图表11：TCFD 披露框架 资料来源：OECD，国联证券研究所 12 请务必阅读报告末页的重要声明 利好高碳排放行业中可持续发展相关技术较强企业。员工可持续发展专业知识 较充分，ESG 数据收集能力强、数据准确性有保障，能够整合财务与 ESG 报告并取 得第三方鉴证的企业有望在偏好 ESG 表现更佳企业的投资市场中获得优势。公共事 业等高碳排放行业企业更为社会所关注，可持续发展方面提升空间较大；其做好高质 量 ESG 披露、关注自身 ESG 合规性并作出相应改善措施，可向社会释放积极信号。 本报告署名分析师在此声明：我们具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，本报告所表述的所有观点均准确地反映了我们 对标的证券和发行人的个人看法。我们所得报酬的任何部分不曾与，不与，也将不会与本报告中的具体投资建议或观点有直接或间接联系。 评级说明 除非另有规定，本报告中的所有材料版权均属国联证券股份有限公司（已获中国证监会许可的证券投资咨询业务资格）及其附属机构（以下统称"国联证券"）。 未经国联证券事先书面授权，不得以任何方式修改、发送或者复制本报告及其所包含的材料、内容。所有本报告中使用的商标 ...

证券研究报告 公 2024年05月08日 司 报 告 牧原股份(002714) │ 行 业： 农林牧渔/养殖业 公 投资评级： 买入（维持） 司 猪价低迷致 2023 年业绩下滑，2024 年业绩值得期 当前价格： 45.11元 年 报 待 目标价格： 56.50元 点 事件： 评 基本数据 公司披露 2023年报，实现营收1108.61亿元，同比下降11.19%；归母净 总股本/流通股本(百万股) 5,465.35/3,660.60 利润-42.63亿元，同比下降132.14%。 流通A股市值(百万元) 165,129.85 公司披露2024年一季报，实现营收262.72亿元，同比增长8.57%；归母净 每股净资产(元) 11.01 利润-23.79亿元，同比下降98.56%。 资产负债率(%) 63.59 ➢ 生猪价格低迷，公司2023年业绩下滑。 一年内最高/最低(元) 47.25/31.17 2023年公司销售毛利率为3.11%（同比-14.39pcts），销售净利率为-3.76% （同比-15.72pcts），利润下滑主要系生猪价格低迷加之公司对部分消耗性 股价相对走势 生物资产进行减值。费用方面， ...

