[行业Table_Industry] : 机械 日期: shzqdatemark 2024年08月28日 证 券 研 究 报 告 [Table_Author] 分析师: 刘阳东 Tel: 021-53686144 E-mail: liuyangdong@shzq.com SAC 编号: S0870523070002 分析师: 王亚琪 Tel: 021- 53686472 E-mail: wangyaqi@shzq.com SAC 编号: S0870523060007 行 业 周 报 | --- | --- | |-----------------------------------------|------------| | | | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 比较 | | | 沪深 300 | -23% -19% -15% -12% -8% -4% -1% 3% 7% [Table_ReportInfo] 相关报告： 《杰克股份 24H1 业绩亮眼，智元机器人发 布五款商用人形机器人新品》 ——2024 年 08 月 23 日 《工程机械内销延续复苏趋势，Fig ...

[Table_Stock] 埃科光电（688610） 证 券 研 究 报 告 公 司 点 评 -55% -47% -38% -30% -22% -14% -5% 3% 11% 08/23 11/23 01/24 03/24 06/24 08/24 埃科光电 沪深300 [Table_QuotePic] 最近一年股票与沪深 300 比较 | --- | --- | |-------------------------|----------------------| | | | | [Table_Author] 分析师 : | 马永正 | | Tel: | 021-53686147 | | E-mail: | mayongzheng@shzq.com | | SAC 编号 : | S0870523090001 | | 联系人 : | 杨蕴帆 | | Tel: | 021-53686417 | | E-mail: | yangyunfan@shzq.com | | SAC 编号 : | S0870123070033 | | --- | --- | |-----------------------------|--- ...

24Q2 单季度业绩创新高，成本控制显成 效 ——紫金矿业 2024 半年报点评 | --- | --- | --- | |--------------------------|-----------------------------|-------| | | | | | | | | | | | | | [ 行业 Table_Industry] : | 有色金属 | | | 日期 : | shzqdatemark 2024年08月28日 | | | [Table_Author] 分析师 : | 于庭泽 | | | SAC 编号 : | S0870523040001 | | | 联系人 : | 郭吟冬 | | | SAC 编号 : | S0870123060051 | | [Table_QuotePic] 最近一年股票与沪深 300 比较 证 券 研 究 报 告 [Table_BaseInfo] 基本数据 最新收盘价（元） 16.07 12mth A 股价格区间（元） 11.44-19.47 总股本（百万股） 26,577.89 无限售 A 股/总股本 77.34% 流通市值（亿元） 4,265.80 公 司 ...

电动化、智能化、出海齐发力，长安自主崛起 [Table_I 行业 ndustry] : 汽车 日期: shzqdatemark 2024年08月28日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 分析师: 李煦阳 E-mail: lixuyang@shzq.com SAC 编号: S0870523100001 联系人: 刘昊楠 Tel: 021-53686194 E-mail: liuhaonan@shzq.com SAC 编号: S0870122080001 [Table_QuotePic] 最近一年股票与沪深 300 比较 长安汽车 沪深300 -15% -5% 5% 15% 25% 35% 45% 55% 65% 08/23 11/23 01/24 04/24 06/24 08/24 证 券 研 究 报 告 [Table_BaseInfo] 基本数据 最新收盘价（元） 11.68 12mth A 股价格区间（元） 11.68-21.48 总股本（百万股） 9,917.29 无限售 A 股/总股本 ...

