近 3 月日均成交额（百万元） 255.45 股价走势 作者 请仔细阅读本报告末页声明 营收稳健增长，新业务进展顺利 智能底盘系统业务-轻量化底盘系统及橡胶业务实现营收 55.24 亿元，同比 +21.33%；毛利率 15.48%，同比-1.82pct。公司锻铝控制臂底盘轻量化 总成产品已经取得突破性进展。旗下子公司四川望锦公司球头铰链总成产品 为底盘系统核心安全部件及性能部件，技术领先且具有高技术门槛。已获得 奔驰、长安、广汽、比亚迪等多个主机厂订单。2023 年度轻量化业务累计获 得订单约 85 亿元。冷却系统业务实现营收 51.86 亿元，同比+19.91%； 毛利率 16.47%，同比+0.12pct。公司旗下子公司德国 TFH 是发动机及新 能源汽车电池热管理管路总成产品优秀供应商，拥有自主专利的独家生产技 术 creatube 工艺以及 TPV 软管和尼龙管的核心技术。目前已经给宝马、沃尔 沃、奥迪、大众、吉利、小鹏和理想等新能源汽车平台配套。子公司中鼎流 体积极布局热管理系统总成及核心零部件产品的研发与生产。2023 年度热管 理系统业务累计获得订单约为 120亿元。密封系统业务实现营收 36. ...

证券研究报告 | 行业周报 2024 年 05月 27日 风电周报（2024.5.20-2024.5.26） 风光利用率有待优化，海风景气度持续提升 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 300443.SZ 金雷股份 增持 1.65 2.17 11.33 8.62 行业走势 300569.SZ 天能重工 增持 0.55 0.7 9.24 7.26 301155.SZ 海力风电 增持 2.18 3.47 22.94 14.41 电力设备及新能源 沪深300 603507.SH 振江股份 买入 2.01 2.76 16.37 11.92 5% 603606.SH 东方电缆 增持 1.97 2.46 24.41 19.54 -1% 605222.SH 起帆电缆 买入 1.76 2.28 10.5 8.11 -6% -12% 688349.SH 三一重能 增持 1.97 2.26 14.21 12.38 -18% 688676.SH 金盘科技 增持 1.82 2.51 34.07 24.7 -24% 资料来源：长城证券产业金融研 ...

证券研究报告 | 行业周报 2024 年 05月 27日 风电周报（2024.5.20-2024.5.26） 风光利用率有待优化，海风景气度持续提升 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 300443.SZ 金雷股份 增持 1.65 2.17 11.33 8.62 行业走势 300569.SZ 天能重工 增持 0.55 0.7 9.24 7.26 301155.SZ 海力风电 增持 2.18 3.47 22.94 14.41 电力设备及新能源 沪深300 603507.SH 振江股份 买入 2.01 2.76 16.37 11.92 5% 603606.SH 东方电缆 增持 1.97 2.46 24.41 19.54 -1% 605222.SH 起帆电缆 买入 1.76 2.28 10.5 8.11 -6% -12% 688349.SH 三一重能 增持 1.97 2.26 14.21 12.38 -18% 688676.SH 金盘科技 增持 1.82 2.51 34.07 24.7 -24% 资料来源：长城证券产业金融研 ...

证券研究报告 量子信息技术乘风起，加速产业链发展变革 ——新质生产力系列报告 强于大市（维持） 长城证券产业金融研究院 分析师侯宾 执业证书编号：S1070522080001 ...

