强于大市 光伏行业规范条件印发,大众加注固态电池 光伏方面,本周工信部发布行业规范公告,对于产能扩张提出一系列要求, 有望加速产业链产能出清,建议优先配置行业格局较优、成本优势较为明显 的行业细分环节。风电方面,Q2 业绩风险逐步落地,我们预期 H2 国内海风 项目招标及建设有望稳步推进,国外海风逐步放量,带动出海需求,建议优 先配置受益于海风、海外逻辑的塔筒桩基与海缆环节,以及存在渗透率提升 逻辑的国产化与新技术环节。新能源车方面,新能源汽车销量依旧保持强势, 全年高增长格局基本奠定,带动产业链需求增长。本周锂电中游材料公司业 绩预告陆续发布,中游材料依然面临盈利压力,我们预计下半年行业有望迎 来转机。新技术方面固态电池产业化加速,在相关领域有布局的材料和设备 企业有望受益。建议优先布局格局较优的电芯环节,海外客户放量以及一体 化布局较优的部分中游材料环节。电力设备领域,国内持续推动电力体制改 革,《国家能源局关于做好新能源消纳工作 保障新能源高质量发展的通知》 发布,有望推动特高压及主网建设加快,带动相关电网设备需求维持高景气; 海外电网改造需求旺盛,建议关注受益于特高压高景气的主网环节相关标 的,以及具 ...

基础化工 | 证券研究报告 — 行业周报 2024 年 7 月 14 日 强于大市 化工行业周报 20240714 国际油价下跌,MDI 价格下跌、维生素价格上涨 7 月份建议关注:1、关注 MDI、涤纶长丝、制冷剂、化肥等产品价格变化及中报业 绩兑现;2、大基金三期、下游扩产等多因素催化,关注部分半导体、OLED 等电子 材料公司;3、油价中高位,关注大型能源央企及相关油服公司在新时代背景下的改 革改善与经营业绩提升;4、地产及节能降碳政策影响下,相关产业链产品的预期变 化及后续景气度改善。 行业动态 本周(7.8-7.14)均价跟踪的 101 个化工品种中,共有 20 个品种价格上涨,48 个品种价格下 跌,33 个品种价格稳定。周均价涨幅居前的品种分别是硫磺(CFR 中国现货价)、二氯甲 烷(华东)、醋酸(华东)、环氧氯丙烷(华东)、炭黑(黑猫 N330);而周均价跌幅居 前的品种分别是液氯(长三角)、NYMEX 天然气、硝酸(华东地区)、石脑油(新加坡)、 TDI(华东)。 本周(7.8-7.14)国际油价下跌,WTI 原油收于 82.21 美元/桶,收盘价周跌幅 1.14%;布伦特原油 收于 85. ...

中银国际(英国)有限公司 2/F, 1 Lothbury London EC2R 7DB United Kingdom 电话: (4420) 3651 8888 传真: (4420) 3651 8877 中银国际(美国)有限公司 美国纽约市美国大道 1045 号 7 Bryant Park 15 楼 NY 10018 电话: (1) 212 259 0888 传真: (1) 212 259 0889 风险提示及免责声明 本报告由中银国际证券股份有限公司证券分析师撰写并向特定客户发布。 本报告发布的特定客户包括：1) 基金、保险、QFII、QDII 等能够充分理解证券研究报告， 具备专业信息处理能力的中银国际证券股份有限公司的机构客户；2) 中银国际证券股份有 限公司的证券投资顾问服务团队，其可参考使用本报告。中银国际证券股份有限公司的证 券投资顾问服务团队可能以本报告为基础，整合形成证券投资顾问服务建议或产品，提供 给接受其证券投资顾问服务的客户。 中银国际证券股份有限公司不以任何方式或渠道向除上述特定客户外的公司个人客户提供 本报告。中银国际证券股份有限公司的个人客户从任何外部渠道获得本报告的，亦不应直 接 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by 20% or more in the next 6-12 months [12][19]. Core Insights - The company is focusing on transforming its traditional business while continuously driving growth in its innovative business segments. The decline in new real estate projects has pressured the traditional smart hardware business, leading to a year-on-year decrease in net profit. However, innovative business collaborations have resulted in a 30% year-on-year increase in revenue for the first half of 2024, with new orders amounting to 346 million RMB, a 25% increase year-on-year, and total orders on hand reaching 1.283 billion RMB [1]. - A deep collaboration with Huawei has been established to create a new smart parking experience, with the "Find Parking Space" product becoming a highlight in the AITO Wenjie series equipped with HarmonyOS. As of June 30, the online user reach of the parking subsidiary exceeded 130 million, with transaction volume reaching 6.385 billion RMB, a 17% increase year-on-year [1]. - The company is leveraging a vast amount of core data generated from parking operations to enhance its digital marketing capabilities and user value management, driving service upgrades and business growth [1]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 150 million, 200 million, and 250 million RMB, respectively, reflecting a downward adjustment of 16%-17% due to pressures on traditional hardware business. The expected EPS for the same period is 0.24, 0.31, and 0.38 RMB, corresponding to P/E ratios of 32X, 24X, and 20X [1][14].

