[Table_Main] 证券研究报告 | 行业周报 煤炭开采 2024年05月12日 煤炭周报：市场情绪转暖，煤价 煤炭 企稳回升 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 翟堃  市场情绪转好，动力煤价延续上涨。 A）价格及事件回顾：本周秦皇岛港动力煤 资格编号：s0120523050002 Q5500价格上涨至860元/吨（环比+3.74%）。供应端，主产区环保、安全检查继 邮箱：zhaikun＠tebon.com.cn 续，少数煤矿停产减产，整体供应稍有影响。坑口方面，多数煤矿产销平衡，库 薛磊 存偏低刺激价格持续探涨，交投气氛转好，贸易商操作积极。港口方面，节后锚 资格编号：S0120524020001 地船舶数下降叠加铁路发运好转，港口出现小幅累库。下游方面，目前仍处用煤 邮箱：xuelei＠tebon.com.cn 淡季，日耗偏低，多数电厂库存充裕，短期或维持部分刚需采购，后续关注六月 终端备货情况。B）价格短期观点：我们判断煤价有望开启震荡反弹。 i）建材煤 研究助理 修复预期向好：两会提出拟安排地方政府专项债3.9万亿，同比多增1000亿元， 随着 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a significant decline in revenue and net profit in 2023, with a revenue of 139.10 billion yuan, down 2.33% year-on-year, and a net profit of 13.57 billion yuan, down 47.25% year-on-year [2][5] - The company maintains a strong position in the silicon material and battery sectors, with a focus on cost reduction and efficiency improvement [3][4] - The company is expected to recover in the coming years, with projected net profits of 2.68 billion yuan in 2024, 6.45 billion yuan in 2025, and 9.01 billion yuan in 2026, corresponding to PE ratios of 37.92X, 15.77X, and 11.29X respectively [5][7] Summary by Sections Market Performance - The company's stock has underperformed compared to the market, with a relative drop of 9.75% over one month and 20.50% over two months [2] Financial Performance - In 2023, the company achieved a total revenue of 139.10 billion yuan and a net profit of 13.57 billion yuan, with a significant decrease in profitability metrics [6] - The gross margin for 2023 was 26.4%, a decline from previous years, and the net profit margin was 13.1% [7] Business Segments - The silicon material segment saw a sales volume of 387,200 tons, a 50.79% increase year-on-year, but revenue decreased by 27.57% due to falling prices [3] - The battery segment achieved sales of 80.66 GW, a 68.11% increase year-on-year, with revenue from battery components reaching 693.72 billion yuan, up 29.60% [3][4] Future Outlook - The company is expected to enhance its production capacity, particularly in TNC batteries, with a projected capacity exceeding 100 GW by the end of 2024 [3] - The company is investing in new technologies and has made significant advancements in battery efficiency, with the latest products achieving conversion efficiencies above 26% [4]

Investment Rating - The report maintains a "Buy" rating for TCL Zhonghuan (002129.SZ) [1] Core Views - The company reported a revenue of 59.146 billion yuan in 2023, a decrease of 11.74% year-on-year, and a net profit of 3.416 billion yuan, down 49.90% year-on-year. The first quarter of 2024 saw a revenue of 9.933 billion yuan, a decline of 43.62% year-on-year, with a net loss of 880 million yuan, a decrease of 139.05% year-on-year [4][5] - The company's silicon wafer shipments grew rapidly, with a total of approximately 114 GW shipped in 2023, representing a year-on-year increase of 68%. The overall market share for silicon wafers reached 23.4%, with N-type wafers holding a market share of 36.4% [5] - The company has been enhancing product technology, efficiency, and cost advantages, achieving a labor productivity of 25 MW/person/year for crystal production, which is 71% higher than the industry average [5] - The company is expanding its module business, with a shipment of 8.6 GW of photovoltaic modules in 2023, a year-on-year increase of 29.8% [5] - The report highlights a significant impairment loss of 1.01 billion yuan related to the company's equity investment in Maxeon, which negatively impacted overall performance [5] Financial Performance Summary - In 2023, TCL Zhonghuan achieved a total revenue of 59.146 billion yuan and a net profit of 3.416 billion yuan. The projected revenues for 2024, 2025, and 2026 are 49.103 billion yuan, 64.199 billion yuan, and 80.913 billion yuan, respectively [7][10] - The net profit for 2024 is expected to be 2.113 billion yuan, with projections of 3.233 billion yuan and 4.028 billion yuan for 2025 and 2026, respectively [9][10] - The gross margin for 2023 was 20.2%, with expectations of 15.8% for 2024 and 15.9% for 2026 [8][10] - The company's total assets were reported at 125.063 billion yuan in 2023, with projections of 128.344 billion yuan and 140.855 billion yuan for 2024 and 2025, respectively [10]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The report highlights that the sales of Fruzaqla (fruquintinib) in the U.S. exceeded expectations, with sales reaching approximately 65 million USD by March 31, 2024, following its approval in November 2023 [4][7] - The company has a strong pipeline with multiple upcoming approvals and significant unmet medical needs in the oncology sector, particularly for colorectal cancer [4][8] - The report projects revenue growth for the company, with expected sales of 709 million, 912 million, and 1.131 billion USD for the years 2024 to 2026, respectively [5][10] Summary by Sections Company Events - Takeda Pharmaceuticals reported that Fruzaqla's sales in the U.S. reached 101 billion JPY (approximately 65 million USD) by March 31, 2024, with a strong sales performance in Q1 2024 [4] - The company entered into a licensing agreement with Takeda for Fruzaqla's overseas rights, with potential payments totaling up to 1.13 billion USD [4] Market Performance - The report notes that colorectal cancer is a significant global health issue, with over 935,000 deaths in 2020, indicating a large market opportunity for Fruzaqla [4][8] - The company is expanding its indications in China, with multiple applications for new indications under review [4][9] Financial Projections - The report revises the sales expectations for Fruzaqla, forecasting revenues of 709 million, 912 million, and 1.131 billion USD for 2024, 2025, and 2026, respectively, with growth rates of -15%, 29%, and 24% [5][10] - The company is expected to achieve a gross margin of approximately 54% in the coming years [10]

