[Table_Main] 证券研究报告 | 行业周报 公用事业 2024 年 07 月 21 日 公用事业 优于大市(维持) 证券分析师 郭雪 资格编号:S0120522120001 邮箱:guoxue@tebon.com.cn 卢璇 资格编号:S0120524050004 邮箱:luxuan@tebon.com.cn 研究助理 刘正 邮箱:liuzheng3@tebon.com.cn 市场表现 公用事业 沪深300 -24% -20% -15% -10% -5% 0% 5% 10% 2023-07 2023-11 2024-03 资料来源:德邦研究所,聚源数据 相关研究 国家能源局发布 6 月份全社会用电量 等数据,建议关注煤炭低碳化改造 环保与公用事业周报 [Table_Summary] 投资要点: 行情回顾:本周各板块涨跌不一,申万(2021)公用事业行业指数上涨 0.1%,环保 行业指数下跌 1.6%。公用事业板块中新能源发电涨幅较大,涨幅为 2.5%,环保 板块中园林跌幅较大,下跌 6.5%。 行业动态 环保: (1)江苏省人民政府发布关于加快构建废弃物循环利用体系的实施意见。意见 明确,2027 ...

[Table_Main] 证券研究报告 | 行业周报 机械设备 2024 年 07 月 21 日 机械设备 优于大市(维持) 证券分析师 何思源 资格编号:S0120522100004 邮箱:hesy@tebon.com.cn 陈瑞基 资格编号:S0120524060002 邮箱:chenrj3@tebon.com.cn 市场表现 机械设备 沪深300 -34% -26% -17% -9% 0% 9% 2023-07 2023-11 2024-03 资料来源:聚源数据、德邦研究所 相关研究 1.《机械行业周报:全球首款智能人 形采摘机器人问世》,2024.7.15 2.《机械行业周报:挖机内销数据持 续高增,关注工程机械板块行业修复 机会》,2024.7.9 3.《东睦股份(600114.SH)半年报 预告点评:业绩高速增长,SMC、 P&S 业务营收二季度创季度历史新 高》,2024.7.8 4.《工程机械:国内需求向好,电动 装载机渗透率提升》,2024.7.8 5.《机械行业周报:即将迎来 WAIC 大会,关注人形机器人相关投资机 会》,2024.7.1 机械行业周报:设备更新有望提速, 建议关注顺周期 ...

[Table_Main] 证券研究报告 | 行业周报 公用事业 2024 年 07 月 21 日 公用事业 优于大市(维持) 证券分析师 郭雪 资格编号:S0120522120001 邮箱:guoxue@tebon.com.cn 卢璇 资格编号:S0120524050004 邮箱:luxuan@tebon.com.cn 研究助理 刘正 邮箱:liuzheng3@tebon.com.cn 市场表现 公用事业 沪深300 -18% -12% -6% 0% 6% 12% 2023-07 2023-11 2024-03 资料来源:聚源数据,德邦研究所 相关研究 1.《煤电低碳化改造方案公布,关注 绿氢及 CCUS》,2024.7.19 2.《环保与公用事业周报-加快推动 建设全国统一电力市场,完善市场规 则与机制》,2024.7.14 3.《ESG 周报:全国碳市场活跃度, 上 半 年 同 期 交 易 量 显 著 上 升 ; Microsoft 与 Oxy 的 1PointFive 签署有史以来最大的 DAC 碳信用 购买协议》,2024.7.13 4.《环保与公用事业周报-2023-2024 配额分配方案出炉,履约 ...

[Table_Main] 证券研究报告 | 行业周报 电气设备 2024 年 7 月 21 日 电气设备 优于大市(维持) 证券分析师 彭广春 资格编号:S0120522070001 邮箱:penggc@tebon.com.cn 研究助理 电力设备 沪深300 -44% -37% -29% -22% -15% -7% 0% 7% 2023-07 2023-11 2024-03 资料来源:聚源数据,德邦研究所 相关研究 1.《光伏产业链发展良好,各环节降 价有望刺激 23 年需求》,2022.12.16 2.《风电行业策略年度报告-不惧一 番寒彻骨,已闻梅花扑鼻香》, 2022.12.16 3.《发挥新能源战略性新型产业优 势,推动扩大内需战略发展》, 2022.12.15 4.《内蒙古能源局印发实施细则推动 源网荷储、风光制氢等项目发展》, 2022.12.15 5.《11 月欧洲新能源车销量点评:环 比高增,政策收紧》,2022.12.15 硅料价格持稳,国内前六月光 伏装机维持增长 [Table_Summary] 投资要点: 本周硅料价格持稳,月度排产有望下调。据中国有色金属工业协会硅业分会,本周 多晶硅 ...

