电子 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 | --- | |-------| | | | | | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE ratio of 21/17/15 for 2024-2026 [3][6] Core Viewpoints - The company has a strong presence in the power and energy storage battery markets, with competitive advantages in the consumer battery sector [3] - The company's revenue and net profit have shown consistent growth, with 2023 revenue reaching 48.78 billion yuan, a 34% YoY increase, and net profit reaching 4.05 billion yuan, a 15% YoY increase [2] - The company has a solid technological foundation, with significant R&D investment of 2.87 billion yuan in 2023, accounting for 5.88% of revenue, and a global business layout with 5 R&D centers, 8 sales offices, and 14 production bases [2][3] Industry Overview - The global new energy vehicle market is expected to grow, with sales projected to reach 18.3 million units in 2024, a 25% YoY increase [2] - The energy storage market is experiencing rapid growth, with China's new energy storage installation expected to grow at a CAGR of 45% from 2024 to 2028, reaching 220.9GW by 2028 [2] - The consumer battery market is expected to grow moderately, with global market size projected to reach $15.45 billion in 2024 and $22.15 billion by 2029, with a CAGR of 7.47% [2] Company Highlights - The company has a strong technological barrier, with 76 industry standards participated in, including 8 national standards, and a significant R&D team of 5,291 people, accounting for 19.35% of the total workforce [2] - The company's global business strategy includes global manufacturing, delivery, and service, with a presence in multiple regions including Europe, Southeast Asia, and North America [2][25] - The company's revenue is diversified across power batteries (49%), energy storage batteries (33%), and consumer batteries (17%), with gross margins of 14%, 17%, and 24% respectively [31][35] Financial Projections - The company's revenue is projected to grow to 55.1/64.3/75.3 billion yuan in 2024-2026, with net profit expected to reach 4.7/5.7/6.7 billion yuan, representing a growth rate of 13%/17%/17% [3][93] - The company's gross margin is expected to remain stable at around 18% for 2024-2026, with a net margin of 9.3%/9.7%/9.8% [93][97]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][7]. Core Insights - The company reported a stable revenue of approximately 16.3 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 1.58%. The net profit attributable to the parent company was about 3.45 billion yuan, up 8.5% year-on-year [3]. - The growth in surgical volume outpaced revenue growth, with outpatient visits increasing by 9.23% and surgical procedures by 6.92% in the first half of 2024. However, the average price per service declined year-on-year [3]. - The company is expanding its network of county hospitals and continuing its internationalization strategy, having acquired 87 medical institutions and 100% of the UK-based Optimax Group [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's gross margin was 51.0%, with a net profit margin of 21.2%. The gross margin for Q3 2024 was reported at 53.9%, showing a decline of 2.4 percentage points year-on-year [3]. - The company expects revenues of approximately 21.14 billion yuan in 2024, with net profits projected at 3.68 billion yuan, reflecting a price-to-earnings (PE) ratio of about 35.8x [4][6]. Growth Projections - Revenue growth is forecasted at 3.8% for 2024, with further increases to 8.8% in 2025 and 5.2% in 2026. Net profit is expected to grow by 9.6% in 2025 and 7.6% in 2026 [6][4]. - The company is anticipated to benefit from a recovering macroeconomic environment, particularly in its domestic business [3]. Strategic Developments - The company is enhancing its county hospital network and pursuing international expansion, which is expected to increase its patient coverage and operational advantages [3]. - The acquisition of Optimax Group is a significant step in entering the UK ophthalmology market, indicating a strong commitment to international growth [3].

