电力设备 证 券 研 究 报 告 2024 年 09 月 03 日 金雷股份 (300443) ——二季度营收同比转正，大兆瓦铸件产品开发顺利 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 16.07 | | 一年内最高/最低（元） | 32.66/13.51 | | 市净率 | 0.9 | | 息率（分红/股价） | 2.57 | | 流通 A 股市值（百万元） | 3,901 | | 上证指数/深证成指 | 2,811.04/8,172.21 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | | | | 每股净资产（元） | 18.46 | | | | | 资产负债率 ...

上 市 公 司 证 券 研 究 报 告 公用事业 2024 年 09 月 03 日 浙能电力 (600023) ——火电盈利能力显著改善 投资收益稳中有升 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 6.29 | | 一年内最高/最低（元） | 7.85/4.09 | | 市净率 | 1.2 | | 息率（分红/股价） | 3.97 | | | 84,341 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,811.04/8,172.21 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 5.12 | | 资产负债率 % ...

电子 证 券 研 究 报 告 2024 年 09 月 03 日 中科飞测 (688361) ——新签订单持续增长，加码研发投入提升覆盖度 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 50.55 | | 一年内最高/最低（元） | 89.38/46.12 | | 市净率 | 6.9 | | 息率（分红/股价） | 0.28 | | 流通 A 股市值（百万元） | 12,342 | | 上证指数 / 深证成指 | 2,811.04/8,172.21 | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 7.27 | | | | | 资产负债率 % | 38.89 | | 总股本/流通 A 股（百万） | 320/244 | ...

Investment Rating - The report maintains a "Buy" investment rating for Hisense Home Appliances [5][7]. Core Views - The company achieved revenue of 48.642 billion yuan in the first half of 2024, a year-on-year increase of 13%, with a net profit attributable to shareholders of 2.016 billion yuan, up 35% year-on-year [5]. - The company's air conditioning business revenue remained stable at 11.338 billion yuan, with a net profit of 963 million yuan, reflecting a 21% increase year-on-year [7]. - The overseas business showed significant growth, with revenue reaching 14.78 billion yuan, a 36.91% increase year-on-year, particularly strong in the ASEAN region where revenue grew by 64% [7]. Summary by Sections Market Data - Closing price: 24.75 yuan - One-year high/low: 43.18/19.69 yuan - Circulating A-share market value: 22.568 billion yuan [3]. Financial Performance - For the first half of 2024, the company reported a revenue of 48.642 billion yuan, with a net profit of 2.016 billion yuan, and a net profit margin of 17.3% [5][7]. - The company’s revenue projections for 2024E, 2025E, and 2026E are 94.977 billion yuan, 104.931 billion yuan, and 114.876 billion yuan respectively, with corresponding net profits of 3.489 billion yuan, 4.012 billion yuan, and 4.614 billion yuan [8][9]. Industry Overview - The retail market for air conditioning saw a decline in volume and value, with a year-on-year decrease of 10.8% and 13.7% respectively in the first half of 2024 [6]. - The refrigerator market showed slight growth, with retail volume and value increasing by 0.8% and 0.4% respectively [6]. - The washing machine market experienced a growth of 6.2% in retail volume and 3.8% in value [6]. Future Outlook - The report anticipates continued pressure in the short term but expects a potential recovery driven by consumption policies and demand in emerging markets [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 362 million yuan, down 65.16% year-on-year, and net profit at 108 million yuan, down 20.22% year-on-year [5] - The low operational rate of offshore wind projects has led to short-term pressure on performance, with a total of 830 MW of new offshore wind capacity added in the first half of 2024, resulting in lower shipment volumes and increased depreciation costs [5][4] - The company has a strong order backlog exceeding 5.3 billion yuan, and with the acceleration of offshore wind project construction, the order volume is expected to continue increasing [5][4] Financial Data and Profit Forecast - The company’s total revenue for 2023 is projected at 1.685 billion yuan, with a forecast of 1.771 billion yuan for 2024, and significant growth expected in subsequent years, reaching 8.8 billion yuan by 2026 [6][9] - The net profit forecast for 2024-2026 is adjusted to 327 million yuan, 725 million yuan, and 1.109 billion yuan respectively, with corresponding PE ratios of 26, 12, and 8 [5][6] - The gross margin is expected to improve from 1.9% in 2024 to 17.2% by 2026, indicating a recovery in profitability [6][9]

