公 司 研 究 ＃assAuthor＃ 证券研究报告 ＃industryId＃ 光伏电池组件 ＃investSuggestion＃ ＃dyCompany＃ 晶科能源 （ 688223 ） 688223 ＃title＃ 出货持续领先，债务结构优化 ＃createTime1＃ 2024 年 09 月 12 日 买入 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |---------------------------------|-------------------------------------| | | | | 市场数据日期 | 2024-09-12 | | 收盘价（元） | 6.73 | | 总股本（百万股） | 10005.20 | | 流通股本（百万股） | 3108.65 | | 净资产（百万元） | | | 总资产（百万元） | 33414.84 | | | 124528.09 | | 每股净资产 ( 元 ) 来源： WIND | 3.34 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ ...

海 外 研 究 证券研究报告 ＃industryId＃ 食品饮料行业 行 业 投 资 策 略 研 究 报 告 ＃title＃ | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

海 外 研 究 证券研究报告 ＃industryId＃ 物业管理 ＃investSuggestion＃ 推荐 (＃ investS uggesti onChan ge＃ 维持 ） ＃title＃ 2024H1 港股物管中报总结： 有质量的外拓，有现金的利润，有分红的业绩 ＃createTime1＃ 2024 年 09 月 10 日 行 业 投 资 策 略 研 究 报 告 | --- | --- | |--------------|-------| | | | | 重点公司 | 评级 | | 华润万象生活 | 买入 | | 绿城服务 | 增持 | | 中海物业 | 买入 | | 保利物业 | 买入 | | 越秀服务 | 买入 | | | | ＃相关报告 relatedReport＃ 来源：兴业证券经济与金融研究院 海外研究 ＃emailAuthor＃ 分析师： 宋健 songjian@xyzq.com.cn SFC：BMV912 SAC：S0190518010002 孙钟涟 sunzhonglian@xyzq.com.cn SAC：S0190521080001 请注意：孙钟涟并非香港证券及 期货事务监察委员会的 ...

Investment Rating - The report maintains a recommendation for the defense and military industry [2]. Core Insights - The global connector market has shown steady growth, with a compound annual growth rate (CAGR) of 6.18% from 2018 to 2023, increasing from $66.7 billion to $90 billion. The market is expected to grow by 6% in 2024, reaching $95.4 billion [7][8]. - China has become the largest market for connectors, with its market size growing from 152.9 billion yuan to 205.7 billion yuan from 2018 to 2023, also reflecting a CAGR of 6.11% [8][9]. - The primary application areas for connectors are communication and automotive, accounting for 24% and 22% of the market share in 2023, respectively [10]. Summary by Sections 1. Connector Industry: Market Growth and Key Applications - The global connector market is projected to reach $95.4 billion in 2024, with China leading as the largest market [7][8]. - Communication and automotive sectors are the main application areas for connectors, with stable market shares [10]. 2. Major Global Connector Manufacturers: Military and Aerospace - Key players include Amphenol, TE Connectivity, and Japan Aviation Electronics, with significant revenue from military and aerospace sectors [11][12]. - In 2023, Amphenol's revenue was $12.555 billion, slightly down by 0.54%, while net profit increased by 1.37% [13][15]. 3. Military Connectors: Steady Growth and Market Opportunities - The military connector market in China grew from 9.125 billion yuan in 2017 to 17.138 billion yuan in 2023, with a projected CAGR of 11.33% from 2024 to 2026 [20]. - The demand for AI servers is driving growth in communication connectors, with global AI server shipments expected to reach 225,000 units by 2026, reflecting a CAGR of 15.38% [20]. 4. Automotive Connectors: Growth Driven by Electric Vehicles - The penetration rate of electric vehicles in China rose from 5% in 2020 to 36% in 2023, with projections of 41% in 2024 [20]. - The increase in smart driving levels is expected to drive demand for high-speed connectors due to the growing number of sensors in vehicles [20].