[Table_Main] 证券研究报告 | 行业点评 建筑材料 2024 年 07 月 19 日 建筑材料 中性(维持) 证券分析师 闫广 资格编号:S0120521060002 邮箱:yanguang@tebon.com.cn 王逸枫 资格编号:S0120524010004 邮箱:wangyf6@tebon.com.cn 研究助理 市场表现 建筑材料 沪深300 -37% -29% -22% -15% -7% 0% 7% 15% 2023-07 2023-11 2024-03 2024-07 资料来源:聚源数据,德邦研究所 相关研究 1.《6 月行业数据点评:地产销售环 比改善明显,高能级城市市场情绪修 复》,2024.7.15 2.《周观点:6 月居民长贷依旧疲软, 水泥淡季逆势提价》,2024.7.14 3.《中国巨石(600176.SH):24Q2 行业全面复价,公司业绩环比明显改 善》,2024.7.8 4.《周观点:沿江熟料第三轮提涨 50 元每吨,百强房企 6 月销售环比改 善》,2024.7.7 5.《周观点:北京地产政策再优化, 中报窗口期优选绩优股》,2024.6.30 建材行业基金持仓点 ...

Investment Rating - Maintains a "Buy" rating [1] Core Views - The company focuses on the family luxury market, with a product matrix that includes both extended-range and pure electric vehicles, catering to different segments of family car needs [4] - The company has demonstrated strong product definition capabilities through its L-series models, with the L6 model expected to see significant sales growth [5] - The company's revenue is projected to grow from 1396.1 billion yuan in 2024 to 2423.0 billion yuan in 2026, with net profit attributable to the parent company expected to increase from 73.5 billion yuan to 182.9 billion yuan over the same period [5] - The company's PE ratios for 2024-2026 are estimated at 20.36x, 12.34x, and 8.18x respectively, based on the closing price on July 19, 2024 [5] Market Performance - The company's stock price has shown significant fluctuations over the past months, with a 1-month absolute increase of 11.17%, but a 2-month decrease of 17.52% and a 3-month decrease of 31.10% [2] - Relative performance shows a 1-month increase of 11.94%, but a 2-month decrease of 8.44% and a 3-month decrease of 39.60% [2] Product Strategy - The company has a clear focus on the family luxury market, with a product lineup that includes the L9, L8, L7, and L6 models, each targeting different segments of the family car market [4] - The L6 model, launched in April 2024, has shown strong sales performance, with over 41,000 orders in the first sales period and deliveries exceeding 20,000 units in June 2024 [5] - The company is also developing its pure electric vehicle lineup, with plans to expand its charging network to over 2,000 supercharging stations and 10,000 charging piles by the end of 2024 [5] Financial Projections - The company's revenue is expected to grow from 1396.1 billion yuan in 2024 to 2423.0 billion yuan in 2026, with net profit attributable to the parent company projected to increase from 73.5 billion yuan to 182.9 billion yuan over the same period [5] - The company's gross margin is expected to remain stable, with projections of 20.08% in 2024, 20.48% in 2025, and 20.88% in 2026 [6] Organizational Structure - The company employs an IPD (Integrated Product Development) process and a matrix organizational structure to ensure efficient collaboration across departments and support long-term growth [4] - The company has upgraded its performance evaluation system from OKR (Objectives and Key Results) to PBC (Personal Business Commitment), focusing on aligning individual goals with business objectives [39] Competitive Positioning - The company's L-series models, particularly the L9, L8, and L7, have maintained leading positions in their respective market segments, with the L9 being the best-selling large SUV in 2023 [16] - The company's focus on family-oriented features, such as intelligent driving, intelligent space, and efficient range, has strengthened its brand loyalty and market position [4] Industry Trends - The Chinese MPV market has shown signs of recovery, with retail sales increasing by 15.9% in 2023, and the average price of MPVs rising from 157,000 yuan in 2018 to 272,000 yuan in 2024 [26] - The "new family car market" in China is expected to enter a rapid development phase from 2024 to 2026, with married family users remaining the main consumer group, accounting for over 65% of the market [34]

