电气设备行业动态点评 特高压设备第三次招标采购结果公布 2024 年 07 月 26 日 【 李项】 2024 年 7 月 25 日，国家屯网对外公布了 2024 年第三次特高压设备招标 名购的中标结果。 【评论】 2024 牛紫三火种高压液备格林总体全镇 73. 3 亿元, 关中陕北-失拳王 沈晨時改备杨栋金额 72.9 亿元。2024 年 7 月 25 日，国家屯网公布了 2024 -年第三次特高反该各招标条购中标结果。陕北-安徽直流线路是 此次招标的核心，总招标全领为 72.9 亿元，关键核心设备包括换流 变压器 35.5 亿元, 换流阀 11.9 亿元, 组合电器 6.2 亿元, 电容器 4.2 亿元，文直流断욕器 2.1 亿元，电装器 2.0 亿元和直流控制保护系统 1.9 亿元。换流变压器、换流阀、组令电器和电容器总设线路总体招 标金额的比例分别为 48.7%，16.4%，8.5%称 5.7%。 ◆ 中国奇七串减在被沈史压基本被沈阳谈春将林中份额分别领 先。此次招标的换流变压器设备中，中国画也、保变也久、特变也工 称乌东屯力四家全业中标，中标全额分别为 11. 9、6. 9、5. 7 称 10. ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance in the near term [9][16]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 111.47 million to 126.33 million yuan in the first half of 2024, representing a year-on-year increase of 50% to 70%. The net profit after deducting non-recurring gains and losses is projected to be between 109.44 million and 124.30 million yuan, reflecting a growth of 83% to 108% [1]. - The subsidiary Tianqi Hongyuan has a robust project pipeline, with profits from wind and solar power station development and energy storage business beginning to materialize. Key projects include a 100MW wind power project in Tianjin and a 300MW wind-storage-hydrogen integrated project in Chengde [2]. - The company has shown confidence in its growth by increasing its dividend payout ratio to 30% in 2023 and executing a share buyback plan, acquiring 1,799,300 shares, which is 1.02% of total shares [5]. Financial Projections - Revenue is projected to grow from 3.05 billion yuan in 2024 to 5.62 billion yuan in 2026, with year-on-year growth rates of 25.37%, 47.95%, and 24.51% respectively. Net profit attributable to shareholders is expected to rise from 252.37 million yuan in 2024 to 510.77 million yuan in 2026, with growth rates of 16.22%, 61.90%, and 25.01% respectively [9][10]. - The earnings per share (EPS) is forecasted to increase from 1.43 yuan in 2024 to 2.90 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 14, 9, and 7 times [9][10]. Business Development - The company is actively responding to the slowing growth in the elevator industry by developing new elevator models and enhancing production capabilities for high-margin products. It has established a non-standard division to focus on customized elevator components [15]. - The company is also expanding its overseas presence, with projects like the microgrid system in Kenya and participation in the World Bank's "Lighting Africa" initiative [2].

电气设备行业动态点评 2024年特高压设备第三次招标清单 2024 年 07 月 25 日 【 李项】 2024 年 6 月，国家屯网对外公布了 2024 年第三次特高压设备招标条购 济学。 【评论】 2024 牛紫三火种高压液备格林主美最基供养无陕北--李敏直流. 陕北- 安徽土800 千伏特尚乐直流输屯区经济全长 1070 公里, 动态投资为 205 亿元。此次的招标派孟了陕北一安徽线路送塔希变塔换流站的主 体音条，具体包括検流变压器 56 台，検流间 8 台，组令电器 62 间隔， 查流控制保护系统 2 泰，屯装器 260 台，屯家器 275 台，屯贸器 113 只，以及隔离开关，交流变压器，交流断路器等多失设备茶干。 陕北--失業员弟毛夫夫夫法站樣心谈备文件时间条中在202503 彩 ◆ 202501。该线 大部分设备是在 202503，部分设备在 202504，少查在 202502 交付。 全域换流站核心设备的交付时间都在 2025 年上半年，而且大部分设 各无在 202501 文付，部分设备在 202502 文付。具体包括线路送站换 流变压器文貨时间在 2025/7/1 至 2025/10/30， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [8]. Core Insights - The company is seizing opportunities from the rise of domestic brands, continuously expanding its core business advantages [3][14]. - The company has completed a name change to Lianhua Holdings, showcasing a diversified product portfolio that includes various seasoning products and health food items [4]. - The company is enhancing its innovation capabilities and product offerings, focusing on healthy and eco-friendly products while expanding its online and offline distribution channels [5]. - The company expects significant growth in its financial performance, with a projected net profit of 1.01-1.10 billion yuan for the first half of 2024, representing a year-on-year increase of 101.36%-119.30% [6]. Financial Data Summary - The total market capitalization is approximately 5.65 billion yuan, with a circulating market value of about 5.63 billion yuan [7]. - The company forecasts revenue growth from 21.01 billion yuan in 2023 to 26.84 billion yuan in 2024, with a compound annual growth rate of 27.75% [10]. - The projected net profit for 2024 is estimated at 2.02 billion yuan, with an EPS of 0.11 yuan, corresponding to a P/E ratio of 29.07 [18].