汽车 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 | --- | |-------| | | | | | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

汽车 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 11 月车市保持增长，渠道信心改善 ——汽车行业零售数据点评 ◼ 核心观点 汽车行业周度高频数据 乘用车整体数据：根据乘联分会的数据，11 月 1-17 日，乘用车市场零 售 110.6 万辆，同比去年 11 月同期增长 30%，较上月同期增长 3%， 今年以来累计零售 1,894.2 万辆，同比增长 5%；11 月 1-17 日，全国 乘用车厂商批发 127.1 万辆，同比去年 11 月同期增长 37%，较上月同 期增长 22%，今年以来累计批发 2,244.7 万辆，同比增长 6%。 新能源乘用车数据：根据乘联分会的数据，11 月 1-17 日，乘用车新能 源市场零售 58.1 万辆，同比去年 11 月同期增长 66%，较上月同期增 长 7%，今年以来累计零售 890.9 万辆，同比增长 41%；11 月 1-17 日， 全国乘用车厂商新能源批发 65.4 万辆，同比去年 11 月同期增长 71%， 较上月同期增长 20%，今年以来累计批发 993.3 万辆，同比增长 38%。 国内外政策环境 国家政策环境：11 月年末市场 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [5][8]. Core Insights - The company has signed a sales contract with Sichuan Zhongyi Huixin New Materials Technology Co., Ltd., with a total contract value of 515.5 million RMB, which is expected to enhance its market expansion efforts [4]. - The domestic carbon fiber equipment market is experiencing rapid growth, with the market share of domestic carbon fiber in China increasing from 31.7% in 2019 to 76.7% in 2023, indicating a strong trend towards domestic substitution [4]. - The sales contract represents approximately 29.62% of the company's audited revenue for 2023, suggesting a significant impact on future operational performance if the contract is executed successfully [4]. Financial Projections - The company is projected to achieve total revenues of 1.776 billion, 2.019 billion, and 2.504 billion RMB for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 15.3%, 13.7%, and 24.0% [5][7]. - Earnings per share (EPS) are expected to be 0.47, 0.57, and 0.78 RMB for the same years, with corresponding price-to-earnings (PE) ratios of 32.80, 27.00, and 19.51 [5][7]. - The net profit attributable to the parent company is forecasted to be 212 million, 258 million, and 357 million RMB for 2024, 2025, and 2026, respectively, with growth rates of 15.8%, 21.5%, and 38.4% [7].

传媒 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|----------------------------------------------------------------------------------------| | 文创消费快速增长，多个游戏版号获批 ——传媒行业周报（ 2024.11.18-20 ...

