即时点评 行业有序开展检修,短期价格仍将低位承压 多晶硅行业 2024-07-04 星期四 事件: 硅业分会最新报价显示: 本周多晶硅 n 型产品价格稳定,p 型产品价格略有下调。n 型棒状硅 成交价格区间为 3.90-4.20 万元/吨,成交均价为 4.00 万元/吨,环 比持平;单晶致密料成交价格区间为 3.30-3.60 万元/吨,成交均价 为 3.43 万元/吨,环比下降 0.87%。n 型颗粒硅成交价格区间为 3.60- 3.70 万元/吨,成交均价为 3.65 万元/吨,环比持平。 点评观点: ➢ 硅料交易偏向冷淡,成交价格趋于稳定: 企业以执行前期订单为主,下游拉晶厂维持随采随购策略;短期看, 拉晶厂开工率仍处低位,导致硅料交易整体偏向于冷淡。本周 n 型棒 状硅有 4 家企业成交,p 型棒状硅有 3 家企业有成交,n、p 型硅料均 有较大成交量,部分企业已签单至本月中旬。具体来看,大厂 n 型小 料价格基本在 4 万元/吨左右维持稳定,且基本全部产能均转为 n 型, p 型多作为 n 型多晶硅生产中的瑕疵料存在,多数为一口价成交,不 再区分具体类型。 ➢ 企业有序开展检修,硅料供应量持续下调: ...

买入 产品力强大,全球创新取得突破性进展 亚盛医药-B(6855.HK) 2024-06-28 星期五 | 目标价: | 34.15 港元 | |-------------|----------------| | 现 价: | 25.30 港元 | | 预计升幅 : | 35% | ➢ 全球创新取得突破性进展: 公司于 6 月 20 日以每股认购股份 24.1 港元的股份购买价向武田成功配发总共 2430.73 万股认购股份,已经收到 7500 万美元款项,公司之前与武田签署了一项独家 选择权协议,就奥雷巴替尼(耐立克®)达成独家许可协议。武田将获得开发及商业化 奥雷巴替尼的除大中华区等以外的全球权利许可。公司在协议签署后将收到 1 亿美元 | 重要数据 | | | | 12 | | | | | |-----------------------------------------|-------------|-----------------------|----------------------|-------------------|-------------------------|--------- ...

买入 母公司资产注入启动,利好公司盈利估值双提升 龙源电力(0916.HK) 2024-07-02 星期二 | 目标价: | 10.36 港元 | |-------------|----------------| | 现 价: | 7.02 港元 | | 预计升幅 : | 48% | 投资要点 ➢ 母公司分批注入新能源资产,利好公司盈利估值双提升: | 重要数据 | | |-----------------------------------------|------------| | 日期 | 2024-06-28 | | 收盘价(港元) | 7.02 | | 总股本(百万股) | 8,360 | | 总市值(亿港元) | 1,220 | | 净资产(百万元) | 82,026 | | 总资产(百万元) | 239,915 | | 52 周高低(港元) | 8.13/4.23 | | 每股净资产(港元) | 9.23 | | 数据来源: Wind 、国元证券经纪(香港)整理 | | 公司公告,近期接到控股股东国家能源集团通知,为落实《国家能源投 资集团有限责任公司关于避免与龙源电力集团股份有限公司同业竞争 ...

， 1.1 板块表现 资料来源：Wind、国元证券经纪（香港）整理 资料来源：Wind、国元证券经纪（香港）整理 资料来源：Wind、国元证券经纪（香港）整理 "三巫日"美股变化 华尔街多空分歧加剧。今年以来美股"成败都在科技股"引发市场担 忧，就未来几个月美国股市能否延续涨势，华尔街分析师们存在明显 分歧，这反映出市场对于牛市能否持续的不确定性与日俱增。 高盛和花旗仍积极唱多美股。本周，花旗将标普 500 指数年底目标位 从此前的 5100 点上调至 5600 点。该行首席策略师克洛内特认为，持 续的盈利上修，以及利润增长扩大到非科技股推动了目标位上调。与 此同时，花旗将标普今年每股收益预期从 245 美元上调至 250 美元。 4 知名投行看好 AMD 下半年成长 半导体行业周报 半导体行业周报 半导体行业周报 图 1：费城半导体指数（右轴）VS 标准普尔 500 指数 图 2：费城半导体指数 VS 纳斯达克指数 上周美股半导体市场，在我们重点跟踪的股票池中周涨幅：台积电 （-1.85%）、英特尔(0.36%)、超威半导体(1.79%)、博通(-9.31%)、德州 仪器(0.32%)、高通(-4.36%) ...

