行 业 研 究 证券研究报告 ＃industryId＃ 摩托车及其他 | --- | --- | --- | |---------------------------------------------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 ＃assAuthor＃ 证券研究报告 ＃industryId＃ 电池化学品 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 恩捷股份 （ 002812 ） 002812 ＃title＃ 盈利短期承压，全球化布局不断推进 ＃createTime1＃ 2024 年 09 月 14 日 | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-12 | | 收盘价（元） | 26.13 | | 总股本（百万股） | 977.18 | | 流通股本（百万股） | 823.02 | | 净资产（百万元） | 25489.36 | | 总资产（百万元） | 49061.2 | | 每股净资产 ( 元 ) | 26.08 | ＃相关报告 relatedReport＃ 《【兴证电新】恩捷股份 2023 年 年报及 2024 年一季报点评：盈 利暂时承压，海外布局可期 ...

Investment Rating - The report maintains a "Hold" investment suggestion for the real estate sector [1]. Core Insights - The report indicates that the year-on-year decline in new housing sales has narrowed, with August's new housing sales area at 0.65 billion square meters, down 12.6% year-on-year, compared to a 15.4% decline in July [2][3]. - The total sales area of new and second-hand homes in 12 tracked cities was 192.6 million square meters, reflecting a 6.8% decrease month-on-month and a 19.8% decrease year-on-year [2]. - The report highlights that the overall transaction area for new and second-hand homes from January to August 2024 has decreased by 18.8% year-on-year [2]. Summary by Sections Market Overview - In August, the total sales area of new residential properties was 0.65 billion square meters, with a sales value of 0.64 trillion yuan, marking a year-on-year decline of 17.2% [2]. - The cumulative sales area from January to August 2024 was 6.06 billion square meters, down 18.0% year-on-year, with a sales value of 5.97 trillion yuan, down 23.6% [2]. Loan and Financing Data - In August, new long-term loans for residents amounted to 120 billion yuan, accounting for 13.3% of the total new RMB loans [2][3]. - The total social financing scale at the end of August was 398.56 trillion yuan, with a year-on-year growth of 8.1% [2]. Policy Changes - Various cities have implemented targeted policies to stimulate the housing market, such as increasing loan limits and providing purchase subsidies [3]. Company Announcements - Poly Developments reported a sales area of 1.2543 million square meters in August, down 21.8% year-on-year, with a sales amount of 22.115 billion yuan, down 29.4% [3]. - China Merchants Shekou achieved a sales area of 574,000 square meters in August, down 25.7% year-on-year, with a sales amount of 14.004 billion yuan, down 28.2% [3]. Investment Recommendations - The report suggests a long-term recovery in the real estate sector, recommending companies such as Poly Developments, China Merchants Shekou, and others for investment [3][26].

证券研究报告 ＃industryId＃ 银行 行 业 研 究 ＃investSuggestion 推荐 ＃ （＃ investS uggesti onChan ge＃ 维持） 行 业 点 评 报 告 相关报告 ＃relatedReport＃ 《信贷偏弱，静待政策发力— —2024 年 7 月金融数据点评》 2024.8.14 分析师：＃emailAuthor＃ 陈绍兴 SAC：S0190517070003 chenshaox@xyzq.com.cn 王尘 SAC: S0190520060001 wangchenyjy@xyzq.com.cn ⚫ 信贷结构方面，对公端中长期贷款贡献主要增量，短贷负增长幅度收窄，票据融 资加大，零售端延续年初以来偏弱的态势。2024 年 8 月全口径新增人民币贷款 9000 亿元，同比少增 4600 亿元，具体来看： （1）对公贷款新增 8400 亿元，同比少增 1088 亿元。其中，对公中长期贷款+4900 亿元，同比少增 1544 亿元；对公短贷-1900 亿元，同比少增 1499 亿元；票据贴现 +5451 亿元，同比多增 1979 亿元。对公中长期贷款同比少增，但仍贡献主 ...

