股 票 研 究 [table_NewStock] 证 券 研 究 报 告 新股精要—国内领先的印刷版材制造商强 邦新材 | --- | --- | --- | --- | |----------|------------------------|--------------------|--------------------------| | | [table_Authors] | | —— IPO 专题 | | | 王政之 ( 分析师 ) | 施怡昀 ( 分析师 ) | 王思琪 ( 分析师 ) | | | 021-38674944 | 021-38032690 | 021-38038671 | | | wangzhengzhi@gtjas.com | shiyiyun@gtjas.com | wangsiqi026737@gtjas.com | | 登记编号 | S0880517060002 | S0880522060002 | S0880524080007 | 本报告导读： 强邦新材（001279.SZ）是国内规模最大的印刷版材制造商之一，在柔性板材领域实 现技术突破，有望受益于行业需求及国产化率提升进 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——2024 年中秋假期数据点评 | --- | --- | --- | |----------|-------------------------------------|------------------------------| | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 庄子童 ( 分析师 ) | | | 021-38677706 | 021-38032683 | | | liuyuenan@gtjas.com | zhuangzitong026312@gtjas.com | | 登记编号 | S0880516030003 | S0880524070002 | 本报告导读： 中秋假期价显著超预期，私家车等非营运性客流继续向上拉动大盘，传统景区在台 风天气扰动下仍然延续高景气。 投资要点： [Table_Summary] 投资观点：继续重点推荐垂直 O2O+出海。①互联网龙头从单一追 求规模到重视 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——芯源微更新报告 [table_Authors] 舒迪(分析师) 文越(分析师) 021-38676666 shudi@gtjas.com 登记编号S0880521070002 | --- | --- | |------------------------|-------| | | | | | | | | | | | | | 021-38038032 | | | wenyue029694@gtjas.com | | | S0880524050001 | | 本报告导读： 公司发布半年度业绩报告，公司产品多点开花，受下游积极扩产，公司产品导入顺 利，订单高速增长，公司长期发展可期。 投资要点： 股票研究 /[Table_Date] 2024.09.19 新签订单高增，track、清洗、封装多点突破 芯源微(688037) 电子元器件 [Table_Industry] /信息科技 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.09.19 证 券 研 究 报 告 再现红利吸引力，煤炭或迎来拐点 [Table_Industry] 煤炭 [Table_Invest] 评级： 增持 上次评级: 增持 [table_Authors] 黄涛(分析师) 021-38674879 huangtao@gtjas.com 登记编号 S0880515090001 本报告导读： 煤炭旺季延续至今，基本面向上超市场预期；长端利率继续回落的情况下，预计煤 炭拐点已然不远，看好基本面超预期背景下煤炭板块年内第二波机会。 投资要点： [Table_Report] 相关报告 煤炭《再现红利吸引力，煤炭即将迎来向上突破 拐点》2024.09.17 煤炭《国君煤炭行业基本面数据库大全 20240914》2024.09.17 煤炭《日耗高位，煤价下行时点可能比预想的延 后》2024.09.09 煤炭《国君煤炭行业基本面数据库大全 20240908》2024.09.08 煤炭《业绩压力释放，迎接 9 ...

Investment Rating - The report maintains a positive outlook on the second-generation refrigerants and continues to favor the third-generation refrigerants due to ongoing policy trends [2]. Core Insights - The supply of second-generation refrigerants is expected to tighten as quotas are reduced, leading to potential price elasticity. The production quotas for HCFCs in 2025 will be 163,600 tons, representing a reduction of 67.5% and 73.2% from baseline values for production and usage respectively [1]. - The demand for R22 remains stable due to its performance and importance in the production of new fluorinated refrigerants and fluoropolymers. This stability, combined with supply constraints, suggests a potential for price increases [1]. - For third-generation refrigerants, the production quotas for HFCs in 2025 will remain the same as in 2024, indicating a strong demand in the market. The increase in domestic air conditioning, refrigeration, and automotive ownership will continue to drive demand [1]. - Refrigerant prices are currently stabilizing at high levels, with R22 priced at 30,500 RMB/ton and R134A at 32,500 RMB/ton as of September 14, 2024, showing varied monthly and quarterly changes [1]. Summary by Sections Second-Generation Refrigerants - The 2025 production quota for HCFCs is set at 163,600 tons, with significant reductions from previous years. The main varieties R22, R141b, and R142b will see reductions of 32,800 tons, 11,900 tons, and 6,000 tons respectively [1]. - Demand for R22 is stable, primarily in the maintenance market and new frequency air conditioning systems, suggesting a tight supply-demand balance that could lead to price increases [1]. Third-Generation Refrigerants - The 2025 production quota for HFCs is set at 18.53 million tons CO2, with an import quota of 1 million tons CO2, remaining unchanged from 2024. The increase in domestic and emerging market demand is expected to support the growth of this segment [1]. - The issuance of additional quotas for R32 indicates strong market demand and aims to optimize resource allocation without fundamentally altering the policy landscape [1]. Price Trends - As of September 14, 2024, the prices for various refrigerants are as follows: R22 at 30,500 RMB/ton, R134A at 32,500 RMB/ton, R125 at 29,000 RMB/ton, R32 at 34,500 RMB/ton, and R410A at 33,000 RMB/ton, with varying monthly and quarterly fluctuations [1].

