请务必阅读正文之后的免责条款部分 3 | --- | --- | --- | --- | |------------------------------------------------------------|----------|----------|---------------------------------------------------| | 中邮证券投资评级说明 | | | | | 投资评级标准 | 类型 | 评级 | 说明 | | 报告中投资建议的评级标准： | | 买入 | 预期个股相对同期基准指数涨幅在 20%以上 | | 报告发布日后的 6 个月内的相 | 股票评级 | 增持 | 预期个股相对同期基准指数涨幅在 10%与 20%之间 | | 对市场表现，即报告发布日后 的 6 个月内的公司股价（或行 | | 中性 | 预期个股相对同期基准指数涨幅在-10%与 10%之间 | | 业指数、可转债价格）的涨跌 | | 回避 | 预期个股相对同期基准指数涨幅在-10%以下 | | 幅相对同期相关证券市场基准 指数的涨跌幅。 | | 强于大市 | 预期行业相对同期基准指数涨幅在 10% ...

Investment Rating - The report gives a "Buy" rating for the company, considering its continuous improvement in business model and valuation compared to peers [25][63] Core Views - The company is transitioning from a traditional photovoltaic power operator to a comprehensive energy service provider, focusing on new power systems [32][35] - The global energy transition is accelerating, with the Paris Agreement's NDC 3.0 submission deadline set for February 2025, and countries like UAE, Brazil, and the US have already updated their NDCs [32][95] - China's energy transformation is entering a "demand-driven" era, with the power market reform expected to bring differentiation in photovoltaic power station operations [32][61] - The company's business model is improving, with a focus on light-asset strategies, overseas expansion, and comprehensive energy services [32][93] Financial Projections - The company's revenue is projected to be 4.73/5.51/7.10 billion yuan for 2024-2026, with net profit attributable to the parent company of 577/710/907 million yuan, representing a CAGR of 33.2% [14][40] - The EPS for 2024-2026 is forecasted to be 0.16/0.20/0.25 yuan, with PE multiples of 18/15/11 times and a PB of 0.7 for 2024 [63] Business Model and Strategy - The company is adopting a light-asset strategy, focusing on cooperative development models and overseas expansion, particularly in the Middle East and Europe [12][32] - It is actively developing comprehensive energy services, including virtual power plants and power trading, with subsidiaries like Jinko Huineng playing a key role [32][105] - The company has successfully implemented projects in Saudi Arabia and Spain, with a total of 4.6GW of operational and under-construction projects in GCC countries [9] Industry and Market Trends - The global energy transition is expected to accelerate, with the Paris Agreement's NDC 3.0 submission deadline approaching, and countries like UAE, Brazil, and the US have already updated their NDCs [32][95] - China's power market reform is accelerating, with the establishment of a unified power market by 2025 and the full participation of new energy in the market by 2029 [62] - The power spot market is rapidly developing, with regions like Shanxi, Guangdong, Shandong, and Gansu already transitioning to formal operations [99] Financial Performance - The company's revenue and net profit attributable to the parent company have shown strong growth, with a CAGR of 27.8% and 42.7% respectively from 2015 to 2023 [52] - However, the company's performance has been under pressure recently, with a 43.6% decline in net profit attributable to the parent company in the first three quarters of 2024, mainly due to lower power station transfer income and increased losses from natural disasters [52] Valuation and Peer Comparison - The company's PE multiples for 2024-2026 are 18/15/11 times, with a PB of 0.7 for 2024, which is lower than peers like Solar Power, Three Gorges Energy, and Xinneng Technology [63] - The company's valuation is considered attractive given its continuous improvement in business model and growth prospects [63]

