[Table_Main] 证券研究报告 | 行业点评 公用事业 2024 年 07 月 19 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 联系人 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:聚源数据,德邦研究所 相关研究 煤电低碳化改造方案公布,关注绿 氢及 CCUS [Table_Summary] 投资要点: 事件:2024 年 7 月 15 日,国家发展改革委、国家能源局联合印发《煤电低碳化改 造建设行动方案(2024—2027 年)》,统筹推进存量煤电机组低碳化改造和新上煤 电机组低碳化建设,加快构建清洁低碳安全高效的新型能源体系。 方案节点明确,要求 2025 年首批项目全部开工。《方案》明确提出,到 2025 年, 首批煤电低碳化改造建设项目将全部开工,相关项目的度电碳排放较 2023 年同类 煤电机组的平均碳排放水平将降低约 20%。到 ...

Investment Rating - The report assigns a "Buy" rating to Gaoneng Environment (603588 SH) for the first time [12][26] Core Views - The company's resource utilization business is expected to see significant growth driven by capacity expansion and metal price increases [12] - Gaoneng Environment is projected to achieve revenues of 15 21/17 46/19 32 billion yuan in 2024-2026 with YoY growth of 44%/15%/11% [12][26] - Net profit attributable to shareholders is forecasted to reach 0 92/1 11/1 27 billion yuan in 2024-2026 with YoY growth of 81%/21%/15% [12][26] Business Performance Resource Utilization - Solid and hazardous waste resource utilization revenue increased by 59 5% YoY in 2023 accounting for 61 14% of total revenue [78] - The business is expected to grow at 66 9%/18 7%/13 3% in 2024-2026 with gross margins of 10%/11%/11% [9][11] - Jiangxi Xinke project completed front-end treatment upgrades potentially improving profitability [9] Environmental Operations - The company operates 13 waste-to-energy projects with total daily processing capacity of 11 000 tons/day [134] - 7 hazardous waste disposal projects with total licensed capacity of 161 800 tons/year [134] - Environmental operations revenue grew 11 71% YoY in 2023 with gross margin of 46 57% [11] Environmental Engineering - New environmental engineering contracts reached 3 123 billion yuan in 2023 up 6 4% YoY [24] - Revenue declined 23 84% YoY in 2023 but is expected to grow 10%/5%/3% in 2024-2026 [11] Technological Upgrades - Multiple technical upgrades completed at key subsidiaries including Gaoneng Pengfu and Jingyuan Gaoneng improving production efficiency and capacity [3][131] - Upgrades include smelting system drying system ultra-low emission system and oxygen-enriched side-blowing smelting system [3] - These improvements have increased processing capacity by 30% and reduced metal content in waste residue [3] Market Position - The company has established a comprehensive solid and hazardous waste treatment system covering the entire industrial chain [36] - As of 2023 the company holds hazardous waste operation licenses for 1 145 million tons/year including 983 000 tons/year for resource utilization [36] - The company benefits from its location in key industrial clusters ensuring stable waste supply [36] Financial Projections - Total revenue is expected to grow from 10 58 billion yuan in 2023 to 19 32 billion yuan in 2026 [11] - Gross profit margin is projected to stabilize around 16 7%-17 1% in 2024-2026 [11] - EPS is forecasted to increase from 0 33 yuan in 2023 to 0 83 yuan in 2026 [15]