| 即时点评 | 5 月国内组件招标下降明显,产业链价格持续底部盘整 | |---------------------------|---------------------------------------------------------------------------------------| | 光伏行业 | 2024-06-27 星期四 | | | 事件: | | | 据 TrendForce 集邦咨询中国光伏产业招投标数据库统计, 2024 年 5 月 | | | 共公布了约 7.9GW 光伏组件招标,环比下降 76% ,从项目类型上看主要 | | | 是一些分布式项目招标,大规模组件集采项目有所减少。 | | | 硅业分会数据显示,本周多晶硅价格小幅下调。 n 型棒状硅成交价格区 | | | 间为 3.90-4.20 万元/吨,成交均价为 4.00 万元/吨,环比下跌 0.25% ; | | 相关报告 | 单晶致密料成交价格区间为 3.40-3.90 万元/ 吨,成交均价为 3.46 万 | | | 元/吨,相较前两次报价下跌 6.23% 。n 型颗粒硅成交价格区间为 3.60- | | ...

Investment Rating - The report suggests a cautious subscription for Dida Chuxing (2559.HK) [1] Core Viewpoints - Dida Chuxing is a technology-driven platform in China providing ride-sharing and smart taxi services, aiming to create more transportation capacity while reducing environmental impact [1] - The company operates the second-largest ride-sharing platform in China, with a transaction volume of RMB 8.6 billion and 130 million rides in 2023, capturing a market share of 31.8% based on transaction volume [1] - Dida Chuxing offers services in 366 cities nationwide, with approximately 15.6 million certified private car owners, of which 32.0% were active in 2023 [1] - The company generates revenue primarily from service fees charged to private car owners and taxi drivers, as well as from advertising and other services [1] - Revenue figures for 2021, 2022, and 2023 were RMB 780 million, RMB 570 million, and RMB 820 million respectively, with adjusted net profits of RMB 240 million, RMB 84 million, and RMB 230 million [1] - The estimated market capitalization post-IPO is approximately HKD 7 billion, with a price-to-sales (PS) ratio of about 7.7 times and a price-to-earnings (PE) ratio of about 27 times, indicating reasonable valuation [1] Company Overview - Dida Chuxing aims to popularize ride-sharing by allowing private car owners to share their underutilized vehicle capacity with passengers, providing alternative transportation options in low-density urban areas or regions with insufficient public transport [1] - The IPO price range is set between HKD 5.00 and HKD 7.00, with a total fundraising amount of HKD 147 million based on a median price of HKD 6.00 per share [1] - The total number of shares offered is 39.09 million, with 35.18 million shares allocated for international placement and 3.90 million shares for public offering, representing approximately 90% and 10% respectively [1]

| --- | --- | --- | --- | |---------------------------|--------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|------------------------| | | | | | | IPO 申购指南 | 老铺黄金（ | 6181.HK） | | | 建议申购 | | 2024-06-20 | 星期四 | | 一、 老铺黄金（ 6181.HK | ）招股详情 | | | | 名称及代码 | 老铺黄金（ 6181.HK ） | | | | 独家保荐人 中信建投国际 | | | | | 上市日期 | 2024 年 6 月 28 日（周五） | | | | 招股价格 | 40.50 港元 | | | | 集资额 | 7.13 亿港元（扣除包销费用和全球发售有关的估计费用） | | | ...