股 票 研 究 [table_Authors] 鲍雁辛(分析师) 花健祎(分析师) 巫恺洋(研究助理) 0755-23976830 0755-23976858 0755-23976666 [Table_Report] 相关报告 baoyanxin@gtjas.com huajianyi@gtjas.com wukaiyang028675@gtjas.com 登记编号 S0880513070005 S0880521010001 S0880123070145 行 业 周 报 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.18 走向传统旺季，关注龙头竞争优势 [Table_Industry] 建材 [Table_Invest] 评级： 增持 上次评级: 增持 本报告导读： 逐步走向传统旺季，需求端有望迎来一定环比修复，关注龙头企业更突出表现。 投资要点： [Table_Summary] 水泥：本周(9.7-9.13)全国水泥市场价格环比上行，涨幅为 0.52%。 价格上涨地区为湖南、湖北、四川和甘肃，幅度 20-30 元/吨；价格 回落的区域是江苏和浙江，幅度 30 元/吨。九月中旬 ...

Industry Investment Rating - The report maintains an **Overweight** rating for the Communication Equipment and Services industry, consistent with the previous rating [2][3] Core Views - The **CIOE 2024** in Shenzhen showcased significant advancements in optical interconnect technologies, including **OCS**, **CPO**, **1.6T silicon photonics**, and **hollow-core fiber**, indicating rapid technological iteration [3][6] - **OCS (Optical Circuit Switching)**: Demonstrated by companies like **Accelink**, **Coherent**, and **Sanshiyuan**, OCS is gaining traction for its ability to reduce latency and deployment costs in cloud networks [3][6] - **CPO/OCI (Co-Packaged Optics/Optical Compute Interconnect)**: Companies like **Broadcom** and **Intel** highlighted the potential of integrating optical engines with ASICs and GPUs, leveraging silicon photonics for improved performance and power efficiency [3][6] - **1.6T Silicon Photonics**: Leading companies such as **InnoLight**, **Accelink**, and **HG Tech** showcased 1.6T modules with excellent performance metrics, including low bit error rates and extinction ratios [3][6] - **Hollow-Core Fiber**: This technology offers ultra-low latency and a significant increase in dense wavelength division multiplexing capacity, though challenges remain in terms of cost, maintenance, and current distance limitations (20km per segment) [3][6] Investment Recommendations - Focus on the investment value of **optical interconnect** driven by the global AI industry [3][6] - Balance investments between state-owned enterprises with stable growth and high dividends, and emerging opportunities in new business models [3][6] - Explore new connectivity themes such as **low-altitude economy**, **satellite communication**, and **vehicle communication**, which are in the early stages of development [3][6] - Monitor leading companies in sectors like **IoT** and **submarine cables**, which are poised for recovery and growth [3][6] Market Performance - The **communication sector** outperformed the broader market, with the **Shenwan Communication Index** rising **2.11%** last week, compared to a **2.23% decline** in the **CSI 300 Index** [7][10] - Within the communication sector, the **communication equipment sub-sector** rose **4.26%**, while the **communication services sub-sector** fell **1.86%** [10] - Top-performing stocks included **DaFu Technology** (+37.31%), **Dingxin Communication** (+21.45%), and **InnoLight** (+16.62%), while **Yitong Century** (-19.85%) and **Hengbao Co** (-17.40%) were among the worst performers [11][12] Key Companies and Valuations - **TFC Optical Communication (300394.SZ)**: Current price **76.81**, with a **Buy** rating and a forward PE of **31.64** for 2024 [16] - **Eoptolink (300502.SZ)**: Current price **100.33**, with a **Buy** rating and a forward PE of **41.43** for 2024 [16] - **Accelink (002281.SZ)**: Current price **26.72**, with a **Buy** rating and a forward PE of **27.23** for 2024 [17] - **ZTE (000063.SZ)**: Current price **23.54**, with a **Buy** rating and a forward PE of **14.37** for 2024 [17]

