Financial Data and Key Metrics - The global demand for power equipment is driven by four major factors: technological revolution (AI computing power), energy transition (wind, solar, and storage), industrialization (manufacturing and infrastructure), and grid upgrades [2] - The supply side is dominated by foreign giants like Siemens, Eaton, and ABB, with current production capacity fully utilized and order backlogs exceeding 2x revenue [2] - Domestic companies are entering the early stages of a major industry cycle, with overseas orders expected to exceed expectations in 2024, contributing to performance elasticity in 2025 [2] Business Line Data and Key Metrics - The demand elasticity for power equipment is highest in the US and Europe, followed by Asia, Africa, and Latin America [2] - High and medium voltage equipment, such as transformers and switches, show the highest demand elasticity, while low voltage equipment follows [2] - Domestic companies are expected to see a surge in overseas orders, particularly in the US and Europe, with significant growth in high-voltage equipment [2][24] Market Data and Key Metrics - The US market is the largest single overseas market, driven by energy transition, re-industrialization, grid investment, and technological revolution [8] - Europe's demand is driven by energy transition and grid investment, with growth second only to the US [13] - Other markets, such as the Middle East, Latin America, and Africa, are seeing growth due to manufacturing development and renewable energy adoption [15] Company Strategy and Industry Competition - Domestic companies are in the early stages of overseas expansion, with a focus on replacing foreign competitors in the power equipment market [2] - The industry is expected to see the emergence of platform-type companies with revenues in the range of 100-500 billion yuan, with a replacement cycle lasting 8-10 years [2] - Key domestic players include Jinpan Technology, Siyuan Electric, and Sanxing Medical, which are leading the charge in overseas markets [61] Management Commentary on Operating Environment and Future Prospects - The global power equipment market is entering a "super cycle," with demand driven by renewable energy, data centers, and grid upgrades [4] - The US and Europe are expected to see the highest growth, with supply constraints creating a "seller's market" [5] - Domestic companies are expected to benefit from the global demand surge, with significant growth in overseas orders and market share [2][61] Other Important Information - The global power equipment market is expected to see sustained growth, with renewable energy, data centers, and grid upgrades driving demand [19] - The US market is expected to see significant growth in grid investment, with annual investment reaching $12 billion by 2030 [48] - Domestic companies are expected to see significant growth in overseas markets, with a focus on high-voltage equipment and grid technology [2][24] Summary of Q&A Session - No specific Q&A session content was provided in the document [N/A]

证券研究报告 半导体设备行业2023年报&2024一季报总结： 国产设备龙头业绩高增；先进扩产&进口替代正当时 证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 研究助理：李文意 执业证书编号：S0600122080043 liwenyi@dwzq.com.cn ...

1IyAXHn3oUfXdX8ObP9PnPmMsQmQiNqQqNkPtRmO8OoPmPuOoPqMxNpPmQ ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 南昌发布燃气顺价办法洪城环境有望受益， 2024年 05月 20日 继续推水务燃气固废现金流资产 证券分析师 袁理 增持（维持） 执业证书：S0600511080001 021-60199782 [ Table_Tag] yuanl@dwzq.com.cn [投Ta资ble要_点Su mmary] 证券分析师 陈孜文  重点推荐：光大环境，兴蓉环境，洪城环境，美埃科技，九丰能源，龙净环 执业证书：S0600523070006 保，高能环境，景津装备，仕净科技，金宏气体，蓝天燃气，新奥股份，瀚 chenzw@dwzq.com.cn 蓝环境，宇通重工，赛恩斯，路德环境，盛剑环境，凯美特气，华特气体， 国林科技，金科环境，三联虹普，天壕能源，英科再生。  建议关注：军信股份，永兴股份，三峰环境，旺能环境，新天然气，昆仑能 行业走势 源，重庆水务，鹏鹞环保，再升科技，卓越新能。 环保 沪深300  南昌市发布天然气顺价实施办法，洪城环境燃气板块盈利稳定性有望增强。 2024/5/15，南昌市发布《管道天然气上下游价格联动机制的实施办法(征求 -1% -4% 意 ...

证券研究报告 汽车周观点： 5月第二周交强险同比+20.6%，看好汽车板块！ 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2024年5月20日 ...