证 券 研 究 报 告 行 业 周 报 西部大开发再出政策支持，关注基建受 益板块 ——建筑材料行业周报（20240819-20240823） 住建部加快商品房"收储"进度，持续推进老旧小区改造。8月 23日，国 务院新闻办公室召开新闻发布会，住建部会上重点回应了三大热点方向： 1）保交房攻坚战目标任务锁定，通过全面排查，锁定在建已售未交付的 396 万套住房，推进项目按时保质交付。2）积极推进收购已建成的存量 商品房用作保障性住房工作，推动条件成熟的项目加快完成收购，及时配 租、配售。3）老旧小区改造今年计划完成 5 万个以上，力争改造各类老 旧管线 10 万公里以上。持续推进城市"里子"工程，主要加强地下综合 管廊建设和老旧管线改造升级。我们认为，老旧小区的持续改造，以及城 市管网更新，除了能带来直接更新改造投资外，也能带动居民户内的改造 和装修更新，进一步拉动防水、涂料、管材等相关建材需求。 行业重点数据跟踪： 水泥：过去一周（8.19-8.23）全国水泥均价为 497.9 元/吨，周环比上涨 0.2%，价格进一步小幅回暖。水泥消费方面， 8 月 23 日全国水泥出库量 326.25 万吨，周环比上升 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 基础化工 日期: shzqdatemark 2024年08月27日 [Table_Author] 分析师: 于庭泽 SAC 编号: S0870523040001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 08/23 11/23 01/24 03/24 06/24 08/24 基础化工 沪深300 -26% -22% -18% -15% -11% -7% -3% 1% 5% [Table_ReportInfo] 相关报告： 《国际油价震荡运行，碳酸锂价格大幅下 跌 ——基 础 化 工 行 业 周 报 （2024.8.12- 2024.8.18）》 ——2024 年 08 月 21 日 《三部委发文禁止新建受控 HFCs产能，维 生素、烟酰胺涨幅居前 ——基础化工行业 周报（2024.8.5-2024.8.11）》 ——2024 年 08 月 15 日 《海外维生素装置出现不可抗力，VA、VE 价格进一步上涨 ——基础化工行业周报 （2024.7.29-2024.8.4）》 ——2024 年 08 月 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [3] Core Viewpoints - The Central Political Bureau reviewed policies to further promote the new pattern of Western Development, suggesting a focus on infrastructure-related sectors in the Western region. This includes water conservancy projects, hydropower projects, transportation, and cement, which are expected to benefit from increased infrastructure construction [3] - The Ministry of Housing and Urban-Rural Development is accelerating the "stockpiling" of commercial housing and promoting the renovation of old residential areas, which is anticipated to drive demand for construction materials such as waterproofing, coatings, and pipes [4] Summary by Relevant Sections Cement - The national average price of cement from August 19 to August 23 was 497.9 RMB/ton, with a week-on-week increase of 0.2%. The cement shipment volume on August 23 was 3.2625 million tons, also up 0.2% week-on-week. Despite weak downstream construction activities due to high temperatures and project funding delays, there is potential for improved demand as temperatures drop in September [5] Flat Glass - The price of float flat glass decreased by 1.0% on August 20, with an inventory increase of 1.234 million weight boxes to 6.8664 million weight boxes as of August 23. The daily production of float glass was 168,600 tons, showing a slight week-on-week increase of 0.3% [5] Photovoltaic Glass - The price of photovoltaic glass remained stable at 22.5 RMB/square meter as of August 21, with an operating rate of 77.75% on August 23, down 0.1 percentage points [5] Investment Strategy - The construction materials sector is currently at a low point, but there is potential for price recovery, particularly in cement. The focus on destocking in the real estate sector since the 430 Political Bureau meeting suggests opportunities in the construction materials sector [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5] Core Views - The company reported a total revenue of 2.427 billion yuan for the first half of 2024, representing a year-on-year increase of 17.48%. The net profit attributable to the parent company was 308 million yuan, up 49.92% year-on-year [3][5] - The revenue from staple food exceeded that of snacks for the first time, with staple food revenue reaching 1.199 billion yuan, a year-on-year increase of 18.45%, while snack revenue was 1.194 billion yuan, up 17.32% year-on-year [3][4] - The gross margin for staple food improved significantly, mainly due to a decrease in raw material costs and further optimization of product structure [3][4] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.329 billion yuan, a year-on-year increase of 14.48%, and a net profit of 160 million yuan, up 32.64% year-on-year [3][4] - The gross margin for the first half of 2024 was 42.05%, an increase of 7.84 percentage points year-on-year, while the net profit margin was 12.74%, up 2.71 percentage points year-on-year [4] Sales Channels - The company achieved sales through third-party e-commerce platforms amounting to 866 million yuan, a year-on-year increase of 61.24%, with an order count of approximately 10.98 million [4] - Revenue from platforms like Alibaba and Douyin reached 607 million yuan, accounting for 25.10% of total revenue, with a year-on-year growth of 50.71% [4] Market Outlook - The pet economy is thriving due to rising disposable income and increasing demand for pet companionship, which is expected to further boost the market for pet food [5] - The company is well-positioned as a leader in the domestic pet food market, with projected revenues of 5.212 billion yuan, 6.127 billion yuan, and 6.996 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 20.44%, 17.57%, and 14.17% [5][7]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6][43]. Core Viewpoints - The basic chemical index decreased by 2.31% over the past week, underperforming the CSI 300 index by 1.76 percentage points, ranking 14th among all sectors [6][12]. - Key sub-sectors with positive performance include non-metallic materials (4.38%), rubber additives (0.45%), and phosphate fertilizers (0.33%), while sectors with significant declines include adhesives and tapes (-6.60%), modified plastics (-5.39%), and soda ash (-5.25%) [6][12]. - The report highlights a significant price increase for products such as acrylonitrile (103.75%), liquid chlorine (68.63%), and domestic vitamin A (43.48%), while products like acrylic short fibers (-43.78%) and international toluene (-6.54%) saw notable declines [7][18]. Market Trends - The report indicates that the recent redistribution of HFCs quotas will increase the supply of R32, which is expected to stabilize the refrigerant supply chain in the short term [8]. - The long-term trend for the refrigerant industry remains positive, with expectations for continued price increases for mainstream refrigerants like R32, R125, and R134a [8]. Investment Recommendations - The report suggests focusing on several key sectors: 1. Refrigerants: Companies such as Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. are recommended. 2. Chemical fibers: Recommended companies include Huafeng Chemical, Xin Fengming, and Taihe New Materials. 3. Coal chemical sector: Focus on Hualu Hengsheng, Luxi Chemical, and Baofeng Energy. 4. Tire sector: Recommended companies are Sailun Tire, Senqilin, and Linglong Tire. 5. Agricultural chemicals: Focus on Yaqi International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical. 6. Quality growth stocks: Recommended companies include Blue Sky Technology, Shengquan Group, and Shandong Heda [9][43]. Key Company Dynamics - Wanhu Chemical reported a revenue of 97.067 billion yuan for the first half of 2024, a 10.77% increase year-on-year, but a net profit decline of 4.60% [29]. - Hualu Hengsheng achieved a revenue of 16.975 billion yuan, a 37.35% increase, with a net profit growth of 30.10% [30]. - Huafeng Chemical reported a revenue of 13.744 billion yuan, an 8.89% increase, and a net profit increase of 11.74% [31]. - Jinshi Resources saw a revenue increase of 100.20% to 1.119 billion yuan, with a net profit growth of 32.54% [33]. - Blue Sky Technology reported a revenue of 1.295 billion yuan, a 29% increase, and a net profit growth of 17% [34].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][10]. Core Views - The company reported a significant increase in revenue and profitability in the first half of 2024, achieving operating income of 9.12 billion yuan, a year-on-year increase of 108.27%, and a net profit of 1.02 billion yuan [4][5]. - The silicon carbide industry is entering a rapid development phase, with the company leveraging its competitive advantages in key segments of the supply chain [4][5]. - The demand for high-quality conductive silicon carbide substrates is strong in international markets, with over 50% of the top ten global power semiconductor companies becoming clients [4][5]. - The company is focusing on enhancing its research and development capabilities, particularly in the preparation of silicon carbide substrates, to strengthen its technological moat [4][5]. Summary by Sections Financial Performance - In 2024 H1, the company's gross margin improved significantly to 23.01%, an increase of 11.71 percentage points compared to the same period in 2023 [4]. - The core business of silicon carbide substrates generated revenue of 7.53 billion yuan, a year-on-year increase of 102.27%, with a product gross margin of 27.36% [4][5]. Market Outlook - The global silicon carbide device market is expected to reach 8.906 billion USD by 2028, driven by trends in energy electrification and decarbonization [4]. - The company is positioned to lead the domestic market for 8-inch silicon carbide substrates, having achieved mass production capabilities at its Shanghai Lingang factory [4][5]. Profit Forecast - The company's projected net profits for 2024-2026 are adjusted to 2.44 billion yuan, 4.13 billion yuan, and 5.82 billion yuan, with year-on-year growth rates of 634.45%, 68.86%, and 41.17% respectively [4][5].