 2024 年 06 月 10 日 研 究 多措并举做好新能源消纳， SNEC 光伏展举办在 报 即 告 —电力设备行业周报 推荐(维持) 投资要点 分析师：张涵 S1050521110008 ▌新能源消纳多措并举：电网建设加速、调控能力 zhanghan3@cfsc.com.cn 提高、放宽消纳红线 联系人：罗笛箫 S1050122110005 6 月 4 日，能源局发布《关于做好新能源消纳工作 保障新能 luodx@cfsc.com.cn 源高质量发展的通知》。围绕如何多措并举做好高质量新能 行业相对表现 源消纳工作，保障新能源高质量发展，《通知》提出 4 项重 点任务：1）加快推进新能源配套电网项目建设；2）积极推 表现 1M 3M 12M 电力设备(申万) -6.9 -3.3 -25.7 进系统调节能力提升和网源协调发展；3）充分发挥电网资源 沪深300 -2 .5 0.8 -6.8 配置平台作用；4）科学优化新能源利用率目标。此外，《通 知》还公示了 2024 年开工的新能源配套电网重点项目、2024 市场表现 年投产的新能源配套电网重点项目。 (%) 电力设备 沪深300 10 电网建设方面 ...

证 券 2024 年 06 月 10 日 研 究 保障新能源高质量发展，电网建设有望提速 报 告 —电力设备行业点评报告 推荐(维持) 事件 分析师：张涵 S1050521110008 国家能源局发布关于做好新能源消纳工作 保障新能源高质量 zhanghan3@cfsc.com.cn 发展的通知，以下简称为通知。 行业相对表现 表现 1M 3M 12M 投资要点 电力设备(申万) -6.9 -3.3 -25.7 沪深300 -2.5 0.8 -6.8 ▌新能源装机快速增长，消纳需求大幅增加 市场表现 2023 年，全国风电利用率 97.3%、光伏发电利用率 98%，保 (%) 电力设备 沪深300 持了较高水平。截至今年 4 月底，全国风电、光伏发电累计 10 装机超过 11 亿千瓦，同比增长约 38%，消纳需求大幅增加。 0 -10 通知明确指出科学优化新能源利用率目标，部分资源条件较 -20 好的地区可适当放宽新能源利用率目标，原则上不低于 -30 90%，并根据消纳形势开展年度动态评估。 -40 ▌加快新能源配套电网项目建设 资料来源：Wind，华鑫证券研究 通知明确提到对于新能源配套的电网项目需要加强 ...

证 报 策 投资要点 ▌ 北证行业概览 5 月 28 日国家能源局发文《国家能源局关于做好新能源消纳 工作，保障新能源高质量发展的通知》，强调构建新型电力 系统的重要性，提升电力系统对新能源的消纳能力，有望带 动相关电力设备需求维持高景气，本周北交所相关上市公司 深度收益，本周涨幅前 10 标的中有 6 家上市公司属于电气设 备行业或电子设备、仪器和元件行业。 究 资料来源：Wind，华鑫证券研究 略 研 诚信、专业、稳健、高效 2024 年 06 月 08 日 告 —北交所周报 指数点位：本周华鑫北证综指报收 659.05 点，周内下跌 5.25%，北证 50 指数报收 733.56 点，周内下跌 4.93%，同期 沪深 300 指数下跌 0.16%。成交额：本周北交所每日成交额 分别为 33.84/32.85/29.47/35.14/23.77 亿元，周内日均成 交额为 31.01 亿，相比上周日均成交额 35.75 亿减少 13.25%。估值：截至 6 月 7 日，北证 A 股在剔除负值后得到 共 223 家上市公司样本，样本的 PE 均值为 36.44 倍，PE 中 位数为 20.51 倍，PE 在 ...

