股 票 研 究 行 业 更 新 证 券 研 究 报 告 ——10 月石化产业链数据跟踪 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|----------------------------| | | | | | | | [table_Authors] 孙羲昱 ( 分析师 ) | 杨思远 ( 分析师 ) | 陈浩越 ( 研究助理 ) | | | 021-38677369 | 021-38032022 | 021-38031035 | | | sunxiyu@gtjas.com | yangsiyuan026856@gtjas.com | chenhaoyue028692@gtjas.com | | 登记编号 | S0880517090003 | S0880522080005 | S0880123070130 | 本报告导读： 近期财政政策频出，化工品回暖预期强，烯烃、聚酯产业链部分环节价差出现改善 迹象，关注受益国内需求预期好转的中下游龙头企业。 ...

股 票 研 究 证 券 研 究 报 告 —永艺股份 2024 年三季报点评 | --- | |-----------------------------------| | | | [table_Authors] 刘佳昆 ( 分析师 ) | | 021-38038184 | | liujiakun029641@gtjas.com | | 登记编号 S0880524040004 | | --- | --- | |----------------------------|-------| | | | | 毛宇翔 ( 分析师 ) | | | 021-38038672 | | | maoyuxiang029547@gtjas.com | | | S0880524080013 | | 本报告导读： 公司业绩在内外销双端发力下继续取得亮眼业绩，自身优异的战略落地及执行能力 进一步得到确认。 投资要点： [Table_Summary] 维持盈利预期及"增持"评级。公司业绩符合预期，因而我们维持 盈利预期，预计公司 2024-2026 年 EPS 为 1.02/1.26/1.54 元，参考行 业估值水平，给予公司 2024 年 ...

Industry Investment Rating - The report maintains an **Overweight** rating on the 3C equipment industry, driven by the global expansion of Apple's supply chain and the potential for increased equipment investment [2][3] Core Viewpoints - Apple's supply chain is shifting towards India and Southeast Asia, with plans to increase India's share of production to 25% by 2025, up from 13% in 2024 [3][6] - The shift in production capacity will drive demand for 3C equipment, particularly in SMT (solder paste printing, dispensing, welding), assembly testing, and inspection equipment [3][6] - The automation rate in Apple's production lines, especially in backend assembly and appearance defect detection, is expected to increase, leading to additional equipment purchases [3][6] - If Apple increases India's production share to 38%, it could drive equipment investment of 9.85 billion yuan, representing a 75% elasticity relative to annual equipment renewal demand [3][6] Investment Recommendations and Target Companies - **Backend Assembly**: Recommended companies include **Bozhon Precision Industry Technology**, with **Saiteng Co** as a beneficiary [8] - **Appearance Defect Detection**: Recommended companies include **Opt Machine Vision Tech** and **Quick Intelligent Equipment**, with **Saiteng Co**, **Lingyun Guang**, **Tianzhun Technology**, and **Rongqi Technology** as beneficiaries [8] - **SMT Segment**: Recommended companies include **Quick Intelligent Equipment**, with **Kegong Precision Machinery**, **Anda Intelligent**, and **Zhuozhao Dispensing** as beneficiaries [8] - **Testing Segment**: Beneficiary companies include **Yanmai Technology**, **Zhilifang**, **Bojie Co**, **Juzi Technology**, and **Core Technology** [8] - **CNC Segment**: Recommended companies include **Chuangshi Technology**, with **Yuhuan CNC** as a beneficiary [8] 3C Assembly Capacity: Mainland Dominance with Global Expansion Trends - Mainland China dominates 3C assembly, accounting for 90% of Apple's production capacity in 2023 [6][10] - Apple plans to increase India's production share to 25% by 2025, with major suppliers like **Luxshare Precision** and **Foxconn** actively expanding in India and Southeast Asia [6][10] - **Luxshare Precision** and **Foxconn** are expected to increase their market share in this global expansion, further driving demand for domestic 3C equipment [6][10] 3C Equipment: Domestic Manufacturers Lead, India Relies on Imports from China - Domestic 3C equipment manufacturers have grown rapidly, with companies like **Bozhon Precision Industry Technology** and **Saiteng Co** becoming core suppliers to Apple [10][25] - India's manufacturing sector is relatively underdeveloped, relying heavily on imports of electronic manufacturing equipment from China, which accounts for 40.81% of India's imports in this category [40][43] Apple's Global Production Layout: Reasons and Impact on Equipment Suppliers - **Supply Chain Security**: Apple is reducing reliance on a single country by diversifying production to India, Vietnam, and other regions [41][43] - **Market Potential**: India's growing middle class and high-end smartphone market present significant opportunities for Apple [45][46] - **Cost Considerations**: India offers lower labor and land costs, but challenges remain in infrastructure and power supply [49][50] - **Impact on Equipment Suppliers**: Apple's production shift to India will drive demand for 3C equipment, with domestic suppliers expected to benefit significantly [51][52]

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 ——工业气体周度跟踪 | --- | --- | --- | |----------|-------------------------------------|--------------------------| | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | 张越 ( 分析师 ) | | | 0755-23976830 | 0755-23976385 | | | xiaoqunxi027589@gtjas.com | zhangyue025639@gtjas.com | | 登记编号 | S0880522120001 | S0880522090004 | | --- | --- | --- | |-------------------------|---------------|-------------------------------------------------------------| ...

