证券研究报告 | 公司动态点评 2024 年 09 月 09 日 巨化股份（600160.SH） 持续看好制冷剂进入景气周期，看好公司含氟精细化学品方面布局 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 21,489 | 20,655 | 24,192 | 27,257 | 30,195 | | 增长率 yoy （ % ） | 19.5 | -3.9 | 17.1 | 12.7 | 10.8 | | 归母净利润（百万元） | 2,381 | 944 | 2,518 | 3,467 | 4,532 | | 增长率 yoy （ % ） | 114.7 | -60.4 | 166.8 | 37.7 | 30.7 | | ROE （ % ） | 15.2 | 5.9 | 13.8 | 16.2 | 17.7 | | EPS 最 ...

Investment Rating - The report maintains a "Buy" rating for Lanxiao Technology (300487 SZ) [1] Core Views - Lanxiao Technology achieved significant growth in revenue and net profit in 1H24, with revenue reaching 1 295 billion yuan, a year-on-year increase of 28 50%, and net profit attributable to the parent company reaching 404 million yuan, a year-on-year increase of 16 79% [1] - The company's adsorption materials business remains the core growth driver, contributing 82% of total revenue with a gross margin of 51 00% in 1H24 [2] - Lanxiao Technology continues to lead in the salt lake lithium extraction market, with over 15 completed and ongoing projects, totaling nearly 100,000 tons of lithium carbonate/lithium hydroxide capacity [5] - The company's international strategy is progressing well, with overseas revenue reaching 352 million yuan in 1H24, a year-on-year increase of 56% [5] Financial Performance - The company's revenue is expected to grow from 3 149 billion yuan in 2024E to 4 726 billion yuan in 2026E, with a compound annual growth rate of 21 3% [1] - Net profit attributable to the parent company is projected to increase from 951 million yuan in 2024E to 1 463 billion yuan in 2026E, with a compound annual growth rate of 23 8% [1] - ROE is expected to improve from 22 9% in 2024E to 23 3% in 2026E, reflecting the company's strong profitability [1] Business Segments - The adsorption materials business achieved revenue of 974 million yuan in 1H24, with significant growth in life sciences (33%), metal resources (45%), and water treatment and purification (30%) [2] - The salt lake lithium extraction system equipment generated revenue of 99 million yuan in 1H24, a year-on-year increase of 8% [5] Capacity Expansion - The company's adsorption material production reached 31,600 tons in 1H24, a year-on-year increase of 27%, with sales reaching 30,800 tons, a year-on-year increase of 35% [4] - Lanxiao Technology plans to build 20,000 tons of high-end material capacity to meet the growing demand in high-end application markets [4] International Strategy - The company has established a South American R&D center in Argentina, serving as a strategic pivot for the "Lithium Triangle" region [5] - Lanxiao Technology actively engages in technical exchanges and customized solutions with clients in South and North America to promote project implementation [5] Valuation - The company's current P/E ratio is 23 7X for 2024E, expected to decrease to 15 4X by 2026E, indicating attractive valuation levels [6] - The P/B ratio is projected to decline from 5 7X in 2024E to 3 7X in 2026E, reflecting the company's strong asset base [1]

证券研究报告|公司动态点评 2024 年 09 月 09 日 阿科力（603722.SH） 聚醚胺行业景气度处于低位，看好 COC 产品产业化进程 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 713 | 537 | 568 | 972 | 1,184 | 股票信息 | | | 增长率 yoy （ % ） | -19.0 | -24.7 | 5.9 | 70.9 | 21.8 | | | | 归母净利润（百万元） | 120 | 24 | 35 | 126 | 195 | 行业 | 基础化工 | | 增长率 yoy （ % ） | 19.7 | -80.1 | 48.2 | ...

证券研究报告|行业周报 2024 年 09 月 10 日 电力及公用事业 行业周报（9.2-9.6）：绿证核发和交易规则出台，板块指数表现持 续回落 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|----------------------------------|---------------|---------------|------------------|------------|-------|-------|---------------------------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） | | 600163.SH | 中闽能源 | 增持 | 0.41 | 0.42 | 10.59 | 10.33 | | 行业走势 | | 600674.SH | 川投能源 | 增持 | 1.03 | 1.1 | 17.22 | ...

