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 [Table_Industry] 军工 究 2 024.06.12 [评Tab级le_I：nve st] 增持 邯郸舰黄海实战演练，韩美空军联合训练 上 次评级: 增持 军工行业周报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut彭ho磊rs] ( 分析师) 黄龙(研究助理) 业 010-83939806 021-38031028 penglei018712@gtjas.com huanglong028685@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880518100003 S0880123070154 军工《中柬海上实兵演练，胡塞军事行动升 报 级》 本 报告导读： 2024.06.04 军工板块回调，许昌舰抵达尼日利亚参加演习。 邯郸舰黄海实战演练，韩美空军联 军工《东部战区台岛周边军演，俄开展非战 合空中训练。大国博弈加剧是长期趋势，军工长期向好。 略核力量演习》 2024.05.27 投 资 ...

[Table_Invest]评级：增持 [当前价格 Table_CurPrice] :(美元) 193.12 [Table_Date] 2024.06.12 ——苹果 WWDC 2024 开发者大会点评 Apple Intelligence 深度嵌入系统，Siri 全面升级，是苹果在 AI 领域一次重要的突破。 优秀的软硬件生态、产品定义能力及用户隐私保护，使其在 AI Agent 领域潜力巨大。 [Table_PicQuote] | --- | |-------------------------------------------------------| | | | [Table_Report] 相关报告 | | 《苹果 FY24Q2 业绩点评：回购， 人工智能产业创新》 | | | | 《 AI 手机， AI 产业革命的决定性力量》 | | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------|---------|---------|---------|---------|-- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 12.28 CNY [7][11]. Core Insights - The company is experiencing short-term pressure on performance due to factors such as tax policy adjustments and delays in formal contract signings for related product orders. However, a long-term demand inflection point is anticipated, which is expected to drive significant growth in performance [11]. - For 2023, the company achieved revenue of 3.565 billion CNY (down 7.16% year-on-year) and a net profit attributable to the parent company of 192 million CNY (up 3.9% year-on-year). The first quarter of 2024 saw a substantial decline in revenue and a net loss [11]. - The gross margin for 2023 was 24.8%, and the net margin was 7.0%, both reaching five-year highs [11]. Financial Summary - Revenue projections show a decline in 2023, with expectations of recovery starting in 2024, forecasting revenues of 4.369 billion CNY in 2024, 6.204 billion CNY in 2025, and 7.817 billion CNY in 2026, reflecting growth rates of 22.6%, 42.0%, and 26.0% respectively [6][11]. - The net profit forecast for 2024 is 246 million CNY, increasing to 474 million CNY by 2026, with corresponding EPS estimates of 0.16 CNY and 0.32 CNY [6][11]. - The company’s financial ratios indicate a return on equity (ROE) of 7.1% in 2023, projected to rise to 12.8% by 2026 [6][11]. Industry Context - The company is positioned to benefit from high demand in the defense sector, particularly in navigation control and ammunition information technology, which are expected to maintain high growth due to ongoing geopolitical tensions [11]. - The report highlights the company's strategic advantages as a core enterprise under the weapons group, focusing on its main business areas [11].

股 票 研 [Table_Industry] 投资银行业与经纪业 究 2 024.06.11 [评Tab级le_I：nve st] 增持 并购重启利好有深度整合能力的头部券商 上 次评级: 增持 ——券商并购重组专题系列二中国 2012-2022 篇 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut刘ho欣rs]琦 (分析师) 王思玥(研究助理) 021-38676647 021-38031024 业 liuxinqi@gtjas.com wangsiyue028676@gtjas.com [相Ta关ble报_R告ep ort] 专 登 记编号 S0880515050001 S0880123070151 投资银行业与经纪业《寿险依然是非银板块 题 首选》 本报告导读： 2024.06.10 研 2012-2022重大券商并购重组案例集中，主因是“一参一控”的政策和优质券商创新 投资银行业与经纪业《继续看好寿险板块》 究 发展需要，一体化整合能够产生更优财务结果，推荐具有深度整合能力的头部券商。 2024.06.02 投资要点： 投资银行业与经纪业《严格减持，上市公司 高质量发展 ...

股 票 研 [Table_Industry] 家用电器业 究 2 024.06.11 [评Tab级le_I：nve st] 增持 上 次评级: 增持 618 大促清洁电器延续亮眼表现，家电出口较好 ——2024W23 家电行业周报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut蔡ho雯rs]娟 (分析师) 田平川(研究助理) 樊夏俐(分析师) 021-38031654 021-38676666 021-38676666 业 caiwenjuan024354@gtjas.com tianpingchuan026740@gtjas.com fanxiali@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880521050002 S0880122070069 S0880523090006 家用电器业《线上冰箱和洗衣机表现较好， 报 铜铝价格有所下降》 本报告导读： 2024.06.10 618大促清洁电器延续亮眼表现，5月家电出口表现较好， 6月上旬面板价格保持平 家用电器业《618大促清洁电器表现较好，家 稳。 空外销排产上修》 2024.06. ...