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the quantum information technology industry [1] Core Views - Quantum communication, quantum computing, and quantum measurement are the three main application directions of quantum information technology [2] - China's quantum communication infrastructure is at a leading level globally, with a projected global quantum communication industry size of $7.85 billion by 2030 [2] - Quantum computing hardware is developing along multiple technical routes, with IDC predicting a CAGR of 48.1% from 2022 to 2027, reaching $7.6 billion by 2027 [2] Quantum Communication - Quantum communication is currently in the first stage of development, focusing on quantum key distribution, quantum secure direct communication, quantum teleportation, and quantum digital signature technologies [14] - China has built a quantum backbone network and metropolitan area network, and launched quantum communication satellites, forming an integrated quantum key distribution network [26] - The global quantum communication market is expected to reach $7.85 billion by 2030, with China's market size projected to reach 22.855 billion yuan by 2030 [35][36] Quantum Computing - Quantum computing provides exponential acceleration and has five major technical paths: superconducting, ion trap, silicon semiconductor, photonic, and neutral atom [38] - The quantum computing market is expected to grow from $1.1 billion in 2022 to $7.6 billion by 2027, with a CAGR of 48.1% [70] - Key application areas for quantum computing include finance, energy, materials, life sciences, and advanced industries [71] Investment Recommendations - Network operators/platforms: China Mobile, China Unicom, China Telecom [74] - Software platforms: Digital China [74] - Quantum computing/communication: QuantumCTek [74] - Quantum chips: NationalChip [74] - Optical fiber and cable: Hengtong Optic-Electric [74] - Components: Tengjing Technology, Accelink Technologies [74]

Investment Rating - The report maintains a "Buy" rating for several companies in the communication sector, including Guange Intelligent (002881.SZ), Zhongji Xuchuang (300308.SZ), Tianfu Communication (300394.SZ), China Mobile (600941.SH), and China Telecom (601728.SH) [2]. Core Insights - The demand for computing power is rapidly increasing, driven by advancements in AI and the need for high-speed copper interconnects [2][21]. - Nvidia's recent performance exceeded expectations, with Q1 FY25 revenue reaching $26 billion, a year-over-year increase of 262%, and net profit of $14.88 billion, up 628% [18][21]. - The Ethernet speed is evolving towards 800G and 1.6T, with significant upgrades in port speeds and transmission rates, which will benefit the copper cable and connector industries [29][38]. Summary by Sections 1. Recent Market Performance - The communication index fell by 2.89% during the week of May 20-24, 2024, underperforming the CSI 300 index, which declined by 2.08% [10]. 2. Weekly Topic Analysis 2.1 Nvidia's Copper Cable Connection Solution - Nvidia introduced a new AI computing platform, Blackwell, and a supercomputer design, GB200 NVL72, which utilizes 5,000 copper cables to connect GPUs, significantly reducing costs and energy consumption [18][21]. 2.2 Increasing Demand for Computing Power - The demand for computing power has been growing exponentially, with AI training tasks requiring increasingly robust infrastructure [22][24]. 2.3 Rapid Development of High-Speed Interconnects - The physical network links are evolving to meet the challenges posed by increasing SerDes rates, with various solutions like passive copper cables and active optical cables being deployed [29][36]. 3. Communication Industry Dynamics - Key developments include collaborations between major telecom companies and universities to innovate in optical communication technologies and the rollout of 5G-A technologies [39][40]. 4. Related Investment Targets - Recommended stocks include major telecom operators like China Mobile, China Telecom, and various technology firms involved in optical modules and data centers [43][44].

