行业半年度投资策略报告 品种表现分化,看好铜金组合 ――金属行业 2024 半年度投资策略报告 | 分析师: | SAC NO : | S1150523120001 | |----------------------|--------------|---------------------------------| | 证券分析师 | | | | 张珂 | 投资要点: | | | 022-23839062 | | | | zhangke@bhzq.com | 行业回顾 | | | 子行业评级 | | | | 钢铁 | | | | 有色金属 | | | | 重点品种推荐 | | | | 博威合金 | | 铜供需预期收紧,价格有望维持高位 | | 洛阳钼业 | | | | 中金黄金 | | | | 紫金矿业 | | | | 最近一年行业相对走势 | | | 2024 年 6 月 28 日 短期看,处于低位的铜矿冶炼费反映出铜矿供应偏紧,若下半年谈判的长协 | 加工费大幅回落,铜冶炼端供给有减产的可能;同时 | |--------------------------------------------------| ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment [5]. Core Insights - The company has evolved from a small local mining enterprise to a multinational mining group with over 30 large-scale mining resource development bases globally, ranking among the top ten in the world for copper and gold resources [2][13]. - The company is expected to benefit from strong copper and gold price forecasts, driven by supply constraints and increasing demand from emerging sectors such as electric vehicles [3]. - The company's growth is supported by technological innovation, efficient management, and strategic acquisitions, with projected annual production growth rates for copper, gold, zinc/lead, silver, lithium, and molybdenum expected to reach 8.94%, 9.08%, 4.12%, 9.55%, 146.86%, and 30.26% respectively from 2024 to 2028 [4]. Summary by Sections Company Overview - The company has a significant resource base, with proven and probable reserves of copper at 33.4 million tons, gold at 1,148.49 tons, zinc/lead at 469.92 million tons, silver at 1,863.89 tons, and lithium at 442.65 million tons as of December 31, 2023 [15][16]. Financial Performance - In Q1 2024, the company reported revenues of 74.78 billion yuan and a net profit attributable to shareholders of 6.26 billion yuan, reflecting a year-on-year change of -0.22% and +15.05% respectively [2]. Production and Growth Projections - The company is projected to achieve a net profit of 25.78 billion yuan in 2024, with earnings per share (EPS) expected to reach 0.97 yuan, corresponding to a price-to-earnings (PE) ratio of 17.42X [5]. Market Position and Competitive Advantage - The company is positioned as a leading player in the non-ferrous metals industry, with a strong focus on innovation and management practices that enhance its competitive edge in resource acquisition and production efficiency [4][5].

尊敬的各位投资者大家下午好感谢大家在百忙之中参加天津渤海化学股份有限公司2023年度业绩说明会我是本次会议的主持人天津渤海化学股份有限公司董事会秘书张瑶首先我代表公司感谢上海证券交易所上证路演中心为公司搭建的与投资者互动交流平台 希望通过本次业绩说明会能让广大投资者对公司更加了解更好的传递公司的发展理念和投资价值天津博爱化学股份有限公司已于2024年4月24日在上海证券交易所网站中国证券报上海证券报同时披露2023年度报告各位投资者可前往以上途径对公司报告内容进行详细了解 请允许我向各位介绍本次参加业绩说明会的两位公司管理层人员分别是公司董事长郭子敬先生财务总监李薇女士本次业绩会说明会分为四个部分第一部分为公司宣传片展示第二部分为公司董事长致辞第三部分为公司介绍与2023年度业绩说明 第四部分由公司管理层人员就投资者问题进行交流希望今天业绩说明会可以让大家更深层次的了解到渤海化学的经营情况发展规划和投资价值为加深广大投资者对渤海化学的了解请观看公司宣传片请大家一起走进渤海化学是什么 驱动我们勇往直前是什么促使我们不断创新我们惊怀绿色发展之梦共驻生态文明之际我们是深金渤海化学股份有限公司 天津渤海化学股份有限公 ...

