总 量 研 究 [当月利润增速延续改善 Table_NewTitle] ——国内观察：2024年11月工业企业利润数据 ➢ 核心观点：利润增速连续两个月强于季节性，当月同比降幅连续两个月收窄，延续低位修 复的趋势。结构上，营收增速以及营收利润率均有改善。行业上，财政上对设备更新政策 的支持力度仍有望在明年得到延续，中游相关行业利润可能仍有较好表现；另外，专项债 政策优化可能会使相关项目在推行速度上加快，推行节奏上前置，关注投资端对工业品价 格的拉动。若能加快转入主动补库，或提升利润增速修复的斜率，当然这一点上仍需政策 上加力。 ➢ 上游、下游利润占比小幅回落，中游保持稳定。从累计占比来看，上游原材料开采的利润 占比（16.3%）小幅回落，延续年内趋势；中游原材料制造利润占比（18.8%）较上月回 升0.9pct；中游装备制造利润占比（28.0%）依然稳定，设备更新政策仍见成效；下游利润 占比（25.7%）较上月小幅回落0.1pct。 宏 观 简 评 ➢ 事件：12月27日，统计局发布2024年11月工业企业利润数据。11月，规模以上工业企业利 润总额累计同比-4.7%，前值-4.3%。 ➢ 营收增速、营收利润 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [20][129]. Core Insights - The company is positioned to benefit from the rapid growth of offshore wind power, with significant market opportunities both domestically and internationally. The report highlights the company's strong order backlog and technological advantages in deep-sea and floating wind projects [20][35][106]. - The offshore wind market is expected to see accelerated growth, particularly in Europe and China, with the company already making inroads into these markets [21][75][91]. Summary by Sections Company Performance - The company reported steady growth in revenue and net profit, with a cumulative revenue of approximately 6.689 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 25.18% [31][24]. - The net profit attributable to shareholders for the same period was approximately 932 million yuan, up 13.41% year-on-year [31][24]. Market Position - The company holds a leading position in the domestic offshore cable market, with a significant share in projects across Zhejiang and Guangdong provinces. It has also successfully expanded into European markets, securing contracts worth nearly 3 billion yuan since December 2020 [25][80]. - As of October 18, 2024, the company has an order backlog of approximately 9.236 billion yuan, with substantial contributions from both the submarine cable and land cable systems [80][25]. Industry Outlook - The global offshore wind market is projected to grow significantly, with an expected compound annual growth rate of 28% over the next five years. China and Europe are anticipated to be the primary contributors to this growth [75][91]. - The report emphasizes the importance of government policies and investments in driving the offshore wind sector, particularly in the UK, which is leading the European market [77][94]. Financial Projections - The company is expected to achieve revenues of 8.858 billion yuan, 11.839 billion yuan, and 13.649 billion yuan for the years 2024, 2025, and 2026, respectively. Net profits are projected to be 1.269 billion yuan, 1.922 billion yuan, and 2.376 billion yuan for the same years [26][129]. - The earnings per share (EPS) are forecasted to be 1.85 yuan, 2.79 yuan, and 3.45 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 28.64, 18.91, and 15.30 [26][129].

[Table_Reportdate] 2024年12月27日 博迈科 沪深300 [证券分析师 Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn [Table_QuotePic] -33% -22% -12% -1% 10% 21% 32% 43% 23-12 24-03 24-06 24-09 ——公司深度报告 ➢ FPSO引领海工市场，博迈科持续发力走向高端：近年来全球海洋油气勘探开发投资大幅 增加。FPSO作为海上浮式生产储卸油装置，当前订单数量已逐渐恢复，租赁模式和标准 化装置的应用一定程度减弱短期油价变动对于FPSO投资积极性的影响，FPSO未来投资 将更趋于稳定性和长期性，SinorigOffshore预计2024年-2028年全球将新增48艘FPSO订 单，市场呈现高景气。博迈科作为全球FPSO上部模块重要建造 ...

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 | --- | --- | |-------|--------------------------------------------------------------------------| | | | | | | | | 正文目录 | | | | | | 1. 重点推荐 | | | 1.1. 央企市值管理强化，偿二代二期延长一年过渡期――非银金融行业周报 | | | ( 20241216-20241222 ) . | | | 1.2. 年末乘用车市场维持高景气，蔚来发布全新品牌 firefly 萤火虫――汽车行业 | | | 周报（2024/12/16-2024/12/22 ） | | | 1.3. 装备制造业有效拉动工业生产，铁路固定资产投资同比增长 -- 机械设备行 | | | 业周报（ 20241216-20241222 ） . | 2. 财经新闻 3. A 股市场评述 晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年12月25日 [晨会纪要 Ta ...

