| --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024年03月16日 行业研究●证券研究报告 电力设备及新能源 行业周报 宁德时代发布 年年报，多地海上风电项目 2023 投资评级 领先大市-B维持 获推进【第 期】 11 首选股票 评级 投资要点 300750.SZ 宁德时代 买入-A 新能源汽车：本周，中国石化集团与宁德时代新能源科技股份有限公司在北京签 署战略合作框架协议，双方将推动光储充微电网技术示范应用，加快乘用车换电 业务的开展，同时探索商用车换电的可行性。亿纬锂能V圆柱电池18条产线全 一年行业表现 面达产。宁德时代发布年报，2023年公司实现营业总收入4009.17亿元，同比 增长22.01%；归母净利润441.21亿元，同比增长43.58%。圆柱锂电池精密安 全结构件企业中瑞股份披露招股书拟创业板上市。我们预计待碳酸锂价格逐步企 稳后，锂电行业排产有望逐步向好，叠加行业估值已处于历史低位，我们认为锂 电行业有望迎来一定的估值修复，建议关注，建议关注，动力电池：宁德时代、 亿纬锂能、国轩高科、中创新航；正极：当升科技、容百科技、厦钨新能、振 华新材、长远锂科、中伟股份等；隔膜：恩捷股份、星源材质等；负极：尚太 科技、璞泰来、杉杉股份、中 ...

2024年04月07日 策略类●证券研究报告 新股专题 新股板块分化和高低切特征凸显，重视业绩和性价比 投资要点 分析师 李蕙 新股周观点：上周新股板块在延续结构性分化的同时呈现较为显著的高低切；短期， SAC执业证书编号：S0910519100001 考虑到新一轮新股上行周期尚未开启、并结合4月关键财报时间可能的业绩扰动， lihui1@huajinsc.cn 我们倾向于认为，新股分化行情或暂时未改，当前或应更为重视业绩和性价比。 相关报告 假设以2023年以来上市新股次新板块周度表现来看当前新股二级市场，“分化” 探寻2024年新股择股路径（五）：连接换代 和“高低切”可能是关键特征；首先，上周新股次新板块整体平均周涨幅约0.4%、 星闪未来——无线短距连接技术主题报告 仅有半数新股次新个股实现周内正收益，分化依旧明显；其次，上周结构性活跃的 2024.4.2 局部新股板块发生切换，大宗商品及新能源等更具估值性价比的新生主题行业表现 新股分化压力加大，短期结构性机会或关注 突出，而低空经济等前期强势主题则有势弱迹象，高低切现象有所凸显。短期，结 业绩预期及新生主题-华金证券新股周报 合新股周期数据所处区 ...

2024年04月06日 行业研究●证券研究报告 通信 行业周报 国内算力基建加速， 试点运行成功 NTN 投资评级 领先大市-A维持 投资要点 1、本周回顾 首选股票 评级 本周通信(中信) 下跌1.79%，同期上证指数上涨0.92%，深证成指上涨1.53%， 600941.SH 中国移动 增持-B 创业板指上涨1.22%，沪深300上涨0.86%。从板块来着，射频及天线本周表现 002049.SZ 紫光国微 买入-B 优秀，上涨0.11%，西数东算概念相对弱势，跌幅为4.72%。 一年行业表现 涨幅前三的个股为世嘉科技(33.05%)，ST天喻(18.94%)、ST鹏博士(15.47%)。通 信行业表现为普遍回调。AI算力指数本周跌幅为3.91%、IDC指数跌幅为3.46%、 工业互联网板块下跌1.73%；专网领域标的佳讯飞鸿、海能达跌幅分别为4.68%、 2.89%。我们认为本周A股市场整体仍旧表现为板块轮动的震荡行情。通信板块内 部前期上涨良好的部分如算力相关标的出现深度回调，但受益5G-A和低空经济基 建，射频及天线表现为上涨趋势。通信产业驱动较多，持续催化看好全板块投资机 会。运营商及主设备商领域 ...