尊敬的各位投资者大家下午好感谢大家在百忙之中参加天津渤海化学股份有限公司2023年度业绩说明会我是本次会议的主持人天津渤海化学股份有限公司董事会秘书张瑶首先我代表公司感谢上海证券交易所上证路演中心为公司搭建的与投资者互动交流平台 希望通过本次业绩说明会能让广大投资者对公司更加了解更好的传递公司的发展理念和投资价值天津博爱化学股份有限公司已于2024年4月24日在上海证券交易所网站中国证券报上海证券报同时披露2023年度报告各位投资者可前往以上途径对公司报告内容进行详细了解 请允许我向各位介绍本次参加业绩说明会的两位公司管理层人员分别是公司董事长郭子敬先生财务总监李薇女士本次业绩会说明会分为四个部分第一部分为公司宣传片展示第二部分为公司董事长致辞第三部分为公司介绍与2023年度业绩说明 第四部分由公司管理层人员就投资者问题进行交流希望今天业绩说明会可以让大家更深层次的了解到渤海化学的经营情况发展规划和投资价值为加深广大投资者对渤海化学的了解请观看公司宣传片请大家一起走进渤海化学是什么 驱逐我们勇往直前是什么促使我们不断创新我们惊怀绿色发展之梦共驻生态文明之际我们是天津渤海化学股份有限公司 天津渤海化学股份有限公 ...

行 业 行业半年度投资策略报告 [Table_MainInfo] 把握出海主线，寻高股息优质标的 ――2024 年轻工制造&纺织服饰半年度策略报告 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 6 月 28 日 [Table_Summary] 投资要点： 家居行业弱复苏，以旧换新或撬动存量需求 证 券 研 究 报 告 [Table_IndQuotePic] 最近一年行业相对走势 [Table_Contactor] | --- | --- | |--------------------------------|-------| | 子行业评级 | | | 家居用品 | 中性 | | 造纸 | 中性 | | 包装印刷 | 中性 | | 文娱用品 | 中性 | | 纺织制造 | 中性 | | 服装家纺 | 中性 | | 饰品 | 中性 | | [Table_StkSuggest]重点品种推荐 | | | 欧派家居 | 增持 | | 索菲亚 | 增持 | | 好太太 欧派家居 | 增持 | | 森马服饰 | 增持 | [Table_Author] 证券分析师 袁艺博 022-23839 ...

业 行业周报 CME 预估 6 月挖掘机销量约 1.60 万台,同比小幅增长 | | | | | ―― 机械设备行业周报 | |--------------------------------|----------------|----|----------------------------------|------------------------------------------------------------------| | 分析师: 宁前羽 | | | SAC NO : | S1150522070001 2024 年 6 月 26 日 | | 证券分析师 | | | | | | 宁前羽 | | | 投资要点 : | | | 022-23839174 | | | | | | ningqy@bhzq.com | | | 行业要闻 | | | | | 1) | 5 月我国工程机械进出口贸易额为 | 48.46 亿美元,同比增长 2.45% 。 | | 子行业评级 | | 2) | CME 预估 6 | 月挖掘机销量约 1.60 万台,同比小幅增长 。 | | 通用设备 | 看好 | | 公司重要 ...

业 行业月报 618 成交额同比+11%,家居、服装销售均有所受益 ――轻工制造&纺织服饰行业 7 月月报 | 分析师: 袁艺博 | | SAC NO : | |----------------------|------|--------------| | 证券分析师 | | | | 袁艺博 | | | | 022-23839135 | | | | yuanyb@bhzq.com | | | | 子行业评级 | | | | 家居用品 | 中性 | | | 造纸 | 中性 | | | 包装印刷 | 中性 | | | 文娱用品 | 中性 | | | 纺织制造 | 中性 | | | 服装家纺 | 中性 | | | 饰品 | 中性 | | | 月度股票池 | | | | 欧派家居 | 增持 | | | 索菲亚 | 增持 | | | 好太太 | 增持 | | | 探路者 | 增持 | | | 最近半年行业相对走势 | | | 投资要点: | 行业发展情况 | |-------------------------------------------------------------------------------| ...

行业周报 需求暂无明显改善,多数品种价格下行 ――金属行业周报 | 分析师: | 张珂 | SAC NO : | S1150523120001 | 2024 年 6 月 25 日 | |------------------------|-----------|------------------------------|--------------------|-------------------------------------------------------| | 证券分析师 | | [ 投资要点: Table_Summary] | | | | 张珂 | | | | | | 022-23839062 | | 行业情况及产品价格走势初判 | | | | zhangke@bhzq.com | | 钢铁: 5 | | | | | | | | | | 子行业评级 | | | | | | 钢铁 | 中性 | | | 5 月 | | 有色金属 | 看好 | 铜矿砂及其精矿进口量较 | 4 | 月略有回落,且不及去年同期,需求端表现一般; | | 重点品种推荐 | | 短期铜价或震荡调整。 | | | | 博威 ...