▌ …… 文字文字文字文字文字文字文字文字文字文字文字文字文字 文字文字文字文字文字文字文字文字文字 金 投资要点二投资要点二投资要点二投资要点二投资要点二投 资要点二投资要点二投资要点二投资要点二投资要点二投资 要点二投资要点二投资要点二投资要点二投资要点二投资要 点二。 ▌ 投资要点三 投资要点三投资要点三投资要点三投资要点三投资要点三投 资要点三投资要点三投资要点三投资要点三投资要点三投资 要点三投资要点三投资要点三投资要点三投资要点三投资要 点三。 券 研 证 告 报 工 程 ▌ 投资要点二 融 究 2024 年 06 月 10 日 相关研究 1、《等待六月决断，保持防御和反 转配置》2024-06-02 2、《机构对近期催化的响应不一： 北向继续抢跑政策，内资仍然 偏向防御》2024-06-02 3、《首批 3 只绿债基金提前结募， 推荐关注央企红利 ETF》2024- 06-02 投资要点 【主题建议】：本周高热度交易主题包括 【绿电、央企、 5G、芯片、交运物流、军工】等。 ▌ 一周鑫思路 【板块建议】： —定量策略周报 周期、成长。 ▌ 行业/主题观点 调出：汽车、电力设备新能源、煤炭。 ▌ ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing its leading position in secondary equipment and its potential to benefit from power grid investment and construction [6] Core Views - The company achieved revenue of 5,751 million yuan in 2023, a year-on-year increase of 13.24%, and net profit attributable to shareholders of 627 million yuan, up 15.46% year-on-year [2] - In Q1 2024, the company's revenue reached 1,550 million yuan, a 31% year-on-year increase, with net profit attributable to shareholders of 181 million yuan, up 28% year-on-year [2] - The company's gross margin in Q1 2024 was 33.96%, down 3.2 percentage points year-on-year, while the net profit margin was 11.72%, down 0.34 percentage points year-on-year [2] - The company is expected to benefit from the acceleration of power grid construction, with the National Development and Reform Commission and the National Energy Administration targeting significant improvements in power grid structure and capacity by 2025 [19] Financial Performance and Projections - The company's revenue is projected to grow from 6,676 million yuan in 2024 to 8,756 million yuan in 2026, with EPS expected to increase from 0.89 yuan in 2024 to 1.20 yuan in 2026 [6][7] - The company's net profit attributable to shareholders is forecasted to grow from 744 million yuan in 2024 to 1,001 million yuan in 2026, with a CAGR of 16.1% [7] - The company's ROE is expected to increase from 14.8% in 2023 to 21.0% in 2026, reflecting improved profitability [7] Market Position and Technological Leadership - The company secured its first 500kV secondary optimization demonstration station in Shandong and a digital secondary integrated substation in Inner Mongolia, maintaining its leading position in high-reliability substation technology [3] - The company won bids for 55 new-generation control stations for the State Grid and a digital twin smart substation project in Shenzhen, solidifying its leading position in the Southern Power Grid market [3] - The company also secured projects for the Baihetan Hydropower Station and next-generation WAMS master stations in North and East China, further demonstrating its technological leadership [3] Business Expansion and Diversification - The company is actively expanding its market presence, with its integrated primary and secondary distribution products maintaining a leading position in the Southern Power Grid and securing bids in key provinces of the State Grid [3] - The company is leveraging its power electronics platform to develop advanced energy storage technologies, including centralized, string, and high-voltage cascaded energy storage converters [20] - The company has completed the development of high-safety liquid-cooled energy storage PACKs and battery cabins, as well as intelligent commercial and industrial integrated cabinets, and has won multiple bids for energy management systems [20] Industry Outlook - The company is well-positioned to benefit from the rapid development of distributed new energy and charging infrastructure, with the government targeting 500 million kW of distributed new energy and 12 million charging piles by 2025 [19] - The company's focus on energy storage and grid-related technologies aligns with the broader industry trend towards a more flexible and resilient power grid [19][20]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [7]. Core Viewpoints - The report suggests a stable delivery rhythm before the Dragon Boat Festival, with overall price performance remaining firm, although sales feedback is tepid [3]. - The focus for growth in 2024 is expected to be on the recovery of consumer confidence and economic revival, with a slight recovery in sentiment anticipated due to seasonal sales [3]. - The report emphasizes the importance of brand premiumization and consumer cultivation strategies among key companies in the liquor sector [3]. Summary by Sections Industry News - The total output value of the liquor industry in Longnan for 2023 is reported at 4.64 billion yuan [15]. - Guizhou has introduced 19.55 billion yuan in new liquor investment projects [15]. - The Sichuan province is accelerating the development of high-quality liquor industries [15]. Company News - Kweichow Moutai has applied for a new patent related to brewing microorganisms and launched a new ice cream product [16]. - Luzhou Laojiao aims for a 15% revenue growth target for 2024 [16]. - Gujing Gongjiu is set to launch a smart brewing production park this year [16]. Investment Strategy - The recommended order of sub-sectors is: Baijiu > Beer > Snack Foods = Soft Drinks > Frozen Foods > Condiments > Dairy Products [3]. - Key companies to watch include Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and Gujing Gongjiu, with a focus on their channel expansion and sales growth [3]. - The report highlights the potential for mid-term growth in the mass market segment, particularly for companies with strong cost reduction and performance certainty [3][7]. Key Company Performance - The report lists several companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, all rated as "Buy" [9][10]. - For example, Kweichow Moutai has an EPS of 1619.18 and a PE ratio of 23.18 for 2024 [9]. Market Trends - The report notes that the liquor industry saw a revenue of 756.3 billion yuan in 2023, reflecting a year-on-year growth of 9.7% [13]. - The condiment market size has grown from 259.5 billion yuan in 2014 to 513.3 billion yuan in 2022, with a CAGR of 9% [30][31]. Weekly Company Performance - The report provides a summary of weekly stock performance for key companies, noting that Shanxi Fenjiu and Kweichow Moutai experienced slight declines of 1.62% and 1.78% respectively [28]. - Conversely, Dongpeng Beverage saw an increase of 5.50% [28].

证 券 研 究 报 告 行业深度报告 从特斯拉视角，看智能驾驶研究框架 ---智能驾驶系列研究（一） 投资评级：推 荐 （ 维 持 ） ...

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