新能源动力系统行业近一年市场表现 资料来源：最闻 首选股票 评级 300750.SZ 宁德时代 买入-A 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 杜羽枢 执业登记编码：S0760523110002 邮箱：duyushu@sxzq.com 新能源动力系统 行业周报（20240819-20240825） 领先大市-A(维持) 工信部新一批锂电池白名单公布 2024 年 8 月 26 日 行业研究/行业周报 新闻 工信部新一批锂电池白名单公布：8 月 20 日，工信部公布了新一批符 合《锂离子电池行业规范条件》的企业名单（第八批），其中包括了宁德 时代、欣旺达、海辰储能、比亚迪等知名企业。这些企业的产品类型涵盖 了储能电池、动力电池、消费电池和电池材料等多个领域。其中，涉及储 能电池领域的企业有 6 家，包括宁德蕉城时代新能源科技有限公司、厦门 海辰储能科技股份有限公司等；而涉及动力电池领域的企业则有 19 家，包 括星恒电源股份有限公司、江苏时代新能源科技有限公司等；此外，还有 4 家企业的产品类型为消费电池，3 家企业涉及电池材料。 八部门发文，促新能源城市公交 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company demonstrates stable performance with a significant potential in hydropower and renewable energy sectors [1][2] - The company is expected to benefit from the completion of ongoing projects, leading to sustained growth in performance [2][3] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 85.828 billion yuan, a year-on-year decrease of 3.22% - The net profit attributable to shareholders was 6.716 billion yuan, a year-on-year increase of 127.35% - The basic earnings per share (EPS) was 0.38 yuan, reflecting a year-on-year increase of 127.11% [1] - The company reported a weighted average return on assets of 12.85%, an increase of 6.45 percentage points year-on-year [1] Segment Performance - The net profit from the thermal power segment was 1.995 billion yuan, a year-on-year increase of 678 million yuan, primarily due to improved cost management - The hydropower segment reported a slight loss of 0.26 billion yuan, a year-on-year decrease of 517 million yuan, mainly due to impairment losses from ongoing projects [1] - The wind and solar segments generated a net profit of 1.199 billion yuan, a year-on-year decrease of 2.41%, impacted by wind conditions and pricing pressures [1] Capacity and Future Prospects - As of the end of Q2 2024, the company's total installed capacity reached 107.13 million kilowatts, with significant contributions from wind and solar energy [2] - The company has substantial ongoing projects in hydropower and renewable energy, with a total of 842.47 million kilowatts of new energy resources acquired in the first half of 2024 [2] - The expected completion of these projects is anticipated to enhance the company's performance significantly [2][3] Valuation Metrics - The projected EPS for 2024-2026 is 0.50, 0.53, and 0.57 yuan, respectively - Corresponding price-to-earnings (P/E) ratios for the same period are estimated at 10.9, 10.1, and 9.4 based on the closing price of 5.41 yuan on August 23 [3]

Market Trends - The textile and apparel sector underperformed the market, with a decline of 2.29% compared to the Shanghai and Shenzhen 300 index, which fell by 0.55% [11] - The coal sector experienced a pullback, with the coal index down by 3.45%, while the coal mining and chemical sub-sectors also saw declines [6] Company Performance - Amer reported a 16% year-on-year revenue increase in Q2 2024, reaching $994 million, with the Greater China region showing a consistent growth rate exceeding 40% for four consecutive quarters [8] - Huayi Group achieved a 37.35% increase in revenue for H1 2024, totaling 16.975 billion yuan, with a net profit of 2.224 billion yuan, reflecting a 30.1% year-on-year growth [18][19] - Zhaoyi Innovation's H1 2024 revenue reached 3.609 billion yuan, a 21.69% increase, with a net profit of 517 million yuan, up 53.88% year-on-year [23] Industry Insights - The solar energy sector saw a 49.8% year-on-year increase in installed capacity from January to July 2024, although there remains downward pressure on prices within the supply chain [14] - The coal market is expected to maintain a balance between supply and demand, with no significant price fluctuations anticipated in Q3 2024 [7] - The textile manufacturing sector is experiencing a recovery in orders, with companies like Huayi Group and Weixing Co. exceeding market expectations in H1 2024 [12] Investment Recommendations - The report suggests focusing on midstream textile manufacturing leaders and local sports brands, as demand for sports apparel remains resilient despite overall market weakness [12] - In the coal sector, companies with stable high dividends and strong earnings, such as China Shenhua and Shaanxi Coal, are recommended for investment [7] - For the solar energy sector, companies like Longi Green Energy and Aiko Solar are highlighted as key players to watch due to their growth potential in the integrated solar supply chain [17]

