PE 10/9/8 倍,维持"买入"评级。 司项目投产进度不及预期;电价波动风险。 证券研究报告|公司研究|公司点评 力,提升公司综合实力;预计公司2024~2026年归母净利18.98/21.63/24.62亿元,对应 2024~2026年 股市有风险 请务必阅读正文之后的免责声明部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航产融大 厦中航证券有限公司 公司网址：www.avicsec.com 联系电话：010-59219558 传真：010-59562637 中航证券研究所发布 [证券研究报告] 资料来源：iFinD，中航证券研究所 证券研究报告 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-------|-------|-------|-------|-------------------------------|-------|-- ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance met expectations, with a recovery in profitability. In 2023, the company reported revenue of 15.97 billion yuan, a year-on-year increase of 91.1%, and a net profit attributable to shareholders of 160 million yuan, up 142.2% year-on-year [1][1] - The company is experiencing a significant increase in N-TOPCon capacity, which is expected to stabilize profit margins while increasing sales volume [1] - The global photovoltaic market continues to grow, with the company's market share in N-TOPCon technology expected to rise from 30% in 2023 to 70% in 2024 [1][1] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 6.56 billion yuan, a year-on-year increase of 82.8%, but a net profit of 15 million yuan, down 90.5% year-on-year due to asset impairment losses of 190 million yuan [1] - For Q1 2024, the company achieved revenue of 2.95 billion yuan, a year-on-year increase of 90.0%, with a net profit of 20 million yuan, up 60.0% quarter-on-quarter [1] - As of the end of Q1 2024, the company's contract liabilities reached 1.1 billion yuan, significantly up from 730 million yuan at the end of 2023 [1] Market Trends - The global photovoltaic installation is expected to continue its high growth, with 390 GW of new installations in 2023, a year-on-year increase of 69.6%. The Chinese market contributed significantly, with 216.3 GW of new installations, up 147.5% year-on-year [1] - The company is actively transitioning to N-TOPCon technology, which is becoming an irreversible trend in the photovoltaic industry, as evidenced by the closure of approximately 50 GW of P-type capacity by the end of 2023 [1] Strategic Initiatives - The company has returned to the top ten in global photovoltaic module shipments, with a total shipment of 16.4 GW in 2023, a year-on-year increase of 147.4% [1] - The company is also adjusting its energy storage business strategy, with a target of reaching 2.5 GWh of energy storage container assembly line production by mid-2024 [1] - The company has revised its net profit forecasts for 2024-2026 to 290 million, 440 million, and 570 million yuan, respectively, corresponding to PE ratios of 49, 32, and 25 times [1]

Investment Rating - The investment rating for the company is "Buy" [2][22]. Core Views - The company is expected to benefit from the recovery of the general manufacturing industry and its diversified layout will drive growth [2]. - In 2023, the company achieved revenue of 2.66 billion yuan, a year-on-year decline of 1.35%, and a net profit attributable to the parent company of 396 million yuan, down 4.44% year-on-year [2]. - The company’s sales volume of reducers reached approximately 654,500 units in 2023, an increase of about 7.64% year-on-year, outperforming the industry growth rate [2]. - The company’s gross margin was under pressure due to price wars, with a gross margin of 26.01% in 2023, down 0.73 percentage points year-on-year [2]. - The company is actively expanding its product portfolio, particularly in specialized reducers, and has made significant progress in various downstream sectors [2]. Financial Data Summary - In 2024, the company is projected to achieve revenues of 3.03 billion yuan, 3.50 billion yuan in 2025, and 3.99 billion yuan in 2026, with net profits of 466 million yuan, 545 million yuan, and 631 million yuan respectively [5][22]. - The current price-to-earnings ratio is projected to be 21X for 2024, 18X for 2025, and 16X for 2026 [2][5]. - The company’s net asset return rate (ROE) is expected to improve gradually, reaching 12.90% by 2026 [5][22].

最近的各位领导大家晚上好我是国防证券的军工首席飞行师孟昌杰北州中国三十分话呢又给大家回报一下中黄西飞的这个个股深度啊居民用大中型飞机的主机龙头研究能力的话呢改善可期那最近市场对这个C919大型飞机的关注还是比较高的那么公司作为我们国家C919大型客机以及多种支线客机最大的集体供应商之一啊那我们觉得呢都非常大可以去重点去关注 公司的话同时也是我们国家主要的大中型的运输机轰炸机和自动飞机的主机厂同时也是在国外很多民机飞机的重要的零部件的供应商它的配件价值的话我们觉得这个位置大家还是要有点关注的我们来汇报一下它的核心逻辑首先的话是营收端 那公司在军用领域的布局战略地位是非常明确的我们认为是有望持续受益于军机的升级换代和川普计划发展的那运输机的话大家都了解哈它是空中作战的这个力量的这个倍增器那像这个U20的话呢也填补了大型运输机的这个空白那么公司作为这个总承包商啊在全国实行大范围的这个联合的协作生产像运输机的话呢大家也比较熟悉哈 它是我们国家比较典型的由闪飞去研制的运输机平台那也是我们国家的这个空警200和空警500的这个改装平台同时像轰炸机大家也知道它是空中重要的力量的一个活力量来源从美国的这个轰炸机的来看的话它在 ...

