证券研究报告 | 公司动态点评 2024 年 06月 17日 华海清科（688120.SH） Q1 业绩同比稳健增长，CMP 设备稳固领先地位 财务指标 2022A 2023A 2024E 2025E 2026E 买入（上调评级） 营业收入（百万元） 1,649 2,508 3,489 4,635 5,852 股票信息 增长率yoy（%） 104.9 52.1 39.1 32.9 26.3 归母净利润（百万元） 502 724 997 1,287 1,647 行业 电子 增长率yoy（%） 153.0 44.3 37.8 29.0 28.0 2024年6月14日收盘价（元） 199.71 ROE（%） 10.5 13.1 15.5 16.8 17.9 总市值（百万元） 31,740.59 EPS最新摊薄（元） 3.16 4.55 6.28 8.10 10.36 流通市值（百万元） 22,793.54 P/E（倍） 63.4 43.9 31.9 24.7 19.3 总股本（百万股） 158.93 P/B（倍） 6.6 5.8 4.9 4.2 3.4 流通股本（百万股） 114.13 资料来源：公司财报，长城证券 ...

证券研究报告 | 行业周报 2024 年 06月 15日 机械 5 月小松挖机开工时实现转正，特斯拉明年将部署千台 Optimus 机器人 行业要闻：自然资源部办公厅发布《关于进一步加强规划土地政策支持老旧 强于大市（维持评级） 小区改造更新工作的通知》。6月13日，自然资源部办公厅召开媒体座谈会， 发布《关于进一步加强规划土地政策支持老旧小区改造更新工作的通知》， 行业走势 重点围绕破解老旧小区改造存在的困难、堵点问题，从规划和土地政策角度 机械 沪深300 深入研究，积极回应地方有关诉求。《通知》明确，加强规划统筹，促进区 6% 域平衡、动态平衡。各地依据市县国土空间总体规划，按需加快编制城市更 1% -4% 新相关详细规划，深化近期实施规划和行动计划。在单元详细规划中统筹空 -9% 间功能和建筑量，在不突破空间管控底线和总体规划强制性内容前提下，探 -15% 索建筑量跨单元统筹的规则。 -20% -25% 航空工业集团自主研制无人运输系统，无人机产业实现重大突破。6月12日， -30% 由中国航空工业集团自主研发的 HH-100 航空商用无人运输系统验证机，在 2023-06 2023-10 2024- ...

证券研究报告 | 行业周报 2024 年 06月 17日 电力设备及新能源 氢能热潮不减，产业开启新篇章 行情回顾：截至 2024年 6 月14 日，氢能源指数收盘价为1493.98 点， 强于大市（维持评级） 本周涨跌幅为 0.58%，2024 年初至今涨跌幅为-14.21%。氢能行业周涨 幅前五的公司为北京科锐、ST 百利、斯迪克、信宇人、豫能控股，涨幅 行业走势 分别为 21.76%、18.37%、16.74%、16.37%、15.98%；氢能行业周跌 电力设备及新能源 沪深300 幅前五的公司为博汇股份、ST亿利、*ST洪涛、ST航高、龙佰集团，跌 3% 幅分别为-20.38%、-18.64%、-18.42%、-17.14%、-11.72%。 -3% -8% 重点事件点评：中国首个全场景氢能港口建设在山东青岛启动；国家电网 -14% -19% 首个氢电耦合国家重点项目通过验收；全国最大智能化氢能装备生产基地 -25% 投用；本田在美国开始量产氢燃料电池车；泰国企业联合研究开发低碳驱 -31% 动型经济；欧洲氢能银行绿氢补贴缩水；无锡发布2024 年度氢燃料电池 -36% 2023-06 2023-10 ...