Investment Rating - The report rates the emerging energy industry as "Overweight" [1] Core Insights - Hydrogen energy is emerging as a key player in the energy sector, with China leading global demand [2] - The report highlights the potential for hydrogen and hydrogen-based fuels to play a significant role in the energy system as green hydrogen production technology matures and renewable energy capacity increases [2] - The report recommends several companies as beneficiaries of the hydrogen energy trend, including Weichai Power, Huadian Heavy Industries, Longi Green Energy, and others [2] Summary by Sections 1. Hydrogen Energy Emergence - Hydrogen energy is characterized by its cleanliness, convenience, high energy density, and abundant resources [5] - In 2022, global hydrogen demand reached 95 million tons, with China accounting for approximately 29% [10] - The report predicts that by 2030, global hydrogen demand will reach 150 million tons, driven by energy transition and decarbonization efforts [10] 2. Industrial Hydrogen as a Key Consumption Area - Industrial hydrogen is the main area for hydrogen consumption, with significant cost reduction and decarbonization potential [2] - Green ammonia becomes competitive when electricity prices are below 0.25 CNY/kWh [26] - Green methanol shows economic viability when electricity prices are below 0.15 CNY/kWh [27] 3. Fuel Cell Applications and Cost Reduction - Fuel cell vehicles are expected to gain economic advantages when hydrogen prices are below 30 CNY/kg [2] - The report anticipates an 80% reduction in the costs of fuel cell systems and core components, with further reductions expected by 2025 [2] - The building sector is identified as a suitable application for fuel cells, particularly in micro combined heat and power systems [2] 4. Hydrogen Storage and Power Generation - Hydrogen storage costs are expected to decrease, making it competitive with electrochemical energy storage [2] - The report emphasizes the role of hydrogen in stabilizing power systems with high renewable energy penetration [9] 5. Investment Recommendations - The report recommends specific companies that are well-positioned to benefit from the hydrogen energy trend, including Weichai Power, Huadian Heavy Industries, Longi Green Energy, and others [2]

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 [Table_Industry] 家用电器业 究 2 024.06.11 [评Tab级le_I：nve st] 增持 上 次评级: 增持 618 大促清洁电器延续亮眼表现，家电出口较好 ——2024W23 家电行业周报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut蔡ho雯rs]娟 (分析师) 田平川(研究助理) 樊夏俐(分析师) 021-38031654 021-38676666 021-38676666 业 caiwenjuan024354@gtjas.com tianpingchuan026740@gtjas.com fanxiali@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880521050002 S0880122070069 S0880523090006 家用电器业《线上冰箱和洗衣机表现较好， 报 铜铝价格有所下降》 本报告导读： 2024.06.10 618大促清洁电器延续亮眼表现，5月 ...

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 [Table_Industry] 电子元器件 究 2 024.06.11 [评Tab级le_I：nve st] 增持 上 次评级: 增持 苹果定义系统级 AI 产品，推动换机潮来临 —AI 端侧系列推荐之八 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut舒ho迪rs] ( 分析师) 文紫妍(分析师) 021-38676666 021-38038321 业 shudi@gtjas.com wenziyan@gtjas.com [相Ta关ble报_R告ep ort] 更 登 记编号 S0880521070002 S0880523070001 电子元器件《Windows on Arm，步入AI PC 新 新时代》 本报告导读： 2024.06.10 苹果发布Apple Intelligence重新定义端侧AI，将进一步拉动换机潮来临，苹果供应 电子元器件《英伟达新产品路线发布，加速 链深度受益。 推进AI应用落地》 2024.06.04 投资要 ...

股票研究 海外公司 （中国香港 证 证券研究报告 国泰君安证券 GUOTAIJUNAN SECURITIES 雅迪控股（1585） 深耕产品直面竞争，出海征途再进一程 评级： 当前价格：（港元） 耐用消费品 增持 12.44 雅迪控股更新报告 2024.06.10 刘佳昆(分析师) 王佳(分析师) 021-38038184 010-83939781 liujiakun029641@gtjas.com wangjia025750@gtjas.com 登记编号S0880524040004 S0880524010001 本报告导读： 交易数据 52周内股价区间（港元) 10.68-18.52 当前股本（百万股） 3,064 当前市值（百万港元） 38,114 行业将迈入以产品为核心的高质量竞争阶段，公司技术积累深厚，冠能6代新品显著 选代升级，有望凭借强产品力持续提升份额，产品结构改善带动盈利释放可期。 投资要点： 结论：维持公司2024-2026年EPS预测分别为1.04/1.20/1.39元，维 持目标价18.76元人民币，维持“增持”评级。 产品为王，行业迈向高质量竞争。截至2023年末，我国电动两轮车 保有 ...

证 券 研 究 报 告 | --- | --- | |--------------------------------------|---------------------| | | | | [table_Authors 鲍雁辛 ] ( 分析师 ) | 花健 祎 ( 分析师 ) | | 0755-23976830 | 0755-23976858 | | baoyanxin@gtjas.com | huajianyi@gtjas.com | | S0880513070005 | S0880521010001 | | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|--------|---------|--------|-------|-------| | 风险提示：地产投资大幅下滑、原材料超预期涨价等。 \n[Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E ...