2024年09月12日 证券研究报告|行业研究|军工行业点评 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|-------|--------------------|-----------------------------------------------------------|----------| | | | | | | | 国防军工 | | | 投资评级 | 增持 | | 军工电子月报:把握两个"新" | | | | 维持评级 | | 报告摘要 | | | 行业走势图 | | | 一、军工电子行情回顾: | | | 30% | | | 8 月份,中航证券军工电子指数(-10.39%),军工(申万)指数(-8.90%), | | | 20% | | | 跑输行业 1.48个百分点。 | ...

2024年09月13 B 证券研究报告|行业研究|军工行业深度报告 国防军工 航天产业发展综述&9 月月报：星河漫漫，曙光在前 报告摘要 一、航天行业行情回顾: 8月,上证综指(-3.28%),深证成指(-4.63%),创业板指(-6.38%), 国防军工（申万）指数（-8.90%）,中航证券航天产业相关指数走势如 下: 中航证券航天行业指数(-9.66%),跑输军工(申万)行业 0.75个 百分点; 作者 | --- | --- | --- | |------------------------------------------------------------|-------|-----------------------------------------| | | | | | 中航证券航天防务行业指数(-8.44%),跑赢军工(申万)行业 0.47 | | 张超 分析师 | | 个百分点; | | SAC执业证书:S0640519070001 | | | | 联系电话:010-59219568 | | 中航证券商业航天行业指数(-12.25%),跑输军工(申万)行业 3.35 | | 邮箱:zha ...

Investment Rating - The report maintains an "Accumulate" rating for the defense and military industry [1]. Core Viewpoints - The defense and military industry index decreased by 1.72%, while the Shanghai Composite Index fell by 2.23% and the Shenzhen Component Index by 1.81%. The market sentiment remains low, but certain stocks within the China Shipbuilding sector saw significant gains, indicating potential resilience [1][4]. - The industry is experiencing its worst mid-year performance in a decade, with median revenue growth for core military enterprises turning negative for the first time, and net profit growth dropping to -17.99% [1][7]. - Despite the negative performance, there is a notable increase in ETF inflows into the military sector, suggesting a high allocation value at current valuation levels and a reliable growth expectation in domestic demand [1][4]. - The report highlights that the military industry is likely to see a wave of mergers and acquisitions, driven by policy support and the need for industry consolidation [5][15]. Summary by Sections Recent Market Performance - The defense and military index saw a decline of 1.72%, with notable stock performances from companies like Kunshan Intelligent (+15.97%) and China Marine (+8.82%) [12]. - The trading volume for the military sector dropped to 54.637 billion yuan, the lowest since May 2022 [1]. Mergers and Acquisitions - The report discusses the anticipated merger between China Shipbuilding and China Shipbuilding Heavy Industry, which is seen as a strategic move to enhance competitiveness and reduce industry rivalry [4][5]. - The report emphasizes that the military industry is entering a new phase of mergers and acquisitions, supported by recent policy measures aimed at promoting industry consolidation [5][15]. Financial Performance Analysis - The median revenue growth for military enterprises fell to -3.08%, and net profit growth dropped to -22.56% in the latest mid-year reports [6][7]. - The report notes a significant increase in inventory and accounts receivable, indicating growing financial pressure within the industry [7]. Investment Opportunities - The report suggests focusing on investment opportunities in unmanned equipment, satellite internet, and electronic countermeasures, as well as in the civil-military integration sectors [8]. - Specific companies and sectors are highlighted for potential investment, including those involved in aircraft, aerospace equipment, and military materials [9][8].

在需求环比提升下将带来业绩的回升。 2024年09月12日 证券研究报告|行业研究|军工行业深度报告 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------|--------------------------|-----------------------------------------|---------------------------------------| | | | | | | | | | | | | | | | 投资评级 | | 增持 | | | 军工材料月报:中报业绩不佳,静待柳暗花明 | | | 维持评级 | | | | 行业走势图 | | | | | | | | | | | 8 月份中航证券军工材料指数(-6.38%),军工(申万)指数(- | | | | | | 8.90%） 跑赢行业 2.53个百分点。 | | | | | | 上证综指(-3.28%)，深证成指（-4.63%） 创业板指（-6.38%）; | | ...

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company is experiencing significant pressure on its performance due to a sharp decline in the photovoltaic industry chain prices, with total revenue for the first half of 2024 at 43.797 billion yuan, down 40.87% year-on-year, and a net profit attributable to shareholders of -3.129 billion yuan, down 123.58% year-on-year [1][3] - The company maintains its leading position in high-purity silicon production, achieving a sales volume of 228,900 tons in the first half of 2024, an increase of 28.82% year-on-year, and holds over 25% market share domestically [1] - The company is expanding its integrated production capacity, with plans to increase high-purity silicon capacity to 800,000 to 1 million tons by 2026, and solar cell capacity to 130,000 to 150,000 MW [1][6] Summary by Sections Financial Performance - In the first half of 2024, the company reported total revenue of 43.797 billion yuan, a decrease of 40.87% year-on-year, and a net profit of -3.129 billion yuan, down 123.58% year-on-year [1][3] - The gross margin was 7.12%, and the net margin was -8.31% [1] Production and Capacity - The company achieved a high-purity silicon production volume of 228,900 tons in the first half of 2024, with a continuous improvement in production efficiency, including a reduction in comprehensive electricity consumption to below 50 kWh [1][6] - The company has over 650,000 tons of high-purity silicon capacity, with new projects in Yunnan and Baotou expected to contribute significantly to future production [1][6] Market Position and Technology - The company has maintained its position as the world's largest solar cell manufacturer, with over 35 GW of battery sales in the first half of 2024 and a focus on N-type technology development [1][2] - The company is actively investing in new technologies, including TOPCon and HJT, with significant advancements in efficiency and production capabilities [2][6] Component Business - The company has expanded its component business, achieving 18.67 GW in sales in the first half of 2024, a year-on-year increase of 108.36% [6] - The company is also developing markets in South Africa and the UAE, leveraging its strong financing capabilities [6]

