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证券研究报告·行业点评报告 2024 年 11 月 14 日 江海证券研究发展部 执业证书编号：S1410524050002 机械军工行业研究组 饲草产业高质量发展政策助力相关设 备市场发展 分析师：任沐昕 事件： 行业评级：中性（维持） 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 11 月 13 日数据 相关研究报告 1. 江海证券-行业点评报告-机械设备行 业：冰雪产业相关设备或迎来机遇期 – 2024.11.08 2. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.10.21~2024.11.03） – 2024.11.05 3. 江海证券-行业点评报告-机械设备行 业：可再生能源政策助力多领域设备发展 – 2024.11.01 4. 江海证券-行业点评报告-机械设备行 业：事故灾害防治带来相关设备市场空间 – 2024.10.25 5. 江海证券-行业点评报告-机械设备行 业：固废与化学品处置设备市场有待发掘 – 2024.10.23 机械设备行业 2024 年 11 月 13 日，国家发展和改革委员会联合农业农村部、国家林草局发布 《关于推动饲草产 ...

执业证书编号：S1410524050001 | --- | --- | |-------------------------|------------------------| | 市场数据 | | | 总股本(百万股 ) | 97.69 | | A 股股本 (百万股) | 97.69 | | B/H 股股本 (百万股) | -/- | | A 股流通比例(%)） | 56.60 | | 12 个月最高 /最低( 元 ) | 24.50/7.60 | | 第一大股东 | 王敏 | | 第一大股东持股比例 (%) | 25.99 | | 上证综指/沪深 300 | 3383.81/4024.28 | | 数据来源：聚源 注： | 2024 年 11 月 6 日数据 | 近十二个月股价表现 %1个月3个月12个月 相对收益-33.82-30.89-1.77 绝对收益20.8965.8875.73 数据来源：聚源注：相对收益与北证50相比 1. 公司深度报告（首次覆盖）-锦好医疗 -872925：短期承压，自有品牌突破和渠 道建设夯实国产助听器龙头企业地位 – 2024.09.19 锦好医疗近日公布了 2024 年 ...

| --- | --- | --- | --- | |--------------------|--------|--------------------|----------| | | | | | | | | | | | 近十二个月股价表现 | | | | | | | | | | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -3.71 | 11.21 | -41.36 | | 绝对收益 | 0.21 | 32.36 | -28.51 | | 数据来源：聚源 | | 注：相对收益与沪深 | 300 相比 | 执业证书编号：S1410524040001 联系人：王金帅 车载电源份额维持领先，新增头部车企 客户定点 执业证书编号：S1410123090009 1. 江 海 证 券 - 公 司 点 评 报 告 - 威 迈 斯 -688612：2024H1 研发投入致利润承压， 新 产 品 + 出 海 有 望 贡 献 新 增 长 – 2024.09.26 相关研究报告 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析 ...

Investment Rating - The investment rating for the company is "Buy" [3][4]. Core Insights - The company has shown a continuous optimization of its product structure and steady progress in expanding overseas markets, particularly in the hydraulic cylinder sector, which opens up growth opportunities [2]. - In Q3 2024, the company achieved a revenue of 139 million yuan, a year-on-year decrease of 22.60%, while the net profit attributable to the parent company was 28 million yuan, an increase of 27.12% year-on-year [2]. - The gross profit margin improved to 28.93%, up 1.24 percentage points from Q2, and the net profit margin increased to 19.88%, up 3.35 percentage points from Q2, indicating enhanced profitability [2]. - The company’s oil-gas spring products have shown significant advantages in various performance metrics, leading to a compound annual growth rate of 89.55% in revenue from 2021 to 2023, with H1 2024 revenue exceeding the total for 2023 [2]. - The overseas market expansion is progressing well, with products being sold in North America, South America, the Middle East, and Eastern Europe, contributing to revenue diversification and reducing domestic market pressure [2]. - The company’s financial forecasts for 2024-2026 project revenues of 632 million, 799 million, and 980 million yuan, respectively, with net profits of 107 million, 154 million, and 198 million yuan [3][4]. Financial Summary - The company reported total revenue of 443 million yuan for the first three quarters of 2024, a decrease of 15.44% year-on-year, while the net profit attributable to the parent company was 76 million yuan, an increase of 30.71% [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.90 yuan, 1.30 yuan, and 1.66 yuan, respectively [3][6]. - The company’s return on equity (ROE) is expected to improve from 18.53% in 2024 to 23.70% in 2026 [3][6].

