证券研究报告 海外科技 行业定期报告 2024 年 07 月 22 日 台积电 24Q2 业绩超预期,加密核心资产价格大幅走高 ——海外科技周报(24/07/15-24/07/19) 投资要点: 证券分析师 郑嘉伟 ➢ 海外 AI:本周 7 月 18 日台积电发布 2Q24 业绩,业绩超预期。2Q24 公司实现营收 208.2 亿美元 (yoy+32.8%,qoq+10.3%),超出公司之前指引上限,客户对 AI 和高端智能手机相关需求强劲,导 致公司 3nm 和 5nm 技术的强劲需求。公司实现毛利率 53.2%,同比下降 0.9pct,环比增长 0.1pct,超 过指引上限 0.2pct,环比改善主要是因为其成本改善和更有利的外汇汇率。公司认为 AI 需求依旧强劲, 公司不确定 CoWoS 供应能力能否在 2025 或者 2026 年满足需求,目前供应依旧紧张,2025 年 CoWoS 产能可能继续翻倍。端侧 AI 方面(AI PC 和 AI 手机),公司目前没有看到强劲增长,公司认为这一增长可 能在未来几年出现。 ➢ 板块行情回顾:本周(2024/7/15 至 2024/7/19)科技股回调。本周恒生科 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [3] Core Views - The company is planning to issue shares and pay cash to acquire assets totaling approximately 18GW, primarily consisting of thermal power plants, which will significantly enhance its operational capacity [3] - The acquisition will diversify the company's operational regions, with a notable increase in the share of installed capacity from Jiangsu province, which will become the second-largest operational area for the company [3] - The report emphasizes the importance of stable profitability in the coal power sector, with expectations for the company's net profits to reach 5.877 billion, 6.890 billion, and 7.382 billion yuan from 2024 to 2026 [4][6] Summary by Sections Acquisition Details - The company plans to acquire 80% of Huadian Jiangsu Company, 51% of Shanghai Huadian Fuxin Company, and several other subsidiaries, totaling an installed capacity of about 18GW [3] - The assets are primarily located in Jiangsu, Guangdong, Guangxi, and Shanghai, with significant operational capacity already in place [3] Financial Performance - The company reported a net profit of 1.68 billion yuan for Huadian Jiangsu in 2023, with total equity of 6.15 billion yuan [3] - The company's total installed capacity as of December 2023 is 58.45 million kW, with coal power accounting for 46.89 million kW and gas power for 9.09 million kW [3] Market Outlook - The coal power sector is expected to stabilize in profitability, with the report indicating that the current profit margins have returned to historical reasonable levels [4] - Long-term investment opportunities are anticipated in the transition of coal power business models, particularly with the rapid development of renewable energy in Shandong province [4] Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2026 at 5.877 billion, 6.890 billion, and 7.382 billion yuan, respectively, with a current price-to-earnings ratio of 13, 11, and 10 times [4][6]

证券研究报告 建筑材料 行业定期报告 证券分析师 戴铭余 S1350524060003 daimingyu@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com -30% -20% -10% 0% 10% 20% 2023-072023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-07 2024 年 07 月 22 日 建立"久期"思维,关注 DCF 价值重估 中性(维持) ——建筑材料行业周报(24/7/15-24/7/21) 投资要点: ➢ 数据跟踪:(1)水泥:全国 42.5 水泥平均价为 390.0 元/吨,环比下降 3.0 元/吨, 同比上升 19.5 元/吨。(2)浮法玻璃:全国 5mm 浮法玻璃均价为 1608.1 元/吨, 环比下降 31.7 元/吨,同比下降 413.0 元/吨。(3)光伏玻璃:2.0mm 镀膜均价为 14.8 元/平,环比下降 0.5 元/平,同比下降 2.8 元/平。3.2mm 镀膜均价为 ...

| --- | --- | |------------------------------------------------------------------------------------------|-------| | | | | 图表 1: 亚辉龙主要产品 | | | 图表 2: 2017-2024Q1 年公司收入(百万元)及增速(%) . | | | 图表 3: 2017-2024Q1 年公司归母净利润(百万元)及增速(%) | | | 图表 4：2017-2023 年公司主营业务构成（百万元）. | | | 图表 5: 2017-2023 自产业务收入占比(%) | | | 图表 6:2017-2023 年自产业务知分占比(%) | | | 图表 7：2017-2023 年公司区域营收(百万元) | | | 图表 8: 2013-2023 年公司签体及产线毛利率（%） . | | | 图表 9: 2017-2024Q1 年公司净利率及费用率变化（%）. | | | 图表 10: 亚辉龙及可比公司费率对比(%) . | | | | | | 图表 11: 公司股权激励考核目标. | | | | ...

