证券研究报告 | 行业周报 2024年 05月 20日 煤炭 房地产政策频出，看好焦煤板块盈利高弹性 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 000983.SZ 山西焦煤 增持 1.2 1.22 9.0 8.85 行业走势 600188.SH 兖矿能源 增持 2.96 3.19 8.1 7.52 煤炭 沪深300 600256.SH 广汇能源 买入 1.02 1.08 7.86 7.43 32% 600985.SH 淮北矿业 增持 2.43 2.61 7.69 7.16 25% 601088.SH 中国神华 增持 3.18 3.28 12.54 12.16 17% 601225.SH 陕西煤业 增持 2.21 2.25 11.04 10.84 10% 601666.SH 平煤股份 增持 1.97 2.11 6.74 6.29 2% 601699.SH 潞安环能 增持 2.69 2.71 8.1 8.04 -5% -12% 601898.SH 中煤能源 增持 1.59 1.67 7.53 7.17 -20% 601918.S ...

证券研究报告 【长城公用&电新】本周（5.13-5.17） 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：何郭香池S1070121120062 ...

证券研究报告 | 行业动态点评 2024 年 05月 18日 非银行金融 房地产新政接踵而至，市场走强可期 2024年 5月 17日，央行就房地产政策“三连发”以提振市场信心。主要 强于大市（维持评级） 包括：1、房贷首付比例下限降至历史低位，首套住房商业性个人住房贷款最 低首付款比例调整为不低于15%，二套住房商业性个人住房贷款最低首付款 行业走势 比例调整为不低于 25%。2、公积金贷款“降息”0.25 个百分点。自 2024 非银行金融 沪深300 年5月18日起，下调个人住房公积金贷款利率0.25个百分点，5年以下（含 10% 5年）和 5年以上首套个人住房公积金贷款利率分别调整为2.35%和 2.85%， 6% 2% 5年以下（含 5年）和 5年以上第二套个人住房公积金贷款利率分别调整为 -3% 不低于2.775%和 3.325%。3、取消全国房贷利率下限。 -7% -11% 房地产“收储”传闻迎来落地。5月 15日下午，杭州市临安区发布一则重磅 -15% 公告。公告显示，经临安区人民政府研究决定，在临安区范围内收购一批商 -20% 2023-05 2023-09 2024-01 2024-05 品 ...

证券研究报告 | 行业动态点评 2024 年 05月 18日 非银行金融 房地产新政接踵而至，市场走强可期 2024年 5月 17日，央行就房地产政策“三连发”以提振市场信心。主要 强于大市（维持评级） 包括：1、房贷首付比例下限降至历史低位，首套住房商业性个人住房贷款最 低首付款比例调整为不低于15%，二套住房商业性个人住房贷款最低首付款 行业走势 比例调整为不低于 25%。2、公积金贷款“降息”0.25 个百分点。自 2024 非银行金融 沪深300 年5月18日起，下调个人住房公积金贷款利率0.25个百分点，5年以下（含 10% 5年）和 5年以上首套个人住房公积金贷款利率分别调整为2.35%和 2.85%， 6% 2% 5年以下（含 5年）和 5年以上第二套个人住房公积金贷款利率分别调整为 -3% 不低于2.775%和 3.325%。3、取消全国房贷利率下限。 -7% -11% 房地产“收储”传闻迎来落地。5月 15日下午，杭州市临安区发布一则重磅 -15% 公告。公告显示，经临安区人民政府研究决定，在临安区范围内收购一批商 -20% 2023-05 2023-09 2024-01 2024-05 品 ...

证券研究报告 | 行业周报 2024 年 05月 14日 电力设备及新能源 氢能应用愈显多元，产业链逐步完善 行情回顾：截至2024年5月10日，氢能源指数收盘价为 1626.24点，本周 强于大市（维持评级） 涨跌幅为 1.93%，2024 年初至今涨跌幅为-6.61%。氢能行业周涨幅前五的 公司为濮阳惠成、诚志股份、泰和科技、悦达投资、中钢天源，涨幅分别为 行业走势 19.31%、15.63%、14.51%、13.43%、13.22%；氢能行业周跌幅前五的公 电力设备及新能源 沪深300 司为ST百利、ST航高、ST亿利、*ST洪涛、克来机电，跌幅分别为-22.86%、 2% -22.65%、-22.44%、-22.40%、-9.23%。 -4% -9% 重点事件点评：中国能建签约 100万吨绿色甲醇项目；上海市首个氢能与燃 -15% -20% 料电池检测中心项目落成；中石油迎来首个万吨级绿氢项目；“全球最大” -26% 液氢工厂即将运行；深圳发布氢能发展计划；无锡市印发 2024 年氢能产业 -32% 发展工作要点；交通部发布《氢气（含液氢）道路运输技术规范》征求意见 -37% 2023-05 2023 ...

证券研究报告 | 行业周报 2024 年 05月 14日 风电周报（2024.5.6-2024.5.12） 多地确定陆风项目发展规划，全球最大构网型 10MW 级风机下线 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 300443.SZ 金雷股份 增持 1.65 2.17 11.57 8.8 行业走势 300569.SZ 天能重工 增持 0.55 0.7 9.25 7.27 301155.SZ 海力风电 增持 2.18 3.47 23.18 14.56 电力设备及新能源 沪深300 603507.SH 振江股份 买入 2.01 2.76 15.88 11.56 2% 603606.SH 东方电缆 增持 1.97 2.46 24.45 19.58 -4% 605222.SH 起帆电缆 买入 1.76 2.28 10.85 8.37 -9% -15% 688349.SH 三一重能 增持 1.97 2.26 14.19 12.37 -20% 688676.SH 金盘科技 增持 1.82 2.51 32.58 23.63 -26% 资料 ...

