Investment Rating - The report assigns a "Buy" rating to the company with a target price of 12.60 CNY per share based on a 17x PE valuation for 2024 [2][3]. Core Insights - The company is a leading player in nuclear power engineering, with significant revenue and profit contributions expected to continue growing, enhancing overall profitability. The projected net profits for 2024, 2025, and 2026 are 2.23 billion, 2.60 billion, and 2.92 billion CNY, respectively [2][5]. Company Overview - The controlling shareholder is the China National Nuclear Corporation, holding 56.67% of the company as of the end of H1 2024. The revenue contributions from nuclear engineering and industrial and civil engineering are 28% and 65%, respectively [5][37]. - The company has a strong market position in nuclear island construction, with a market share of 98% in civil engineering and 96% in installation engineering as of the end of 2015 [5][62]. Industry Analysis - The average annual market space for nuclear power station construction in China is estimated at 50.4 billion CNY, with high barriers to entry for nuclear island engineering services [5][72]. - The nuclear power sector is expected to grow significantly, with a projected market space of 352.8 billion CNY from 2024 to 2030, averaging 50.4 billion CNY annually [5][72]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of 14.5% in revenue and 14.3% in net profit from 2019 to 2023. For H1 2024, the company reported a revenue of 546.3 billion CNY, with a year-on-year growth of 0.1% [5][42]. - The projected revenue for 2024 is 114.73 billion CNY, with a growth rate of 4.9% [6][42]. Profitability Metrics - The gross profit margins for nuclear engineering and industrial and civil engineering were 13.49% and 9.52%, respectively, in 2023, indicating stable profitability [5][48]. - The overall gross margin for the company was 11.35% in 2023, reflecting an increase of 1.28 percentage points year-on-year [5][48].

| --- | --- | |----------------|-----------------------------------------------------------------------------| | [Table_Title] | 纺织服饰行业 \n微信小店测试送礼物功能，看好未来有望给服装家纺行业带来新增量 | | [Tabl 分析师： | 糜韩杰 | | e_Author] | SAC 执证号： S0260516020001 | | | SFC CE.no: BPH764 | | | 021-38003650 | | | mihanjie@gf.com.cn | 饰、比音勒芬、稳健医疗、锦泓集团、报喜鸟、海澜之家、富安娜、水星家纺、嘉曼服饰、太平鸟等，港股安 踏体育、波司登、李宁、特步国际等，以及业务涉及电商代运营或者参股电商代运营公司的板块内龙头公司， 代运营服务需求有望伴随微信小店电商业务的快速增长而增长，包括安正时尚、歌力思、朗姿股份。 ⚫ 风险提示：宏观经济下滑的风险，汇率波动的风险，劳动力成本上升的风险，原材料价格大幅波动的风险。 识别风险，发现价值 请务必阅读末页的免 ...

关注：中国太保（A/H）、中国人寿（A/H）、中国太平（H）、中国 [Table_Contacts] [Table_Page] 投资策略周报|非银金融 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------- ...

观点评述：自2021年开始，中国新能源汽车终端销售景气度开启加速提升趋势，24 年年初延续新能源车销量高增长趋势，并带动动力电池装车辆大幅提升，产业终端 销售的高增长有望带动产业链上的电池设备需求高景气. 识别风险，发现价值 请务必阅读末页的免责声明 9 / 16 [Table_PageText] 投资策略周报|机械设备 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|------------------------------------------------|-------|-------|--------|-------|-------|----------------------------|-------------|-------| | 图 5 | ：中国新能源汽车销量数据（辆） | | 图 6 | | | | ：中国动力电池装车量数据（ | MWh | ） | | 2017 | 2018 2019 2020 2021 2022 2023 2024 | | | | 2019 | 20 ...

anpeng@gf.com.cn 分析师： 宋炜 SAC 执证号：S0260518050002 北港库存继续回落，煤价趋势或改善，央企市值管理工作要求加强 ⚫ 近期市场动态：煤价延续弱势，旺季电厂日耗回升，北港库存压力持 续缓解。根据汾渭能源，动力煤方面，CCI5500 动力煤价格指数下跌 23 元/吨至 776 元/吨。由于年末产量和进口维持高位，煤价持续下行， 本周国内港口动力煤价下跌 23 元/吨，各主产地煤价跌幅普遍超过港 口，煤价回落至近 2 年来价格低点，贸易商出货积极，好的方面在于 随着各地气温进一步下降电厂耗煤继续回升，北方港口库存压力也在 逐步缓解。后期，12 月下旬-1 月上中旬随着各地气温进一步下降，电 煤需求有望持续好转，库存压力缓解后预计煤价有望企稳回升。焦煤方 面，本周国内港口主焦煤价略有回落，产地市场稳中有降。需求端，4 季度以来下游焦炭和钢铁对焦煤需求延续弱势，近期整体以刚需采购 为主，不过由于多数煤种跌至年内低点，部分焦钢企业补库意愿略有提 升。供给端，本周主产地部分矿井因事故或年度生产任务完成等因素产 量略有下降，由于下游采购需求减弱，焦煤矿延续小幅累库。综合来 看，近期下 ...