Industry Overview - The beauty and personal care sector has underperformed the broader market, with the Shenwan Beauty and Personal Care Index declining by 6.6% year-to-date as of December 23, 2024, compared to a 12.8% rise in the Shanghai Composite Index [5] - The sector's PE-TTM ratio stands at 40.4x, up from 35.1x at the beginning of the year, but remains at a historically low level of 34% percentile [5] - Key outperformers include Juzi Biotech, Shanghai Jahwa, Marubi, Runben, and Jiangsu Wuzhong, while laggards include Betaine, Freda, Bloomage Biotech, Shuya, and Shanghai Jahwa [5] Cosmetics Sector - The cosmetics sector faces demand pressure, with year-to-date retail sales of cosmetics declining by 1.3% YoY to RMB 401.5 billion for the first 11 months of 2024 [10] - Domestic brands are outperforming foreign brands, with local brands in the top 20 online skincare brands growing by 36% YoY, compared to 2% for foreign brands [44] - Key growth areas include baby care, oral care, and personal care, with online sales growth rates of 16%, 13%, and 7% respectively from 2019 to 2023 [37] Medical Aesthetics Sector - The medical aesthetics sector remains a high-growth area, with recombinant collagen products maintaining a growth rate of over 90% in the first three quarters of 2024 [6] - Regenerative products, such as those from Huadong Medicine and Jiangsu Wuzhong, grew by 34% YoY in the first three quarters of 2024, significantly outperforming the industry [6] - New product approvals, including botulinum toxin, regenerative products, and hyaluronic acid, are expected to drive market innovation and growth in 2025 [6] Key Investment Themes - Focus on domestic brands with strong online presence and product innovation, particularly in baby care, oral care, and personal care [37] - Recombinant collagen and regenerative products are expected to maintain high growth, with market expansion driven by new product launches [6][119] - Companies with strong R&D capabilities and multi-brand strategies, such as Proya, Juzi Biotech, and Marubi, are well-positioned for long-term growth [37][109] Competitive Landscape - Domestic brands are gaining market share in skincare, with local brands accounting for 36% of the top 20 online skincare brands, compared to 12% for foreign brands [44] - In the medical aesthetics sector, companies like Juzi Biotech and Bloomage Biotech are leading in recombinant collagen and hyaluronic acid products, respectively [6][119] - The competitive landscape in the cosmetics sector is shifting, with domestic brands leveraging online platforms like Douyin to drive growth and market share [32][37]

2024 年 12 月 24 日 最新收盘价（元） 11.01 总市值/流通市值（亿元）43 / 25 资产负债率(%) 8.3% 第一大股东 安凯技术公司 安凯微(688620) 个股表现 资料来源：聚源，中邮证券研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com l 投资要点 AI 加速赋能，端侧智能化需求带动智能硬件技术更迭。目前人 工智能应用落地已迈入新阶段，AI 端侧应用为突出代表，覆盖领域越 来越广泛，包括智能家居、智慧安防、智能穿戴设备、智慧办公等， 预计 2026 年中国智能硬件的市场规模有望突破 2 万亿元人民币。公 司主要从事物联网智能硬件核心 SoC 芯片的研发、设计、终测和销 售，目前已量产的 SoC 芯片主要分为物联网摄像机芯片和物联网应用 处理器芯片，其中物联网摄像机芯片下游应用主要为家用摄像机、安 防摄像机等产品；物联网应用处理器芯片的下游应用包括楼宇可视对 讲、智能门禁/考勤、智能锁、HMI 网关、工业显控屏等。 顺应端侧智能化发展趋势，推出带算力的二代芯片。公司顺应人 工智能技术持续推广应用以及端侧智能化的 ...

证券研究报告：电子 | 公司点评报告 2024 年 12 月 24 日 公司基本情况 总股本/流通股本（亿股）22.53 / 22.53 总市值/流通市值（亿元）822.98 / 822.98 52 周内最高/最低价 43.45 / 23.20 市盈率 27.40 最新收盘价（元） 39.50 资产负债率(%) 65.48% 第一大股东Golden Link Worldwide Limited l 投资要点 海外大客户产品品类扩充叠加市场份额持续提升，消费电子业务 收入实现大幅增长。在 AI 技术快速发展及换机周期的驱动下，消费 电子市场需求出现回暖势态，据 IDC 统计，2024 年第 3 季度全球智 能手机市场出货量达到 3.161 亿部，同比增长 4.0%，连续 5 个季度 增长；平板电脑出货量达到 3960 万台，同比增长 20.4%。进入 2024 年以来，头部厂商尤其重视产品创新，试图通过更多、更有竞争力的 产品来吸引消费者。公司受益于国内和海外客户需求改善，安卓零部 件和整机组装业务均实现大幅增长；在海外大客户业务方面，业务份 额进一步提升，带动出货量和收入实现同比增长。2024 年上半年，公 ...

要》 - 2024.12.17 宏观研究 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 在生产端，12 月生产或维持韧性，延续平稳。全国高炉开工率环 比小幅回落，六大发电集团日均耗煤环比回升，汽车半钢胎开工率小 幅回落，PTA 开工率环比保持高增，但 PTA 产业链江浙织机负荷率环 比小幅回落，整体来看，生产维持基本稳定。 研究所 2024 年 12 月 22 日 近期研究报告 《政策扩张到实体修复，信心定价更重 12 月高频数据保持稳定，年末经济平稳修复 核心观点 （1）12 月经济景气度或维持韧性 在需求端，（1）工业需求环比季节性放缓。12 月，螺纹钢需求或 有所放缓，螺纹钢开工率和价格环比走低，水泥需求有所走低，价格 环比下降，石油沥青生产环比走弱，但石油沥青库存环比下降，或因 季节性原因导致工业需求环比放缓。（2）十二月居民出行需求环比走 弱，乘用车零售环比延续高增长，预计 12 月服务消费或有所放缓， 但零售销售有 ...

