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序号证券代码证券简称预测机构最新评级上次评级评级调整预期涨幅盈利预测报告日期↓报告摘要
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1002385大北农华西证券买入增持调高31.31%0.630.660.782020-09-16报告摘要
2603008喜临门华西证券买入增持调高0.00%0.861.081.262020-09-16报告摘要
3002409雅克科技国联证券买入增持调高84.38%1.011.321.672020-09-16报告摘要
4300070碧水源广发证券买入增持调高0.00%0.550.680.842020-09-15报告摘要
5600908无锡银行天风证券买入增持调高22.51%0.720.780.862020-09-04报告摘要
6002572索菲亚山西证券买入增持调高0.00%1.321.561.722020-09-04报告摘要
7600880博瑞传播渤海证券增持中性调高0.00%0.070.070.082020-09-02报告摘要
8300114中航电测东方证券买入增持调高20.11%0.450.580.752020-09-02报告摘要
9601330绿色动力天风证券买入增持调高47.60%0.480.640.792020-09-01报告摘要
10300682朗新科技天风证券买入增持调高0.00%0.701.011.332020-09-01报告摘要
11603103横店影视西南证券买入增持调高20.64%-0.230.630.802020-09-01报告摘要
12000951中国重汽中泰证券买入增持调高0.00%2.352.592.862020-09-01报告摘要
13603233大参林天风证券买入增持调高0.00%1.492.012.642020-09-01报告摘要
14603113金能科技中泰证券买入增持调高0.00%1.091.441.992020-09-01报告摘要
15002624完美世界中原证券买入增持调高0.00%1.211.401.812020-09-01报告摘要
16002555三七互娱中原证券买入增持调高0.00%1.441.762.182020-09-01报告摘要
17603232格尔软件天风证券买入增持调高0.00%0.721.251.922020-09-01报告摘要
18600233圆通速递西南证券买入中性调高17.80%0.670.740.832020-09-01报告摘要
19601012隆基股份招银国际买入中性调高14.02%2.082.583.122020-09-01报告摘要

隆基股份:2Q20results beat;shipment growth to offset pricing and costs impacts in 2H20

2Q20 results beat. 2Q external module shipment surged 106.2% YoY to 4,708MW, while external wafer shipment stay relatively flat at 1,112mn pieces, down 5.0% YoY. The Company recognized RMB406mn impairment losses mainly from RMB427mn for Taizhou and Chuzhou plants, and largely offset by RMB296mn gain from solar farm disposal and RMB153mn financial income from excess cash management. Net interests gain was recorded for the consecutive second quarter, as LONGi maintained in a net cash position. For 1H20, net profit was RMB4,116mn, up 104.8% YoY, significantly higher than ours and market estimates.
    Strong overseas module shipment sustained excellent profitability. LONGi realized wafer/module external shipment of 2.47bn piece/6.58GW in 1H20, up 14.9%/106.2% YoY. Module sales was a highlight as LONGi had 52% module shipped to overseas market, and US module sales offered explicit high margin with significantly higher ASP (+RMB30-50cents vs. domestic spot price.) Wafer sales recorded high GPM at ~40% in 1Q20, and we estimate wafer sales GPM was above 33% though experienced continuous price cut in Apr-May. In a challenging environment came with impacts from COVID-19, LONGi still maintained smooth sales with limited impacts on profitability, in our view.
    Price/costs impacts to be offset by shipment growth. Recent price/costs fluctuate along the PV supply chain had brought impacts to wafer margin and module demand uncertainties. Based on current pricing structure, wafer GPM declined to ~24% by end-Aug, according to our estimate. We are not over concern on the short term turbulence, as LONGi has state of the art PERC cell (efficiency at 23%), leading product costs structure, and strong overseas module sales network. In 2H20, we expect LONGi to meet its sales target, implying 74.8%/156.4%, which we see strong enough to offset price/costs impacts.

20300577开润股份浙商证券买入增持调高0.00%0.881.341.702020-09-01报告摘要
21300770新媒股份光大证券买入增持调高0.00%2.503.314.092020-09-01报告摘要
22601577长沙银行天风证券买入增持调高36.08%1.611.741.942020-08-31报告摘要
23600258首旅酒店光大证券买入增持调高0.00%0.081.001.102020-08-31报告摘要
24000807云铝股份中国银河买入增持调高0.00%0.220.31-2020-08-30报告摘要
25688006杭可科技东吴证券买入增持调高-1.261.872.752020-08-28报告摘要
26300253卫宁健康平安证券买入增持调高0.00%0.230.350.452020-08-28报告摘要
27300119瑞普生物东北证券买入增持调高18.05%0.690.930.992020-08-28报告摘要
28603233大参林国元证券买入增持调高0.00%1.622.102.692020-08-28报告摘要
29603528多伦科技东北证券买入增持调高47.40%0.280.390.542020-08-28报告摘要
30002312三泰控股国信证券买入增持调高0.00%0.530.380.472020-08-27报告摘要
31300577开润股份华西证券买入增持调高9.76%0.881.381.792020-08-27报告摘要
32002244滨江集团东北证券买入增持调高11.48%0.650.780.922020-08-27报告摘要
33002026山东威达安信证券买入增持调高31.50%0.480.670.922020-08-27报告摘要
34002563森马服饰中泰证券买入增持调高0.00%0.320.610.772020-08-27报告摘要
35300441鲍斯股份国海证券买入增持调高0.00%0.350.460.582020-08-27报告摘要
36300679电连技术中泰证券买入增持调高0.00%0.861.371.902020-08-27报告摘要
37603901永创智能东北证券买入增持调高26.26%0.310.450.632020-08-26报告摘要
38601100恒立液压华安证券买入增持调高0.00%1.411.772.092020-08-26报告摘要
39002327富安娜东方证券买入增持调高40.83%0.640.720.812020-08-26报告摘要
40002352顺丰控股光大证券买入增持调高0.00%1.722.202.712020-08-26报告摘要
41600282南钢股份中泰证券增持中性调高0.00%0.530.600.712020-08-26报告摘要
42002429兆驰股份天风证券买入增持调高0.00%0.330.420.422020-08-26报告摘要
43002912中新赛克华西证券买入增持调高0.00%1.952.643.542020-08-26报告摘要
44002281光迅科技华安证券买入增持调高0.00%0.790.991.132020-08-26报告摘要
45603899晨光文具山西证券买入增持调高0.00%1.321.622.002020-08-25报告摘要
46603303得邦照明中国银河买入增持调高0.00%0.820.981.152020-08-20报告摘要
47300824北鼎股份中泰证券买入增持调高0.00%0.390.470.582020-08-18报告摘要
48601888中国中免东吴证券买入增持调高0.00%2.404.345.762020-08-18报告摘要
49603027千禾味业东北证券买入增持调高17.13%0.440.590.802020-08-17报告摘要
50000937冀中能源华西证券买入中性调高0.00%0.340.400.432020-08-17报告摘要
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