Investment Rating - The report suggests a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [12][26]. Core Views - The company is expanding its domestic shipping fleet and enhancing its capabilities in clean energy and international business, which is expected to strengthen its market position [1][3]. - The company has added 7 new domestic trade vessels in 2023, increasing its capacity to 48,000 deadweight tons, and now operates a total of 27 vessels with a capacity of 287,800 deadweight tons [2]. - The revenue for 2023 reached 1.24 billion yuan, a year-on-year increase of 57.7%, while the net profit attributable to shareholders was 250 million yuan, up 22.3% [2]. Financial Performance - The company forecasts revenue growth of 24.62% in 2024, reaching approximately 1.54 billion yuan, and a net profit of 320.83 million yuan, reflecting a growth rate of 27.22% [4][23]. - The chemical transportation business is expected to see significant growth, with projected revenues of 926.7 million yuan in 2024, a 25% increase year-on-year [8][22]. - The overall revenue is projected to grow steadily, with estimates of 1.81 billion yuan in 2025 and 2.04 billion yuan in 2026, maintaining growth rates of 17.15% and 13.14% respectively [4][24]. Business Strategy - The company is focusing on enhancing its core competitiveness by expanding its chemical transportation services and entering international markets, which is anticipated to yield higher returns [3][17]. - The introduction of new chemical vessels is part of the strategy to tap into international shipping markets, thereby broadening the company's operational scope [3][17]. Market Position - The company holds a 14.22% market share in the coastal inter-provincial chemical shipping sector, indicating a steady increase in its competitive position [2]. - The report highlights the company's commitment to becoming a comprehensive service provider in the chemical supply chain, with ongoing improvements in its LPG transportation capabilities [17].

央国企量化选股优选策略与 7 月组合 ——央国企量化选股月度跟踪 请务必阅读正文后的重要声明部分 | --- | --- | |------------------------------|-------| | 录 目 | | | 1 沪深 A股央国企有效因子浏弈 | | | 2 沪深 A股夹国企优选集客 | | | 3"一带一路+国企"优选集蜂 | | | 4"数字经济-1国企" 优选策略 | | | 5"国家安全+国企" 优选策略… | | | 6"娱行+国企"优选集略 | | | 7 风险提示 … | | 夹国企量化选股月度跟踪 目 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 图 1: 股息率(TTM) 的 IC序列及累计曲线. | | | 图 2: 股息率（TTM）的分组净值图 | | | ...

Investment Rating - The report suggests to pay attention to the company due to its stable main business and potential growth from its transformation efforts [1]. Core Viewpoints - The company holds the toll rights for the Jiahuajialing River Bridge, generating approximately 200 million CNY in cash flow annually over the past three years, with a cash balance of 1.353 billion CNY as of Q1 2024 [1]. - The company is transitioning towards the integrated circuit and high-tech sectors, with investments in the Jiaxing Linlan Equity Investment Partnership, indirectly holding 5.0978 million shares of Changfei Advanced, aiming to leverage its geographical advantages in Chongqing [1]. - The establishment of the "Big Fund Phase III" with a scale of 344 billion CNY provides a solid foundation for sustainable industrial development and presents opportunities for the company's transformation [1]. - The company’s toll revenue from the Jiahuajialing River Bridge is stable and not significantly affected by macroeconomic adjustments, with toll income of 114 million CNY in 2023 [1]. - The company has a diversified investment portfolio, including a 33% stake in Yufu Expressway and a 4.93% stake in Chongqing Bank, generating steady investment income [1]. Summary by Sections 1. Company Overview - Chongqing Road and Bridge Co., Ltd. is a state-owned enterprise engaged in urban road and bridge operations, infrastructure construction, investment, and real estate development, listed on the Shanghai Stock Exchange since 1997 [13]. 2. Existing Assets - The company has a clear asset structure with stable cash flows, primarily from the Jiahuajialing River Bridge BOT project, which has a revenue period until September 2034 [71]. - The company achieved an operating income of 1.17 billion CNY in 2023, with toll revenue contributing 1.14 billion CNY [17]. - Investment income has shown steady growth, with the company realizing 162 million CNY in investment income in 2023 [1]. 3. Strategic Transformation - The company is actively seeking opportunities in the integrated circuit and high-tech industries, with plans to invest in relevant companies to establish a second main business [57]. - The company has made investments in the Linlan Equity Investment Partnership and plans to invest in chip design through a partnership with Lanzhi Electronics Technology [90]. - The "33618" industrial development plan proposed by the Chongqing government aims to create multiple industrial clusters, which will benefit the company’s strategic transformation efforts [93]. 4. Financial Performance - The company’s net profit for 2024-2026 is projected to be 240 million, 230 million, and 230 million CNY respectively, with corresponding EPS of 0.18, 0.18, and 0.17 CNY [1]. - The company’s financial ratios indicate a healthy balance sheet, with a cash ratio of 2.56 and a current ratio of 3.15, ranking favorably among peers [77].

