[Table_Main] 证券研究报告|行业周报 建筑材料 2024 年 08 月 18 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% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《7 月行业数据点评：高基数下房 地产需求短期承压，期待金九银十 再度修复》，2024.8.15 2.《周观点：深圳加入收储行列， 新一轮政策或可期加速去库存》， 2024.8.11 3.《周观点：7 月百强房企销售季节 性回落，期待新一轮政策迎接下半 年旺季》，2024.8.4 4.《周观点：LPR 再下调 10bp，降 成本提信心》，2024.7.28 5.《三棵树（603737.SH）：价格下 行叠加减值拖累业绩表现，零售维 持韧性销量持续增长》，2024.7.27 周观点：7 月居民长贷依旧疲 ...

汽车 优于大市（维持） 证券分析师 邓健全 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 赵启政 资格编号：S0120523120002 邮箱：zhaoqz＠tebon.com.cn 研究助理 秦梓月 邮箱：qinzy＠tebon.com.cn 市场表现 汽车 沪深300 -26% -17% -9% 0% 9% 17% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《零跑汽车(09863.HK)：2024Q2 毛利率转正，出海进程稳步推进》， 2024.8.16 2.《继峰股份：乘用车座椅放量，格 拉默整合加速，静待业绩释放》， 2024.8.15 3.《国内新能源乘用车渗透率达到 51.1%，享界 S9 搭载华为 ADS 3.0 上市》，2024.8.11 4.《7 月乘用车销量环比微降，出口 延续增长态势》，2024.8.9 5.《贝斯特：2024H1 业绩稳健增长， 第三梯次业务放量在即》，2024.8.9 [Table_ ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 2024 年 08 月 18 日 有色金属 优于大市（维持） 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 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 市场表现 有色金属 沪深300 -24% -18% -12% -6% 0% 6% 12% 18% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《锑行业点评：两部委对锑物项实 施出口管制，锑价或中枢上移》， 2024.8.15 2.《中矿资源（002738.SZ）：锂板 块自有矿锂盐产销量大幅提升，单吨 成本较 2023 年降低超 40%》， 2024.8.15 3.《华达新材：优质资产稳盈利，项 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 6.639 billion yuan for the first half of 2024, representing a year-on-year increase of 7.63%. However, the net profit attributable to shareholders decreased by 20.40% to 1.720 billion yuan [4] - The company is facing short-term pressure on performance, but its diversified product portfolio is expected to support long-term growth [4] - Increased investment in sales and R&D is noted, with sales, management, and R&D expense ratios rising to 29.12%, 8.31%, and 13.36% respectively in the first half of 2024 compared to the same period in 2023 [4] - The company is actively advancing its innovation strategy, with multiple new product registrations and applications in progress, which lays a foundation for future growth [4] Financial Summary - For 2024, the company is projected to achieve a net profit of 4.016 billion yuan, a decrease of 11.4%, with EPS expected to be 9.93 yuan, corresponding to a P/E ratio of 8.7 [4][6] - Revenue forecasts for 2024-2026 are 15.445 billion yuan, 16.567 billion yuan, and 17.784 billion yuan respectively, with net profits expected to grow to 4.336 billion yuan and 4.700 billion yuan in 2025 and 2026 [6] - The gross margin is projected to decline from 86.0% in 2023 to 83.0% in 2024, stabilizing around 83.3% by 2026 [6]

0 证券研究报告 | 行业深度 通信 优于大市（维持） 2024年8月16日 卫星互联网：硬科技获刚性支持， 三条投资线共振 证券分析师 姓名：李宏涛 资格编号：S0120524070003 邮箱：liht@tebon.com.cn 研究助理 姓名：王金森 邮箱：wangjs＠tebon.com.cn 目 录 CONTENTS 01 卫星互联网：中小国家玩不起的硬科技"游戏" 02 产业链拆解：地空通信，空间分段，三足鼎立 三大预期差：卫星互联网有望成为24-25高弹性 03 投资领域 04 投资方向：3条主线，投资阶段不同，三频共振 请务必阅读正文之后的信息披露及法律声明。 1 01 卫星互联网：中小国家玩不起的硬科技"游戏" ① 站 位： 中美硬科技突破高地之一 ② 资 源：轨道/频段稀缺，近低轨道争夺 ③ 技 术： 技术密集，研发、落地门槛高 ④ 场 景： 全球型国家+低空经济+6G新动能 请务必阅读正文之后的信息披露及法律声明。 2 硬科技：地面无线与卫星通信集成的全连接世界=6G，有望2030年商用 图表 卫星互联网星座计划 国家 公司 星座 数量 地球同步静止轨道 美国 SpaceX Starli ...

[Table_Main] 证券研究报告 | 行业周报 公用事业 2024 年 08 月 17 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% -18% -12% -6% 0% 6% 12% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《九丰能源（605090.SH）：业绩稳 步增长，资产优化助力长期发展》， 2024.8.16 2.《大唐发电（601991.SH）：火电龙 头盈利修复，积极发展新能源》， 2024.8.15 3.《中国天楹（000035.SZ）："环保 +新能源"双引擎发展， 风光储氢氨 醇新型能源业务生态加速构建》， 2024.8.14 4.《国家层面首次对全面绿色转型进 行系统部署，打造更有全球竞争力的 现代化经济体系》，2024.8.12 5.《环保与公 ...

