股 票 研 究 | | | | | | 环保 | |------------------------------------|--------------------|-----------------------|--------------------------------------|------------|------------| | 2024.06.25 | | | 评级: | | 增持 | | | | | | 上次评级 : | 增持 | | | | | 细分行业评级 | | | | [table_Authors 徐强 ] ( 分析师 ) | 邵潇 ( 分析师 ) | 于歆 ( 分析师 ) | | | | | 010-83939805 | 0755-23976520 | 021-38038345 | | | | | xuqiang@gtjas.com | shaoxiao@gtjas.com | yuxin024466@gtjas.com | 相关报告 | | | | 登记编号 S0880517040002 | S0880517070004 | S0880523050005 | 环保《节能降碳 ...

Investment Rating - The report maintains a "Buy" rating for the company [22][24]. Core Views - The report highlights that the company's sales performance is strong and the long-term growth trend remains intact, with EPS forecasts for 2024, 2025, and 2026 set at 2.43, 3.08, and 3.64 CNY respectively. The target price has been raised to 56.02 CNY from the previous 54.21 CNY, based on a PE ratio of 23.04 for 2024 [7][24]. - In May, China's lubricant additive exports increased year-on-year, continuing the long-term import substitution trend. The report notes that in May 2024, lubricant additive exports reached 20,400 tons, up 35.58% year-on-year, while the average export price was 19,900 CNY/ton, down 9.93% year-on-year [7][24]. - The company is expanding its overseas market presence, competing with well-known foreign companies by offering high-cost performance products and services [7][24]. Financial Summary - The company reported total revenue of 2,816 million CNY in 2023, with a projected increase to 3,357 million CNY in 2024, representing a year-on-year growth of 19.2%. Net profit attributable to the parent company is expected to rise from 606 million CNY in 2023 to 709 million CNY in 2024, reflecting a growth of 17.0% [25]. - The gross profit margin for Q1 2024 was reported at 35.50%, with a net profit margin of 21.50%, indicating stable profitability [7][24]. - The company's total assets are projected to grow from 3,779 million CNY in 2023 to 3,975 million CNY in 2024, while total liabilities are expected to remain relatively stable [9][25].

北约军费创新高,俄朝关系持续升温 军工行业周报 | [table_Authors | 彭磊 ] ( 分析师 ) | 黄龙 ( 研究助理 ) | | |------------------|-------------------------|---------------------------|----| | | 010-83939806 | 021-38031028 | | | | penglei018712@gtjas.com | huanglong028685@gtjas.com | | | 登记编号 | S0880518100003 | S0880123070154 | | 本报告导读: 军工板块回调,登陆舰编队南海实战化训练。北约军费创新高,俄朝关系持续升温。 大国博弈加剧是长期趋势,军工长期向好。 军工 2024.06.24 评级: 增持 上次评级: 增持 细分行业评级 | | | |---------------------------------------|------------| | 军工《万吨大驱南海训练,俄舰古巴联合军 | | | 演 | 军工行业周 | | 报》 | | | | 2 ...

| | | | | | 家用电器业 | |--------------------------------------|-------------------------------|----------------------|--------------------|------------------------|--------------| | 2024.06.23 | | | 评级: | | 增持 | | 618 | | | | 上次评级 : | 增持 | | | —— 2024W25 | 家电行业周报 | 细分行业评级 | | | | [table_Authors 蔡雯娟 ] ( 分析师 ) | 田平川 ( 研究助理 ) | 谢丛睿 ( 分析师 ) | | | | | 021-38031654 | 021-38676666 | 021-38038437 | | | | | caiwenjuan024354@gtjas.com | tianpingchuan026740@gtjas.com | xiecongrui@gtjas.com | 相关报告 | | | | 登记编号 S0880521050 ...

