投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-05 | | 收盘价 ( 元 ) | 8.29 | | 流通股本 ( 亿股 ) | 16.80 | | 每股净资产 ( 元 ) | 4.30 | | 总股本 ( 亿股 ) | 16.80 | | 最近 12 月市场表现 | | -23% -17% -11% -6% 0% 5% 中国黄金 沪深300 分析师 于健 SAC 证书编号：S0160522060001 yujian@ctsec.com 联系人 王瑾瑜 wangjy03@ctsec.com 相关报告 1. 《黄金产品销售快增，24Q1 利润同 比+21%》 2024-04-30 2. 《Q3 渠道扩张提速，业绩稳健提升》 2023-11-01 3. 《23H1 黄金销售保持快增，利润同 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------|------------|---------------- ...

证券Ⅱ / 行业点评报告 / 2024.09.06 行业并购动态追踪：国泰君安合并海通证券 投资评级:看好(维持) | --- | --- | |--------|-----------------------| | | 月市场表现 \n沪深 300 | | -2% 3% | | | -7% | | | -12% | | | -17% | | | -22% | | 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《行业并购动态追踪：国信收购万和 交易预案点评》 2024-09-05 2. 《行业并购动态追踪：国信证券拟收 购万和证券》 2024-08-26 3. 《如何理解当前券商股行情？》 2024-07-31 剑指一流投行，合并推进速度超预期 证券研究报告 核心观点 ❖ 事件：9/5 晚，国泰君安和海通证券发布公告，两家公司正在筹划由国泰君安 通过向海通证券全体 A/H 股换股股东发行 A/H 股股票的方式换股吸收合并海 通证券并发行 A 股 ...

公用事业 / 行业投资策略周报 / 2024.09.05 能源转型白皮书出台，绿证交易数据公布 投资评级:看好(维持) 最近 12 月市场表现 -17% -11% -5% 1% 7% 13% 公用事业 沪深300 上证指数 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《核电核准创新高 绿电交易新规落 地》 2024-08-30 2. 《国家能源局发布 7 月绿证核发与交 易数据》 2024-08-30 3. 《甘肃电力现货市场规则印发，市场 转正吹响号角》 2024-08-29 公用事业周报(2024.08.26-2024.08.31） 证券研究报告 核心观点 ❖ 7 月绿证交易信息公布：2024 年 7 月，核发绿证 1.82 亿个。其中，风电 4025 万个，占 22.09%；太阳能发电 3148 万个，占 17.28%；常规水电 1.02 亿个，占 56.07%；生物质发电 802 万个，占 4.40%；其他可再生能源发电 29 万个，占 0.16%。 ❖ 重要公司动态：（1）长江电力发布 2024 年半年报，2024H1 实现 ...

单击或点击此处输入文字。 国防军工 / 行业专题报告 / 2024.09.05 军工行业业绩分化明显，航海装备景气持续 投资评级:看好(维持) | --- | --- | |----------------|------------| | | | | 最近 12 | 月市场表现 | | 国防军工 | 沪深 300 | | -4% 3% | | | -25% -18% -11% | | | -32% | | 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 相关报告 1. 《按图索骥——构架低空从政策端到 产业链的桥梁（系列之二：华东篇）》 2024-09-02 2. 《按图索骥——构架低空从政策端到 产业链的桥梁（系列之一：华南、华北 篇）》 2024-08-27 3. 《国防军工周报 (2024/08/19- 2024/08/25)》 2024-08-27 国防军工行业 2024 年中报业绩综述 核心观点 证券研究报告 ❖ 国防军工营收、归母净利润及增速居于中下游：1H2024，国防军工行业 营业收入 2559.25 亿元，在 31 个申万一级行业中排名 25； ...