[Table_Main] 证券研究报告 | 公司点评 今 世 缘(603369.SH) 2024 年 08 月 17 日 增持（维持） 所属行业：食品饮料/白酒Ⅱ 当前价格(元)：42.99 证券分析师 熊鹏 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 尤诗超 资格编号：S0120524070004 邮箱：yousc3＠tebon.com.cn 研究助理 市场表现 今世缘 沪深300 -34% -26% -17% -9% 0% 9% 17% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|--------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -10.53 | -13.22 | -21.62 | | 相对涨幅(%) | -6.17 | -7.69 | -13.53 | 资料来源：德邦研究所，聚源数据 相关研究 1.《今世缘（603369.SH）：上市十周 年，勇攀新高峰》，2024.7.13 2.《今世缘 ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry, specifically focusing on industrial software transitioning from domestic production to full-scale implementation [1]. Core Insights - The development of industrial software in China is driven by domestic research and development, addressing the critical "bottleneck" issues and enhancing the overall localization rate [2][3]. - The industrial software sector is characterized by a high degree of fragmentation and specialization, with mergers and acquisitions playing a crucial role in forming a comprehensive product ecosystem [2][3]. - China's industrial software market is expected to grow significantly due to strong industrial policies and low current penetration rates, indicating substantial room for expansion [2][3]. Summary by Sections 1. Industrial Software Development and Localization - Industrial software is essential for modern manufacturing, encapsulating industrial knowledge and technology [9]. - The sector faces significant challenges, particularly in high-end software development, with a notable gap in core technologies [12]. - From 2019 to 2023, the R&D expense ratio for listed industrial software companies in China increased, with a CAGR of 23.51%, indicating a growing emphasis on R&D [16][17]. 2. Mergers and Acquisitions in Industrial Software - Mergers and acquisitions are vital for enhancing competitive advantages in the industrial software sector, allowing companies to expand their capabilities and market share [25][26]. - Major global players like Dassault and Siemens have successfully utilized acquisitions to build comprehensive product lines and enhance customer loyalty [26][30]. - The "科八条" policy is expected to stimulate M&A activities in the industrial software sector, providing favorable conditions for companies with strong cash reserves [31][32]. 3. Market Growth Potential - China's industrial value-added output accounted for 20.26% of the global total in 2023, providing a solid foundation for the growth of the industrial software market [2]. - The current market share of China's industrial software is only 7.93% of the global market, indicating significant growth potential [2]. - The demand for industrial software is expected to surge as China transitions towards intelligent and high-end manufacturing, creating favorable conditions for market expansion [2][3]. 4. Investment Recommendations - The report suggests focusing on key domestic industrial software companies that address critical bottleneck areas, including Huada Jiutian, Gai Lun Electronics, and others [2].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The report highlights that the company is expected to achieve revenue growth of 15.9% in 2024, 12.0% in 2025, and 10.9% in 2026, with net profit growth of 17.2%, 12.7%, and 11.1% respectively, maintaining a "Buy" rating [25] Summary by Sections Company Overview - The company has appointed Xiang Ping and Zhang Xu as vice general managers, indicating a focus on both production management and market expansion [8][16] Management Insights - Xiang Ping has extensive experience in production management and technology, which is expected to drive product innovation and optimize production processes [3] - Zhang Xu has a strong background in market management and sales, particularly in promoting the company's sauce-flavored liquor, contributing significantly to market expansion [16] Financial Performance - The company reported a revenue of 150,560 million in 2023, with projections of 174,564 million in 2024, 195,544 million in 2025, and 216,944 million in 2026 [10][12] - The net profit for 2023 is projected at 74,734 million, with expected growth to 87,581 million in 2024, 98,729 million in 2025, and 109,658 million in 2026 [10][12] Key Financial Metrics - The gross margin is expected to remain stable at around 92.0% for the next few years, with net profit margin projected to increase slightly from 52.5% in 2023 to 53.5% in 2026 [12][21] - The company's return on equity is projected to improve from 34.7% in 2023 to 38.1% in 2026, indicating strong profitability [12][21]

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai [5][13] Core Views - Guizhou Moutai is expected to achieve revenue of CNY 1,745.6 billion, CNY 1,955.4 billion, and CNY 2,169.4 billion for the years 2024 to 2026, with year-on-year growth rates of 15.9%, 12.0%, and 10.9% respectively [5] - The net profit attributable to the parent company is projected to be CNY 875.8 billion, CNY 987.3 billion, and CNY 1,096.6 billion for the same period, with growth rates of 17.2%, 12.7%, and 11.1% respectively [5] - The company is focusing on enhancing product quality and market efficiency under the leadership of new executives, Xiang Ping and Zhang Xu, who bring extensive experience in production management and marketing [16] Financial Summary - Total revenue for 2023 is reported at CNY 150,560 million, with projections of CNY 174,564 million for 2024, CNY 195,544 million for 2025, and CNY 216,944 million for 2026 [8][19] - Gross profit margin is expected to remain stable at around 92.0% to 92.2% over the forecast period [8][19] - The net profit for 2023 is CNY 74,734 million, with forecasts of CNY 87,581 million, CNY 98,729 million, and CNY 109,658 million for the subsequent years [19][20] Management Changes - The company announced the appointment of Xiang Ping and Zhang Xu as candidates for vice president, indicating a strategic focus on both production and marketing [3][15] - Both executives have a strong background in their respective fields, which is expected to contribute positively to the company's growth and market positioning [16]