行 业 及 产 业 国防军工 行 业 研 究/ 行 业 点 评 证 券 研 究 报 告 2024 年 09 月 18 日 三季报预期导致短期震荡，向上趋 势不改建议加大行业关注度 看好 ——国防军工行业周报（2024 年第 38 周） 本期投资提示： ⚫ 上周申万国防军工指数下跌 1.72%，中证军工龙头指数下跌 1.83%，同期上证综指下 跌 2.23%，沪深 300 下跌 2.23%，创业板指下跌 0.19%，申万国防军工指数跑输创业 板指、跑赢沪深 300、跑赢上证综指、跑赢军工龙头指数。1、从细分板块来看，上周 国防军工板块 1.72%的跌幅在 31 个申万一级行业涨跌幅排名第 12 位。2、从我们构建 的军工集团指数变化来看，上周中证民参军涨跌幅排名靠后，平均跌幅为 1.81%。3、 从个股表现来看，申万国防军工板块及民参军上市公司名单中，剔除停牌个股后，上周 国防军工板块涨幅排名前五的个股分别为泰豪科技（8.26%）、中国海防（8.06%）、天 奥电子（6%）、中国动力（5.41%）、中船科技（5.38%）。上周国防军工板块涨幅排名 后五的个股分别为合众思壮（-14.67%）、中光学（-14.28 ...

行 业 及 产 业 交通运输/ 航空机场 2024 年 09 月 17 日 波音工人罢工启动，对供应链影响 深远 看好 —— 航空供应链点评 行 业 研 究/ 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 罗石 A0230524080012 luoshi@swsresearch.com 研究支持 刘衣云 A0230122100009 liuyy@swsresearch.com 联系人 罗石 (8621)23297818× luoshi@swsresearch.com 本期投资提示： ⚫ 事件说明：波音最大工会 IAM 所在的西雅图地区和俄勒冈州的 3.3 万名波音员工于 9 月 13 日起举行罢工。目前波音决定暂时冻结所有新的招聘，并考虑让部分员工暂时停 工或休假，旨在减少公司的人力成本。IAM 工会历史上两次罢工分别发生在 2008 年和 2005 年，分别持续了 57 天和 28 天。 ⚫ 罢工及停工直接造成飞机制造工厂停工，影响波音收入。波音在 IAM 751 所在的西雅 图和波特兰地区生产机型包括波音 737MAX、波音 767 和波音 777 等关键产品。尤其 是波音 737MAX， ...

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行 业 及 产 业 汽车 行 业 研 究/ 行 业 点 评 证 券 研 究 报 告 2024 年 09 月 17 日 mona 破圈几成爆款，政策提振金 九成色 看好 ——2024/9/7-2024/9/13 汽车周报 本期投资提示： ⚫ 观点：8 月销量在全国以旧换新政策的作用下已经出现明显回暖，而各地自己的置换政 策也陆续出台，进一步刺激新车需求释放。金九银十期间，主机厂也纷纷推出新车抢占 市场，成都车展参展车型 60%为自主品牌，80%为中国制造。我们对下半年自主品牌 受益需求恢复抱有乐观态度。站在当下时点，诸多优秀的企业仍然保持高增，且估值已 经到合理或被低估的状态，尤其伴随下半年政策加码，以及我国诸多企业在海外扩张加 速，业绩兑现能力强劲；我们看好具备强α的企业后续基于业绩增长的股价修复，以及 智能化变革带来的机会，建议关注比亚迪、理想、华为、小鹏、吉利等自主新能源的领 导者；以及业绩兑现能力优秀的零部件企业如拓普、新泉、松原等。 ⚫ 行业情况更新： 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@sws ...

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Investment Rating - The report maintains an "Outperform" rating for the company [6][7]. Core Insights - The company reported a revenue of 2.391 billion yuan for H1 2024, representing a year-on-year increase of 15.18%, with a net profit attributable to shareholders of 207 million yuan, up 143.62% year-on-year [6][7]. - The company's main products, including MLCC and chip resistors, are recognized as "national-level manufacturing champions" and are widely used across various sectors such as automotive electronics, communications, and consumer electronics [6][7]. - The company has accelerated R&D for high-end products, achieving breakthroughs in key technologies and expanding its product offerings [6][7]. Financial Summary - For H1 2024, the company achieved a revenue of 2.391 billion yuan, with a gross margin of 22.39%, reflecting a quarter-on-quarter increase of 5.8 percentage points [6][7]. - The company’s total revenue projections for 2024E, 2025E, and 2026E are 4.857 billion yuan, 5.215 billion yuan, and 6.057 billion yuan, respectively, with corresponding net profits of 436 million yuan, 593 million yuan, and 706 million yuan [8][10]. - The company’s earnings per share (EPS) are projected to be 0.38 yuan for 2024E, 0.51 yuan for 2025E, and 0.61 yuan for 2026E [8][10].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, specifically focusing on Stellantis and its global competitiveness [2]. Core Insights - Stellantis has a long history of mergers and acquisitions, resulting in a diverse portfolio of 14 automotive brands, with significant sales contributions from both Europe and North America [2][11]. - The company has demonstrated robust revenue growth post-merger, with a CAGR of 12.6% from 2021 to 2023, although it faced short-term pressure in 2024 due to inventory issues and model transitions [2][13]. - Cost-cutting measures implemented by CEO Carlos Tavares have significantly improved operational efficiency and profitability, despite short-term restructuring costs impacting financials [2][4]. - The South American market is emerging as a potential growth engine for Stellantis, benefiting from favorable tax policies and a unique consumer demand structure [2][3]. Summary by Sections 1. Mergers and Acquisitions - Stellantis was formed through the merger of FCA and PSA, creating a major player in the automotive industry with a comprehensive brand portfolio [11]. - The company has successfully integrated multiple brands across various market segments, achieving significant sales volumes [12]. 2. Financial Performance - Stellantis reported revenues of €1,494 billion, €1,796 billion, and €1,895 billion from 2021 to 2023, with a net profit of €142 billion, €168 billion, and €186 billion respectively, indicating a strong financial trajectory [2][13]. - The first half of 2024 saw revenues of €850 billion and a net profit of €56 billion, reflecting short-term challenges due to inventory and model transition issues [13]. 3. Cost Management and Efficiency - The report highlights Tavares' successful cost-cutting strategies, which have led to improved profitability metrics, including a significant increase in per-employee productivity [2][4]. - Stellantis has focused on platform-based development to maximize efficiency and reduce costs, with a stable R&D expense ratio [24][25]. 4. Market Dynamics - The report notes a decline in market share in North America and Europe, prompting Stellantis to focus on the South American market as a new growth avenue [2][3]. - The South American market has shown resilience, with a stable profit margin supported by tax incentives, making it a potential third growth engine for the company [2][3]. 5. Strategic Partnerships - Stellantis has entered into strategic partnerships, including a significant investment in Leap Motor, to enhance its presence in the global electric vehicle market [20][21]. 6. Future Outlook - The report anticipates a recovery in demand in the second half of 2024, alongside the introduction of new models, which could alleviate current inventory pressures [2][3].

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