行 业 研 究 机 械 设 备 [table_product] [Table_Reportdate] 2024年12月09日 行 业 简 评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn [table_stockTrend] -36% -23% -11% 1% 13% 25% 37% 23-12 24-03 24-06 24-09 申万行业指数:机械设备(0764) 沪深300 大展风采 [table_invest] 超配 [Table_NewTitle 挖机内销增幅扩大， ] 国产品牌bamua展 ——机械设备行业简评 [table_main] 投资要点： ➢ 事件：中国工程机械工业协会发布2024年11月主要企业挖掘机和装载机销量统计。 ➢ 挖掘机：2024年11月销售各类挖掘机17590台，同比增长17.9%，其中国内9020台，同比 增长20.5%；出口8570台，同比增长15.2%。2024年1-11月，共销售挖掘机181762台，同 比增长1.93%，累计销量增 ...

行 业 研 究 电 力 设 备 [Table_Reportdate] 2024年12月09日 行 业 简 评 [table_invest] 标配 [Table_NewTitle] CPIA大会召开，行业自律有望推动行业 底部企稳 ——光伏行业简评 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -30% -19% -8% 3% 14% 25% 37% 23-12 24-03 24-06 24-09 申万行业指数:电力设备(0763) 沪深300 [table_main] 投资要点： ➢ 事件：12月4日CPIA大会召开，期间包括多个会议议程，各主要光伏公司企业代表就行业 自律进行充分探讨，就下一步工作进行了安排，坚决致力于促进行业的健康可持续发展。 ➢ 行业供需问题导致整体排产低迷。1）近年行业大幅扩产造成供需矛盾。由于行业高景气 刺激，近年来光伏产能大量落地。截止2023年底，国内硅料/硅片/电池片/ ...

| --- | --- | --- | --- | --- | --- | --- | |-------|---------|-----------------------------------------------------------------------------------------------------------------------|------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | 乐 海亚 | | | | | | | | | 行业需求稳增,关注高景气赛道 美容护理行业2025年投资策略 证券分析师：任晓帆 执业证书编号：S0630522070001 2024年12月9日 | 联系方式：rxf@longone.com.cn | | | | | | | | | | | | 、没业东 | --- | --- | |-------|---------------------------------| | | | | | 一、市场表现 | | 目 | 二、 ...

国产替代趋势持续，外延绘就新成长曲线 自动化设备研究框架专题报告 证券分析师：王敏君 执业证书编号：S0630522040002 联系方式：wmj@longone.com.cn 2024年12月6日 www.longone.com.cn 2 核心观点 l 把握内销结构性机会，推进自动化设备国产替代。按照申万行业分类，自动化设备为机械设备下属二级行业，机器人、工控设备、激光设备为三级子行业。根 据同花顺测算的行业平均营收增速，2021年后，自动化设备领域主要子行业成长放缓。短期内需求的波动虽然带来挑战，但也将加速行业的整合，自动化设备 板块的市值表现分化。此外，今年国内还是有多个行业实现固定资产投资高增。从工业发展的长期角度看，设备自动化、智能化水平提升是趋势。设备更新政 策引导企业提升关键工序数控化率，期待政策支持带动的需求落地。工业自动化核心产品集中在控制层、驱动层、执行层等领域，头部品牌打通上下游，根据 客户行业特点提供一站式解决方案。近年来，国产企业在重点产品的市场份额逐步提升，定制化的产品迭代、高效响应的服务等构筑了向外资品牌竞争的优势。 l 复盘海外，自动化设备企业随产业结构发展应时而变，构建新成长 ...