Summary of Conference Call Company and Industry - The discussion revolves around the aerospace and defense industry, specifically focusing on AVIC Xi'an Aircraft Industrial Group (中航西飞) as a leading supplier of large and medium-sized aircraft engines in China [1]. Core Points and Arguments - The market has shown significant interest in the C919 large passenger aircraft, which is a key project for the company [1]. - AVIC Xi'an is recognized as one of the largest collective suppliers for the C919 and various regional passenger aircraft, indicating its critical role in the domestic aerospace sector [1]. - There is an expectation for improvement in the company's research capabilities, which could enhance its market position [1]. Other Important Content - The emphasis on the C919 project highlights the strategic importance of this aircraft in the context of China's aviation industry and its potential impact on the company's future performance [1].

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作者 报告摘要 2024年05月11 证券研究报告|策略研究|策略点评 核心观点: � 政策面,新"国九条"加大退市监管、强化分红等政策或将引导大 盘风格持续占优。近期随 A 股年报披露已结束,新国九条加强退市 监管于近期密集落地。仅5月6日一天,近50家公司因业绩治理 等问题被实施风险警示。大盘风格在当前政策背景和经济环境下保 持优势，有望继续主导市场。 黄忠云 SAC 执业证书: S0640515120001 联系电话:010-59562478 邮箱:wangyx@avicsec.co 王警仪 研究助理 SAC 执业证书: S0640123090015 联系电话: 相关研究报告 中航策略周报:《乘势而上,市场或迎来新 一轮走强》 中航策略周报:《从基金持仓观察Q1 偏好— —高股息和有色受追捧》 中航策略周报：《新"国九条"推动下，哪 些行业分红率有望持续提升》 中航策略周报：《当下黄金应该如何判断》 市场走势: 股市有风险 入市需通慎 证券研究报告 年以来高点。二是 2025 年与 2027 年目标明确，对未来几年军工 行业的需求形成明确约束和指引。 ◆ 关注核心资产、顺周期板块，政治局会议对房地产领域 ...

主要数据 上证指数 3154.5472 沪深300 3666.2771 深证成指 9731.2375 2024年05月12日 证券研究报告|宏观研究|宏观点评 4 月通胀温和修复，社融受多因素影响不及预期 2024年5月6日-5月12日周报 多因素致 4月社融不及预期 2024年4月社会融资规模总量减少 1987亿元,不及市场预期的新增1.01万亿元, 是继 2005年 10月之后,社融第二次出现负增长现象。2024年4月社融存量增速+8.3%, 前值+8.7%,低于市场预期的+8.7%。 我们认为,4月社融数据出现罕见的单月总量规模缩减,是多种因素共同作用的结 果: 其一,年初以来政府财政扩张速度偏慢和化债影响下,城投债融资和政府债融资较 弱,带动 4 月企业债券和政府债融资分别同比下滑2447 亿元和 5532 亿元,对新增社 融形成较大的拖累。城投债方面,今年4月城投债发行 3628 亿元,去年 4 月为5068 亿 元,今年前 4月城投债发行 1.55万亿元,去年前 4月为 1.82万亿元。地方政府专项债 方面，今年４月地方政府新增专项债仅发行 883 亿元，去年 4 月发行 2648 亿元，今年 前 ...

◆ 朗源股份 雪榕生物 绿康生化 双塔食品 华绿生物 涨幅前五 57.3% 31.2% 23.2% 18.1% 16.8% ST天邦 *ST天山 驱动力 *ST傲农 *ST佳沃 跌幅前五 -21.8% -9.1% -6.3% -4.9% -3.7% ◆ ◆ ...

公司网址:www.avicsec.com 中航证券研究所发布 证券研究报告 公司将铸造高温合金和轻质合金整合进入子公司河北德凯,优势互补, 承接了多家主机厂和设计所多种新产品的研发任务。2023年，河北德凯实 现营业收入(10.54 亿元，+10.14%)，净利润(1.47 亿元，-9.26%)，营收实 现平稳增长，净利润略有下滑。 控股子公司青岛新力通主要生产石化、冶金、玻璃、热处理等行业所用 的裂解炉炉管和转化炉炉管、连续退火线(连续镀锌线)炉和辐射管、玻璃输 送辊、耐高温耐磨铸件等产品，广泛用于石油化工和冶金行业。2023年， 青岛新力通营业收入(12.01 亿元，+39.33%)，实现快速增长，净利润(1.81 亿元，+254.90%)，增速迅猛。 关于 2024 年度日常关联交易，公司预计采购类交易为 2.75 亿元，相 较于 2023 年实际发生额同比增长 137.75%；销售类交易为 0.45 亿元，相 较于 2023 年实际发生额同比增长 87.19%； 1铸造高温合金和轻质合金 2024年05月07日 证券研究报告 公司研究|军工公司点评 | --- | --- | --- | |----- ...