汽车行业周报 单击或点击此处输入文字。 汽车 / 行业投资策略周报 / 2024.09.05 投资评级:看好(维持) 最近 12 月市场表现 | --- | --- | |----------|----------| | | | | | | | | 上证指数 | | 1% 7% | | | -11% -5% | | | -17% | | | -23% | | 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com | --- | --- | --- | |-----------------------------------|------------|-------| | | | | | 相关报告 | | | | 1. 《汽车行业周报》 | 2024-08-27 | | | 2. 《汽车行业周报》 | 2024-08-20 | | | 3. 《 7 月份中国车市运行回顾》 | | 2024- | 报废更新补贴翻倍政策有望持续拉动市场需求 证券研究报告 核心观点 ❖ 板块表现 ...

坚朗五金(002791) / 装修建材 / 公司点评 / 2024.09.05 地产项目承压，费用摊薄+坏账计提影响业绩 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-04 | | 收盘价 ( 元 ) | 22.18 | | 流通股本 ( 亿股 ) | 1.64 | | 每股净资产 ( 元 ) | 15.79 | | 总股本 ( 亿股 ) | 3.54 | | 最近 12 月市场表现 | | -69% -55% -41% -27% -13% 1% 坚朗五金 沪深300 上证指数 装修建材 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《收入增速略有修复，成本下行利润 释放 》 2024-03-28 2. 《成本下行费用摊薄，Q3 利润率环 比改善》 2023-10-27 3. 《业务稳步推进，费用优化业绩复苏》 2023-08-30 证券研究报告 ❖ 事件：2024H1 营收 32.10 亿元同降 4.35%；归母净利 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - MLCC high-capacity products are accelerating domestic substitution [1] - Q2 revenue reached a historical high of 1.864 billion yuan, up 29.42% YoY and 19.20% QoQ, with net profit attributable to the parent company of 593 million yuan, up 44.12% YoY and 36.86% QoQ [2] - MLCC capacity expansion continues, with increasing proportion of high-capacity products, leading to improved gross margin [2] - Optical communication products like ferrules and diaphragm plates benefit from AI computing power demand growth [2] - PKG, substrates, and slurry businesses recover with the consumer electronics industry [2] - Expected revenue for 2024-2026 is 7.395/8.835/10.390 billion yuan, with net profit attributable to the parent company of 2.142/2.527/2.999 billion yuan, corresponding to PE ratios of 27.17/23.04/19.41x [2] Financial Performance and Projections - Q2 2024 revenue: 1.864 billion yuan, up 29.42% YoY and 19.20% QoQ [2] - Q2 2024 net profit: 593 million yuan, up 44.12% YoY and 36.86% QoQ [2] - 2024E revenue: 7.395 billion yuan, up 29.14% YoY [3] - 2024E net profit: 2.142 billion yuan, up 35.49% YoY [3] - 2025E revenue: 8.835 billion yuan, up 19.47% YoY [3] - 2025E net profit: 2.527 billion yuan, up 17.96% YoY [3] - 2026E revenue: 10.390 billion yuan, up 17.60% YoY [3] - 2026E net profit: 2.999 billion yuan, up 18.69% YoY [3] Business Segments - MLCC: High-capacity products are expanding, with improved gross margin [2] - Optical communication products: Ferrules and diaphragm plates benefit from AI computing power demand [2] - PKG, substrates, and slurry: Recovery driven by the consumer electronics industry [2] Valuation Metrics - 2024E PE: 27.17x [2] - 2025E PE: 23.04x [2] - 2026E PE: 19.41x [2] - 2024E PB: 2.97x [3] - 2025E PB: 2.73x [3] - 2026E PB: 2.50x [3]