Investment Rating - The report maintains an "Outperform" rating for the inverter segment, indicating expected future growth [2]. Core Insights - The inverter segment shows significant improvement in profitability for companies like DeYe and Jinlang Technology, outperforming the main industry chain of silicon materials, silicon wafers, and modules [5]. - The inverter plays a crucial role in connecting photovoltaic arrays to the grid, converting direct current to alternating current, and ensuring the long-term operational efficiency of solar power plants [5]. - The performance of inverter companies in Q2 2024 is expected to improve due to the recovery of overseas inventory and stable growth in traditional markets, alongside explosive demand in emerging markets [5]. Summary by Sections Performance Overview - DeYe is projected to achieve a net profit of 1.183 to 1.283 billion yuan in H1 2024, showing a quarter-on-quarter increase from 433 million yuan in Q1 2024 to approximately 750 to 850 million yuan in Q2 2024 [5]. - Jinlang Technology anticipates a net profit of 325 to 400 million yuan in H1 2024, with a significant quarter-on-quarter increase from 20 million yuan in Q1 2024 to about 305 to 380 million yuan in Q2 2024 [5]. - In contrast, major players in the main industry chain, such as Tongwei and TCL Zhonghuan, are expected to report substantial losses in the same period [5]. Market Dynamics - The improvement in performance for inverter companies is attributed to sustained demand in markets like Brazil, India, and Germany, as well as explosive growth in Southeast Asia and the Middle East [5]. - Companies are leveraging their competitive advantages in emerging markets, leading to strong shipment momentum and market share growth [5]. Investment Recommendations - The report suggests focusing on several key companies: - Sungrow Power Supply, recognized as a leading inverter company with a solid industry position [6]. - DeYe, which has a comprehensive product range and a strong presence in emerging markets [6]. - Jinlang Technology, noted for its technological influence and market position across various inverter sectors [6]. - GoodWe, which possesses core technologies in power electronics and energy management [6].

[Table_Main] 证券研究报告 | 行业点评 半导体 2024 年 07 月 18 日 半导体 优于大市(维持) 证券分析师 陈蓉芳 资格编号:S0120522060001 邮箱:chenrf@tebon.com.cn 陈瑜熙 资格编号:S0120524010003 邮箱:chenyx5@tebon.com.cn 市场表现 半导体 沪深300 -43% -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.《2024 半年度业绩预告点评-思特 威(688213.SH):Q2 业绩超预期, 智 慧 安 防 与 手 机 CIS 双 击 》, 2024.7.16 2.《恒玄科技 2024 H1 业绩预告点评 -营收再创季度历史新高,看好 AI 可 穿戴发展趋势》,2024.7.14 3.《晶晨股份 2024H1 业绩预告点评 -Q2 收入创季度新高,前期投入收获 期或至》,2024.7.11 4.《中科飞测(688361.SH):半导体 量测设备龙头,打造国产薄弱环节平 台化企业》,2024.7.8 5.《需求复苏+库 ...

Investment Rating - The report maintains an "Outperform" rating for the photovoltaic industry, indicating a positive outlook compared to the market [3]. Core Insights - The report highlights the advancements in BC (Bifacial Cell) technology, which shows significant efficiency improvements over traditional TOPCon products, with a reported increase in power generation by 9.55% for Aiko's ABC components compared to TOPCon [5]. - BC technology is recognized as a key driver for technological upgrades in the photovoltaic industry, with its complex manufacturing process creating high technical barriers [5]. - Major companies like Longi Green Energy and Aiko are rapidly expanding their BC production capacities, with Longi aiming for 70GW of total BC capacity by the end of 2025 [6]. Summary by Sections Industry Overview - The photovoltaic industry is transitioning into a new era with the adoption of advanced battery technologies, particularly BC technology, which offers higher conversion efficiency and better performance in low-light conditions [5]. Company Developments - Longi Green Energy plans to replace its production capacity to meet increasing market demand, targeting 200GW of monocrystalline silicon wafer capacity and 100GW of BC battery capacity by 2025 [6]. - Aiko has established a production capacity plan of 100GW for its ABC technology across multiple bases, achieving an average conversion efficiency of 27% for its ABC batteries [6]. Investment Recommendations - The report suggests focusing on integrated component companies with new battery technologies, such as JinkoSolar, Longi, JA Solar, and Trina Solar, as well as leading inverter companies like Sungrow and DeYe, and stable auxiliary material companies like Foster and Flat [6].