2024 年 12 月 22 日 要》 - 2024.12.17 宏观研究 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 在生产端，12 月生产或维持韧性，延续平稳。全国高炉开工率环 比小幅回落，六大发电集团日均耗煤环比回升，汽车半钢胎开工率小 幅回落，PTA 开工率环比保持高增，但 PTA 产业链江浙织机负荷率环 比小幅回落，整体来看，生产维持基本稳定。 近期研究报告 《政策扩张到实体修复，信心定价更重 研究所 12 月高频数据保持稳定，年末经济平稳修复 核心观点 （1）12 月经济景气度或维持韧性 在需求端，（1）工业需求环比季节性放缓。12 月，螺纹钢需求或 有所放缓，螺纹钢开工率和价格环比走低，水泥需求有所走低，价格 环比下降，石油沥青生产环比走弱，但石油沥青库存环比下降，或因 季节性原因导致工业需求环比放缓。（2）十二月居民出行需求环比走 弱，乘用车零售环比延续高增长，预计 12 月服务消费或有所放缓， 但零售销售有 ...

请务必阅读正文之后的免责条款部分 23 证券研究报告：交通运输|行业周报 行业基本情况 52 周最低 1857.42 行业投资评级 资料来源：聚源，中邮证券研究所 《国货航近期有望上市，快递单量 11 月增速 14.9%》 - 2024.12.16 l 板块观点： 航运板块：本周集运运价指数环比上涨，油运运价指数环比走势 分化，干散货运价指数有所回落。集运指数方面，本周 SCFI 综合指 数报 2390.17 点，环比上涨 0.2%；油运方面，本周 BDTI 指数报 925 点，环比涨0.4%；干散货方面，本周BDI指数报990点，环比跌 5.8%。 航空板块：中国全面放宽过境免签政策，外国人在华停留时间延 至 240 小时，增加口岸至 60 个，扩大适用省份至 24 个，该政策有助 于国际航线客流进一步恢复。展望未来，供给端，我们认为未来三年 行业供给约束仍然较强。需求端，尽管当下公商务需求复苏还需时间， 但我们认为随着经济逐步恢复，民航供需关系有望不断改善，抬升行 业盈利水平。持续推荐盈利能力最强的春秋航空，推荐业绩潜力较大 的吉祥航空，推荐运营效率恢复、补贴标准提升拉动业绩回归常态的 华夏航空，关注三大 ...

证券研究报告：农林牧渔|行业周报 行业基本情况 收盘点位 2610.43 52 周最高 2927.53 52 周最低 2110.64 行业相对指数表现 研究所 2024 年 12 月 23 日 行业投资评级 农林牧渔行业报告 强于大市|维持 供强需落，猪价承压 ⚫ 行情回顾：大幅下跌 申万农林牧渔行业指数跌 3.65%，在申万 31 个一级行业中涨幅 排名第 24 位。本周农业板块所有子板块均下跌，其中之前涨幅较大 的水产养殖调整最多；在猪价下行担忧下，养殖业亦再度调整。 ⚫ 猪：冬至及腌腊高峰已过，价格调整 本周猪价先涨后跌，上半周猪价攀升至 16.11 元/公斤，后因冬 至及腌腊需求回落；同时散户及二育出栏意愿提升，集团出栏提 前，供应量增加，猪价开始下跌，周末已跌至 15.21 元/公斤。当前 养殖主体出栏积极性高尤其是大猪出栏明显增加，供给压力尚存， 预计短期价格将继续震荡。 钢联农产品、涌益资讯公布 11 月能繁存栏环比分别为+0.36% （前值+0.39%）、+0.34%（前值+0.56%）。11 月产能增幅较 10 月再度 放缓，增量主要来自集团厂和准备春节后对外出售仔猪的母猪企 业，中小散增幅 ...

证券研究报告：有色金属|行业周报 2024 年 12 月 22 日 收盘点位 4455.03 52 周最低 3437.51 研究所 强于大市|维持 资料来源：聚源，中邮证券研究所 近期研究报告 有色金属行业报告 （2024.12.16-2024.12.20） l 投资要点 撑。上周周报中我们提示黄金得到央行增持，成本线在 2600 美金左 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 请务必阅读正文之后的免责条款部分 2 请务必阅读正文之后的免责条款部分 | --- | --- | |-----------|-----------------------------------------| | | 图表目录 | | | 图表 1: 本周长江一级行业指数涨跌跌幅 . | | | 图表 2: 本周涨幅前 10 只股票 ... .. | | | 图表 3: 本周映畅前 10 只股票 ... .. | | | 图表 4: LIE 铜价格(美元/吨). | | | 图表 5: LIE 铝价格(美元/吨). | | | 图表 6: LME 锌价格(美元/吨) | | | 图表 7: LIE 铅价格(美元/吨 ...