恩捷股份（ [Table_StockNameRptType] 002812） 公司点评 出货量稳步增加，隔膜降价拖累盈利 [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-09-06 | --- | --- | |-------------------------------------------------------------------|---------------------| | | | | [Table_BaseData] 收盘价（元） 近 12 个月最高 / 最低（元） | 26.65 72.03/25.13 | | 总股本（百万股） | 978 | | 流通股本（百万股） | 823 | | 流通股比例（ % ） | 84.17 | | 总市值（亿元） | 261 | | 流通市值（亿元） | 219 | [公司价格与沪深 Table_Chart] 300 走势比较 -69% -47% -25% -3% 19% 9/23 12/23 3/24 6/24 9/24 恩捷股份 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S00105231200 ...

Investment Rating - Buy rating for the first coverage [1] Core Views - The company is transitioning from equipment manufacturing to operations, leading the domestic air separation industry [1] - The company has shown resilience in adverse market conditions, with 2023 revenue reaching 13.31 billion yuan, a 4.0% YoY increase, and net profit attributable to the parent company of 1.22 billion yuan, a 0.5% YoY increase [1] - The industrial gas industry has a high ceiling, with domestic manufacturers having significant potential [1] - The company is expanding its pipeline gas business, retail gas business, and regional presence, with cumulative oxygen production capacity reaching 3.2 million Nm³/h by the end of 2023 [1] - The company is a leader in air separation equipment, with a market share of 43.21% in 2020, and is actively expanding overseas markets [1] Financial Performance - Revenue for 2023 was 13.31 billion yuan, a 4.0% YoY increase, with net profit attributable to the parent company of 1.22 billion yuan, a 0.5% YoY increase [1] - Revenue for the first half of 2024 was 6.73 billion yuan, a 4.4% YoY increase, with net profit attributable to the parent company of 437 million yuan, a 16.76% YoY decrease [1] - The company's revenue CAGR from 2010 to 2023 was 12%, and net profit CAGR was 10% [1] - Gross margin in 2023 was 22.9%, a 2.6 percentage point decrease YoY, and net profit margin was 9.6%, a 0.4 percentage point decrease YoY [1] Industry Overview - The global industrial gas market size grew from 720.2 billion yuan in 2017 to 943.2 billion yuan in 2021, with a CAGR of 7% [23] - The domestic industrial gas market size grew from 1.211 trillion yuan in 2017 to 1.798 trillion yuan in 2021, with a CAGR of 10% [23] - The domestic industrial gas market is expected to reach 2.842 trillion yuan by 2026 [1] - The outsourcing ratio of the domestic industrial gas market is expected to increase, with the retail gas business expected to grow from 59.1 billion yuan in 2021 to 103.4 billion yuan in 2026, with a CAGR of 11.9% [28] Business Expansion - The company has established eight major regions nationwide, with a focus on East China and Central China, and has expanded into South China, North China, and the Sichuan-Chongqing region [40] - The company signed a gas project in Indonesia in 2023, marking the first step in the internationalization of its gas business [1] - The company is continuously enriching its retail gas business, with the potential to bring performance elasticity when market conditions improve [1] - The company is focusing on the localization of special gases, with products including rare gases, high-purity gases, and electronic bulk gases [43] Air Separation Equipment - The company's air separation equipment market share has been increasing, with a market share of 43.21% in 2020 [1] - The company is actively expanding its overseas market, with foreign trade contract value reaching 908 million yuan in 2023, accounting for 14.03% of total equipment sales contracts [1] - The company's air separation equipment has been exported to more than 40 countries, with foreign trade orders exceeding the total for 2023 by July 2024 [1] Hydrogen Energy - The company is actively developing hydrogen energy-related businesses, including hydrogen production, purification, storage, and refueling [48] - In 2022, the company invested in a 4000 Nm³/h hydrogen purification device and a 6000 kg/d hydrogen refueling station project [48] - In 2023, the company participated in the EPC general contracting project of the largest hydrogen-electricity integrated energy island in China [48]

高测股份（ 688556） 公司点评 | --- | --- | --- | |----------------------------------------------------------------------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_StockNameRptType] 秦川机床（000837） 公司点评 24 半年报点评：Q2 收入同比改善，H1 累计出口同比+43%再创新高 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company faced pressure on performance in the first half of 2024, but its innovative transformation and dual-driven strategy are progressing steadily [1] - The overall revenue for the first half of 2024 was 8.235 billion yuan, a year-on-year decrease of 5.56%, while the net profit attributable to the parent company was 776 million yuan, down 4.78% year-on-year [1] - The company is focusing on academic marketing to enhance market competitiveness and has successfully advanced several innovative drugs and complex formulations [1][2] Financial Performance - In Q2 2024, the company's revenue was 3.895 billion yuan, a year-on-year decrease of 6.39%, with a net profit of 337 million yuan, down 4.55% year-on-year [1] - The overall gross margin for the first half of 2024 was 63.31%, an increase of 0.85 percentage points year-on-year [1] - The company’s operating cash flow net amount was 1.737 billion yuan, a year-on-year increase of 38.19% [1] Business Segments - The prescription drug segment achieved sales revenue of 743 million yuan in the first half of 2024, a year-on-year decrease of 19.49% [1] - The raw materials and intermediates segment reported sales revenue of 1.013 billion yuan, a year-on-year decrease of 4.44% [1] - The health food and OTC segment saw sales revenue of 330 million yuan, a year-on-year increase of 63.74% [1] Future Projections - The company is expected to achieve revenues of 17.26 billion yuan, 19.06 billion yuan, and 21.20 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 3.7%, 10.5%, and 11.2% [3] - The net profit attributable to the parent company is projected to be 1.556 billion yuan, 1.781 billion yuan, and 2.041 billion yuan for the same years, with growth rates of 7.8%, 14.5%, and 14.6% respectively [3]