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绝对收益 13.65 -0.40 37.70 S1410524050001 国内运动营养食品行业增速高，公司深 耕运动营养食品多年 联系人：黄燕芝 执业证书编号： S1410123120005 | --- | --- | |------------------------|-------------------------------------| | 市场数据 | | | 总股本(百万股 ) | 124.50 | | A 股股本(百万股 ) | 124.50 | | B/H 股股本(百万股 ) | -/- | | A 股流通比例 (%)） | 64.38 | | 12 个月最高/最低 (元 ) | 14.48/6.26 | | 第一大股 东 | 北京惠力康信息咨询中心 ( 有限合伙 ) | | 第一大股东持股比例 (%) | 22.86 | | 上证综指 /沪深 300 | 3000.95/3545.32 | | 数据来源：聚源 注： | 2024 年 9 月 26 日数据 | 近十二个月股价表现 ◆公司主要产品和服务包括：运动营养食品、健康营养食品、数字化体育科技服 务和受托加工业务等。运动营养食品是公司 ...

分析师：周彪 执业证书编号：S1410523110001 近十二个月行业表现 | --- | --- | --- | --- | |----------------|--------|----------------------------------|--------------------| | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 15.65 | 29.78 | 11.71 | | 绝对收益 | 38.27 | 40.69 | 23.53 | | 数据来源：聚源 | 注： | 注：相对收益与沪深 2024 年 10 月 | 300 相比 18 日数据 | 相关研究报告 1. 江海证券-行业点评报告-非银金融行 业：证券业并购重组持续活跃，行业整合 提速 – 2024.09.06 2. 江海证券-行业点评报告-非银金融行 业：国常会研究推动保险业高质量发展的 若干意见，深化行业改革成长强动力 – 2024.09.03 3. 江海证券-行业点评报告-非银金融行 业：国联证券发布并购草案，或将开启新 一轮行业并购重组大幕 – 2024.0 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of its stock [3]. Core Insights - The company is recognized as the first transformer stock on the Beijing Stock Exchange and is classified as a specialized and innovative "little giant" enterprise, primarily engaged in the research, manufacturing, and sales of core power distribution equipment [1][8]. - The company has shown rapid revenue growth from 2019 to the first half of 2024, with a compound annual growth rate of 16.15% [21]. - The domestic and international investment climate for power grids is favorable, driven by increasing electricity demand and a higher proportion of renewable energy, which is expected to boost investment in power grid infrastructure [1][26]. - The company has made significant strides in expanding its market presence both domestically and internationally, securing multiple contracts and orders from various regions [1][3]. Summary by Sections Company Overview - The company specializes in power distribution equipment, including transformers and high/low voltage switchgear, with a focus on quality improvement and brand development [8][11]. - The company has a stable shareholding structure, with the controlling shareholder holding 21.92% of the total shares [20]. Financial Analysis - The company's revenue reached 1.12 billion CNY in 2024, with a year-on-year growth rate of 11.68% [4]. - The net profit attributable to shareholders is projected to be 75 million CNY in 2024, reflecting a growth rate of 2.06% [4]. - The company's gross margin has been declining, primarily due to an increase in the proportion of lower-margin other business revenues [21][24]. Market Investment Climate - The demand for electricity has been steadily increasing, with industrial electricity consumption rising from 3,865.7 billion kWh in 2013 to 5,977.9 billion kWh in 2023, indicating a compound annual growth rate of 4.46% [26]. - The investment in power grid infrastructure is expected to exceed 600 billion CNY in 2024, driven by the need for modernization and expansion of the grid [30][31]. - Globally, there is a significant need for investment in power grid infrastructure, with estimates suggesting that Europe will require approximately 375 to 425 billion EUR by 2030 [32][33]. Competitive Landscape - The domestic market for power distribution equipment is characterized by a low concentration of manufacturers, particularly in the low-end equipment sector, but is expected to consolidate as technical barriers increase [34].

执业证书编号：S1410524050001 联系人：黄燕芝 执业证书编号：S1410123120005 | --- | --- | --- | --- | |----------------|--------|----------------------------------|--------------------| | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -1.78 | 6.83 | 13.51 | | 绝对收益 | 19.5 | 16.36 | 19.17 | | | | | | | 数据来源：聚源 | 注： | 注：相对收益与沪深 2024 年 10 月 | 300 相比 16 日数据 | 相关研究报告 1. 行业点评报告-家用电器行业：9 月白电 排产数据出炉，多地推出以旧换新细则 – 2024.09.03 2. 行业点评报告-家用电器行业：8 月白电 排产数据出炉，格力发布第三期员工持股 计划 – 2024.08.08 3. 行业点评报告-家用电器行业：家电以 旧换新措施发布，有望拉动家电更新需求 – 2024.07.26 4. 行业点评报告 ...