证券研究报告 | 公司动态点评 2024 年 09 月 24 日 扬农化工（600486.SH） 植保行业短期处于周期底部，看好公司葫芦岛项目建设 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|------------------|------------------|------------------|------------------|----------------|------------------------------------------|-----------| | 财务指标 \n营业收入（百万元） | 2022A \n15,811 | 2023A \n11,478 | 2024E \n12,527 | 2025E \n14,444 | 2026E \n15,778 | 买入（维持评级） \n股票信息 | | | 增长率 yoy （ % ） | 33.5 | -27.4 | 9.1 | 15.3 | 9.2 | | | | 归母净利润（百万元 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The global wind power demand is entering a high prosperity cycle, with significant opportunities for tower and foundation exports [1][2]. - The offshore wind power market is expected to see substantial growth, particularly in Europe and China, with a projected increase in installed capacity [12][24]. - The trend towards larger and deeper offshore wind turbines is driving demand for tower and foundation structures, with a notable increase in specifications and requirements [32][35]. Summary by Sections 1. Global Wind Power Growth - The global installed capacity for wind power is steadily increasing, with Europe adding 14.5 GW of onshore and 3.8 GW of offshore capacity in 2023, bringing total capacities to 238 GW and 34 GW respectively [12][24]. - The REPowerEU plan and the European Wind Action Plan provide high certainty for future offshore projects, with expectations of nearly 10 GW of annual additions starting in 2025 [12][17]. 2. Trends in Turbine Size and Offshore Development - The trend towards larger turbines is accelerating, with average turbine capacities increasing and the need for larger foundations becoming evident [32][35]. - The demand for tower and foundation structures is expected to grow significantly, with the Chinese market projected to reach nearly 10 million tons by 2026, and the European market expected to demand close to 6 million tons by 2028 [2][32]. 3. Domestic Companies' Strategies - Domestic companies are actively expanding their production capacities and product offerings to capture international market share, particularly in Europe [3][7]. - The top five domestic companies in the tower and foundation sector are positioned to benefit from increased export opportunities, with a projected market share of 20% in Europe by 2028 [3][7]. 4. Market Dynamics and Investment Recommendations - The report recommends focusing on companies with strong overseas market expansion capabilities, such as Tianneng Wind Power, Taisun Wind Power, and Haili Wind Power, due to their potential for order acquisition and revenue growth [2][7]. - The overall market is expected to see improved capacity utilization and profitability as the wind power sector enters a high prosperity cycle [2][7].

证券研究报告 | 行业周报 2024 年 09 月 23 日 电力设备及新能源 持续促进技术创新，统筹推进氢能持续发展 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------- ...

证券研究报告 | 行业周报 2024 年 09 月 23 日 电力设备及新能源 持续促进技术创新，统筹推进氢能持续发展 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------- ...

| --- | --- | --- | --- | |--------------|-------|-------|-------| | | | | | | | | | | | 证券研究报告 | | | | | | | | | 核心观点 ◼ 短期季节性因素扰动修复，需求向好趋势渐显。（1）24年8月，中国太阳能电池组件合计出口额为24.4 亿美元，同比-27.6%，环比-5.7%，以infolink均价测算对应合计出口量为25.5GW，同比+22.6%，环比 +5.5%。欧洲市场逐步走出7-8月假期的影响，经销商、组件厂为冲刺下半年开始备货（8月出口荷兰光伏 组件约3.63GW，环比+5.19%）、亚洲市场整体增长潜力持续（阿联酋、沙特阿拉伯、巴基斯坦同比维持 高增，且单月GW级的出口规模有望稳定）。（2）逆变器方面，2024年8月国内出口总额8.61亿美元，同 比+24.91%，环比+9.51%；单月逆变器出口规模达528.76万台，同比+31.63%，环比+0.87%。欧洲市场出 口额表现显著回暖主要系乌克兰重建对于价值量较大的户储产品需求旺盛（8月逆变器出口欧洲地区 115.72万台，环比-1.53%， ...

证券研究报告 | 公司动态点评 2024 年 09 月 23 日 永和股份（605020.SH） 三代制冷剂渐入景气周期，关注公司含氟高分子材料板块成长性 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-----------|-------------|------------|------------|----------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 3,804 | 4,369 | 4,589 | 5,547 | 6,306 | | | | | | | | | | 股票信息 | | | 增长率 yoy （ % ） | 27.2 | 14.9 | 5.0 | 20.9 | 13.7 | 行业 | 基础化工 | | 归母净利润（百万元） ...

证券研究报告 | 行业周报 2024 年 09 月 22 日 煤炭 非电需求释放，动力煤价继续上涨 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|-------|-------|-------|--------|-------|-------| | | | | | | | | | | 股票 | 股票 | | 投资 | EPS | （元） | PE | | | 代码 | 名称 | | 评级 | 2024E | 2025E | 2024E | 2025E | | 600256.SH | 广汇能源 | | 买入 | 0.77 | 0.95 | 7.55 | 6.12 | | 600985.SH | 淮北矿业 | | 买入 | 2.27 | 2.47 | 6.1 | 5.6 | | 601088.SH | 中国神华 | | 增持 | 3.01 | 3.23 | 12.79 | 11.92 | | 601225.SH | 陕西煤业 | | 增持 | 2.21 | 2.25 | 10.63 | 10.44 | | 601 ...

证券研究报告 | 行业周报 2024 年 09 月 23 日 通信 鸿蒙 PC 即将落地，小鹏 AI 汽车 P7+亮相，持续看好相关产业投 资机会 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 300394.SZ | 天孚通信 | 买入 | 2.59 | 3.6 | 28.34 | 20.39 | | 301285.SZ | 鸿日达 | 买入 | 0.41 | 0.84 | 52.46 | 25.61 | | 600941.SH | 中国移动 | 买入 | 6.65 | 7.25 | 15.25 | 13.99 | | 601728.SH | 中国电信 | 买入 | 0.37 | 0.42 | 1 ...

证券研究报告 | 行业周报 2024 年 09 月 23 日 通信 鸿蒙 PC 即将落地，小鹏 AI 汽车 P7+亮相，持续看好相关产业投 资机会 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 300394.SZ | 天孚通信 | 买入 | 2.59 | 3.6 | 28.34 | 20.39 | | 301285.SZ | 鸿日达 | 买入 | 0.41 | 0.84 | 52.46 | 25.61 | | 600941.SH | 中国移动 | 买入 | 6.65 | 7.25 | 15.25 | 13.99 | | 601728.SH | 中国电信 | 买入 | 0.37 | 0.42 | 1 ...

证券研究报告 | 行业周报 2024 年 09 月 22 日 煤炭 非电需求释放，动力煤价继续上涨 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|-------|-------|-------|--------|-------|-------| | | | | | | | | | | 股票 | 股票 | | 投资 | EPS | （元） | PE | | | 代码 | 名称 | | 评级 | 2024E | 2025E | 2024E | 2025E | | 600256.SH | 广汇能源 | | 买入 | 0.77 | 0.95 | 7.55 | 6.12 | | 600985.SH | 淮北矿业 | | 买入 | 2.27 | 2.47 | 6.1 | 5.6 | | 601088.SH | 中国神华 | | 增持 | 3.01 | 3.23 | 12.79 | 11.92 | | 601225.SH | 陕西煤业 | | 增持 | 2.21 | 2.25 | 10.63 | 10.44 | | 601 ...