公司点评 浙商证券(601878.SH) 2024 年 08 月 25 日 评级 增持 | --- | --- | |---------------------|------------| | 评级变动 | 维持 | | 交易数据 | | | 当前价格（元） | 11.12 | | 52 周价格区间（元） | 9.07-13.40 | | 总市值（百万） | 43170.01 | | 流通市值（百万） | 43170.01 | | 总股本（万股） | 388219.50 | | 流通股（万股） | 388219.50 | 涨跌幅比较 浙商证券 证券Ⅱ -25% -5% 15% 35% 2023-08 2023-11 2024-02 2024-05 | --- | --- | --- | --- | |----------|-------|-------|--------| | % | 1M | 3M | 12M | | 浙商证券 | 3.44 | -3.81 | 6.21 | | 证券Ⅱ | -1.97 | -9.42 | -21.48 | 刘敏 分析师 执业证书编号:S0530520010001 liumi ...

2024 年 08 月 27 日 评级 买入 | --- | --- | |-----------------------|-------------------| | 评级变动 交易数据 | 维持 | | 当前价格（元） | 13 . 98 | | 52 周价格区间（元） | 12 . 69 - 18 . 30 | | 总市值（百万） | 16424 . 70 | | 流通市值（百万） | 16424 . 70 | | 总股本（万股） | 117487 . 00 | | 流通股（万股） | 117487 . 00 | | | | 涨跌幅比较 | --- | --- | --- | --- | |-----------------------------|-----------------|---------|----------| | | | | | | 39% | 中国重汽 | 商用车 | | | 19% | | | | | -1% | | | | | -21% 2023-08 2023-11 | 2024-02 | 2024-05 | 2024-08 | | % | 1M | 3M | 12M | | ...

Investment Rating - Buy rating, first coverage [1] Core Views - The company's performance has significantly improved in H1 2024, with revenue of 20.202 billion yuan, up 6.32% YoY, and net profit attributable to the parent company of 1.387 billion yuan, up 10.83% YoY [4] - Q2 2024 saw a remarkable YoY and QoQ growth in net profit, with a net profit attributable to the parent company of 1.054 billion yuan, up 6251.60% YoY and 216.94% QoQ [4] - The company's profitability has improved due to a decrease in expense ratio and lower steel costs [4] - The sales price of wind turbines has rebounded, and the revenue from wind farm development has grown rapidly [5] - The gross margin of wind turbines and components has significantly recovered, driven by optimized product structure and lower steel prices [6] - Overseas revenue has grown significantly, with international business contributing 47.79 billion yuan, up 83.88% YoY [6] Financial Performance - Revenue for 2024E is projected to be 59 billion yuan, with net profit attributable to the parent company of 2.207 billion yuan [3] - EPS for 2024E is expected to be 0.52 yuan, with a P/E ratio of 15.24x [3] - The company's gross margin for H1 2024 was 18.25%, up 5.13 ppts YoY, and the net margin was 7.11%, up 0.03 ppts YoY [4] - The gross margin for wind turbines and components in H1 2024 was 3.75%, up 6.29 ppts YoY [6] Market and Industry Comparison - The company's stock price has outperformed the wind power equipment industry, with a 1-month increase of 3.51% compared to the industry's decline of 9.64% [2] - The company's 12-month performance shows a decline of 13.29%, while the wind power equipment industry declined by 34.27% [2] Future Outlook - The company has external orders totaling 35.6GW as of June 30, 2024, up 26.4% YoY, with 65% of orders for 6MW and above units [6] - Revenue for 2025E and 2026E is projected to be 65.5 billion yuan and 72.5 billion yuan, respectively, with net profit attributable to the parent company of 2.634 billion yuan and 3.141 billion yuan [3] - The target price range is 6.2-9.3 yuan, based on a 10-15x P/E ratio for 2025E [6] Business Segments - Wind turbine and component sales accounted for 12.768 billion yuan in H1 2024, up 0.21% YoY, with sales volume of 5.15GW, down 10.9% YoY [5] - Wind farm development revenue was 4.401 billion yuan, up 31.49% YoY, with 1.01GW of new installed capacity in H1 2024 [5] - Overseas revenue contributed 4.779 billion yuan, up 83.88% YoY, with international business covering 42 countries and cumulative installed capacity of 7,421MW [6]

公司点评 华熙生物(688363.SH) 2024 年 08 月 27 日 评级 买入 | --- | --- | |---------------------|-------------| | 评级变动 | 维持 | | 交易数据 | | | 当前价格（元） | 49.07 | | 52 周价格区间（元） | 49.07-93.92 | | 总市值（百万） | 23635.96 | | 流通市值（百万） | 9724.61 | | 总股本（万股） | 48167.90 | | 流通股（万股） | 19817.90 | 涨跌幅比较 华熙生物 美容护理 15% -5% -25% -45% | --- | --- | --- | --- | |----------|---------|---------|---------| | 2023-08 | 2024-02 | 2024-05 | 2024-08 | | % | 1M | 3M | 12M | | 华熙生物 | -16.31 | -17.25 | -44.63 | | 美容护理 | -8.48 | -24.06 | -38.99 | 张曦月 分析师 执业证 ...

