证券研究报告 | 行业周报 2024 年 04月 08日 风电周报（2024.4.1-2024.4.7） 风电下乡政策落地，推动构建分散式风电新格局 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2023(E) 2024E 2023(E) 2024E 300443.SZ 金雷股份 增持 1.54 2.09 14.22 10.48 行业走势 300569.SZ 天能重工 增持 0.38 0.55 13.71 9.47 301155.SZ 海力风电 增持 2.0 3.87 23.68 12.24 电力设备及新能源 沪深300 603507.SH 振江股份 买入 1.31 2.01 20.02 13.05 2% 603606.SH 东方电缆 增持 1.45(实际值) 1.97 29.40 22.58 -4% 605222.SH 起帆电缆 买入 1.01(实际值) 1.76 19.05 9.45 -10% -16% 688349.SH 三一重能 增持 1.52 1.97 18.64 14.38 -21% 688676.SH 金盘科技 增持 1.18(实际值) 1.82 30.32 2 ...

证券研究报告 | 公司动态点评 2024 年 04 月 08 日 盛弘股份（300693.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 1,503 | 2,651 | 3,812 | 5,044 | 6,256 | 股票信息 | | | 增长率 yoy （ % ） | 47.2 | 76.4 | 43.8 | 32.3 | 24.0 | | | | 归母净利润（百万元） | 224 | 403 | 555 | 747 | 951 | 行业 | 电力设备及新能源 | | 增长率 yoy （ % ） | 97.0 | 80.2 | 37.8 | 34.5 ...

证券研究报告 | 行业深度报告 2024 年 04月 09日 基础化工 PTA 生产技术持续迭代，行业集中度持续上升，静待行业回暖 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2023E 2024E 2023E 2024E 000703.SZ 恒逸石化 买入 0.1 0.32 66.2 20.0 行业走势 002493.SZ 荣盛石化 买入 0.18 0.75 59.9 14.4 600346.SH 恒力石化 买入 1.14 1.7 12.0 8.1 基础化工 沪深300 601233.SH 桐昆股份 买入 0.72 1.66 18.6 8.1 2% 资料来源：长城证券产业金融研究院 注：收盘价截至2024年3月28日 -4% -9% -15% 国内大型 PTA一体化生产装置在全球产业链中具有较强的竞争优势。精对苯 -21% 二甲酸（PTA）是生产聚酯产品和其他重要化工产品的原料，国内 PTA 装置 -27% 技术以英威达技术、日立技术、BP技术为主，其中英威达技术占比最高，国 -32% -38% 内多套装置采用了最新的英威达 P8++技术。我们认为，未来 PTA技术或仍 ...

证券研究报告 【长城公用&电新】本周（2.26-3.1） 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [4][11]. Core Views - The company has shown enhanced profitability and strong overseas demand, with a projected revenue growth from 3.32 billion yuan in 2023 to 5.28 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.3% [4][14]. - The net profit is expected to increase from 609 million yuan in 2023 to 969 million yuan in 2026, with a steady growth rate of around 15.2% [4][20]. - The company is focusing on high-end CNC machine tools and expanding its production capacity both domestically and internationally, with overseas revenue reaching 594 million yuan in 2023, a year-on-year increase of 76.06% [4][14]. Financial Summary - Revenue for 2022 was 3.18 billion yuan, with a year-on-year growth of 16.4%, while 2023 revenue is projected at 3.32 billion yuan, a growth of 4.6% [20]. - The gross profit margin improved to 29.94% in 2023, up 2.63 percentage points from the previous year, indicating strong market competitiveness despite a challenging environment [4][14]. - The company’s return on equity (ROE) is projected to remain robust at 26.4% in 2023, slightly increasing from 26.2% in 2022 [20]. Product Performance - The CNC gantry machining center reported a revenue of 1.70 billion yuan in 2023, a decline of 6.29% year-on-year, while the CNC horizontal machining center saw a significant increase in revenue by 48.30% to 492 million yuan [4][14]. - The CNC vertical machining center experienced a revenue drop of 5.34%, indicating mixed performance across product lines [4][14]. Market Outlook - The report highlights a favorable long-term outlook for the industry, driven by macroeconomic policies and the demand for equipment upgrades in various sectors [15][18]. - The company is actively innovating its product offerings to meet the high-speed processing needs of the electric vehicle industry, enhancing its competitive edge in the market [4][14].

证券研究报告 | 公司动态点评 2024 年 04 月 06 日 广电计量（002967.SZ） 减值拖累业绩，成本控制增强，深化多元化发展格局 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 2,604 | 2,889 | 3,412 | 3,925 | 4,425 | 股票信息 | | | 增长率 yoy （ % ） | 15.9 | 10.9 | 18.1 | 15.0 | 12.8 | | | | 归母净利润（百万元） | 184 | 199 | 332 | 405 | 506 | 行业 | 机械 | | 增长率 yoy （ % ） | 1.0 | 8.4 | 66.3 ...