请务必仔细阅读正文之后的免责声明 证券研究报告 -10% 0% 10% 20% 2023-12-292024-01-112024-01-232024-02-022024-02-222024-03-052024-03-152024-03-272024-04-102024-04-222024-05-072024-05-172024-05-292024-06-112024-06-212024-07-032024-07-15 沪深300 电力 看好(维持) ——公用事业 2024 年第 29 周周报(20240721) 投资要点: 公用事业|电力 行业定期报告 ➢ 推荐低协方差资产组合:长江电力、华能水电、国投电力、川投能源、中国核电、中国广核。同时推荐上 海电力、黔源电力、湖北能源、东方电气、理工能科、皖天然气。 证券分析师 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com ➢ 推荐组合回顾(等权):本周推荐组合(长江电力、华能水电、国投电力、川投能源、中国核电、中国广 核,等权配置)上涨 1.02%,沪深 300 上涨 1.81%,同花顺全 A 上涨 0.85%,主动 ...

证券研究报告 金属与材料|有色金属 行业定期报告 证券分析师 田源 S1350524030001 tianyuan@huayuanstock.com 田庆争 S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 S1350524040002 xiangqirui@huayuanstock.com 联系人 相关研究 2024 年 07 月 21 日 金价创历史新高后,短期买点或需等待持仓企稳 看好(维持) ——有色金属 大宗金属周报(24/7/15-24/7/21) 投资要点: ➢ "特朗普交易"叠加市场对美联储降息预期空前浓厚,金价创历史新高,金价新高后多单平仓造成金价大幅 调整,短期买点或需等待持仓企稳。铜金中长期逻辑仍未改变,仍建议继续关注贵金属、低冶炼自给率的铜 和高氧化铝自给率的电解铝板块,小金属建议关注:钨、锰、锑和铟,同时可关注滞涨品种如镍和镁等。 ➢ 贵金属板块:"特朗普交易"叠加市场对美联储降息预期空前浓厚,金价创历史新高。金价新高后多单平仓 造成金价大幅调整,短期买点或需等待持仓企稳。伦敦现货黄金下跌 0.14%、上期所黄金上涨 0.65%,伦 ...

证券研究报告 金属与材料|有色金属 行业定期报告 证券分析师 田源 S1350524030001 tianyuan@huayuanstock.com 田庆争 S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 S1350524040002 xiangqirui@huayuanstock.com 联系人 相关研究 2024 年 7 月 21 日 碳酸锂持续下探,关注软磁和铜合金材料的主题机会 看好(维持) ——有色金属 能源金属&新材料周报(24/7/15-24/7/21) 投资要点: 能源金属方面,价格整体呈弱势运行趋势。锂:本周,碳酸锂价格下跌 3.73%至 86400 元/吨,氢氧化锂 价格下跌 1.40%至 81050 元/吨,近期市场偏弱震荡运行。供给端,碳酸锂产量稳步攀升,6 月碳酸锂产 量 64868 吨,环比上升 4%,增速放缓;需求端,补库行情结束,部分下游库存足够满足生产需求,长协 客供稳定下现货成交相对清淡。短期供给端有折价碳酸锂释放,周内价格受影响持续下探,预计后续价格 偏弱震荡运行。建议关注:天齐锂业、赣锋锂业、中矿资源、永兴材料。 钴: ...

证券研究报告 医药生物 行业定期报告 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 李强 S1350524040001 liqiang01@huayuanstock.com 《医药行业周报:否极泰来,积极布局潜力 品种》20240630 《医药行业周报:顶层明确支持创新药发展, 有望带动医药板块反弹》20240707 《医药行业周报:血制品外延还有多大空 间?》20240714 2024 年 07 月 21 日 医药企稳反弹,建议关注前期超跌个股 看好(维持) ——医药行业周报(24/7/15-24/7/19) 投资要点: 本周医药市场表现分析:本周整体市场出现明显超跌反弹迹象,如前期超跌的设备板块个股反弹明 显,如开立医疗(+12.4%)、怡和嘉业(+11.6%)和澳华内镜(+7.4%),以及基本面良好、但 前期回调较多的个股如新产业(+11.5%)、片仔癀(+10.8%)和华润三九(+7.0)等反弹也较为 明显;此外,中报业绩较好个股反弹依然较强,如天坛生物(+10.2%)。短期建议关注:1)超跌 反弹:医药指数呈现底部企稳反弹迹象,超跌个股有望迎来 ...