证券研究报告 | 行业周报 2024 年 06月 17日 电力设备及新能源 氢能热潮不减，产业开启新篇章 行情回顾：截至 2024年 6 月14 日，氢能源指数收盘价为1493.98 点， 强于大市（维持评级） 本周涨跌幅为 0.58%，2024 年初至今涨跌幅为-14.21%。氢能行业周涨 幅前五的公司为北京科锐、ST 百利、斯迪克、信宇人、豫能控股，涨幅 行业走势 分别为 21.76%、18.37%、16.74%、16.37%、15.98%；氢能行业周跌 电力设备及新能源 沪深300 幅前五的公司为博汇股份、ST亿利、*ST洪涛、ST航高、龙佰集团，跌 3% 幅分别为-20.38%、-18.64%、-18.42%、-17.14%、-11.72%。 -3% -8% 重点事件点评：中国首个全场景氢能港口建设在山东青岛启动；国家电网 -14% -19% 首个氢电耦合国家重点项目通过验收；全国最大智能化氢能装备生产基地 -25% 投用；本田在美国开始量产氢燃料电池车；泰国企业联合研究开发低碳驱 -31% 动型经济；欧洲氢能银行绿氢补贴缩水；无锡发布2024 年度氢燃料电池 -36% 2023-06 2023-10 ...

证券研究报告 【长城公用&电新】本周（6.10-6.14） 研究汇总和数据跟踪 评级（强于大市） 长城证券产业金融研究院 分析师：于夕朦S1070520030003 联系人：吴念峻S1070122070011 ...

证券研究报告 | 行业周报 2024年 06月 15日 建材 5 月社融好转，M1 增速继续下降 本周关注（6.11-6.14，下同）：5月社融好转，M1增速继续下降 强于大市（维持评级） 5 月社会融资规模增量为 2.07 万亿元（同花顺一致预期为 2.13 万亿 元），同比多增 5132亿元，企业和住户贷款有所下降。其中人民币贷款增 行业走势 加 8197 亿元，同比少增 4022 亿元。从分项上来看，新增住户人民币贷款 建材 沪深300 757亿元，同比少增 2915亿元，其中，短期贷款增加 243亿元，中长期贷 6% 款增加 514 亿元；新增企事业单位人民币贷款 7400 亿元，同比少增 1158 1% 亿元，其中中长期贷款增加 5000 亿元，票据融资增加 3572 亿元，短期贷 -4% -9% 款减少1200亿元。 -14% -19% 5月社会融资规模存量为 391.93万亿元，同比增长 8.4%，增速比上月增 -24% 加 0.1pct。其中，对实体经济发放的人民币贷款余额为 245.74万亿元，同 -28% 比增长 8.9%；对实体经济发放的外币贷款折合人民币余额为 1.73万亿元， 202 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating given [1]. Core Views - The company, Guodian Power (600795.SH), leads the industry in coal-fired power profitability, with significant growth potential from hydropower, wind, and solar energy [1][2]. - The company benefits from its coal-electricity integration advantages, showcasing strong profitability in thermal power generation [1][2]. - The report anticipates continued revenue growth driven by both traditional and renewable energy sources, with a projected increase in net profit over the next few years [2][3]. Financial Summary - **Revenue and Profitability**: The company's revenue for 2023 is projected at 180.99 billion yuan, with a year-on-year decrease of 7.0%. However, net profit is expected to rise to 5.609 billion yuan, reflecting a significant year-on-year increase of 98.8% [1][18]. - **Earnings Per Share (EPS)**: The EPS is forecasted to grow from 0.31 yuan in 2023 to 0.44 yuan in 2024, indicating a positive trend in profitability [1]. - **Return on Equity (ROE)**: The ROE is expected to improve from 10.0% in 2023 to 12.3% in 2024, showcasing enhanced efficiency in generating profits from equity [1]. Operational Insights - **Thermal Power Capacity**: The company operates a thermal power capacity of 72.79 GW, ranking second among listed companies, with a high proportion of efficient coal-fired units [1][2]. - **Hydropower Development**: The company has a total hydropower capacity of 14.95 GW, primarily located in the Dadu River basin and the Kaitu River basin, with ongoing projects expected to improve water consumption issues [2][3]. - **Renewable Energy Growth**: The company has seen substantial growth in its renewable energy projects, with wind and solar capacity increasing by 24.6% and 174.73% respectively in 2023 [2][3]. Market Position - **Industry Leadership**: Guodian Power is positioned as a core platform for conventional energy generation under the State Energy Group, focusing on integrating coal and renewable energy sources [15][27]. - **Revenue Distribution**: In 2023, thermal power accounted for 85% of the company's revenue, while hydropower and renewable energy contributed 7% and 6% respectively [29][33]. - **Geographical Revenue Breakdown**: The company generates the majority of its revenue from the East China region, which accounted for 62.2% of total revenue in 2023 [33].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [16]. Core Views - The company achieved a revenue of 2.531 billion yuan in 2023, representing a year-on-year growth of 21.12%, and turned a profit with a net profit of 51 million yuan [1][5]. - In Q1 2024, the company reported a revenue of 776 million yuan, a significant year-on-year increase of 101.75%, and a net profit of 36 million yuan [1][5]. - The company is focusing on product innovation in high-performance mixed-signal, power management, and signal chain products, expanding into consumer electronics, AIoT, industrial, and automotive markets [2][21]. Financial Performance - The company’s revenue is projected to grow from 2.531 billion yuan in 2023 to 3.176 billion yuan in 2024, reflecting a growth rate of 25.5% [17]. - The net profit is expected to increase significantly from 51 million yuan in 2023 to 218 million yuan in 2024, indicating a year-on-year growth of 326.6% [17]. - The gross margin for Q1 2024 was reported at 27.24%, showing a year-on-year decrease of 1.56 percentage points but a quarter-on-quarter increase of 2.89 percentage points [5]. Product Development and Market Expansion - The company has launched several new products in the power management chip sector, including various power management chips tailored for AIoT and module markets [2][21]. - The company has successfully penetrated the automotive sector, achieving mass production with major clients such as BYD and Chery [7][21]. - The report highlights the company's ongoing efforts in product innovation, particularly in high-performance mixed-signal chips, which are expected to drive future revenue growth [8][21]. Future Outlook - The report projects the company's net profit to reach 582 million yuan by 2026, with an EPS of 2.50 yuan, indicating strong growth potential [8][17]. - The semiconductor industry is expected to recover, with a projected global sales increase of 13.1% in 2024, which will benefit the company [21].