2024 年 06 月 30 日 强于大市(维持) 证券研究报告•行业研究•国防军工 军工行业周报(6.24-6.30) 全军学习延安会议精神,嫦娥六号成功返回 [上周( Table_Summary 6 月 24 日-]6 月 28 日),SW 军工板块报收 1239.2 点,下跌 0.4%,板 块排名第 4。同期沪深300 指数下跌 1.0%,创业板指数下跌 4.1%。 行业动态: 全军学习贯彻延安中央军委政治工作会议精神 近期延安召开的中央军委政治工作会议,是继古田全军政治工作会议之后,新 时代新征程上又一个具有里程碑意义的重要会议,对于开创政治建军新局面、 锻造更加坚强的英雄军队,对于团结凝聚全军打好实现建军一百年奋斗目标攻 坚战、加快建成世界一流军队,具有重大深远意义。全军将把学习宣传贯彻中 央军委政治工作会议精神,作为当前和今后一个时期重大政治任务。 嫦娥六号实现月背采样返回任务 6 月 25日,嫦娥六号返回器携带来自月背的月球样品安全着陆在内蒙古四子王 旗预定区域,在人类历史上首次实现月球背面采样返回。嫦娥六号任务突破了 月球逆行轨道设计与控制技术、月背智能采样技术、月背起飞上升技术,实现 了世界 ...

下面开始播放免责声明本次变化会议服务于西南研究所白名单客户不构成投资电影本公司不对投资者使用本次会议内容所导致的投资损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点 未经本公司事先书面许可任何机构和个人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大家好欢迎参加西南研究金股电话会议聚焦2024年7月投资策略及金股推荐 目前所有的参会者均处于静音状态现在有请策略行业程老师开始发言谢谢好的 尊敬的各位投资者晚上好我是西南策略的程瑞智给大家分享一下我们近期的一个观点我们认为未来一个阶段可能进入强美元的区间主要基于三点逻辑第一点就是 美国经济超越期的概率增加我们看到最近这两三个月美国经济意外指数经历了一段时间的持续下行看上去已经达到了2023年初的低位但这波下行整体符合季节性的节奏根据我们看到19到23年整个经济意外指数的季节性的图二季度往往都是一个下行期然后五六月份为年内的低点 从三季度开始开始上行而且保持一个整体的高位所以在美国夏季初心旺季的背景之下经济超预期的概率在增加第二点就是全球经济可能在二季度可能是一个高点根据我 ...

化，中型企业进、出口指数均走低，出口指数转为收缩，大、小型企业进、出口指数均回升。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|-------|-------|-----------------|---------|---------|- ...

