[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业月报 2024年06月17日 叉车月度跟踪：5 月总销量同比+10.2%； 有望受益智慧立体仓储设施等升级改造 [Table_Summary] 投资要点：  叉车销量5月同比增长10.2%，海内外销量增长持续。根据中国工程机械工业协 会微信公众号及Wind数据：2024年5月当月销售各类叉车11.04台，同比增长 10.2%，1-5 月累计销售各类叉车 55.04 万台，同比增长 13.5%。分地区来看，5 月海外市场销量增速好于国内市场，其中，叉车国内市场销量 7.24万台，同比 增长9.89%；出口3.80万台，同比增长10.7%。  叉车电动化率持续高位。根据 Wind 数据，2024 年 4 月，内企叉车销量 11.57 万台，外企叉车销量0.82万台，内企叉车销量占比93.40%；国内电动叉车销量 8.51 万台，内燃叉车销量 3.88 万台，电动叉车销量占比 68.68%，环比下降 1.70pct。  宏观制造业景气追踪：5月PMI略有回落，1-4月规模以上工业企业利润同比增 长4.3%。根据国家统计局官网，1）PMI： ...

[Table_MainInfo] 行业研究/公用事业 证券研究报告 行业周报 2024年06月17日 火电不是简单高股息，而是周期底部向上 [Table_Summary] 投资要点： 周五电力放量调整，火电业绩持续向上。本周五不少电力股：长江电力，中国  核电，华电国际，国投电力，川投能源等成交额明显放大，且大幅下跌；Wind 一致预期华电国际2024E PE 11倍，其他公司2024E PE 16-21倍。我们认为，从 5月社融和M1增速看，经济短期乐观的理由并不充分，在经济反复磨底的过程 中，盈利稳定的水电与公用事业化属性凸显的火电板块，投资价值凸显。另外 本周是华电国际调入沪深300的第一天，建议关注。  5月现货市场交易：山西、山东、蒙西现货电价较上月上涨16.4%、32.7%、22%， 广东下降26%，但总体仍低于去年新历同期水平，主要还是目前负荷较低。1、 中电联：受近日南方降水拉动水电出力持续提升，部分火电机组已转停机检修 状态。2、山西2024年1-5月日均用电负荷逐月下降，5月较2023年更高，2-4 月较2023年更低，预计6月起，负荷逐渐上涨，形成夏季负荷高峰，价格也会 随之升高。 ...

Equity – Asia Research Presentation:《海通家电周报：低利率背景下白电龙头高股息稳增 长低估值优势稳健，持续关注白电龙头》 Haitong Household Appliances Weekly: White Appliances Leaders Offer High Dividends and Stable Growth Amid Low Interest Rates 陈子仪Ziyi Chen ziyi.chen@htisec.com 朱默辰Mochen Zhu mc.zhu@htisec.com ...

海通国际A股覆盖：海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布 中国A股的研究报告。但是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。 Haitong International Coverage of A-Shares: Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen. Haitong Securities (HS; 600837 CH), the ultimate parent company of HTISG based in Shanghai, covers and publishes research on these same A-Shares for distribution in mainland China. However, the rating sys ...

Investment Rating - The report does not explicitly state an investment rating for Tesla, but it discusses significant growth opportunities and advancements in technology, suggesting a positive outlook for the company. Core Insights - Tesla's humanoid robot, Optimus, is expected to have a global demand of 1 billion units annually, with a potential market share of 10% for Tesla, leading to estimated annual profits of $1 trillion [4][24]. - The company is set to launch HW5.0 for full self-driving (FSD) in 18 months, which will be over ten times more powerful than the current HW4.0, breaking previous computing power limitations [5][25]. - Production of the Cybertruck and Semi is ramping up, with the introduction of Robotaxi expected to enhance profitability significantly [6][26]. Summary by Sections Event - Tesla held its 2024 Annual Shareholder Meeting on June 14, 2024, with CEO Elon Musk and Chairman Robyn Denholm in attendance [3][23]. Humanoid Robots - Tesla aims to build a robust core industry chain for Optimus, with a long-term ownership ratio of humanoid robots expected to match that of humans [4][24]. Full Self-Driving (FSD) - The company announced breakthroughs in FSD technology, with HW5.0 expected to enhance performance significantly and allow for extensive autonomous driving capabilities [5][25]. Vehicle Production - Tesla is increasing production of the Cybertruck and Semi, with Robotaxi set to launch, combining elements of Airbnb and Uber to create a new revenue stream [6][26]. Leadership and Future Outlook - Elon Musk's compensation plan was approved, and he expressed confidence in Tesla's leadership in AI compared to competitors, predicting a potential tenfold increase in company valuation [6][27].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 10.84 for 2024, reflecting a PE of 25x [12][32]. Core Insights - Overall revenue remained stable with a slight increase of 1.89% year-on-year, reaching RMB 6.60 billion in 2023. However, net profit attributable to shareholders decreased by 29.73% to RMB 217 million due to increased operating costs and asset impairment provisions [3][11]. - The financial business segment showed steady growth, achieving revenue of RMB 1.74 billion, up 9.26% year-on-year, while the internet business faced challenges with a revenue decline of 2.32% to RMB 2.44 billion [3][11]. - The company is focusing on new business sectors, particularly in agriculture, energy, and large central SOEs, which are expected to contribute significantly to revenue growth in the coming years [12][32]. Financial Performance Summary - In 2023, the company reported total revenue of RMB 6.60 billion, with a net profit of RMB 217 million. The projected revenues for 2024, 2025, and 2026 are RMB 7.02 billion, RMB 7.87 billion, and RMB 8.97 billion, respectively [10][29]. - The net profit forecast for 2024 is RMB 256 million, with an expected EPS of RMB 0.43, showing a recovery trend in subsequent years [12][32]. - The overall gross profit margin for 2023 was 24.9%, with expectations for slight improvements in the following years [10][29]. Business Development and AI Strategy - The company is actively investing in AI technology and has established collaborations with major players like Microsoft, Baidu, and Huawei to enhance its AI capabilities and applications [5][12]. - The establishment of an AI research center in collaboration with Shanghai Jiao Tong University aims to strengthen R&D capabilities and talent acquisition [5][12]. - The company is expanding its AI applications from internal management processes to production and manufacturing, aiming to build comprehensive enterprise-level AI architectures [5][12]. Data Elements and Consulting Business - The company has developed a robust big data management platform, providing customized data intelligence solutions, particularly in the financial sector [31]. - The consulting business is gaining traction, with a focus on digital transformation consulting, which is expected to grow due to the exit of foreign-funded enterprises from the market [31][12]. - The company is closely monitoring data-related policies and exploring new business opportunities through collaborations with government and industry associations [31][12].