晨 会 纪 要 [table_main] 重点推荐 ➢ 1.央行平价缩量续作MLF。 | --- | --- | |----------------------------------------------------------------------------|-------| | | | | | | | | | | 正文目录 | | | 1. 重点推荐 | | | 1.1. 安徽合力( 600761 ): 全产业链国产叉车龙头进军全球市场――公司深度报告 …… | | | 1.2. 五粮液经销商大会定调积极，微信小店增加新场景――食品饮料行业周报 | | | ( 2024/12/16-2024/12/22 ) | | 证券研究报告 HTTP://WWW.LONGONE.COM.CN 1.重点推荐 叉车全球市场广阔，海外巨头份额较大。叉车全球销量保持稳定增长态势，2013-2023 年叉车的销售量从 98.88 万台上升至 210.15 万台，年复合增长率达 7.83%。2023 年丰田、 凯傲、永恒力占据行业前三，共占主要市场份额达 50%以上。国外龙头起步较早，市场占有 率较高。全球成规模公司收入 ...

Investment Rating - The report gives a "Buy" rating for Anhui Heli (600761) as it is considered a leading domestic forklift manufacturer with a comprehensive industry chain [4][17]. Core Viewpoints - Anhui Heli is a state-owned enterprise and a leader in the forklift industry, actively promoting globalization. The company has a strong presence in the global market with over 300 overseas agents covering more than 150 countries [16][28]. - The global forklift market is expanding, with significant shares held by overseas giants. The report highlights the increasing competitiveness of domestic manufacturers like Anhui Heli, which is narrowing the gap with international leaders [9][126]. - The company is expected to benefit from trends in electrification and automation, with a focus on lithium battery technology and intelligent logistics solutions [93][143]. Summary by Sections Company Overview - Anhui Heli has been a key player in the forklift industry since its establishment in 1958, with a comprehensive product range covering various tonnage levels and types [28][29]. - The company has optimized its supply chain and production capabilities, establishing multiple manufacturing bases across China [29]. Market Analysis - The global forklift market has shown stable growth, with sales increasing from 988,800 units in 2013 to 2,101,500 units in 2023, reflecting a compound annual growth rate of 7.83% [33][110]. - The domestic forklift market is also growing, with sales rising from 138,900 units in 2009 to 1,173,800 units in 2023, achieving a compound annual growth rate of 16.47% [76][87]. Financial Performance - In 2023, Anhui Heli achieved a revenue of 17.471 billion yuan, a year-on-year increase of 11.47%, with a net profit of 1.278 billion yuan, up 41.36% [48][67]. - The company forecasts net profits of 1.415 billion yuan, 1.587 billion yuan, and 1.866 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 11.53, 10.28, and 8.74 [17][165]. Strategic Initiatives - Anhui Heli is focusing on expanding its global footprint and enhancing its product offerings through technological innovation, particularly in electric and intelligent forklifts [93][148]. - The company is also investing in key projects to bolster its competitive edge, including the construction of new manufacturing facilities and the development of high-end components [69][70]. Future Outlook - The report anticipates continued growth in Anhui Heli's sales and profitability, driven by the global demand for forklifts and the company's strategic initiatives in electrification and automation [17][165]. - The company is well-positioned to capture a larger share of the global market as it enhances its brand recognition and operational efficiency [9][126].

[晨会纪要 Table_NewTitle] 20241224 ➢ 1.字节豆包视觉理解模型发布，美光科技数据中心业务增长强劲——电子行业周报 （2024/12/16-2024/12/22） ➢ 4.以旧换新推进顺利，储能低价行持延续——电池及储能行业周报（2024/12/16- 2024/12/22） 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 4. 市场数据 请务必仔细阅读正文后的所有说明和声明 电子板块观点：字节跳动豆包大模型全面升级，并发布豆包视觉理解模型，千 tokens 输入价格仅为 3 厘，为行业价格的 15%；美光科技 2025 财年第一财季营收同比增长 84.1%， 数据中心收入同比增长超过 400%，环比增幅达 40%以上，其中 HBM 收入实现连续两个季 度环比翻倍增长，但下季展望低于市场预期；当前电子行业需求处于温和复苏阶段，建议关 注 AIOT、AI 驱动、设备材料、消费电子周期筑底板块四大投资主线。 [Table_Report] [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@ ...

