Industry Investment Rating - The report does not explicitly mention an industry investment rating [1][2][3] Core Views - Traditional and emerging markets are facing disruptions, with extreme weather affecting major export regions in China [2] - In September 2024, China's solar module exports totaled $2.02 billion, down 40.2% YoY and 17.3% MoM, with export volume at 22.78GW, up 3.2% YoY but down 10.7% MoM [2] - European markets are sluggish due to factors like interest rate cuts, price wars, and unclear subsidy policies, with exports to the Netherlands dropping 30.62% MoM [2] - Asian markets show resilience, with high growth in the UAE and Saudi Arabia, while India and Pakistan face temporary setbacks [2] - Inverter exports in September 2024 reached $679 million, up 5.04% YoY but down 21.21% MoM, with export volume at 4.2955 million units, up 10.82% YoY but down 18.76% MoM [2] - Poland is the only major European country showing growth in inverter exports, while Africa sees a decline due to weak demand in South Africa, though new markets like Nigeria and Zambia show positive changes [2] - Regional weather impacts, such as typhoons in East China, significantly affected exports from provinces like Anhui, Zhejiang, and Jiangsu [2] Industry Outlook - The report suggests that the photovoltaic (PV) industry is nearing a bottom in terms of profitability, with potential recovery in Q1-Q2 2024 [4] - Global PV installations are expected to grow despite a high base in 2023, driven by domestic and international energy transition policies [4] - The industry's internal competition is accelerating capacity clearance, with inverters likely to recover first due to higher competitive barriers [4] - Companies like Aiko Solar, JA Solar, and Sungrow are highlighted as potential investment opportunities [4] Export Analysis - In September 2024, China's solar module exports to Europe fell 11.59% MoM, while exports to other emerging markets in Asia and Africa dropped 10.22% MoM [8] - Specific countries like the Netherlands, Spain, and Germany saw significant declines in module exports, while the UAE and Saudi Arabia maintained high growth [17][18] - Inverter exports to Europe fell 23.31% MoM, with Poland being the only major market showing growth [30] - Asia's inverter exports declined 12.51% MoM, but Southeast Asia supported the region's overall demand [30] - Africa's inverter exports dropped 22.85% MoM, with South Africa leading the decline, though new markets like Nigeria and Zambia showed positive signs [30] Regional Export Performance - Anhui province saw a 39.8% MoM drop in inverter exports, with export value down 47.3% MoM [22] - Zhejiang province's inverter exports fell 29.7% MoM, with export value down 35% MoM [22] - Jiangsu province's inverter exports dropped 23.9% MoM, with export value down 31% MoM [22] - Guangdong province experienced a smaller decline in inverter exports, down 10% MoM in value and 11.5% MoM in volume [22]

买入（维持评级） 股票信息 行业 电子 证券研究报告 | 公司深度报告 2024 年 10 月 23 日 鸿日达（301285.SZ） 深耕消费电子连接器，前瞻布局半导体散热，助力公司不断提升核 心竞争力 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 594 | 721 | 877 | 1,239 | 1,721 | | 增长率 yoy （ % ） | -3.9 | 21.3 | 21.7 | 41.2 | 38.9 | | 归母净利润（百万元） | 49 | 31 | 55 | 132 | 211 | | 增长率 yoy （ % ） | -21.4 | -37.0 | 76.3 | 141.3 | 59.9 | | （ % ） | 4.9 | 2.7 | 5.1 | 10.9 | 14.9 | | 最新摊薄（元） | 0.24 ...

