Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [10][42]. Core Insights - The company is experiencing significant growth in overseas markets, with a notable increase in revenue from smart electricity meters and distribution automation products. The overseas revenue reached 27.91 billion yuan in 2023, representing a year-on-year growth of 51.27% and accounting for 66.46% of total revenue [33][43]. - The domestic market is also expected to benefit from the recovery in real estate policies, which will drive demand for ring network cabinets and other distribution equipment [2][4]. - The company has a strong competitive position in the smart electricity meter market, with stable market share and expected growth in both domestic and international markets [43][66]. Summary by Sections 1. Company Overview - The company primarily focuses on smart electricity meters, with a growing emphasis on distribution and renewable energy sectors. It has established a strong presence in both domestic and international markets [1][75]. - The company has a concentrated shareholding structure, with the actual controller holding 22.02% of shares, ensuring stability in management [59][78]. 2. Revenue and Profitability - The company has shown robust revenue growth, with 2023 revenue reaching 42 billion yuan and a net profit of 9.82 billion yuan. The revenue growth rate is projected to remain high, with expectations of 25.02% for 2024 [44][66]. - The gross margin for the smart electricity meter business has improved significantly, reaching 43.85% in 2023, which is higher than the industry average [102][64]. 3. Market Dynamics - The domestic smart electricity meter market is on an upward cycle, with stable bidding volumes from major state-owned enterprises. The expected bidding volume for 2024 is projected to exceed previous highs [86][100]. - The overseas market is expanding rapidly, with the company leveraging its local strategies to enhance competitiveness and establish a strong foothold in various regions [21][33]. 4. Future Outlook - The company anticipates continued growth in both domestic and international markets, with a focus on enhancing its distribution automation and renewable energy segments. The expected revenue for 2024-2026 is projected to be 52.51 billion, 63.26 billion, and 76.16 billion yuan, respectively [41][66]. - The company is well-positioned to capitalize on the increasing demand for smart grid solutions globally, particularly in emerging markets [90][102].

大家好欢迎参加策略美谈五月以来哪些成长创新高目前所通过者均处境状态下面开始播放评测声明声明播放完毕后主讲老师可开始发言谢谢 本次会议紧面向财通证券的受邀嘉宾在任何情况下财通证券研究人员及演讲嘉宾所表述的意见并不构成对任何人的投资建议投资者应充分了解各类投资风险自主做出决策并自行承担投资风险未经财通证券及演讲嘉宾书面授权许可任何机构和个人不得以任何形式转发复制引用会议的内容与观点包括不得制作镜像及指向链接 不得传播音频、视频、图片、文字等内容如有上述行为财通证券保留追究相关方法律责任的权利 各位领导大家晚上好我来汇报一下策略观点那在上周的话我们看到了市场主要一个情况就是再破3000点所以在这样一个位置上的话我们交流下来其实大家对于底部的整体的一个看法的话其实分歧并不大尤其是对于这个300这些为代表的大票大家可能整体来说觉得也是可以说是年内的又一个底部的这样一个区间是可以进一步去布局的 但是呢对于一些小票的话可能分歧还比较大下半年的话整体上的感觉大家还是倾向于做多的机会会更多一些那么这个位置上面是一个机会大于风险的这样一个情况那我们去在过去的几周一直给各位领导强调整个下半年的整体应该来看是一个成长领跑的过程 那在 ...

大家好 欢迎参加财通商社回顾与展望2024年6月23日目前的参会者均处于静音状态下面开始播报面子声明先播完毕后主持人可直接开始发言 谢谢本次会议请面向财通证券的受邀嘉宾 在任何情况下财通证券研究人员及演讲嘉宾所表述的意见并不构成对任何人的投资建议投资者应充分了解各类投资风险自主做出决策并自行承担投资风险未经财通证券及演讲嘉宾书面授权许可任何机构和个人不得以任何形式转发、复制、引用会议的内容与观点包括不得制作镜像及指向链接 不得传播音频视频图片文字等内容如有上述行为财通证券保留追究相关方法律责任的权利大家好我是财通商社的分析师刘洋然后我们今天和大家汇报一下这个近期的观点然后本周的策略会我们在策略会上的话有一个公开的这个呃汇报就是关于从人口的这个结构出发然后和大家提示一个未来十年的一个比较持续的一个大周期就是我们国家 在接下来的话实际上是最后的一波可以预见的最后的一波这个结构性的人口红利就是十五岁到二十四岁的这波人口实际上是从今年或者从明年开始将进入一个持续九到十年的一个快速上升期那么这是由两千年之后的我们的一波出生潮这个叠加当时的生育率的波动所造成的那么传导到现在的话实际上就是在一个 横跨初中高中高等教育以及准 ...