Investment Rating - The report maintains a rating of "Accumulate" for the company [3] Core Views - The company reported a significant year-on-year increase in Q1 earnings, with revenue reaching 45.888 billion yuan, up 20.84% year-on-year, and net profit of 0.984 billion yuan, up 297.80% year-on-year [1][2] - The panel industry is expected to see a turning point in 2024, driven by a recovery in demand and rising prices for certain panel products [6] - The company is well-positioned in the semiconductor display industry, having become a global leader, with a focus on expanding its AMOLED and MLED businesses [6] Financial Summary - For 2024, the company expects revenue of 198 billion yuan, representing a 13.4% year-on-year growth [1] - The projected net profit for 2024 is 4.712 billion yuan, with an expected growth rate of 85.0% year-on-year [1] - The company's overall gross margin for Q1 2024 was 14.48%, an increase of 7.64 percentage points year-on-year [2] - The company anticipates a continued recovery in profitability, with EPS projected to be 0.13 yuan in 2024, 0.23 yuan in 2025, and 0.33 yuan in 2026 [6]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is experiencing a decline in net profit due to increased R&D expenses and changes in product sales structure, leading to a decrease in gross margin [12][35] - Despite the challenges, the company has a stable order backlog in the semiconductor and new energy sectors, which is expected to drive revenue growth [14][23] - The company has adjusted its earnings forecast downwards but continues to focus on expanding its business and product offerings [35] Financial Summary - Revenue for 2023 is projected at 5.82 billion yuan, a year-on-year increase of 2.35%, while net profit is expected to decline by 42.06% to 0.39 billion yuan [25] - The company’s gross margin for 2023 is reported at 46.61%, down 3.10 percentage points year-on-year, with a net profit margin of 6.71%, down 5.15 percentage points year-on-year [12] - For 2024, the company anticipates a significant recovery in net profit, projecting 0.65 billion yuan, with an EPS of 0.62 yuan [35] Product and Market Insights - The company has launched several new products in the semiconductor and new energy sectors, which have received positive customer feedback and orders [22][23] - The sales revenue from precision laser processing equipment is 419 million yuan, accounting for 71.94% of total revenue, with notable performance in new energy-related products [22] - The company is focusing on technological innovation in laser processing equipment, which is expected to enhance its market position and revenue streams [23]