证 2024 年 12 月 08 日 告 究 饲料原料下降降低生猪养殖成本，持续深耕生猪 宠物户外娃娃 4 个赛道 —农林牧渔行业周报 推荐(维持) 投资要点 分析师：娄倩 S1050524070002 louqian@cfsc.com.cn 联系人：卫正 S1050124080020 weizheng2@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 农林牧渔(申万) -5.1 19.4 -7.6 沪深 300 -3.2 23.0 16.9 市场表现 0 10 20 30 (%) 农林牧渔 沪深300 -30 -20 -10 资料来源：Wind，华鑫证券研究 相关研究 1、《农林牧渔行业周报：能繁存栏 接近调控绿区上限，宠物、谷子尽 显个性化情绪消费的崛起》2024- 12-01 2、《农林牧渔行业周报：需求兑现 惜售显现猪价反弹，长期看好宠物 经济持续扩容》2024-11-24 3、《农林牧渔行业周报：生猪盈利 幅度及时间维持乐观判断，双 11 宠 物赛道成交额 5 倍扩容》2024-11- 17 行 业 研 券 研 究 报 ▌ 本周观点 饲料原材料价格持续走低，饲料达成新一轮降价，行业养 ...

券 研 告 表现 1M 3M 12M 电子(申万) -3.6 45.2 20.5 沪深 300 -3.2 23.0 16.9 研 究 2024 年 12 月 08 日 究 报 群雄逐鹿 AI 眼镜，智能穿戴市场新风口 —电子行业动态研究报告 推荐(维持) 投资要点 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn 行业相对表现 市场表现 (%) 电子 沪深300 -40 -30 -20 -10 10 20 30 40 0 资料来源：Wind，华鑫证券研究 相关研究 1、《电子行业周报：多地开启 3C 数码补贴，科技巨头布局 AI 眼镜》 2024-12-01 2、《电子行业周报：美国或于近期 升级对华半导体制裁，星闪技术将 首次应用于家庭网关》2024-11-24 3、《电子行业周报：国产 GPU 独角 兽摩尔线程启动 IPO，ADI 收购 eFPGA 公司 FlexLogix》2024-11-18 行 业 ▌ 下半年 AI 眼镜新品井喷式爆发，多家科技公司 积极布局 2024 年 9 月 ...

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Investment Rating - Buy (首次) [2] Core Views - The company's main business is stable, and profitability is improving [2] - The coal industry's efficiency growth is driving the demand for coal machinery [2] - The company is actively responding to the "Belt and Road" initiative, with broad growth prospects in overseas markets [2] - The company has significant market advantages in new coal mine design, with a market share of over 80% [2] - The company's R&D expenses and R&D expense ratio have been increasing year by year, with R&D expense ratios of 6.31%, 6.43%, and 6.93% in 2021, 2022, and 2023 respectively [2] - The company has a good cooperative relationship with Huawei in 5G, data centers, and data communication products [2] Financial Forecasts - Revenue for 2024-2026 is predicted to be 31.275 billion, 32.622 billion, and 34.492 billion yuan respectively [5] - EPS for 2024-2026 is predicted to be 0.63, 0.69, and 0.75 yuan respectively [5] - The current stock price corresponds to PE ratios of 9.8, 9.0, and 8.2 times for 2024-2026 [5] - Net profit attributable to the parent company for 2024-2026 is predicted to be 2.61 billion, 2.836 billion, and 3.122 billion yuan respectively [7] - The growth rate of net profit attributable to the parent company for 2024-2026 is predicted to be 10.7%, 8.7%, and 10.1% respectively [7] Industry Analysis - The coal industry is in a stable development cycle, and coal continues to play a role as a "stabilizer" and "ballast stone" in ensuring the stable supply of energy security in China [2] - The structural reform of the coal supply side has achieved significant results, and the industrial structure has been continuously optimized, which will have a positive impact on investment in coal infrastructure and coal machinery manufacturing [2] - The demand for coal machinery equipment will remain high, and the company's performance is expected to improve with the continuous release of intelligent coal mine demand [2] - The coal machinery industry's export business is growing rapidly, with the industry's export revenue reaching 12.56 billion yuan in 2023, a year-on-year increase of 59% [2] Company Performance - The company's new orders in the first half of 2024 were 20.5 billion yuan, with coal machinery equipment orders basically flat compared to the previous year [2] - The company's R&D expenses increased by 25.67%, 18.44%, and 17.59% year-on-year in 2021, 2022, and 2023 respectively [2] - The company's largest 5G private network project has been successfully implemented at the Guoneng Shendong Shangwan Coal Mine [2] - The company's international sales contracts in the first three quarters reached a new high, and the company will continue to seize the favorable opportunity of the "Belt and Road" policy to vigorously expand overseas business [2]

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证 券 研 报 告 行 研 2024 年 12 月 02 日 究 硫磺、盐酸等涨幅居前，建议继续关注钛白粉 板块和轮胎板块 —基础化工行业周报 推荐(维持) 投资要点 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|-----------------------------------|----------|----------------------------------------------------- ...

券 研 告 行 研 究 2024 年 12 月 02 日 供需较好，短期铜价有向上修复空间 究 报 —有色金属行业周报 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|----------------|--------------------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...