社会服务 /行业投资策略周报 / 2024.06.23 关注人口结构周期的机会 证券研究报告 投资评级:看好(维持) 核心观点 ❖ 文旅：暑期出行市场开启预热，二季度末目前全国雨水天气较为严重影响出 最近12月市场表现 行、且中报预期较为中性，当前建议关注三季度旅游热点及各公司旺季业绩兑 现情况。 社会服务 沪深300 6% ❖ 酒店：供给回流叠加去年高基数，二季度行业量价同比有一定压力，关注暑 期旺季出行景气度和龙头品牌拓店提升市占率水平。三季度海外减亏、直营店 -3% 改善或带动业绩释放。2024年第24周，全国OCC较2019年同期-7.33pct， -11% 全国ADR较2019年同期-5.96%，全国RevPAR较2019年同期-16.82%。 -19% -27% ❖ 教育：1）公职考培：公考市场高景气，报考人数持续增长，头部公司纷纷加 大基地班建设投入，并研发长周期班型满足市场需求，市占率有望持续提升。 -35% 6-7月公务员/事业单位录取名单陆续发布，机构迎来面试班收入确认高峰期， 业绩确定性强。2）K12：暑期非学科培训旺季将至，头部机构加大网点布局。 6月以来，卓越教育开业深圳龙岗中心城校 ...

农林牧渔 / 行业投资策略周报 /2024.06.22 产能恢复偏慢，猪价短期调整不改上行趋势 证券研究报告 投资评级:看好(维持) 农业重点数据跟踪周报 最近12月市场表现 核心观点 ❖ 生猪养殖：猪价偏弱震荡，价格周期反转。产能去化传导供应偏紧，节后需求表 农林牧渔 沪深300 现一般，猪价震荡调整；产业看涨情绪略有减弱，仔猪价格调整，二育入场减 8% 少。中长期，企业现金流压力增加明显，价格周期反转，持续推荐配置生猪养 3% 殖。1）数量端：5月能繁母猪存栏有所增加。据国家统计局数据，5月底能繁母 -2% 猪存栏数量3996万头，月环比+0.25%。2）价格端：震荡调整。根据涌益咨 询，6月20日，/商品猪出栏价为18.56元/kg，周环比-1.43%。相关标的：牧 -7% 原股份，温氏股份，新五丰，巨星农牧。 -13% ❖ 禽类养殖：白鸡小幅反弹。据钢联统计，2024年5月祖代引种及自繁更新量在 -18% 14.25万套，环比-5.63%。下游毛鸡有一定缺口或对价格形成支撑，后续商品代 价格有望和猪价形成共振。相关标的：圣农发展，益生股份。 ❖ 动保：行业需求有望触底回升，潜在成长性持续催化。从养殖周 ...

Rating Standards - The report uses a 6-month performance standard relative to market benchmark indices for rating securities: Buy if performance exceeds 10%, Hold if between 5% and 10%, Neutral if between -5% and 5%, Sell if below -5%[4] - The benchmark indices are: CSI 300 for A-shares, Hang Seng Index for Hong Kong, and S&P 500 for the US market[4] Market Analysis - The current macroeconomic environment is characterized by uncertainty, with expectations of a potential Fed rate cut being delayed due to persistent inflation[31] - As of May 2024, the market has shown a typical "barbell" configuration, with electronics and dividend stocks leading performance[30] - In the past month, 7 secondary industries have seen gains over 5%, with Consumer Electronics at 10.1%, Semiconductors at 6.6%, and Components at 5.5%[33] Investment Strategy - Focus on sectors with high long-term dividend yields, such as banks, textiles, home furnishings, and telecommunications, as well as Hong Kong stocks with superior dividend yields compared to their A-share counterparts[17] - The TMT index has a widening gap of -19% compared to the dividend index, indicating a favorable risk-reward ratio for TMT investments[17] Risk Factors - Key risks include potential unexpected rate hikes by the Fed, overseas financial instability, and the possibility of historical trends failing to hold[18]

| --- | --- | |----------------------------------------|--------------| | | | | | 证券研究报告 | | | | | 地产销售渐走高 | | | 实体经济图谱 2024 年 第 2 3 期 | | | | | | 分析师：陈兴 博士 | | | 财通宏观首席分析师 S0160523030002 | | | 分析师：马骏 博士 S0160523080004 | | | 联系人：陈莹 | | 2024年6月22日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-----------|-------|-------|-------|-------|-------|----------|-------|-------|-------|-------|----- ...

