行 业 研 究 [Table_Reportdate] 2024年04月29日 [table_invest] [白Tabl酒e_N龙ewT头itle] 韧性强劲，关注绩优方向 超配 行 ——食品饮料行业周报（2024/4/22-2024/4/28） 业 [table_main] 周 [证Ta券b分le析_A师u thors] 投资要点： 报 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 ➢ 二级市场表现：上周食品饮料板块上涨4.01%，跑赢沪深300指数2.81个百分点，在31个 吴康辉 申万一级板块中排名第7位。子板块方面，上周白酒板块上涨4.93%，相对表现较优。个股 食 wkh@longone.com.cn 方面，上周涨幅前五为*ST西发、海融科技、迎驾贡酒、中炬高新、金徽酒，分别上涨13.7%、 联系人 品 13.0%、12.8%、12.3%、12.0%。跌幅前五为张裕A、甘源食品、海南椰岛、养元饮品、 陈涛 饮 三全食品，分别下跌9.1%、4.9%、4.1%、3.4%、3.4%。 cht@longone.com.cn 料 [t able_stockTrend] ➢ ...

行 业 研 究 [Table_Reportdate] 2024年04月29日 [table_invest] [光Tabl伏e_N电ewT池itle] 片盈利好转，海风项目建设持 标配 行 续推进 业 ——新能源电力行业周报（2024/04/22-2024/04/28） 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 市场表现： 电 证券分析师 力 王珏人 S0630523100001 本周（04/22-04/26）申万光伏设备板块上涨1.06%，跑输沪深300指数0.15个百分点， 设 wjr@longone.com.cn 申万风电设备板块上涨0.99%，跑输沪深300指数0.21个百分点。本周光伏板块涨幅前 联系人 备 三个股为中信博、ST天龙、京山轻机，跌幅前三个股为和邦生物、奥特维、美畅股份。 付天赋 与 本周风电板块涨幅前三个股为振江股份、湘电股份、中环海陆，跌幅前三个股为金雷股 ftfu@longone.com.cn 新 份、中材科技、双一科技。 能 [table_s ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported its 2023 annual results and Q1 2024 results, which met expectations. In 2023, the company achieved a revenue of 48.784 billion yuan, a year-on-year increase of 34.38%, and a net profit attributable to shareholders of 4.050 billion yuan, up 15.42% year-on-year. For Q1 2024, the company reported a revenue of 9.317 billion yuan, a year-on-year decrease of 16.70%, and a net profit of 1.066 billion yuan, down 6.49% year-on-year [8][9] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 48.784 billion yuan, with a year-on-year growth of 34.38%. The net profit attributable to shareholders was 4.050 billion yuan, reflecting a 15.42% increase. The adjusted net profit was 2.755 billion yuan, up 2.23% year-on-year. For Q1 2024, the revenue was 9.317 billion yuan, down 16.70% year-on-year, while the net profit was 1.066 billion yuan, down 6.49% year-on-year, with adjusted net profit increasing by 14.63% to 0.701 billion yuan [8][9] Market Position and Product Development - The company has seen steady growth in market share across its product lines. In 2023, the company shipped 28.08 GWh of power batteries, a year-on-year increase of 64.22%, with a domestic market share of 4.45%, ranking fourth nationally. In Q1 2024, the power battery shipments were 6.45 GWh, up 5.98% year-on-year. The company also shipped 26.29 GWh of energy storage batteries in 2023, a 121.14% increase, maintaining its position as the third-largest globally. In Q1 2024, energy storage battery shipments reached 7.02 GWh, up 113.11% year-on-year [8][9] Product Matrix and International Expansion - The company is actively expanding its product matrix and making progress in overseas markets. It has made significant advancements in lithium battery technology and capacity, including the development of large cylindrical batteries and high-capacity lithium iron phosphate batteries. The company is also establishing production bases in Malaysia and Hungary to support the Southeast Asian market and respond to the demand for new energy vehicle batteries [9][10] Investment Recommendations - Considering the intensified competition in the lithium battery industry and potential price declines for some products, the company’s revenue forecasts for 2024-2025 have been adjusted to 56.357 billion yuan and 75.229 billion yuan, respectively. The net profit forecasts for 2024-2026 are 4.710 billion yuan, 6.096 billion yuan, and 7.542 billion yuan, corresponding to a P/E ratio of 16x, 12x, and 10x. The "Buy" rating is maintained [9][10]

