证券研究报告 汽车 报告日期：2024年04月 22日 新能源渗透率首超 ，理想 发布开拓市场 50% L6 ——汽车行业周报 华龙证券研究所 摘要：  本周观点：4月上半月新能源零售销量 26万辆，新能源零售渗透 投资评级：推荐（维持） 率首超 50%。据乘联会数据，2024年 4 月1-14 日，我国新能源 最近一年走势 乘用车零售销量 26 万辆，新能源渗透率达到 50.39%，历史上首 次超过50%。在年初大幅折扣、众多重磅新品发布以及智能化迅 速发展的多重推动下，新能源汽车产品力相较于传统燃油车进一 步拉开差距。展望2024年，智能驾驶、智能座舱配置向下拓展， 优质供给密集上市，继续蚕食各细分市场燃油车份额，新能源渗 透率有望持续提升，我们预计 2024 年全年新能源渗透率有望达 45%以上。  理想 L6 正式发布，20万元级别产品力优秀。理想L6 正式发布， 在20万元级别中智驾产品力优秀，智能座舱和智能驾驶实现超价 位段配置。L6 拓展品牌产品价格带，凭借其优质的产品力和原有 分析师：杨阳 L7、L8、L9 等产品建立的高端品牌力，有望实现稳态月销 2 万 执业证书编号：S02305231 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [1][3]. Core Views - The company has shown steady growth, with a revenue of 14.353 billion yuan in 2023, representing a year-on-year increase of 10.34%. The net profit attributable to shareholders reached 1.836 billion yuan, up 18.88% year-on-year [1]. - The company maintains a strong focus on core technology research and development, with R&D expenses amounting to 2.444 billion yuan during the reporting period. This investment is expected to enhance its competitiveness in high-end computing [1]. - The company is well-positioned to benefit from the wave of intelligent computing driven by artificial intelligence, with significant advancements in storage and liquid cooling technologies [1]. - The company is actively leveraging its technological advantages in computing to explore industry applications, launching the "Shuguang Smart Industry" strategy and a new smart industrial platform [1]. - The company has invested in multiple quality assets, covering the entire industry chain from chips to cloud computing, which is expected to enhance business synergy and create a self-sustaining ecosystem [1]. Financial Summary - In 2023, the company achieved a revenue of 14.353 billion yuan, with a net profit of 1.836 billion yuan. Projections for 2024-2026 indicate net profits of 2.184 billion, 2.501 billion, and 3.033 billion yuan, respectively [3][4]. - The company's revenue growth rates are forecasted at 12.1% for 2024, 11.3% for 2025, and 12.2% for 2026, while net profit growth rates are expected to be 19.0%, 14.5%, and 21.3% for the same years [4][7]. - The company's price-to-earnings (P/E) ratios for 2024-2026 are projected to be 29.9, 26.1, and 21.6, respectively [3][4].

Investment Rating - The investment rating for the company is "Buy" with initial coverage [4]. Core Views - The company is benefiting from a dual-driven strategy focusing on consumer electronics and new energy, with expectations of industry demand recovery [3][4]. - In 2023, the company reported a revenue of 33.65 billion yuan, a year-on-year increase of 6.56%, despite challenges in the optical display sector [4]. - The new energy business saw significant growth, with revenue reaching 6.36 billion yuan, a year-on-year increase of 168.39% [3][4]. Financial Performance Summary - The company achieved a net profit of 1.97 billion yuan in 2023, a decrease of 17.05% compared to the previous year [4]. - Quarterly revenue for 2023 was as follows: 6.51 billion yuan in Q1, 7.16 billion yuan in Q2, 8.83 billion yuan in Q3, and 11.15 billion yuan in Q4 [4]. - Operating cash flow for the year was 5.17 billion yuan, an increase of 11.72% year-on-year [4]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are as follows: 37.71 billion yuan in 2024, 42.35 billion yuan in 2025, and 46.56 billion yuan in 2026, with corresponding net profits of 2.38 billion yuan, 2.82 billion yuan, and 3.16 billion yuan respectively [6][4]. - The expected growth rates for revenue are 12.1% in 2024, 12.3% in 2025, and 9.9% in 2026 [6]. Market Data - As of April 19, 2024, the company's stock price was 14.20 yuan, with a market capitalization of approximately 24.28 billion yuan [4]. - The stock has a 52-week price range of 11.01 to 29.34 yuan [4].

