工程机械Ⅱ 分析师：刘智 臂式产品放量推动增长，出海市场空间广 登记编码：S0730520110001 阔 l iuzhi@ccnew.com 021-50586775 ——浙江鼎力(603338)2023 年报&2024 一季报点评 证券研究报告-年报点评 增持(首次) 市场数据(2024-05-13) 发布日期：2024年05月14日 收盘价(元) 72.98 投资要点： 一年内最高/最低(元) 72.98/43.58 浙江鼎力（603338）披露2023年年报。2023年公司实现营业总收入63.12 沪深300指数 3,664.69 亿元，同比增长15.92%；归母净利润18.67亿元，同比增长48.51%。 市净率(倍) 4.03 流通市值(亿元) 369.53 同时披露2024年一季报。2024年第一季度，公司实现营业总收入14.52 亿元，同比增长11.53%；归母净利润3.02亿元，同比下降5.40%。 基础数据(2024-03-31) 每股净资产(元) 18.12 ⚫ 臂式产品放量带动业绩增长，持续扩产保障未来增长 每股经营现金流(元) 0.23 2023 年公司实现营业收入 63.12 亿元 ...

资料来源：聚源，中原证券研究所 分析师：周建华 登记编码：S0730518120001 zhoujh-yjs@ccnew.cm 021-50586758 晨会聚焦 -29% -24% -20% -16% -12% -7% -3% 1% 2023.05 2023.09 2024.01 2024.05 上证指数 深证成指 资料来源：聚源，中原证券研究所 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,148.02 | -0.21 | | 深证成指 | 9,673.32 | -0.60 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,664.69 | -0.04 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,499.47 ...

——市场分析 《市场分析：金融电力行业领涨 A 股先抑后 扬》 2024-05-10 《市场分析：成长行业走强 A 股震荡上涨》 2024-05-09 《市场分析：防御行业领涨 A 股震荡整理》 2024-05-08 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 投资要点： 周一（05 月 13 日）A 股市场探底回升、小幅震荡整理，早盘股指低开后震 荡回落，沪指盘中在 3126 点附近获得支撑，午后股指企稳回升，盘中电网 设备、公用事业、电力以及工程建设等行业表现较好；半导体、互联网以 及软件开发等行业表现较弱，沪指全天基本呈现小幅震荡的运行特征。创 业板市场周一震荡回落，成指全天表现弱于主板市场。 周一 A 股市场探底回升、小幅震荡整理，早盘股指低开后震荡回落，沪指 盘中在 3126 点附近获得支撑，午后股指企稳回升，盘中电网设备、公用事 业、电力以及工程建设等行业表现较好；半导体、互联网以及软件开发等 行业表现较弱，沪指全天基本呈现小幅震荡的运行特征。当前上证综指与 创业板指数的平均市盈率分别为 13.46 倍、31.03 倍，处于近三年中位数 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][17]. Core Views - The company experienced a robust revenue growth of 56.10% year-on-year in 2023, reaching a total revenue of 7.353 billion yuan, while net profit increased by 31.24% to 852 million yuan [3][8]. - The first quarter of 2024 saw a decline in revenue by 34.50% year-on-year, with a net loss of 28.82 million yuan, attributed to high inventory levels in the European market affecting sales of energy storage inverters [3][6]. - The company is expected to benefit from the recovery of demand in the energy storage inverter market as inventory levels normalize, particularly in emerging markets [6][7]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 73.53 billion yuan, with a net profit of 8.52 billion yuan and a basic earnings per share of 4.94 yuan, reflecting a year-on-year growth of 31.38% [3][8]. - The first quarter of 2024 showed a revenue of 11.26 billion yuan, down 34.50% year-on-year, with a net loss of 28.82 million yuan [3][6]. Product Performance - The company’s sales of grid-connected inverters reached 532,200 units in 2023, a 15.46% increase year-on-year, generating revenue of 28.61 billion yuan [6][7]. - Sales of energy storage inverters decreased by 32.20% year-on-year, with revenue of 15.66 billion yuan, primarily due to high inventory levels in Europe [6][7]. Market Outlook - The company is positioned to capitalize on the growing demand for household photovoltaic systems, with a significant increase in sales of 688.92% year-on-year, generating revenue of 16.54 billion yuan [7][8]. - The report anticipates steady growth in the company’s overseas market performance, particularly as European inventory levels decrease and demand in emerging markets rises [8][9]. Valuation Metrics - The projected net profits for 2024, 2025, and 2026 are estimated at 707 million yuan, 880 million yuan, and 1.116 billion yuan respectively, with corresponding earnings per share of 4.09 yuan, 5.09 yuan, and 6.45 yuan [8][9]. - The price-to-earnings ratios for the next three years are projected to be 25.35, 20.36, and 16.05 respectively, indicating a favorable valuation trend [8][9].