Group 1: Profit and Revenue Trends - In March 2024, the total profit of industrial enterprises above designated size increased by 4.3% year-on-year, down from 10.2% in the previous period[14] - March profits decreased by 35.3% compared to January-February, slightly below the 2015-2019 average of 29.7%[15] - Revenue in March fell by 40.7% month-on-month, also below the 2017-2019 average of 38.2%[15] Group 2: Factors Affecting Profitability - Revenue growth turned negative in March, with a year-on-year decline of 1.2%, the first negative growth since July of the previous year[22] - The profit margin slightly improved due to a combination of rising costs (up 0.21 percentage points) and falling expenses (down 0.08 percentage points)[22] - The industrial added value in March grew by 4.5% year-on-year, a significant drop from 7.0% in January-February[22] Group 3: Sector Performance - Among the three major industries, public utilities showed the highest cumulative year-on-year profit growth at 40.0%, followed by manufacturing at 7.9%, while mining experienced a decline of 18.5%[19] - The midstream equipment manufacturing sector remains a stabilizing force, contributing 4.9 percentage points to overall industrial profit growth[19] Group 4: Inventory and Demand Concerns - As of the end of March, finished goods inventory increased by 2.5% year-on-year, with actual inventory up by 5.3%[29] - The overall inventory growth remains low, indicating weak demand, particularly influenced by the real estate sector[29] Group 5: Risks and Policy Outlook - Risks include potential delays in policy implementation and slower-than-expected demand recovery, which could hinder revenue growth for enterprises[34]

总 量 研 究 宏 观 简 评 | --- | --- | --- | --- | --- | |-------|----------|------------------------------------------------|-------|-------| | | | | | | | | 图表目录 | | | | | | | 图 1 日央行实际 GDP 同比增速预测，% . | | | | | | 图 2 日央行核心 CPI ( 除新鲜食品外 ) 预测， % | | | | | | 图 3 日本 CPI 通胀率，% | | | 请务必仔细阅读正文后的所有说明和声明 1.日央行会议决议符合市场预期 [Table_Reportdate] 2024年04月27日 [证券分析师 Table_Authors] 胡少华 S0630516090002 hush@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 联系人 董澄溪 dcx@longone.com.cn [日本Table_NewTitle] 干预汇率的可能性有多大？ ——海外观察：2 ...

央行在一季度货币政策委员会例会新闻稿中提到"在经济回升过程中，也要关注长期 收益率的变化"。央行有关部门负责人就如何看待长期国债收益率走势，接受《金融时报》 记者采访时表示，长期国债收益率主要反映长期经济增长和通胀的预期，但同时也会受到 供求关系等其他因素的扰动。部分发达经济体在经济增长预期较好的阶段，也曾由于市场 供需的阶段性失衡，出现国债收益率与长期经济增长预期背离的情形。 技术 分析 李沛 S063052007000118201989766 （信息来源：中国人大网） （信息来源：央行） 美国第一季度核心 PCE 物价指数年化初值环比升 3.7%，预期升 3.4%，2023 年四季 度终值升 2.0%，修正值升 2.1%，初值升 2.0%；同比升 2.9%，2023年四季度终值升 3.2%。 美国第一季度实际个人消费支出初值环比上升 2.5%，预期升 3.0%，去年四季度终值 升 3.3%，修正值升 3.0%，初值升 2.8%。 （信息来源：Wind） 8.行业周观点汇总 证券研究报告 HTTP://WWW.LONGONE.COM.CN 14/19 请务必仔细阅读正文后的所有说明和声明 宏观周报 家电 张 ...

公 司 研 究 [Table_Reportdate] 2024年04月27日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 马小萱 mxxuan@longone.com.cn 联系人 张晶磊 zjlei@longone.com.cn | --- | --- | |---------------------------|------------| | 数据日期 Table_cominfo] | 2024/04/26 | | 收盘价 | 8.82 | | 总股本 ( 万股 ) | 148,636 | | 流通 A 股 /B 股 ( 万股 ) | 22,190/0 | | 资产负债率 (%) | 29.92% | | 市净率 ( 倍 ) | 1.85 | | 净资产收益率 ( 加权 ) | -1.10 | | 12 个月内最高 / 最低价 | 12.89/8.05 ...