| | | | | | 家用电器业 | |--------------------------------------|-------------------------------|--------------------|--------------------|------------------------|--------------| | 2024.06.23 | | | 评级: | | 增持 | | | | | | 上次评级 : | 增持 | | | —— 2024W25 | 家电行业数据周报 | 细分行业评级 | | | | [table_Authors 蔡雯娟 ] ( 分析师 ) | 田平川 ( 研究助理 ) | 樊夏俐 ( 分析师 ) | | | | | 021-38031654 | 021-38676666 | 021-38676666 | | | | | caiwenjuan024354@gtjas.com | tianpingchuan026740@gtjas.com | fanxiali@gtjas.com | 相关报告 | | | | 登记编号 S0880521050002 | ...

| | | | | 新兴能源 | |----------------------------------------------------|------------------------------------------------------------------------|--------------------------------------|------------|------------| | 2024.06.24 | | 评级: | | 增持 | | | 海风增长全球共振,看好海风与出海产业链 | | 上次评级 : | 增持 | | | | 细分行业评级 | | | | [table_Authors 庞钧文 ] ( 分析师 ) | 周淼顺 ( 分析师 ) | | | | | 021-38674703 | 021-38038264 | | | | | pangjunwen@gtjas.com | zhoumiaoshun@gtjas.com | 相关报告 | | | | 登记编号 S0880517120001 | S0880521040003 | | | | | 本报告导读: | | ...

Inflation Data - The U.S. May CPI year-on-year growth rate was 3.3%, below the expected 3.4% and the previous value of 3.4%[9] - The May CPI month-on-month growth rate was 0%, lower than the expected 0.1% and the previous value of 0.3%[9] - Energy prices fell month-on-month by 2%, while food prices slightly increased by 0.14%[26] Federal Reserve Outlook - The June FOMC meeting indicated a reduction in the guidance for rate cuts to one time in 2024, down from three times previously[23] - The market consensus is that the first rate cut may occur by the end of 2024, with ongoing fluctuations in expectations through Q3[43] - The long-term neutral interest rate was raised by 25 basis points, suggesting a narrower scope for future rate cuts[23] Treasury Market Trends - The 10-year U.S. Treasury yield decreased from 4.437% to 4.230%, a decline of 20.7 basis points over the week[5] - The market is at risk of pricing in too many rate cut expectations, which could lead to a rapid decline in long-term Treasury yields[43] Currency Exchange Rates - The onshore RMB exchange rate depreciated by 131 basis points, moving from 7.2426 to 7.2557 against the USD[30] - The offshore RMB exchange rate also saw a depreciation of 78 basis points, from 7.2632 to 7.2710[30] - The central parity rate was adjusted down by 29 basis points to 7.1135 on June 12[7]

Investment Rating - The investment rating for the company is "Cautious Increase" [46] Core Viewpoints - QiaoFeng Intelligent (301603.SZ) is a leading domestic enterprise in the metal cutting machine tool sector, with a strong market position and rich technology and product reserves. The company is expected to benefit from the increasing CNC rate and localization rate in the machine tool industry, which presents new opportunities for domestic enterprises [2][24] - The company achieved revenue and net profit of 1.454 billion and 169 million yuan respectively in 2023. The average PE ratios for comparable companies for 2023, 2024, and 2025 are projected to be 27.38, 17.64, and 14.47 times respectively [2][56] Summary by Sections Company Overview - QiaoFeng Intelligent has been deeply engaged in the CNC machine tool industry for over 14 years, completing the development of various high-end machine tools and automated production lines. The company holds a market share of approximately 1.28% in China's metal cutting machine market, ranking among the top in the industry [6][17] Main Business Analysis - The main business of the company includes the research, production, and sales of CNC machine tools, with key products being vertical machining centers, gantry machining centers, and horizontal machining centers. The company has seen stable revenue growth, benefiting from the upgrade of machine tool equipment and the continuous increase in CNC rates. However, the gross profit margin has declined significantly in 2022 due to pricing adjustments and rising material costs [11][25][28] Industry Development and Competitive Landscape - The domestic electric two-wheeler market is rapidly growing, driven by new standards and the logistics industry's demand for electric two-wheelers. The market for electric bicycles is also expanding, with leading manufacturers like Bafang, Ananda, and Jinyu leading the industry development. The machine tool industry is characterized by low concentration and significant potential for import substitution, particularly in high-end machine tools [13][15][33] Comparable Company Valuation - The average PE ratio for comparable companies in the "C34 General Equipment Manufacturing" industry is 27.00 times as of June 21, 2024. The selected comparable companies include Chuangjishi (300083.SZ), Haitiansheng (601882.SH), Niuwai CNC (688697.SH), and Guosheng Zhike (688558.SH) [56][38] IPO Issuance and Fundraising - The company plans to issue 30.19 million shares, accounting for 25% of the total share capital post-issuance. The total amount of funds to be raised is 1.355 billion yuan, which will be used to expand production capacity and enhance R&D capabilities in high-end CNC machine tools [2][54][55]

