证券研究报告·行业点评报告 2024 年 7 月 24 日 江海证券研究发展部 风电设备行业事件点评报告 上海广西两地推进风电建设，6 月国内 分析师：张诗瑶 执业证书编号： 风电装机回暖，重视风电投资机会 事件： 执业证书编号： 行业评级：增持（维持） ◆近日，上海市政协召开"推进能源结构转型，助推上海实施双碳战略"重点提 案专题督办办理推进会。从会上获悉，深远海风电是上海市未来可持续开发的 最大绿电资源宝库，上海市市发改委已编制规划并获得国家批复，总规模 2930 万千瓦，全部建成后每年可提供约 1000 亿千瓦时绿电。 7 月 19 日，国电电力广西风电开发有限公司发布海上风电竞争性配置技术服务 公开招标项目招标公告。根据公告，广西北海海上风电竞争性配置拟于近期组 织开展，本次海上风电竞争性配置技术咨询服务基于广西壮族自治区北海市南 面海域的 N、P 场址，N 场址（N1、N2、N3、N34、N4、N51、N52）规划容 量 570 万千瓦，P 场址规划容量 80 万千瓦，各场址中心离岸直线距离约 94~120km，水深约 15~45m。 投资要点： ◆国内 6 月风电装机数据回暖，预计三季度进入海风交 ...

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Viewpoints - Boeing has raised its forecast for new jet deliveries over the next 20 years by 3%, reaching 43,975 aircraft, with single-aisle aircraft accounting for 33,380 units, representing 76% of the forecasted demand [1] - Both Boeing and Airbus have optimistic views on the future of the aviation industry, expecting the global aircraft count to double by 2043 compared to 2023 [1] - The C919 delivery pace is steady, with production capacity being enhanced, while the C929 enters a critical R&D phase [1] - Shanghai has released policies to support the development of the large aircraft industry chain, aiming to add over 60 key enterprises by 2026 and achieve an investment of over 70 billion yuan [1] - The report suggests that related companies will benefit from the optimistic aviation industry outlook and supportive policies [1] Summary by Sections Recent Industry Performance - The absolute return over the past 12 months is -18.24%, with relative returns of -8.24% [1] Key Events - The delivery of 100 C919 aircraft by Eastern Airlines has begun [2] Investment Recommendations - Companies to watch include AVIC Xi'an Aircraft Industry, AVIC Shenyang Aircraft Corporation, AVIC Electromechanical Systems, AVIC Heavy Machinery, Triangular Defense, Aero Engine Corporation of China, and others [1]

证券研究报告·行业点评报告 2024 年 7 月 24 日 江海证券研究发展部 通信行业事件点评报告 分析师：周彪 执业证书编号： S1410523110001 数据中心低碳发展，液冷替代趋势明确 联系人：吴雁宇 执业证书编号： S1410124010015 事件： 行业评级：增持（维持） 近十二个月行业表现 ◆2024 年 7 月 23 日，为推动数据中心绿色低碳发展，加快节能降碳改造和用能设 备更新，支撑完成"十四五"能耗强度降低约束性指标，国家发展改革委、工 业和信息化部、国家能源局、国家数据局等部门印发《数据中心绿色低碳发展 专项行动计划》。 投资要点： ◆目标到 2025 年底全国数据中心整体上架率不低于 60%，平均电能利用效率降至 1.5 以下。 到 2025 年底，全国数据中心布局更加合理，整体上架率不低于 60%，平均电能 利用效率降至 1.5 以下，可再生能源利用率年均增长 10%，平均单位算力能效 和碳效显著提高。到 2030 年底，全国数据中心平均电能利用效率、单位算力能 效和碳效达到国际先进水平，可再生能源利用率进一步提升，北方采暖地区新 建大型及以上数据中心余热利用率明显提升。 ◆ ...

