]yrtsudnI_elbaT[ [Table_Title] 宏观政策点评 政策指引落地，市值管理践行度提升 2024 年 10 月 08 日 [Table_ 【事项】Summary] 9 月 24 日，证监会发布《上市公司监管指引第 10 号——市值管理（征 求意见稿）》（以下简称《指引》），就市值管理向社会公开征求意见。 同时发布《指引》的起草说明，就起草背景和《指引》主要内容进行 情况说明。 《指引》共十四条，包括明确市值管理的定义、明确相关主体的责任 义务、明确两类公司的特殊要求和明确禁止事项四方面内容。要求上 市公司以提高上市公司质量为基础，提升经营效率和盈利能力，并结 合实际情况依法合规运用并购重组、股权激励、现金分红、投资者关 系管理、信息披露、股份回购等方式，推动上市公司投资价值提升。 我们对《指引》的解读和市场影响判断如下： 挖掘价值 投资成长 [Table_Author] 东方财富证券研究所 证券分析师：陈然 证书编号：S1160524060002 联系人：李嘉文 电话：18019080337 | --- | --- | |-----------------------------|--- ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Insights - The company has shown resilience in growth during Q2 2024, with significant increases in both revenue and net profit compared to the previous quarter, driven by strong demand for fast-charging differentiated products and effective cost control [4][5]. - The company is expected to maintain full production capacity in Q3 2024, benefiting from its established capabilities in high-performance battery anode materials [4]. - Revenue projections for the company are optimistic, with expected revenues of 47.6 billion, 65.7 billion, and 96.2 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 8.4%, 38.1%, and 46.4% [4][5]. Financial Performance Summary - For H1 2024, the company reported revenue of 20.93 billion yuan, a year-on-year increase of 6.45%, while net profit attributable to shareholders was 3.57 billion yuan, down 11.86% year-on-year [4]. - In Q2 2024, the company achieved revenue of 12.32 billion yuan, a year-on-year increase of 21.52% and a quarter-on-quarter increase of 43.08% [4]. - The gross margin for Q2 2024 was reported at 24.80%, showing a slight decline compared to the previous year [4]. - The company’s net profit margin for Q2 2024 was 16.88%, also reflecting a decrease from the previous year [4]. Market Position and Competitive Advantage - The company has established a strong market presence by entering the supply chains of well-known lithium-ion battery manufacturers, which has contributed to its increasing market share [4]. - The company’s cost advantages stem from its advanced manufacturing processes and precise control over production variables, which enhance its competitive position in the market [4].

]yrtsudnI_elbaT[ [Table_Title] 多氟多（002407）2024年中报点评 《六氟磷酸锂探底，电子材料稳步扩 张》 锂盐价格下跌，业绩短期承压 2024 年 10 月 07 日 [【投资要点】 Table_Summary] 毛利率回落导致利润承压。2024H1 年公司实现营业收入 46.1 亿元， 同比下降 12.5%；实现毛利润 4.2 亿元，同比下降 54.2%；实现归母 净利润 0.7 亿元，同比下降 73.8%；实现扣非后归母净利润 0.15 亿元， 同比下降 93.3%。公司 2024Q2 实现收入 24.8 亿元，同比下降 11.2%， 环比增长 16.5%；实现归母净利润 0.31 亿元，同比下降 80.1%，环比 下降 22.3%；实现扣非后归母净利润 0.07 亿元，同比下降 95.0%，环 比下降 11.5%。公司 2024H 毛利率和扣非后销售净利率分别为 9.11% 和 0.33%,同比分别回落 8.29 和 3.98 个百分点。 氟基新材料和电子信息材料产品收入维持增长态势。2024H1 公司新能 源材料实现收入 13.39 亿元，同比下降 46.6%；实 ...