证券研究报告 公 2024年05月08日 司 报 告 东方电缆(603606) │ 行 业： 电力设备/电网设备 公 投资评级： 买入（上调） 司 当前价格： 44.94元 业绩符合预期，静待需求起量 季 目标价格： 47.84元 报 点 事件： 评 基本数据 4 月 27 日，东方电缆发布 2024 年度一季报，2024Q1，公司实现营业收入 总股本/流通股本(百万股) 687.72/687.72 13.10亿元，同比下降8.86%，实现归母净利润2.63亿元，同比上升2.95%， 流通A股市值(百万元) 30,905.93 实现扣非归母净利润1.93亿元，同比下降22.17%。 每股净资产(元) 9.13  施工淡季盈利短期承压，有望受益海风建设起量 资产负债率(%) 43.63 2024Q1公司海缆实现营收3.8亿元，同比环比分别-32%/-21%,海缆业务营 一年内最高/最低(元) 54.42/32.57 收比例同环比分别下降9.9/4.6pct；受高毛利率的海缆营收占比下滑影响， 2024Q1公司毛利率为22.2%，同比-8.7pct。展望2024Q2，随着海风建设逐 股价相对走势 步进入加速期， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.11 yuan, based on a 20x PE for 2024 [3][5]. Core Insights - The company benefited from rising metal prices, leading to improved profitability in Q1 2024, with a sales gross margin of 4.65%, up 0.16 percentage points year-on-year [3][25]. - The company plans to produce 263,100 tons of lead and zinc metal in 2024, with specific targets for copper and silver production as well [3]. - The report forecasts net profits for 2024, 2025, and 2026 to be 960 million yuan, 1.13 billion yuan, and 1.36 billion yuan respectively, with EPS projected at 0.26 yuan, 0.30 yuan, and 0.36 yuan [3][4]. Financial Data and Valuation - Revenue for 2023 was 65.60 billion yuan, a year-on-year increase of 18.42%, while net profit was 688 million yuan, a decrease of 43.27% [28]. - The company’s operating income is projected to grow at a decreasing rate from 24.50% in 2022 to 2.27% by 2026 [4]. - The financial metrics include an EBITDA of 3.14 billion yuan for 2023, with a forecasted increase to 4.19 billion yuan by 2026 [4]. Production and Cost Management - The company’s production of lead and zinc metal in 2023 was 275,600 tons, with a notable increase in copper production by 59.49% year-on-year [13]. - The period expense ratio decreased to 1.98% in Q1 2024, down 2.50 percentage points from the previous quarter, indicating improved cost management [14].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 57.95 yuan, based on a 95 times PE for 2024 [5][7][8]. Core Views - The company's financial information service business is expected to recover as market conditions improve, despite a significant decline in revenue due to seasonal factors [2]. - The securities business, particularly through Mai Gao Securities, continues to be profitable, with substantial year-on-year growth in various income streams [3]. - The company is investing in brand promotion and customer expansion, which has led to a notable increase in paid users [4]. Financial Performance Summary - In Q1 2024, the company reported revenue of 294 million yuan, a year-on-year decrease of 13.17%, and a net profit of 17 million yuan, down 70.74% year-on-year [1]. - The revenue forecast for 2024-2026 is projected at 1.344 billion, 1.587 billion, and 1.879 billion yuan, with growth rates of 36%, 18%, and 18% respectively [5][6]. - The net profit forecast for the same period is expected to be 251 million, 283 million, and 324 million yuan, with growth rates of 245%, 13%, and 14% respectively [5][6]. Business Segments - The financial information service segment is highly correlated with capital market conditions, and while it faced challenges in Q1 2024, recovery is anticipated [2]. - Mai Gao Securities has shown strong performance with brokerage income, net interest income, and net investment income increasing by 179%, 133%, and 192% year-on-year respectively [3]. - The company’s cost structure has been impacted by increased expenses related to the expansion of its securities business, with sales, management, and R&D expense ratios rising [4].

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests a positive outlook due to the acceleration in new energy transformation and overseas market expansion [2][7]. Core Insights - The company reported a revenue of 143.07 billion yuan in Q1 2024, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 2.71 billion yuan, down 2.48% year-on-year [3][4]. - The wholesale sales volume for Q1 was 834,000 vehicles, a decline of 6% year-on-year, while the terminal delivery volume increased by 9.3% to 1.132 million vehicles [4]. - New energy vehicle wholesale reached 210,000 units, a significant increase of 48% year-on-year, with domestic sales growing by 118% [5]. - The company showcased several new models at the Beijing Auto Show, indicating strong competitive potential and a diversified product matrix [6]. Financial Performance Summary - Revenue projections for 2024-2026 are 744.7 billion, 778.4 billion, and 822.8 billion yuan, with year-on-year growth rates of 2.55%, 4.52%, and 5.7% respectively [7][8]. - Net profit forecasts for the same period are 15.679 billion, 17.196 billion, and 18.524 billion yuan, with growth rates of 11%, 10%, and 8% respectively [7][8]. - Earnings per share (EPS) are projected to be 1.35, 1.49, and 1.60 yuan per share for 2024, 2025, and 2026 [7][8].

2024 年 05 月 07 日 ➢ 2024 年格拉默整合效果值得期待 继峰股份(603997) 事件： 2024 年 Q1 公司实现营业收入 52.9 亿元，同比增长 3.5%，环比下降 6.1%， Q1 国内乘用车批发销量 568.7 万辆，同比增长 10.7%，收入增速较低可能 系海外格拉默销售承压。2024 年 Q1 公司销售毛利率为 14.68%，同比提升 0.8pct，销售净利率为 0.25%，同比下滑 1pct；Q1 公司销售/管理/研发费 用率分别为 1.41%/9.14%/2.1%，同比分别提升 0.06/1.63/0.41pct，利润 承压主要系管理和研发费用率提升明显。 | --- | --- | |----------------------------|-------------------| | | | | 基本数据 | | | 总股本/流通股本(百万股 ) | 1,266.08/1,166.08 | | 流通 A 股市值 (百万元) | 15,928.60 | | 每股净资产(元 ) | 3.53 | | 资产负债率 (%) | 75.42 | | 一年内最高/最低 (元) | ...