股 票 研 究 [table_Authors] 黄涛(分析师) 王楠瑀(研究助理) 021-38674879 021-38032030 huangtao@gtjas.com wangnanyu028176@gtjas.com 登记编号 S0880515090001 S0880123060041 行 业 更 新 证 券 研 究 报 告 公募持仓回落至历史中值 [Table_Industry] 煤炭 [Table_Invest] 评级： 增持 上次评级: 增持 ——煤炭龙头股 2024 年三季度持仓分析 股票研究 /[Table_Date] 2024.10.28 本报告导读： 当前煤炭板块基金重仓已经回落至 2020 年以来的中值水平，后续更多是长线"红 利"投资思路为主，"聚焦指数核心的红利龙头"。 投资要点： [Table_Summary] 投资建议：我们认为当下煤炭板块投资需"聚焦指数核心的红利龙 头"。我们认为当前不必过分过分博弈政策出台的可能性。需要更多 聚焦确定性。煤炭板块基本面超预期；板块三季报完全符合预期， 行业 ROE 自 2023 年初下降趋势已经触底；从国内及海外利率周期 看，中期可能共振向 ...

股 票 研 究 证 券 研 究 报 告 ——博腾股份 2024 年三季报点评 盈利能力改善，在手订单高增 博腾股份(300363) [Table_Industry] 医药/必需消费 | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------|-----------------------|-------| | | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 吴晗 ( 分析师 ) | | | | | 0755-23976735 | 010-83939773 | | | | | dingdan@gtjas.com | | wuhan024878@gtjas.com | | | 登记编号 | S0880514030001 | | S0880523080005 | | 本报告导读： 常规业务恢复增长，新兴业务逐步放量，盈利能力逐季改善，在手订单高增，保障 业绩增长。 投资要点： [Table_Summary] 维持"增持"评级。2024Q1-Q3 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 受左沙集采影响业绩短期承压，保健品板块持续放量，丽珠单抗持续减亏。创新管 线积极推进，多个潜力创新品种有望增厚业绩，维持"增持"评级。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|--------|--------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 17,143 | 16,646 | 16,088 | 17,505 | 19,432 | | (+/-)% | 7.8% | -2.9% | -3.4% | 8.8% | 11.0% | | 净利润（归母） | 1,503 | 1,443 | 1,509 | 1,648 | 1,872 | | (+/-)% | 13.1% | -4.0% | 4.6% | 9.2% | 13.6% | | ...

股 票 研 究 证 券 研 究 报 告 [Table_Report] ——航天宏图首次覆盖报告 | --- | |-----------------------------------| | | | [table_Authors] 李博伦 ( 分析师 ) | | 0755-23976516 | | libolun@gtjas.com | | S0880520020004 | | --- | --- | |------------------------------|-------| | | | | 钟明翰 ( 研究助理 ) | | | 021-38031383 | | | zhongminghan029903@gtjas.com | | | S0880124070047 | | 本报告导读： 公司在遥感行业处于领先地位，国内首家覆盖遥感卫星领域全产业链一体化服务， 同时前瞻性布局商业航天与低空经济，未来业绩增速有望超预期。 投资要点： 股票研究 /[Table_Date] 2024.10.27 遥感产业领航者，开启空天信息新纪元 航天宏图(688066) 计算机 [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 公 司 更 新 报 告 证 券 研 究 报 告 拟发行可转债，高成长性客户粘性强化 无锡振华(605319) 运输设备业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|----------------| | | | | ——公司更新报告 | | | [table_Authors] 吴晓飞 ( 分析师 ) | 周逸洲 ( 研究助理 ) | | | | 0755-23976003 | 010-83939811 | | | | wuxiaofei@gtjas.com | zhouyizhou028696@gtjas.com | | | 登记编号 | S0880517080003 | S0880123070150 | | | --- | --- | --- | --- ...

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 ——澳华内镜 2024Q3 业绩点评 收入增速放缓，静待招标回暖 澳华内镜(688212) [Table_Industry] 医药/必需消费 | --- | --- | --- | --- | --- | |-----------------|-------------------|-------|-------|--------------------------| | | | | | | | [table_Authors] | 丁丹 ( 分析师 ) | | | 张拓 ( 分析师 ) | | | 0755-23976735 | | | 0755-23976170 | | | dingdan@gtjas.com | | | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | | | S0880523090003 | 本报告导读： 国内招标放缓导致收入承压，预计 2024Q4 起有所改善；海外 ...