电气设备行业动态点评 2024年前两批特高压设备中标情况 2024 年 07 月 24 日 【事项】 2024 年 4 月 秒 6 月,国家屯网对外公布了 2024 年第一次称第二次特高 压设备招标系购的中标候选人。 【评论】 国网 2024 年第一种第二批特高压设备招标金额共 18.3 亿元上下。 2024 年第一批特高压设备中标金额为 9.9 亿元上下, 第二批中标金额 8.4 亿元左右,两次招标合计金额为 18.3 亿元。2024 年前两次特高 压设备招标涵盖了各类设备,包括换流变压器,换流阀,1000KV 组合 电器,二次设备,换流站二次系统,特高压站内材料,组合电器,直 流断路器,电容器,测量装置,直流穿墙套管等等。其中, 换流变压器、换流阀称 1000KV 组合电器中标金额居前,分别为 5.2 亿、3. 4 亿$ 2. 2 亿。 ◆ 2024 年前两杭特高压设备招标涉及战略 6 条, 共中青赢於走工程是查 头戏。爷容-查庆,宁页-湖南,陇东-山东和金上-湖北这四条直流特 高压项目的核心设备其实在 2023 年心经完成了招标,2024 年招标的 主要是二次设备,全额不大。这两批招标中招标采购全额最大 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company is expected to achieve approximately 880 million in revenue for the first half of 2024, representing a year-on-year growth of about 87.80%. The net profit attributable to the parent company is projected to be around 128 million, with a net profit excluding non-recurring gains and losses estimated at approximately 143 million [1][6]. - The second quarter of 2024 is anticipated to see revenue of about 475 million, reflecting a quarter-on-quarter growth of approximately 17.32%, marking a new high for quarterly revenue since the company's establishment [1]. - The demand for the company's main products has improved compared to the same period last year, driven by the recovery in the consumer electronics sector, including IOT, wearable devices, smartphones, and smart home applications [1][6]. - The company has maintained a stable performance in its non-volatile memory product line and is actively expanding its market share while promoting the successful mass production of new products [1][6]. Summary by Relevant Sections Financial Performance - The company forecasts revenues of 1,127.05 million, 1,655.96 million, 2,086.45 million, and 2,588.96 million for the years 2023A, 2024E, 2025E, and 2026E respectively, with growth rates of 21.87%, 46.93%, 26.00%, and 24.08% [7]. - The net profit attributable to the parent company is expected to be -48.27 million in 2023A, followed by 267.44 million, 335.00 million, and 413.22 million in the subsequent years, with growth rates of -158.06%, 654.00%, 25.26%, and 23.35% respectively [7]. - The report projects a PE ratio of 33.38, 26.65, and 21.60 for the years 2024E, 2025E, and 2026E [7]. Market Context - The report highlights a positive industry outlook, with the global semiconductor market expected to grow from 588.36 billion to 611.23 billion, reflecting a 4% increase. The storage semiconductor market is projected to see a significant year-on-year growth of 76.8% [2][6]. - The company has established a stable customer network in China, covering major brands such as OPPO, vivo, Xiaomi, Samsung, Lenovo, Midea, HP, and Panasonic [6].

信息技术行业动态点评 微软全球大故障,重视网络安全板块 2024 年 07 月 19 日 【事项】 今天徽软发布消息称,狭下 Microsoft 365 系列服务出现访问中断, 变影响的包括但不限于 Microsoft 365 各个应用,以及微软 Xbox 等。 根据徽软官方消息,故障给于美国中部的 Azure 区域数据中心,目前 微软的策略是将流量路由到其他未受影响的区域尝试恢复。微软方面 表示,服务中断始于美国东邻时间周四下午6点左右,其邻分客户在 美国中部地区的多项 Azure 服务中遇到了问题。 【评论】 7 月 19 日,网络安全软件公司 Crowdstrike 在其支持平台发布消息称, 公司收到大量关于 Windows 屯脑出现蓝屏的报告,公司工程部已确定 该问题与"内容部署(content deployment)"有关,目前已恢复了 这些支改。 ◆ 技术选代办法,查视企业 IT 系统的稳定性、失全性。此次 CrowdStrike 的蓝屏事件突显了软件更新过程中可能出现的亲容性和稳定性问题, 特别是在企业环境中。这一事件探醒各企业在进行关键软件变新时, 应保持谨慎,确保支新的安全性和意客性。同时, ...