太极集团（ [Table_StockNameRptType] 600129） 公司点评 上半年工业端高基数下维持稳定增长，Q2 业绩短期承压 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-09-06 | | | [Table_BaseData] 收盘价（元） | 23.01 | | 近 12 个月最高 / 最低（元） | 52.10/21.04 | | 总股本（百万股） | 557 | | 流通股本（百万股） | 557 | | 流通股比例（ % ） | 100.00 | | 总市值（亿元） | 128 | | 流通市值（亿元） | 128 | [公司价格与沪深 Table_Chart] 300 走势比较 -56% -32% -8% 16% 40% 9/23 12/23 3/24 6/24 太极集团 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@h ...

Investment Rating - The report does not explicitly state an investment rating for the mechanical industry in 2024H1 [4]. Core Insights - The overall performance of the mechanical industry in 2024H1 is weaker compared to the same period last year, with only 36.9% of companies reporting year-on-year growth in both revenue and net profit, down from 47.7% in the previous year [6][9]. - The report highlights that all secondary industries experienced a year-on-year decline in net profit, with specific sectors like energy and heavy equipment, printing and packaging machinery, and industrial control equipment showing positive growth [15][20]. Summary by Sections 1. Basic Performance Points of 2024 Mid-Year Report - In 2024H1, the proportion of companies with both revenue and net profit growth is 36.9%, while 33.1% of companies saw declines in both metrics [6]. - The mechanical industry overall has seen a decrease in gross and net profit margins, with gross margins down by 0.8 percentage points and net margins down by 2.8 percentage points compared to 2023H1 [20]. 2. Market Performance Points of 2024 Mid-Year Report - The report indicates that general equipment, specialized equipment, engineering machinery, and automation equipment sectors achieved positive year-on-year revenue growth [9]. - Specific sectors such as energy and heavy equipment, textile and apparel equipment, agricultural machinery, and engineering machinery components also reported positive growth [12]. 3. Investment Recommendations - The report suggests that the mechanical industry is facing challenges, with all secondary industries showing a decline in net profit, indicating a cautious outlook for investment [15][20]. - The report notes that while some sectors like engineering machinery and specialized equipment have shown resilience, the overall trend suggests a need for careful evaluation before making investment decisions [12][15].

东方电缆（ [Table_StockNameRptType] 603606） 公司点评 陆缆占比提升，海缆放量未来可期 [Table_Rank] 投资评级：增持（下调） 报告日期： 2024-09-05 主要观点： | --- | --- | |---------------------------------|-------------| | | | | [Table_BaseData] 收盘价（元） | 48.35 | | 近 12 个月最高 / 最低（元） | 53.91/32.57 | | 总股本（百万股） | 688 | | 流通股本（百万股） | 688 | | 流通股比例（ % ） | 100.00 | | 总市值（亿元） | 333 | | 流通市值（亿元） | 333 | [公司价格与沪深 Table_Chart] 300 走势比较 -27% -8% 12% 32% 51% 9/23 12/23 3/24 6/24 东方电缆 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com ⚫[Table_S ...

[Table_StockNameRptType] 鸿路钢构（ 002541） 公司点评 | --- | --- | --- | |-------------------------------------------------------------|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant growth in its order backlog, with a total of 8.085 billion yuan in orders as of June 30, 2024, including 6.667 billion yuan in photovoltaic orders and 1.344 billion yuan in semiconductor orders [1] - The company achieved a revenue of 787 million yuan in the first half of 2024, representing a year-on-year increase of 105.97% [1] - The semiconductor equipment business has seen a remarkable revenue increase of 812.94% year-on-year, contributing to 19.39% of total revenue [1] Financial Performance - The company reported a net profit attributable to shareholders of 43 million yuan in the first half of 2024, a decrease of 37.51% year-on-year [1] - The gross margin for the first half of 2024 was 38.4%, down 3.13 percentage points year-on-year [1] - The company’s revenue projections for 2024-2026 are adjusted to 3.698 billion yuan, 4.558 billion yuan, and 5.610 billion yuan respectively, with net profits of 475 million yuan, 577 million yuan, and 799 million yuan [3][4] Business Segmentation - In the first half of 2024, the photovoltaic equipment business generated 611 million yuan in revenue, a year-on-year increase of 84.76%, accounting for 77.86% of total revenue [1] - The company is actively exploring new application areas in semiconductor technology, including ALD and CVD processes, with significant orders coming from the storage sector [1][2] - The company’s R&D investment reached 229.44 million yuan in the first half of 2024, representing 29.15% of total revenue, with over 60% directed towards semiconductor technology [1] Market Position - The company holds the leading market share in ALD equipment for TOPCon batteries and has seen rapid growth in market share for its PE-Tox and PE-Poly equipment [1] - The company has made significant progress in emerging application areas, including flexible electronics and automotive-grade chips, which are gaining customer orders [2]