研 美国 5 月通胀回落,国内下游需求不佳 行业周报 ――金属行业周报 | 分析师: | 张珂 | S1150523120001 | 2024 年 6 月 18 日 | |------------------|----------|-----------------------------------------|-----------------------------------------------------| | 证券分析师 | | | | | 张珂 | | | | | 022-23839062 | | | | | zhangke@bhzq.com | | | | | | | | | | 子行业评级 钢铁 | 中性 | 口需求造成一定影响,后续钢价或继续承压。 | | | 有色金属 | 看好 | | | | 重点品种推荐 | | | | | 博威合金 | 增持 | | | | 洛阳钼业 | 增持 | | | | 中金黄金 | 增持 | | | | 锡业股份 | 增持 | | | | | | | 矿山产能正常释放,供应端维持宽松;下游需求表现一般,基 | 本面维持宽松下锂价或低位运行。 本周策略 ( ...

Company Overview - The company, originally established as Nanjing Estun Digital Technology Co Ltd in 2002, started with CNC systems for metal forming machine tools and has grown into a leading domestic industrial robot manufacturer [8] - It adheres to the "ALL Made by ESTUN" strategy, focusing on independent R&D of motion control and robot core technologies, and has developed a complete industrial chain covering automation core components, industrial robots, and intelligent manufacturing systems [8] - The company's business spans from automation core components and motion control systems to industrial robots and intelligent manufacturing systems, making it a leader in the domestic industrial robot sector [8] - The company's equity structure is concentrated, with the largest shareholder being Nanjing Pallet Technology Co Ltd, holding 29 31% of the shares, and the actual controller is Chairman Wu Bo, who directly holds 12 65% of the shares [9][39] Industry Background - The industrial robot industry is experiencing long-term growth due to favorable policies, with China accounting for half of the global market [2][56] - The global industrial robot installation scale is expected to grow steadily, with China's installation volume reaching 29 03 million units in 2022, making it the largest market globally [50][75] - The "machine replacement" trend remains a long-term development logic, driven by the gradual decline of China's manufacturing demographic dividend [66] - The demand for six-axis industrial robots is improving, and domestic manufacturers are accelerating their development [4][79] Company Analysis - The company's operating performance has been under pressure due to intensified industry competition, with revenue growing from 2 51 billion yuan in 2020 to 4 65 billion yuan in 2023, but net profit declining by 18 80% in 2023 [33] - In Q1 2024, the company's revenue improved, reaching 1 003 billion yuan, a year-on-year increase of 1 73%, but net profit fell by 84 83% [33][104] - The company's industrial robot and intelligent manufacturing system business grew rapidly, with revenue increasing by 26 50% in 2023, while the automation core component business grew steadily by 1 42% [48] - The company's order backlog is strong, with contract liabilities reaching 314 million yuan in Q1 2024, a year-on-year increase of 27 85%, and inventory increasing by 21 56% to 1 404 billion yuan [37] Financial Analysis - The company's R&D investment has been increasing, reaching 503 million yuan in 2023, with a compound annual growth rate of 35 10% over the past three years [101] - The company's gross margin declined to 31 93% in 2023, with the industrial robot and intelligent manufacturing system business gross margin dropping to 31 28%, and the automation core component business gross margin falling to 34 19% [98] - The company's operating efficiency has been under pressure, with accounts receivable turnover dropping to 3 27 times in 2023 and inventory turnover falling to 0 49 times in Q1 2024 [119] Valuation and Investment Recommendation - The company is valued at a 2024 PE of 55 84 times, with a neutral scenario forecast of revenue reaching 5 742 billion yuan in 2024 and net profit of 242 million yuan [110] - The report gives the company an "Overweight" rating, citing its leading position in the domestic industrial robot industry and its full industrial chain development strategy [110][135] Industry Trends - Global industrial robot installations are expected to grow, with 2023 installations projected to reach 590,000 units, and 2026 installations expected to exceed 700,000 units [50] - China remains the largest market for industrial robots, with significant room for growth in robot density, which was 392 robots per 10,000 workers in 2022, compared to 1,012 in South Korea [78] - Domestic manufacturers are accelerating their development, with the market share of domestic industrial robot manufacturers reaching 48 8% in Q1 2024, up 8 2 percentage points year-on-year [82]