Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Views - The company is a leading state-owned enterprise in the construction sector, recognized as the largest investment and construction group globally, with a consistent dividend payout rate above 20% since 2020 and a TTM dividend yield of 4.5% [2][3]. - Recent fiscal policies and the easing of property purchase restrictions are expected to restore demand in the real estate and infrastructure sectors, with state-owned enterprises being the primary beneficiaries [2][3]. - The company's performance is projected to improve due to a focus on core markets and expansion into high-demand sectors, leading to stable growth in revenue and profits [3][7]. Summary by Sections Company Overview - The company, known as China State Construction Engineering Corporation, has a diversified business model covering housing construction, infrastructure development, and real estate investment, with a strong market presence both domestically and internationally [16][22]. - The company has shown steady growth since its listing, with new contract amounts increasing from 935.7 billion to 3,872.7 billion from 2012 to 2023, reflecting a CAGR of 13.8% [22]. Industry Analysis - The easing of real estate policies is expected to lead to a recovery in housing demand, with significant government support aimed at stabilizing the market [27][33]. - The construction sector is anticipated to benefit from increased fiscal measures, including the issuance of special bonds to support local governments and infrastructure projects [33][35]. - The market share of leading state-owned enterprises is projected to continue rising, driven by their extensive project portfolios and strong government backing [37]. Company Analysis - The company has been expanding its market share in the housing construction sector, leveraging its financial strength and technical expertise to capture new opportunities [38]. - The industrial construction segment has seen significant growth, with a 58.9% increase in orders for industrial plant construction in 2023, indicating a robust demand outlook [40]. - The company's valuation remains low compared to its peers, suggesting potential for recovery as market conditions improve [3][26].

]yrtsudnI_elbaT[ [Table_Title] 同力日升（605286）深度研究 电梯部件制造领先者，新能源行业新星 2024 年 10 月 11 日 [Table_ 【投资要点 Summary]】 电梯部件制造领先者，业绩高速增长。同力日升作为电梯部件制造行 业领先者，2024H1 营收达 13.26 亿元，yoy+28.81%；公司归母净利润 在 2019 至 2022 年基本保持平稳， 2023 年归母净利润达 2.1 亿元， yoy+50.46%，2024H1 归母净利润达 1.23 亿元，yoy+65.24%。公司业 绩在多年平稳后于 2023、2024H1 均迎来高速增长。 电梯存量替换需求高增，同力日升有望受益。电梯部件制造行业受电 梯终端需求量影响较大，自 2021 年以来房地产行业发展减缓，电梯 产量有所波动。新建地产整机需求放缓，但存量替换需求高增，2023 年预计运行 15 年以上的老旧电梯超过 80 万台，随着存量电梯逐步进 入替换周期，公司深耕电梯部件制造行业多年，是电梯零部件领先者， 世界一线品牌供应商，有望充分受益。 储能市场景气向上，子公司技术领先订单丰富。我国风 ...

T[ 公 司 研 究 / 电 气 设 备/ 证 券 研 究 报 告 挖掘价值 投资成长 10/10 12/10 2/10 4/10 6/10 8/10 横店东磁 沪深300 [Table_Title] 横店东磁（002056）深度研究 光伏差异化优势显著，印尼投产剑指美 国市场 2024 年 10 月 10 日 磁材+新能源双轮驱动，经营业绩稳步增长。1）磁材器件：公司是全 球最大铁氧体磁性材料生产企业，出货量位列行业首位。公司基于铁 氧体磁材，横向布局多材料体系，纵向延伸发展器件；2）光伏：目 前具备 17GW 电池和 12GW 组件产能，位居 Infolink 2023 年全球组件 出货排名前十，Wood Mackenzie 2023 年光伏组件制造商第九位；3） 锂电：目前具备 7GWh 锂电池产能，主要生产小动力电池，聚焦电动 两轮车、电动工具等领域，出货位居国内小动力圆柱电池前三。 2019-2023 年公司营收/利润复合增速 31.66%/27.32%，经营业绩稳步 增长。 光伏：1）行业稳步向上，装机潜力充足。光伏行业稳步向上，24年 1-7月国内新增装机增速/电池组件出口增速分别27.14%/ ...

]yrtsudnI_elbaT[ [Table_Title] 天合光能（688599）动态点评 天合光能 沪深300 光储融合多元发展，设立产投深化布局 2024 年 10 月 10 日 [Table_ 【事项Summary 】 ] 10 月 1 日，公司公告参与设立建新星元绿色双碳产业创业投资基金（有 限合伙），投资方向重点关注绿色能源（包括但不限于光伏及储能相关 产业链）、绿色制造、节能降碳新材料、零碳负碳排放、信息技术与数 字化领域。 【评论】 光储融合发展，多元业务布局。公司是光伏智慧能源整体解决方案提 供商，主要业务包括光伏产品、光伏系统和智慧能源三大板块，24H1 公司多业务板块协同，光伏组件出货 34GW，同比增长超 25%，储能业务 出货 1.7GWh，同比增长近 300%，支架业务出货 3.2GW，覆盖全球主要 光伏市场，分布式系统出货 3.2GW。得益于多元化业务布局，公司在行 业深度洗牌阶段仍然实现整体盈利，24H1 公司实现营业收入 429.68 亿 元，归母净利润 5.26 亿元。 加速海外产能扩张，满足全球客户需求。2024 年 5 月，美国商务部对 从东南亚四国（马来西亚、越南、 ...

