证券研究报告 行业月度点评 汽车 2024 年 08 月 13 日 评级 同步大市 评级变动： 维持 行业涨跌幅比较 汽车 沪深300 -23% -13% -3% 7% 17% 2023-08 2023-11 2024-02 2024-05 2024-08 % 1M 3M 12M 汽车 -8.45 -12.92 -12.09 沪深 300 -4.10 -9.28 -14.38 杨甫 分析师 执业证书编号:S0530517110001 yangfu@hnchasing.com 翁伟文 研究助理 wengweiwen@hnchasing.com 相关报告 1 汽车行业 2024 年 6 月报：财政部下达 2024 年 汽车以旧换新补贴，汽车以旧换新行动加速铺开 2024-06-20 2 汽车行业点评：4 月重卡销售略超预期，天然 气重卡销售维持高增 2024-05-16 3 汽车行业 2024 年 5 月报：4 月汽车产销量环 比短暂承压，汽车以旧换新补贴细则落地有望较 大提振全年汽车销量 2024-05-13 7 月车市整体略显平淡，汽车以旧换新补贴再加码 | --- | --- | --- | --- | - ...

行业月度点评 汽车 证券研究报告 2024 年 08 月 13 日 评级 同步大市 评级变动： 维持 行业涨跌幅比较 汽车 沪深300 -23% -13% -3% 7% 17% 2023-08 2023-11 2024-02 2024-05 2024-08 % 1M 3M 12M 汽车 -8.45 -12.92 -12.09 沪深 300 -4.10 -9.28 -14.38 杨甫 分析师 执业证书编号:S0530517110001 yangfu@hnchasing.com 翁伟文 研究助理 wengweiwen@hnchasing.com 相关报告 1 汽车行业 2024 年 6 月报：财政部下达 2024 年 汽车以旧换新补贴，汽车以旧换新行动加速铺开 2024-06-20 2 汽车行业点评：4 月重卡销售略超预期，天然 气重卡销售维持高增 2024-05-16 3 汽车行业 2024 年 5 月报：4 月汽车产销量环 比短暂承压，汽车以旧换新补贴细则落地有望较 大提振全年汽车销量 2024-05-13 7 月车市整体略显平淡，汽车以旧换新补贴再加码 | --- | --- | --- | --- | - ...

行业点评 银行 证券研究报告 2024 年 08 月 14 日 评级 同步大市 评级变动： 维持 行业涨跌幅比较 银行 沪深300 -18% -8% 2% 12% 22% 2023-08 2023-11 2024-02 2024-05 % 1M 3M 12M 刘敏 分析师 执业证书编号:S0530520010001 liumin83@hnchasing.com 洪欣佼 研究助理 hongxinjiao@hnchasing.com 银行 -3.15 -2.91 6.81 沪深 300 -3.97 -9.05 -14.16 相关报告 1 银行业 2024 年 8 月月报：降息靴子落地，关 注中报业绩 2024-08-02 2 银行业 6 月金融数据点评：融资需求偏弱，M1 继续下探 2024-07-16 3 银行业 2024 年 7 月月报：板块仍有安全边际 2024-07-08 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------|----------|-----------|----------|---------- ...

证券研究报告 晨会纪要 晨会纪要 | --- | --- | --- | --- | --- | --- | |------------|-------|-------|---------|-------|--------| | | | | | | | | 市场数据 | | | | | | | 指数名称 | | 收盘 | | | 涨跌 % | | 上证指数 | | | 2850.65 | | -0.60 | | 深证成指 | | | 8311.00 | | -1.17 | | 创业板指 | | | 1584.33 | | -1.42 | | 科创 50 | | | 700.93 | | -1.38 | | 北证 50 | | | 682.18 | | -1.03 | | 沪深 300 | | | 3309.24 | | -0.75 | 2024 年 08 月 15 日 晨会聚焦 一、财信研究观点 【市场策略】市场全天震荡调整，成交量连续地量 【基金研究】基金数据日跟踪 【债券研究】债券市场综述 二、重要财经资讯 【宏观经济】新西兰联储意外降息 25 个基点 【宏观经济】英国 7 月 CPI 同比升 2.2% ...

证券研究报告 行业深度 化学纤维 行业量变到质变，竞争格局改善有望提振利润 涤纶长丝行业深度 2024 年 08 月 09 日 评级 领先大市 评级变动： 首次 行业涨跌幅比较 化学纤维 沪深300 -33% -23% -13% -3% 7% 2023-08 2023-11 2024-02 2024-05 % 1M 3M 12M 化学纤维 -1.62 -18.22 -25.88 沪深 300 -2.57 -8.64 -16.22 周策 分析师 执业证书编号:S0530519020001 zhouce67@hnchasing.com 相关报告 1 2024 年基础化工策略报告：行业底部复苏，重 视供需格局 2024-01-03 2 2023 年基础化工策略报告：行业严冬褪去，静 待企业花开 2023-01-03 3 财信证券湘股化工行业专题报告：上游原材料 高景气，化工业绩表现亮眼 2022-09-21 | --- | --- | --- | --- | --- | --- | |----------|----------|-------------|--------|----------|-------| | ...