寻找平衡 ——"美"周市场复盘（6 月第 4 周） 证券研究报告 分析师 李美岑 SAC 证书编号：S0160521120002 limc@ctsec.com 联系人 熊宇翔 xiongyx@ctsec.com 核心观点 ❖ 本周 5 个行业收涨，电子、通信在"车路云"、"低空经济"等催化下领 涨行业。其中，电子（1.9%）、通信（1.3%）以及建筑（0.3%）领涨行业； 地产（-5.8%）、商贸零售（-5.2%）和传媒（-5.1%）等出现较大调整。近几周 来看，市场资金持续在不同板块间快速轮动，寻找新的投资主线。科技成长板 块受到资金的青睐，特别是在供给出清和需求回暖的背景下，消费电子链、半 导体设计、创新药和机器人等子行业成为关注焦点。同时，"泛 AI+华为"新一 轮技术供给创造需求的预期，以及出口链中中国优势制造和海外补库存的逻 辑，也吸引了资金流入。此外，高股息资产和低位顺周期板块，如有色金属、 石油、家电和交运等也再度回归。整体而言，市场在等待更明确的经济复苏信 号和政策支持，投资者保持谨慎，同时积极寻找结构性机会。 策略专题报告 / 2024.06.22 分析师 王亦奕 SAC 证书编号：S016 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The FDA has recently approved four menthol-flavored e-cigarettes from NJOY, marking the first approval of flavored e-cigarettes beyond tobacco in the U.S. This indicates a clearer regulatory direction and potential benefits for compliant products [2] - The approval of menthol-flavored e-cigarettes is expected to create new opportunities for other brands to gain approval, particularly in the disposable and pod-based product segments [2] - The company, Smoore International, is positioned well in the e-vapor market, having achieved a net profit of 310 million yuan in Q1 2024, a year-on-year increase of 5.6%, indicating a return to positive growth [2] - The company is expected to see a net profit of 1.8 billion, 2.08 billion, and 2.47 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 29, 25, and 21 [3] Financial Summary - The company's revenue for 2024 is projected to be 12.19 billion yuan, with a growth rate of 9.17% [6] - The net profit for 2024 is estimated at 1.8 billion yuan, reflecting a growth rate of 9.17% [6] - The company's total assets are expected to grow from 25.51 billion yuan in 2023 to 32.17 billion yuan by 2026 [5] - The company's earnings per share (EPS) is projected to increase from 0.27 yuan in 2023 to 0.40 yuan in 2026 [6]

农林牧渔 /行业投资策略月报 / 2024.06.20 猪价震荡向上，继续看好养殖板块 证券研究报告 投资评级:看好(维持) 5 月畜禽养殖跟踪月报 最近12月市场表现 核心观点 ❖ 生猪养殖：猪价震荡向上，产能去化或延续。供应压力环比减少，企业有惜 农林牧渔 沪深300 售挺价行为，需求端对猪价支撑较为有限；供需博弈下，猪价整体震荡偏强。 6% 据农业农村部，5月生猪均价为15.59元/kg，月环比+1.55%，月同比+7.16%。 1% 看涨情绪下有养殖户进行压栏，根据涌益咨询，5月全国平均商品猪出栏体重 -4% 为125.64kg，月环比-0.35%。5月行业产能去化或延续。母猪主动淘汰意愿较 -9% 低，但由于前期空栏率高的养殖户基本已经完成补栏，养殖户受资金影响补栏 -14% 较为谨慎，且梅雨季节即将到来，猪瘟疫情或有反复，整体产能变化幅度不大。 -19% 根据国家统计局数据，4 月能繁母猪存栏数量 3986 万头，月环比-0.10%。仔 猪价格涨幅明显，据农业农村部，5月仔猪均价38.70元/kg，月环比+5.38%， 月同比+6.04%。5月上市公司生猪出栏量同比下行，生猪养殖行业15家上市 分 ...