F 证券研究报告 火电 皖能电力（000543.SZ） 增持-A(维持) 盈利增长显著，投产释放可期 | --- | --- | --- | |------------------------------------------------------------------------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the near term [4]. Core Views - The company is a global leader in the film capacitor manufacturing industry, benefiting from the growing demand in the new energy sector, particularly in electric vehicles and energy storage [1][3]. - The company has maintained high profit margins and return on equity (ROE), supported by strong free cash flow, which underscores its competitive advantages in the industry [1]. - The report highlights a turning point in profitability for Q2 2024, driven by a recovery in energy storage demand and stable growth in the electric vehicle market [3]. Company Performance Summary - In H1 2024, the company achieved revenue of 2.117 billion yuan, a year-on-year increase of 7.38%, while the net profit attributable to shareholders was 482 million yuan, a decrease of 1.86% [2]. - For Q2 2024, revenue reached 1.137 billion yuan, marking a year-on-year growth of 9.07% and a quarter-on-quarter increase of 15.99% [2]. - The gross margin for Q2 2024 was reported at 34.92%, reflecting a 1.8 percentage point increase from the previous quarter, attributed to a higher proportion of energy storage products and a decline in raw material prices [3]. Financial Projections - The company is projected to achieve net profits of 1.113 billion yuan, 1.340 billion yuan, and 1.607 billion yuan for the years 2024, 2025, and 2026, respectively [5]. - Earnings per share (EPS) are expected to be 4.94 yuan, 5.95 yuan, and 7.14 yuan for the same years [5]. - The report indicates that the company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 14.8, 12.3, and 10.3, respectively, suggesting that the stock is currently undervalued [5][8].

公司近一年市场表现 市场数据：2024 年 8 月 23 日 收盘价（元）： 33.42 年内最高/最低（元）： 41.96/18.42 流通A股/总股本（亿）： 19.14/19.15 流通 A 股市值（亿）： 639.66 总市值（亿）： 640.05 基础数据：2024 年 6 月 30 日 基本每股收益(元)： 0.60 摊薄每股收益(元)： 0.60 每股净资产(元)： 5.30 净资产收益率(%)： 11.12 资料来源：最闻 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com PCB 沪电股份（002463.SZ） 买入-A(首次) Q2 业绩持续高增，充分受益于 AI 服务器和 800G 交换机放量 2024 年 8 月 26 日 公司研究/公司快报 事件描述 公司发布 2024 年半年度报告。2024 年上半年公司实现营业收入 54.24 亿元，同比增长 44.13%；实现归母净利润 11.41 亿元，同比增长 131.59%； Q2 单季度公司实现营业收入 28.40 亿元，同比增长 49.83%，环比增长 9.91%； 实现归母净利润 6.26 ...

Group 1: Company Overview - The report highlights that Aimeike (300896.SZ) achieved a revenue of 1.657 billion yuan in H1 2024, representing a year-on-year increase of 13.53%, while the net profit attributable to shareholders was 1.12 billion yuan, up 16.35% year-on-year [7][8][10] - The company's earnings per share (EPS) for H1 2024 was 3.72 yuan, with Q2 revenue reaching 849 million yuan, a growth of 2.35% year-on-year [7][8][10] Group 2: Financial Performance - Aimeike's solution products continued to be the main revenue contributor, generating 976 million yuan in H1 2024, with a gross margin of 93.98% [8][9] - The gel products also showed strong growth, with revenue of 649 million yuan, reflecting a year-on-year increase of 14.57% and a gross margin of 97.98% [9][10] - The overall gross margin for the company was 94.91%, with a net profit margin of 67.65%, indicating stable profit levels and improved expense management [9][10] Group 3: Market Trends and Opportunities - The report notes that the company is actively advancing its research projects, with several products in various stages of clinical trials, which are expected to contribute to future revenue growth [9][10] - The company is also collaborating with Jeisys to introduce two non-invasive skin rejuvenation devices, which is anticipated to enhance its product line [10] Group 4: Investment Recommendations - The report projects that Aimeike's EPS will reach 7.58, 9.69, and 11.9 yuan for the years 2024 to 2026, with corresponding price-to-earnings (PE) ratios of 19, 14.9, and 12.1 [10] - The investment rating for Aimeike is maintained at "Buy-B," reflecting confidence in its growth potential and product pipeline [10]