策略点评 证券研究报告 市场仍处于底部区间，期待重点政策加快落实 房地产市场周报（08.26-09.01） 2024 年 08 月 26 日 | --- | --- | --- | --- | --- | |--------------|------------|----------|---------|---------| | 上证指数 - | 沪深 300 | 走势图 | | | | 6% | | 上证指数 | 沪深 | 300 | | 1% -4% -9% | | | | | | -14% 2023-08 | 2023-11 | 2024-02 | 2024-05 | 2024-08 | | % | | 1M | 3M | 12M | | 上证指数 | | -1.08 | -7.55 | -6.81 | | 沪深 300 | | -2.21 | -7.70 | -10.38 | 王与碧 分析师 执业证书编号:S0530522120001 wangyubi@hnchasing.com 相关报告 1 房地产市场周报：量价下行压力持续，楼市仍 在底部运行 2024-08-21 2 房地产市场周报：楼市销售季节 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][9] Core Views - The company reported stable revenue and growth in profits for the first half of 2024, with a revenue of 261 million yuan, a slight decrease of 0.19% year-on-year, and a net profit of 63 million yuan, an increase of 25.28% year-on-year [4][5] - The company is expected to benefit from strong demand in downstream sectors such as wind power and nuclear power, supported by its proprietary technology in dynamic pressure oil film bearings [6][7] - The target price range for the company's stock is set between 44.5 and 53.4 yuan, based on a projected P/E ratio of 25-30 times for 2025 [6][7] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 39.15%, an increase of 1.71 percentage points year-on-year, and a net margin of 24.17%, up by 4.92 percentage points year-on-year [4][5] - The company’s revenue forecast for 2024-2026 is 590 million, 705 million, and 879 million yuan respectively, with net profits projected at 130 million, 155 million, and 199 million yuan [6][7] - The company’s earnings per share (EPS) are expected to be 1.49, 1.78, and 2.29 yuan for 2024, 2025, and 2026 respectively [6][7] Industry Performance - The company’s performance in the shipbuilding and petrochemical sectors has been strong, with significant revenue growth of 231% and 39% respectively in the first half of 2024 [5][6] - The energy generation sector has seen a decline, attributed to high base effects from the previous year and slower project delivery in the wind power sector [5][6] - The company is advancing its international strategy and developing new products, including second-generation wind power sliding bearings, which are expected to enhance its competitive edge [6][7]

2024 年 08 月 23 日 评级 买入 | --- | --- | |-----------------------|-------------------| | 交易数据 | 维持 | | 当前价格（元） | 13 . 82 | | 52 周价格区间（元） | 13 . 31 - 20 . 37 | | 总市值（百万） | 19468 . 26 | | 流通市值（百万） | 18906 . 93 | | 总股本（万股） | 140870 . 20 | | 流通股（万股） | 136808 . 50 | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|------------|---------| | | | | | | | 均胜电子 | 汽车零部件 | | | 25% 15% 5% | | | | | -5% -15% | | | | | -25% 2023-08 2023-11 | 2024-02 | 2024-05 | 2024-08 | | % | 1M | 3M | 12M | | 均胜电子 ...

2024 年 08 月 27 日 | --- | --- | |---------------------|---------------| | 评级 | 买入 | | | 评级变动 调高 | | 交易数据 | | | 当前价格（元） | 18.91 | | 52 周价格区间（元） | 14.71-27.11 | | 总市值（百万） | 54084.12 | | 流通市值（百万） | 54084.12 | | 总股本（万股） | 286008.00 | | 流通股（万股） | 286008.00 | 涨跌幅比较 紫光股份 IT服务Ⅱ -40% -20% 0% 20% 2023/08 2023/11 2024/02 2024/05 2024/08 | --- | --- | --- | --- | |----------|--------|--------|--------| | % | 1M | 3M | 12M | | 紫光股份 | -16.84 | -15.16 | -22.12 | | IT 服务Ⅱ | -6.47 | -15.89 | -32.00 | 何晨 分析师 执业证书编号:S053051308 ...

2024 年 08 月 26 日 评级 买入 | --- | --- | --- | |---------------------------|----------|--------------| | 交易数据 \n当前价格（元） | 评级变动 | 维持 \n22.06 | | 52 周价格区间（元） | | 19.58-38.90 | | 总市值（百万） | | 10732.79 | | 流通市值（百万） | | 6490.17 | | 总股本（万股） | | 48652.70 | | 流通股（万股） | | 29420.60 | 涨跌幅比较 -16% 34% 84% 134% 2023-08 2023-11 2024-02 2024-05 2024-08 九典制药 化学制药 | --- | --- | --- | --- | |----------|--------|--------|-------| | % | 1M | 3M | 12M | | | | | | | 九典制药 | -10.94 | -13.08 | 57.82 | | 化学制药 | 1.99 | -7.71 | -3.55 | 吴号 分 ...

证券研究报告 公司点评 春风动力(603129.SH) 汽车｜ 摩托车及其他 两轮快速成长，盈利能力改善 2024 年 08 月 23 日 评级 买入 | --- | --- | --- | |---------------------------|----------|---------------| | 交易数据 \n当前价格（元） | 评级变动 | 首次 \n126.00 | | 52 周价格区间（元） | | 81.10-176.80 | | 总市值（百万） | | 19080.50 | | 流通市值（百万） | | 19080.50 | | 总股本（万股） | | 15143.20 | | 流通股（万股） | | 15143.20 | | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|--------------|---------| | | | | | | 36% | 春风动力 | 摩托车及其他 | | | 16% -4% | | | | | -24% | | | | | -44% 2023-0 ...