证券研究报告 | 公司动态点评 2024 年 04月 07日 石头科技（688169.SH） 新品导航技术再升级，分红比例大幅提升 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 6,629 8,654 10,680 12,823 15,237 股票信息 增长率yoy（%） 13.6 30.5 23.4 20.1 18.8 归母净利润（百万元） 1,183 2,051 2,433 2,958 3,606 行业 机械 增长率yoy（%） -15.6 73.3 18.6 21.6 21.9 2024年4月3日收盘价（元） 337.94 ROE（%） 12.4 18.0 18.4 19.2 19.9 总市值（百万元） 44,431.50 EPS最新摊薄（元） 9.00 15.60 18.51 22.50 27.42 流通市值（百万元） 44,431.50 P/E（倍） 38.1 22.0 18.5 15.2 12.5 总股本（百万股） 131.48 P/B（倍） 4.7 4.0 3.4 2.9 2.5 流通股本（百万股） 131.48 资料来源：公司财报， ...

Investment Rating - The report assigns an "Overweight" rating to the transportation sector, with specific stock recommendations for various airlines and airports [1]. Core Insights - The report highlights a significant increase in public travel enthusiasm during the Qingming holiday, with a total of 740.39 million trips made, representing a 53.5% increase compared to the same period in 2023 and an 18.9% increase compared to 2019 [1]. - The recovery in domestic travel demand is evident, with rail and civil aviation passenger volumes exceeding both 2019 and 2023 levels, indicating a strong rebound in the sector [1]. - The report anticipates a three-year upward cycle in the aviation industry, with expected annual growth in performance, driven by the recovery of international travel and the operational efficiency of airlines [1]. Summary by Sections Transportation Sector Overview - The transportation sector saw a weekly increase of 1.99%, outperforming the CSI 300 index by 1.13 percentage points, with all sub-sectors showing positive growth [7]. - The shipping and port sector had the highest increase at 3.62%, followed by the railway and highway sector at 1.41% [7]. Airline and Airport Data - The report provides specific earnings per share (EPS) estimates for 2023 and 2024 for various airlines, with Shanghai Airport rated as "Buy" and others like Spring Airlines and China National Aviation rated as "Overweight" [1]. - The anticipated recovery in international passenger traffic is expected to enhance airport performance, particularly for major international hubs like Baiyun Airport [1]. Logistics and Freight Data - In February, the express delivery industry reported revenues of 75.97 billion yuan, a year-on-year decrease of 12.9%, with a total volume of 8.56 billion packages, down 15.6% [25]. - The report notes a significant increase in railway passenger volume in December, with a year-on-year increase of 192.39% [31]. Key Announcements - Guangzhou Port announced an expected container throughput of 2.123 million TEUs in March, a 6.1% year-on-year increase, and a total cargo throughput of 47.646 million tons, up 1.4% [23]. - The report mentions the launch of new international routes by airlines, including Spring Airlines and Juneyao Airlines, enhancing connectivity to Europe and other regions [20].

证券研究报告 | 行业周报 2024年 04月 05日 家电 4 月白电排产释放积极信号，关注年度业绩 ——家电 2024 年第 13 周周报 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2023E 2024E 2023E 2024E 002011.SZ 盾安环境 增持 0.65 0.84 19.42 15.02 家电 沪深300 002050.SZ 三花智控 增持 0.82 1.02 27.21 21.87 13% 600690.SH 海尔智家* 增持 1.76 2.04 11.94 12.92 8% 603868.SH 飞科电器* 增持 2.34 2.6 21.57 18.94 3% -2% 688007.SH 光峰科技 买入 0.39 0.57 51.03 34.91 -8% 688169.SH 石头科技* 买入 15.60 18.03 16.27 18.74 -13% 689009.SH 九号公司* 买入 8.29 11.59 35.76 25.30 -18% 资料来源：长城证券产业金融研究院，注：标*公司2023年EPS为实际值 -23% 2023-04 2023 ...

证券研究报告 | 公司动态点评 2024 年 03 月 28 日 24 年有望受益 PC 需求复苏，看好电磁屏蔽&绝缘材料业绩修复 事件：公司发布 2023 年年度报告，2023 年全年公司实现营业收入 2.65 亿元， 同比下降 29.51%；实现归母净利润 0.97 亿元，同比下降 42.70%；实现扣 非净利润 0.91 亿元，同比下降 44.10%。分季度看，2023 年 Q4 公司实现营 业收入 0.67 亿元，同比下降 11.65%，环比下降 4.98%；归母净利润 0.17 亿元，同比下降 51.87%，环比下降 37.16%；扣非净利润 0.15 亿元，同比 下降 52.65%，环比下降 42.51%。 越南工厂量产在即，海外交付能力有望提升：公司的优质客户包括富士康、 广达、仁宝、和硕、英业达、立讯精密、长盈精密、东山精密等知名消费电 子产品制造商，产品最终应用于苹果、惠普、华硕、戴尔等知名消费电子终 端品牌的产品上。为了更加贴近客户、更快速地响应客户需求，公司在昆山、 淮安、重庆已设立三个生产制造基地，辐射华东、西南地区，贴近客户集群； 2023 年，公司进一步加快全球布局的范围，在越南设 ...