证券研究报告 | 行业周报 2024 年 10 月 21 日 电力设备及新能源 氢能政策持续利好，促进氢能产业发展 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 | 行业月报 2024 年 10 月 20 日 电力设备及新能源 9 月销售旺季销量提升显著，动力电池逐渐产销两旺 新能源车"金九"效果显著，产销高速增长。根据乘联会数据，2024 年 9 月 我国新能源汽车产销分别完成 121.9万辆和 112.3万辆，产量环比增长 16.2%、 销量环比增长 9.6%，同比分别增长 51.5%和 50.9%，9 月新能源车国内零售 渗透 53.3%，较去年同期 36.9%的渗透率有明显提升。2024 年 1-9 月，新能 源汽车产销累计完成 785.9万辆和 713.2万辆，同比分别增长 32.8%和 37.4%。 2024 年 9 月我国新能源车出口 10.5 万辆，同比增长 19.3%，环比增长 6.0%， 占乘用车出口 24%，其中纯电动占比新能源出口的 82%。1-9 新能源汽车累 计出口 96.8 万辆，同比增长 30.2%。在中秋国庆假期及股市上涨的加持下， 新能源汽车在 9 月的销售成果亮眼，新能源车市呈现持续增长态势。 图表1：2024 年 1-9 月我国新能源车月度销量及零售渗透率情况 强于大市（维持评级） | --- | --- | -- ...

险；宏观经济下行风险；地产风险处理不及预期风险；股市系统性下跌 风险；监管趋严风险。 证券研究报告 | 行业周报 2024 年 10 月 20 日 非银行金融 前期政策落地致市场企稳，相对低估的非银金融板块望走的更稳 - 非银周观点 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|--------------------------------------------------------------------------|----------| | | | | | | | | | | | 市场受互换便利政策落地、汇率波动、美国降息预期幅度波动、北向资金波 | | 强于大市（维持评级） | | | 动等影响，做多情绪高涨，成交量有所放大，市场振幅有所加大，券商估值 ...

联科科技（001207.SZ） 3Q24 业绩环比向好，看好公司新项目建设 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,835 | 1,917 | 2,279 | 2,986 | 3,305 | 股票信息 | | | 增长率 yoy （ % ） | 26.8 | 4.4 | 18.9 | 31.1 | 10.7 | | | | 归母净利润（百万元） | 111 | 169 | 277 | 360 | 412 | 行业 | 基础化工 | | 增长率 yoy （ % ） | -31.9 | 51.3 | 64.6 | 29.6 ...

险；宏观经济下行风险；地产风险处理不及预期风险；股市系统性下跌 风险；监管趋严风险。 证券研究报告 | 行业周报 2024 年 10 月 20 日 非银行金融 前期政策落地致市场企稳，相对低估的非银金融板块望走的更稳 - 非银周观点 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|--------------------------------------------------------------------------|----------| | | | | | | | | | | | 市场受互换便利政策落地、汇率波动、美国降息预期幅度波动、北向资金波 | | 强于大市（维持评级） | | | 动等影响，做多情绪高涨，成交量有所放大，市场振幅有所加大，券商估值 ...

执业证书编号：S1070522110001 汽车 10 月前两周乘用车零售环比+17%，小鹏 P7+、零跑 B10 巴黎车 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|---------------|---------------|---------------|------------------|-------|------------|-------|-------------------|------------------|---------| | 1 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | | PE \n2024E | 2025E | | 强于大市（维持） | | | 000625.SZ | 长安汽车 | 增持 | 0.94 | 1.27 | | 14.11 | 10.44 | 行业走势 | | | | 000887.SZ | 中鼎股份 | 增持 | 0.99 | 1.17 | | 13.54 ...

执业证书编号：S1070522110001 汽车 10 月前两周乘用车零售环比+17%，小鹏 P7+、零跑 B10 巴黎车 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|---------------|---------------|---------------|------------------|-------|------------|-------|-------------------|------------------|---------| | 1 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | | PE \n2024E | 2025E | | 强于大市（维持） | | | 000625.SZ | 长安汽车 | 增持 | 0.94 | 1.27 | | 14.11 | 10.44 | 行业走势 | | | | 000887.SZ | 中鼎股份 | 增持 | 0.99 | 1.17 | | 13.54 ...

证券研究报告|公司动态点评 2024 年 10 月 15 日 川投能源（600674.SH） 控参股电站流域来水偏丰，营收利润同比双增 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|----------------------|------------------------|-----------------------|------------------------------------------|------------|--------------------------------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 1,420 | 1,48 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [12]. Core Insights - The company's performance in the first three quarters of 2024 shows significant improvement, driven by the integration of phosphate mining and chemical production, with a notable increase in net profit [1][5]. - The overall sales gross margin for the first three quarters of 2024 was 16.99%, an increase of 2.86 percentage points year-on-year, attributed to rising phosphate fertilizer prices and declining raw material costs [1][5]. - The company has completed multiple fundraising projects, which are expected to contribute to future growth [5]. Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 467.24 billion yuan, a year-on-year decrease of 12.34%, while net profit attributable to shareholders was 44.24 billion yuan, an increase of 19.42% [1]. - The company achieved a net profit margin of 10.92% in the first three quarters of 2024, up by 2.56 percentage points from the previous year [1]. - The company's cash flow from operating activities for the first three quarters of 2024 was 75.06 billion yuan, a year-on-year increase of 6.83% [2]. Product Performance Summary - The production and sales of several main products showed year-on-year growth, with phosphate prices increasing [2]. - The production volumes for key products in the first three quarters of 2024 were as follows: ammonium phosphate (372.93 thousand tons, +7.01%), compound fertilizer (136.40 thousand tons, +19.15%), and urea (203.53 thousand tons, +7.51%) [2]. Future Outlook - The company is expected to achieve operating revenues of 645.92 billion yuan, 676.68 billion yuan, and 696.70 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 53.05 billion yuan, 56.69 billion yuan, and 58.10 billion yuan [6]. - The acquisition of a controlling stake in the phosphate group is anticipated to enhance the company's management efficiency and financial performance, contributing an estimated additional net profit of 2.10 billion yuan annually [5].

证券研究报告 | 行业周报 2024 年 10 月 15 日 电力设备及新能源 突破氢能产业新技术，拓展氢能应用新场景 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------- ...