3 / 6 请务必阅读正文之后的信息披露和法律声明 宏观点评 -3 -2 -1 0 1 2 3 4 -2 -1.5 -1 -0.5 0 0.5 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 （%） 区间 三大耐用品：交通工具 中枢 资料来源：Wind，德邦研究所 资料来源：Wind，德邦研究所 图 7：PPI 同环比走势 图 8：PPI 三分类走势 2020-112021-022021-052021-082021-112022-022022-052022-082022-112023-022023-052023-082023-112024-02 （%） PPI:采掘 PPI:原料 PPI:加工 分析师与研究助理简介 程强，博士，CFA，CPA，德邦证券首席经济学家、研究所所长。 图 5：三大耐用品：通信工具价格环比 图 6：三大耐用品：交通工具价格环比 -4 -3 -2 -1 0 1 2 3 -12 -9 -6 -3 0 3 6 9 12 15 2020-102021-012021-042021-072021-102022-012022-042022-072022-102023- ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 59.15 billion yuan in 2023, a decrease of 11.74% year-on-year, and a net profit of 3.42 billion yuan, down 49.90% year-on-year [4][6] - The company's silicon wafer shipments grew significantly, with a total of approximately 114GW shipped in 2023, representing a year-on-year increase of 68% [4] - The company has maintained a leading market share in N-type silicon wafers at 36.4% and has a total crystal production capacity of 183GW by the end of 2023 [4][6] - The company is focusing on continuous technological improvements and cost advantages in its photovoltaic materials business, achieving a comprehensive gross margin of 21.8% in 2023, up 2.8% year-on-year [4][6] - The company has also expanded its module business, with a shipment of 8.6GW in 2023, a year-on-year increase of 29.8% [4][6] Financial Performance Summary - The company expects net profits for 2024-2026 to be 2.11 billion yuan, 3.23 billion yuan, and 4.03 billion yuan respectively, with corresponding P/E ratios of 20.62X, 13.48X, and 10.82X [4][6] - The company's total assets were reported at 124.93 billion yuan in 2023, with a total market value of approximately 43.58 billion yuan [6][9] - The gross margin is projected to decrease to 15.8% in 2024 and remain stable at around 15.9% in 2026 [7][9] Market Comparison - The company's stock price has shown a significant decline of 86% compared to the market index, indicating underperformance [2][3] - The report highlights that the company's performance is expected to improve in the coming years, with a projected revenue growth of 30.7% in 2025 and 26.0% in 2026 [7][9]

