[Table_Main] 证券研究报告 | 公司点评 中材科技(002080.SZ) 2024年03月22日 买入（维持） 中材科技（002080.SZ）：玻纤价格承 所属行业：建筑材料/玻璃玻纤 压，叶片盈利改善，锂膜维持成长 当前价格(元)：15.37 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件:2024 年 3 月 21 日，公司发布 2023 年年度报告，2023 年公司实现营收约  邮箱：yanguang＠tebon.com.cn 258.89亿元，同比+0.29%，归母净利润约22.24亿元，同比-37.77%，扣非归母 王逸枫 净利润约19.65亿元，同比-10.73%。单季度来看，23Q4公司实现营收约 76.58 资格编号：S0120524010004 亿元，同比-4.34%，环比+30.85%，归母净利润约5.16亿元，同比-54.27%，环 邮箱：wangyf6＠tebon.com.cn 比+63.28%，扣非归母净利润约 4.66 亿元，同比-16.39%，环比+85.98%。公司 研究助理 拟向全体股东每10股派发现金红利5.6元（含税），合计现金分红 ...

[Table_Main] 证券研究报告 | 宏观专题 | --- | --- | |------------|------------------------------| | 宏观专题 | 关于我国房地产市场的一些思考 | | | | | 证券分析师 | | 核心观点：2023年经济整体处于波折修复阶段，地产投资是主要掣肘项，当下如 何评估地产走势成为市场核心关切。由于房地产行业链条长，单一指标很难对整 个地产中枢进行准确估计，因此我们从"人、房、地、钱"新机制出发，考虑住 房人口和地产模式，对地产产业链进行拆分，提供了探究我国地产中枢的"三步 法"：第一步以人均 GDP 为锚，考虑人口和资金因素，通过国际横向比较判断我 国当前地产在全球中所处的区间位置。第二步将各国地产危机后企稳阶段作为长 期中枢，大致推断我国地产中枢区间。即在长期中枢上，以地产危机作为外生事 件冲击，关注日本、韩国、美国和新加坡地产危机后的企稳阶段。第三步将经历 深度调整的东北地区作为长期中枢参考，进一步调整前两步所得区间。我们认 为：从住宅投资占 GDP 比重来看，我国住宅投资接近中枢水平，从住宅开发率 和房价收入比来看，销售面积仍有 ...

Investment Rating - The report initiates coverage on Yihualu (300212.SZ) with an "Accumulate" rating [2] Core Views - Yihualu is transitioning from data lake construction to data lake operation, aiming to integrate into the China Electronics Technology Group ecosystem, which is expected to create new growth engines through data factor business [5][19] - The company focuses on the primary development market of data factors, leveraging its central enterprise background to enhance competitive advantages [5][26] - The data factor business is anticipated to become a new growth engine, with a market space of approximately 300-400 billion yuan, alongside a future public data operation monetization market worth around one trillion yuan [5][30] Summary by Sections Company Overview - Yihualu, established in April 2001 and listed in 2011, is a central enterprise-controlled company primarily engaged in digital economic infrastructure construction, data operation services, and digitalization services for government and enterprises [14][19] - The company has shifted its strategy from focusing on intelligent transportation systems to becoming a provider of digital economic infrastructure and data operation services [19][21] Business Transition - Since 2021, Yihualu has prioritized light-asset data operation as a key development direction, leading to a significant shift in its revenue structure [20][21] - As of March 31, 2023, the company has established 32 data lakes nationwide, with 25 of them operational [19][21] Market Position and Competitive Advantage - Yihualu's integration into the China Electronics Technology Group is expected to enhance its competitive edge in the data factor primary development market [5][27] - The company has a strong competitive advantage in the local data factor primary development market due to its early layout and theoretical advantages [26][28] Financial Forecast and Investment Suggestions - The report forecasts Yihualu's revenue for 2023-2025 to be 779 million, 1.463 billion, and 1.916 billion yuan, respectively, with a projected net profit of -2.121 billion, 0.05 billion, and 0.13 billion yuan [5][7] - The report suggests that Yihualu's unique advantages in the domestic blue light storage industry and its rich exploration in data operation and services will enable it to seize market opportunities in the data factor business [5][7]

[Table_Main] 证券研究报告 | 公司点评 上美股份(02145.HK) 2024年3月22日 上美股份：23 全年业绩超预 买入（上调） 所属行业：美容护理/化妆品 期，抖音延续高增长 当前价格(元)：48.25 单击或点击此处输入文字。 证券分析师 投资要点 赵雅楠 资格编号：S0120523070002  上美股份 23 年业绩增长超预期。（1）2023 年全年：公司实现营收 41.91 亿元 邮箱：zhaoyn＠tebon.com.cn /+56.64%（落在此前预告40-42亿上沿），净利润4.61亿元/+213%（超出此前预 易丁依 告4.2-4.6亿），毛利率为72.05%/+8.52pcts，来自于高毛利率的韩束品牌占比提 资格编号：S0120523070004 升，公司加大抖音渠道投放，销售费率同比提升 6.45pcts 至 53.46%，净利率为 邮箱：yidy＠tebon.com.cn 11.0%/+5.50pcts；（2）23H2：实现营收 26.04 亿/+84.29%，净利润为 3.60 亿 /+327.1%，收入及利润环比均提速，23H2的毛利率为73.89%、环比+ ...