证券研究报告 建筑材料 报告日期：2024年04月 18日 水泥、玻纤迎来涨价，有望改善行业盈利水平 ——建筑材料行业月报 华龙证券研究所 摘要： 投资评级：推荐（维持）  主要建材品种水泥、玻纤迎来涨价，有望改善行业盈利水平，关注后续 涨价落地情况及持续性，维持建材行业“推荐”评级。 最近一年走势  水泥行业：2024年年初以来，房地产市场延续2023年低迷态势，地产 端水泥需求承压，但从地产政策来看，2023年以来，地产利好政策持 续出台，有望推动房地产市场触底回升。从基建端来看，3.9万亿元的 专项债及1万亿的特别国债发行有望支撑水泥需求。从短期来看，各区 域水泥有提价预期，根据水泥智库数据，4月10日起，各地陆续公布 价格上涨30元/吨，截止4月15日，不同区域企业执行10-30元/吨不 等，有望带动水泥行业盈利能力提升，后续关注涨价落地情况。行业个 股关注水泥行业龙头上峰水泥（000672.SZ）、海螺水泥（600585.SH）、 分析师：彭棋 天山股份（000877.SZ）。 执业证书编号：S0230523080002  玻璃行业：短期来看，地产利好政策有望带动玻璃需求边际改善，据住 邮箱： ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [7]. Core Views - The company is expected to benefit from the domestic substitution trend in the semiconductor industry, with significant progress in new product development. The global semiconductor equipment investment is projected to rebound in 2024, which will positively impact related industries [1]. - The company has increased its R&D investment, with an R&D expense ratio of 3.36% in 2023, up by 0.03 percentage points from 2022. This is part of a strategy to enhance core competitiveness through industry chain extension and mergers and acquisitions [1]. - The company completed its convertible bond issuance, which will enhance its product line supply capacity as new projects gradually come online [1]. - The company announced a dividend payout ratio of 35.03% for 2023, which is expected to increase to 46.62% when considering the share repurchase plan [1]. Financial Performance Summary - In 2023, the company reported a revenue of 1.5 billion yuan, a year-on-year decrease of 16.8%. The net profit attributable to shareholders was 171 million yuan, down 17.18% year-on-year [7][16]. - The report forecasts the company's net profit for 2024-2026 to be 231 million yuan, 292 million yuan, and 370 million yuan, respectively, with corresponding P/E ratios of 23.23, 18.37, and 14.52 [7][18]. - The company’s return on equity (ROE) is projected to improve from 9.38% in 2023 to 13.69% in 2026 [18].

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [9][10]. Core Views - The report indicates that the coal price decline has negatively impacted performance, but there is a long-term positive outlook for the integrated development of coal, electricity, and chemicals [9]. - The company reported a revenue of 11.26 billion (百万元) in 2023, a decrease of 8.17% year-on-year, and a net profit attributable to shareholders of 1.74 billion, down 45.16% year-on-year [9]. - The coal production volume increased by 31.70% year-on-year to 19.68 million tons, and sales volume rose by 36.13% year-on-year to 19.27 million tons, attributed to the trial operation of the Hongshaliang open-pit mine [9]. - The company has a competitive advantage in the power generation sector, with a total electricity sales volume of 3.779 billion kWh and a low unit coal consumption [9]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 2.14 billion, 2.27 billion, and 2.44 billion (百万元) respectively, with corresponding PE ratios of 8.9, 8.4, and 7.8 [10]. - The revenue forecast for 2024 is 11.88 billion (百万元), with a growth rate of 5.5% [11]. - The company’s return on equity (ROE) is expected to be 11.9% in 2024, with a gradual decline to 11.3% by 2026 [11]. - The report highlights a significant increase in R&D expenses by 29.3% year-on-year, indicating a commitment to technological upgrades and safety improvements [9].