2024年09月14日 证券研究报告|行业研究|行业点评 | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------|--------------------|--------------------------------------------------------------------------------------------|----------| | | | | | | | | 社会服务行业·周观点 | 投资评级 | | | | | OpenAI 发布 o1 模型，复杂推理能力适配多场景 | | | 增持 | | | | | | 维持评级 | | | 本周行情：社会服务（申万）板块指数周涨跌幅为-3.71%，在申万 | | 行业走势图 | | | | 一级行业涨跌幅中排名29/31。 | | | | | � | 各基准指数周涨跌幅情况为：各基准指数周涨跌幅情况为：创业板 | 30% 20% | | | | | 指（-0.19%）、深证成指（-1. ...

| --- | --- | |------------------------------------------|-----------------------------------------------| | 行业报告:先进制造行业周报 2024年9月10日 | 中航证券有限公司 AVIC SECURITIES CO., LTD. | | | | | 车路云一体化落地加速，关注产业链投资机会 | | | 行业评级:增持 | | | | 分析师：邹润芳 证券执业证书号：S0640521040001 | | | 分析师：闫智 证券执业证书号：S0640524070001 | | | 分析师：卢正羽 证券执业证书号：S0640521060001 | 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造——投资观点 | --- | --- | |------------------------------------------------------------------------------------------------------------- ...

联系电话：010-59219558 传真:010-59562637 2024年09月10日 证券研究报告|宏观研究|宏观点评 | --- | --- | --- | --- | |-------------------------------------------------------------------------------|----------|---------------------------------------------------------------------------------------------------------------|-----------| | 出口同比增速延续高增，进口表现转弱 | 三要视频 | 2024 年 8 月进出口数据点评 | | | ◆ 2024年 8 月出口同比延续高增 | 上证指数 | | 2744.1921 | | 据海关统计,以美元计价,2024年8月,我国实现出口总值 3086.50 亿美元,环 | 沪深300 | | 3195.7552 | | 比+4.57%,同比增长 8.7%,强于市场预期(+7.17%),同比增速较上 ...

2024年09月08日 证券研究报告|行业研究|行业点评 医药生物 投资评级 增持 中航证券医药生物行业周报: 子板块 2024H 业 绩分化,期待后续恢复表现 维持评级 行业走势图 报告摘要 投资要点: 本期 (08.28-09.07) 上证指数收于 2765.81, 下跌 2.69%; 沪深 300 指数收于 3231.35，下跌 2.71%；中小 100 指数收于 3231.35，下 跌 295.15%;本期申万医药行业指数收于 6316.92, 下跌 2.05%,在申 万 31 个一级行业指数中涨跌幅排名居第 19 位。 重要资讯: ◆ 学习贯彻党的二十届三中全会精神研讨班 国家卫生健康委在甘肃兰州举办学习贯彻党的二十届三中全会精神研 讨班,推动全系统在学习贯彻全会精神上走深走实。国家卫生健康委党组 书记、主任雷海潮出席研讨班并讲话。 促进医疗、医保、医药协同发展和治理,发挥综合医改联系省、公立 医院改革与高质量发展示范城市、试点医院等作用，进一步推广以三明为 代表的医改经验。实施健康优先发展战略，推动在经济社会发展规划、资 源配置和财政投入上突出健康目标,以完善的治理制度、法规体系护航健 康优先发展 ...

Inflation Data - August CPI increased by 0.4% month-on-month, slightly above the 10-year average of 0.3% for the same month[1] - August core CPI decreased by 0.2% month-on-month, below the 10-year average of 0.1%[1] - Year-on-year CPI for August recorded at 0.6%, slightly below the market expectation of 0.7%[1] - August food CPI rose significantly by 2.8% year-on-year, contributing to the overall CPI increase[1] Consumer Behavior - Excluding food and energy, August core CPI showed weak performance, indicating weak consumer spending[1] - Major categories such as clothing and housing saw decreased year-on-year CPI growth or expanded declines compared to July, reflecting weak consumer sentiment[1] PPI Trends - August PPI decreased by 1.8% year-on-year, a larger decline compared to July's 1.0%[13] - Month-on-month PPI fell by 0.7%, worsening from July's 0.5% decline[13] - The decline in PPI is attributed to weak domestic demand and falling prices of major commodities like steel and cement[13] Future Outlook - CPI is expected to have some upward potential due to seasonal factors affecting fresh produce prices and a potential rise in pork prices[10] - The recovery of PPI will depend on external economic conditions, real estate market stabilization, and domestic demand recovery policies[6]