证券研究报告 2024 年 9 月 13 日 湘财证券研究所 行业研究 食品及饲料添加剂行业 三氯蔗糖价格触底回升，近期供给预计大幅收缩 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.1 -8.3 -5.7 绝对收益 -7.8 -18.8 -21.3 注：相对收益与沪深 300 相比 分析师：顾华昊 证书编号：S0500523080001 Tel：(8621)50293561 Email：ghh07400@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 人工合成甜味剂，如糖精、甜蜜素、阿斯巴甜、安赛蜜、三氯蔗糖等，这 些甜味剂的甜度远超蔗糖，且几乎不提供热量，广泛应用于饮料、糖果、 烘焙食品等。三氯蔗糖是第五代人工合成甜味剂，具备口味纯正、安全性 高等多项优点，是相对较理想的强力甜味剂。 近期三氯蔗糖价格触底回升。不堪前期亏损的压力，2024 年 8 月底以来， 三氯蔗糖生产企业多次发布涨价函，三氯蔗糖价格明显回升。截至 2024 年 9 月 11 日，三氯蔗糖价格 20 万元/吨，相较于 7 月的低点上涨 100%，盈利 能力快速 ...

证券研究报告 2024 年 09 月 09 日 湘财证券研究所 行业研究 煤炭行业深度报告 疆煤开采潜力巨大，外运竞争力逐步体现 | --- | --- | |-------------------------------|------------| | | | | | | | 相关研究： | | | | | | 1. 《电厂去库持续，动力煤仍有 | | | 支撑》 | 2024.08.12 | | 2. 《电厂日耗见顶，煤价震荡下 | | | 行》 2024.08.28 | | 行业评级：增持（维持） 近十二个月行业表现 -10% 0% 10% 20% 30% 40% 煤炭(申万) 沪深300 -24% -18% -12% -6% 0% 6% 12% | --- | --- | --- | --- | --- | |----------|-------|--------------------|----------|------------| | | | | | | | | | | | | | % | | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | 22 | 40 | 25 | | 绝 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][25]. Core Views - The company signed an important contract worth approximately 900 million RMB (including tax) with a leading overseas photovoltaic enterprise, which is expected to positively impact future performance [2]. - In the first half of 2024, the company achieved a revenue of approximately 4.42 billion RMB, a year-on-year increase of 75.5%, and a net profit of approximately 770 million RMB, a year-on-year increase of 47.2% [3]. - The domestic photovoltaic industry is facing overcapacity, but the company is expected to maintain growth through new cost-effective equipment and upgrades to existing equipment [5][25]. Financial Performance - For the first half of 2024, the company reported a revenue of approximately 44.2 billion RMB, a year-on-year increase of 75.5%, and a net profit of approximately 7.7 billion RMB, a year-on-year increase of 47.2% [3]. - The company expects revenues for 2024-2026 to be 98.0 billion, 124.5 billion, and 150.7 billion RMB, with year-on-year growth rates of 55.5%, 27.1%, and 21.0% respectively [5][10]. - The average gross margin for the first half of 2024 was approximately 33.8%, a decrease of 2.8 percentage points year-on-year [3]. Market Trends - The report highlights a significant trend of localizing photovoltaic manufacturing overseas due to international trade tensions, which is leading to increased demand for equipment from Chinese manufacturers [4]. - The company is positioned to benefit from this trend, as evidenced by the recent contract with an overseas photovoltaic leader [4][5]. Future Outlook - The company is expected to continue its growth trajectory by launching new equipment and expanding its semiconductor testing equipment business, alongside increasing overseas orders [5][25]. - The projected net profit for 2024-2026 is expected to be 17.1 billion, 23.7 billion, and 30.7 billion RMB, with year-on-year growth rates of 36.5%, 38.7%, and 29.3% respectively [5][10].

证券研究报告 2024 年 9 月 11 日 湘财证券研究所 行业研究 电力行业月度策略 7 月全国最大用电负荷创新高，关注水电利用小时高增幅 | --- | --- | |--------------------------------|------------| | | | | | | | 相关研究： | | | | | | 《 6 月全社会用电量同比增长 | 5.83% ，电 | | 网投资进一步加快》 | 2024.08.02 | | 《电改深化，电力资产价值重估》 | | | | 2024.06.21 | 行业评级：增持 近十二个月行业表现 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|--------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | ...