[Table_Main] 证券研究报告 | 行业点评 电力设备 2024 年 07 月 17 日 电力设备 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 市场表现 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.《阳光电源:全球逆变器龙头企业, 多维度布局新能源业务》,2024.5.28 2.《九洲集团(300040.SZ): 业绩 短期承压,电网设备+并网规模增量 可期》,2024.5.26 3.《西子洁能(002534.SZ):计提资 产减值拉低 23 年利润,在手订单充 足静待花开》,2024.5.21 4.《隆基绿能(601012.SH)业绩点 评-减值拖累盈利,财务状况稳健穿 越行业周期,HPBC 电池技术实现差 异化竞争》,2024.5.12 5.《通威股份(600438.SH)业绩点 评-盈利阶段性承压,硅料电池双龙 头地位稳固,持续降本增效强化核心 竞争力》,2024.5 ...

baao[Table_Main] 证券研究报告 | 行业月报 传媒 2024 年 07 月 17 日 传媒 优于大市(维持) 证券分析师 马笑 资格编号:S0120522100002 邮箱:maxiao@tebon.com.cn 研究助理 王梅卿 邮箱:wangmq@tebon.com.cn 市场表现 传媒 沪深300 -44% -37% -29% -22% -15% -7% 0% 7% 2023-07 2023-11 2024-03 2024-07 相关研究 1.《传媒互联网行业周报:关注百 度萝卜快跑产业链投资机会,快手 将 开 源 文 生 图 大 模 型 可 图 》 , 2024.7.14 2.《 传 媒 互 联 网 行 业 周 报 : WAIC2024 圆满落幕,青木股份更 名为青木科技》,2024.7.7 3.《6 月游戏行业点评:腾讯 DNF 和哔哩三谋等表现突出,跟踪暑期 档把握游戏低估值机会》, 2024.7.4 4.《传媒互联网行业周报:OpenAI 终止对中国大陆提供 API 服务,世 界 人 工 智 能 大 会 即 将 举 行 》 , 2024.6.30 5.《传媒互联网海外 7 月金股 ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment industry [2] Core Insights - The report highlights significant investments by multiple companies in Saudi Arabia's renewable energy sector, including a major energy storage project by Sungrow Power and new photovoltaic projects by JinkoSolar and TCL Zhonghuan [5][6] - The projects aim to enhance the stability and reliability of Saudi Arabia's power grid, aligning with the country's Vision 2030 goals [5] - The report identifies key players in the industry, recommending investment in companies with integrated component advantages, leading inverter manufacturers, and established auxiliary material firms [6] Summary by Sections Investment Highlights - Sungrow Power signed a contract for a 7.8GWh energy storage project in Saudi Arabia, with delivery starting in 2024 and full capacity expected by 2025 [5] - JinkoSolar plans to establish a joint venture for a 10GW high-efficiency battery-grade component project in Saudi Arabia, with an investment of approximately 9.85 billion USD [6] - TCL Zhonghuan aims to build a 20GW photovoltaic crystal chip factory in Saudi Arabia, with a total investment of around 20.8 billion USD [6] Company Recommendations - Recommended companies include JinkoSolar, LONGi Green Energy, JA Solar, and Trina Solar for their integrated component advantages [6] - Leading inverter manufacturers such as Sungrow Power and DeYe are expected to benefit from overall market growth [6] - Established auxiliary material companies like Foster and Flat Glass are also highlighted for their stable market positions [6]