Investment Rating - Buy (Maintained) [1] Core Views - The company focuses on the family luxury market, with a product matrix gradually improving through both extended-range and high-voltage pure electric vehicle offerings [4] - The company has demonstrated strong product definition capabilities through its L-series models, with the L6 model expected to see significant sales growth [5] - The company's revenue is projected to reach 1396.1 billion, 1896.7 billion, and 2423.0 billion in 2024, 2025, and 2026, respectively, with corresponding net profits of 7.35 billion, 12.13 billion, and 18.29 billion [5] - The company's PE ratios for 2024, 2025, and 2026 are estimated at 20.36x, 12.34x, and 8.18x, respectively [5] Market Performance - The stock has shown significant volatility with a 1-month absolute gain of 11.17%, a 2-month loss of 17.52%, and a 3-month loss of 31.10% [2] - Relative gains over the same periods were 11.94%, -8.44%, and -39.60%, respectively [2] Product Strategy - The company has a clear focus on family users, with products like the L9, L8, L7, and L6 catering to different segments of the family market [4] - The L6 model, launched in April 2024, has shown strong sales performance, with over 41,000 orders in the first sales period and 20,000 deliveries in June 2024 [5] - The company is adjusting its pure electric vehicle strategy, with plans to improve the charging network and focus on user value and operational efficiency [5] Financial Performance - In 2023, the company achieved a full-year GAAP net profit, with a delivery volume of 376,000 vehicles, making it the first Chinese new energy vehicle company to exceed 300,000 annual deliveries [4] - The company's revenue in 2023 was 1238.51 billion, a 173.48% year-over-year increase, with a gross margin of 22.20%, up 2.79 percentage points from the previous year [6] - The company's SG&A and R&D expense ratios were 7.89% and 8.55%, respectively, showing significant optimization compared to peers [6] Organizational Structure - The company employs an IPD (Integrated Product Development) process and a matrix organizational structure to ensure efficient collaboration across departments [4] - The company has upgraded its performance evaluation system from OKR to PBC (Personal Business Commitment), focusing on aligning individual goals with business objectives [40] Industry Context - The Chinese MPV market saw a recovery in 2023, with retail sales reaching 1.093 million units, a 15.9% year-over-year increase [27] - The average price of MPVs has risen from 157,000 yuan in January 2018 to 272,000 yuan in May 2024, indicating a shift towards higher-end models [27] - The company is well-positioned in the family vehicle market, with a 91.9% penetration rate among family users in 2023 [34]

[Table_Main] 证券研究报告 | 公司深度报告 康方生物(09926.HK) 2024 年 07 月 19 日 买入(维持) 所属行业:医疗保健业/药品及生物科技 当前价格(港币):40.25 港元 证券分析师 周新明 资格编号:S0120524060001 邮箱:zhouxm@tebon.com.cn 李霁阳 资格编号:S0120523080003 邮箱:lijy7@tebon.com.cn 市场表现 康方生物 恒生指数 -29% -14% 0% 14% 29% 43% 57% 2023-07 2023-11 2024-03 | --- | --- | --- | --- | |------------------|-------|--------|--------| | 恒 生 指 数 对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -1.51 | -20.22 | -18.14 | | 相对涨幅(%) | -0.31 | -13.17 | -24.94 | 资料来源:德邦研究所,聚源数据 相关研究 1.《康方生物(9926.HK):管线矩阵丰 富,多个产品将获批,收入有望继续高 ...

Group 1: Innovation and Reform - Emphasis on effective organization and continuous innovation as key mechanisms for development[1] - Central enterprises play a crucial role in supporting a new national system for innovation[5] - Focus on talent and education as foundational strategies for driving innovation[7] Group 2: Economic and Financial Mechanisms - Reform of fiscal and financial mechanisms to address central-local financial authority adjustments and risk prevention[2] - Strengthening financial regulation to ensure comprehensive risk management and accountability[11] - Tax reforms aimed at optimizing consumption tax to guide industry structure upgrades[10] Group 3: Sustainable Development - Promotion of harmonious coexistence between humans and nature, with a focus on green and low-carbon development[3] - Energy transition strategies aiming for a 30% electrification level in end-use energy by 2025[14] Group 4: Market and Globalization - Construction of a unified national market to enhance the market economy's foundational systems[13] - Commitment to embracing globalization and enhancing international cooperation to leverage market advantages[15]

术攻关,着眼产业链整体突破,压紧压实责任,加速攻关突破"。科技产业与传 统重工业存在一定区别,部分重大科技设施和公共产品存在着"高投入、低回 报"的特征,市场主体投资难度较大,央企承担重要的引领和基础作用,有助于 以点带面的推动创新发展。此外从统筹发展与安全的角度,科技创新日益成为国 际战略博弈的主要战场,这也意味着国央企可能需要扮演更重要的角色。其余市 场化主体在此基础上进行创新行为,形成良好互动,形成国央企"突破卡点,大 步在前",其他企业"逐步创新,小步在后"格局。 2)有效激励创新。兵马未动,粮草先行,推动科技创新发展需要金融体系和资 本市场支持,2023年 10月中央金融工作会议定调科技金融作为"五篇大文章" 之首。我们认为,有效激励创新重点关注两个方面,其一是央行通过科技创新和 技术改造再贷款加大支持,其二是需要资本市场通过"合理高估值"激励创新, 此前6月19日,吴清主席的发言和相关新政的出台紧紧把握住"推动新质生产力 和创新发展"的主旋律,其一是围绕新质生产力,研究相关企业的投融资需求、 激励约束、公司治理等方面的需求,提供针对性的资本市场工具;其二是考虑科 技创新企业发展的特殊性和不确定性, ...