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 48.29 per share, indicating a potential upside of 22.1% from the current price of HKD 39.55 [5][13]. Core Insights - The company is expected to benefit from the AI-driven smartphone replacement trend, with a strong partnership with major consumer electronics clients, enhancing its supply chain position [3][6]. - The penetration rate of new energy vehicles (NEVs) in China has reached a new high, with the company's parent, BYD Group, achieving significant sales growth, which is expected to strengthen market competitiveness [8]. - The collaboration with NVIDIA is expanding, allowing the company to develop advanced solutions in various sectors, including AI and autonomous mobile robots [4][9]. Financial Summary - Revenue projections for 2024 to 2026 are RMB 161.31 billion (+24.1%), RMB 180.55 billion (+11.9%), and RMB 201.50 billion (+11.6%) respectively [5][13]. - The net profit forecasts for the same period are RMB 5.04 billion (+24.8%), RMB 6.37 billion (+26.3%), and RMB 7.67 billion (+20.4%) respectively, with an average net profit growth rate of 23.8% over three years [5][13]. - The gross margin is expected to improve from 8.0% in 2023 to 9.2% in 2026, reflecting operational efficiency [14]. Shareholder Information - The major shareholder, Golden Link Worldwide Limited, holds a 65.76% stake in the company, indicating strong control over corporate decisions [2].

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 3.20, indicating a potential upside of 24.0% from the current price of HKD 2.58 [2][6][90]. Core Insights - Harbin Electric is one of China's largest state-owned enterprises in energy equipment manufacturing, with significant market shares in coal, hydro, and nuclear power equipment [3][14]. - The company has seen a substantial increase in coal power orders, with new orders reaching CNY 13.97 billion in 2023, a year-on-year growth of 101.6% [5][24]. - The energy sector in China is transitioning towards a new power system, where coal power remains a core component despite the rapid growth of renewable energy installations [4][34]. Company Overview - Harbin Electric is a key player in the energy equipment sector, producing major equipment for coal, hydro, nuclear, and gas power generation [3][14]. - The company has a historical significance, originating from the first five-year plan of China and has evolved into a crucial backbone of the national energy infrastructure [15][19]. Industry Analysis - The energy demand in China has been growing rapidly, with a compound annual growth rate (CAGR) of 6.4% over the past eight years [42]. - Coal power still accounts for a significant portion of the energy mix, with coal-fired generation representing 63% of total power generation in 2023, reflecting a 5 percentage point increase year-on-year [4][40]. - The government has set ambitious targets for renewable energy, with expectations for coal power to continue playing a supportive role in energy security [34][52]. Financial Performance - The company forecasts a compound annual growth rate (CAGR) of 42.5% in net profit from 2024 to 2026, with projected net profits of CNY 9.5 billion, CNY 13.9 billion, and CNY 16.8 billion respectively [6][88]. - Revenue is expected to grow significantly, with projections of CNY 367.9 billion, CNY 426.8 billion, and CNY 454.7 billion for the years 2024 to 2026 [87][88]. Order and Revenue Analysis - The company has experienced a consistent increase in order volumes, with total contract signings reaching CNY 43.57 billion in 2023, a 29.5% increase from the previous year [24][26]. - The revenue from coal power equipment is expected to rise as the company completes the delivery of previous low-cost orders, enhancing overall profitability [5][71]. Future Outlook - The report anticipates that the demand for coal power equipment will remain strong due to ongoing projects and the need for flexibility upgrades in existing coal plants [72][75]. - The company is well-positioned to benefit from the planned expansion of pumped storage capacity, with expectations for significant growth in hydro power orders [76][80].

2 证 券 研 究 报 告 二、公司价值分析 免责条款 一般声明 分析员声明 | --- | --- | --- | |-------------------------|--------------------------------------------------|-----------------------------------------------------------------------| | | | | | IPO 申购指南 | 云工厂（ | 2512.HK ） | | 建议谨慎申购 | | 2024-06-05 星期三 | | 一、 云工厂（ 2512.HK | ）招股详情 | | | 名称及代码 | 云工厂（ 2512.HK ） | | | 保荐人 | 浦银国际 | | | 上市日期 | 2024 年 06 月 14 日 ( 星期五 ) | | | 招股价格 | 4.60 港元 | | | 集资额 | 3.37 亿港元 ( 按发售价中位数每股 4.60 | 港元计算，扣除包销佣金费用等 ) | | 每手股数 | 1,000 股 | | | | | | | 入场费 | 4,646 ...