[Table_Title] 汽车行业动态点评 特斯拉Robotaxi发布在即，商业化进程 有望加速 2024 年 10 月 10 日 [Table_Summary] 【事项】 近日，特斯拉官方发布消息，预告将在加州时间 10 月 10 日（北京时 间 10 月 11 日）发布 Robotaxi。 文远知行将于 10 月 15 日全球首发全新一代 Robotaxi，将实现全场景、 全自动、全新体验。 【评论】 市场空间广阔，国内外厂商加速布局。据 IHS Markit 预测，2030 年 我国共享出行的总市场规模有望达到 2.25 万亿，年复合增长率在 20%-28%之间,其中，Robotaxi 在其中的占比有望达到 60%，规模为 1.3 万亿。除 Robotaxi 外，国内外各厂商纷纷尝试在公交、物流等领域 落地无人驾驶应用： Waymo：Waymo 目前累计自动驾驶里程已经超过了 2220 万英里（约 3500 万公里），相比 2023 年底增长了 212%。Waymo 在美国拥有大约 700 辆 运营车辆，每周提供超过 10 万次付费的 Robotaxi 服务。 文远知行：目前拥有包括 Robotaxi ...

Investment Rating - The report gives the company a "Buy" rating for the first time [2] Core Views - The company is a leading private enterprise in the relay protection products sector, with steady growth in both grid and non-grid businesses [1] - The company has a strong position in the grid business, with stable market share and contributions to steady performance, while the non-grid business, especially in the new energy sector, brings significant incremental growth [2] - The company is expected to achieve revenues of 6.94/8.22/9.38 billion yuan in 2024-2026, with growth rates of 20.65%/18.50%/14.03%, and net profits of 726/857/1006 million yuan, with EPS of 0.87/1.03/1.21 yuan [2][6] Business Segments Grid Automation - The company maintains a leading position in main grid relay protection products and is closely following grid demands to develop new secondary products [7] - The grid automation business is expected to achieve revenues of 3.36/3.80/4.07 billion yuan in 2024-2026, with gross margins of 42%/41.5%/41.5% [7] Power Plant and Industrial Automation - The company has stable performance in traditional power generation markets and is seeing growth in new energy sectors, particularly in distributed photovoltaic products and reactive power compensation equipment [8] - The power plant and industrial automation business is expected to achieve revenues of 3.05/3.66/4.32 billion yuan in 2024-2026, with gross margins of 26.5%/26%/26% [8] Other Businesses - The company is expanding in areas such as grid-forming energy storage and industrial and commercial integrated cabinets, leveraging its power electronics technology [9] - The other businesses are expected to achieve revenues of 524/760/989 million yuan in 2024-2026, with gross margins maintained at the level of the first half of 2024 [9] Financial Performance - The company achieved revenues of 5.75 billion yuan in 2023, with a growth rate of 13.24%, and net profits of 627 million yuan, with a growth rate of 15.46% [3] - The company's EBITDA in 2023 was 785 million yuan, with a growth rate of 15.78%, and EPS was 0.75 yuan [3] - The company's P/E ratio in 2023 was 18.88, and the P/B ratio was 2.79 [3] Market Position - The company is a leading private enterprise in the relay protection products sector, with a stable market share in the grid business and significant growth in the new energy sector [1][2] - The company has a strong position in the grid automation business, with a market share of 15.6% in 2023 and 14.2% in the first four batches of centralized bidding in 2024 [45] Innovation and Growth Drivers - The company is innovating in grid automation, power plant and industrial automation, and other businesses, particularly in grid-forming energy storage and industrial and commercial integrated cabinets [9][10] - The company's growth is driven by the increasing demand for new energy equipment, reactive power compensation devices, and grid automation products [10][11]