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company is a leader in both two-wheel and four-wheel vehicles, benefiting from changes in domestic and international consumption structures [2] - The company has been deepening its global market layout, with revenue and profit growing at a CAGR of +36.61% and +52.98% respectively from 2018 to 2023 [2] - The company's product portfolio is continuously improving, with high-value U/Z series products accounting for 65% of sales in 2023, up from 10.4% in 2016 [2] - The company is expected to achieve net profits of 1.375 billion, 1.682 billion, and 2.123 billion yuan in 2024-2026, with year-on-year growth rates of 36.44%, 22.35%, and 26.24% respectively [3] Business Overview - The company is a domestic leader in all-terrain vehicles (ATVs) and medium-to-large displacement motorcycles, with ATVs accounting for 54% of revenue and motorcycles for 37% in 2023 [2] - The company has a well-established product portfolio, including ATVs, UTVs, and SSVs, catering to various market demands [19] - The company has been expanding its global presence, with overseas revenue accounting for 60% of total revenue, primarily from North America and Europe [26] Market Performance - In 2023, the company achieved revenue of 12.11 billion yuan, a year-on-year increase of 6.44%, with a CAGR of 36.61% from 2018 to 2023 [23] - Net profit in 2023 reached 1.008 billion yuan, a year-on-year increase of 43.65%, with a CAGR of 52.98% from 2018 to 2023 [23] - The company's gross profit margin for ATVs and motorcycles reached 39.52% and 24.64% respectively in 2023, showing significant improvement [25] Product Development - The company has been optimizing its product structure, with high-value U/Z series products accounting for 65% of ATV sales in 2023, up from 10.4% in 2016 [2] - The company has been launching new products, such as the CFORCE 1000T and ZFORCE 950 Sport 4, which offer competitive advantages in terms of performance and pricing [48][49] - The company has been expanding its product line, with new models like the UFORCE U10 PRO and ZFORCE Z10, which are expected to drive future growth [46] Global Expansion - The company has been deepening its global market layout, with overseas revenue accounting for 60% of total revenue, primarily from North America and Europe [26] - The company has established manufacturing bases in Thailand and Mexico, which have helped reduce tariff pressures and improve competitiveness [21] - The company has over 4,000 global retail and dealer outlets, with more than 1,700 overseas channels for motorcycles [3] Financial Projections - The company is expected to achieve net profits of 1.375 billion, 1.682 billion, and 2.123 billion yuan in 2024-2026, with year-on-year growth rates of 36.44%, 22.35%, and 26.24% respectively [3] - The company's revenue is projected to grow to 15.085 billion, 18.158 billion, and 21.558 billion yuan in 2024-2026, with year-on-year growth rates of 24.56%, 20.37%, and 18.72% respectively [3] Industry Trends - The global ATV market is expected to reach 19.32 billion USD by 2030, with a CAGR of 9.14% from 2020 to 2030 [34] - The global motorcycle market is projected to reach 172.8 billion USD by 2029, with a CAGR of 3.5% from 2014 to 2029 [52] - The Chinese motorcycle market has been recovering post-pandemic, with sales reaching 19.13 million units in 2022, a recent high [53]

化工行业周报 基础化工 / 行业投资策略周报 / 2024.09.03 投资评级:看好(维持) | --- | --- | |-------|---------------------| | | | | | 12 月市场表现 | | | 基础化工 沪深 300 | | 0% | 上证指数 | | -6% | | | -12% | | | -17% | | | -23% | | | -29% | | 分析师 梅宇鑫 SAC 证书编号：S0160524070002 meiyx@ctsec.com 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com | --- | --- | --- | |----------|------------------|------------| | | | | | 相关报告 | | | | 1. | 《化工行业周报》 | 2024-08-27 | | 2. | 《化工行业周报》 | 2024-08-19 | | 3. | 《化工行业周报》 | 2024-08-13 | 维生素价格有所降温，万华化学柠檬醛投产 证券研究报告 核心观点 ❖ 本周行 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-02 | | 收盘价 ( 元 ) | 13.60 | | 流通股本 ( 亿股 ) | 3.67 | | 每股净资产 ( 元 ) | 10.91 | | 总股本 ( 亿股 ) | 5.66 | | 最近 12 月市场表现 | | -46% -36% -27% -18% -9% 1% 北京人力 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李天阳 lity02@ctsec.com 相关报告 1. 《聚焦大客户管理，业务外包保持快 增》 2024-04-28 2. 《外包需求稳定，北京外企业绩韧性 强》 2024-01-30 3. 《外包服务持续扩张，巩固全国竞争 北京人力(600861) / 专业服务 / 公司点评 / 2024.09.03 推动专业化深耕，外包业务稳健增长 证券研究报告 ❖ 事件：公司发布 2024 半年报。2024H1，公司实现营业收入 218. ...