行 业 研 究 / 建 材/ 证 券 研 究 报 告 [Table_Title] 建材行业专题研究 2024 年 09 月 30 日 首提止跌回稳，沿超跌修复、大宗涨价、 出海三个方向进攻 关注 Q4 大宗商品弹性。根据数字水泥新闻，9 月 27 日至 10 月 31 日， 华东地区水泥企业将限产 12 天，如果严格执行，期间长三角地区水 泥产量预计下降 35%。目前长三角地区熟料价格已经上涨 100 元/吨， 当地企业预计在 9 月 28 日推涨水泥价格 100 元/吨。我们复盘了 2013、 2016、2021 三年旺季水泥价格表现，在需求表现较为一般，但旺季有 供给扰动的情况下，水泥价格总体能在旺季逐步上涨，特别是 2021 年因能耗双控全国大范围限产时，长三角水泥价格旺季大幅上涨 273 元/吨，弹性明显，因此我们对于此次涨价执行情况总体持乐观态度， 当前长三角水泥价格为 275-335 元/吨，涨价带来的 Q4 业绩弹性显著。 此外，我们认为，除水泥外，其余大宗建材如玻璃、玻纤，如能在 Q4 实物工作量回暖的情况下同时增加供给端冷修，也有望彰显价格利润 弹性。 [Table_Summary] 【投资 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 电 气 设 备/ 证 券 研 究 报 告 福斯特 沪深300 [Table_Title] 福斯特（603806）深度研究 胶膜龙头强者恒强，多维优势穿越周期 2024 年 09 月 27 日 [Table_ 【投资要点 Summary]】 光伏封装材料龙头，多元布局加速成长。公司是光伏封装方案龙头， 光伏胶膜产品连续多年市占率 50%左右，同时大力发展其他新材料产 业，电材+膜材构建第二增长曲线。24H1 公司营收 107.64 亿元，同比 增长 1.39%，归母净利润 9.28 亿元，同比增长 4.95%，业绩稳步提升。 光伏胶膜受益技术迭代，竞争格局优异有望出清。胶膜组件成本占比 较低，但对组件寿命和效率发挥重要作用，随着 N 型迭代和栅线工艺 优化，催生高性能及新品类胶膜需求，胶膜价值量有望提升。1)需求: 胶膜需求随光伏新增装机和光伏组件产量提升而稳步增长，预计 2024-2026 年全球光伏胶膜需求 60.67/71.42/75.17 亿平。2）供给： 竞争格局"一超多强",福斯特出货及盈利显著领先，我们认为未来 龙头份额将进一步提升，主要理由为 ...

Investment Rating - The report assigns a rating of "Accumulate" for Zhongwei Co., Ltd. (300919) [3] Core Views - The company's revenue and profit have shown growth against the trend, driven by the increase in nickel product output. In H1 2024, the company achieved operating revenue of 20.086 billion yuan, a year-on-year increase of 16.3%, and a net profit attributable to shareholders of 864 million yuan, up 12.5% year-on-year [2][3] - The increase in nickel product output from Indonesia is identified as the core driver for the company's revenue and profit growth [2][3] Financial Performance Summary - In H1 2024, the company reported: - Operating revenue: 20.086 billion yuan, up 16.3% year-on-year - Gross profit: 2.565 billion yuan, up 33.8% year-on-year - Net profit attributable to shareholders: 864 million yuan, up 12.5% year-on-year - Net profit after deducting non-recurring gains and losses: 767 million yuan, up 26.7% year-on-year - Gross margin: 12.8%, an increase of 1.67 percentage points year-on-year - Net profit margin after deducting non-recurring gains and losses: 3.8%, an increase of 0.32 percentage points year-on-year [2][3] Product Segment Performance - The company's ternary precursor business generated revenue of 8.837 billion yuan in H1 2024, a decrease of 21.3% year-on-year, with a production volume of 114,000 tons, up 7.8% year-on-year [2] - Nickel product business revenue reached 6.170 billion yuan with a gross margin of 9.7%, and a gross profit of 600 million yuan [2] - The cobalt oxide product segment generated revenue of 1.115 billion yuan, down 22.0% year-on-year, with a production volume of 11,900 tons, up 72.2% year-on-year, and a gross margin of 9.7%, an increase of 4.5 percentage points year-on-year [2] Future Outlook - The report forecasts the company's revenue and profit for 2024-2026 as follows: - 2024: Revenue of 39.11 billion yuan, net profit of 2.07 billion yuan - 2025: Revenue of 47.26 billion yuan, net profit of 2.48 billion yuan - 2026: Revenue of 55.59 billion yuan, net profit of 2.95 billion yuan - Corresponding EPS for these years are projected to be 2.21 yuan, 2.64 yuan, and 3.15 yuan, with PE ratios of 13.2x, 11.1x, and 9.3x respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863 HK) [3] Core Views - Leapmotor has significantly improved profitability and increased R&D investment in new models The company achieved positive gross margin for the first time in Q3 2023 at 1 2% and reached 6 7% in Q4 2023 [2] - The company has optimized its product matrix with a dual powertrain strategy (BEV+EREV) and plans to launch 7 new models by 2026 including B-series and D-series vehicles [2] - Leapmotor's global expansion strategy with Stellantis is expected to drive overseas growth with plans to enter European Middle Eastern and African markets starting September 2024 [2][4] Financial Performance - In H1 2024 Leapmotor achieved revenue of 8 845 billion yuan a 52% YoY increase with a net loss of 2 212 billion yuan mainly due to increased R&D expenses for new models and smart driving technology [2] - The company's gross margin improved to 1 13% in H1 2024 compared to negative margins in previous years [2] - Revenue is projected to grow significantly from 31 796 billion yuan in 2024 to 75 573 billion yuan in 2026 with gross margins expected to reach 13% by 2026 [4][7] Product Strategy - Leapmotor currently offers 5 models priced between 100 000-200 000 yuan with C-series models accounting for 72% of deliveries in H1 2024 [2][18] - The company plans to launch 3 B-series models priced at 100 000-150 000 yuan by 2025 and 3 D-series models around 200 000 yuan by 2026 [2][16] - Leapmotor's C16 model a 6-seat SUV priced under 200 000 yuan achieved over 10 000 orders in its first month of launch [59] Technology and R&D - Leapmotor has developed six core technology platforms including vehicle architecture electronic electrical architecture intelligent powertrain intelligent battery intelligent cockpit and intelligent driving [25] - The company's self-developed CTC 2 0 battery technology achieves a volume utilization rate of 79% and reduces weight by 15% compared to traditional designs [32] - Leapmotor's Leapmotor OS 3 0 intelligent cockpit system is powered by the Qualcomm Snapdragon 8295 chip offering 30TOPS of AI computing power [40] Overseas Expansion - Leapmotor International a joint venture with Stellantis plans to launch C10 and T03 models in 9 European countries starting September 2024 [60] - The company aims to establish 200 sales outlets by the end of 2024 and expand to 500 outlets by 2026 [61] - Overseas sales are projected to grow from 10 000 units in 2024 to 120 000 units in 2026 [7] Market Position - Leapmotor is positioned as a technology-driven new energy vehicle manufacturer with full-stack self-research capabilities [4] - The company's "China market + overseas market + Tier 1" strategy aims to expand from vehicle manufacturing to component supply leveraging its cost advantages and technological capabilities [8]