[Table_Title] 电气设备行业专题研究 挖掘价值 投资成长 锂电新技术跟踪之一：Cybertruck上量 +LG松下量产，4680从1到10 2024 年 10 月 10 日 [Table_Summary] 【投资要点】 特斯拉边际变化：半年产能增长 3 倍、新技术推进。1）量增：24 年 8 月交付 5000 台 Cybertruck，预计 24 年底达到 1 万台以上。据此推 断，24 年 8 月 4680 装车 615MWh，24 年 12 月达到 1.5GWh。我们推算 出 24 年 9 月 15 日时，特斯拉的 4680 年化产能已达到 16GWh，可匹配 13 万辆 Cybertruck，标志着 4680 已实现从 1 到 10，是 24 年年中的 4 倍左右。根据 Troy Teslike 预测，特斯拉 24Q4 将实现 8.5GWh 的产 量。展望未来，电池端，内华达工厂规划 100GWh 电池产能，或匹配 Semi 半挂车；车端，截止 23 年 11 月份，Cybertruck 已收到 200 万 台预定订单，另外，随着 4680 上量，25 年或许能看到它重新用回到 Model ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Viewpoints - The company has established a significant competitive advantage in the plastic pipe market through over 20 years of deep cultivation, characterized by a flat channel structure, strong profitability, and high asset quality [2][6]. - Demand recovery is anticipated, particularly benefiting leading pipe manufacturers as the market shifts towards small B and C-end channels [2][6]. - The company is transitioning from a plastic pipe manufacturer to a comprehensive water system service provider, significantly increasing the potential value per household [2][6]. Summary by Relevant Sections Company Overview - Founded in 1999, the company is a leading retail PPR pipe manufacturer in China, with a diverse product range including PPR, PE, PVC pipes, waterproofing, and water purification products [15][26]. Industry Analysis - The plastic pipe industry is valued at approximately 161.9 billion yuan, with stable production levels. The demand is expected to benefit from real estate policy adjustments and increased renovation needs [27][30][31]. Financial Performance - The company’s revenue for 2023 is projected at 6,378.28 million yuan, with a slight decline of 8.27%. However, a recovery is expected in subsequent years, with net profits forecasted to be 1,382.36 million yuan in 2024, reflecting a decrease of 3.49% [7][6]. Growth Potential - The company is expanding its product categories, aiming to enhance the value per household significantly. For instance, the potential value can increase from 1,800 yuan for plastic pipes to 5,400 yuan when including waterproofing and purification products, and up to 9,400 yuan with heating systems [2][6]. Market Trends - The report highlights a shift in the market towards small B and C-end channels, with leading companies expected to gain market share as demand recovers due to favorable real estate policies [2][6].

[Table_Title] 信息技术行业动态点评 挖掘价值 投资成长 信息技术 沪深300 数据要素政策持续催化，产业趋势明确 向好 2024 年 10 月 09 日 [Table_Summary] 【事项】 根据中国网采访信息平台，国新办将于 10 月 10 日举行新闻发布会， 请国家数据局局长刘烈宏介绍公共数据资源开发利用有关情况，并答 记者问。 10 月 8 日，国家发改委印发《国家数据标准体系建设指南》。其中要 求，到 2026 年底，基本建成国家数据标准体系，围绕数据流通利用 基础设施、数据管理、数据服务、训练数据集、公共数据授权运营、 数据确权、数据资源定价、企业数据范式交易等方面制修订 30 项以 上数据领域基础通用国家标准，形成一批标准应用示范案例，建成标 准验证和应用服务平台，培育一批具备数据管理能力评估、数据评价、 数据服务能力评估、公共数据授权运营绩效评估等能力的第三方标准 化服务机构。 【评论】 数据要素相关政策密集催化，标准体系确立明晰产业方向。数据标准 体系结构包括基础通用、数据基础设施、数据资源、数据技术、数据 流通、融合应用、安全保障等 7 个部分。在组织保障方面，指导建立 全 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [2]. Core Views - The company reported strong growth in H1 2024, achieving revenue of 1.08 billion yuan, a year-on-year increase of 31.7%, and a net profit attributable to shareholders of 72 million yuan, up 421.3% year-on-year [1][3]. - The growth in revenue is attributed to the normalization of project funding and delivery schedules, as well as strategic market expansion efforts [1]. - The company focuses on high-quality water supply pipeline products and provides comprehensive water-saving solutions, with a strong presence in the northwest market and progress in other regions [1][3]. Financial Performance - In H1 2024, the company achieved a gross margin of 31.95%, an increase of 4.5 percentage points year-on-year, and a net profit margin of 7.47%, up 5.0 percentage points year-on-year [1]. - The company’s revenue from concrete pipes reached 473 million yuan, a year-on-year increase of 49%, while revenue from plastic pipes was 328 million yuan, up 35% year-on-year [1]. - The company’s cash flow from operations improved, with a net cash flow of -62 million yuan, an improvement from -77 million yuan in the same period last year [1]. Future Outlook - The company is well-positioned in the high-demand water resource allocation sector, with significant government support for water infrastructure projects [1][3]. - The report highlights the company's competitive edge in the PCCP market and its comprehensive service capabilities in water conservancy engineering [3]. - The company has secured new contracts worth 1.302 billion yuan in H1 2024, with a backlog of contracts amounting to 2.167 billion yuan to be executed in future periods [3]. Earnings Forecast - The forecast for net profit attributable to shareholders is 178 million yuan for 2024, 200 million yuan for 2025, and 218 million yuan for 2026, corresponding to P/E ratios of 19.7, 17.5, and 16.0 respectively [4].