电力设备 行业研究/行业专题 证 券 研 究 报 告 行 业 研 究 行 业 专 题 政策端利好，主材各板块 Q3 均减亏 ——光伏行业 2024 年三季报总结 ◼ 核心观点 三季度以来，国家相关部门出台的相关文件分别在低效产能退出、防 止内卷竞争、推进光伏基地建设、建立有效投标机制、建议中标价格 不低于成本价等方面促进光伏供给端有序出清、消纳能力进一步增强、 定价机制更健康以及促进需求成长。我们认为这些政策和倡议的实施 将为光伏行业的健康发展注入新的动力，推动行业向高质量、高效率 方向发展。 国内装机：根据国家能源局数据，9 月国内光伏新增装机为 20.89GW， 同比+32%，环比+27%；1-9 月国内光伏新增装机 160.88GW，同比 +25%。2024Q3 集中式光伏电站新增装机 26.06GW，分布式光伏电站 新增装机 32.34GW。 出口数据：根据海关总署数据，1-9 月国内电池组件出口总金额为 246.80 亿美元，同比-31.67%；其中 9 月电池组件出口总金额 20.14 亿 美元，同比-40%。9 月逆变器出口金额 6.79 亿美元，同比+5%；1-9 月 逆变器累计出口 63.3 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing its competitive advantages in new material applications and expected growth driven by the wind power industry, capacity expansion, and new material applications [2][3] Core Views - The company is a leading player in multiple sectors, including global rail transit elastic components, wind power blades, and automotive vibration reduction, with significant market shares in each [2] - Wind power blade capacity expansion is underway, with a target of over 4,000 sets by the end of the 14th Five-Year Plan, and the company is leveraging polyurethane materials to reduce costs [2] - The company is accelerating its international layout in rail transit vibration reduction components, with overseas revenue growing by 19% in H1 2024 [2] - The newly established Industrial and Engineering Division is focusing on vibration reduction and isolation applications, achieving breakthroughs in multiple fields [2] - The company is actively restructuring its German subsidiary, Boge, to improve efficiency and expand its presence in the new energy vehicle market [2] - Significant progress has been made in the high-performance polymer materials market, with sales reaching 436 million yuan in 2023 [2] Wind Power Sector - The company ranks second domestically in wind power blade production, with sales of approximately 15.89GW in 2023, a 33.5% year-on-year increase [2] - The company is expanding its domestic and overseas production capacity, with new factories in Southwest China, Xinjiang, Sheyang, and Mengxi regions, and is targeting over 4,000 sets of wind power blade capacity by the end of the 14th Five-Year Plan [2] - The company is focusing on material substitution and lightweighting to reduce costs, using PET, polyurethane, and pultrusion materials [2] - The company's wind power blade business is expected to benefit from the growth of the wind power industry, with projected net profits of 588 million yuan, 813 million yuan, and 978 million yuan for 2024-2026, respectively [2] Rail Transit Sector - The company is a global leader in rail transit elastic components, with a 30% market share in global rail vehicle vibration reduction components as of H1 2024 [2] - The company has established strategic partnerships with major rail vehicle manufacturers such as China CRRC, WABTEC, ALSTOM, and SIEMENS, and is expanding its overseas market presence [2] - Rail transit revenue reached 1.154 billion yuan in H1 2024, a 23.95% year-on-year increase, with overseas revenue growing by 19% [2] Industrial and Engineering Sector - The company's Industrial and Engineering Division, established in 2022, is focusing on vibration reduction and isolation applications in industries, bridges, and buildings, achieving significant market breakthroughs [2] - The division has secured a 70% market share in domestic wind power vibration reduction and a 50% share in wind power couplings, with new orders in bridge and building vibration isolation growing by 70% year-on-year in 2023 [2] Automotive Sector - The company ranks third globally in automotive vibration reduction and is the first to achieve mass production of active vibration reduction products [2] - The company is restructuring its German subsidiary, Boge, to improve efficiency and expand its presence in the new energy vehicle market, with a focus on low-cost production regions and the Chinese market [2] Polymer Materials Sector - The company has made significant progress in high-performance polymer materials, including polyurethane, long glass fiber reinforced thermoplastic composites, and aramid materials, with sales reaching 436 million yuan in 2023 [2] - The company is focusing on the research and application of new materials, achieving breakthroughs in areas such as polyurethane and long glass fiber reinforced thermoplastic composites [2] Financial Projections - The company's revenue is projected to grow from 17.538 billion yuan in 2023 to 25.915 billion yuan in 2026, with a CAGR of 13.9% [2] - Net profit attributable to the parent company is expected to grow from 386 million yuan in 2023 to 978 million yuan in 2026, with a CAGR of 38.2% [2] - The company's PE ratio is expected to decrease from 19.19x in 2023 to 10.16x in 2026, indicating strong growth potential [2]

电力设备 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 光伏制造行业规范条件出台，新增和改扩 建项目门槛提高 ◼ 核心观点 11 月 20 日，工信部对《光伏制造行业规范条件》和《光伏制造行业 规范公告管理暂行办法》进行了修订，其中提到，引导地方依据资源 禀赋和产业基础合理布局光伏制造项目，鼓励集约化、集群化发展。 引导光伏企业减少单纯扩大产能的光伏制造项目，加强技术创新、提 高产品质量、降低生产成本。新建和改扩建光伏制造项目，最低资本 金比例为 30%。 规范条件要求，每年用于研发及工艺改进的费用不低于总销售额的 3% 且不少于 1000 万元人民币，鼓励企业取得省级以上独立研发机构、技 术中心或高新技术企业资质；申报符合规范名单时上一年实际产量不 低于上一年实际产能的 50%。我们认为对企业研发费用占比以及产能 利用率提出要求有利于驱动企业持续创新迭代、有序扩张。 多晶硅新建和改扩建项目综合电耗要求提高至 53 千瓦时/千克。根据 7 月工信部发布的《光伏制造行业规范条件（2024 年本）》（征求意见 稿），新建和改扩建项目还原电耗小于 44kwh/kg，综合电耗小于 57k ...