时代电气(688187)动态点评 H1业绩符合预期, 轨交+新兴装备业务双轮驱动 2024 年 07 月 19 日 ( 事项 ) 近日,公司发布 2024 年半年度业绩预告:经初步估算,公司预计 2024 年半年度实现归寻净利润 15.07 万元,同比+30.56%;预计 2024 年半 年度实现村非归母公司净利润 12. 68 亿元,同比+36. 50%。 【评论】 執文行业高素先以及功率半导体文付装升驱动公司业绩增长。公司预 计 2024 年 H1 实现归母净利润 15. 07 万元,同比+30. 56%;实现扫非归 导公司净利润 12. 68 亿元,同比+36. 50%。单季度未看,公司 02 预计实 现归导净利润 9. 39 亿元,同比+31%,环比+65%;实现扫非归导净利润 8. 07 亿元,同比+32%,环比+75%。业绩增长主要受益于铁路投资增长、 客流复苏等积极影响,轨道交通产品验妆量同比增长,同时公司功率半 乎体器件等新兴装备产业也带未增量。 枕文炭备业务有望持续受益行业基本面向上、维保周期到未以及大规 横设备更新。今年上半年,全国铁路累计发送涂客 20.96 亿人次,涂客 周转登完成 7 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [8]. Core Insights - The company is positioned as a leader in mass publishing, leveraging advantages in niche segments and actively embracing new technologies such as artificial intelligence to support steady growth in performance [12]. - The publishing industry has experienced a wave-like development since 2020, with a 6.20% year-on-year decline in the overall book market in the first half of 2024, although the decline has narrowed in the second quarter due to e-commerce promotions [5]. - The company has launched a digital transformation strategy, introducing a new smart publishing system and various digital platforms to enhance reader interaction and content delivery [6][7]. Summary by Sections Market Performance - The overall book market saw a 6.20% decline in the first half of 2024, with traditional channels under significant pressure, while short video e-commerce channels grew by 18.34% [5]. - The company has achieved market leadership in management, psychology, and biography categories, while also ranking second in children's and natural science categories [7]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 1.837 billion, 1.936 billion, and 2.021 billion yuan respectively, with net profits expected to be 119 million, 144 million, and 171 million yuan [12]. - The company anticipates a growth rate of 6.98% in 2024, followed by 5.39% and 4.42% in the subsequent years [13]. Strategic Initiatives - The company is focusing on integrating traditional and modern publishing to create a new ecosystem, including the launch of a digital reading platform and an AI author project [6]. - Collaborations with popular IPs and the establishment of dedicated business units for various genres, including anime and manga, are part of the company's strategy to capture market share [7].

电气设备 \ 证券研 电气设备行业动态点评 沙特柔直项目公布换流阀中标结果 2024 年 07 月 18 日 � � 【评论】 (事项】 2024年7月16日,沙特中南、中西柔直换流站项目公布了 IGBT 换流阀 的中标结果。 投资建议) 风险提示】 项目建设不及预期;产品交付不及预期 沙特中南和中西柔直换流站 IGBT 换流陶交货期是 2025 年四季度。根 据 4 月份该项目的招标公告,中南送瑞阀包 3 和受端阀包 4 两个包的 IGBT 的規格要求是 4.5kV/2000A, 1500A 额定电流,包 1 和包 2 的 IGBT 的规格要求是 4.5kV/3000A,3000A 额定电流。包 3 和包 4 的首批交货 日期是 2025年10月31日,最后一批交货日期是 2025年11月3日。 包 1 和包 2 的首批交货日期是 2025 年 12 月 30 日，最后一批的交货 日期是 2025 年 12 月 31 日。 沙特中南和中西采直项目是我国柔直技术实现出口的代表性工程。沙 特中西和中南项目是沙特"2030 愿景"国家级重大项目,是目前除我 国以外全球电压等级最高、输送容量最大的混合桥拓扑柔性直流 ...