半导体 分析师：邹臣 半导体行业 24Q1 复苏趋势明显， 存 登记编码：S0730523100001 储器板块业绩表现亮眼 z ouchen@ccnew.com 021-50581991 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 半导体相对沪深300指数表现 发布日期：2024年05月13日 投资要点： 半导体 沪深300 7%  4月国内半导体行业表现相对较弱。2024年4月国内半导体行业 1% -5% （中信）下跌0.35%，同期沪深300上涨1.89%，半导体行业 -11% （中信）年初至今下跌12.69%；4月费城半导体指数下跌 -17% -232%023.05 2023.09 2024.01 2024.05 4.73%，同期纳斯达克100下跌4.46%，年初至今费城半导体指 -29% 数上涨11.92%。 -35%  国内半导体行业24Q1复苏趋势明显， 存储器板块业绩表现亮 资 料来源：聚源，中原证券研究所 眼。半导体行业24Q1营业收入为1246.65亿元，同比增长 相关报告 25.59%；半导体行业24Q1归母净利润为60.32亿元，同比增长 《半导体行业月报：AI ...

锂电池 分析师：牟国洪 登记编码：S0730513030002 销量持续增长，短期适度关注 mough@ccnew.com 021-50586980 ——锂电池行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2024年05月13日 投资要点：  4 月锂电池板块指数走势弱于沪深 300 指数。2024 年 4 月，锂电 锂电池相对沪深300指数表现 池指数下跌4.51%，新能源汽车指数下跌3.68%，而同期沪深300 指数上涨0.24%，二者走势弱于沪深300指数。  4月我国新能源汽车销售持续增长。2024年4月，我国新能源汽车 销售85.0万辆，同比增长33.55%，环比回落3.74%，4月月度销 量占比36.03%，主要系新能源整车总体降价。2024年3月，我国 动力电池装机35.0GWh，同比增长25.98%，其中三元材料装机占 比32.29%；宁德时代、比亚迪和中创新航装机位居前三。  上游原材料价格短期总体震荡为主。截止 2024 年 5 月 10 日，电 资料来源：中原证券研究所，Wind 池级碳酸锂价格为11.10万元/吨，较2024年4月初上涨1.83%； 相关报告 氢氧 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [28]. Core Views - The domestic demand for construction machinery is expected to recover due to equipment upgrades, while overseas business continues to grow [6][13]. - The company achieved a revenue of 74.02 billion yuan in 2023, a decrease of 8.44% year-on-year, but the net profit attributable to shareholders increased by 5.33% to 4.53 billion yuan [6][7]. - The company's international sales revenue reached 43.26 billion yuan, a year-on-year increase of 18.28%, accounting for 60.48% of total revenue [10][11]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 740.19 billion yuan, with a net profit of 45.27 billion yuan, and a non-recurring net profit of 43.88 billion yuan, showing a significant growth of 40.35% [6][7]. - For Q1 2024, the company generated a revenue of 178.30 billion yuan, a slight decline of 0.95% year-on-year, while the net profit increased by 4.21% to 15.80 billion yuan [12]. Business Segments - The excavator segment saw a revenue of 276.36 billion yuan, down 22.71%, but maintained its position as the market leader for 13 consecutive years [7]. - Concrete machinery revenue was 153.15 billion yuan, up 1.55%, with electric mixer truck sales increasing by 47% [7]. - The crane segment generated 130 billion yuan, with overseas growth exceeding 50% [7]. Strategic Initiatives - The company is actively promoting its "New Three Transformations" strategy, achieving significant results in globalization, digitalization, and low-carbon initiatives [8]. - The international market has shown strong growth, with sales covering over 180 countries and regions, particularly in Europe and the Americas [10]. Profitability and Margins - The company's gross margin improved to 27.71%, an increase of 3.69 percentage points year-on-year, driven by higher margins in international business [11]. - The net profit margin also increased to 6.29%, reflecting improved profitability across various business segments [11]. Future Outlook - The construction machinery industry is expected to reach a turning point, driven by large-scale equipment upgrades and supportive government policies [13]. - The company is well-positioned to benefit from the recovery in domestic demand and continued international expansion [15].