行 业 研 究 食 品 饮 料 行 业 周 报 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn 联系人 陈涛 cht@longone.com.cn [table_invest] 超配 [Table_NewTitle 五粮液经销商大会定调积极，微信小店 ] 增加新场景 ——食品饮料行业周报（2024/12/16-2024/12/22） ➢ 白酒：五粮液定位"营销执行提升年"，重视经销商利益问题。五粮液：公司召开经销商 大会，将定位2025年为"营销执行提升年"，以提升五粮液品牌价值为核心，加力加劲强 化产品动销、渠道优化、服务能力，推动品牌价值和市场份额双提升，巩固提升稳健发展 态势。要从费用管控、市场治理、渠道优化等方面综合施策，全面提升经销商盈利水平。 批价更新：上周飞天茅台批价略有回升。截至11月24日，2024年茅台散飞批价2200元， 周环比下跌10元，月环比上升40元；2024年茅台原箱批价2335元，周环比上升65元、月 环比上升80元。五粮液普五批价为950元，周、月环比持平。国窖1573批价860元，批价 周、月 ...

[Table_Report] [Table_Reportdate] 2024年12月23日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn ➢ 1.新洁能（605111.SH）：振裘持领乘行业之风，多管齐下挈功率之火——公司深度报告 ➢ 2.11月社零延续弱复苏，品类同比分化——11月社零报告专题 ➢ 1.国务院总理李强在浙江调研时强调深入贯彻落实中央经济工作会议精神 ➢ 3.美国11月核心PCE物价指数同比增长低于预期 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 2. 财经新闻 4. 市场数据 证券研究报告 HTTP://WWW.LONGONE.COM.CN 2/9 1.重点推荐 联系人：董经纬，djwei@longone.com.cn 深度绑定前道晶圆代工厂商，后道封测由子公司与各大知名封测代工厂共同完成，虚拟 IDM 模式打造优质护城河。（1）前道晶圆代工方面，公司目前是国内 8 英寸和 12 英寸工艺 平台 ...

Investment Rating - The industry investment rating is "Neutral" indicating that the industry index is expected to fluctuate within -10% to 10% relative to the CSI 300 index over the next six months [97]. Core Insights - NIO has officially launched the ET9, a smart electric flagship model priced at 788,000 yuan, featuring advanced perception hardware and a fully controlled intelligent chassis. Additionally, NIO introduced a new brand, Firefly, targeting the high-end small car market with a pre-sale price of 148,800 yuan for its first model [4][86]. - Geely's new model, Galaxy Starship 7 EM-i, has achieved over 10,000 deliveries within 13 days of its launch, with a significant monthly sales increase of 121% in November [11][62]. - The retail sales of passenger cars in December are expected to grow by 15% year-on-year, supported by the continuation of trade-in policies and increased local subsidies [49][55]. Summary by Sections 1. Investment Highlights - NIO's new brand Firefly aims to expand into the high-end small car market, with a product matrix targeting various price segments [4][86]. - Geely's Galaxy Starship 7 EM-i has shown strong market performance, indicating a shift towards electric vehicles [11][62]. 2. Industry Data Tracking - According to the China Passenger Car Association, retail sales of passenger cars reached 1.083 million units in the first half of December, a year-on-year increase of 34% [14][55]. - The retail sales of new energy vehicles during the same period reached 536,000 units, reflecting a 71% year-on-year growth [14][55]. 3. Market Performance - The automotive sector overall saw a decline of 1.05% this week, with specific segments such as passenger vehicles and commercial vehicles experiencing varied performance [87]. - The automotive parts sector showed mixed results, with some sub-segments like body accessories and chassis systems facing declines [87]. 4. New Model Tracking - New models launched include Chery's iCAR V23 and other vehicles, indicating ongoing innovation in the market [92]. - The introduction of new models is expected to drive sales growth, particularly in the electric vehicle segment [50][62]. 5. Industry Dynamics - The competitive landscape in the automotive industry is intensifying, with companies focusing on innovation and market expansion [20][78]. - The establishment of new manufacturing facilities, such as Yutong's electric commercial vehicle factory in Qatar, highlights the industry's growth and international expansion efforts [95].