[Table_Main] 证券研究报告 | 行业点评 公用事业 2024年03月22日 公用事业 提升电力系统稳定调节能力，加快推动 氢能产业高质量发展 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 郭雪 资格编号：S0120522120001 事件： 3月18日，国家能源局印发《2024年能源工作指导意见》的通知（以下  邮箱：guoxue＠tebon.com.cn 简称《意见》），其中提出，提升电力系统稳定调节能力、大力推进非化石能源高质 量发展、深化能源利用方式变革、加快培育能源新业态新模式等内容。 联系人 能源结构持续优化，终端电力消费比重持续提高。《意见》提出，2024 年非化石  卢璇 能源发电装机占比提高到 55%左右；风电、太阳能发电量占全国发电量的比重达 邮箱：luxuan＠tebon.com.cn 到17%以上；天然气消费稳中有增，非化石能源占能源消费总量比重提高到18.9% 左右。 2023年全国清洁能源总装机规模达到 14.5亿千瓦，其中太阳能、风电总 市场表现 装机规模超10亿千瓦，占发电总装机近36%。我们预计随着新能源装机持续提升， 沪深 ...

[Table_Main] 证券研究报告 | 公司点评 华能国际(600011.SH) 2024年03月22日 华能国际（600011.SH）：煤电 增持（维持） 所属行业：公用事业/电力 盈利修复，风光投产加速 当前价格(元)：8.99 证券分析师 投资要点 郭雪 资格编号：S0120522120001 事件：公司发布 2023 年年报，2023年公司实现营业收入 2543.97 亿元，同比增  邮箱：guoxue＠tebon.com.cn 长3.11%；实现归母净利润 84.46 亿元，同比增长214.33%； 联系人 卢璇 上网电量稳定增长，成本下降增强盈利能力。2023年公司实现营业收入 邮箱：luxuan＠tebon.com.cn  2543.97 亿元，同比增长3.11%；实现归母净利润 84.46 亿元，同比增长 市场表现 214.33%，扣非归母净利润56.11亿元，同比增长159.56%。营业收入的增长主 要由于公司2023年完成境内上网电量4478.6亿千瓦时，同比+5.3%；同时得益 华能国际 沪深300 23% 于燃料成本的下降，公司23年燃料采购费用为1565.7亿元，较22年下降 ...

[Table_Main] 证券研究报告 | 公司点评 中国巨石(600176.SH) 2024年03月21日 买入（维持） 中国巨石（600176.SH）：周期底部渐行渐 所属行业：建筑材料/玻璃玻纤 近，龙头优势穿越周期 当前价格(元)：10.02 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024 年 3 月 19 日，公司发布 2023 年年度报告，2023 年公司实现营收约 邮箱：yanguang＠tebon.com.cn 148.76亿元，同比-26.33%，实现归母净利润约30.44亿元，同比-53.94%，实现 王逸枫 扣非归母净利润约18.98亿元，同比-56.64%；单季度来看，23Q4公司实现营收 资格编号：S0120524010004 约34.50亿元，同比-15.64%，环比-4.05%，实现归母净利润约3.71亿元，同比 邮箱：wangyf6＠tebon.com.cn -66.09%，环比-39.35%，实现扣非归母净利润约2.74亿元，同比-64.94%，环比 研究助理 -22.72%。公司每10股拟派发现金红利2.75元(含税)，合计分红11.01 ...

Investment Rating - The report initiates coverage on Lingyun Co., Ltd. (600480.SH) with an "Accumulate" rating [7][22]. Core Viewpoints - Lingyun Co., Ltd. is driven by dual engines of hot forming and battery shell production, with potential to enter the robotics field [5][30]. - The company has a solid leading position in the automotive pipeline business, providing stable cash flow [6][70]. - The lightweight business is set to grow, focusing on hot forming and aluminum alloy technologies, with significant project expansions [6][81]. - The company is actively engaging in the development of robotic force sensors, which are critical components for humanoid robots, indicating a forward-looking strategic layout [6][85]. Summary by Sections 1. Company Overview - Lingyun Co., Ltd. was established in 1995 and listed in 2003, primarily engaged in lightweight safety structural components, hot forming products, and automotive pipelines [5][34]. - The acquisition of German WAG in 2015 enhanced the company's capabilities in aluminum alloy lightweight technology and allowed entry into the high-end new energy battery shell market [5][81]. 2. Business Segments - The automotive metal and plastic components business has been increasing its revenue share, reaching 87.7% in 2022 [36][62]. - The company has a diverse product matrix, including high-strength lightweight safety systems and battery system components for new energy vehicles [36][62]. 3. Financial Performance - Revenue is projected to grow from 180.23 billion CNY in 2023 to 215.73 billion CNY in 2025, with net profit expected to rise from 6.06 billion CNY to 8.59 billion CNY in the same period [7][10]. - The company has shown a stable growth trend, with a compound annual growth rate (CAGR) of 12.4% from 2014 to 2022 [40]. 4. Strategic Initiatives - The company is focusing on the development of robotic force sensors, with a projected market size of 328 billion CNY by 2030 for the humanoid robot sector [6][88]. - Lingyun Co., Ltd. is collaborating with research institutions to innovate in the field of humanoid robot force sensing technology [6][85]. 5. Investment Recommendations - The report suggests that the company's performance is expected to improve significantly due to the growth in lightweight and robotics businesses, leading to an "Accumulate" rating [7][22].

