Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the closing price of 11.48 CNY on June 28, 2024, corresponding to PE ratios of 12.06, 9.74, and 7.95 for the years 2024, 2025, and 2026 respectively [3][15]. Core Insights - The company is actively developing its automotive business, focusing on "automotive controllers + automotive lighting." It has successfully mass-produced automotive front headlight controllers (LDM) and has received project designation from NIO, indicating potential for accelerated growth in its automotive controller business [2][3]. - As a leading player in general lighting, the company is expected to gain greater advantages amid industry consolidation, with revenue projections of 54.88 billion CNY, 63.71 billion CNY, and 72.99 billion CNY for 2024, 2025, and 2026 respectively [3][7]. - The company has received project designation from NIO for customized development and supply of headlight controllers, with an estimated total project value of approximately 143 million CNY from 2025 to 2028 [6][17]. Financial Summary - The company’s revenue for 2023 is projected at 4.697 billion CNY, with a net profit of 376 million CNY. For 2024, revenue is expected to grow to 5.488 billion CNY, with a net profit of 454 million CNY, reflecting a year-on-year growth rate of 16.8% [3][11]. - The gross profit margin is expected to improve from 19.4% in 2023 to 19.7% in 2024, with net profit margins increasing from 8.0% to 8.5% over the same period [20]. - The company’s total assets are projected to increase from 5.596 billion CNY in 2023 to 5.985 billion CNY in 2024, with a debt-to-asset ratio decreasing from 36.6% to 33.9% [20].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Views - The company focuses on the tire market and is actively expanding its global presence through its "833Plus" strategic plan, aiming to establish eight digital smart manufacturing bases worldwide over the next ten years [4][12]. - The company benefits from a significant cost advantage in domestic tire production, which is expected to enhance its global market share [4][33]. - The company is accelerating its overseas market layout, particularly in Morocco and Spain, to increase production capacity [4][39]. Summary by Sections 1. Market Performance - The company has shown a steady financial performance with revenue growth from 51.77 billion yuan in 2021 to 78.42 billion yuan in 2023, reflecting a year-on-year growth rate of 24.63% [16]. - The net profit attributable to the parent company increased from 7.53 billion yuan in 2021 to 13.69 billion yuan in 2023, with a significant growth rate of 70.88% in 2023 [16][19]. 2. Global Expansion Strategy - The company plans to build eight digital smart manufacturing bases globally, with three in China, two in Thailand, and one each in Europe, Africa, and North America [4][31]. - The company is also establishing three R&D centers and three user experience centers as part of its global strategy [31]. 3. Competitive Advantages - The company has a strong product lineup, including four major tire brands, and focuses on high-performance and high-margin segments [12][13]. - The company has achieved a high gross margin, with figures of 23.33%, 20.50%, and 25.21% from 2021 to 2023, which is above the industry average [21][19]. 4. Overseas Market Growth - The company is expanding its production capacity in Morocco and Spain, with projects aimed at producing 12 million high-performance tires annually in each location [4][39]. - The reduction of anti-dumping duties on tires produced in Thailand is expected to enhance the company's profitability in overseas markets [4][39]. 5. Financial Forecast - The company is projected to achieve revenues of 98.01 billion yuan, 117.60 billion yuan, and 135.23 billion yuan from 2024 to 2026, with net profits of 21.51 billion yuan, 25.94 billion yuan, and 30.15 billion yuan respectively [4].

| --- | --- | |------------|-------------------| | 宏观点评 | 制造立国,改革破局 | | | | | | 三中会议前瞻 | | 证券分析师 | | 研究助理 2024 年 06月 29 日 程强 相关研究 ● 核心观点:以"制造立国"之战略应对百年变局,但如何破局突围关键在于改革, 三中全会是事关中长期改革的关键会议,展望三中聚焦四个方面:一是推动高水平 科技自立强和新质生产力发展在国际博弈主战场上占据优势。二是建立全国统一 大市场,推动要素市场化,关注土地、数据、电力等改革。三是完善国家治理体系, 平衡央地财权事权,推动财税体制改革,聚焦消费税、增值税等。四是统筹发展与 安全,坚守底线思维,防范化解地方政府债务风险及金融风险。 中国的"制造立国"没有产能过剩,有的只是产能送代、产能保全与产能储备。事 物都有两面性,"制造立国"战略,短期的压力就在于通缩,可能是痛苦的,但却 是我国应对内外部复杂挑战的战略选择。对外,一是加快制造业的选代升级和技术 进步,不断在全球产业链上爬坡突破,以产业选代拥抱全球化。二是加速传统制造 业降本增效,以"质价比"和"性价比" ...

