Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [7]. Core Insights - The demand for submarine cables is expected to grow due to accelerated offshore wind construction both domestically and internationally, with significant increases in installed capacity projected for the coming years [4][5]. - The industry is characterized by high barriers to entry, leading to a concentrated market with major players like Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric dominating the market [4][5]. - The trend towards higher voltage levels and flexible direct current technology in submarine cables is evident, enhancing the unit value of these products [4][5]. Summary by Sections 1. Offshore Wind Construction and Cable Demand Growth - Global offshore wind capacity is projected to exceed 410 GW from 2024 to 2033, with a compound annual growth rate of 20% [4][15]. - Europe is identified as a key market, with expected new installations of 5.6 GW in 2025, representing a year-on-year growth of over 51% [4][17]. - Domestic offshore wind projects are accelerating, with an anticipated addition of nearly 15 GW by 2025, more than doubling the previous year's figures [4][23]. 2. Trends in Submarine Cable Technology - The voltage levels for array cables are transitioning from 35 kV to 66 kV, while outgoing cables are moving from 220 kV to 330/500 kV [4][35]. - Flexible direct current technology is increasingly being utilized for long-distance transmission, with several offshore wind projects already employing this technology [4][35]. 3. High Barriers and Market Concentration - The submarine cable industry has significant technical and performance requirements, creating high entry barriers [4][35]. - Major players in the domestic market, such as Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric, hold substantial market shares due to their established reputations and project delivery experiences [4][5]. 4. Investment Recommendations - The report suggests focusing on leading domestic companies like Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric, which are expected to benefit from the improving domestic offshore wind market [5]. - Companies that have secured overseas orders since 2023, such as Dongfang Cable and Zhongtian Technology, are also highlighted as potential investment opportunities [5].

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策略研究/策略周报 证 券 研 究 报 告 策 略 研 究 策 略 周 报 市场活跃度回落，高股息板块估值分位上涨 ——情绪与估值 11 月第 3 期 ◼ 核心观点：上周（11.14-11.20）A 股市场两融余额小幅增加，交易活 跃度整体回落。主要指数 PE 估值分位普遍下行，其中 Wind 双创领跌。 主要风格 PE 估值分位均下降，其中成长风格跌幅较大。全行业银行估值 分位数上升较多，家电行业跌幅较大。 情绪：两融余额小幅增长，市场交易活跃度整体下降 1） 股债收益率下行，投资性价比较高。截至 2024 年 11 月 20 日，沪深 300股息率为2.95%，10年国债收益率为2.09%，股债收益率为-0.86%， 周环比下降 0.08pct。股债收益率低于 24 年以来均值 0.06pct，仍处于 2012 年以来相对低点，这也意味着当前 A 股市场依然具备较高的投 资性价比。 2） 两融余额小幅增加，融资买入额占比下降。上周（11.14-11.20）两融 余额均值约 1.84 万亿元，较上上周均值增加 0.65%；融资买入额占全 A 成交额比例小幅下降，上周融资买入额占全 A 成交额比例均值为 10 ...

有色金属 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 中国取消部分铜铝制品出口退税，缅甸稀土再添变数 ——有色行业周报（2024.11.11-2024.11.15） ◼ 核心要点 1、贵金属 美国最新经济数据回暖，美元指数走强，黄金价格震荡回落。11 月 8 日公 布的初次申请失业金人数为 21.7 万人，市场预期为 22.3 万人；本期数据录 得今年 5 月下旬以来的最低值，说明美国就业市场存有韧性。美国 10 月 CPI 同比+2.6%，止步 6 连跌；核心 CPI 同比+3.3%，与上月持平。美国 10 月 PPI 同比+2.40%，高于预期的 2.3%；环比升 0.2%，符合预期；10 月核心 PPI 同比+3.10%，高于预期的 3.00%，且连续 3 个月保持上升；10 核心 PPI 环比+0.3%，符合预期。以上数据说明美国通胀并不平衡，因此可能会影响 美联储降息的节奏，据新华财经，鲍威尔于本周五也表示"没有迫切降息的 必要"。美元指数自特朗普当选以来震荡上行，截至本周五收报 106.67 处 于年内高位水平，美元的持续走强对金价也构成一定的压力。我们认为以上 因 ...

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

宏观研究/宏观点评 | --- | |-------| | | | | | --- | --- | --- | |-------|-------|-------| | | | | | | | | | --- | |-------| | | | | | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|------------------------- ...