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company achieved significant growth in 2023, with revenue reaching 4.2 billion yuan, a year-on-year increase of 27%, and a net profit attributable to shareholders of 982 million yuan, up 48% year-on-year [1] - The company's overseas revenue has rapidly increased, with a notable growth in regions such as Africa and Europe, contributing to 66.46% of total revenue [1] - The company is positioned as a leading enterprise in smart power distribution and is expected to benefit from growing domestic and international demand [1] Financial Performance Summary - In 2023, the company reported revenue of 4.2 billion yuan, with a quarterly revenue of 1.328 billion yuan in Q4, reflecting a 44% year-on-year increase [1] - The gross profit margin improved to 41.90%, an increase of 3.67 percentage points year-on-year, while the net profit margin reached 23.39%, up 3.33 percentage points year-on-year [1] - The company’s overseas revenue reached 2.791 billion yuan, a year-on-year increase of 51.29%, while domestic revenue decreased by 3.71% to 1.372 billion yuan [1][3] Business Segment Performance - The company’s smart electricity, smart distribution, and new energy businesses generated revenues of 3.595 billion yuan, 406 million yuan, and 163 million yuan, respectively, with year-on-year growth rates of 23.93%, 24.19%, and 283.50% [1] - The new energy business has seen significant project wins in Africa and Latin America, including microgrid and comprehensive energy management projects [1] Future Earnings Forecast - The company is projected to achieve net profits of 1.208 billion yuan, 1.464 billion yuan, and 1.717 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.9, 16.5, and 14.0 [2][3]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [5][7]. Core Views - The company achieved a 40.3% year-on-year increase in net profit for 2023, driven by the recovery in the commercial vehicle and engineering machinery gear business, along with a reduction in raw material costs [4][5]. - The company is expanding into the robotics sector through its subsidiary, Huan Dong Technology, which is expected to enhance growth opportunities [4][5]. - The revenue for 2023 increased by 18.1%, supported by a rise in both sales volume and prices for passenger and commercial vehicle gears [5][7]. Financial Performance Summary - The company's revenue for 2023 was 8,074 million, with a growth rate of 18.1% compared to 2022 [7]. - The net profit for 2023 reached 816 million, reflecting a 40.3% increase from the previous year [7]. - The gross margin improved by 1.2 percentage points year-on-year, with a notable increase in efficiency, as indicated by a 20% rise in per capita productivity [4][5]. Future Projections - The forecasted net profits for 2024, 2025, and 2026 are 1,025 million, 1,284 million, and 1,552 million respectively, with corresponding price-to-earnings ratios of 17.5, 14.0, and 11.6 [5][7]. - The company is expected to benefit from the growth in its new business segments, particularly in the consumer gear market, which saw an 87.5% increase in revenue [5][7]. Market Data - As of April 16, 2024, the company's stock price is 21.03, with a 52-week price range of 18.09 to 37.53 [5]. - The total market capitalization is approximately 17,947.80 million [5]. Efficiency and Cost Management - The company successfully reduced its expense ratio by 0.6 percentage points in 2023, with specific reductions in sales, management, and financial expenses [4]. - The improvement in operational efficiency is highlighted by a 20% increase in productivity per employee [4]. Robotics Sector Development - The establishment of Huan Dong Technology and its planned spin-off is aimed at enhancing financing channels and focusing on the robotics business, which is anticipated to provide significant growth potential [4][5].

Group 1 - The report indicates that the first quarter of 2024 saw an unexpected economic growth, with GDP increasing by 5.3% year-on-year, surpassing the market expectation of 4.9% [63][70] - Fixed asset investment also showed a positive trend, growing by 4.5% year-on-year, which was above the expected 4.4%, primarily driven by manufacturing and infrastructure [63][70] - The report highlights a shift in market style towards "certainty," with a preference for large-cap indices and sectors that offer high dividends, influenced by policy and industry conditions [84][87] Group 2 - The report notes that the market is currently focused on sectors with improved demand and economic conditions, particularly in construction materials, automotive, machinery, electronics, and non-bank financials [10][84] - High dividend stocks are expected to receive sustained market attention due to the recovery in both domestic and external demand [10][84] - The report emphasizes that as uncertainties diminish, growth sectors may also see opportunities for convergence, with a focus on themes like high dividends, new productivity, and state-owned enterprise reforms [10][84] Group 3 - The report provides insights into the performance of various industry indices, noting that sectors such as household appliances and banking have shown positive trends, while small-cap and growth indices have lagged [78][87] - The report also discusses the net inflow of funds into various sectors, with utilities, oil and petrochemicals, and transportation leading in net buying [34][42] - It highlights that the overall market performance is stabilizing, with a potential convergence in styles as uncertainties are resolved and policy support strengthens [87][88]

货币市场 美元兑日元 154.7365 -0.07 | --- | --- | --- | --- | |------------|-------|----------|-----------| | | | | | | | | 期货市场 | | | | | 收盘(点) | 涨跌幅(%) | | NYMEX 原油 | | 82.21 | 0.38 | | COMEX 黄金 | | 2346.6 | 0.01 | | 综合铜 03 | | 9845 | 0.16 | | | | | | 一、市场分析 三大指数走势出现分歧 周一市场全天震荡调整，沪指领跌。 下跌方面，油气等周期股集体调整，仁智股份、莱绅通灵跌停。低 空经济概念股震荡走低，双一科技、建新股份等多股跌超 10%。 板块方面，军工、猪肉、旅游、医疗器械等板块涨幅居前，油气、 煤炭、黄金、飞行汽车等板块跌幅居前。 敬请参阅正文之后的免责声明 - 1 - 2、北向资金 北向资金全天净买入 13.89 亿，其中沪股通净买入 9.08 亿元，深股通净买入 4.81 亿元。 www.momm 二、重点新闻 2024-4-23 以上信息由华龙证券整理公布,报告版权属 ...