Investment Rating - The report assigns an "Accumulate-B" rating for the company, indicating a positive outlook for investment over the next six months [19][9]. Core Views - The company is expected to maintain high growth potential due to its strategic focus on defense, power, and railway sectors, alongside its technological capabilities [19]. - Revenue projections for 2024-2026 are estimated at 600 million, 810 million, and 1.101 billion yuan, with year-on-year growth rates of 33.0%, 35.0%, and 36.0% respectively [19][20]. - The company’s net profit attributable to shareholders is forecasted to be 85 million, 102 million, and 139 million yuan for the same period, reflecting growth rates of 38.3%, 20.2%, and 37.0% [19][20]. Revenue and Profit Forecast - The company’s revenue is projected to grow from 383 million yuan in 2022 to 1.101 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 36.0% [20][34]. - The gross profit margin is expected to improve from 57.8% in 2022 to 52.0% in 2026 [20][34]. - The earnings per share (EPS) are anticipated to increase from 0.20 yuan in 2022 to 0.56 yuan in 2026 [20][34]. Business Segments - Defense business revenue is projected to reach 2.93 billion, 3.81 billion, and 5.07 billion yuan from 2024 to 2026, with gross margins of 41.0%, 42.0%, and 42.3% respectively [5][34]. - The power sector is expected to generate revenue of 2.64 billion, 3.38 billion, and 4.39 billion yuan during the same period, with gross margins of 61.0%, 60.5%, and 60.4% [5][34]. - The railway segment, a new area for the company, is forecasted to achieve revenue of 0.43 billion, 0.91 billion, and 1.55 billion yuan, with gross margins of 57.81%, 56.09%, and 59.92% [5][34]. Comparable Company Analysis - The report compares the company with peers such as Qiyi (military command systems), Hainengda (private networks), and Jiaxun Feihong (railway private networks), highlighting the company's diversified growth across defense, power, and railway sectors [34].

证券研究报告 电力设备及新能源行业/行业深度报告 领先大市-A（维持） eVTOL商业化临近，固态电池迎来新机遇 低空经济系列报告之固态电池 ...

446 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|------------------|----------------------------------------|------------------------|----------------| | 2024 年 04 月 03 日 \n微电生理（ ） \n688351.SH | | | 公司研究●证券研究报告 | 公司快报 | | | | | 医药 \| | 医疗器械Ⅲ | | 公司业绩持续高增，海外市场拓展加速 | 投资评级 | | 增持-B(维持 | ) | | 投资要点 | 股价 | (2024-04-02) | | 24.52 元 | | | | | | | | 事件：公司发布 2023 年年度报告， 2023 年实现营收 3.29 亿元（ +26% ，同比增速， | 交易数据 | | | | | 下同）；归母净利润 0.06 亿元（ +8 ...

446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|--------------------|------------------------|----------------| | 2024 年 04 月 03 日 \n诺泰生物（ 688076.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 医药 \| | 生物医药Ⅲ | | 自主选择产品贡献高增量，产能+BD 持续拓展 | 投资评级 | | 买入-A(维持 | ) | | 投资要点 | 股价 (2024-04-03) | | | 53.53 元 | | 事件：公司陆续发布 2023 年年报及 2024Q1 业 ...