股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.19 | --- | --- | --- | |-----------------------|------------|------------------------------| | [Table_Invest] 评级： | | [Table_Industry] 海运 \n增持 | | | 上次评级 : | 增持 | 油价下跌运价回升，把握逆向布局时机 ——油运图鉴（第十四期） | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|--------------------|-------|-------|-------| | | | | | | | | | [table_Authors] 岳鑫 ( 分析师 ) | 尹嘉骐 ( 分析师 ) | | | | | | 0755-23976758 | 021-38038322 | | | | | | yuexin@gtjas.com | yinjiaqi ...

Investment Rating - The investment rating for the company is "Buy" [5][10][16] Core Views - The company achieved a 16.61% growth in net profit attributable to shareholders in the first half of 2024, driven by overseas business expansion and rapid growth in high-temperature alloy products [3][10] - The company is expected to continue its performance growth due to favorable conditions in downstream sectors such as aviation and energy [10][11] Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 1.729 billion yuan, an increase of 18.05%, and a net profit of 180 million yuan, up 16.61% [10] - The gross margin was 31.90%, up 3.23 percentage points, and the net margin was 14.74%, up 2.06 percentage points, marking the highest levels in three years [10] - Revenue from casting alloy products reached 1.242 billion yuan, growing 38.00%, with a gross margin of 34.50%, up 6.33 percentage points [10] Market Position and Opportunities - The company holds a leading position in the high-temperature alloy market, having developed over 90 types of deformed high-temperature alloys and over 10 types of powder high-temperature alloys, accounting for over 80% of the national market [10] - The company plans to raise up to 280 million yuan through a private placement to enhance liquidity and support production line upgrades, which will aid in capturing market opportunities [10] Future Projections - The company maintains an EPS forecast of 0.52, 0.59, and 0.69 yuan for 2024, 2025, and 2026 respectively, with a target price of 27.07 yuan based on a 52x PE ratio for 2024 [10][11] - Revenue projections for the next few years are 3.932 billion yuan in 2024, 4.554 billion yuan in 2025, and 5.295 billion yuan in 2026, reflecting a steady growth trajectory [11]

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [2] Core Viewpoints - The industry is gradually entering the traditional peak season, with expectations for a certain degree of month-on-month recovery in demand, particularly focusing on leading companies with competitive advantages [3][5] - The cement market has seen a week-on-week price increase of 0.52%, with price rises in regions such as Hunan, Hubei, Sichuan, and Gansu, while declines were noted in Jiangsu and Zhejiang [3][20] - Despite weak downstream demand, companies are actively raising prices to enhance profitability [3][20] Summary by Sections Cement Industry - The national cement market price increased by 0.52% during the week of September 7-13, with price increases of 20-30 CNY/ton in certain regions [3][20] - The demand recovery in the cement market is not meeting expectations due to a shortage of market funds and a significant reduction in new projects [3][20] - Key recommended cement companies include Conch Cement, Huaxin Cement, and China Resources Cement Technology [3][6] Glass Industry - The average price of float glass decreased to 1283.90 CNY/ton, down by 56.29 CNY, with overall demand failing to meet seasonal expectations [3][13] - The supply side remains stable, but the order demand from processing plants has decreased by 20%-40% [3][13] - Recommended companies in the glass sector include Xinyi Glass and Qibin Group, which have significant cost advantages [3][13] Glass Fiber Industry - The price of glass fiber has seen slight increases, with stable market conditions for non-alkali roving yarn [3][14] - The demand for electronic yarn remains weak, with no increase in orders from the PCB market [3][14] - Key recommended companies in the glass fiber sector include China Jushi and China National Building Material [3][14]