Summary of the Conference Call on Jianghai Co., Ltd. Company Overview - Jianghai Co., Ltd. is a leading manufacturer of aluminum electrolytic capacitors and is expanding into emerging fields such as film capacitors and supercapacitors [7][16]. Industry Context - The overall economic growth has entered a new stable phase, influenced by regulatory changes regarding dividends and delistings [2]. - The passive components sector, particularly upstream components, is experiencing slower material and process upgrades compared to semiconductors, leading to a correlation with downstream application demand [3][4]. Key Points Financial Performance - Jianghai's dividend payout ratio is relatively low compared to peers, but there is an intention to increase it in the future as the industry stabilizes [5]. - As of Q3 2023, Jianghai's cash assets accounted for 12.9% of total assets, with free cash flow at 4.4% of revenue [5]. Market Position and Growth - Jianghai is positioned as a leader in aluminum electrolytic capacitors, with major applications in new energy sectors, including electric vehicles and industrial uses [6]. - The company is expected to maintain stable growth due to its scale advantages and cost efficiencies [6][17]. Revenue Composition - Over 80% of Jianghai's revenue comes from aluminum electrolytic capacitors, with film capacitors contributing less than 10% and supercapacitors under 5% [9][10]. - The company has a balanced revenue structure across various sectors, including consumer electronics, industrial control, and new energy applications [11][12]. Pricing and Cost Dynamics - Recent price pressures in the photovoltaic sector have affected overall revenue growth, leading to a narrowing of growth rates from 2023 to Q1 2024 [10][13]. - The company is implementing cost control measures to mitigate the impact of price declines, with expectations to maintain stable gross margins [14][16]. Future Outlook - The demand for aluminum electrolytic capacitors is expected to remain stable, with potential growth in the electric vehicle and charging station sectors [21][22]. - Jianghai is also focusing on expanding its film capacitor business, which is well-suited for applications in new energy vehicles [25][26]. - The supercapacitor segment is seen as a long-term growth area, with applications in wind power and energy storage systems [36][38]. Competitive Landscape - The market is dominated by established players like Farah Electronics, but Jianghai aims to leverage its customer relationships and competitive pricing to gain market share [30][35]. - The domestic market has room for growth in terms of localization and market share against foreign competitors [20][21]. Financial Projections - Expected net profits for Jianghai from 2024 to 2026 are projected at 884 million, 992 million, and 1.073 billion yuan, respectively, with corresponding PE ratios indicating a relatively low valuation [40]. Market Concerns - There are concerns regarding potential further price declines and whether the current demand recovery is sustainable or primarily driven by inventory replenishment [41][42]. Conclusion - Jianghai Co., Ltd. is well-positioned in the aluminum electrolytic capacitor market with a focus on stable growth and expansion into new product lines. The company is actively managing costs and exploring new market opportunities while addressing competitive pressures and market dynamics.

Investment Rating - The investment rating for the company is "Buy" (first coverage) with a current price of 35.29 CNY and a target price of 41.85 CNY over a 12-month period [1]. Core Insights - The company has a rich historical background, founded in 1914, and has developed into a leading enterprise in traditional Chinese medicine with a strong brand presence [12]. - The implementation of the "Three Core and Nine Wings" strategy has driven steady business growth, particularly through the core product, "Suxiao Jiuxin Wan," which achieved sales exceeding 2 billion CNY in 2023, reflecting a year-on-year growth of 14.16% [1][27]. - The company has a robust product reserve with 599 approved drug varieties, including exclusive and protected traditional Chinese medicine products, which supports long-term growth [28]. Summary by Sections 1. Historical Background and Brand Strength - The company has a deep historical foundation and has won 14 intangible cultural heritage projects, showcasing its leadership in traditional medicine [12]. - The introduction of mixed ownership reform has revitalized the company, enhancing its operational capabilities and market competitiveness [13]. 2. Business Performance and Growth Strategy - The company reported a revenue of 82.22 billion CNY in 2023, maintaining stability compared to 2022, with a net profit of 9.87 billion CNY, reflecting a year-on-year increase of 14.53% [19]. - The proportion of traditional Chinese medicine revenue has steadily increased, reaching 70.98% of total revenue in 2023, with a gross margin of 57.27% [20]. 3. Product Development and Market Expansion - The company has invested significantly in R&D, with expenses rising from 0.87 billion CNY in 2012 to 1.85 billion CNY in 2023, focusing on key products and new market opportunities [24][25]. - The "Three Core and Nine Wings" strategy emphasizes the core product "Suxiao Jiuxin Wan" and secondary products, which are expected to drive future growth [27]. 4. Financial Forecast and Valuation - Revenue projections for 2024, 2025, and 2026 are estimated at 89.59 billion CNY, 97.27 billion CNY, and 104.09 billion CNY, respectively, with corresponding net profits of 11.94 billion CNY, 14.31 billion CNY, and 16.96 billion CNY [4][5].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [13]. Core Insights - The company has developed a multi-brand matrix with its own brands contributing over 60% to profits, with significant growth in revenue and net profit for its key brand, Yifidan [1][4]. - The company has seen a continuous improvement in gross margin, which increased by 5.32 percentage points to 58.44% in 2023, driven by a higher proportion of high-margin brands [1][36]. - The company has successfully implemented an equity incentive plan to motivate core employees, with performance targets set for net profit in 2023 and 2024 [1][32]. Summary by Sections Company Overview - The company operates a range of well-known brands including YuniFang, Dazhuidi, and Xiaomilu, and has established a digital international beauty platform [6][30]. - The company has formed strategic partnerships with over 50 international brands and has taken over the e-commerce business for several well-known brands in China [6]. Financial Performance - The company achieved a revenue of 285 million yuan for Yifidan in 2023, representing a year-on-year growth of 199.2%, with a net profit of 73 million yuan, up 205.3% [1]. - The company forecasts revenue growth for 2024-2026 at 10.01%, 9.24%, and 8.56% respectively, with net profit growth of 34.61%, 21.58%, and 14.51% [1][4]. Brand Development - The company has focused on high-end positioning, with an increasing share of revenue from high-margin brands while reducing reliance on low-margin products [1][4]. - The brand Dazhuidi has shown impressive growth, with a GMV of 157 million yuan on Douyin, up 107% year-on-year [1]. Research and Development - The company has made significant advancements in R&D, focusing on traditional Chinese ingredients and innovative technologies, successfully developing proprietary raw materials [1][25][48]. - The company has filed over 400 patents and has developed more than 8000 proprietary formulas, showcasing its commitment to innovation [49]. Market Position - The company has seen a shift in revenue sources, with domestic sales decreasing from 80.7% in 2020 to 67.6% in 2023, while overseas sales have increased to 32.4% [7][19]. - The company has established strong partnerships with major e-commerce platforms, enhancing its market presence [21].

Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company reported a revenue of 1.77 billion yuan in 2023, a year-on-year increase of 37.99%, with a net profit attributable to the parent company of 431 million yuan, up 27.23% year-on-year [1] - The sales revenue from the photovoltaic industry reached 974 million yuan, growing 58.77% year-on-year, accounting for 55.03% of total revenue [1] - The semiconductor and electronic materials sector saw sales revenue of 329 million yuan, a 69.35% increase year-on-year, representing 18.62% of total revenue [1] - The company achieved a revenue of 375 million yuan in Q1 2024, reflecting a 61.02% year-on-year growth, with a net profit of 80 million yuan, up 44.73% year-on-year [1] Financial Performance Summary - Total revenue for 2023 was 1.77 billion yuan, with projected revenues of 2.53 billion yuan, 3.05 billion yuan, and 3.63 billion yuan for 2024, 2025, and 2026 respectively, indicating growth rates of 43.17%, 20.22%, and 19.13% [4][6] - Net profit attributable to the parent company for 2023 was 431 million yuan, with forecasts of 584 million yuan, 706 million yuan, and 860 million yuan for the following three years, showing growth rates of 35.32%, 20.85%, and 21.84% [4][6] - Earnings per share (EPS) are projected to be 2.65 yuan, 3.20 yuan, and 3.90 yuan for 2024, 2025, and 2026 respectively [4][6] - The current price is 46.87 yuan, with a target price of 66.25 yuan over a six-month period [1][4] Market Position and Orders - As of the end of 2023, the company had an order backlog of 3 billion yuan, a year-on-year increase of 15.96%, with new orders signed amounting to 2.6 billion yuan, up 8.33% year-on-year [2] - The company is actively expanding into the semiconductor and charging pile markets, with significant growth in orders from the semiconductor sector, which reached approximately 370 million yuan in 2023, compared to 250 million yuan in 2022 [2]

Investment Rating - The report gives a "Buy" rating for the company, indicating a potential upside of over 15% compared to the benchmark index [100]. Core Viewpoints - The company is a leading player in the domestic FA (Factory Automation) components market, with a promising future ahead [23]. - The company has a stable and relatively concentrated shareholding structure, with a core team that possesses rich experience [24]. - The product matrix is diverse, and the company has established a high brand awareness [28]. - The company is expanding its production capacity through fundraising to enhance its core competitiveness [36]. - Short-term performance is under pressure due to soft demand in the end-user application market, but medium to long-term prospects remain positive [42]. - The company is gradually narrowing the revenue gap with competitors like Misumi (China) [49]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of automation components, providing a one-stop supply for FA factory automation [23]. - As of the end of 2023, the company has developed a product system covering 226 major categories and 3,880 subcategories, with over 180 million SKUs [30]. Financial Performance - In 2023, the company achieved a revenue of 2.881 billion yuan, a year-on-year increase of 14.58%, and a net profit of 546 million yuan, up 7.73% year-on-year [69]. - The sales gross margin was 37.95%, down 1.13 percentage points year-on-year, while the net profit margin was 18.9%, down 1.21 percentage points [39]. Market Trends - The downstream industry is experiencing a recovery, with significant opportunities arising from large-scale equipment updates [78]. - The 3C industry shows signs of recovery, and the global market demand for new energy batteries and automobiles continues to grow [64][87]. - The photovoltaic industry is undergoing technological upgrades, contributing to stable growth in the business [89]. Competitive Landscape - The company faces competition from both large overseas enterprises like Misumi and smaller domestic firms [75]. - The company is focusing on expanding its FB (non-standard mechanical processing parts) business, which has a significant market potential [30]. Future Outlook - The company is expected to benefit from the recovery of the manufacturing sector and increased fixed asset investments, which will positively impact its performance [59]. - The FA factory automation components market is projected to reach approximately 149 billion yuan by 2028, with the company aiming for a market share of 4.84% [68].

