研 ＃title＃ 究 证券研究报告 ＃industryId＃ 环保 S0190523070002 王禹萱 本期（8.26-8.30）板块行情：上证综指下跌 0.43%，深证成指上涨 2.04%，创业板 指上涨 2.17%。A 股环保板块指数上涨 0.26%，子板块固体废物处理及资源化利用、 大气治理、环卫、水务及水处理、环境监测及其他环保装备、综合环境治理的涨 跌幅分别为+1.27%，+4.54%，-1.25%，-2.90%，+4.34%，+4.90H 股环保板块指数 上涨 2.01%。截至 2024 年 8 月 30 日收盘，A 股环保板块 PE（TTM）估值 16 倍。 wangyuxuan@xyzq.com.cn 史一粟 行业要闻：江西省发布《推动废旧产品设备回收循环利用实施方案》，《方案》 明确，到 2027 年，废旧产品设备回收网络更加完善，二手商品流通秩序和交易行 为更加规范，再生资源加工利用行业集聚化、规模化、规范化、信息化水平稳步 提升。报废汽车回收量较 2023 年增加 1 倍，废旧家电回收量较 2023 年增长 30%。 废钢铁等主要再生资源循环利用量进一步加大。 shiyisu@xyz ...

＃title＃ ＃summary＃ 行 业 研 究 证券研究报告 ＃industryId＃ 电气设备 输变电第四批招标落地，电网设备景气度持续提升 维持 ） ＃createTime1＃ 2024 年 09 月 1 日 行 业 周 报 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------------------|--------------------------------------------------------------------------- ...

＃title＃ 行 业 研 究 行 业 周 报 jiangjialin@xyzq.com.cn S0190515050002 sunqian@xyzq.com.cn S0190518110001 chenxin21@xyzq.com.cn S0190522030001 杨本鸿 yangbenhong@xyzq.com.cn S0190522080001 张旭光 zhangxuguang@xyzq.com.cn S0190523090002 杨海盟 yanghaimeng@xyzq.com.cn S0190523070001 ＃相关报告 relatedReport＃ 【兴证计算机】信创：政策持续 加码，景气提升可期（8.18-8.24） 【兴证计算机】"千帆"竞发，卫 星互联网发展提速（8.11-8.17） 【兴证计算机】信息安全：网络 身份认证带来新机遇（8.3-8.10） ＃assAuthor＃ 孙乾 陈鑫 桂杨 guiyang@xyzq.com.cn S0190524040005 ＃分析师： emailAuthor＃ 蒋佳霖 证券研究报告 ＃industryId＃ 计算机 ＃investSuggestio ...

