[Table_Report] [证券分析师： Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn ➢ 2.原油紧张或触及年内高点，龙头主导的下游周期属性或将弱化——原油及聚酯产业链月 报（2024年7月） ➢ 2.美联储主席鲍威尔发表半年度货币政策证词。 3. A 股市场评述 请务必仔细阅读正文后的所有说明和声明 1.1.水星家纺（603365）：家纺行业"优衣库"锐意求新—— 公司深度报告 晨 会 纪 要 [晨会纪要 Table_NewTitle] 20240710 ➢ 1.水星家纺（603365）：家纺行业"优衣库"锐意求新——公司深度报告 ➢ 1.李强主持召开经济形势专家和企业家座谈会。 | --- | |---------------------------------------------------------------------------------| | | | 正文目录 | | | | 1. 重点推荐 | | 1.1. 水星家纺 ( 603365 ): 家纺行业"优衣库"锐意求新——公司深度报告 .......... 3 | | ...

行 业 研 究 [Table_Reportdate] 2024年07月09日 行 业 简 评 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn 证券分析师 梁帅奇 S0630524070001 lsqi@longone.com.cn [table_stockTrend] -39% -30% -22% -13% -4% 5% 13% 23-07 23-10 24-01 24-04 申万行业指数:机械设备(0764) 沪深300 [相关研究 table_product] 1.工具行业跟踪:海外库存有望回归 正轨,锂电化进程持续推进——机械 设 备 行 业 周 报 ( 20240701- 20240705) 2.设备更新政策有助需求释放,长期 关注海外拓展及创新进程——机械 设 备 行 业 周 报 ( 20240624- 20240630) ➢ 中国工程机械市场指数CMI同比增速扩大,国内市场保持扩张区间。据《今日工程机械》, 6月中国工程机械市场指数CMI为100.06,同比增长9.43%,同比增速较5月提高4.75pct, 市场整体延续复苏趋 ...

晨 会 纪 要 [Table_Reportdate] 2024年07月09日 [证券分析师： Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn ➢ 1.原油紧张或触及年内高点，龙头主导的下游周期属性或将弱化——原油及聚酯产业链月 2024/07/07) ➢ 1.国家主席习近平：中欧之间没有地缘政治矛盾，没有根本利益冲突。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 1. 重点推荐 2. 财经新闻 . 证券研究报告 HTTP://WWW.LONGONE.COM.CN 晨会纪要 油价判断：布伦特原油在 6 月初快速下跌后进入了延续一个月的反弹行情，重回 80 美 元/桶之上。OPEC+自愿减产延长至三季度，美国进入夏季需求高峰期，叠加飓风季节影响 墨西哥湾石油平台操作，综合来看油价仍有望支撑；我们认为原油长期受需求面影响大，但 美国钻机数持续下降将影响长期原油供给，预计布伦特多在 70-90 美元/桶之间波动。2024 年整体前高后低，美联储降息时点存在一定回调风险；全年预计布伦特在 60-90 美 ...

制冷剂配额调整推动行业格局持续优化 氟化工行业月报(2024年6月) 证券分析师:吴骏燕 执业证书编号:S0630517120001 联系人:张晶磊 联系方式:zjlei@longone.com.cn 证券分析师:谢建斌 执业证书编号:S0630522020001 联系人:马小萱 联系方式:mxxuan@longone.com.cn 2024年07月09日 一、核心观点 二、制冷剂跟踪 三、含氟聚合物 四、行业重要新闻 五、相关标的 六、风险提示 目 录 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 核心观点 ● 6月部分三代制冷剂价格出现回调,二代制冷剂价格保持上行,含氟聚合物价格保持低位运行。截至2024年6月28日,根据 百川盈孚数据,三代制冷剂R32、R134a、R125产品价格分别为36000元/吨、30000元/吨和34500元/吨,较5月底分别变 动0%、-3.23% 、-13.75% ;R22价格为30000元/吨,较5月底上升3.45%;受产能快速提升、需求增速下滑影响,2024 年我国PTFE、PVDF、HFP价格均保持低位运行。 ...