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 电力设备海外需求持续旺盛，逆变器二季度 2024年 05月 13日 出货拐点确认 证券分析师 曾朵红 增持（维持） 执业证书：S0600516080001 021-60199793 [ [TT aa bb lel _e S_ uT ma mg a] r y] zengdh@dwzq.com.cn 投资要点 ◼ 电气设备6716上涨2.54%，表现强于大盘。风电涨3.75%，发电设备涨3.69%，锂电池涨2.94%， 证券分析师 阮巧燕 电气设备涨2.54%，光伏涨2.15%，核电涨1.96%，发电及电网涨1.24%,新能源汽车涨1.16%。涨幅 前五为湘潭电化、电科院、蓝海华腾、合纵科技、积成电子；跌幅前五为坚瑞沃能、易世达、首航 执业证书：S0600517120002 节能、ST天成、北汽蓝谷。 ◼ 行业层面：储能：4月储能市场招中标6.6/3.3GWh，同比减3/53%，1-4月储能招中标27.1/10.6GWh， 021-60199793 同比增14.9/+12%；美国：德州现货电价在5月8日7点前飙升至3000+美元/Wh，与前一晚32美元 ...

证券研究报告·行业研究·汽车与零部件 AI+汽车智能化系列之四—— FSD入华或加速车企淘汰赛进程 证券分析师：黄细里 执业证书编号：S0600520010001 联系邮箱： huangxl@dwzq.com.cn 联系电话：021-60199793 2024年5月13日 投资要点 ...

证券研究报告·宏观报告·宏观点评 宏观点评 20240514 拜登加征关税的“醉翁之意” 2024 年 05月 14日 [ [TT aa bb ll ee __ ST ua mg] m ary] ◼ 压力之下，拜登政府还是打出了“中国牌”，不过今天的“关税牌”充满了 证券分析师 陶川 平衡的艺术，其最终目的可能不在“钞票”、而在“选票”。我们在之前的 执业证书：S0600520050002 报告中也提及过，今年拜登连任之路充满坎坷，既要面临通胀的难题、健康 的质疑和市场的动荡，还得对线特朗普的舆论攻势，关税成为“祸水东引” taoch@dwzq.com.cn 的重要手段。 证券分析师 邵翔 执业证书：S0600523010001 这次加征关税的操作，规模是特朗普时期以来最小（180亿美元），而且经 过较充分的预期沟通、留有较充足的余地，征税的商品也是有的放矢、踩准 shaox@dwzq.com.cn 热点。而这略带“作秀”的成分背后，目的无疑是既想争取更多的选票，又 有效管控中美之间的分歧。对于中国而言，加征关税的直接影响是有限的， 相关研究 我们更应该关注的可能是美国“小院高墙”的承诺是否真的可靠。 《社融 ...

证券研究报告·行业研究·汽车与零部件 全球化专题之重卡： 海外有望再造一个国内市场 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 证券分析师 ：杨惠冰 执业证书编号：S0600523070004 ...

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 东吴证券（601555）公司年报点评 2024年05月07日 2023 年自营驱动业绩增长，24Q1 资管业务 表现亮眼 [Table_Summary] 投资要点：公司定位区域券商，区域债券承销占优。风控体系完善，业务 拓展全面，受益于长三角建设。维持“优于大市”评级，目标价8.61元。  【事件】东吴证券发布2023年度及2024Q1业绩：1）公司2023年全年实现营业 收入112.8亿元，同比+7.6%；归母净利润20.0亿元，同比+15.4%；对应EPS 0.40 元，ROE 5.2%，同比+0.5pct。第四季度实现营业收入32.4亿元，同比+83.5%，环 比+20.3%。归母净利润2.6亿元，同比-48.7%，环比-28.1%。2）公司2024年一季 度实现营业收入22.3亿元，同比-1.3%；归母净利润4.6亿元，同比-21.8%；对应 EPS 0.09元，ROE 1.14%，同比-0.37pct。  2023 年来经纪业务收入承压，两融市占率小幅提升。2023 年全市场日均股基交 易额9625亿元，同比-4.0%，两融余 ...