Investment Rating - The report maintains a "Buy" rating for Xinji Energy (601918 SH) [4][10] Core Views - Xinji Energy achieved steady growth in 2023 with a 7 01% YoY increase in revenue and 1 57% YoY growth in net profit attributable to shareholders [13] - The company's power business showed stable profitability with a 22 8% gross margin in 2023, up 0 12 percentage points YoY [1] - Coal business faced cost pressures but achieved a 90 5% coal washing rate, the highest in six years [3] - Future growth is expected from the company's power projects under construction, with a total installed capacity of 5960MW and equity capacity of 3874MW [14] Financial Performance Power Business - In 2023, Xinji Energy generated 103 93 billion kWh of electricity, a 2 67% YoY decrease, with 98 72 billion kWh sold to the grid, down 2 78% YoY [1] - The average selling price of electricity was 0 4109 yuan/kWh, up 0 65% YoY, while the cost per kWh decreased by 0 41% to 0 3172 yuan/kWh [1] - The gross profit per kWh increased by 4 42% to 0 0937 yuan/kWh [1] Coal Business - In 2023, the company produced 21 40 million tons of raw coal, down 3 76% YoY, and sold 19 69 million tons of commercial coal, up 8 70% YoY [3] - The average selling price of commercial coal was 446 4 yuan/ton, up 3 39% YoY, while the cost per ton increased by 15 50% to 234 6 yuan/ton [3] - The gross profit per ton of commercial coal decreased by 7 36% to 211 8 yuan/ton [3] Future Outlook - The company's coal-power synergy is expected to deepen, with self-produced coal covering 52%, 85%, and 100% of power plant coal consumption in 2025, 2026, and 2027, respectively [14] - Net profit attributable to shareholders is forecasted to grow to 2 44 billion yuan in 2024, 2 63 billion yuan in 2025, and 3 15 billion yuan in 2026 [4] - The PE ratio is projected to be 8 5x, 7 9x, and 6 6x for 2024, 2025, and 2026, respectively [4] Financial Metrics - The company's gross margin was 39 7% in 2023, with a net profit margin of 18 7% and ROE of 15 6% [6] - EPS is expected to increase from 0 81 yuan in 2023 to 1 22 yuan in 2026 [6] - Operating cash flow per share is projected to grow from 1 47 yuan in 2023 to 3 14 yuan in 2026 [6]

Investment Rating - The report maintains a "Buy" rating for Jinbo Bio, indicating a strong investment opportunity in the collagen sector with expected revenue growth and profitability improvements [4][10]. Core Insights - Jinbo Bio achieved significant revenue growth in 2023, with total revenue reaching 680 million yuan, a year-on-year increase of 122.7%. The gross margin was reported at 93.18%, up by 4.89 percentage points, primarily driven by the sales of collagen injection products and medical dressings [2][18]. - The company has established a strategic partnership with L'Oréal, enhancing its position in the international supply chain for collagen raw materials, which is expected to further boost its market influence [2][4]. - Future revenue projections for Jinbo Bio are optimistic, with expected revenues of 1.178 billion yuan in 2024, 1.626 billion yuan in 2025, and 2.067 billion yuan in 2026, reflecting growth rates of 61%, 40%, and 29% respectively [4][12]. Financial Performance Summary - In 2023, Jinbo Bio's net profit reached 300 million yuan, a year-on-year increase of 174.6%, with a net profit margin of 38.42% [18]. - The company reported a strong performance in Q4 2023, with revenue of 263 million yuan, up 89.68% year-on-year, and a net profit of 108 million yuan, reflecting a robust growth trajectory [18]. - The gross margin for Q4 2023 was 90.54%, indicating sustained high profitability levels [18]. Research and Development - Jinbo Bio has significantly increased its R&D investment, with R&D expenses rising by 87.12% year-on-year. The company is focusing on systemic innovation in functional proteins and has made progress in clinical trials for various collagen products [11][12]. - The company is actively pursuing multiple R&D projects, including new collagen materials and broad-spectrum antiviral drugs, with some projects already entering clinical stages [11][12].