[Table_Reportdate] 2024年07月08日 [相ta关bl研e_究product] 1.头部酒企批价企稳,股东会战略坚 定 — — 食 品 饮 料 行 业 周 报 (2024.6.24-2024.6.30) 2.飞天批价底部震荡,啤酒旺季需求 催 化 — — 食 品 饮 料 行 业 周 报 (2024/6/17-2024/6/23) 3.飞天批价波动企稳,啤酒即将迎来 旺 季 — — 食 品 饮 料 行 业 周 报 (2024.6.10-2024.6.16) [table_invest] 超配 [白Tabl酒e_N板ewT块itle]信心提振,新品助力市场拓展 ——食品饮料行业周报(2024/7/1-2024/7/5) [table_main] 投资要点: [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn [table_stockTrend] 二级市场表现:上周食品饮料板块下跌1.66%,沪深300指数下跌0.88%,食 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company is a leading domestic supplier of automotive interior fabric materials, with a well-established product layout in the upstream and downstream sectors, including polyester eco-friendly colored fibers and seat covers [3] - The company has been expanding its projects with new energy vehicle manufacturers, optimizing its customer structure, and is expected to see revenue growth from products such as headliners and ultra-fine fabrics [3] - The domestic substitution of ultra-fine materials is driving the penetration of million-level configurations into lower-tier markets, and the company is continuously expanding production to improve its product layout across three major series [4] - The company's eco-synthetic leather business is benefiting from the increasing demand for green and low-carbon materials, with sales revenue steadily growing [19] - The company has invested in Xintouwei, a company focused on RF front-end filters, with its Hefei factory expected to start production soon, potentially boosting the company's investment returns in the medium to long term [20] Financial Projections - The company is expected to achieve net profits attributable to the parent company of 197 million yuan, 211 million yuan, and 229 million yuan in 2024, 2025, and 2026, respectively, representing year-on-year growth of 3%, 7%, and 9% [5] - The corresponding EPS is projected to be 0.13 yuan, 0.14 yuan, and 0.16 yuan, with P/E ratios of 26X, 24X, and 23X based on the closing price on July 8, 2024 [5] Business Segments Automotive Interior Business - The company has a complete industrial chain from colored yarn production to material weaving, maintaining a leading position in the domestic market [57] - The company has successfully transitioned to the synthetic leather business, with sales revenue steadily increasing, and has expanded into ultra-fine products, continuously upgrading its product structure [57] - The company's interior material products include fabric materials, eco-synthetic leather, and ultra-fine suede, which can be applied to various areas of automotive interiors such as seats, door panels, and headliners [57] - The company has production bases in multiple locations across China and R&D centers in Changzhou, Shanghai, North America, and Europe [57] Eco-Synthetic Leather Business - The company's eco-synthetic leather business has been growing steadily, benefiting from the increasing demand for green and low-carbon materials and the expansion of new usage scenarios in the automotive industry [19] - The company introduced eco-synthetic leather products in 2017, and with customers increasing the application of synthetic leather, the company is expected to continue benefiting from the structural changes in interior material demand [19] Ultra-Fine Suede Business - The company's ultra-fine products, including ultra-fine leather and ultra-fine suede, have received project approvals from several OEMs, with some models already in mass production [108] - The company's ultra-fine products are widely used in automotive seats, steering wheels, instrument panels, door panels, and headliners, and can also be applied in fashion design, sports equipment, and smart mobile accessories [108] Xintouwei Project - The company has invested in Xintouwei, which is focused on the RF front-end filter field, with its Hefei factory expected to start production soon [20] - Xintouwei acquired NSD, which has extensive design experience and its own wafer factory production experience, and has been optimizing its IDM model and chip-level and wafer-level packaging processes [146] - The Hefei factory is expected to achieve SAW filter production and small-scale shipments this year, gradually increasing capacity to full production [94] Industry Trends - The domestic substitution of ultra-fine materials is driving the penetration of million-level configurations into lower-tier markets, with domestic brands gaining market share due to their price advantages over traditional overseas products [4] - The demand for green and low-carbon materials in automotive interior CMF design is increasing, with North American electric vehicle manufacturers and overseas brands such as BMW and Kia reducing the use of animal-derived materials [19] - The rise of the domestic new energy vehicle industry is expected to reshape the supply system, with local suppliers benefiting from the restructuring of the supply chain [80]