[Table_Main] 证券研究报告 | 行业周报 公用事业 2024年05月11日 ESG 周报：首批绿债基金密集发售， 公用事业 公募积极布局绿色金融新“蓝海”;微 优于大市（维持） 软签下史上最大绿色能源协议 证券分析师 郭雪 [ 投Tab 资le_ 要Su 点mm ：ar y] 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn  热点聚焦： 研究助理 国内：首批绿债基金密集发售，公募积极布局绿色金融新“蓝海”。近日，首批四  卢璇 只中债绿色普惠主题金融债券优选指数基金陆续发售。公募积极布局绿色债券市 邮箱：luxuan＠tebon.com.cn 场，促进绿色金融发展。南开大学金融发展研究院院长田利辉表示，公募基金相继 刘正 布局绿债基金，反映出市场对绿色投资的高度认可。随着“双碳”工作的持续推进， 邮箱：liuzheng3＠tebon.com.cn 公募基金积极布局绿债基金，既是对社会责任的履行，也是对市场趋势的把握。 国外：微软签下史上最大绿色能源协议。据英国《金融时报》报道，科技巨头微 市场表现  软签署了一项全球框架协议，支持价值约 100 亿美元的 ...

[Table_Main] 证券研究报告 | 行业周报 公用事业 2024年05月11日 ESG 周报：首批绿债基金密集发售， 公用事业 公募积极布局绿色金融新“蓝海”;微 优于大市（维持） 软签下史上最大绿色能源协议 证券分析师 郭雪 [ 投Tab 资le_ 要Su 点mm ：ar y] 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn  热点聚焦： 研究助理 国内：首批绿债基金密集发售，公募积极布局绿色金融新“蓝海”。近日，首批四  卢璇 只中债绿色普惠主题金融债券优选指数基金陆续发售。公募积极布局绿色债券市 邮箱：luxuan＠tebon.com.cn 场，促进绿色金融发展。南开大学金融发展研究院院长田利辉表示，公募基金相继 刘正 布局绿债基金，反映出市场对绿色投资的高度认可。随着“双碳”工作的持续推进， 邮箱：liuzheng3＠tebon.com.cn 公募基金积极布局绿债基金，既是对社会责任的履行，也是对市场趋势的把握。 国外：微软签下史上最大绿色能源协议。据英国《金融时报》报道，科技巨头微 市场表现  软签署了一项全球框架协议，支持价值约 100 亿美元的 ...

[Table_Main] 证券研究报告 | 宏观点评 宏观点评 相关研究 出口回暖，关注量价指数的结构变化 ——2024 年 4 月进出口数据点评 总览：进出口金额同比均回升，量价结构有所调整。2024 年 4 月份，中国当月出 口（美元计价）2924.5 亿美元，出口金额（美元计价）同比+1.5%，高于万得一 致预期+0.4%；2024 年 4 月份，中国当月进口（美元计价）2201.0 亿美元，进口 金额（美元计价）同比+8.4%，高于万得一致预期+3.5%；2024 年 4 月贸易差额 为 720.0 亿美元，前值为 585.5 亿美元。结合国内经济景气指数来看，4 月制造业 PMI新出口订单指数（50.6%）较 2024年 3月（51.3%）有小幅回落，处于 2018 年以来的 86%分位数水平，可以看出外需动能边际放缓，但韧性犹存。本次进出 口金额同比回升也验证我们在前期报告《无需悲观：剔除基数影响及闰年扰动， 出口正增——2024 年 3 月进出口数据点评》中的提示："3 月进出口金额同比回 落，基数效应以及闰年扰动是主因，无需过度担忧。"4 月进出口增速回升，结构 上出现新的变化，其中最为突出的 ...

[Table_Main] 证券研究报告 | 公司点评 再鼎医药(09688.HK) 2024年05月10日 再鼎医药(09688.HK)：新品放量 买入（维持） 所属行业：医疗保健业/药品及生物科技 超预期，公司迈入发展新阶段 当前价格(港币)：16.20元 证券分析师 投资要点 李霁阳 资格编号：S0120523080003 业绩。2024年 5月 9日，再鼎医药发布第一季度财务业绩，2024年 Q1净产品  邮箱：lijy7＠tebon.com.cn 收入 8,710 万美元, 同比增长 39%, 按固定汇率计算同比增长 43%。研发费用和 SG&A占收入比例均有显著的下降，R&D: 63% (Q1'24) vs. 100% (2023)；SG&A: 79% (Q1'24) vs. 106% (2023)；截至24年第一季度, 公司拥有超7.5亿美元的现 金储备, 市场表现 收入端增长强劲，新老产品均表现优异：1）艾加莫德（卫伟迦®）收入1320 万  再鼎医药 恒生指数 美元，进医保后第一个季度销售放量迅速；2）则乐收入为 4550万美元，同比增 20% 长7%；3）擎乐和纽再乐纳入医保后均实现强劲 ...