行 业 研 究 证券研究报告 ＃industryId＃ 化工 | --- | --- | --- | --- | |-------------------------------------|--------------------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a positive investment rating for the electrical equipment industry, specifically focusing on the photovoltaic sector [1]. Core Insights - The photovoltaic sector is experiencing pressure on profitability, with companies adopting more conservative operational strategies. In Q2 2024, the sector's revenue reached 272.6 billion yuan, a year-on-year decrease of 21% but a quarter-on-quarter increase of 17%. However, the net profit attributable to shareholders turned negative, with a loss of 4.7 billion yuan for the quarter [10][20]. - The report highlights that the cash flow situation is improving, with operating cash flow turning positive and inventory and capital expenditures decreasing, indicating a shift towards more cautious management practices within the industry [10][20]. Summary by Sections 1. Sector Overview - The photovoltaic industry is segmented into main chains (silicon materials, silicon wafers, batteries, modules), inverters and brackets, auxiliary materials for silicon wafers, batteries, and modules, as well as photovoltaic equipment [10]. 2. Financial Analysis of Sub-sectors 2.1 Main Chain (Silicon Materials) - In Q2 2024, the silicon material segment reported a revenue of 25.8 billion yuan, down 43% year-on-year but up 15% quarter-on-quarter. The net profit attributable to shareholders was a loss of 3.3 billion yuan, indicating an increase in losses [20]. 2.2 Silicon Wafers - The silicon wafer segment generated a revenue of 12.6 billion yuan in Q2 2024, with significant losses reported. The net profit attributable to shareholders was a loss of 5 billion yuan, reflecting increased operational pressure [28]. 2.3 Inverters and Brackets - The report suggests focusing on the inverter and bracket segments, recommending companies such as Sungrow Power and DeYe shares for stable performance [3]. 2.4 Auxiliary Materials - The auxiliary materials for the silicon wafer segment saw a decline in revenue, while the battery segment's auxiliary materials reported growth in both revenue and profit [3]. 3. Investment Recommendations - The report recommends monitoring the inverter and bracket segments, as well as new technologies such as BC and HJT, with specific companies highlighted for potential investment [3].

Investment Rating - The report maintains an "Overweight" rating for the automotive sector, with specific companies recommended for investment including Great Wall Motors, Yutong Bus, and Fuyao Glass [1][9]. Core Insights - The automotive sector is expected to see upward momentum, driven by new policies and market dynamics. The increase in subsidies for scrapping old vehicles in Shanghai is anticipated to significantly stimulate demand for new energy vehicles [8][9]. - Tesla plans to launch its Full Self-Driving (FSD) system in China by Q1 2025, which is expected to enhance its competitive edge and accelerate the development of the domestic autonomous driving industry [8][9]. Summary by Sections 1. Weekly Dynamics - Tesla's FSD system is set to launch in China in Q1 2025, pending regulatory approval. The system has accumulated over 1.6 billion miles of driving data, which supports its advanced capabilities [8]. - Shanghai has increased subsidies for purchasing new energy vehicles, raising the subsidy for personal consumers from 10,000 yuan to 20,000 yuan, which is expected to boost sales significantly [8]. 2. Sector Performance - The automotive sector outperformed the broader market during the week of September 2-6, 2024, with the automotive index rising by 0.5% while the Shanghai Composite Index fell by 2.7% [10]. - The sector's PE-TTM (unadjusted) stands at 22.8, with historical valuation percentiles indicating a relatively low valuation compared to the past year [10]. 3. Recommendations - The report suggests increasing allocations to the automotive sector, highlighting that the combination of new policies and a low base from the previous year could lead to a significant increase in retail sales of passenger vehicles [9]. - Recommended stocks include BYD, Great Wall Motors, and Yutong Bus for the vehicle segment, and Fuyao Glass and other component manufacturers for the parts segment [9].

Investment Rating - The report maintains the investment suggestion for the environmental protection industry [2] Core Viewpoints - The Sichuan Province has launched an "Air Quality Continuous Improvement Action Plan," aiming to meet national air quality improvement targets and reduce nitrogen oxides and volatile organic compounds by 2025. The plan emphasizes green and low-carbon transformation in industry, energy, and transportation, along with source pollution control and regional collaborative governance [1][30] - The environmental protection sector is experiencing a valuation shift towards "low valuation, high dividend" characteristics, with traditional environmental companies showing stable operational capabilities. New growth opportunities are emerging in sectors like semiconductor waste gas treatment [3][34] - The report highlights the importance of operational stability and suggests focusing on companies with strong operational capabilities and potential for secondary growth [3][35] Summary by Sections Important Data Tracking - From September 2 to September 6, 2024, the national carbon market saw a trading volume of 321,200 tons, down 25.40% from the previous period. The closing price for carbon emission allowances was 93.13 yuan/ton, showing a slight increase [11] - The EU carbon emission allowance futures trading volume increased by 56.07% during the same period, with an average settlement price of 67.07 euros/ton, down 4.49% [8] Market Performance - During the period from September 2 to September 6, 2024, the A-share environmental protection index decreased by 1.79%, while the H-share index increased by 0.26%. The A-share environmental protection sector's PE (TTM) valuation stands at 15 times [19][36] Investment Recommendations - The report recommends focusing on companies with "low valuation, high dividend" characteristics and those with potential for growth in emerging environmental sectors. Specific recommendations include: - Water and wastewater treatment: Hongcheng Environment - Solid waste treatment and resource utilization: Hanlan Environment, Weiming Environmental - Emerging environmental sectors: Qinda Environmental [3][32][34]