Investment Rating - The report assigns a "Buy-B" rating to Haige Communications (002465 SZ) for the first time [1] Core Views - Haige Communications achieved robust growth in 2023, with revenue reaching 6 449 billion yuan, a year-on-year increase of 14 84%, and net profit attributable to the parent company of 703 million yuan, up 5 21% year-on-year [1] - The company's four major business segments (wireless communication, Beidou navigation, aerospace, and digital ecology) all experienced revenue growth, with Beidou navigation revenue surging 113 27% year-on-year [1] - Haige Communications is benefiting from multiple growth drivers, including the Beidou-3 system upgrade, satellite internet acceleration, and low-altitude economy development [1][2] - The company maintains high R&D investment, with 934 million yuan spent in 2023, accounting for 15% of revenue, focusing on next-generation satellite communication, AI, and 6G technologies [1] Financial Performance - In 2023, Haige Communications achieved a gross margin of 32 59%, with Beidou navigation business reaching a high gross margin of 45 97% [1] - The company's EPS in 2023 was 0 28 yuan, with ROE at 5 4% [3] - For 2024-2026, the report forecasts revenue growth of 20 9%/21 4%/20 3%, with net profit growth of 26 1%/30 4%/25 6% [2] Business Segments - Wireless communication: Revenue reached 2 667 billion yuan in 2023, expected to grow to 3 974 billion yuan by 2026 [6] - Beidou navigation: Revenue surged to 937 million yuan in 2023, projected to reach 3 660 billion yuan by 2026 [6] - Aerospace: Revenue grew to 419 million yuan in 2023, forecasted to reach 715 million yuan by 2026 [6] - Digital ecology: Revenue increased to 2 340 billion yuan in 2023, expected to grow to 2 866 billion yuan by 2026 [6] Industry Prospects - The satellite internet and private network construction are accelerating, with Haige Communications securing key projects in these areas [1] - The low-altitude economy is emerging as a strategic new industry, with Haige Communications well-positioned through its "Beidou+5G+satellite internet" integrated network [2] - The company is actively participating in national satellite internet major projects and has made breakthroughs in 5G and next-generation satellite communication products [1] Valuation - The report forecasts PE ratios of 31 4/24 1/19 2 for 2024-2026, with PB ratios of 2 0/1 9/1 7 [3] - Compared to peers, Haige Communications shows relatively lower valuation multiples, with 2024E PE of 31 45 compared to industry average of 39 43 [8]

Investment Rating - The investment rating for the company is "Buy-B" [1][3]. Core Views - The company is experiencing pressure on performance due to industry downturns, but project contributions are expected to provide incremental growth [1][3]. - The company reported a revenue of 27.26 billion yuan in 2023, a decrease of 9.87% year-on-year, and a net profit attributable to shareholders of 3.58 billion yuan, down 43.14% year-on-year [1][4]. - The company is positioned as a leader in the coal chemical industry, leveraging its flexible production capabilities and low-cost advantages to expand its product lines in response to market changes [3][4]. Financial Performance Summary - In 2023, the company’s gross profit margin was 20.85%, a decrease of 8.09 percentage points year-on-year [1][4]. - The company’s projected revenues for 2024-2026 are 32.73 billion yuan, 37.77 billion yuan, and 41.30 billion yuan, representing year-on-year growth rates of 20.1%, 15.4%, and 9.3% respectively [3][4]. - The net profit attributable to shareholders is expected to be 4.67 billion yuan, 5.81 billion yuan, and 6.73 billion yuan for 2024-2026, with growth rates of 30.5%, 24.5%, and 16.0% respectively [3][4]. Product Performance Summary - The company’s revenue from new energy materials, organic amines, fertilizers, and acetic acid and derivatives in 2023 were 15.48 billion yuan, 2.67 billion yuan, 5.68 billion yuan, and 2.05 billion yuan, with year-on-year changes of 5.61%, -55.38%, 2.86%, and -2.59% respectively [1][4]. - The sales volume for these products was 2.18 million tons, 0.52 million tons, 3.26 million tons, and 0.72 million tons, with year-on-year changes of 20.20%, 8.80%, 14.89%, and 24.20% respectively [1][4]. Future Growth Potential - The company is expanding its production capacity with new projects in its Dezhou and Jingzhou bases, which will enhance its product structure and growth potential [3][4]. - The Jingzhou base is expected to achieve an annual production capacity of 1 million tons of urea, 1 million tons of acetic acid, and 150,000 tons of dimethylformamide (DMF) upon reaching full capacity [1][3].