证券研究报告 | 行业周报 2024 年 09 月 23 日 电力设备及新能源 持续促进技术创新，统筹推进氢能持续发展 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------- ...

| --- | --- | --- | --- | |--------------|-------|-------|-------| | | | | | | | | | | | 证券研究报告 | | | | | | | | | 核心观点 ◼ 短期季节性因素扰动修复，需求向好趋势渐显。（1）24年8月，中国太阳能电池组件合计出口额为24.4 亿美元，同比-27.6%，环比-5.7%，以infolink均价测算对应合计出口量为25.5GW，同比+22.6%，环比 +5.5%。欧洲市场逐步走出7-8月假期的影响，经销商、组件厂为冲刺下半年开始备货（8月出口荷兰光伏 组件约3.63GW，环比+5.19%）、亚洲市场整体增长潜力持续（阿联酋、沙特阿拉伯、巴基斯坦同比维持 高增，且单月GW级的出口规模有望稳定）。（2）逆变器方面，2024年8月国内出口总额8.61亿美元，同 比+24.91%，环比+9.51%；单月逆变器出口规模达528.76万台，同比+31.63%，环比+0.87%。欧洲市场出 口额表现显著回暖主要系乌克兰重建对于价值量较大的户储产品需求旺盛（8月逆变器出口欧洲地区 115.72万台，环比-1.53%， ...

证券研究报告 | 公司动态点评 2024 年 09 月 23 日 永和股份（605020.SH） 三代制冷剂渐入景气周期，关注公司含氟高分子材料板块成长性 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-----------|-------------|------------|------------|----------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 3,804 | 4,369 | 4,589 | 5,547 | 6,306 | | | | | | | | | | 股票信息 | | | 增长率 yoy （ % ） | 27.2 | 14.9 | 5.0 | 20.9 | 13.7 | 行业 | 基础化工 | | 归母净利润（百万元） ...

证券研究报告 | 行业周报 2024 年 09 月 22 日 煤炭 非电需求释放，动力煤价继续上涨 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|-------|-------|-------|--------|-------|-------| | | | | | | | | | | 股票 | 股票 | | 投资 | EPS | （元） | PE | | | 代码 | 名称 | | 评级 | 2024E | 2025E | 2024E | 2025E | | 600256.SH | 广汇能源 | | 买入 | 0.77 | 0.95 | 7.55 | 6.12 | | 600985.SH | 淮北矿业 | | 买入 | 2.27 | 2.47 | 6.1 | 5.6 | | 601088.SH | 中国神华 | | 增持 | 3.01 | 3.23 | 12.79 | 11.92 | | 601225.SH | 陕西煤业 | | 增持 | 2.21 | 2.25 | 10.63 | 10.44 | | 601 ...

证券研究报告 | 行业周报 2024 年 09 月 23 日 通信 鸿蒙 PC 即将落地，小鹏 AI 汽车 P7+亮相，持续看好相关产业投 资机会 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 300394.SZ | 天孚通信 | 买入 | 2.59 | 3.6 | 28.34 | 20.39 | | 301285.SZ | 鸿日达 | 买入 | 0.41 | 0.84 | 52.46 | 25.61 | | 600941.SH | 中国移动 | 买入 | 6.65 | 7.25 | 15.25 | 13.99 | | 601728.SH | 中国电信 | 买入 | 0.37 | 0.42 | 1 ...

证券研究报告 | 行业周报 2024 年 09 月 23 日 通信 鸿蒙 PC 即将落地，小鹏 AI 汽车 P7+亮相，持续看好相关产业投 资机会 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 300394.SZ | 天孚通信 | 买入 | 2.59 | 3.6 | 28.34 | 20.39 | | 301285.SZ | 鸿日达 | 买入 | 0.41 | 0.84 | 52.46 | 25.61 | | 600941.SH | 中国移动 | 买入 | 6.65 | 7.25 | 15.25 | 13.99 | | 601728.SH | 中国电信 | 买入 | 0.37 | 0.42 | 1 ...

证券研究报告 | 行业周报 2024 年 09 月 22 日 煤炭 非电需求释放，动力煤价继续上涨 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|-------|-------|-------|--------|-------|-------| | | | | | | | | | | 股票 | 股票 | | 投资 | EPS | （元） | PE | | | 代码 | 名称 | | 评级 | 2024E | 2025E | 2024E | 2025E | | 600256.SH | 广汇能源 | | 买入 | 0.77 | 0.95 | 7.55 | 6.12 | | 600985.SH | 淮北矿业 | | 买入 | 2.27 | 2.47 | 6.1 | 5.6 | | 601088.SH | 中国神华 | | 增持 | 3.01 | 3.23 | 12.79 | 11.92 | | 601225.SH | 陕西煤业 | | 增持 | 2.21 | 2.25 | 10.63 | 10.44 | | 601 ...

证券研究报告 | 公司动态点评 2024 年 09 月 22 日 妙可蓝多（600882.SH） 奶酪业务重回增长，品牌升级剑指全民消费 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|---------------------------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,830 | 4,049 | 4,859 | 5,733 | 6,536 | 股票信息 | | | 增长率 yoy （ % ） | 7.8 | -16.2 | 20.0 | 18.0 | 14.0 | | | | 归母净利润（百万元） | 138 | 63 | 151 | 187 | 245 | 行业 | 食 ...

证券研究报告 | 行业周报 2024 年 09 月 22 日 非银行金融 关注关税加征对市场风偏影响，继续聚焦券商并购重组 -非银周观 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [2][18]. Core Views - The company has experienced significant growth in both sales volume and price of gold products, which has enhanced profit margins. The first half of 2024 saw a 24.45% year-on-year increase in revenue and a 127.75% increase in net profit [3][11]. - The company's focus on technological advancements and cost control measures has contributed to its performance, with a notable increase in cash flow from operating activities [3][7]. - The company is actively engaged in resource exploration and development, which is expected to enhance its resource reserves and production capacity in the future [9][10]. Financial Summary - Revenue for 2024 is projected to be CNY 90.13 billion, with net profit expected to reach CNY 16.05 billion, translating to an EPS of CNY 0.96 [2][11]. - The company’s gross profit margin for the first half of 2024 was 39.50%, an increase of 7.64 percentage points compared to the same period in 2023 [3]. - The company’s return on equity (ROE) is projected to be 16.9% in 2024, reflecting strong profitability [2][14]. Operational Highlights - The company has made significant progress in its key mining projects, with the Jiulong Mining's expansion project expected to increase processing capacity by 150% [10]. - The company has implemented various cost-saving measures, resulting in a reduction of operational costs while maintaining production efficiency [7][10]. - The company is enhancing its exploration efforts, including partnerships with geological research institutions to improve resource identification and development [9].