证券研究报告| 公司动态点评 2024 年 09 月 10 日 合盛硅业（603260.SH） 工业硅长期发展趋势向上，关注行业供需格局的变化 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 23,657 | 26,584 | 29,975 | 36,695 | 41,942 | | 增长率 yoy （ % ） | 10.6 | 12.4 | 12.8 | 22.4 | 14.3 | | 归母净利润（百万元） | 5,148 | 2,623 | 2,348 | 3,262 | 4,275 | | 增长率 yoy （ % ） | -37.4 | -49.1 | -10.5 | 39.0 | 31.1 | | ROE （ % ） | 21.4 | 8.0 | 6.9 | 9.0 | 10.8 | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the industry index by more than 15% in the next 6 months [11] Core Views - The company's profitability continues to recover, driven by rapid growth in overseas sales and cost reduction measures [2] - The company is making significant progress in electrification and globalization, with over 80 new energy products launched, including the SW956E electric loader and SY215E electric excavator [2] - Overseas revenue reached 23.542 billion yuan in H1 2024, accounting for 62.23% of total revenue, with a gross margin of 31.57% [2] - The company's core products, such as excavators, concrete machinery, and cranes, maintain leading market share and sales levels in the industry [2] Financial Performance - Revenue in H1 2024 was 38.738 billion yuan, a slight decrease of 1.95% YoY, while net profit attributable to shareholders increased by 4.80% YoY to 3.573 billion yuan [1] - Operating cash flow surged by 2204.61% YoY to 8.438 billion yuan in H1 2024 [1] - Q2 2024 revenue was 21.076 billion yuan, down 2.92% YoY but up 19.33% QoQ, with net profit increasing by 5.52% YoY and 26.11% QoQ to 1.993 billion yuan [2] - Gross margin and net margin in Q2 2024 were 28.32% and 9.61%, respectively, showing slight improvements both YoY and QoQ [2] Future Projections - Revenue is expected to grow from 77.981 billion yuan in 2024E to 102.861 billion yuan in 2026E, with a CAGR of 14.7% [1] - Net profit attributable to shareholders is projected to increase from 6.281 billion yuan in 2024E to 9.772 billion yuan in 2026E, with a CAGR of 24.7% [1] - ROE is forecasted to rise from 8.5% in 2024E to 11.4% in 2026E, while EPS is expected to grow from 0.74 yuan in 2024E to 1.15 yuan in 2026E [1] Product and Market Performance - Excavator sales in H1 2024 were 15.215 billion yuan, up 0.43% YoY, while concrete machinery sales declined by 5.22% YoY to 7.957 billion yuan [2] - Road machinery sales increased by 15.74% YoY to 1.578 billion yuan in H1 2024 [2] - The company's SW956E electric loader secured a large order of 200 units in Indonesia, marking a significant breakthrough in electric product exports [2] Global Expansion - The company's overseas factories, including the second phase of the Indonesia plant and the India and South Africa plants, are under construction or have completed expansion [2] - Overseas revenue growth is supported by the company's strong presence in international markets and its focus on product localization [2]

证券研究报告 | 公司动态点评 2024 年 09 月 09 日 白云电器（603861.SH） 电容持续领先，成套开关、变压器开拓奋进 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 3,465 | 4,330 | 5,442 | 6,155 | 6,690 | | | | 增长率 yoy （ % ） | -1.4 | 25.0 | 25.7 | 13.1 | 8.7 | 股票信息 | | | 归母净利润（百万元） | 36 | 110 | 185 | 257 | 320 | 行业 ...

证券研究报告 | 行业周报 2024 年 09 月 07 日 非银行金融 聚焦中美利差收窄、并购重组对券商板块的催化效应，保险中报提 振效应有望持续-非银周观点 本周市场受汇率持续企稳、美国降息乐观预期、北向资金波动等影响，成交 量有所波动萎缩，市场振幅有所加大，受国泰君安公告拟收购海通证券事件 影响，仍建议持续聚焦并购重组线。交易节奏层面而言，我们认为，中美利 差压力有望延续减缓趋势，或对证券行情等板块形成一定程度触发，国泰君 安公告发行股份收购海通证券，超出市场预期，未来可能央企层面的券商并 购重组节奏亦会加快，具备并购重组预期对板块的潜在影响可能胜率高些， 重点关注以首创证券、浙商证券、国联证券、中国银河等为代表个股；同时 从赔率角度，建议关注金融 IT 板块，建议重点关注财富趋势、同花顺等；互 金平台建议关注东方财富、指南针等。 保险业持续降本，关注寿险改革及基本面改善情况，保险板块受 2024 中报 业绩提振而有所走强，市场对于保险板块的担忧聚焦在长端利率。十年期国 债收益率持续跌破 2.40%，本周回落到 2.14%附近，美联储降息预期波动、 房地产从政策预期松绑走向了聚焦销售变化，保险板块受 2 ...

证券研究报告 | 行业周报 2024 年 09 月 07 日 非银行金融 聚焦中美利差收窄、并购重组对券商板块的催化效应，保险中报提 振效应有望持续-非银周观点 本周市场受汇率持续企稳、美国降息乐观预期、北向资金波动等影响，成交 量有所波动萎缩，市场振幅有所加大，受国泰君安公告拟收购海通证券事件 影响，仍建议持续聚焦并购重组线。交易节奏层面而言，我们认为，中美利 差压力有望延续减缓趋势，或对证券行情等板块形成一定程度触发，国泰君 安公告发行股份收购海通证券，超出市场预期，未来可能央企层面的券商并 购重组节奏亦会加快，具备并购重组预期对板块的潜在影响可能胜率高些， 重点关注以首创证券、浙商证券、国联证券、中国银河等为代表个股；同时 从赔率角度，建议关注金融 IT 板块，建议重点关注财富趋势、同花顺等；互 金平台建议关注东方财富、指南针等。 保险业持续降本，关注寿险改革及基本面改善情况，保险板块受 2024 中报 业绩提振而有所走强，市场对于保险板块的担忧聚焦在长端利率。十年期国 债收益率持续跌破 2.40%，本周回落到 2.14%附近，美联储降息预期波动、 房地产从政策预期松绑走向了聚焦销售变化，保险板块受 2 ...

证券研究报告 | 行业周报 2024 年 09 月 07 日 汽车 8 月乘用车零售环比+11%，特斯拉 FSD 有望 25Q1 入华 汽车 沪深300 -22% -17% -13% -8% -4% 1% 5% 10% 2023-09 2024-01 2024-05 2024-09 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 000625.SZ | 长安汽车 | 增持 | 0.94 | 1.27 | 12.82 | 9.49 | | 000887.SZ | 中鼎股份 | 增持 | 0.99 | 1.17 | 11.83 | 10.01 | | 002284.SZ | 亚太股份 | 增持 | 0. ...