2024年9月18日湘财证券研究所 氟化工行业事件点评 证券研究报告 行业研究 制冷剂 $$2 0 2 5$$ 年配额方案征求意见稿出台 相关研究： | --- | --- | |-------------------------------|----------------------| | | | | | | | | | | 1. 《2024 | 年度第三代制冷剂配额 | | 发 放 ， 主 流 | 中 度 高 》 | | 2024.1.16 | | | 2. 《第三代制冷剂景气度有望上 | | | 行，含氟高分子材料、含氟精细 | | 2023.11.20 近十二个月行业表现 | --- | --- | --- | --- | |----------|--------|--------|---------| | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -4.4 | -14.9 | -8.0 | | 绝对收益 | -9.6 | -25.3 | -23.4 | 分析师：顾华昊 证书编号：S0500523080001 Tel： $$( 8 ...

% 1 个月 3 个月 12 个月 相对收益 -2.7 15.5 44.1 绝对收益 -7.9 5.1 28.7 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 13 日 湘财证券研究所 公司研究 惠泰医疗（688617.SH）首次覆盖 电生理业务高速增长，海内外业绩持续向好 核心要点： 公司评级：增持（首次覆盖） 近十二个月公司表现 -20% 0% 20% 40% 60% 惠泰医疗 沪深300 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 ❑ 2024 年 H1 业绩稳健增长 2024 年上半年，公司实现营业收入 10.01 亿元，较上年同期增长 27.03%； 实现归属于上市公司股东的净利润 3.43 亿元，较上年同期增长 33.09%；归 属于上市公司股东的扣除非经常性损益的净利润 3.28 亿元，较上年同期增 长 35.20%。2024H1 销售毛利率约 72.75%，销售净利率约 33.77%。公司业 绩稳健，连续 ...

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights - The recent release of the "New National Ten Articles" by the State Council emphasizes high-quality development in the insurance industry, focusing on strong regulation, risk prevention, and enhancing the industry's role as an economic stabilizer and social stabilizer [2][4] - The framework aims for a high-quality development of the insurance industry by 2029, with a comprehensive market system and diverse products and services by 2035 [2] - The new guidelines stress the importance of regulatory measures and risk prevention, enhancing the internal motivation for high-quality development within the industry [2] Summary by Sections Regulatory Focus - The new guidelines highlight strict regulation and risk prevention, addressing market access, institutional supervision, and the rectification of illegal activities [2] - Emphasis on asset-liability linkage regulation and improving interest rate transmission mechanisms to prevent asset-liability mismatches and interest margin losses [2] Development Goals - By 2029, the insurance industry aims to have a stable coverage expansion, comprehensive protection, and robust governance [2] - By 2035, the goal is to establish a complete market system with strong international competitiveness [2] Market Opportunities - The guidelines support the development of third-pillar pension insurance and commercial pension products to address aging trends and social security gaps [2] - There is a focus on aligning insurance services with national priorities such as the "Belt and Road" initiative and supporting technological innovation [2] Performance Outlook - The insurance sector has maintained a growth trend in premium income, with savings-type life insurance products gaining relative advantages following recent bank deposit rate cuts [4] - The expectation for improved asset-side returns is supported by favorable capital market policies [4]

证券研究报告 2024 年 09 月 13 日 湘财证券研究所 行业研究 中药行业事件点评 安徽省中成药集采征求意见稿发布，规则细化、涵盖面较广 相关研究： 事件： 1. 《进入业绩密集披露期，短期 关注中报业绩》 20240827 2. 《中药业绩继续显现承压， OTC及品牌中药表现较好》 20240911 行业评级：增持（维持） 近十二个月行业表现 沪博300 展计 申药 展计 | --- | --- | --- | --- | |----------|----------|----------|-----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -2 | -3 | | 绝对收益 | -5 | -11 | -18 | | | | | | 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 2024 年 9 月 9 日，黄山市医保局发布关于征求《安徽省 2024 年度中成药集中 带 ...

证券研究报告 2024 年 9 月 13 日 湘财证券研究所 1.《AI端侧落地加速，消费电子 步入新一轮创新周期》 2024.09.06 2.《上半年净利润增长57.89% 域控和HUD收入实现大幅增 长》 2024.08.28 3.《世界机器人大会召开闭幕， 人形机器人汽车工业应用取得进 展》 2024.08.27 消费电子(申万) 沪深300 % 1 个月 3 个月 12 个月 相对收益 3.18 5.58 10.81 绝对收益 -1.83 -5.28 -5.18 注：相对收益与沪深 300 相比 行业研究 消费电子行业点评报告 苹果发布 iPhone16 系列，AI 功能 10 月将推出 相关研究： 行业评级：增持 近十二个月行业表现 -30.00% -20.00% -10.00% 0.00% 10.00% 20.00% 23-0923-1023-1123-1224-0124-0224-0324-0424-0524-0624-0724-0824-09 联系人：李杰 证书编号：S0500521070001 Tel：(8621) 50293525 Email：lijie5@xcsc.com 地址：上海市浦 ...