上 市 公 司 国防军工 证 券 研 究 报 告 2024 年 09 月 03 日 光威复材 (300699) —— 2024Q2 业绩环比改善明显，产能释放叠加降本增 效助力长期增长 报告原因：有业绩公布需要点评 买入（维持）事件： ⚫ 公司公布 2024 年半年度业绩报告。根据公司公告，公司 2024 年 H1 实现营收 11.56 亿 元（yoy-5.53%），实现归母净利润 3.68 亿元（yoy-10.87%），2024Q2 实现营收 6.44 亿元（yoy-3.37%），实现归母净利润 2.11 亿元（yoy-12.74%）。2024Q2 业绩符合市 场预期。 点评： ⚫ 部分板块受下游扰动因素影响，营收总体保持稳健。公司营收维持稳定，环比改善明显， 根据公司公告，2024Q2 环比增长 25.98%。分产品看，2024H1 碳纤维板块实现营收 6.82 亿元（yoy-11.16%），其中装备用碳纤维业务整体保持稳定，工业用碳纤维业务受到市 场供需、产品价格等影响；能源新材料板块实现营收 2.49 亿元（yoy+8.24%），呈现恢 复性增长；通用新材料板块实现营收 1.17 亿元（yoy-19. ...

行 业 及 产 业 汽车 证 券 研 究 报 告 行 业 研 究/ 行 业 点 评 2024 年 09 月 03 日 看好汽车板块后续表现、重点公司 中报更新 看好 ——一周一刻钟，大事快评（W072） 相关研究 《整车投资逻辑更新；保隆科技更新— —一周一刻钟，大事快评（W071）》 2024/08/28 《重申下半年汽零观点；长城出口深度 分 析 — — 一 周 一 刻 钟 ， 大 事 快 评 （W070）》 2024/08/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 本期投资提示： ⚫ 总述：上半年汽车板块虽然受内需、外需、海外政治等扰动，但半年度业绩表现仍有亮 点，依然保持了较优的盈利增速和较高的经营质量，后续随着政策加持以及市场情绪的 转好，看好后续板块表现。 ⚫ 整车板块：政策对终端需求带动效果较为显著，看好受益于政策β以及具有自身强α的公 司。8 月销量在全国以旧换新政 ...

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry for 2024 [3] Core Insights - The overall performance of the military industry is under short-term pressure, but long-term investment opportunities are still present [3] - The industry has experienced a decline in revenue and profit margins, with a notable differentiation in performance across various segments [4][5] - Key investment themes include high-end combat capabilities and new quality combat capabilities, focusing on stable growth and emerging technologies [4][5] Summary by Sections 1. Revenue and Profit - The military industry reported a revenue of 2,758 billion yuan in 2024H1, marking a year-on-year decrease of 3.20% and a decline in net profit by 16.42% [22][23] - The performance across weaponry segments shows significant variation, with the naval equipment sector demonstrating strong growth [4][40] - The downstream assembly segment has seen an increase in profitability, while upstream raw materials and components have faced challenges [3][4] 2. Profitability Indicators - The overall gross margin and net margin of the military industry have slightly decreased, with 2024H1 gross margin at 20.47% and net margin at 7.93% [27] - The military electronics segment leads in profitability, with a gross margin of 39.00% in 2024H1 [4][27] - Profitability varies significantly across the industry chain, with upstream segments showing relatively strong margins [4][27] 3. Operational Indicators - The industry is experiencing low growth in operational indicators, indicating a bottoming phase [4][29] - Inventory and accounts payable have increased, reflecting the industry's efforts to meet downstream orders [29][31] - Prepayments and contract liabilities have shown slight growth, suggesting a gradual recovery in order fulfillment [31][29] 4. Key Focus Stocks - High-end combat capability stocks include AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and others [3][4] - New quality combat capability stocks include Aerospace Dongfang, Leshi Information, and several others [4][5]

上 市 公 司 汽车 证 券 研 究 报 告 2024 年 09 月 03 日 英搏尔 (300681) ——经营压力略有缓解，新业务逐步兑现有望改善毛利 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 13.60 | | 一年内最高/最低（元） | 22.39/9.69 | | 市净率 | 1.8 | | 息率（分红/股价） | 0.22 | | 流通 A 股市值（百万元） | 2,353 | | 上证指数/深证成指 | 2,811.04/8,172.21 | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 06 月 30 日 | | | 7.43 | | 每股净资产（元） | | | 资产负债率 % | 56.05 | | 总股本 /流通 A 股（百万） | 252/173 | ...

上 市 公 司 证 券 研 究 报 告 - 纺织服饰 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 10.63 | | 一年内最高 / 最低（元） | 15.78/10.20 | | 市净率 | 1.4 | | 息率（分红/股价） | 7.53 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 5,011 2,811.04/8,172.21 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | | | | 每股净资产（元） | 7.52 | | 资产负债率 % | 25.67 | | 总股本/流通 A 股（百万） ...