市场指数 指数名称 收盘价 涨跌% 上证综指 2970.39 1.06 深证成指 8870.36 1.99 沪深 300 3468.17 1.14 中小 100 5705.79 1.51 创业板指 1685.12 2.06 证券研究报告——晨会聚焦 2024 年 7 月 12 日 重点关注 支撑评级的要点 评级面临的主要风险 2024 年 7 月 12 日 中银晨会聚焦-20240712 3 评级体系说明 中银晨会聚焦-20240712 中银国际证券股份有限公司 具备证券投资咨询业务资格 产品组 证券分析师：王军 (8621)20328310 jun.wang_sh@bocichina.com 证券投资咨询业务证书编号：S1300511070001 苏凌瑶 地方国资入局，为公司远期成长保驾护航。7 月 5 日，公司控股股东新豪国际集团有限公司、实际控制人佘英杰与广 东顺德控股集团有限公司签署了《股份转让协议》，约定新豪国际以 20.20 元/股的价格向顺控集团协议转让公司 1.71 亿股，占公司总股本的 25.90%。本次转让完成后，公司控股股东将变更为顺控集团，实际控制人将变更为顺德区国资 局。公司引入顺控 ...

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of RMB 39.00 [1] - The sector rating is **Outperform** [1] Core Views - The company's revenue and gross profit are expected to grow by **15%-20%** in H1 2024, with gross profit increasing by approximately RMB 600 million [3][4] - The company's net profit attributable to shareholders is expected to decline significantly in H1 2024, primarily due to increased R&D investment in cognitive large models, reduced investment income, and higher bad debt provisions [4] - The company has upgraded its **Spark Large Model V4.0**, which has surpassed GPT-4 Turbo in multiple evaluations, and has launched intelligent products in various fields such as education, healthcare, and automotive [4] - The upgraded large model has driven a **70% YoY growth** in C-end smart hardware sales during the "618" shopping festival [4] Financial Forecasts - Revenue is expected to grow by **20.1%** in 2024, reaching RMB 23.6 billion, with further growth of **19.7%** and **16.4%** in 2025 and 2026, respectively [5] - Net profit attributable to shareholders is forecasted to be RMB 896 million in 2024, with growth rates of **36.3%**, **60.0%**, and **15.5%** in 2024, 2025, and 2026, respectively [5] - EPS is expected to be RMB 0.39, RMB 0.62, and RMB 0.72 in 2024, 2025, and 2026, respectively, with a downward revision of **16-20%** due to increased investment in large models [4][5] - The company's P/E ratio is projected to be **101X**, **63X**, and **54X** for 2024, 2025, and 2026, respectively [4] Valuation and Metrics - The company's market capitalization is RMB 90.16 billion, with a 3-month average daily trading volume of RMB 1.35 billion [2] - The company's EV/EBITDA ratio is expected to decrease from **112.8X** in 2023 to **57.4X** in 2024, and further to **44.3X** in 2025 [5] - The company's ROE is forecasted to improve from **3.9%** in 2023 to **5.1%** in 2024, and further to **7.6%** and **8.2%** in 2025 and 2026, respectively [6] Key Developments - The company has significantly increased its R&D investment in cognitive large models, with over RMB 650 million invested in H1 2024 [4] - The company has launched the **Spark Large Model V4.0**, which is based on the domestically developed **Feixing One** computing cluster, and has achieved leading performance in multiple application scenarios [4] - The company's C-end smart hardware sales have seen strong growth, driven by the upgraded large model capabilities [4]