Industry Investment Rating - The report maintains a **"Buy"** rating for the defense and military industry, specifically focusing on the domestic commercial aircraft sector, with a positive outlook on the growth driven by the C919's mass delivery and potential for domestic substitution in core systems [1] Core Views - **C919's Mass Delivery Phase**: The C919 has entered the mass delivery phase, with confirmed orders exceeding 800 units and over 700 units in tentative orders By June 2024, the C919 fleet of China Eastern Airlines is expected to reach 10 aircraft, marking the full-scale commercial procurement, delivery, and operation of the C919 [1] - **Competitive Advantages of C919**: The C919 offers several competitive advantages, including a lower catalog price of $0 99 billion per unit (approximately ¥7 13 billion at an exchange rate of 7 2:1), a wide-view cockpit design, and the use of advanced materials such as third-generation aluminum-lithium alloys and composites, which account for 26 2% of the aircraft's structural weight [1] - **International Supply Chain System**: The domestic commercial aircraft industry adopts an international supply chain system, with state-owned enterprises leading the development and private enterprises collaborating to cultivate a local supply chain system This includes strategic partnerships with international suppliers and the establishment of joint ventures for localized production [1] - **High Demand for Core Components**: The report highlights the high demand and significant value contribution of core components such as the airframe structure and onboard systems, which account for 30%-35% and 25%-30% of the total value of a civil aircraft, respectively [1] Summary by Relevant Sections Domestic Commercial Aircraft Development - **ARJ21 and C919 Certification**: Both ARJ21 and C919 have completed all airworthiness certification processes, with ARJ21 having delivered over 120 units and C919 entering mass delivery phase [1][6] - **Order Backlog**: As of June 2024, ARJ21 has secured at least 775 orders (610 confirmed, 165 tentative), while C919 has over 1500 orders (800 confirmed, 700 tentative) [1][11] - **Market Competition**: C919 competes directly with Boeing's B737 MAX 8 and Airbus's A320neo, with a lower catalog price and advanced design features such as a wide-view cockpit and improved aerodynamics [1][14][18] Supply Chain and Localization - **International Collaboration**: The supply chain strategy involves international collaboration, with domestic suppliers focusing on metal structures and foreign suppliers providing high-tech components like transparent windshields and complex bearings [1][26] - **Localization Efforts**: Domestic suppliers are continuously working to localize high-tech components, with the goal of reducing reliance on foreign suppliers in the long term [1][26] Core Components and Market Potential - **Airframe Structure**: The airframe structure, which accounts for 30%-35% of the aircraft's value, is primarily supplied by domestic companies such as AVIC XAC, which is responsible for 50% of the airframe structure's workload [1][38] - **Onboard Systems**: The onboard systems, including avionics and electromechanical systems, account for 25%-30% of the aircraft's value Domestic companies like AVIC Systems are expected to benefit significantly from the C919's production, with projected revenue increases of ¥12 53 billion by 2025 and ¥76 54 billion by 2030 [1][56][58] Future Market Demand - **Global Market Projections**: Boeing projects that 32,630 single-aisle aircraft will be delivered globally from 2023 to 2042, with China accounting for 20% of this demand The C919 is expected to capture a significant share of this market, with a projected demand of 2,588-6,477 units over the next 20 years [1][33]

Investment Rating - The report maintains an "Accumulate" rating for Hangzhou Bank [1][6]. Core Insights - The bank's revenue accelerated with a year-on-year increase of 5.36% in the first half of 2024, while net profit attributable to shareholders grew by 20.06% [3][4]. - The bank's total assets and loans increased by 13.8% and 16.7% year-on-year, respectively, indicating strong growth in scale and loan expansion [4][6]. - The net interest margin for the first half of 2024 was 1.42%, a decrease of 8 basis points from the end of the previous year [2][4]. - The non-performing loan ratio remained stable at 0.76%, reflecting strong asset quality [5][6]. - The bank's EPS forecasts for 2024 and 2025 have been slightly adjusted to 2.91 CNY and 3.35 CNY, respectively, with an estimated PB of 0.73 times by the end of 2024 [6][9]. Summary by Sections Revenue and Profitability - Revenue for the first half of 2024 was 19.34 billion CNY, up 5.36% year-on-year, with a net profit of 9.996 billion CNY, up 20.06% [3][4]. - Net interest income increased by 0.5% year-on-year, while non-interest income saw a significant rise of 28.3% due to gains from trading financial assets [4][6]. Loan and Asset Growth - Total assets grew by 13.8% year-on-year, with loans expanding by 16.7% [4][6]. - New loans in Q1 and Q2 were 63.7 billion CNY and 30.6 billion CNY, respectively, with corporate loans contributing 82% of the increase [4][6]. Asset Quality - The non-performing loan ratio remained at 0.76%, with a provision coverage ratio of 545% [5][6]. - The bank's asset quality is considered to be in the top tier, despite slight increases in overdue rates [5][6]. Capital and Earnings Forecast - Core Tier 1, Tier 1, and total capital adequacy ratios were 8.63%, 10.92%, and 12.87%, respectively [6]. - The report projects a net asset value per share of 18.18 CNY by the end of 2024 [6][9].