原油紧张或触及年内高点,龙头主导的下 游周期属性或将弱化 原油及聚酯产业链月报(2024年7月) 证券分析师:张季恺 执业证书编号:S0630521110001 证券分析师:谢建斌 执业证书编号:S0630522020001 证券分析师:吴骏燕 执业证书编号:S0630517120001 2024年07月08日 目 录 一、油价回顾与展望 二、商品、利率及汇率 三、聚酯产业链 四、结论与投资建议 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 原油价格影响因素及预测 指标 展望 油价影响 布伦特原油在6月初快速下跌后进入了延续一个月的反弹行情,重回80美元/桶之上。OPEC+自愿减产延长至三季度,美国进入夏季需求 高峰期,叠加飓风季节影响墨西哥湾石油平台操作,综合来看油价仍有望支撑;我们认为原油长期受需求面影响大,但美国钻机数持续下 降将影响长期原油供给,预计布伦特多在70-90美元/桶之间波动。2024年整体前高后低,美联储降息时点存在一定回调风险;全年预计布 油价判断 伦特在60-90美元/桶波动。 | | | | |---------------- ...

行 业 研 究 2024年07月08日 行 业 周 报 超配 政策落地,利好创新药长期发展 ——医药生物行业周报(2024/07/01-2024/07/07) 证券分析师 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn 相关研究 1.医保目录调整启动,精选优质 个股— —医药生物行业周报 (20240624-20240630) 2.关注Q2业绩表现,精选优质 个股——医药生物行业周报 (20240617-20240623) 3.政策频出,精选个股——医药 生物行业周报( 20240611- 20240616) 投资要点: 市场表现: 上周(7月1日至7月5日)医药生物板块整体上涨0.11%,在申万31个行业中排第10位, 跑赢沪深300指数0.99个百分点。年初至今,医药生物板块整体下跌21.00%,在申万31个 行业中排第26位,跑输沪深300指数21.00个百分点。当前,医药生物板块PE估值为24.0 倍,处于历史低位水平,相对于沪深 ...

行 业 研 究 [Table_Reportdate] 2024年07月08日 行 业 周 报 [证券分析师 Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn [table_stockTrend] -45% -36% -26% -16% -6% 4% 14% 23-07 23-10 24-01 24-04 申万行业指数:美容护理(0777) 沪深300 [相关研究 table_product] 1.新品上市,创健医疗新三板上市获 受 理 — — 美 容 护 理 行 业 周 报 (2024/6/24-2024/6/28) [table_invest] 标配 [Table_NewTitle 抖音韩束表现亮眼, ] 锦波生物半年报业 绩预告高增 ——美容护理行业周报(2024/7/1-2024/7/5) [table_main] 投资要点: ➢ 市场表现:(1)美容护理板块:本周沪深300指数下跌0.88%,申万美容护理指数下跌 3.46%,行业跑输大盘2.58pcts,涨幅在全部申万一级行业中排倒数第3位。(2)个股方面: 本周板块内涨幅前五的个股分别为ST美 ...

行 业 研 究 [Table_Reportdate] 2024年07月08日 行 业 周 报 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 联系人 张帆远 zfy@longone.com.cn 联系人 赵敏敏 zmmin@longone.com.cn [table_stockTrend] -51% -40% -29% -18% -7% 4% 15% 23-07 23-10 24-01 24-04 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.成长性+稳健性兼备,电力改革助 推行业优势持续 ——电力行业深度 报告系列一 2.光伏新技术产业化加快,电动车需 求恢复——电力设备新能源行业周 报(2023/6/26-2023/7/02) [table_invest] 标配 [Table_NewTitle 特斯拉 ] Q2销量表现优越,构网型储能热 度提升 ——电池及储能行业周报(2024/07/01-2024/07/07) [table_main] 投资要点: ➢ 市场表现:本周(7/ ...