[Table_Report] 2. [Table_Reportdate] 2024年04月25日 [晨Tabl会e_N纪ewT要itle] 20240425 [证Ta券b分le析_A师u：thors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人： 陈涛 cht@longone.com.cn [table_main] 重点推荐 1.安杰思（688581）：业绩超预期，国内国际市场齐发力——公司简评报告 2. 关 注 业 绩 边 际 变 化 ， 布 局 稳 健 向 好 的 投 资 机 会 — — 医 药 生 物 行 业 周 报 （2024/04/15-2024/04/21） 3.嘉曼服饰（301276）：整合成人装，深挖暇步士品牌成长潜力——公司简评报告 财经要闻 1.国家主席习近平：进一步全面深化改革开放，不断谱写中国式现代化重庆篇章。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 正文目录 1. 重点推荐 1.1. 安杰思 ( 688581 ): 业绩超预期，国内国际市场齐发力――公司简评报告.. 3 风险提示： ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a strong performance in Q4 2023, with revenue reaching 1.369 billion yuan, a year-on-year increase of 38.92% and a net profit of 306 million yuan, up 130.95% year-on-year [7][8] - The company is focusing on high-end semiconductor products, including MOS, IGBT, and third-generation semiconductors, which are expected to drive revenue growth in 2024 [10] - The company has expanded its production capacity and is enhancing its product offerings in the electric vehicle and clean energy sectors, positioning itself to benefit from the recovery in downstream demand [9][10] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 5.41 billion yuan, a slight increase of 0.12% year-on-year, while net profit was 924 million yuan, down 12.85% year-on-year [7][10] - Q4 2023 saw significant growth in revenue from photovoltaic diodes, SiC, and IGBT, contributing to the overall revenue increase [8] Product Development and Capacity Expansion - The company has made substantial investments in R&D for high-end products, including SiC and GaN wafers, and has established a joint R&D center with Southeast University [8] - The acquisition of a 30% stake in Jiechuwi has allowed the company to control 70% of the firm, enhancing its production capabilities for 8-inch power semiconductor chips [8] Market Opportunities - The company is capitalizing on the growing demand in the electric vehicle market, with a reported penetration rate of 50.39% for new energy vehicles in early April 2024 [9] - The company has developed a series of automotive-grade products and is expanding its partnerships with major automotive clients [9][10] Profit Forecast and Valuation - The profit forecast for 2024, 2025, and 2026 is adjusted to 1.039 billion yuan, 1.544 billion yuan, and 1.931 billion yuan respectively, with corresponding PE ratios of 19, 13, and 10 times [10][11]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's conventional business continues to grow rapidly, with a revenue of 544 million yuan in 2023, representing a year-on-year increase of 14.59%. The net profit attributable to shareholders was 154 million yuan, down 24.61% [6][9]. - Significant increases in expenses have put short-term pressure on profits, with gross and net profit margins at 91.26% and 27.14%, respectively, in 2023 [7]. - The overseas business has shown impressive growth, with revenue from overseas conventional business reaching 330 million yuan, a year-on-year increase of 37.1% [8]. - The company has increased its R&D investment, spending 125 million yuan in 2023, which is a 9.72% increase from the previous year [8]. - The company has adjusted its profit forecasts for 2024 and 2025, expecting revenues of 658 million yuan and 816 million yuan, respectively, with corresponding net profits of 180 million yuan and 220 million yuan [9]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 544 million yuan, with a growth rate of 14.59%. The net profit attributable to shareholders was 154 million yuan, reflecting a decline of 24.61% [6][12]. - For Q1 2024, the company reported revenue of 146 million yuan, a 6.67% increase, while net profit was 31 million yuan, down 31.91% [6][12]. Expense Analysis - The company's gross margin was 91.26%, down 1.24 percentage points, and the net margin was 27.14%, down 14.85 percentage points in 2023. The increase in expenses is attributed to expanded personnel and increased R&D investments [7][12]. Overseas Business Growth - The overseas conventional business generated 330 million yuan in revenue in 2023, marking a 37.1% increase. The Americas contributed 229 million yuan (up 29.8%), Europe 72 million yuan (up 69.5%), and Asia-Pacific 29 million yuan (up 33.4%) [8]. R&D Investment - The company invested 125 million yuan in R&D in 2023, a 9.72% increase, and expanded its R&D personnel to 247, an increase of 30.69% [8]. Profit Forecasts - The company has revised its profit forecasts, expecting revenues of 658 million yuan in 2024, 816 million yuan in 2025, and 1,001 million yuan in 2026, with net profits of 180 million yuan, 220 million yuan, and 272 million yuan, respectively [9][12].