本次电话会议仅服务于德邦证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险德邦证券不对因使用本次内容所导致的任何损失承担任何责任未经德邦证券事先书面宣布 不得以任何形式复制刊载转载转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎 好的各位领导好我是德光晴空跑步的分析师皮嘉磊今天我们也是非常有幸的请到了燃烧行业的一个专家可能针对目前整个行业的一个情况以及后续新国标可能的一个方向跟大家做一个分享然后事不宜迟我们就直接进入主题可能我这边 先请教这个专家几个问题然后第一个的话想请教一下这个专家就是因为大家跟踪这个两轮车其实还是比较关注整个行业尤其是投入这个公司的一个终端这个销售情况当然因为六月还没有过完可能这个情况可能多多少少会跟最终的这个实际情况有一个出入能不能先请这个 专家您分享一下6月包括这几个主要的投入品牌的一个销售的一个情况OK大家晚上好其实6月份的话其实整个上半个月其实是还是不错的但是进入下半个月其实是有一定的受到市场的影响主要是两个方面一个是 下雨天就南方吧南方的雨水其实对大范围的这种雨水其实对供销其实有一定的 ...

免责声明本次电话会议仅服务于德邦证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险德邦证券不对因使用本次内容所导致的任何损失承担任何责任 各位投资者大家下午好 那今天的话呢 我们主要给大家带来的是关于降息交易一些选择的这么一个策略也是针对呢 今年下半场啊 整个美国经济啊 美联储降息 包括降息后面的一些资产的选择问题那首先呢 我来看就是美国经济这一块啊 也是确立美国的啊 就是后来美联储降息的一个大的一个方向 那首先呢 看美国就业这一块 首先呢 我们看到就是说美国的经济数据啊 当前呈现出来的一个状态是美国的整个的一个经济呢 出现了一个注定回落的这么一个拐点啊 我们认为呢 目前已经出现了至少说已经出现了一个非常明显的一个迹象呈现出来的状态呢 就是美国的各个经济指标之间是一个非常明显的一个分化的这么一个关系 那从这个角度来看的话呢 我们能够看到啊 无论是就业还是消费 包括通胀数据呈现出来的状态呃 都是美国经济现在呈现一个顶部的这么一个转弱的一个结构那具体来看的话呢 首先啊 就业数据这边的话 呈现出来的状态是大飞农数据相对偏强而小飞农包括失业率 以及一些其他相关指标呈现出来的状态是美国这边偏弱那这 ...

| --- | --- | --- | --- | --- | --- | |------------|-------|-------|-----------|--------------------------------|-------| | | | | | 2024 年 06 月 28 日 | | | | | | | | | | 宏观点评 | | 1-5 | | 月规上工企盈利同比增速小幅回落 | | | | | —— | 2024 年 | 月工业企业利润数据点评 | | | 证券分析师 | | | | | | 相关研究 核心观点：1-5 月规上工企盈利同比增速小幅回落，或主要受利润率同比下降影 响。制造业尤其是高技术相关的装备制造业盈利增长较快，公用事业涨价带动相 关行业盈利高增，盈利压力主要集中在原材料制造业，其中结构亮点体现在有色 价格上涨带动相关加工业盈利大增。向前看，出口走势积极和全球科技周期上行 有望持续支撑装备制造业盈利增长；经济结构转型过程中地产的贡献下降或导致 弱补库持续，其中外向型行业补库动力或较强。 量价因素：价格跌幅收窄与量的涨幅下降基本相抵，利润率同比下降或是 5 月利 润增速 ...

Summary of the Conference Call Company and Industry Involved - The conference call is related to **Zulong Entertainment**, a company in the **media and entertainment industry**. Core Points and Arguments - The call began with a **disclaimer** stating that the meeting is intended for **Debon Securities Research clients** and does not constitute investment advice, emphasizing that participants should make their own investment decisions and bear the associated risks [1]. Other Important but Possibly Overlooked Content - The call was initiated with all participants on **mute**, indicating a structured approach to the meeting [1].

