® ®、 政策加码促底部估值修复；长三角水泥开启大幅提价 建筑材料 证券研究报告/行业周报 2024 年 10 月 7 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|----------------------------------|-------------------------------------------------------------------------------------------------|-------------------------------------------------------|-----------------|-------------------------------------------------------|----------------------------------------|----- ...

、 市场反弹，通信板块如何配置？ -中泰通信行业周报（0 9 2 3 - 1007） 通 信 证券研究报告/行业 周报 2024 年 1 0 月 7 日 评级：增持（维持） [Table_Finance] 重点公司基本状况 分析师：陈宁玉 执业证书编号：S0740517020004 Email：chenny@zts.com.cn 分析师：杨雷 执业证书编号：S0740524060005 Email：yanglei01@zts.com.cn 研究助理：佘雨晴 Email：sheyq@zts.com.cn [Table_Profit] 基本状况 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|---------------|---------|--------------|---------------|-------|--------|-------|--------------|-------|-------|-------| | 简称 | 股价 \n( 元 ) | 2023 | 202 ...

Investment Rating - The report assigns an "Invest Buy" rating to the company, marking its first coverage [1] Core Views - The company is a leader in precision temperature control and energy-saving solutions, benefiting from the growth in AI computing power and energy storage installations, with potential for accelerated performance expansion [7] - The company has end-to-end liquid cooling solution capabilities, with its electronic cooling products opening up new growth opportunities [4] - The report forecasts the company's net profit for 2024-2026 to be 552 million, 754 million, and 982 million yuan, respectively, with EPS of 0.75, 1.02, and 1.33 yuan [4] Financial Projections and Valuation - Revenue is projected to grow from 2,923 million yuan in 2022 to 8,469 million yuan in 2026, with a CAGR of 32% [1] - Net profit is expected to increase from 280 million yuan in 2022 to 982 million yuan in 2026, with a CAGR of 30% [1] - The P/E ratio is expected to decrease from 68.7 in 2022 to 19.6 in 2026, indicating a more attractive valuation over time [1] Industry and Market Analysis - The AI-driven demand for liquid cooling is expected to grow significantly, with the domestic liquid cooling data center market projected to exceed 100 billion yuan by 2027, with a CAGR of 76% [3] - The energy storage temperature control market is also expected to grow, with the domestic market size for liquid cooling in energy storage projected to reach 16.4 billion yuan by 2025, with liquid cooling accounting for 45% [3] - The company has delivered 900MW of liquid cooling projects as of March 2024, with its Coolinside full-chain solution covering various liquid cooling schemes [4] Company Strengths and Strategy - The company has a comprehensive product matrix and a strong customer base, including major internet companies, telecom operators, and energy storage system integrators [3] - The company has a robust R&D capability, with 1,279 R&D personnel as of the end of 2023, accounting for 33.19% of the total workforce [25] - The company has a nationwide production layout, with seven manufacturing bases and a new headquarters base in South China that began production in 2024 [26] Technological Advancements - The company has developed a full-chain liquid cooling solution, including cold plate liquid cooling, single-phase/phase-change immersion liquid cooling, and other schemes [4] - The company has also introduced the BattCool solution for the energy storage field, demonstrating its capability in end-to-end liquid cooling solutions [4] - The company is actively expanding into the electronic cooling market, with products such as GPU/CPU liquid cooling plates, server liquid cooling modules, and heat pipes [4]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has successfully completed the acquisition of 80% of Shengdi Semiconductor (Shanghai) Co., Ltd., enhancing its position in the NAND flash packaging market [3][4] - The acquisition is expected to open up further market opportunities in the NAND sector, which is projected to grow significantly from $58.7 billion in 2022 to $92 billion by 2028, with a CAGR of approximately 8% [4] - The company is focusing on integrating capabilities in computing power, storage, and automotive electronics to establish itself as a leader in AI packaging [5][6] - The semiconductor market is expected to rebound in 2024, driven by stable consumer demand and growth in AI and high-performance computing applications [6][8] Financial Summary - Revenue is projected to grow from 29,661 million yuan in 2023 to 47,801 million yuan in 2026, with a CAGR of approximately 11% [1] - Net profit is expected to recover from 1,471 million yuan in 2023 to 3,405 million yuan in 2026, reflecting a strong growth trajectory [1] - The company's P/E ratio is forecasted to decrease from 43.0 in 2023 to 18.6 in 2026, indicating improved valuation relative to earnings [1][8]

【中泰研究丨晨会聚焦】固收肖雨：十一假期要闻与市场梳理 证券研究报告 2024 年 10 月 7 日 [b_Suy今日预览 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] | --- | --- | |----------------|----------------| | | | | | | | 执业证书编号： | S0740517030004 | | 电话： | | | Email ： | | 今日重点>> 【宏观】张德礼：财政发力有哪些值得期待？ 【固收】肖雨：十一假期要闻与市场梳理 【电新】曾彪：上汽通用携手宁德时代推出 6C 超快充磷酸铁锂电池，中 广核帆石海风项目新进展 【先进产业】冯胜：北交所 2024 年中报业绩总结 研究分享>> 欢迎关注中泰研究所订阅号 【宏观】张德礼：制造业 季节性回升 | --- | |------------------------------------------------------------------| | | | PMI | | 【固收】肖雨：降准落地， 10 月资金面怎么看？—— 10 月流动性展望 ...