有色金属 分析师：李泽森 美联储继续维持利率不变，金属价格普遍 登记编码：S0730523080001 上涨 l izs1@ccnew.com 021-50586702 ——有色金属行业月报 证券研究报告-行业月报 同步大市(维持) 有色金属相对沪深300指数表现 发布日期：2024年05月13日 投资要点： 有色金属 沪深300 8% ⚫ 4月，沪深300上涨1.89%，有色板块上涨3.03%，在30个行业 3% -1% 中排名第4，表现较好。有色子行业中，镍钴锡锑（9.99%）、铝 -6% -11% （5.97%）、铜（4.60%）、黄金（4.31%）、铅锌（4.08%）、其他稀 -15% 有金属（3.09%）、钨（1.94%）、稀土及磁性材料（-1.41%）、锂 -20% -25%2023.05 2023.09 2024.01 2024.05 （-7.32%）。有色板块个股方面，65家上涨，59家下跌。 资 料来源：中原证券 ⚫ 基本金属：LME与 SHFE金属价格普遍上涨。根据安泰科数据， 相关报告 宏观方面，美国的核心通胀依然顽固，降息推迟预期增强；从资金 《有色金属行业深度分析：铝基材料产业链分 ...

联系人：马嶔琦 （ETF 基金组合设立于 2023 年 1 月 1 日，详情请 见正文"配置建议"） ⚫ 【CPI 企稳回升，PPI 降幅收窄】4 月 CPI 录得 0.3%，涨幅比 3 月扩大 0.2 个百分点，高于市场预期，CPI 连续第三个月上涨， 显示物价有企稳迹象。食品价格降幅收窄，服务、能源价格上涨， 共同推动了物价回升。随着生猪行业去产能加快，猪肉价格同比 降幅收窄 3 个百分点；4 月飞机票、交通工具租赁费、住宿和旅 游价格均由降转涨。食品价格继续回升、公用事业商品也有涨价 迹象，CPI 有望继续回升。4 月 PPI 同比下降 2.5%，较上月收窄 0.3 个百分点。主要是因为国际大宗商品价格上涨较多，4 月原油 均价同比上涨 6%、铜价同比上涨 12%。国内工业品降幅也明显 收窄，螺纹钢价格同比降幅收窄 6 个百分点，水泥价格同比降幅 收窄 5 个百分点。工业品价格维持企稳态势，将推动 PPI 回升。 第1页 / 共19页 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第2页 / 共19页 本报告版权属于中原证券股份有限公司 www.ccnew.co ...

Group 1 - The report highlights the strong performance of growth industries, with A-shares experiencing fluctuations and an overall upward trend [2][28] - The aluminum-based materials industry is undergoing significant changes, with a focus on innovation, green recycling, and industrial clustering in Henan province [42][56] - The power industry in China is characterized by a stable competitive landscape, with major state-owned enterprises dominating the market [33][56] Group 2 - The home furnishing industry is expected to grow, driven by favorable real estate policies and an increase in consumer demand, with Henan province showing a robust production capacity [32][56] - The semiconductor materials sector is witnessing a recovery, with global sales increasing by 16.3% year-on-year, indicating a positive trend in the industry [18][32] - The energy sector is experiencing a shift towards renewable sources, with renewable energy installations in Henan reaching 67.76 million kilowatts, accounting for 49% of the province's total power generation capacity [33][56] Group 3 - The machinery sector is benefiting from large-scale equipment upgrades, with recommendations to focus on key players in the machine tool and industrial robot industries [60][61] - The environmental protection equipment industry is gaining traction, with a focus on energy-saving technologies and pollution control measures [43][56] - The new materials sector is positioned for growth, with an emphasis on enhancing supply chain resilience and domestic substitution capabilities [18][55]