电力设备 行业研究/行业周报 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

纺织服饰 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 双十一收官，国货运动品牌表现亮眼 ——行业周报（20241111-1115） ◼ 行情回顾 本周，沪深 300 下跌 3.29%，纺织服饰板块整体下跌 3.38%，跑输沪深 300 指数 0.09pct，涨跌幅在申万Ⅰ级 31 个行业中排第 12 位。三大子板 块纺织制造、服装家纺、饰品板块分别下跌 3.35%、3.23%、3.86%。 ◼ 核心观点 社零：化妆品、服饰等可选消费品类高增。10 月社零 4.5 万亿元，同比 +4.8%。由于双十一前置及周期拉长带动，可选消费提升明显，限额以 上化妆品同比+40.1%，位列第 1；服装同比+8.0%，环比+8.4pct；金银珠 宝降幅缩窄，环比+5.1pct。我们认为，10 月化妆品/服饰消费明显改善， 考虑到扩内需政策不断落地，叠加线上线下年终大促活动催化，四季度 居民消费意愿有望得到提振，可选消费潜力或将进一步释放。 服装：双十一收官，国货运动品牌表现亮眼。从各平台双 11 大促起始日 期至 24/11/11，电商平台累积销售额达 1.4 万亿元，同比+26.6%。其中， ...

商贸零售 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 10 月社零边际向好，促消费政策效果逐步显现 ——10 月社零数据点评 ◼ 核心观点 11 月 15 日，国家统计局公布 2024 年 10 月份社零数据。10 月我国社零总 额为 4.54 万亿元，同比增长 4.8%（增速环比+1.6pct）；其中，除汽车以外 的消费品零售额 4.09 万亿元，同比增长 4.9%（增速环比+1.3pct）。1-10 月，社零总额 39.90 万亿，同比增长 3.5%；其中，除汽车以外的消费品零 售额 35.90 万亿，增长 3.9%。我们认为，10 月社零边际向好，主要系 10 月国庆出行叠加"双 11"大促等节日效应驱动增长，此外以旧换新、国 补等促消费政策效果逐步显现。 电商渗透率维持高位，线下便利店专业店表现较优。1-10 月份，全国网上 零售额 12.36 万亿（yoy+8.8%）；其中实物商品网上零售额 10.33 万亿 (yoy+8.3%)，占社会消费品零售总额的比重为 25.9%，电商渗透率环比 +0.2pct ； 在 实 物 商 品 网 上 零 售 额 中 ， 吃 类 / ...

Investment Rating - First coverage with a "Buy" rating [4] - Expected net profit for 2024-2026: 338 million, 446 million, and 587 million RMB respectively [4] - EPS for 2024-2026: 1.27, 1.68, and 2.21 RMB respectively [4] - PE ratios for 2024-2026: 60.96x, 46.14x, and 35.08x respectively [4] Core Views - Jiangfeng Electronics is a leading enterprise in high-purity metal sputtering targets, with a strong technological moat [4] - The company has established a good reputation in both domestic and international markets, supplying major international manufacturers [4] - The company is advancing equipment and production line localization, achieving self-control in production equipment and domestic production lines [4] - The sputtering target market is expected to grow steadily, with the global market size reaching 258 billion USD in 2023, and a CAGR of 12.25% from 2017 to 2023 [4] - High-purity metal sputtering targets are expected to reach a market size of 57.05 billion USD by 2028, with a CAGR of 7.6% from 2023 to 2030 [4] Business Performance and Growth - In H1 2024, the company achieved revenue of 1.627 billion RMB, a YoY increase of 35.91%, and net profit of 161 million RMB, a YoY increase of 5.32% [4] - The semiconductor precision components business achieved revenue of 570 million RMB in 2023, a YoY increase of 58.55% [4] - The company is actively expanding production, with multiple production bases progressing smoothly, including the Wuhan base and Ningbo Jiangfeng projects [4] - The company is making progress in third-generation semiconductor materials, with products like high-end copper-clad ceramic substrates and silicon carbide epitaxial wafers gaining market recognition [4] Industry and Market Analysis - The global sputtering target market is expected to reach 258 billion USD in 2023, with a CAGR of 12.25% from 2017 to 2023 [4] - High-purity metal sputtering targets are expected to reach a market size of 57.05 billion USD by 2028, with a CAGR of 7.6% from 2023 to 2030 [4] - The domestic sputtering target market is growing rapidly, with a CAGR of 12.9% from 2018 to 2022, and is expected to reach 43.1 billion RMB in 2023 [4] - The semiconductor sputtering target market in China is expected to grow at a CAGR of 10-15% from 2021 to 2026, reaching 3.7 billion RMB by 2025 [4] Competitive Landscape - The global high-performance sputtering target market is dominated by a few key players, including Honeywell, JX Nippon Mining & Metals, and TOSOH [4] - Domestic companies like Jiangfeng Electronics, A-share, and Longhua Technology are accelerating the substitution of international manufacturers [4] - Jiangfeng Electronics has successfully entered the supply chains of major international manufacturers, ensuring the security of key raw materials in critical industries [4] Future Outlook - The company is expected to benefit from the recovery of the semiconductor cycle and the acceleration of domestic substitution [4] - With the expansion of production capacity and the introduction of new products, the company's market share and competitive position are expected to improve [4] - The company's semiconductor precision components and third-generation semiconductor businesses are expected to contribute significantly to future growth [4]