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai and Wuliangye, and an "Increase" rating for several other companies including Jinsiyuan and Shanxi Fenjiu [2][8][9]. Core Viewpoints - The white liquor industry has shown a "hot then cold" trend in the first half of 2024, with revenue growth of 14.09% year-on-year and net profit growth of 13.87% [6][7]. - High-end liquor maintains stable growth, while mid-range and regional liquor show significant deceleration [6][7]. - The beer sector faces sales pressure but shows strong gross profit performance, with a revenue decline of 1.34% year-on-year but a net profit increase of 11.78% [7][8]. - The overall food and beverage sector is recommended to focus on companies with high earnings certainty and potential for steady dividend increases [8]. Summary by Sections 1. Industry Overview - The white liquor sector experienced a strong demand during the Spring Festival, followed by a slowdown influenced by high base effects from the previous year [6]. - Revenue for high-end liquor grew by 15.84% in Q1 and 14.24% in Q2, while mid-range liquor saw a decline in growth rates [6][7]. 2. Key Recommendations - Recommended companies include Guizhou Moutai and Wuliangye for their strong brand power, and Jinsiyuan and Shanxi Fenjiu for their market share growth potential [8][9]. - In the beer sector, Qingdao Beer, Yanjing Beer, and Zhujiang Beer are highlighted for their resilient performance [8][9]. 3. Market Performance - The food and beverage index has decreased by 22.30% year-to-date, underperforming the CSI 300 index by 16.48 percentage points [10][19]. - The beer segment is expected to see profit acceleration in Q3 2024 due to cost elasticity and mid-range upgrades [7][10]. 4. Macro and Industry Data - In July 2024, the CPI rose by 0.5%, with food and beverage categories showing varied performance [21][24]. - The disposable income and consumption expenditure of urban residents grew by 4.6% and 6.1% respectively in Q2 2024 [21][24].

Investment Rating - The industry investment rating is maintained as "Hold" [1] Core Insights - The textile and apparel sector is experiencing pressure, particularly in the brand apparel segment, while the midstream manufacturing sector shows signs of recovery [1] - In Q2 2024, the overall revenue for the brand apparel sector was under pressure, with notable declines in net profits across various sub-sectors [1] - The upstream manufacturing sector, particularly in nylon, is performing well, while the leather segment faces challenges [1] - The midstream manufacturing sector is benefiting from high growth in auxiliary materials and continued demand from overseas brands [1] Summary by Sections 1. Market Review for H1 2024 - The textile and apparel sector significantly underperformed compared to the CSI 300 index, with declines of -24.1% for the textile and apparel sector and -1.9% for the CSI 300 from the beginning of the year [7] - Brand apparel outperformed textile manufacturing, with a decline of -22.6% [7] 2. H1 2024 Financial Overview 2.1 Brand Apparel - Q2 2024 revenue for men's wear, mass apparel, mid-to-high-end women's wear, and home textiles were 6.99 billion, 4.16 billion, 2.55 billion, and 2.56 billion yuan respectively, showing year-on-year changes of -4.3%, +1.7%, -6.7%, and -9.9% [1] - The overall profit for Q2 2024 saw declines across all sub-sectors, with men's wear and mass apparel showing net profits of 960 million and 220 million yuan, reflecting year-on-year decreases of -16.0% and -8.3% [1] 2.2 Upstream Manufacturing - In Q2 2024, the revenue growth rates for chemical fiber, cotton spinning, wool, leather, and textile machinery were 19%, 0%, 8%, 7%, and 38% respectively [1] - The nylon segment, particularly represented by Taihua New Materials, showed impressive revenue growth of 59% in Q2 [1] 2.3 Midstream Manufacturing - Q2 2024 revenues for the OEM, auxiliary materials, and fabric sectors were 10.8 billion, 2.22 billion, and 2 billion yuan, with year-on-year growth rates of +9%, +34%, and +1% respectively [1] - The midstream sector's net profit reached 2.13 billion yuan, reflecting an 8% year-on-year increase [1] 3. Future Outlook - The report suggests that the brand apparel sector may require policy stimulus to boost consumer confidence in the second half of the year [1] - Recommendations include focusing on growth potential and low valuations for companies like Biyinlefen and Baoxiniiao, as well as high dividend stocks like Hailan Home and Fuanna [1]