宏观研究/宏观点评 证 券 研 究 报 告 分析师： 高明 E-mail： gaoming@yongxingsec .com SAC编号： S1760524050003 宏 观 研 究 宏 观 点 评 价格恢复是中国出口进一步加速的方向 ——8 月贸易数据分析 ◼ 核心观点 数据：8 月中国商品出口额当月同比 8.7 %（前值 7.0 %），1-8 月累计 同比 4.6 %；8 月当月进口同比 0.5 %（前值 7.2 %），1-8 月累计同比 2.5 %；8 月当月贸易差额 910.2 亿美元（前值 846.5 亿美元）。 1.最近 4 个月中国商品出口额增速保持了 7%以上的水平。5 月至 8 月 出口当月同比增速分别为 7.5 %、8.6 %、7.0 %、8.7 %，累计同比增速 从 1-4 月的 1.2 %升至 1-8 月的 4.6 %。 2.出口价格恢复可能是中国出口增速进一步上行的方向所在。从量价 分解的角度来看，截至 7 月 HS2 出口价格指数（上年同月=100）为 93.1，仍运行在 100 以下，出口数量指数为 114.3；而进口价格指数为 103.7，进口数量指数 102.7。因此我们提 ...

国防军工 行业研究/行业点评 | --- | |-------| | | | | | --- | |-------| | | | | | | | --- | |-------| | | | | | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|---------------------------------------------| | C919 正式入列国航、南航，产业链或将受益 ——军工行业点评报告 | | | ...

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机械设备 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 8 月挖机销售同比增长约 12%，市场加速回暖 ——行业周报（20240902-20240906） ◼ 板块行情回顾 本期（9 月 2 日-9 月 6 日），沪深 300 下跌 2.71%，A 股申万机械设 备指数下跌 2.87%，在申万 31 个一级子行业中排名 21，跑输沪深 300 指数 0.16 个百分点。申万机械设备二级子行业中工程机械表现较好， 下跌 1.33%，自动化设备表现较差，下跌 4.11%。申万机械设备三级子 行业中机床工具表现较好，下跌 0.05%，其他自动化设备表现较差， 下跌 7.55%。 ◼ 核心观点 8 月挖机销售同比增长约 12%，市场正加速回暖。据中国工程机械工 业协会对挖掘机主要制造企业统计，2024年8月销售各类挖掘机14647 台（超过 CME 预估的 14300 台左右销量预测），同比增长 11.8%，其 中国内 6694 台，同比增长 18.1%；出口 7953 台，同比增长 6.95%。 2024 年 1-8 月，共销售挖掘机 131550 台，同比下降 2.21%；其中国内 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company has established itself as a leader in the consumer electrical industry, focusing on three main business segments: electrical connections, smart electrical lighting, and new energy products. In 2023, the revenue from these segments was 7.4 billion, 7.9 billion, and 0.38 billion respectively, with year-on-year growth rates of 5%, 15%, and 149% [1][2]. - The innovative "delivery and sales" model has allowed the company to build a robust distribution network with over 1.1 million offline sales points, which has contributed to stable growth even during downturns in the real estate market [1][2]. - The electrical connection business serves as the foundation for the company's performance, while the smart electrical lighting segment shows significant growth potential. The company holds over 70% market share in the converter industry, with revenue from smart electrical lighting reaching 7.9 billion in 2023 [1][2][46]. - The new energy segment is expected to continue its rapid growth, with a year-on-year revenue increase of 149% in 2023, focusing on both consumer and business markets for charging stations and energy storage solutions [1][2][82]. Summary by Sections 1. Steady Growth Through Cycles - The company has maintained steady growth in revenue and net profit from 2016 to 2023, with compound annual growth rates (CAGR) of 16.6% and 15.6% respectively [36][37]. - The innovative "delivery and sales" model has created a strong channel barrier, with over 750,000 hardware sales points established across the country [32][36]. 2. Dominance in the Converter Industry - The electrical connection business generated 7.39 billion in revenue in 2023, accounting for 47% of total revenue, and the company has a market share exceeding 70% in the converter market [46][51]. - The growth in the converter segment is driven by product innovation and increased demand for electrical connection products due to the rising number of small appliances in households [51][54]. 3. Continuous Growth in Smart Electrical Lighting - The smart electrical lighting segment achieved revenue of 7.9 billion in 2023, reflecting a year-on-year growth of 15.37% [58]. - The company is focusing on developing a smart ecosystem centered around the "smart no-main-light" concept, which includes various smart home products [58][67]. 4. Expanding New Energy Business - The new energy segment is projected to grow significantly, with the company focusing on charging stations and energy storage solutions, having developed over 17,000 terminal points for sales [85][87]. - The company is also expanding its presence in the European market for home energy storage, capitalizing on the growing demand driven by energy transition strategies [87].