证券研究报告 | 行业周报 2024 年 10 月 21 日 机械 工信部提出培育壮大新质生产力，特斯拉 Optimus 实现新突破 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Industry Investment Rating - The report maintains a **"Outperform"** rating for the wind power industry, indicating a positive outlook for the sector [1] Core Views - The **2024 Beijing International Wind Energy Conference (CWP2024)** saw 12 major wind turbine manufacturers sign a **"Self-Discipline Convention"** to prevent price wars and promote fair competition, aiming for sustainable industry growth [1][2] - The industry is shifting from **lowest-price bidding** to evaluating projects based on **lifecycle costs (LCOE)**, including maintenance and power generation capabilities, signaling a return to rationality [2] - **Offshore wind** development is gaining momentum, with significant projects in Shandong, Zhejiang, and Guangdong provinces, expected to drive demand for **towers, piles, and cables** [25] Industry Dynamics - **Wind power installations** in China reached **33.61GW** from January to August 2024, a **16.22% YoY increase**, with wind power generation accounting for **9.10%** of total electricity consumption [1][16] - **Onshore wind** installations grew by **14.25% YoY** to **25.01GW** in H1 2024, while **offshore wind** installations declined by **24.55% YoY** to **0.83GW** [2][16] - **Raw material prices** showed mixed trends, with **epoxy resin** prices rising by **1.52% WoW**, while **steel, copper, and aluminum** prices declined [1][19] Company Performance - **Key stock performances**: - **Chuanrun Co (002272)** led gains with a **44.85% increase**, while **Changgao Electric (002452)** saw the largest decline at **-6.88%** [12][14] - **Titan Wind Energy (002531)** and **Dongfang Cable (603606)** were among the top decliners, with drops of **-3.88%** and **-5.06%**, respectively [14] - **Valuations**: The wind equipment index had a **TTM P/E ratio of 30.48x** and an **MRQ P/B ratio of 1.41x**, with P/E ratios ranging from **29.46x to 30.48x** during the week [10][11] Investment Recommendations - **Host manufacturers**: Recommended companies include **Sany Renewable Energy (688349)** and **Goldwind Science & Technology**, benefiting from large-scale MW products and cost reductions [25] - **Tower and pile suppliers**: **Haili Wind Power**, **Titan Wind Energy**, and **Taisheng Wind Energy** are highlighted for their regional advantages and overseas market expansion [25] - **Cable suppliers**: **Dongfang Cable (603606)** and **Qifan Cable** are recommended for their high-voltage product capabilities and market leadership [25] - **Component suppliers**: Companies like **Jinlei Technology (300443)** and **Zhenjiang Co (603507)** are favored for their strong overseas presence and customer relationships [25] Market Trends - **Wind turbine bidding**: A total of **2294.25MW** of wind turbine projects were launched, with **790MW** of projects awarded at an average price of **1848.60 yuan/kW** [22][23] - **Offshore wind turbine prices**: The average bidding price for offshore wind turbines in 2023 was **3442.14 yuan/kW**, showing a downward trend [24]

证券研究报告 | 公司动态点评 2024 年 10 月 22 日 西部矿业（601168.SH） 铜矿业务放量推动业绩增长，看好玉龙三期项目建成 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|-------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（首次评级） | | | 营业收入（百万元） | 40,238 | 42,748 | 48,378 | 52,555 | 56,810 | 股票信息 | | | 增长率 yoy （ % ） | 4.5 | 6.2 | 13.2 | 8.6 | 8.1 | | | | 归母净利润（百万元） | 3,417 | 2,789 | 3,719 | 4,215 | 4,950 | 行业 | 有色金属 | | 增长率 yoy （ % ） | 1 ...

证券研究报告 | 公司动态点评 2024 年 10 月 20 日 海康威视（002415.SZ） 增持回购彰显公司长期投资价值 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|---------|---------|-------------------------------------|------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 83,166 | 89,340 | 98,024 | 107,924 | 119,278 | 股票信息 | | | 增长率 yoy （ % ） | 2.1 | 7.4 | 9.7 | 10.1 | 10.5 | | | | 归母净利润（百万元） | 12,838 | 14,108 | 14,503 | 16,823 | 19,707 | 行业 | 电子 | | 增长率 yoy （ % ） | - ...

证券研究报告 | 公司动态点评 2024 年 10 月 22 日 神火股份（000933.SZ） 24Q3 盈利环比改善，中期分红强化股东回报 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------------------|--------------------------------|-------------------------------------------|----------------------------|----------------|-------------------------------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 42,704 | 37,625 | 37,383 | 39,651 ...