Investment Rating - Buy (Maintained) [14][20] Core Views - The company has acquired Green Cross, which includes 4 new plasma collection stations and 1 new production license, expanding its external growth potential [1] - The acquisition of Green Cross enhances the company's scale and core competitiveness, with new plasma station layouts in 2 additional provinces [1] - The company's operational efficiency is industry-leading, with Green Cross showing significant potential for increased plasma collection and profit per ton [9] - The strategic cooperation between Huarun Medicine and GC Corp opens up long-term growth opportunities, particularly in the blood products, vaccines, and gene therapy sectors [14] Financial Performance and Valuation - The company's blood products business achieved a net profit of 540 million yuan in 2023, with a high profit per ton of plasma [9] - Revenue is expected to grow by 7.5% in 2025 and 7.8% in 2026, with net profit growth rates of 8.3% and 12.9% respectively [10] - The company's gross margin is projected to increase from 60.8% in 2024 to 62.0% in 2026 [10] - The current stock price corresponds to a PE ratio of 32x for 2024, 30x for 2025, and 27x for 2026 [20] Market Performance - The company's stock price closed at 35.67 yuan on July 17, 2024, with a total market capitalization of 18 billion yuan [2] - The stock has shown a strong performance relative to the CSI 300 index, with significant growth potential [13] Strategic Developments - The acquisition of Green Cross for 1.82 billion yuan in cash is expected to enhance the company's plasma collection capabilities and market position [19] - The strategic partnership with GC Corp will facilitate the introduction of innovative products in China and expand Huarun Medicine's presence in South Korea [14]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][7]. Core Views - The company is the core power platform of the Datang Group, with potential for value reassessment under state-owned enterprise reforms and electricity system reforms [3][14]. - The company has a dominant position in installed capacity and asset scale among the four listed power platforms under the group, with a commitment to integrate the group's thermal power business [3][14]. - The company is expected to benefit from a shift in coal power's role to peak-shaving power under the electricity system reform, which may enhance the stability of coal power performance [3][9][23]. - The company plans to add over 30GW of new energy capacity during the 14th Five-Year Plan period, with new energy already becoming a major profit contributor [3][16][29]. Summary by Sections Datang Group Core Power Platform - The company is the largest listed power platform of the Datang Group, holding 53.09% of its shares as of the end of 2023 [3][14]. - The company has a total installed capacity of 73.29 million kilowatts, with coal, gas, wind, solar, and hydropower contributing to its portfolio [3][14]. - The company is under pressure to improve its market value as it currently holds over 60% of the group's power assets but only accounts for about 40% of its market value [3][14]. Thermal Power Dominance - The company's thermal power units are primarily located in northern China, with performance heavily influenced by coal prices [3][18]. - In Q1 2024, the company achieved a record net profit of 1.33 billion yuan, indicating recovery from previous losses due to high coal prices [3][18]. - The introduction of capacity pricing mechanisms is expected to stabilize coal power performance and enhance profitability [23][24]. Hydropower and Nuclear Participation - The company controls 9.2GW of hydropower assets, mainly in southwestern China, contributing approximately 1.4 billion yuan in profits in 2023 [3][25]. - The company holds a 44% stake in Ningde Nuclear Power, which provided around 1.271 billion yuan in investment income in 2023 [3][27]. Profit Forecast and Valuation - The company is projected to achieve net profits of 4.3 billion, 5.2 billion, and 6.1 billion yuan for 2024-2026, with a corresponding PE ratio of 18, 14, and 11 times [4][29]. - The intrinsic value of the company is estimated at 57 billion yuan, factoring in contributions from thermal, hydropower, and new energy segments [4][29]. - The company has a commitment to distribute at least 50% of its net profits as dividends, with a projected dividend yield of 3.9% for 2024 [4][29].