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [1][5]. Core Views - The company has shown continuous improvement in its performance, with a significant increase in revenue and net profit driven by a recovery in downstream demand and an increase in storage product shipments [1][4]. - The company is well-positioned for long-term stable growth due to its diversified product lines and ongoing market expansion efforts [1][4][5]. Financial Performance - In the first half of 2024, the company achieved revenue of 36.09 billion yuan, a year-on-year increase of 21.69%, and a net profit of 5.17 billion yuan, up 53.88% year-on-year [1]. - For Q2 2024, the company reported revenue of 19.82 billion yuan, reflecting a year-on-year growth of 21.99% and a quarter-on-quarter increase of 21.78% [1]. - The gross margin improved to 38.16%, up 4.73 percentage points year-on-year, attributed to product structure optimization and cost reduction efforts [1][4]. Product Line and Market Strategy - The company has made significant advancements in its product lines, including DRAM, NOR Flash, SLC NAND, microcontrollers (MCUs), and sensors, with a focus on high-potential markets such as automotive and industrial automation [2][4]. - The company is recognized as the second-largest NOR Flash supplier globally, with a comprehensive product range and a strong market position [2][4]. - The MCU segment has seen recovery in demand from both consumer and industrial clients, with a focus on expanding into automotive and industrial automation sectors [4]. Future Outlook - The company is expected to maintain robust growth, with projected EPS of 1.72, 2.46, and 3.18 for 2024, 2025, and 2026, respectively, indicating a positive earnings trajectory [5][7]. - The report anticipates a recovery in the semiconductor market, which will provide a favorable external environment for the company's growth [4][5].

Investment Rating - The report maintains a "Buy-B" rating for Hengli Petrochemical (600346.SH) [1] Core Views - The company has shown steady growth in performance, with new material production capacity gradually being released [1][3] - In the first half of 2024, the company achieved operating revenue of 112.54 billion yuan, a year-on-year increase of 2.84%, and a net profit attributable to shareholders of 4.02 billion yuan, a year-on-year increase of 31.77% [2][3] - The company has optimized resource allocation and production-sales coordination, focusing on high-margin products in response to raw material price fluctuations and market demand [3] Financial Performance - In Q2 2024, the company reported operating revenue of 54.18 billion yuan, a year-on-year increase of 1.65%, but a quarter-on-quarter decrease of 7.24%, with a net profit of 1.88 billion yuan, down 7.44% year-on-year and 12.2% quarter-on-quarter [2] - The gross profit margin for the first half of 2024 was 11.85%, an increase of 0.78 percentage points year-on-year [3] - The company completed a cash dividend distribution of 0.55 yuan per share (including tax), totaling 3.87 billion yuan, with a payout ratio of 56.07% [3] Production Capacity and Growth - The new material production capacity is gradually being put into operation, with a focus on high-performance resin and new material projects expected to be fully operational in the second half of 2024 [3] - The company aims to become the largest and most technologically advanced functional film materials enterprise globally, with projects in Suzhou and Nantong progressing steadily [3] Earnings Forecast - The forecasted net profits for 2024, 2025, and 2026 are 9.36 billion yuan, 11.50 billion yuan, and 13.77 billion yuan, respectively, with corresponding P/E ratios of 10.1, 8.2, and 6.8 [4]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [6]. Core Views - The company achieved significant growth in both revenue and net profit in the first half of 2024, with revenue reaching 11.472 billion yuan, a year-on-year increase of 24.54%, and net profit of 1.878 billion yuan, up 29.04% [3][4]. - The company is benefiting from the recovery of orders and the expansion of production capacity, with new factories in Vietnam and Indonesia contributing to increased output [2][6]. Summary by Sections Financial Performance - In 2024H1, the company reported revenue of 11.472 billion yuan, a 24.54% increase year-on-year, and a net profit of 1.878 billion yuan, reflecting a 29.04% growth [3][4]. - The gross profit margin improved to 28.2%, up 3.6 percentage points year-on-year, with a net profit margin of 16.4%, an increase of 0.6 percentage points [5]. Production Capacity - The company's total production capacity reached 10.876 million pairs, a 4.7% increase year-on-year, with a production volume of 10.585 million pairs, up 18.4% [2]. - The capacity utilization rate improved to 97.32%, an increase of 11.33 percentage points year-on-year, driven by the recovery of orders and new customer collaborations [2]. Market Performance - The company experienced strong sales in the U.S., with revenue growth exceeding 30%, while European sales faced some pressure [4]. - The sales of sports leisure shoes, outdoor boots, and sandals accounted for 89.2%, 5.3%, and 5.3% of total revenue, respectively [4]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 3.30, 3.85, and 4.43 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 19.6, 16.8, and 14.6 [6].