晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月13日 [晨会纪要 Table_NewTitle] 20241113 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人： 马小萱 mxxuan@longone.com.cn [table_main] 重点推荐 ➢ 1.固态电池路线基本确定，国内大储利用率有待提升——电池及储能行业周报（20241104- 20241110） ➢ 2.大力度化债除风险 强活力 促发展——2024年11月人大常委会办公厅新闻发布会解读 财经要闻 ➢ 1.上海市政府常务会议部署，支持上市公司并购重组，提升公司质量培育龙头企业 ➢ 2.欧佩克下调今明两年全球原油需求增速预期 ➢ 3.全球碳市场启动：COP29批准巴黎协定关键条款 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. 固态电池路线基本确定，国内大储利用率有待提升――电池及储能行业周报 ( 20241104 ...

Investment Rating - The report rates the photovoltaic industry as "positive" with expectations of a recovery in competition and improvement in industry conditions by 2025 [68]. Core Viewpoints - The photovoltaic industry is expected to benefit from policy support and self-discipline, leading to a recovery in orderly competition and a potential rebound in industry prices [65]. - Long-term demand for photovoltaic energy is driven by economic and environmental factors, with a global consensus on energy transition [6][11]. - The supply side is experiencing a gradual capacity clearance, which is expected to optimize the competitive landscape of the industry [65]. Summary by Sections 1. Research Framework Overview - The report outlines a comprehensive framework for analyzing the photovoltaic industry, focusing on supply-demand dynamics, industry chain segmentation, and investment recommendations [4][64]. 2. Photovoltaic Industry Supply and Demand Research Framework - The demand for photovoltaic energy is primarily driven by government policies and economic viability, with a shift from concentrated to decentralized installation [4][6]. - The average Levelized Cost of Electricity (LCOE) for global photovoltaic systems has decreased significantly, indicating improved economic viability [7]. - Short-term demand is constrained by grid capacity and power consumption mismatches, leading to increased curtailment rates [10][11]. 3. Industry Chain Segmentation Research Framework - The photovoltaic industry chain consists of four main materials: silicon, silicon wafers, solar cells, and modules, with each segment experiencing different competitive dynamics [34][35]. - The report highlights the importance of brand and channel advantages in the module segment, which is expected to maintain profitability [49]. - The silicon material segment is characterized by high investment intensity and long construction cycles, making it a critical component in the industry cycle [40][62]. 4. Investment Recommendations - The report suggests focusing on leading companies in various segments, including silicon material leaders like Tongwei Co. and Daqo New Energy, and module leaders like JinkoSolar and Trina Solar, which are expected to benefit from market recovery and competitive advantages [65].

行 业 研 究 非 银 金 融 [Table_Reportdate] 2024年11月12日 行 业 简 评 [证券分析师 Table_Authors] 陶圣禹 CFA FRM S0630523100002 tsy@longone.com.cn [table_stockTrend] -32% -17% -2% 12% 27% 42% 57% 23-11 24-02 24-05 24-08 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1. 从国信收购万和，看券商并购趋 势从业务互补迈向国资整合——非 银金融行业简评 2. 从国君合并海通，看头部整合示 范效应下的航母级券商启航——非 银金融行业简评 3. 国君合并海通方案落地，看好协 同深化与后续行业并购进程提速— —非银金融行业简评 [table_invest] 超配 [Table_NewTitle 从西部收购国融 ] ，看中小券商把握并购 浪潮下的区域整合持续落地 ——非银金融行业简评 [table_main] 投资要点： ➢ 事件：西部证券于11月7日披露收购国融证券控股权的最新进展，拟以协议转让的方式从 国融 ...

食 品 饮 料 [Table_Reportdate] 2024年11月12日 行 业 周 报 [证券分析师 Table_Authors] 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 -40% -30% -20% -10% 0% 10% 20% 30% 2023-112024-012024-032024-052024-072024-092024-11 食品饮料 沪深300 [table_invest] 超配 [Table_NewTitle 头部酒企兑现分红， ] 内需提振预期增强 ——食品饮料行业周报（2024/11/04-2024/11/10） [table_main] 投资要点： ➢ 二级市场表现：上周食品饮料板块上涨7.12%，跑赢沪深300指数1.62个百分点，食品饮料 板块在31个申万一级板块中排名第10位。子板块方面，上周均上涨，其中保健品上涨幅度 最大，达11.69%。个股方面，上周涨幅前五为黑芝麻、朱老六、盖世食品、加加食品、水 井坊，分别为+61.27%、+ ...