Investment Rating - The investment rating for the company is "Accumulate" [1][25]. Core Views - The company reported significant profit growth, with a 20.57% year-on-year increase in revenue to 482 million yuan and an 84.09% increase in net profit attributable to shareholders to 80 million yuan in the first half of 2024 [3][5][6]. - The company continues to enhance its research and development efforts, with R&D expenses increasing by 65.98% year-on-year, reflecting a commitment to innovation in core products [3][12]. - The company has implemented a stock incentive plan aimed at aligning employee interests with company performance, which includes granting 3.6 million restricted shares [19][22]. Financial Performance - For the first half of 2024, the company achieved a revenue of 482 million yuan, a 20.57% increase year-on-year, and a net profit of 80 million yuan, up 84.09% year-on-year [3][5]. - The gross profit margin for the first half of 2024 was 36.16%, an increase of 2.06 percentage points year-on-year [11][12]. - The company expects net profits for 2024, 2025, and 2026 to be 181 million, 222 million, and 289 million yuan respectively, with corresponding EPS of 1.03, 1.26, and 1.64 yuan per share [25]. Business Segmentation - The military products segment generated 460 million yuan in revenue in the first half of 2024, a 26.15% increase year-on-year, accounting for 95.42% of total revenue [9][11]. - The civilian products segment saw a decline in revenue to 19 million yuan, down 36.84% year-on-year, representing 3.98% of total revenue [9][11]. - The company’s subsidiary, Pioneer Company, reported a revenue of 119 million yuan, a 20.07% increase year-on-year, while another subsidiary, Jiujiang Guoke, experienced a revenue decline of 28.90% [16][18]. Research and Development - The company has increased its R&D personnel to 192, a 20% increase year-on-year, with R&D expenses accounting for 8.84% of total revenue [12][13]. - The company aims to maintain a research and development intensity of no less than 7% from 2025 to 2027 as part of its incentive plan [22][24]. Incentive Mechanism - The company announced a stock incentive plan on July 3, 2024, targeting 200 employees, which represents 23.26% of the total workforce [19][22]. - The plan includes performance targets for net asset return rates and net profit growth, ensuring alignment with long-term company goals [22][24].

Investment Rating - The report maintains an "Add" rating for the company [2][3][4] Core Views - The company reported a revenue of 9.073 billion yuan in the first half of 2024, a year-on-year decrease of 15.15%, while the net profit attributable to shareholders increased by 22.43% to 420 million yuan [3][4] - The company signed new contracts worth 9.699 billion yuan in the first half of 2024, a year-on-year increase of 3.47%, with domestic contracts decreasing significantly due to falling steel prices, while international contracts grew due to competitive advantages in low-carbon metallurgy technology [3][5] - The company's overseas revenue accounted for 51.66% of total revenue in the first half of 2024, indicating a successful expansion in international markets [3][6] Financial Summary - The company expects total revenue for 2024 to be 26.950 billion yuan, with a year-on-year growth of 2.2%, and net profit attributable to shareholders projected at 887 million yuan, a growth of 16.5% [2][10] - The gross margin for the first half of 2024 was 11.46%, an increase of 2.75 percentage points year-on-year, driven by improved project cost management [6][9] - The company’s operating cash flow per share was -1.08 yuan, indicating a cash outflow primarily due to decreased revenue and extended payment cycles for domestic projects [8][9] Future Outlook - The company is expected to benefit from the ongoing low-carbon transformation in the steel industry, leveraging its low-carbon metallurgy technology [9] - The international engineering demand is strong, with the company having established a significant presence in over 50 countries, particularly along the Belt and Road Initiative [9] - The integration into China Baowu Steel Group is anticipated to enhance resource allocation and access to high-quality orders [9]