证券研究报告 | 公司动态点评 2024 年 10 月 18 日 伟测科技（688372.SH） 24Q3 盈利能力显著修复，高端测试占比提升提供长期增长动能 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------------|---------------|-----------------|-----------------|---------------|-------------------------------------------|----------| | 财务指标 \n营业收入（百万元） | 2022A \n733 | 2023A \n737 | 2024E \n1,070 | 2025E \n1,300 | 2026E \n1,590 | 买入（上调评级） \n股票信息 | | | 增长率 yoy （ % ） | 48.6 | 0.5 | 45.3 | 21.5 | 22.3 | | | | 归母净利润（百万元） | 244 | 11 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company has demonstrated strong performance in Q3 2024, with revenue reaching 6.34 billion yuan, a year-on-year increase of 10.42%, and a net profit of 1.73 billion yuan, up 73.72% year-on-year [1][2]. - The production capacity of the Morocco factory is expected to ramp up significantly, with projections of 6-8 million tires in 2025 and full capacity of 12 million tires by 2026, which will contribute to new profit growth opportunities [4][2]. - The company is benefiting from a reduction in anti-dumping duties on its products, which has positively impacted profit margins [4]. Financial Summary - For the first three quarters of 2024, the company reported a tire production of 24.24 million units, a 14.05% increase year-on-year, and sales of 23.36 million units, up 7.88% year-on-year [2]. - The revenue forecast for 2024-2026 is projected at 89.65 billion yuan, 115.80 billion yuan, and 138.65 billion yuan, respectively, with corresponding net profits of 2.34 billion yuan, 2.68 billion yuan, and 3.08 billion yuan [4][5]. - The company's cash flow from operating activities for the first three quarters of 2024 was 1.52 billion yuan, a decrease of 1.52% year-on-year, while investment cash flow was -1.83 billion yuan, down 145.32% year-on-year [4]. Market Position and Strategy - The company is expected to continue increasing its market share in overseas markets, supported by the growing brand strength of Chinese tire manufacturers [2]. - The Morocco project is a strategic move to diversify production locations and reduce reliance on Southeast Asia, aligning with the company's "833plus" strategic goal [4].

Investment Rating - The report initiates coverage on Jinbei Automotive with a "Buy" rating, citing potential growth driven by its restructuring and BMW's increased investment in China [2][24] Core Views - Jinbei Automotive is a core supplier of interior seats for BMW, benefiting from BMW's new investment cycle in China, including a planned RMB 20 billion investment in its Shenyang production base for the "New Generation" models [2][14] - The company has successfully restructured under the control of Shenyang SASAC, positioning itself as a key resource integration platform in Shenyang's automotive industry [1][11] - Jinbei Automotive's acquisition of Shifa Company in July 2024 aims to expand its automotive parts business and strengthen its market competitiveness [2][9] - The company has recovered RMB 70 million in debt from Huachen Group and Huachen Renault Jinbei, boosting its cash flow and profitability [2][18][20] - Jinbei Automotive has introduced a shareholder return plan for 2024-2026, committing to annual cash dividends of at least 30% of net profit [2][22] Financial Performance - Revenue is projected to decline by 15.5% in 2024 to RMB 4.34 billion but recover to RMB 5.05 billion by 2026, with a CAGR of 5.0% from 2024 to 2026 [1][24] - Net profit attributable to shareholders is expected to grow significantly by 149.4% in 2024 to RMB 303 million, reaching RMB 340 million by 2026 [1][24] - ROE is forecasted to remain strong at 25.6% in 2024, gradually declining to 18.5% by 2026 [1][24] - The company's P/E ratio is estimated at 18.6x for 2024, decreasing to 16.6x by 2026, indicating attractive valuation levels [1][24] Business Strategy - Jinbei Automotive focuses on its core automotive parts business, particularly interior and seat components, which accounted for 96.18% of its revenue in 2023 [7][9] - The company is expanding its customer base beyond BMW, aiming to secure contracts with other domestic automakers to reduce reliance on a single client [15][16] - The acquisition of Shifa Company, which supplies plastic interior parts to BMW's Tier 1 suppliers, is expected to enhance Jinbei's product line and market position [9][10] Industry and Market Position - BMW's Shenyang production base accounted for 32.3% of its global output in 2023, making it the largest production base for BMW globally [14][15] - Jinbei Automotive is the only manufacturing platform enterprise in the A-share automotive parts sector under Shenyang SASAC, highlighting its strategic importance [1][11] - The company's revenue from BMW accounted for 89.24% of its total revenue in 2023, underscoring its deep integration with BMW's supply chain [16]