Investment Rating - Buy (Maintained) [2] Core Views - The company achieved revenue of RMB 11.509 billion in Q1-Q3 2024, a YoY increase of 88.77%, with net profit attributable to shareholders of RMB 293 million, a slight YoY increase of 0.07% [5] - In Q3 2024, the company's revenue was RMB 3.922 billion, a YoY increase of 49.62%, with net profit attributable to shareholders of RMB 60 million, a YoY decrease of 33.35% [5] - The company's photovoltaic conductive silver paste sales reached 1,581.16 tons in the first three quarters of 2024, a YoY increase of 41.40%, with N-type TOPCon battery conductive silver paste accounting for 87.66% of total sales [5] - The company is expected to achieve full-year sales of 2,000-2,500 tons of photovoltaic conductive silver paste in 2024 [5] - The company maintains a leading position in BC and HJT battery paste technology, with significant advancements in silver-coated copper paste and other silver-reducing technologies [6] - The company's 5,000-ton silver nitrate project in Dongying and Xinyi is expected to be operational in the first half of next year, enhancing supply chain security and reducing raw material costs [6] Financial Performance - The company's revenue for 2024-2026 is forecasted to be RMB 15.297 billion, RMB 17.044 billion, and RMB 19.061 billion, respectively, with YoY growth rates of 59.30%, 11.42%, and 11.84% [7] - Net profit attributable to shareholders for 2024-2026 is projected to be RMB 479 million, RMB 600 million, and RMB 716 million, respectively, with corresponding P/E ratios of 15.66x, 12.52x, and 10.49x [7] - The company's gross margin is expected to remain stable at around 8.95% to 9.82% from 2024 to 2026 [7] - ROE is forecasted to be 5.43%, 6.06%, and 6.49% for 2024-2026, respectively [7] Industry Position - The company is a leading supplier of BC battery paste, with significant market share and technological reserves in n-Poly, p-Poly, and main grid products [6] - The company has achieved large-scale production of 50% silver-coated copper paste and is advancing in the production of 30% silver content paste [6] - The company is actively developing silver-reducing and silver-free conductive paste technologies, focusing on silver-coated copper, copper paste, and other base metal-based technologies [6] Future Outlook - The company's leading position in the industry is expected to be further solidified due to continuous technological iteration and new business development [7] - The company's supply chain security and cost competitiveness are expected to improve with the upcoming silver nitrate project [6]

公 司 研 究 [Table_Reportdate] 2024年11月12日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [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 电 力 设 备 | --- | --- | |--------------------------|------------------| | | | | 数据日期 收盘价 | 2024/11/11 70.95 | | 总股本 ( 万股 ) | 24,203 | | 流通 A 股 /B 股 ( 万股 ) | 17,882/0 | | 资产负债率 (%) | 46.03% | | 市净率 ( 倍 ) | 3.69 | | 净资产收益率 ( 加权 ) | 8.63 | | 12 个月内最高 / 最低价 | 72.70/24.15 | [Table_QuotePic] -68% -48% -28% -8% 11% 31% 51% 71% 23- ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月12日 [晨会纪要 Table_NewTitle] 20241112 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人： 马小萱 mxxuan@longone.com.cn [table_main] 重点推荐 ➢ 1. 固态电池路线基本确定，国内大储利用率有待提升——电池及储能行业周报 （20241104-20241110） ➢ 2.大力度化债除风险 强活力 促发展——2024年11月人大常委会办公厅新闻发布会解读 财经要闻 ➢ 1.2025年部分中央财政城镇保障性安居工程补助资金预算566亿元 ➢ 2.10月M1增速降幅收窄，M2增速回升 ➢ 3.央行发布《国务院关于金融工作情况的报告》全文 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. 固态电池路线基本确定，国内大储利用率有待提升――电池及储能行业周报 ( 20241104-2024 ...

| --- | --- | --- | |--------------------------------------------------------------|-------------------------------------------------------------------------------|-------| | | | | | | | | | | | | | | | | | 原油及聚酯产业链月报（ 证券分析师：张季恺 证券分析师：吴骏燕 | 原油预期偏空，看好下游利润修复空间 年 11 月） 执业证书编号： S0630522020001 | | | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|----------------------| | | | | | | | | | | | | | 一、油价回顾与展望 | | | | | | | | | 目 | | | | | 二、商品、利率及汇率 | | | | | | | 三、聚酯产业链 | | 录 | | | | | ...

行 业 研 究 非 银 金 融 [Table_Reportdate] 2024年11月11日 行 业 周 报 [证券分析师 Table_Authors] 陶圣禹 CFA FRM S0630523100002 tsy@longone.com.cn [table_stockTrend] -33% -19% -4% 10% 25% 39% 54% 23-11 24-02 24-05 24-08 申万行业指数:非银金融(0749) 沪深300 [table_invest] 超配 [Table_NewTitle 券商并购重组提速，化债政策催化险企 ] 投资表现 ——非银金融行业周报（20241104-20241110） [table_main] 投资要点： ➢ 行情回顾：上周非银指数上涨12%，相较沪深300超涨6.5pp，其中券商与保险指数呈现同 步上涨态势，分别为15.04%和6.67%，证券指数超额明显。市场数据方面，上周市场股基 日均成交额26703亿元，环比上一周增长16.1%；两融余额1.8万亿元，环比上一周增长 6.1%；股票质押市值3.02万亿元，环比上一周增长7.6%。 ➢ 券商：开户热情高涨推动交投 ...

行 业 研 究 汽 车 [Table_Reportdate] 2024年11月11日 行 业 周 报 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn [table_stockTrend] -38% -27% -15% -4% 7% 18% 29% 23-11 24-02 24-05 24-08 申万行业指数:汽车(0728) 沪深300 [相关研究 table_product] 1.新能源汽车增长强势，比亚迪单月 销量突破50万辆——汽车行业周报 （2024/10/28-2024/11/03） [table_invest] 标配 [Table_NewTitle 乘用车市场景气延续 ] ，小鹏P7+订单再超 预期 ——汽车行业周报（2024/11/04-2024/11/10） [table_main] 投资要点： ➢ 本周汽车板块行情表现：本周沪深300环比上涨5.50%；汽车板块整体上涨7.29%，在31个 行业中排第8。细分行业中，（1）整车：综合乘用车、商用载货车、商用载客车子板块分别 变动5.00%、9.51%、0.09%。（2）汽 ...