东兴证券东兴晨报

Group 1 - The report highlights the strong growth potential in the global photovoltaic and energy storage sectors, driven by the transition to a green and low-carbon energy structure, with new installations expected to continue rising [3][4] - The photovoltaic industry is experiencing a price decline, leading to a phase where industry fundamentals are expected to improve as capacity reduction progresses and prices approach a bottom [3][4] - Investment opportunities in the photovoltaic sector are identified along three main lines, including integrated component leaders with stable cash flow, which are expected to gain market share during industry consolidation [4][17] Group 2 - The report indicates a recovery in the Chinese tablet market, with Q1 2024 shipments reaching 7.13 million units, a year-on-year increase of 6.6%, driven by both consumer and commercial market growth [7] - The automotive sector is highlighted for its stable revenue contributions from traditional businesses, while new growth areas such as electric control actuators and hydrogen energy are emerging [10][46] - The company in focus has seen significant growth in its electric control actuator business, with sales increasing by 109.6% in 2023, indicating a strong trend towards domestic substitution in the turbocharger market [10][46] Group 3 - The report discusses the performance of the logistics sector, particularly in cross-border e-commerce, which has shown significant growth despite challenges in air freight rates [37][55] - The mining services business is experiencing strong growth, with a compound annual growth rate (CAGR) of 11.1% in mining supply from 2021 to 2023, reflecting the company's competitive advantage in the market [39][61] - The company is expected to achieve substantial revenue growth in the mining sector, with projections for 2024-2026 indicating significant increases in both revenue and net profit [62][63]