[Table_Title] 医药生物行业专题研究 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------| | ...

[Table_Title] 建材行业动态点评 行 业 研 究 / 建 材/ 证 券 研 究 报 告 降息周期下，关注一线建材的修复机 会，重视存量二手需求和出海方向 2024 年 09 月 25 日 海外需求有望恢复，利好出海建材企业。我们认为美联储降息将从两 个方面利好出海建材企业：1）降息后包括美国在内的海外经济有望 恢复，带动相关地产需求恢复；2）人民币及新兴国家货币贬值压力 减小，利于工程及贸易结算，同时出海建材企业面临的汇率减值压力 降低。但考虑到近期地缘政治冲突、贸易冲突频发，我们认为在海外 拥有产能的企业是最主要的受益者。 关注旺季大宗建材潜在价格弹性。在一揽子货币及财政政策出台后， 我们认为市场整体信心将有所恢复，整体经济预计有所好转，后续地 方政府专项债、特别国债等资金有望加速发行，Q4 起实物工作量有望 恢复。根据 Choice 数据，2024H1，建材板块合计收入 3213 亿元，同 比-13.1%，归母净利润 82.2 亿元，同比-61.1%，而就大宗建材而言， 2024H1，水泥板块收入 1898 亿元，同比-19.6%，归母净利润-5.33 亿 元，同比大幅下降转亏（2023H1: ...

Investment Rating - The investment rating for the company is "Accumulate" [3]. Core Insights - In the first half of 2024, the company achieved a revenue of 164.395 billion yuan, representing a year-on-year growth of 29.62%. In Q2 alone, revenue reached 88.888 billion yuan, up 31.97% year-on-year. The net profit attributable to shareholders for the first half was 9.28 billion yuan, a 17.86% increase year-on-year, with Q2 net profit at 5.098 billion yuan, growing 38.91% year-on-year [2]. - The overall gross margin for the first half was 21.43%, an increase of 1.12% year-on-year. The sales expense ratio, management expense ratio, and R&D expense ratio were 6.92%, 1.65%, and 6.48%, respectively, with management and R&D expense ratios declining year-on-year [2]. - The company launched its first smart electric vehicle, the Xiaomi SU7 series, in March 2024, generating approximately 6.4 billion yuan in revenue in Q2, with a gross margin of 15.4% [2]. Summary by Sections Financial Performance - The company reported a total revenue of 164.395 billion yuan for H1 2024, with a 29.62% year-on-year increase. Q2 revenue was 88.888 billion yuan, up 31.97% year-on-year. The net profit attributable to shareholders for H1 was 9.28 billion yuan, a 17.86% increase, with Q2 net profit at 5.098 billion yuan, growing 38.91% year-on-year [2]. - The gross margin for H1 was 21.43%, up 1.12% year-on-year. The sales expense ratio increased slightly, while management and R&D expense ratios decreased [2]. Business Segments - In Q2, smartphone revenue was 46.5 billion yuan, a 27.1% year-on-year increase, with a shipment of 42.2 million units, up 28.1% year-on-year. The gross margin for smartphones was 12.1%, down 1.2% due to market competition and component price increases [2]. - The Internet of Things (IoT) and lifestyle products generated 26.8 billion yuan in Q2, a 20.3% year-on-year increase, with a gross margin of 19.7% [2]. - The internet services segment reported revenue of 8.3 billion yuan in Q2, an 11.0% year-on-year increase, with a gross margin of 78.3% [2]. Future Outlook - The company has updated its revenue forecasts, expecting revenues of 351.49 billion yuan, 389.75 billion yuan, and 434.56 billion yuan for 2024, 2025, and 2026, respectively. The net profit forecasts are 20.442 billion yuan, 22.992 billion yuan, and 26.195 billion yuan for the same years [6][7].