数据来源：同花顺 iFind，西南证券整理 录 成分股 个 数 公司平均市值(亿元） 板块周交易金额（亿元） 平均周交易金额（ 亿 元 ） 区间换手率（ %） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------|--------|----------------------------------------------|-------|-------|-------|-----------------|----------|---------|---------|---------|----------| | 12% \n10% \n 8% \n6% \n4% | 10.46% | 5.98% | 4.89% | 4.68% | 4.40% | 0% \n-5% \n-10% | 九菱科技 | 新威凌 | 倍益康 | 格利尔 | 路桥信息 | | 2% 0% | | | | | | -15% | | -14.70% | -14.58% | -14.51% ...

北交所周报（6.24-6.28） 表 5：发行项目上市审核动态 6 北交所发行上市项目审核动态 本周，共 31家企业更新发行上市项目审核动态， 25家企业已受理，2家企业已问询， 4 家企业终止。 | --- | --- | --- | --- | --- | |--------|-------------------|-----------------|---------------------|---------------------------------------------------------------------------------------| | 874397 | 鼎佳精密 | 已受理 | 电子 | 消费电子功能性产品及防护性产品的设计、研发、生产与销售。 | | 837611 | 德芯科技 | 已受理 | 家用电器 | 从事数字视听软件、软硬件一体产品的研发、生产、销售，并提供系统集成服务。 | | 874435 | 昆仑联通 | 已受理 | 计算机 | 提供 IT 基础架构解决方案、 IT 运维服务和 IT 增值供货服务 | | 873896 | 海金格 | 已受理 | 医药 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected compound annual growth rate (CAGR) of 33% for net profit from 2024 to 2026 [4]. Core Insights - The company is expanding its tungsten industry chain by investing in photovoltaic tungsten wire production, which is expected to benefit from the growing demand in the global photovoltaic market [3][8]. - The global photovoltaic installation demand is projected to reach approximately 390 GW in 2023, a year-on-year increase of 67%, leading to a significant rise in demand for diamond wire, particularly tungsten wire [3]. - The company plans to establish a subsidiary, Oke Yi New Energy, with an investment of 1.45 billion yuan to build a production line for 100 billion meters of tungsten wire [6]. Financial Summary - The company's projected revenue for 2024 is 1,026.46 million yuan, with a growth rate of 32.27%. By 2026, revenue is expected to reach 2,222.79 million yuan, with a growth rate of 27.21% [5]. - The net profit attributable to the parent company is forecasted to be 166 million yuan in 2024, increasing to 389.45 million yuan by 2026, reflecting a growth rate of 39.81% in that year [5]. - Earnings per share (EPS) are expected to rise from 1.05 yuan in 2024 to 2.45 yuan in 2026 [5]. Industry Context - The transition from carbon steel to tungsten wire for diamond wire is driven by tungsten's higher tensile strength, allowing for thinner wire diameters, which in turn increases silicon wafer yield and reduces material costs [7]. - The market for photovoltaic tungsten wire is still in its early stages, with major players like Xiamen Tungsten Co. leading the market. The company is well-positioned to capitalize on this growth if it can achieve large-scale production [8].

2024 年 06 月 30 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报(6.24-6.30) 2024 年 6 月第五周创新药周报 (附小专题 BCMA/CD3 双抗研发概况) A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究发展中心 [2024 Table_Summary 年 6月第 5周,陆港两地创新药板块共计 ] 13个股上涨,46个股下跌。其中 涨幅前三为永泰生物-B (+23%)、复宏汉霖-B(+21.28%)、和铂医药-B(+9.52%)。 跌幅前三为艾迪药业(-20.78%)、圣诺医药-B(-20.45%)、前沿生物-U(-15.78%)。 本周 A 股创新药板块下跌 3.89%,跑输沪深 300 指数 2.92pp,生物医药下跌 3.29%。近 6个月 A 股创新药累计下跌 7.46%,跑输沪深 300指数 8.04pp,生物 医药累计下跌 14.64%。 本周港股创新药板块上涨 1.86%,跑赢恒生指数 3.58pp,恒生医疗保健下跌 3.1%。 近 6个月港股创新药累计下跌 10.62%,跑输恒生指数 13.09pp,恒生医疗保健累 计下跌 1 ...