Investment Rating - The report indicates a positive outlook for the solar industry, suggesting that the overall performance of the industry is expected to outperform the market in the next six months [26]. Core Insights - The demand for solar components and inverters is influenced by the inventory replenishment cycle, with a continued positive trend in inverter demand. In April 2024, China's total solar cell component export value reached $2.85 billion, a year-on-year decrease of 36.1% and a month-on-month decrease of 11.4%. However, the corresponding export volume was 26.7 GW, showing a year-on-year increase of 24.1% [2][3]. - The report highlights that the European market has experienced a recovery in exports after a significant inventory reduction in the second half of 2023, with new products enjoying considerable premiums. In April, exports of solar components to Europe reached 11.3 GW, a year-on-year increase of 8.0% and a month-on-month increase of 11.7% [4][6]. - The report emphasizes that the current pricing dynamics in the solar industry are becoming clearer, with expectations that the first half of 2024 may represent a bottoming out of industry profits. The resilience of global solar installations in 2023 is noted, alongside supportive policies from domestic and international markets [2][3]. Summary by Sections Export Analysis - In April 2024, China's total solar component export value was $2.85 billion, with a total export volume of 26.7 GW, reflecting a year-on-year increase of 24.1% [3][4]. - The inverter export value in April 2024 was $694 million, with a month-on-month increase of 15.01% and a year-on-year decrease of 30.5% [8][17]. - The report details that the European market saw a significant increase in inverter exports, with 844,300 units exported in April, a month-on-month increase of 38.23% [17][18]. Market Dynamics - The report notes that the Asian market is maturing, with stable demand supported by both new and traditional markets. In April, inverter exports to Asia reached 1.62 million units, a month-on-month increase of 7.11% [17][18]. - The report also mentions that the African market is experiencing reduced inventory pressure, with inverter exports to Africa reaching 112,710 units in April, a month-on-month increase of 81.97% [17][18]. Company Recommendations - The report suggests focusing on companies such as Canadian Solar, JA Solar, JinkoSolar, Sungrow Power, and others, which are expected to benefit from the evolving market dynamics and demand recovery [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [12]. Core Insights - The company's performance showed significant improvement in Q1 2024, with a year-on-year revenue increase of 35.43% and a net profit increase of 83.25% [3]. - The partnership with China Merchants Group is expected to accelerate the application of bio-based polyamide products, enhancing the company's market position [4][6]. - The company is focusing on expanding its production capacity for long-chain dicarboxylic acids and bio-based polyamides, which is anticipated to benefit its long-term growth [6]. Financial Summary - In 2023, the company reported a revenue of 2,114 million yuan, a decrease of 13.39% year-on-year, and a net profit of 367 million yuan, down 33.75% year-on-year [2][3]. - For Q1 2024, the company achieved a revenue of 685 million yuan, with a year-on-year growth of 35.43% and a net profit of 105 million yuan, reflecting a substantial recovery [3]. - The projected revenues for 2024, 2025, and 2026 are 3,087 million yuan, 5,219 million yuan, and 7,076 million yuan, respectively, with corresponding net profits of 549 million yuan, 710 million yuan, and 931 million yuan [6][7]. Operational Developments - The company has completed the construction of a 30,000-ton long-chain dicarboxylic acid and a 20,000-ton long-chain polyamide project, laying a solid foundation for downstream applications [6]. - A joint venture with 3P.COM from South Korea has been established to develop applications for thermoplastic bio-based polyamide composites in various sectors [6].

证券研究报告 | 行业专题报告 2024 年 05月 27日 机械 机械设备行业 2023 年报及 2024 一季报业绩总结： 行业弱复苏，盈利能力逐渐改善 强于大市（维持评级） 行业整体：行业弱复苏，盈利能力逐渐修复。根据申万分类机械设备板块内 行业走势 576家公司为样本进行分析：1）收入和利润均呈回暖态势：2023年机械设 机械 沪深300 备行业实现营收19058.91亿元，同比+2.56%；归母净利润 1161.40亿元， 8% 同比+0.80%。2024Q1 实现营收 4130.25 亿元，同比+3.75%；归母净利润 3% -2% 总额 264.77亿元，同比+2.65%，回暖趋势愈显。2）利润率水平较为平稳： -8% 2023年全行业毛利率中位数 28.75%，同比+0.03pct；净利率中位数 8.54%， -13% 同比-1.35pct；2024 Q1毛利率中位数为28.22%，同比-0.27pct；净利率中 -18% -23% 位数为 7.18%，同比-0.88pct。3）现金流水平改善明显：2023 年行业整体 -29% 经营性现金流量净额 1373.74亿元，同比+6.17%。202 ...

证券研究报告 【长城电新】光伏电池组件逆变器出口月报 （24年4月） 评级（强于大市） 长城证券产业金融研究院 分析师：于夕朦S1070520030003 联系人：吴念峻S1070122070011 ...