Key Recommendations - The report highlights the accelerated industrialization of copper paste by Juhe Materials (688503), showcasing the company's technological advantages. The introduction of copper paste in HJT solar cells has shown promising results, reducing silver consumption from 6 mg/W to 0.5 mg/W while maintaining battery efficiency [5][6]. - The semiconductor industry is experiencing rapid growth in both AI cloud and edge computing, with increasing domestic production. The report notes a slight increase in semiconductor demand in November, with a focus on structural opportunities in AIOT, AI computing, and automotive chips [8][9]. Company Analysis: Juhe Materials - Juhe Materials has introduced a pioneering copper paste product for photovoltaic cells, which offers three main advantages: a sintering temperature as low as 300°C, lower line resistance compared to traditional polymer bonding methods, and minimal efficiency loss in battery applications compared to aluminum paste [6][7]. - The company is expected to enhance its performance through the mass production of copper paste, which will improve profit margins and market share due to the cost reduction and technological premium associated with metal substitution [6][7]. Industry Analysis: Semiconductor Sector - The semiconductor market is currently in a weak balance phase, with supply remaining ample and prices for memory modules and chips declining by approximately 10%. The report anticipates a slight recovery in demand in December, particularly in AI servers and new energy vehicles [9][10]. - The report indicates that the domestic semiconductor AIOT sector is benefiting from the recovery of smart home and wearable devices, with strong performance expected in this area [9][10]. - Notable growth in the semiconductor industry is highlighted, with TSMC and SMIC reporting significant revenue increases, indicating a positive trend in the advanced process segment [12][13]. Market Data - As of December 5, 2024, the financing balance in the market is 184.76 billion yuan, with a slight decrease of 8.47%. The Shanghai Composite Index closed at 3368.86 points, reflecting a minor increase of 0.13% [26][27].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on significant developments [1]. Core Insights - The company is accelerating the industrialization of copper paste, showcasing its technological advantages in the photovoltaic sector. Recent tests on HJT solar cells have demonstrated that the copper paste can reduce silver consumption from 6mg/W to 0.5mg/W while maintaining cell efficiency [3][4]. - The introduction of copper paste technology is expected to enhance the company's performance, leading to both volume and profit growth. The shift to cheaper metal alternatives is anticipated to improve the gross margin of the company's paste products and increase market share [4]. - The company is projected to achieve revenues of 135.77 billion, 159.07 billion, and 178.36 billion CNY for 2024-2026, reflecting year-on-year growth rates of 31.94%, 17.16%, and 12.13% respectively. The net profit attributable to the parent company is expected to be 5.67 billion, 7.30 billion, and 8.32 billion CNY for the same period, with corresponding P/E ratios of 25.39x, 20.04x, and 17.58x [4][6]. Summary by Sections Company Overview - The company is involved in the production of copper paste for photovoltaic cells, with a focus on reducing costs and improving efficiency through technological advancements [3]. Financial Projections - The company is expected to see significant revenue growth, with projected revenues increasing from 10,290 million CNY in 2024 to 17,836 million CNY in 2026, alongside a net profit increase from 442.08 million CNY in 2024 to 832.27 million CNY in 2026 [6][8]. Market Position - The company is positioned as a leader in the copper paste market, benefiting from ongoing technological iterations and the development of new business lines, which are expected to solidify its market position in the long term [4].

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年12月03日 [晨会纪要 Table_NewTitle] 20241203 [证券分析师： Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人： 商俭 shangjian@longone.com.cn [table_main] 重点推荐 ➢ 1.光伏硅料供需有望修复，陆风中标单价持续回暖——新能源电力行业周报（2024/11/25- 2024/12/01） ➢ 2.华为新机发布加速消费电子景气度复苏，美国新禁令推动HBM自主可控——电子行业周 报（2024/11/25-2024/12/01） ➢ 3.保险资产风险分类修订，关注市场活跃度高位下的行情催化——非银金融行业周报 | --- | |---------------------------------------------------------------------------------| | | | （ 2024/11/25-2024/12/01 ） | | 4. 以旧换新政策持续发力，储能 ...