Investment Rating - Industry rating: Overweight [1] Core Viewpoints - The photovoltaic industry is experiencing price corrections, with a focus on recovery in demand and technological upgrades [3][6] - The supply chain is expanding, leading to potential overcapacity, but there are opportunities in technology upgrades and market optimization [6][39] - The auxiliary materials sector is at a profitability low, with leading companies expected to stabilize profits and increase market share [8][76] Summary by Sections 1. Photovoltaic Cost Reduction and Demand Elasticity - The arrival of the grid parity era for solar storage is expected to enhance demand elasticity due to declining costs [14] - Continuous efficiency improvements are key to reducing costs, with significant potential for cost reduction in photovoltaic generation [16][20] - The global average LCOE for photovoltaic power has decreased significantly, making it the most competitive form of energy generation [27] 2. Supply Chain Expansion and Technological Upgrades - The global photovoltaic industry is witnessing record production levels across all segments, raising concerns about overcapacity [6][39] - Key players in the industry are focusing on technological advancements and overseas expansion to navigate through cycles [6] - The silicon material sector is rapidly expanding, with major companies significantly increasing production capacity [48] 3. Auxiliary Materials: Diverse Growth Logic - The auxiliary materials sector is benefiting from industry growth, with leading companies expected to enhance profitability and market share [76] - The N-type technology transition is expected to benefit leading companies with technological advantages [76] - Southeast Asia's auxiliary material production capacity is anticipated to become a strategic resource for the industry [76] 4. Key Company Profit Forecasts and Valuations - Major companies in the photovoltaic sector, such as Longi Green Energy and Tongwei Co., are projected to maintain strong earnings growth, with ratings of "Overweight" [12] - The forecasted EPS for Longi Green Energy is 0.57 CNY for 2024, with a PE ratio of 27.1 [12] - The auxiliary materials company, Fuyou Glass, is also rated "Overweight," with a projected EPS of 1.6 CNY for 2024 [12]

Investment Rating - The report assigns an "Accumulate" rating to Prudential (2378) [2][6]. Core Views - Prudential announced a $2 billion share buyback plan, which is expected to enhance shareholder returns and stabilize market confidence amid concerns over slowing NBV growth [6]. - The company has a robust free surplus reserve of $8.5 billion, with a free surplus ratio of 242%, indicating a strong capacity for shareholder returns [6]. - The dividend policy remains stable, with an expected annual dividend increase of 7%-9% for 2024 [6]. - The target price is maintained at HKD 108.64 per share, with projected EPS for 2024-2026 at $0.87, $1.12, and $1.19 respectively [6]. Financial Summary - Revenue for 2023 is projected at $9.371 billion, with a growth rate of 9.6% [5]. - The net profit for 2023 is expected to be $1.701 billion, showing a significant recovery from previous losses [5]. - The PE ratio for 2023 is estimated at 16.18, indicating a more favorable valuation compared to prior years [5].