证券研究报告 Q1华为手机国内份额重返第一，SK海力士25年 HBM产能售罄 ——电子元器件周报（0429-0512） 评级：强于大市（维持） 长城证券产业金融研究院 电子首席分析师：邹兰兰 执业证书编号： S1070518060001 时间：2024年5月12日 重点推荐公司盈利预测 ...

Investment Rating - The report upgrades the investment rating to "Buy" based on the expected growth in the company's performance and market position [5][12]. Core Views - The company achieved significant revenue growth in 2023, with a revenue of 1.251 billion yuan, representing a year-on-year increase of 199.9%. The net profit attributable to shareholders was -46 million yuan, improving by 74% year-on-year [1][2]. - In Q1 2024, the company reported a revenue of 426 million yuan, a year-on-year increase of 120.66%, and a net profit of 46 million yuan, marking a substantial turnaround from losses [1][2]. - The company is expanding its production capacity for conductive substrates, having achieved its 300,000-piece capacity target ahead of schedule, and is actively pursuing new customer contracts with major global semiconductor firms [5][2]. Financial Performance Summary - **2023 Financials**: Revenue reached 1,251 million yuan, with a gross margin of 15.81%, an increase of 21.56 percentage points year-on-year. The net profit margin improved significantly, reflecting a reduction in operating expenses [2][5]. - **2024 Projections**: Expected revenue for 2024 is projected at 2.3 billion yuan, with a net profit of 136 million yuan, indicating a growth rate of 397.7% compared to 2023 [1][5]. - **Earnings Per Share (EPS)**: The EPS is expected to improve from -0.11 yuan in 2023 to 0.32 yuan in 2024, reflecting the company's recovery and growth trajectory [1][8]. Capacity and Market Position - The company has successfully ramped up production capacity for conductive substrates, with significant contracts signed with leading firms in the power semiconductor sector, enhancing its market share to one of the top three globally [5][2]. - The company is implementing a stock incentive plan to attract and retain talent, which is expected to further support its growth objectives and operational stability [2][5].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company, which is a leader in the motor industry, emphasizing its strategic development across three growth curves [1]. Core Views - The company is focusing on stabilizing its motor business while rapidly advancing in the new energy sector and developing comprehensive system solutions involving motors, frequency converters, upper-level machines, sensors, and more. This strategy is expected to unlock significant market potential in the future [1]. - The projected net profits for the company from 2024 to 2026 are estimated to be 1.102 billion, 1.263 billion, and 1.542 billion yuan, respectively, with corresponding EPS of 0.84, 0.96, and 1.18 yuan, and PE ratios of 17.3, 15.1, and 12.4 times [1]. Financial Performance Summary - The company's revenue for 2023 is reported at 15.567 billion yuan, reflecting a year-on-year growth of 3.8%. The net profit attributable to the parent company is 530 million yuan, down 33.7% year-on-year [30]. - The industrial motor segment achieved revenue of 9.645 billion yuan in 2023, with a growth rate of 10.02% and a gross margin of 29.58%. The daily-use motor segment reported revenue of 3.111 billion yuan, down 3.99% year-on-year, with a gross margin of 16.59% [8]. - The overall profitability of the company showed a slight decline, with sales gross margin and net margin at 25.16% and 3.55%, respectively, reflecting a year-on-year change of +1.45 percentage points and -2.04 percentage points [8]. Market Dynamics - The company is positioned as a leader in the motor industry, with significant advancements in high-voltage drive solutions, new energy vehicle motors, and high-end household motors. The demand for industrial motors is expected to grow due to government initiatives promoting large-scale equipment updates [6]. - The company has also been expanding its overseas market presence, particularly in North America and Europe, which are key markets for electric tools [6]. Future Outlook - The company is expected to benefit from the ongoing development in the low-altitude economy and has made strides in the electric aviation sector, with successful collaborations and product developments [28]. - The report highlights the potential for growth in the new energy sector, particularly through the company's subsidiary, which has been securing multiple overseas orders [31].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][5] Core Views - The company experienced a slight decline in revenue in Q1 2024, with a year-on-year decrease of 9.82% and a quarter-on-quarter decrease of 10.75% [2][3] - The semiconductor market is under pressure, impacting the company's performance, but there is optimism for recovery in 2024 driven by advancements in IoT, 5G, and AI technologies [3][5] - The company is expanding its automotive and new energy sectors, with significant growth expected in power semiconductor products, particularly IGBT and SiC [5] Financial Summary - In 2023, the company reported revenue of 99.01 billion yuan, a year-on-year decrease of 1.59%, and a net profit of 1.479 billion yuan, down 43.48% [2][3] - The company's gross margin for 2023 was 32.22%, a decrease of 4.49 percentage points year-on-year, while the net margin fell to 14.53%, down 11.31 percentage points [3] - The forecast for 2024 indicates expected revenues of 109.38 billion yuan, with a projected net profit of 1.423 billion yuan [2][5] Product Development and Market Outlook - The company is focusing on its 12-inch production lines, which are expected to significantly boost revenue, with rapid ramp-up in production of MOSFET and IGBT products [3][5] - The automotive sector is showing positive trends, with the company’s automotive-grade products entering the supply chains of major car manufacturers [5] - The global electric vehicle market is projected to grow significantly, with a CAGR of approximately 17.80% from 2023 to 2030, providing a favorable environment for the company's growth in automotive electronics [5]