证券研究报告 公 2024年05月07日 司 报 告 恺英网络(002517) │ 行 业： 传媒/游戏Ⅱ 公 投资评级： 司 当前价格： 12.06元 年 业绩保持较高增速，多款新游静待释放 目标价格： 报 点 事件： 评 基本数据 1）公司发布 2023 年报：营收 42.95 亿元，同比增长 15.3%；归母净利润 总股本/流通股本(百万股) 2,152.52/1,907.47 14.62亿元，同比增长42.6%。其中23Q4营收12.66亿元，同比增长40.6%； 流通A股市值(百万元) 23,004.03 归母净利润 3.79 亿元，同比增长 240.8%。2）公司发布 2024 年一季报： 每股净资产(元) 2.64 营收13.08亿元，同比增长36.93%；归母净利润4.26亿元，同比增长47.1%。 资产负债率(%) 21.28 ➢ 业绩保持较高增速，多款新游贡献增量 一年内最高/最低(元) 19.29/9.16 公司2023年、2024Q1营收、利润均保持较高增速。主要系：1）老游戏稳 健运营，多款新游表现亮眼：其中《原始传奇》《热血合击》《天使之战》 股价相对走势 《永恒联盟》等产品长线稳 ...

2024 年 05 月 08 日 毛利率大幅提升，费用投入增加 2024/4/18,H 公司 Pura70、Pura70Pro/Pro+、Pura70 Ultra 开启先锋计划， 销售价格为 5499~10999 元不等，其搭载全新的 HarmonyOS4.2 系统、盘古 大模型、AI 功能等，看点充足；四款机型均配备了昆仑玻璃，其中 Pro+/ Ultra 系列配备玄武钢化昆仑玻璃，在第二代昆仑玻璃的基础上抗刮能力 提升 300%；同时 H 公司新款高端机型也预计于 2024 下半年推出，将有望 带动 H 公司全年出货量及高端市场份额持续提升。 | --- | --- | |----------------------------|-------------| | | | | 基本数据 | | | 总股本/流通股本(百万股 ) | 141/57 | | 流通 A 股市值 (百万元) | 975 | | 每股净资产 (元) | 5.76 | | 资产负债率 (%) | 41.07 | | 一年内最高/最低(元 ) | 29.97/16.10 | 请务必阅读报告末页的重要声明 分析师声明 本报告是机密的，仅供我 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 58.64 CNY, based on a 24x PE for 2024 [17][16]. Core Insights - The company's revenue for 2023 was 16.85 billion CNY, a year-on-year increase of 3.22%, but it reported a net loss of 0.88 billion CNY, a decline of 143% compared to the previous year [14][16]. - In Q1 2024, the company achieved revenue of 1.24 billion CNY, a year-on-year decrease of 75.22%, but a net profit of 0.74 billion CNY, down 10.28% year-on-year, showing a positive trend compared to the previous quarter [14][16]. - The company is expected to benefit from a recovery in the offshore wind industry, with projected revenues of 45.0 billion CNY, 67.9 billion CNY, and 82.5 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 167.0%, 51.0%, and 21.4% [16][15]. Financial Summary - The company's revenue from pile foundations in 2023 was 11.0 billion CNY, down 11.5% year-on-year, while tower revenue was 3.9 billion CNY, up 16.8% year-on-year [1]. - Investment income from joint ventures and associates was 0.28 billion CNY in 2023, down from 1.0 billion CNY in 2022 [1]. - The company has multiple production bases and is planning further expansions, which are expected to enhance capacity in the future [4][15]. Earnings Forecast - The forecast for net profit for 2024, 2025, and 2026 is 5.3 billion CNY, 7.7 billion CNY, and 9.5 billion CNY respectively, with corresponding growth rates of 703.2%, 45.1%, and 23.9% [16][15]. - The expected EPS for the same years is 2.4 CNY, 3.5 CNY, and 4.4 CNY, with PE ratios of 21, 14, and 11 respectively [16]. Market Position - The company is positioned as a leading player in the domestic pile foundation market and is likely to benefit from the recovery in the offshore wind sector [16][15]. - The company is actively pursuing overseas market opportunities and has initiated the construction of export-oriented heavy-duty terminals [4].