证券研究报告 行业点评 新能源电池 7 月电池产量 91.8GWh，环比增长 8.6% 2024 年 08 月 12 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 新能源电池 沪深300 -40% -30% -20% -10% 0% 10% 2023-08 2023-11 2024-02 2024-05 % 1M 3M 12M 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 新能源电池 2.45 -15.12 -40.01 沪深 300 -2.06 -8.23 -16.29 相关报告 1 6 月电池月度数据点评：6 月半固态电池装车环 比增长 10.4%2024-07-10 2 5 月电池月度数据点评：5 月半固态电池装车量 环比增长 30.9%2024-06-17 3 新能源电池新技术之五——固态电池：具有技 术颠覆潜力的新技术 2024-06-11 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|--------|----------|-----------|--- ...

Investment Rating - The investment rating for the company is "Buy" [5][7][10] Core Views - The company demonstrated strong resilience in its performance, with a 2024H1 revenue of 59.67 billion yuan, representing an 8.17% year-on-year increase, and a net profit of 24.93 billion yuan, up 11.74% year-on-year [5][6] - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling 14.44 billion yuan, which is 57.92% of the net profit for the period, indicating a commitment to shareholder returns [7][8] - The company maintains a leading position in the domestic elevator media market, with a projected revenue growth to 131.69 billion yuan in 2024 and a net profit of 52.41 billion yuan [5][7] Financial Performance Summary - Revenue and Profit Forecasts: - 2022A: Revenue 94.25 billion yuan, Net Profit 27.90 billion yuan - 2023A: Revenue 119.04 billion yuan, Net Profit 48.27 billion yuan - 2024E: Revenue 131.69 billion yuan, Net Profit 52.41 billion yuan - 2025E: Revenue 142.86 billion yuan, Net Profit 56.24 billion yuan - 2026E: Revenue 151.85 billion yuan, Net Profit 59.00 billion yuan [5][8] - Earnings Per Share (EPS) Forecasts: - 2022A: 0.19 yuan - 2023A: 0.33 yuan - 2024E: 0.36 yuan - 2025E: 0.39 yuan - 2026E: 0.41 yuan [5][8] - Valuation Metrics: - Price-to-Earnings (P/E) ratios are projected to decrease from 30.39 in 2022A to 14.37 in 2026E, indicating improving valuation over time [5][8] Market Position and Growth - The company has expanded its media points in both domestic and overseas markets, with a notable increase in elevator TVs in lower-tier cities and positive performance in overseas markets such as Hong Kong and Singapore [6][7] - The daily consumer goods sector has become a significant revenue contributor, with a 14.23% year-on-year increase in 2024H1, while the internet sector saw a decline [5][6]

Investment Rating - The investment rating for the company is "Buy" [1][19]. Core Views - The company reported a revenue increase of 16.74% year-on-year, achieving a total revenue of 7.945 billion yuan in the first half of 2024, with a net profit of 276 million yuan, reflecting a growth of 16.52% year-on-year [4][7]. - The company is experiencing strong sales growth in its cable and electromagnetic products, particularly in the ultra-high voltage and electric vehicle sectors, with significant increases in sales volume and revenue [4][6]. - The company is optimizing production efficiency and expanding capacity, with capital expenditures of 109 million yuan in the first half of 2024, a 84% increase compared to the same period last year [4][6]. - The company is expanding its overseas business and product categories, with a focus on meeting the growing demand for transformers and related products in international markets [6][4]. Summary by Sections Financial Performance - The company achieved a total revenue of 7.945 billion yuan in the first half of 2024, up 16.74% year-on-year, and a net profit of 276 million yuan, up 16.52% year-on-year [4][7]. - The gross margin for the first half of 2024 was 11.0%, a decrease of 0.5 percentage points year-on-year, while the net margin was 3.87%, a decrease of 0.07 percentage points year-on-year [4][7]. Product Segments - Revenue from cable products increased by 9.54%, while revenue from electromagnetic products surged by 32.40%, with a sales volume increase of approximately 24.56% [4][6]. - The company has successfully developed new clients in the electric vehicle sector, with sales of flat electromagnetic wires for new energy vehicles increasing by 199% [4][6]. Capacity Expansion - The company is investing in capacity expansion, with a focus on new projects for electric vehicle motor-specific flat electromagnetic wires and smart workshop projects [4][6]. - The company has increased its production capacity for transformer electromagnetic wires by 10,000 tons through leasing and technical upgrades [4][6]. Market Position - The company is actively participating in international exhibitions to enhance its brand presence and has reported overseas sales revenue of 189 million yuan, a 4.3% increase [4][6]. - The company has established a wholly-owned subsidiary to enhance its international trade capabilities and has acquired a 100% stake in a foreign company to complement its product line [6][4].

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2024 年 08 月 12 日 评级 买入 | --- | --- | --- | |---------------------------|----------|--------------| | 交易数据 \n当前价格（元） | 评级变动 | 维持 \n37.75 | | 52 周价格区间（元） | | 35.78-83.50 | | 总市值（百万） | | 10358.22 | | 流通市值（百万） | | 9278.94 | | 总股本（万股） | | 27439.00 | | 流通股（万股） | | 24580.00 | | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|----------|---------| | | | | | | 7% -3% | 盐津铺子 | 休闲食品 | | | -13% -23% -33% | | | | | | | | | | -43% 2023-08 2023-11 | 2024-02 | 2024-05 | 2024-08 | | % | 1M | 3M | ...