、 建筑地产预期持续修复，建议重点关注相关数字化机会 计算机 证券研究报告/行业点评报告 2024 年 10 月 6 日 [Table_Main] 评级：增持（维持 ） [Table_Finance] 重点公司基本状况 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|---------|--- ...

、 建筑地产预期持续修复，建议重点关注相关数字化机会 计算机 证券研究报告/行业点评报告 2024 年 10 月 6 日 [Table_Main] 评级：增持（维持 ） [Table_Finance] 重点公司基本状况 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|---------|--- ...

[Table_Industry] [Table_Title] 评级：增持(维持) 市场价格：5.26 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 334,856 342,398 331,319 328,658 332,902 增长率 yoy% 5.1% 2.3% -3.2% -0.8% 1.3% 净利润（百万元） 85,224 86,270 86,798 87,510 89,259 增长率 yoy% 11.9% 1.2% 0.6% 0.8% 2.0% 每股收益（元） 0.92 0.87 0.88 0.88 0.90 净资产收益率 12.91% 11.74% 10.65% 9.99% 9.51% P/E 5.72 6.05 5.98 5.98 5.84 P/B 0.71 0.66 0.56 0.52 0.48 备注：股价截止 2024/9/30 [Table_Profit] 基本状况 总股本(百万股) 99,161 流通股本(百万股) 67,122 市价(元) 5.26 市值(百万元) 500,407 流通市值(百万元 ...

Industry Investment Rating - The report highlights the strategic importance of Ceramic Matrix Composites (CMC) as a new type of thermal structural material, with a focus on SiC fiber and CMC preparation as key areas of development [2] Core Viewpoints - **Strategic Importance**: CMC materials are crucial due to their high-temperature resistance, oxidation resistance, and low density, making them ideal for aerospace and nuclear applications [2] - **Demand Drivers**: The iteration of aero engines is driving the industrialization of CMC, with applications in advanced nuclear energy and aerospace markets [2] - **Supply Landscape**: GE has achieved full-process autonomous supply, while domestic production in China is being developed through "industry-academia-research" collaboration [2] Performance and Applications - **High-Temperature Performance**: CMC materials can withstand temperatures up to 1600°C, offering superior high-temperature creep resistance and oxidation resistance compared to traditional materials [4] - **Low Density**: CMC materials are about one-third the weight of high-temperature alloys, providing higher specific strength and stiffness [4] - **Aerospace Applications**: CMC materials are used in aerospace for thermal protection systems, rocket engines, and satellite reflectors due to their excellent high-temperature performance and oxidation resistance [50] Manufacturing and Supply Chain - **SiC Fiber Production**: SiC fiber is a core component in CMC production, with Japan and the US leading in industrial production and application [15] - **Domestic Production in China**: Companies like Torch Electronics and Ningbo Zhongxing are making strides in SiC fiber production, with Torch Electronics achieving a production capacity of 30 tons per year [60][61] - **CMC Component Production**: Xi'an Xinyao is a leading domestic CMC component manufacturer, with a focus on aerospace and aero engine applications [63] Market Potential - **Aero Engine Market**: The domestic market for CMC materials in military and commercial aero engines is projected to reach 20 billion yuan by 2028 [35] - **Nuclear Energy Applications**: SiC/SiC composites are considered ideal materials for advanced nuclear energy systems, including fusion reactors and advanced fission reactors [45] Investment Recommendations - **Short-Term Focus**: The aero engine CMC material market is expected to grow rapidly with the deployment of domestic fourth-generation aero engines, with SiC fiber demand providing significant upside for upstream raw material suppliers [70] - **Long-Term Focus**: As CMC material applications expand and production costs decrease, midstream CMC component manufacturers are expected to see significant performance improvements [70]

[Table_Finance] 重点公司基本状况 [Table_Industry] 水泥：长三角第五轮提价幅度超预期，吹响进攻号角 建筑材料 证券研究报告/行业点评报告 2024 年 10 月 6 日 [Table_ 评级：Invest 增持（维持） ] [Table_ 分析师：孙颖 Authors] 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 分析师：聂磊 执业证书编号：S0740521120003 Email：nielei@zts.com.cn 分析师：刘铭政 执业证书编号：S0740524070003 Email：liumz01@zts.com.cn [Table_Profit] 基本状况 上市公司数 21 行业总市值(亿元) 2611.2 行业流通市值(亿元) 1215.6 [行业Table_QuotePic] -市场走势对比 -30% -25% -20% -15% -10% -5% 0% 5% 23-10 23-12 24-02 24-05 24-07 24-09 水泥(申万) 沪深300 公司持有该股票比例 [Table_Report] 相关报告 ...