Investment Rating - The industry rating is "Overweight" (maintained) [2] Core Insights - The game industry has reached a low point, and it is recommended to actively invest in the sector as the approval of game licenses has accelerated, indicating clear policy support [2] - In March 2024, the actual sales revenue of China's game market was 23.417 billion yuan, a month-on-month decrease of 5.86% but a year-on-year increase of 7.18% [2] - The number of approved domestic online games in the first four months of 2024 was 428, a year-on-year increase of 23.70% compared to the same period in 2023, reflecting a clear intention of policy support [2] Summary by Sections Market Performance - In March 2024, the mobile game market generated 16.953 billion yuan, down 7.13% month-on-month but up 8.75% year-on-year [2] - The client game market generated 5.528 billion yuan, down 2.02% month-on-month and down 0.39% year-on-year [2] - Domestic game sales in March reached 19.023 billion yuan, down 6.34% month-on-month but up 4.30% year-on-year [2] - The overseas market generated 1.427 billion USD, up 5.98% month-on-month and up 11.34% year-on-year [2] Company Insights - In March 2024, 39 Chinese companies entered the global mobile game publisher revenue TOP 100, collectively earning 2.130 billion USD, accounting for 38.40% of the total revenue of the global TOP 100 mobile game publishers [2] - Tencent, NetEase, and miHoYo ranked as the top three mobile game publishers in March 2024 [2] - miHoYo's game "Honkai: Star Rail" saw a month-on-month revenue increase of 56.00% in March [2] Policy Developments - In April 2024, 95 domestic online games were approved, with a significant number being mobile casual games [2] - The approval numbers for domestic online games in the first four months of 2024 were 115, 111, 107, and 95 respectively, showing a consistent increase in approvals compared to the previous year [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 10.15 billion yuan in Q1 2024, a year-on-year decrease of 5.19%, while the net profit attributable to shareholders was 1.597 billion yuan, an increase of 10.06% year-on-year [1] - The overall sales volume in Q1 2024 was 2.184 million kiloliters, down 7.6% year-on-year, with the main brand, Qingdao Beer, experiencing a 5.6% decline in sales volume [1] - The company has successfully improved its profitability, with a gross margin of 40.44%, up 2.12 percentage points year-on-year, driven by an increase in the sales proportion of high-end products and a decrease in raw material costs [1] Summary by Relevant Sections Market Data - Current price: 81.96 yuan - Target price: 93.92 yuan - Target period: 6 months - Total shares: 1,364.20 million [1] Financial Performance - Q1 2024 revenue: 10.15 billion yuan, down 5.19% year-on-year - Q1 2024 net profit: 1.597 billion yuan, up 10.06% year-on-year - Q1 2024 gross margin: 40.44%, up 2.12 percentage points year-on-year - Q1 2024 net profit margin: 15.99%, up 2.23 percentage points year-on-year [1][3] Sales and Pricing - Q1 2024 sales volume: 2.184 million kiloliters, down 7.6% year-on-year - Q1 2024 average price per ton: 4,647.44 yuan per kiloliter, up 12.00% quarter-on-quarter and 2.58% year-on-year - High-end product sales volume accounted for 43.96% of total sales, up 2.32 percentage points year-on-year [1][3] Future Projections - Expected revenue for 2024-2026: 35.98 billion yuan, 37.996 billion yuan, and 39.937 billion yuan respectively - Expected net profit for 2024-2026: 5.125 billion yuan, 5.747 billion yuan, and 6.226 billion yuan respectively - Corresponding P/E ratios for 2024-2026: 22X, 19X, and 18X [1][3]