证券研究报告 2024 年 09 月 12 日 湘财证券研究所 行业研究 事件点评 8 月我国挖机开工小时数为 93.0 小时，同比增长 3.3% | --- | |-----------------------------------------------------------------------| | | | | | 相关研究： | | | | 1 《 . 20240807 湘财证券 - 机械行业： 7 月我国挖机销量同比增长 8.6% | | 装载机电动化率持续提升》 | | 2. 《 20240910 湘财证券 - 机械行 | | 业： 8 月我国挖机销量同比增长 | | 11.8% ，增速继续回升》 | 行业评级：增持（维持） 近十二个月行业表现 -30% -25% -20% -15% -10% -5% 0% 机械设备(申万) 沪深300 | --- | --- | --- | --- | |---------------|--------------------|----------|------------------| | | | | | | | | | | | 23/09 23/11 ...

证券研究报告 2024 年 9 月 13 日 湘财证券研究所 行业研究 食品及饲料添加剂行业 三氯蔗糖价格触底回升，近期供给预计大幅收缩 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.1 -8.3 -5.7 绝对收益 -7.8 -18.8 -21.3 注：相对收益与沪深 300 相比 分析师：顾华昊 证书编号：S0500523080001 Tel：(8621)50293561 Email：ghh07400@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 人工合成甜味剂，如糖精、甜蜜素、阿斯巴甜、安赛蜜、三氯蔗糖等，这 些甜味剂的甜度远超蔗糖，且几乎不提供热量，广泛应用于饮料、糖果、 烘焙食品等。三氯蔗糖是第五代人工合成甜味剂，具备口味纯正、安全性 高等多项优点，是相对较理想的强力甜味剂。 近期三氯蔗糖价格触底回升。不堪前期亏损的压力，2024 年 8 月底以来， 三氯蔗糖生产企业多次发布涨价函，三氯蔗糖价格明显回升。截至 2024 年 9 月 11 日，三氯蔗糖价格 20 万元/吨，相较于 7 月的低点上涨 100%，盈利 能力快速 ...

证券研究报告 2024 年 09 月 09 日 湘财证券研究所 行业研究 煤炭行业深度报告 疆煤开采潜力巨大，外运竞争力逐步体现 | --- | --- | |-------------------------------|------------| | | | | | | | 相关研究： | | | | | | 1. 《电厂去库持续，动力煤仍有 | | | 支撑》 | 2024.08.12 | | 2. 《电厂日耗见顶，煤价震荡下 | | | 行》 2024.08.28 | | 行业评级：增持（维持） 近十二个月行业表现 -10% 0% 10% 20% 30% 40% 煤炭(申万) 沪深300 -24% -18% -12% -6% 0% 6% 12% | --- | --- | --- | --- | --- | |----------|-------|--------------------|----------|------------| | | | | | | | | | | | | | % | | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | 22 | 40 | 25 | | 绝 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][25]. Core Views - The company signed an important contract worth approximately 900 million RMB (including tax) with a leading overseas photovoltaic enterprise, which is expected to positively impact future performance [2]. - In the first half of 2024, the company achieved a revenue of approximately 4.42 billion RMB, a year-on-year increase of 75.5%, and a net profit of approximately 770 million RMB, a year-on-year increase of 47.2% [3]. - The domestic photovoltaic industry is facing overcapacity, but the company is expected to maintain growth through new cost-effective equipment and upgrades to existing equipment [5][25]. Financial Performance - For the first half of 2024, the company reported a revenue of approximately 44.2 billion RMB, a year-on-year increase of 75.5%, and a net profit of approximately 7.7 billion RMB, a year-on-year increase of 47.2% [3]. - The company expects revenues for 2024-2026 to be 98.0 billion, 124.5 billion, and 150.7 billion RMB, with year-on-year growth rates of 55.5%, 27.1%, and 21.0% respectively [5][10]. - The average gross margin for the first half of 2024 was approximately 33.8%, a decrease of 2.8 percentage points year-on-year [3]. Market Trends - The report highlights a significant trend of localizing photovoltaic manufacturing overseas due to international trade tensions, which is leading to increased demand for equipment from Chinese manufacturers [4]. - The company is positioned to benefit from this trend, as evidenced by the recent contract with an overseas photovoltaic leader [4][5]. Future Outlook - The company is expected to continue its growth trajectory by launching new equipment and expanding its semiconductor testing equipment business, alongside increasing overseas orders [5][25]. - The projected net profit for 2024-2026 is expected to be 17.1 billion, 23.7 billion, and 30.7 billion RMB, with year-on-year growth rates of 36.5%, 38.7%, and 29.3% respectively [5][10].

证券研究报告 2024 年 9 月 11 日 湘财证券研究所 行业研究 电力行业月度策略 7 月全国最大用电负荷创新高，关注水电利用小时高增幅 | --- | --- | |--------------------------------|------------| | | | | | | | 相关研究： | | | | | | 《 6 月全社会用电量同比增长 | 5.83% ，电 | | 网投资进一步加快》 | 2024.08.02 | | 《电改深化，电力资产价值重估》 | | | | 2024.06.21 | 行业评级：增持 近十二个月行业表现 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|--------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | ...