行业周报 • 机械设备行业 国铁招标再超预期，智元发布五款新品 2024 年 08 月 19 日 核心观点 o 市场行情回顾：上周机械设备指数下跌 0.62%，沪深 300 指数上涨 0.42%, 创业板指下跌 0.26%。机械设备在全部 31 个行业中涨跌幅排名第 16 位。 列 除负值后，机械行业估值水平（整体法）23.4 倍。上周机械行业涨幅前三的板 块分别是航运装备、3C 及面板设备、仪器仪表；年初至今涨幅前三的细分板 块分别是轨道交通设备、航运装备、工程机械。 • 周关注：国铁招标再超预期，智元发布五款新品 o 【轨交裝备】８月 15 日，国铁发布 2024 年第二批动车组高级修招标，此次招 标三级修 24 组、四级修 146.625 组、五级修 302 组，再超预期。1）从数量 上来看，今年两次招标五级修累计已达 509 组，超过历史最高动车组整车招标 数量（2015 年 467 组），我们认为原因有三，一是疫情期间维修需求释放有 所延后，二是部分修程短的车型（2 型车和 380A）已进入第二轮五级修，三 是疫情前动车组利用率高维修时间提前，14-16 年采购高峰期投运的动车组进 入五级修。2）从 ...

行业月报 • 机械行业 7 月挖机内销持续改善，静待行业筑底回升 2024 年 8 月 18 日 o 挖机销售持续超预期，装载机电动化趋势明显。据工程机械行业协会， (1) 挖掘机： 2024 年 7 月销售各类挖掘机 13690 台，同比增长 8.6%，其中国内 市场销量 6234 台, 同比增长 21.9%; 出口市场销量 7456 台, 同比下降 0.51%。 内销同比增速继续高于 CME 预测水平（17%），出口虽未如 CME 预测恢复 正增长，但降幅环比收窄 7 个百分点，海外需求温和恢复。(2) 装载机： 2024 年 7 月装载机主要制造企业销售各类装载机 8379 台，同比增长 27.1%。其中 国内市场销量 4439 台, 同比增长 24.7%; 出口销量 3940 台, 同比增长 30.1%。 7 月主要企业销售电动装载机 1317 台，单月电动化率达到 16%，同比大幅增 加 11 个百分点，环比维续提升 1 个百分点。徐工机械数据显示，其 5 月份新 能源装载机产销达到 500 台，单月出口 100 台，突破行业历史记录，侧面验 证电动装载机销售的商景气。 。 叉车电动化率进一步提升， ...

Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings [3] Core Views - Tianli International Holdings has been included in the Hang Seng Composite Index, which is expected to enhance its chances of being re-included in the Stock Connect program in September 2024, thereby improving market liquidity [1] - The company has a strong growth momentum in its for-profit high school business, achieving revenue of 2.32 billion yuan in FY23, a year-on-year increase of 161%, and a net profit of 330 million yuan, up 246% year-on-year [1] - The report forecasts net profits for FY24-26 to be 550 million, 810 million, and 1.11 billion yuan respectively, with corresponding PE ratios of 16X, 11X, and 8X, indicating significant valuation recovery potential [1] Financial Projections - Revenue (in million yuan): FY23: 2303, FY24E: 3455, FY25E: 4584, FY26E: 5997 [2] - Revenue growth rate: FY23: 160%, FY24E: 50%, FY25E: 33%, FY26E: 31% [2] - Net profit (in million yuan): FY23: 334, FY24E: 550, FY25E: 801, FY26E: 1109 [2] - EPS (in yuan): FY23: 0.16, FY24E: 0.26, FY25E: 0.38, FY26E: 0.52 [2] - PE ratios: FY23: 15.97, FY24E: 16.42, FY25E: 11.28, FY26E: 8.15 [2]

北交所周报 快发展,市场有望震荡向上 聚星科技顺利过会,新股发行稳步推进 核心观点 ● 北证 50 指数周涨跌幅为-1.98%，多数行业下跌。本周,北证 50 涨跌幅 为-1.98%。北交所 249家上市公司中,有115家公司周涨幅为正,纬达光电 (+40.96%) 涨幅领先,其次是佳合科技(+15.10%)、利尔达(+14.08%)、 则成电子(+13.54%)等,跌幅较大的是康乐卫士(-19.59%)。从行业来看, 本周北交所多数行业下跌,电子行业(+6.2%) 涨幅领先,其次是纺织服饰 (+4.6%)、通信(+3.3%);而国防军工(-5.1%)跌幅较大。 ● 本周北交所整体交易活跃度有所回落。本周北交所日均成交额约为 28.89 亿元,较上周的 30.51 亿元有所下滑。北交所本周整体成交额为 144.43 亿 元,较上周的 152.53 亿元下降 5.31%;成交量为 15.99亿股,较上周 16.91 亿股下降 5.43%。本周北交所的换手率水平回落至12.49%。 ● 北交所整体市盈率为18.49倍左右,较上周有所回落。截至8月16日,北 证 A 股的市盈率为 18.49 倍,较上周有所回落,科 ...

行业周报 ·汽车行业 新能源订单持续兑现,驱动车市销量复苏 汽车行业周报 核心观点 ● 本周观点 据乘联会数据,8月1-11日,乘用车市场零售52.1万辆,同比去年8月同期增长 7%,较上月同期增长 16%, 今年以来累计零售 1,208.8 万辆,同比增长 3%;8 月 1- 11 日,全国乘用车厂商批发 38.7万辆,同比去年 8月同期下降 15%,较上月同期增长 14%,今年以来累计批发 1,410.7万辆,同比增长4%。新能源方面,8月1-11日,乘 用车新能源市场零售27.4万辆,同比去年8月同期增长57%,较上月同期增长25%, 今年以来累计零售526.3万辆,同比增长35%;8月1-11日,全国乘用车厂商新能源 批发 22.1万辆,同比去年8月同期增长 29%,较上月同期增长 16%,今年以来累计批 发 578.3万辆,同比增长30%。从总量来看,8月乘用车市场销量恢复明显;从结构来 看,8月1-11日,新能源零售渗透率为52.6%,批发渗透率为57.1%,销量增速远超 燃油,新能源厂商在手订单的持续兑现是驱动8月车市销量复苏的核心动力,比亚迪海 豹、海豹07、海鸥、宋 PLUS、宋 L、秦 L ...

Investment Rating - The report assigns a "Recommended" investment rating to the company [3][6]. Core Viewpoints - The company focuses on customized intelligent electronic modules and printed circuit boards (PCBs), which can meet the rapid technological iteration demands of downstream products. It is expected to achieve sustained growth through the introduction of new customers and projects [2][3][42]. Company Business Structure - The company, established in 2003, is a high-tech enterprise primarily engaged in the design, research and development, production, and sales of customized intelligent electronic modules and PCBs. It is recognized as a national-level specialized and innovative "little giant" enterprise. Its main products include automotive EPS steering modules, automotive rear camera modules, and various medical and communication modules [4][17]. Financial Analysis - In the first half of 2024, the company achieved a revenue of 167.31 million yuan, a year-on-year increase of 19.83%, and a net profit attributable to shareholders of 10.28 million yuan, up 17.80% year-on-year. The gross margin was 28.73%, and the net margin was 6.14% [24][29]. - The company’s R&D expenses for the first half of 2024 were 11.58 million yuan, with an R&D expense ratio of 6.92%. It obtained 8 new patents, including 5 invention patents and 3 utility model patents [24][29]. Industry and Company Project Analysis - The module industry is positioned in the midstream of the electronic information manufacturing industry chain, playing a crucial role in connecting upstream and downstream sectors. The PCB serves as the main component of modules, essential for signal transmission and connection [34][36]. - The report highlights that the company has been actively investing in product R&D and has made significant progress in narrowing the technology gap with advanced domestic enterprises [36][42]. Profit Forecast and Investment Rating - The company is expected to achieve revenues of 369 million yuan, 448 million yuan, and 547 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20.71%, 21.41%, and 22.10%. The net profits are projected to be 32 million yuan, 39 million yuan, and 48 million yuan for the same years, with corresponding growth rates of 20.50%, 22.75%, and 22.17% [42][45].

行业跟踪报告· 计算机行业 多省市政府积极推进工业软件与平台发展 2024年08月18日 核心观点 ● 市场回顾: 本周(8.12-8.18) 沪深 300 指数上涨 0.42%, 创业板指数下跌 0.26%, 计 算机(ZX)板块上涨0.11%,工业软件板块下跌0.81%。工业软件板块个 股涨幅前五名分别为:鼎捷软件、普联软件、柏楚电子、品茗科技、海得 控制;跌幅前五名分别为:用友网络、索辰科技、广立微、中望软件、华 大九天。 ● 行业最新动态与投资建议: 各省市政府积极推进工业互联网与工业软件发展。山东省发布了《山 东省制造业数字化转型提标行动方案(2023-2025年)》,并通过《山东 省工业互联网平台培优工作方案》,开展了省级工业互联网平台的遴选工 作。经过严格的申报和评审流程,63个平台被选为省级重点平台,41个 平台被选为省级储备平台,并对外公示,以确保透明度和公平性。 安徽省合肥市针对中小企业的数字化转型,发起了征集工业互联网平 台和人工智能大模型产品的活动。征集重点关注汽车零部件制造、输配电 设备制造、家用电力器具制造、电子器件制造、电子元器件制造等五个行 业。工业互联网平台需提供包括数据采集 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 731 million yuan for the first half of 2024, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 191 million yuan, up 7.1% year-on-year. The performance is in line with expectations considering the high base effect from the previous year [1]. - The company is actively expanding its civilian product lines and extending its industrial chain, particularly in high-temperature alloy materials, which have significant growth potential. The subsidiary has established a production capacity for aviation components, expected to generate annual revenue of approximately 231 million yuan once fully operational [2]. - The company is expected to maintain a rapid growth trajectory, benefiting from both military and civilian product demand, with projected net profits of 389 million yuan, 490 million yuan, and 583 million yuan for 2024, 2025, and 2026, respectively [2]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.594 billion yuan, with a growth rate of 15.13%. The net profit is expected to be 389 million yuan, reflecting a growth rate of 17.64% [8]. - The gross margin is forecasted to be 34.94% in 2024, slightly up from 34.33% in 2023 [12]. - The earnings per share (EPS) are expected to be 0.98 yuan in 2024, increasing to 1.24 yuan in 2025 and 1.47 yuan in 2026 [11].

行业周报 • 有色金属行业 波动缓和有色价格修复，金价再创历史新高 有色金属行业周报 核心观点 。 市场行情同顾 :截止到 8 月 16 日周五收市 : 本周上证指数+0.60%,报 2879.43 点；沪深 300 指数+0.42%，报 3345.63 点；SW 有色金属行业指数+0.24%， 报 3954.15点。分子行业来看，本周有色金属行业 5 个二级子行业中，工业金 属、贵金属、小金属、能源金属、金属新材料较上周变动幅度分别为+1.45%、 -2.15%、+0.43%、-1.48%、-1.82%。 。 重点金属价格数据：本周上期所铜、铝、锌、铅、镍、锡分别收于 73,930 元 /吨、19,370 元/吨、23,325 元/吨、17,795 元/吨、127,920 元/吨、262,470 元 /吨，较上周变动幅度分别为+3.51%、+1.52%、+4.15%、+0.65%、-1.29%、 +3.54%。本周伦敦 LME 铜、铝、锌、铅、镍、锡分别收于 9,178 美元/吨、 2,368 美元/吨、2,770 美元/吨、2,043 美元/吨、16,440 美元/吨、31,995 美元 /吨，较上周变动 ...

中国银河证券ICGS 行业闲报 88 信贷需求仍偏独，三家银行平年报发布 银行业周报（2024.08.12-202408.18） 2U2- 个 34 月 I3 1 ⚫ 银行报块表路优十市场：六扩深2治数上：4，能报.上比 银行业 2.6：7，用有、股，收，客号，录1.29% 3，1.4%，1.84%.~段m.中栏.+1），点+5.6%] 限#），限1，（31： 东放块33.2信，息.5% ⚫ ，， 牛一米 F77之.：-多713心：，395.77 : B: 7'angii_rinasr':.mm on ..nF: 1 21：9：1， u之：，m122元.:4）31 化：多2之：新2之：十多亿 ，3，， 1少数5(，2500：50 :1I- ⚫ I1: 净4r2.13：.1.： 表量，...1， .2%，净71亿：：：半安非 8.79位.：FK1.9%：7模快张：实非收37.79 :. [nt-iht: I ..# 202 -7 ↓+$+** 年报注，上，上业收人"产 I': +-* . 1 ⚫ 1化，引长，均，款长会正件。 关培当产营，注 1）1128行8 ⚫ In : s v.c:hi i:x:k.:r. ...