公 司 点 评 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |--------------------|------------| | | | | 日期 | 2024-09-13 | | 收盘价（元） | 67.88 | | 总股本（百万股） | 124.80 | | 流通股本（百万股） | 34.63 | | 净资产（百万元） | 6075.59 | | 总资产（百万元） | 6913.76 | | 每股净资产（元） | 48.68 | wangshuai21@xyzq.com.cn S0190521110001 lifengyjy@xyzq.com.cn S0190524030001 ＃相关报告 relatedReport＃ 《【兴证电新】华宝新能公司跟 踪报告：便携式储能龙头，以品 牌为核心筑牢高增长》 ＃分析师： emailAuthor＃ 王帅 李峰 券研究报告 ＃industryId＃ 电气设备 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ⚫ 24Q2 公司营收 5.6 亿元，同比+18.5%，环比 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Viewpoints - The company achieved a revenue of 37.95 billion yuan in H1 2024, representing a year-on-year growth of 5.29%. The net profit attributable to shareholders was 1 billion yuan, a decrease of 2.13% year-on-year. The non-recurring net profit was 894 million yuan, an increase of 5.78% year-on-year [3]. - The company completed the acquisition of a 30% stake in its subsidiary, Xinhua San, which is expected to enhance profitability and strengthen core competitiveness [3]. - The company is actively expanding its overseas channels and has established 17 representative offices globally, covering regions such as Europe, Asia, Africa, and Latin America [3]. Financial Performance Summary - For the fiscal year 2023, the company reported a revenue of 77.308 billion yuan, with a year-on-year growth of 4.4%. The projected revenues for 2024, 2025, and 2026 are 87.206 billion yuan, 97.228 billion yuan, and 106.204 billion yuan, respectively, with growth rates of 12.8%, 11.5%, and 9.2% [2]. - The net profit attributable to shareholders for 2023 was 2.103 billion yuan, with projections of 2.336 billion yuan, 2.833 billion yuan, and 3.256 billion yuan for the following years, reflecting growth rates of -2.5%, 11.1%, 21.3%, and 14.9% [2]. - The gross margin is expected to improve from 19.6% in 2023 to 20.7% by 2026, while the return on equity (ROE) is projected to increase from 6.2% to 7.9% over the same period [2]. Strategic Developments - The company is focusing on the intelligent computing market and has launched several new products and solutions, including the Lingxi Intelligent Computing Solution and the G7 series modular heterogeneous computing servers [3]. - The acquisition of Xinhua San is anticipated to bolster the company's earnings per share and enhance its competitive edge in the market [3].

行 ＃title＃ 北 研 行 बार 周 周 究 重点公司 yanxiaoqing@xyzq.com.cn S0190521020002 24W37 人民币汇率环比上升。2024 年 9 月 9 日-9 月 13 日，美元兑人民币汇率周 度均价 7.1210，环比+0.20%，同比-2.31%。 suzijie@xyzq.com.cn S0190522070005 wangyuqing@xyzq.com.cn S0190523070007 投资建议：高股息+政策托底，看好下半年家电内外销景气延续，继续推荐低估 值、高股息白电龙头以及自主品牌出海强α标的。 1）继续推荐高股息、业绩增长确定性强的美的集团、海尔智家、格力电器、苏泊 尔、海信家电； 周庆 2）建议关注估值底部的 TCL 电子、石头科技(石头科技为兴业证券做市公司)、科 沃斯、海信视像。 来源：兴业证券经济与金融研究院 ＃相关rel报ate告dReport＃ 《【兴证家电】以旧换新加速落 地 ， 政 策 兑 现 弹 性 初 显 》 2024-09-08 《【兴证家电】家电行业 24 年 中报总结：板块内部分化，白电 韧性充足》2024-09-03 ...

行 ＃title＃ zhaoyuanji@xyzq.com.cn 北 证券研究报告 ＃industryId＃ 有色金属 行 बार 周 据 金价强势突破，黄金股估值迎来修复窗口期 维持 ） ＃inve推stSu荐ggestion＃ ( ＃ investS | --- | --- | --- | --- | |----------|-------------------------------------------------------------------------------------------------------------------------------------------|-----------|-------| | | | onChan | | | | ge | ＃ | | | 重点公司 | 重点公司 | 评级 | | | | | | | | | 金诚信 洛阳钼业 | 增持 增持 | | | | 铜陵有色 | 增持 | | | | | | | | | 中国铝业 | 增持 | | | | 神火股份 | 增持 | | | | 天山铝业 | 增持 | | | | 驰宏锌锗 | 增持 ...

＃title＃ ＃summary＃ 行 业 研 究 证券研究报告 ＃industryId＃ 电气设备 关注锂电材料旺季产能利用率修复，取向硅钢价格再上涨 维持 ） ＃createTime1＃ 2024 年 09 月 15 日 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------|------------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 建筑材料 ＃ investSuggest ion＃ 推荐 （维持） 重点公司 行 业 周 报 ＃相关报告 relatedReport＃ 《【兴证建材】周观点：水泥价 格继续推涨，关注零售建材淡旺 季切换》2024-09-08 《【兴证建材】2024 年中报总 结：谷底静盘桓，蓄势待飞扬》 2024-09-05 《【兴证建材】周观点：关注水 泥价格上涨，零售建材业绩分化 明显》2024-09-01 ＃ emailAuthor＃ | --- | --- | |----------|------------------------------------| | 重点公司 | 评级 | | 东方雨虹 | 增持 | | 三棵树 | 增持 | | 森鹰窗业 | 增持 | | 伟星新材 | 增持 | | 科顺股份 | 增持 | | 坚朗五金 | 增持 | | 兔宝宝 | 增持 | | 中国巨石 | 增持 | | 北新建材 | 增持 | | | 资料来源：兴业证券经济与金融研究院 | | --- | --- | --- | --- | --- | |-- ...