Investment Rating - The report maintains an "Outperform" rating for the Robotaxi industry, specifically highlighting the success of Baidu's "LuoBo Kuaipao" in Wuhan [1]. Core Insights - The report emphasizes the significant growth in order volume for Baidu's Robotaxi service in Wuhan, achieving a peak of over 20 rides per vehicle per day, indicating a shift towards large-scale commercial operation [3][4]. - Baidu's investment in autonomous driving technology has been ongoing for a decade, with the successful launch of the sixth-generation Robotaxi priced over 200,000 yuan [3]. - The report notes the cost advantages of Robotaxi services, with fares in Wuhan ranging from 4 to 16 yuan for a 10 km trip, compared to traditional ride-hailing services priced between 18 to 30 yuan [3]. - Safety metrics are highlighted, with Baidu claiming that the accident rate for Robotaxi is 1/14 that of human drivers, showcasing a significant safety advantage [3]. Market Performance - The report indicates that the Robotaxi service in Wuhan is expected to achieve break-even by the end of 2024 and enter a profit phase by 2025, with operational costs projected to decrease by 30% due to automation [4]. - The report suggests that the successful trials in cities like Wuhan could lead to broader implementation in major cities such as Beijing, Chongqing, and Shanghai [4]. Investment Opportunities - The report advises investors to focus on the Robotaxi industry chain, including companies like Baidu, as well as other players in the autonomous driving space such as Didi and Tesla [4]. - It highlights the potential for significant market expansion as technology matures and regulatory support increases, making it a favorable investment landscape [4].

Investment Rating - The report initiates coverage on Binjiang Group with an "Overweight" rating [1] Core Views - Binjiang Group is a leading real estate developer in the Yangtze River Delta, with a strong brand and significant market presence in Zhejiang Province [3] - The company achieved rapid revenue growth in 2023, with revenue reaching RMB 70.44 billion, a 69.73% YoY increase, although net profit declined by 32.41% due to increased inventory impairment provisions [3] - Binjiang Group has actively expanded its land reserves, with 60% of its land bank located in Hangzhou, ensuring a strong foothold in the region [3] - The company's sales performance remained resilient in 2023, with sales reaching RMB 153.47 billion, maintaining its position as a top player in the industry [3] - Binjiang Group maintains a strong financial position, with a net debt ratio of 15.08% and a cash-to-short-term debt ratio of 2.42, indicating low leverage and ample liquidity [3] Market Performance - Binjiang Group's stock price has underperformed compared to the CSI 300 index, with a significant decline over the past year [1] - The company's absolute and relative performance over the past three months has shown improvement, with a 27.23% absolute gain and a 27.60% relative gain [2] Financial Performance - In 2023, Binjiang Group's revenue grew by 69.73% YoY to RMB 70.44 billion, while net profit attributable to shareholders declined by 32.41% to RMB 2.53 billion [3][5] - The company's gross margin slightly decreased to 16.76% in 2023, but it remains competitive compared to peers [5] - Binjiang Group's debt structure is healthy, with a net debt ratio of 15.08% and a cash-to-short-term debt ratio of 2.42, indicating strong financial stability [3] Land Reserves and Expansion - Binjiang Group added 33 new land parcels in 2023, with a total gross floor area of 3.33 million square meters and a total land cost of RMB 25.6 billion [3] - The company's land bank is heavily concentrated in Hangzhou, accounting for 60% of its total land reserves, with the remaining 25% in other cities in Zhejiang Province and 15% outside Zhejiang [3] Sales and Market Position - Despite a challenging market environment, Binjiang Group achieved sales of RMB 153.47 billion in 2023, maintaining its position as the 11th largest real estate developer in China [3] - The company's sales performance in Hangzhou is particularly strong, with sales close to RMB 130 billion, making it the top developer in the region [31] Product Strategy and Development - Binjiang Group has established a standardized product system with five product types, catering to different market segments and ensuring high product quality [3] - The company's "1+5" development strategy focuses on real estate as the core business, while also expanding into services, leasing, hotels, elderly care, and industrial investment [36] Valuation and Forecast - The report forecasts that Binjiang Group's revenue will grow by 7.7%, 3.5%, and 2.6% in 2024, 2025, and 2026, respectively, reaching RMB 75.85 billion, RMB 78.52 billion, and RMB 80.55 billion [4] - Net profit attributable to shareholders is expected to grow by 17.8%, 20.1%, and 10.6% over the same period, reaching RMB 2.98 billion, RMB 3.58 billion, and RMB 3.95 billion [4] - The company's EPS is projected to be RMB 0.96, RMB 1.15, and RMB 1.27 for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 8X, 7X, and 6X [4]