公 司 研 究 [Table_Reportdate] 2024年12月04日 公 司 简 评 汽 车 [Table_invest] 买入（维持） 报告原因：重大事项 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn | --- | --- | |--------------------------|------------------| | | | | 收盘价 | 2024/12/03 14.03 | | 总股本 ( 万股 ) | 991,729 | | | | | 流通 A 股 /B 股 ( 万股 ) | 821,258/164,161 | | 资产负债率 (%) | 59.36% | | 市净率 ( 倍 ) | 1.86 | | 净资产收益率 ( 加权 ) | 4.95 | | 12 个月内最高 / 最低价 | 19.88/11.43 | [Table_QuotePic] -51% -39% -26% -14% -2% 11% 23% 35% 23-12 24-03 24-06 24 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年12月04日 [晨会纪要 Table_NewTitle] 20241204 [证券分析师： Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人： 商俭 shangjian@longone.com.cn [table_main] 重点推荐 ➢ 1.量、价、质继续寻求动态平衡——银行业研究框架专题报告 ➢ 2.电子化学品国产化加速，聚焦核心竞争力——化工行业研究框架专题报告 财经要闻 ➢ 1.四大协会呼吁慎购美国芯片 ➢ 2.商务部新闻发言人就加强相关两用物项对美出口管制应询答记者问 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 会年期 | --- | --- | --- | |-------|-------------------------------------------------------------------|-------| | | | | | | | | | | 正文目录 | | ...

Industry Investment Rating - The report maintains a stable outlook for the banking industry, with a focus on stable profitability and dividends [3][132] Core Views - The banking industry is experiencing intensified competition, particularly among regional banks, leading to a wave of mergers and acquisitions to enhance competitiveness and financial stability [3] - The industry faces significant operational pressures, with challenges in both asset-liability business and intermediary business, particularly due to narrowing interest margins and declining asset quality [3] - The industry is seeking a dynamic balance between volume, price, and quality, with expectations of stable profitability and dividends [3] - The report highlights the importance of stable dividends and recovery potential as key investment themes, with a focus on large banks with dividend advantages and top-performing small and medium-sized banks [3][132] Summary by Relevant Sections Commercial Bank Competitive Landscape - National banks (state-owned and joint-stock banks) dominate the market due to their capital, network, and comprehensive business advantages, while regional banks (city commercial banks and rural financial institutions) are in a more passive position [3] - Regional banks are undergoing deep reforms, with a trend of mergers and acquisitions to enhance market competitiveness and financial stability [3] - The number of banking financial institutions in China includes 486 city commercial banks, 1,620 rural commercial banks, and 29 foreign banks, among others [9] Commercial Bank Business Models - Commercial banks primarily engage in asset-liability business and intermediary business, with the former contributing significantly to revenue through interest income and investment returns [3] - National banks have diversified business models, while regional banks focus more on asset-liability business [3] - The loan structure of commercial banks includes corporate loans (67%), personal loans (32%), and loans to non-bank financial institutions (0.5%) [30] Commercial Bank Performance Attribution - The performance of commercial banks is driven by factors such as asset size, net interest margin, and asset quality, influenced by macroeconomic conditions, regulatory policies, and bank-specific operations [3] - The report notes that interest margins and asset quality are under pressure, particularly in the context of declining interest rates and localized asset quality issues [3] - The loan structure of listed banks shows that corporate loans account for about 60%, personal loans for 35%, and bill discounts for 5% [39] Commercial Bank Operational Outlook - The report expects stable profitability and dividends for leading banks, driven by factors such as government bond expansion, improved asset quality, and capital replenishment by large banks [3][132] - The outlook for the banking industry includes continued pressure on corporate loans, potential relief in personal loans due to policy support, and increased investment driven by government bond expansion [132] - The report also highlights the potential for recovery in intermediary business income, particularly in wealth management and asset management, as the impact of fee reductions in insurance and mutual funds diminishes [132] Investment Strategy - The report recommends focusing on large banks with stable dividends and top-performing small and medium-sized banks with recovery potential [3][132] - The investment strategy emphasizes the importance of stable profitability and dividends, particularly in a low-interest-rate environment, and the potential for recovery in key sectors such as real estate and small and medium-sized banks [132] Commercial Bank Financial Performance - The report provides detailed analysis of the financial performance of various banks, including interest income, fee income, and investment income, highlighting the differences between national and regional banks [25][64] - The report also discusses the impact of macroeconomic factors, regulatory policies, and bank-specific operations on the financial performance of commercial banks [80][132]