Investment Rating - The investment rating for the industry is "Buy" based on the expectation of significant outperformance compared to the relevant market index [6]. Core Viewpoints - High dividend yields and low valuations continue to attract investment in state-owned banks, with a long-term dividend payout ratio maintained above 30% [2][4]. - The average dividend yield for the five major state-owned banks has decreased from approximately 7% at the beginning of 2023 to around 5% currently, yet it still offers a premium of about 270 basis points over the ten-year government bond yield, indicating substantial dividend potential [2][4]. - The price-to-book (PB) ratio for state-owned banks is at 0.66, which is historically low, suggesting that these banks remain attractive for dividend-focused investment strategies [2][4]. Summary by Sections Dividend and Valuation - State-owned banks have announced their mid-year dividend plans for 2024, enhancing the stability and sustainability of dividends, which strengthens investor expectations [2][4]. - The "中特估" market trend in 2023 and the anticipated dividend market in 2024 are expected to elevate the valuation levels of state-owned banks [2][4]. Operational Stability - Over the past decade, state-owned banks have experienced a compound annual growth rate (CAGR) of 4-5% in revenue and profit, with a stable return on equity (ROE) above 10% over the last five years [2][4]. - Despite a slight decline in net profit in the first half of 2024 due to high-quality credit growth and narrowing interest margins, the second quarter is expected to show an improvement in profit growth decline [2][4]. Interest Margin and Asset Quality - The net interest margin has been under pressure since 2022 due to various factors, but recent regulatory measures have stabilized the cost of bank liabilities, leading to a stabilization of interest margins in the first half of 2024 [3][4]. - The asset quality of state-owned banks has remained stable, with a decreasing non-performing loan (NPL) ratio and an increasing provision coverage ratio, which supports smoother performance through economic cycles [5].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) [4][8] Core Views - The company reported a revenue of 135.623 billion yuan for H1 2024, representing a year-on-year increase of 3.03%. The net profit attributable to shareholders was 10.42 billion yuan, up 16.26% year-on-year [1] - The company experienced steady growth in overseas sales, with revenue from international markets reaching 70.8 billion yuan, a year-on-year increase of 3.7%. Domestic sales faced short-term pressure due to the consumption environment [2] - The gross profit margin improved slightly to 30.61% in H1 2024, with a net profit margin of 7.68%, reflecting ongoing efficiency improvements and cost control measures [2][5] Summary by Sections Financial Performance - H1 2024 revenue: 135.623 billion yuan (+3.03% YoY) - H1 2024 net profit: 10.42 billion yuan (+16.26% YoY) - H1 2024 gross margin: 30.61% (+0.17 percentage points YoY) - H1 2024 net profit margin: 7.68% (+0.87 percentage points YoY) [1] Revenue Breakdown - Domestic revenue: 64.8 billion yuan (+2.3% YoY) - Overseas revenue: 70.8 billion yuan (+3.7% YoY) - Notable growth in regions: Southeast Asia (+26.8% YoY), Middle East (+12.4% YoY) [2] Cost and Efficiency - Cost reduction and efficiency improvements led to a decrease in sales, management, and R&D expense ratios in Q2 2024 [2] - Q2 2024 gross margin: 32.33% (+0.18 percentage points YoY) [2] Earnings Forecast - Adjusted EPS for 2024-2026: 2.02 yuan, 2.28 yuan, 2.57 yuan respectively - Corresponding dynamic PE ratios: 11.9x, 10.5x, 9.4x [4][5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The bank's non-performing loan (NPL) ratio and attention rate have slightly increased, but real estate risks show marginal improvement. As of mid-2024, the NPL ratio is 1.19%, up 1 basis point quarter-on-quarter, with corporate NPLs down 12 basis points to 1.25% and retail NPLs up 9 basis points to 1.30% [4] - The bank's mid-term dividend payout ratio has increased, with a cash dividend of 1.847 yuan per 10 shares, totaling 9.873 billion yuan, resulting in a payout ratio of 29.20%, slightly up from 28.01% in 2023 [3][4] - Revenue growth remains positive, but profit growth has slowed. For the first half of 2024, revenue and net profit attributable to shareholders grew by 2.7% and decreased by 1.6% year-on-year, respectively [2][3] - The bank's total assets increased by 3.1% year-on-year, with loans up by 4.0%. Corporate and retail loans grew by 6.5% and 5.3%, respectively [2][3] - The net interest margin for the first half of 2024 is 1.77%, down 8 basis points year-on-year but up 7 basis points quarter-on-quarter, primarily due to improved deposit costs and a shift in the asset structure [2][4] Summary by Sections Earnings Forecast and Rating - The company is expected to have an EPS of 1.34 yuan and 1.36 yuan for 2024 and 2025, respectively, with a projected book value per share of 13.27 yuan by the end of 2024, resulting in a price-to-book (PB) ratio of 0.50 times [5][6]