2024 2023 2022 2021 数据来源：Wind，CRIC，广发证券发展研究中心 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00 01/07 01/28 02/18 03/10 03/31 04/21 05/12 06/02 06/23 07/14 08/04 08/25 09/15 10/06 10/27 11/17 12/08 12/29 2024 2023 2020-2022均值 数据来源：Wind，CRIC，广发证券发展研究中心 图2：50城新房商品房日成交（万方，MA7）趋势（截至2024.12.19） 2024年第51周（2024年12月13日-2024年12月19日，下同），我们监测的50城 商品房成交面积624.17万方，环比上升15.9%，同比上升26.0%，新房成交热度回升。 识别风险，发现价值 请务必阅读末页的免责声明 7 / 24 0 200 400 600 800 1000 1200 1400 W1 W3 W5 W7 W9 W11 W13 W15 W17 W19 W21 W23 W25 W27 ...

[Table_Contacts] Xml [Table_Summary] 核心观点： 消费品零售总额同比+3.5%，家用电器和音像器材类同比+9.6%。 ⚫ 地产数据：根据国家统计局数据，11 月商品住宅销售面积同比+4.2%； 新开工面积同比-27.3%；竣工面积同比-40.1%。1-11 月累计来看，商 品住宅销售面积同比-16.0%；新开工面积同比-23.1%；竣工面积同比 -26.0%。 ⚫ 11 月空调产销：根据产业在线数据，2024 年 11 月空调产量为 1671 万台，同比+55.7%。销量为 1538 万台，同比+44.2%。其中内销销量 为 683 万台，同比+28.7%；外销销量为 865 万台，同比+59.1%。 ⚫ 投资建议：白电业绩稳健增长，具备稳定 ROE 及高分红优势，有望 受益以旧换新政策拉动，推荐美的集团（A/H）、海尔智家（A/H）、 海信家电（A/H）；推荐两轮车龙头爱玛科技、九号公司、雅迪控股， 黑电龙头 TCL 电子、海信视像、极米科技。 ⚫ 一周行情回顾（2024.12.16-2024.12.20）：根据 wind 数据，沪深 300 指数周度下跌 0.1%，家电 ...

目录索引 0% 10% 20% 30% 40% 50% 60% 冻干粮 烘焙粮 膨化粮 主食湿粮 鲜粮 风干粮 2023 2024 [Table_PageText] 投资策略周报|农林牧渔 （二）本周行业跟踪 本周农林牧渔板块（申万行业）下跌3.6个百分点，沪深300指数下跌0.1个百分 点，板块跑输大盘3.5个百分点。子板块中，饲料、种植业和畜禽养殖板块分别下跌 2.5%、2.8%和3.7%。 图9：犬主粮购买品类偏好（%） 图10：猫主粮购买品类偏好（%） 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 中国品牌 国外品牌 都购买过 2023 2024 图11：犬主粮品牌偏好（%） 图12：猫主粮品牌偏好（%） 0% 10% 20% 30% 40% 50% 60% 中国品牌 国外品牌 都购买过 2023 2024 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|---------------------------------------------|------ ...

[Table_Title] 金属及金属新材料行业 [Table_Summary] 核心观点： 钢铁：供需双弱，钢价小幅下跌，盈利率底部震荡，增量政策有望提振 贵金属：美国通胀担忧短期消化，金价有望再次上行。据 Wind，美国 11 月核心 PCE 同比升 2.8%，预期升 2.9%，前值升 2.8%；环比升 0.1%，预期升 0.2%，前值升 0.3%。美国 11 月通胀不及预期，市场对 于明年美国通胀抬升的担忧短期消化，金价企稳后有望继续上行。美联 储本周公布的美国经济预期摘要符合中性预期，建议把握板块回调后 的布局机会。建议关注：赤峰黄金、招金矿业（H）、山东黄金（A+H）、 中金黄金、山金国际、兴业银锡、盛达资源等。 供应增速超预期；美联储加息超预期；军工等下游需求不及预期；铁矿 石、焦煤焦炭产量不及预期；粗钢减产情况不及预期。 证券研究报告 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]宫帅 SFC CE No. BOB672 gongshuai@gf.com.cn SAC 执证号：S0260523050004 分析师： 陈琪玮 021-38003631 [联系 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.58 CNY per share, while the current price is 10.37 CNY [5]. Core Views - The acquisition of a 10% stake in Jianfa Real Estate from the controlling shareholder Jianfa Group is seen as a reasonable valuation, with a price-to-book (PB) ratio of 1.07x, which is lower than the previous acquisition's PB ratio of 1.27x [2]. - The acquisition is expected to enhance the company's share in quality assets, potentially improving profitability, as Jianfa Real Estate accounted for 82% of the company's total sales in 2023, with a sales amount of 188.9 billion CNY [2]. - The company has committed to a cash dividend payout ratio of no less than 30% for 2024-2025, with a minimum dividend of 0.7 CNY per share, which corresponds to a dividend yield of 6.75% based on the closing price on December 20 [2]. Financial Forecasts - The company is projected to achieve a net profit of 3.49 billion CNY in 2024 and 4.1 billion CNY in 2025, with a significant drop in net profit expected in 2024 due to ongoing impacts from the supply chain business [3]. - Revenue is forecasted to decline from 763.68 billion CNY in 2023 to 673.07 billion CNY in 2024, reflecting a decrease of 11.9% [4]. - The company's earnings per share (EPS) is expected to drop to 1.18 CNY in 2024, before recovering to 1.39 CNY in 2025 [4].