[Table_IndNameRptType] 农林牧渔de 行业周报 生猪出栏均重由升转降，产能恢复明显偏慢 [Table_IndRank] 行业评级：增持 报告日期： 2024-09-07 [Table_Chart] 行业指数与沪深 300 走势比较 -30% -20% -10% 0% 10% 农林牧渔(申万) 沪深300 23-0923-1124-0124-0324-0524-0724-09 [Table_Author] 分析师：王莺 执业证书号：S0010520070003 邮箱：wangying@hazq.com [Table_Report] 相关报告 1. 华安农业周报：猪价逐步止跌企 稳，产能恢复明显偏慢 2024-8-31 2. 华安农业周报：生猪价格短期继 续调整，亚宠展国产品牌表现亮眼 2024-8-24 主要观点： _S生猪出栏均重由升转降，产能恢复明显偏慢 ①本周生猪价格环比上升 0.8%，出栏均重降至 126.47 公斤。本周六， 全国生猪价格 19.92 元/公斤，周环比上升 0.8%，生猪价格企稳回升； 涌益咨询（8.30-9.5）：全国 90 公斤内生猪出栏占比 4.11%，周环 ...

[Table_IndNameRptType] 全球科技 行业周报 OpenAI 今年启动 GPT Next 计划，数据安全草案通过 [Table_IndRank] 行业评级：增持 报告日期： 2024-9-8 行业指数与沪深 300 走势比较 一传媒指数 | --- | |---------------------------------------| | | | 分析师：金荣 | | 执业证书号： S0010521080002 | | 邮箱： jinrong@hazq.com | | 分析师：王奇珏 | | 执业证书号： S0010522060002 | | 邮箱： wangqj@hazq.com 联系人：来祚豪 | | 执业证书号： S0010122090082 | 相关报告 ·公司深度：微软(MSFT)：拥抱云与 A I，开启新的增长飞轮 2024-07-04 ·公司深度：Amazon(AMZN)：壁垒高 筑，资本投入下带来业绩展望 2024-04 -04 ·公司点评：小米集团：SU7 大定超出 预期，人车家全生态正式闭环 2024-04 -03 ·行业深度：低空经济系列：从民航空 管系统展望低空经济基 ...

[Table_IndNameRptType] 轻工纺服 行业周报 监管新政发布，加强电子烟交易管理 行业[Table_IndRank] 评级：增 持 报告日期： 2024-09-08 主要观点： [行业指数与沪深 Table_Chart] 300 走势比较 轻工制造（申万） 纺织服饰（申万） 沪深300 -40% -30% -20% -10% 0% 10% 20% 2024-01-022024-02-022024-03-022024-04-022024-05-022024-06-022024-07-022024-08-022024-09-02 | --- | --- | |--------------------------------------|----------------| | | | | [ 分析师：徐 Table_Author] 偲 | | | 执业证书号： | S0010523120001 | | | | | 邮箱： xucai@hazq.com 分析师：余倩莹 | | | 执业证书号： | S0010524040004 | | 邮箱： yuqianying@hazq.com | | [Tab ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is positioned to benefit from the expansion of oil and gas capital expenditures, particularly in the fracturing equipment sector [1][3] - The global oil service market is projected to reach USD 328 billion in 2023, a year-on-year increase of 12.4%, driven by high demand in the oil and gas industry and unconventional oil and gas development [1][3] - The company has a strong competitive advantage in equipment and technical services, aiming to become a leading provider in the oil and gas equipment manufacturing and engineering services [1][3] Summary by Sections Company Overview - The company, established in 1999, is a diversified group focused on oil and gas equipment manufacturing and technical services, with a significant presence in environmental engineering and new energy sectors [1][12] - The company has achieved a revenue of CNY 139.12 billion in 2023, with oil and gas equipment manufacturing and technical services contributing CNY 117.56 billion, accounting for 84.5% of total revenue [1][28] Market Dynamics - The oil and gas industry is experiencing a capital expenditure expansion, with oil companies showing strong investment intentions due to high oil prices [39] - The domestic oil production has increased from 189 million tons in 2018 to 209 million tons in 2023, while natural gas production is expected to reach 246 billion cubic meters by 2024 [39][42] Financial Performance - The company forecasts revenue growth from CNY 153.55 billion in 2024 to CNY 191.51 billion in 2026, with net profits projected to rise from CNY 27.71 billion to CNY 38.29 billion during the same period [3][5] - The company has maintained a stable gross margin of around 35% and a net margin above 15% over the past five years, indicating strong profitability [28][32] Innovation and R&D - The company invested CNY 511.20 million in R&D in 2023, a year-on-year increase of 39.33%, and has received 372 new patents, enhancing its technological capabilities [17][20] - Key innovations include the world's first electric-driven fracturing equipment and high-capacity gas compression systems, which significantly improve operational efficiency [20][21] Order and Market Expansion - The company secured new orders worth CNY 139.56 billion in 2023, reflecting a year-on-year growth of 9.66%, with a strong focus on expanding its overseas market presence [36][39] - The overseas revenue accounted for 46.85% of total revenue in 2023, with a compound annual growth rate of 26.82% from 2018 to 2023 [28][36]

乖宝宠物（ [Table_StockNameRptType] 301498） 公司点评 自主品牌持续增长，线上直销增速亮眼 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|----------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

| --- | --- | --- | --- | --- | |-------|---------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 司深 度 | | | | | | | | | | | | | | | | | | | | | | [Table_StockNameRptType] 泽宇智能（ 301179） 业绩符合预期，电网信息化建设提速 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-09-06 | | | [ 收盘价（元） Table_BaseData] | 15.26 | | 近 12 个月最高 / 最低（元） | 28.00/ ...

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 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...