Investment Rating - The report maintains an "Overweight" rating for the company [1][3] Core Views - The company is expected to achieve significant profit growth in the first half of 2024, with a forecasted net profit of RMB 275 to 315 million, representing a year-on-year increase of 40.34% to 60.75% [3][4] - The introduction of local state-owned capital is anticipated to enhance the company's long-term growth prospects and market expansion capabilities [3][4] Summary by Sections Financial Performance - The company forecasts a net profit of RMB 166 to 206 million for Q2 2024, with a median year-on-year growth of 53.72% and a quarter-on-quarter growth of 70.64% [3][4] - For the fiscal years 2024, 2025, and 2026, the company is projected to achieve revenues of RMB 54.23 billion, RMB 62.63 billion, and RMB 69.55 billion, respectively, with corresponding net profits of RMB 6.05 billion, RMB 7.22 billion, and RMB 8.45 billion [3][4] Market Dynamics - The electronics industry is experiencing a recovery, leading to increased orders and production capacity for the company [3][4] - The company is optimizing its product structure by focusing on emerging sectors such as new energy vehicles and data centers, which is expected to improve gross margins [3][4] Strategic Developments - The transfer of control to a local state-owned enterprise is expected to provide financial stability and enhance the company's competitive edge in the market [3][4] - The company aims to leverage state-owned capital to expand its domestic market presence and improve its customer base [3][4]

【宏观经济】科技改变经济的方式（下）—从科技到日常 我国政府对新能源汽车产业的支持体现在多个方面，包括技术创新、产业升级、市场推广、基础设施建设、税收优惠 等。在宏观政策支持下，新能源汽车行业在生产、销售、出口等方面实现了快速且跨越式的发展。 2024 年 7 月 11 日 中银晨会聚焦-20240711 2 6 月 CPI 同比增速较 5 月小幅下降 0.1 个百分点，但表现低于市场预期，内需疲弱是根本原因；从中类价格表现看， 虽然猪肉价格环比大幅上升，但以汽车为代表的耐用消费品价格环比弱于历史同期平均水平，叠加国际油价波动的影 响，CPI 同比增速在三季度上行的幅度或相对有限；PPI 受基数影响连续两个月同比增速大幅上行，三季度基数效应 的影响明显减小，短期关注房地产相关工业品价格的波动情况。 6 月 CPI 同比增速小幅下行，显示内需依然疲弱。6 月 CPI 同比增速 0.2%较 5 月下降 0.1 个百分点，低于万得一致预期 的 0.4%。从同比看，食品价格下降 2.1%，降幅比上月扩大 0.1 个百分点，影响 CPI 同比下降约 0.39 个百分点，非食 品价格上涨 0.8%，涨幅与上月相同，影响 ...

医药生物 | 证券研究报告 — 行业深度 2024 年 7 月 10 日 强于大市 | | | | |-----------|--------------|------| | 公司名称 | 股价 | 评级 | | 老百姓 | 人民币 18.95 | 买入 | | 益丰药房 | 人民币 24.99 | 买入 | | 健之佳 | 人民币 26.75 | 买入 | | 资料来源: | | | 以 2024 年 7 月 2 日当地货币收市价为标准 相关研究报告 《原料药行业动态点评》20240702 《医药生物板块 2023 年年报及 2024 年一季报 总结》20240506 《医药生物行业点评》20240329 中银国际证券股份有限公司 具备证券投资咨询业务资格 医药生物 证券分析师:梁端玉 duanyu.liang@bocichina.com 证券投资咨询业务证书编号:S1300523090003 证券分析师:刘恩阳 enyang.liu@bocichina.com 证券投资咨询业务证书编号:S1300523090004 零售药店行业深度报告 行业仍然存在整合空间,处方外流环境有望逐步 发生变化 过去,部分投资 ...

点评: 图表 2. 生产资料价格指数与定基 PPI 指数 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|------------------|----------------------|-------|-------|-------|--------|-------------------------------------------------------------------------------------------------|-------| | | | | | | | | | | | 4.0 | 非食品CPI网比(%) | =PPI当月网比(%,右轴) | | | 120 | | PPI定显指数 =生产资料价格投资(古品) | 160 | | 3.5 3.0 | | | | | 115 | | | 135 | | 2.5 2.0 | | | 4.0 | | 110 | | | 110 | | 1.5 1.0 0.5 | | | | | 105 | | | | | 0.0 -0.5 | | ...