证券研究报告 | 公司点评 永泰能源(600157.SH) 2024 年 06 月 26 日 买入(维持) 所属行业:煤炭 当前价格(元):1.16 证券分析师 翟堃 资格编号:s0120523050002 邮箱:zhaikun@tebon.com.cn 薛磊 资格编号:S0120524020001 邮箱:xuelei@tebon.com.cn 研究助理 谢佶圆 邮箱:xiejy@tebon.com.cn 市场表现 永泰能源 沪深300 -26% -17% -9% 0% 9% 17% 2023-06 2023-10 2024-02 2024-06 沪深300对比 1M 2M 3M 绝对涨幅(%) -11.45 -12.12 -13.43 相对涨幅(%) -8.08 -10.70 -12.14 资料来源:德邦研究所,聚源数据 相关研究 1.《——公司年报及一季报点评-永泰 能源:电力扭亏业绩高增,重点项目有 序推进》,2024.4.29 2.《永泰能源(600157.SH):焦煤弹 性火电稳健,储能转型助推发展》, 2024.1.31 永泰能源事件点评:24H1 业绩 持续向好,回购彰显发展信心 投资要点 事件 ...

Investment Rating - The report maintains a "Buy" rating for Yongtai Energy [2][5] Core Views - Yongtai Energy's performance is continuously improving, highlighted by a share buyback plan that reflects management's confidence in the company's future [2][4] - The company expects a significant increase in net profit for the first half of 2024, projecting a year-on-year growth of 14.54% to 24.41% [3][4] Summary by Sections Share Buyback and Management Confidence - On June 25, 2024, Yongtai Energy announced a share buyback plan using its own funds, with a total amount between RMB 150 million and RMB 300 million, and a maximum buyback price of RMB 1.89 per share [3][4] - The management plans to purchase 13.75 million shares, demonstrating confidence in the company's long-term development [4] Coal and Power Business Performance - The company's coal and power business is performing steadily, with a focus on high-quality coking coal production in Shanxi province [4] - The power business has become a new profit growth point due to measures such as long-term coal contracts and increased power generation capacity [4] - The Haizetang coal mine is a key project expected to start production in Q3 2026, with an estimated annual capacity of 10 million tons and a potential net profit contribution of approximately RMB 4.4 billion [4] Energy Storage and Vanadium Battery Development - Yongtai Energy is expanding into the vanadium battery industry, aiming to capture high-quality vanadium resources [4] - The company has acquired a 70% stake in Vnergy, a startup focused on vanadium flow battery technology, and plans to complete a 3000 tons/year high-purity vanadium production line by Q4 2024 [4] Financial Projections - Revenue projections for 2024-2026 are RMB 31.7 billion, RMB 33.2 billion, and RMB 34.8 billion, respectively, with net profits expected to be RMB 2.49 billion, RMB 2.79 billion, and RMB 2.95 billion [5][6] - The price-to-earnings (P/E) ratios for the closing price on June 26 are projected to be 10.34, 9.24, and 8.72 for the years 2024, 2025, and 2026, respectively [5][6]

证券研究报告 | 公司首次覆盖 金诚信(603979.SH) 2024 年 06 月 25 日 买入(首次) 所属行业:有色金属/工业金属 当前价格(元):50.23 证券分析师 翟堃 资格编号:s0120523050002 邮箱:zhaikun@tebon.com.cn 张崇欣 资格编号:S0120522100003 邮箱:zhangcx@tebon.com.cn 研究助理 谷瑜 邮箱:guyu5@tebon.com.cn 市场表现 金诚信 沪深300 -23% 0% 23% 46% 69% 91% 114% 2023-06 2023-10 2024-02 相关研究 | 沪深 300 对比 | 1M | 2M | 3M | |-------------------|--------|--------|------| | 绝对涨幅 (%) | -9.93 | -5.30 | 1.27 | | 相对涨幅 (%) | -5.95 | -3.49 | 3.73 | 资料来源:德邦研究所,聚源数据 投资要点 金诚信(603979.SH):矿服为基, 铜磷资源开辟新增长 矿山服务&资源开发双轮驱动。公司以"矿山服务"、 ...