[Table_Main] 证券研究报告|行业周报 建筑材料 2024年05月12日 建筑材料 周观点：地产链可以乐观点，玻纤持 续提价 Q2 弹性显现 中性（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 闫广 资格编号：S0120521060002 周观点：本周杭州、西安等热点城市相继宣布解除限购，弱现实（4 月金融数据 邮箱：yanguang＠tebon.com.cn 低于预期，居民中长期贷款依旧疲软）下政策力度逐步加大，市场信心也有望逐 王逸枫 步恢复，我们认为，地产及地产链经过长期的调整，龙头企业经营风险大幅释 资格编号：S0120524010004 放、估值也回落至历史底部位置，随着政策支持力度增大，板块赔率大幅提升， 邮箱：wangyf6＠tebon.com.cn 从政策驱动到基本面拐点的过程，B 端企业有望率先受益于地产政策放松带来的 高弹性，建议优先关注强α属性、低估值的东方雨虹、三棵树、坚朗五金；其次 研究助理 关注：蒙娜丽莎、科顺股份。此外，地产持续放松下，二手房成交量有所回暖， 或是支撑零售端需求稳定的一环，Q1零售端企业表现优于B端企业，短期或延续 此趋势，从 ...

[Table_Main] 证券研究报告 | 行业周报 汽车 2024年05月12日 4 月乘用车批发销量同比增长 汽车 9.8%，美国拟对中国电动汽车征 优于大市（维持） 证券分析师 收四倍关税 邓健全 资格编号：S0120523100001 [Table_Summary] 投资要点： 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002  行业重点新闻。（1）4月全国乘用车批发销量195.2万辆，同比增长9.8%。据乘 联会，4月全国乘用车零售销量153.2万辆，同比下降5.7%，环比下降9.4%；今 邮箱：zhaoyy5＠tebon.com.cn 年以来累计零售636.4万辆，同比增长8.0%。4月全国乘用车厂商批发销量195.2 赵启政 万辆，同比增长9.8%，环比下降11.2%。（2）4月18日至5月5日理想L6首销 资格编号：S0120523120002 期内累计定单超过41,000台。（3）问界M9上市136天累计大定突破8万台。（4） 邮箱：zhaoqz＠tebon.com.cn 极氪正式登陆纽约证券交易所。极氪品牌于 2021.4.15 发布，先后推出 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 2024年05月12日 有色金属周报：初请失业金人数 有色金属 创新高，金银开启新一轮涨势 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 翟堃 资格编号：s0120523050002  本周核心关注美国周初请失业金人数创阶段新高。美国 5 月 4 日当周首次申请失 邮箱：zhaikun＠tebon.com.cn 业救济人数23.1万人，为2023年8月26日当周以来新高，也是自2021年以来 张崇欣 的第三大单周增幅。 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn  下周重要数据发布: 5月14日（周二20:30）美国4月核心CPI、PPI同环比。 高嘉麒 资格编号：S0120523070003  贵金属：黄金小幅回调。本周，COMEX黄金期货收盘价（活跃合约）涨2.5%， 邮箱：gaojq＠tebon.com.cn COMEX 银期货收盘价（活跃合约）涨 6.0%，5月 4日当周初请失业金人数录得 23.1万人，为2023年8月26日当周以来新高。现货黄金上涨 ...

[Table_Main] 证券研究报告 |行业周报 传媒 2024年05月12日 传媒互联网行业周报：Kimi+发 传媒 布，探索应用落地新场景；多款 优于大市（维持） 证券分析师 游戏定档 5 月 马笑 资格编号：S0120522100002 [Table_Summary] 投资要点： 邮箱：maxiao＠tebon.com.cn 投资组合：腾讯控股、网易、恺英网络、上海电影、三七互娱、神州泰岳、吉比特、  姚记科技、汤姆猫、快手、芒果超媒、皖新传媒、百度集团、美团、分众传媒等。 研究助理  投资主题：游戏，AI和VR，教育，短剧，影视动漫，广告，数据要素等。 王梅卿  受益标的：港股海外公司阿里巴巴-SW、京东集团-SW、拼多多、爱奇艺、移卡、 邮箱：wangmq＠tebon.com.cn 阅文集团、美图公司、哔哩哔哩-W、猫眼娱乐、泡泡玛特、云音乐、祖龙娱乐、中 手游、心动公司、东方甄选、巨星传奇等；A股主要有慈文传媒、掌阅科技、三人 市场表现 行、万达电影、浙数文化、电广传媒，南方传媒，中文传媒、电魂网络、冰川网络、 中文在线、昆仑万维、万兴科技、游族网络、力盛体育、遥望科技、东方时尚、浙 传媒 ...

[Table_Main] 证券研究报告 | 行业周报 轻工制造 2024年05月12日 轻工制造 周观点：地产政策密集出台，继续推荐家 居板块，电动车规范落地利好合规龙头 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 毕先磊 资格编号：S0120524030001 家居：地产政策密集出台，购房需求有望持续释放，家居需求将提振，板块处于  邮箱：bixl3＠tebon.com.cn 估值底部，建议底部布局长期竞争力已构建的家居龙头。4 月底至 5 月初，多地 调整住房限购政策，杭州、西安、成都等地全面取消住房限购政策，北京、天 研究助理 津、深圳等地优化住房限购政策，有助于降低购房门槛，刺激潜在需求释放；此 外，上海、深圳等地鼓励商品住房“以旧换新”，有利于畅通一二手链条，助推需 求释放。整个板块看，虽然板块部分企业业绩方面仍有压力，但地产政策底已 现，估值也处于历史底部，家居板块的长期布局价值凸显，标的方面，当前建议 市场表现 布局多条主线：1）部分家居企业基本面虽仍偏弱，但龙头企业长期竞争力已构 轻工制造 沪深300 建，长期布局价值凸显：关注欧派家居、索菲亚、志邦家 ...

[Table_Main] 证券研究报告 | 行业周报 食品饮料 2024年5月12日 24Q1 平稳落地，行业基本面 食品饮料 无虞 优于大市（维持） 证券分析师 食品饮料行业周报 20240506-20240510 熊鹏 [Table_Summary] 投资要点： 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn  白酒：24Q1开门红平稳落地，业绩兑现符合预期。23年高端酒/次高端酒/地产酒 营收分别同比变化+17.0%/+12.4%/+22.0%，24Q1 高端酒/次高端酒/地产酒营收 市场表现 分别同比增长15.9%/11.3%/20.8%，24Q1不同价格带增速较23年均略有下降， 高端酒延续稳健增长态势、地产酒龙头势能持续突破，次高端增速仍低于高端酒和 食品饮料 沪深300 地产酒。从年报和一季报情况来看，多数酒企业绩符合预期，白酒行业基本面无虞。 6% 我们春节以来明确2024年白酒主线是千元价格带，全年维度首推泸州老窖、五粮 0% 液，当前位置我们认为可以加大重视。头部企业稳健的同时，弹性标的右侧拐点已 -6% 现，继续看多白酒板块，继续首推【泸州老 ...

[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]