证券研究报告 2024 年 09 月 11 日 湘财证券研究所 公司研究 三一重工（600031）首次覆盖 国内工程机械龙头，全球化布局持续推进 相关研究： 1.《20240807湘财证券-机械行 业：7月我国挖机销量同比增长 8.6%，装载机电动化率持续提 升》 公司评级：增持（首次覆盖） 近十二个月公司表现 -30% -20% -10% 0% 10% 23/09 23/11 24/01 24/03 24/05 24/07 24/09 三一重工 沪深300 | --- | --- | --- | --- | --- | --- | |----------|----------|--------------------|-------|-------|---------------| | | | | | | | | | | | | | | | | | | | | | | % | 1 个月 | | 3 | 个月 | 12 个月 | | 相对收益 | | | | | 5.4 8.5 10.2 | | 绝对收益 | | | | | 1.0 -2.3 -4.6 | | | | 注：相对收益与沪深 | | | 300 ...

证券研究报告 2024 年 09 月 11 日 湘财证券研究所 行业研究 稀土永磁行业周报 | --- | --- | --- | --- | --- | |------------|--------------------------------------------------|--------------|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The industry rating is maintained at "Overweight" [5] Core Views - The Chinese medicine industry continues to face pressure on performance, with OTC and branded Chinese medicine showing better results [4] - The industry is focusing on innovation and quality improvement, with three main investment themes: "Drug" innovation, "Drug" renewal, and state-owned enterprise reform [5][7] Summary by Sections Industry Performance - The Chinese medicine sector saw a decline of 2.34% last week, with the overall pharmaceutical sector also in a downward trend [2] - Year-to-date, the pharmaceutical sector has dropped by 25.07%, while the Chinese medicine sector has decreased by 17.07% [2][9] Valuation Metrics - The current PE (ttm) for the Chinese medicine sector is 24.12X, down 0.13X from the previous period, with a one-year range of 21.67X to 29.54X [3] - The PB (lf) stands at 2.13X, a decrease of 0.05X, with a one-year range of 2.10X to 2.71X [3] Company Performance - In the first half of 2024, 29.69% of companies reported revenue growth, while 43.75% reported net profit growth [4] - Companies with significant revenue growth include Guizhou Sanli, Jiaying Pharmaceutical, and Enwei Pharmaceutical, while underperformers include Zhongheng Group and ST Muyuan [2][4] Investment Recommendations - Focus on three main themes: 1. "Drug" innovation, emphasizing companies with strong R&D capabilities and unique products [5][7] 2. "Drug" renewal, targeting branded Chinese medicine with competitive advantages [5][7] 3. State-owned enterprise reform, which is expected to enhance efficiency in state-controlled companies [5][7]

证券研究报告 2024 年 9 月 10 日 湘财证券研究所 行业研究 创新药行业周报 国产创新药突破性研究结果持续发布，看好板块投资机会 ——创新药行业周报（9.2-9.8） | --- | --- | |----------------------|------------------------------| | | | | 相关研究： | | | 1. | 《国产创新药海外商业化持续 | | | | | 兑现》 | 2024.8.5 | | 2. | 《创新药产业支持政策不断，看 | | 好板块底部投资机会》 | 2024.8.2 | 行业评级：增持 近十二个月行业表现 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 2023-09-11 2023-12-11 2024-03-11 2024-06-11 A股生科 沪深300 | --- | --- | --- | --- | --- | |----------|--------------------|----------|------------------|-------| | | | | | | | ...

证券研究报告 2024 年 09 月 10 日 湘财证券研究所 行业研究 钢铁行业周报 钢价承压，静待旺季需求恢复 相关研究： | --- | --- | |-------------------------------|----------------------------| | | | | 1 《 . | 钢厂盈利继续恶化，静待需求 | | | | | 恢复》 | 2024.08.28 | | 2. 《需求持续恢复，钢价触底反 | | | 弹》 | 2024.09.03 | 行业评级：增持（维持） 近十二个月行业表现 -30% -25% -20% -15% -10% -5% 0% 5% 钢铁(申万) 沪深300 -20% -15% -10% -5% 0% | --- | --- | --- | --- | |----------|--------------------|----------|------------| | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -7 | -8 | -10 | | 绝对收益 | -20 | -14 | ...

证券研究报告 2024 年 09 月 10 日 湘财证券研究所 行业研究 半导体行业事件点评 存储现货市场走势分化，传统产品进入价格盘整期 | --- | --- | |-----------------------------|--------------------------| | | | | | | | 相关研究： | | | | | | 1. 《 AI 2023.12.24 | 成长可期，需求复苏可望》 | | 2. 《 Sora 内测开启， | AI 视频生成的 | | 新时代序幕正式拉开》 | 2024.03.01 | | 3. 《存储产品市场走势分化， | DXI | | 指数回落》 | 2024.05.29 | 行业评级：增持 近十二个月行业表现 | --- | --- | --- | --- | |----------|--------------------|------------|-----------| | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | | | | | | 相对收益 | -4.15 | 1.6 | -8.8 | | 绝对收益 | -8. ...