Equity – Asia Research Presentation：医药行业国企改革报告：国企改革正当时，船到中 流当奋楫 State-Owned Enterprise Reform in the Pharmaceutical Industry: The Right Time for Reform, Navigating Midstream with Determination 余文心Wenxin Yu wenxin.yu@htisec.com 孟科含Kehan Meng kh.meng@htisec.com ...

Investment Rating - The report maintains an "Outperform" rating for China Power International Development (2380 HK) with a target price of HKD 4.72, while the current price is HKD 3.83 [3][12]. Core Insights - The company experienced lower-than-expected performance in 2023 due to a historically dry season affecting hydropower generation, resulting in a loss of RMB 830 million from hydropower operations. However, profits from new energy and thermal power have significantly increased [9][11]. - The installed capacity of new energy has grown significantly, reaching 45.02 GW by the end of 2023, with clean energy accounting for nearly 75% of the total. The company plans to further increase its wind and solar capacity in 2024 [10][11]. - The thermal power sector's profitability has improved due to a decrease in coal prices and effective coal-fired power joint ventures, leading to a net profit of RMB 1.32 billion in 2023 [11]. Financial Summary - In 2023, the company reported operating income of RMB 44.262 billion, a year-on-year increase of 1.31%, and a net profit attributable to the parent company of RMB 2.66 billion, a year-on-year increase of 7.23% [9][12]. - The forecast for revenue from 2024 to 2026 is RMB 52.319 billion, RMB 57.702 billion, and RMB 62.180 billion, respectively, with net profit attributable to shareholders projected at RMB 5.033 billion, RMB 6.601 billion, and RMB 7.685 billion [12][11]. - The company plans to maintain a high dividend payout ratio of 61% for 2023, with a proposed dividend of RMB 0.132 per share [9][12].

研究报告Research Report 16 Jun 2024 东方电气 Dongfang Electric (1072 HK) 受益于火电和新能源装机高增，业绩稳增长 Benefiting from the High Growth in Installed Capacity of Thermal Power and New Energy, Financial Performance Maintain Stable [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab 维le_ 持Inf 优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 营收及净利润保持稳定增长。东方电气发布 2023 年和 2024Q1 财 评级 优于大市OUTPERFORM 报，公司 2023 实现营收 606.8 亿元，同比增长 9.6%，实现归母净 现价 HK$12.80 利润 35.5 亿元，同比增加 24.23%；2024Q1 实现营收 150.5亿元， 目标价 HK$15.73 同比增加2.28%，归母净利润 ...

[Table_MainInfo] 行业研究/机械工业/通用机械 证券研究报告 行业跟踪报告 2024年06月14日 机床月度跟踪：24 年 1-4 月机床行业利润总额同比下 降；央行设立科技创新和技术改造再贷款 [Table_Summary] 投资要点：  机床行业高频数据情况： 2024年1-4月金属切削机床产量同比增长，金属成形机床产量同比下降。1）金 属切削机床产量21.00万台，同比增长6.0%； 2）金属成形机床产量5.1万台， 同比减少16.4%。 2024年4月机床进口金额同比下降，出口金额同比下降。1）进口机床金额4.48 亿美元，环比下降13.81%，同比减少17.99%； 2）出口机床金额8.55亿美元， 环比增加0.62%，同比减少6.11%。 2024年 4月日本机床内外需订单金额同比下降，订单总额同比下降 8.9%。1） 日本机床内需订单金额364亿日元，同比下降12.8%； 2）日本机床外需订单金 额845亿日元，同比下降7.1%。 2024年4月日本机床在中国订单金额同比增长，在欧洲和美国订单金额同比下 降。1）中国订单金额为266亿日元，同比增长2.6%； 2）欧洲订单金额为 ...