证券研究报告 建筑材料 报告日期：2024年04月 21日 各地加快推进落后产能淘汰，有望带动行业供需格局改善 ——建筑材料行业周报 华龙证券研究所 摘要：  建材行业：4月 18 日，工信部在 2024 年一季度工业和信息化发 投资评级：推荐（维持） 展情况新闻发布会上介绍，将进一步落实落细全国新型工业化推 最近一年走势 进大会关于全面推动工业绿色发展的部署安排，以锻造产业绿色 竞争新优势为主线，打造一批绿色制造标杆，重点从三个方面发 力。同时，各地加快推进建材行业落后产能淘汰和设备更新，有 望带动行业供需格局改善，维持建材行业"推荐"评级。  玻璃行业：本周国内浮法玻璃现货市场成交重心呈上行趋势。上 半周多数企业提涨刺激下，部分中下游适当备货，除华北外，其 他区域库存整体下降。本轮随着下游备货完成，主要消化前期库 存为主，企业出货整体放缓，甚至部分企业出货不畅下，市场价 格有所松动。后市来看，下周暂无明确计划放水、点火的产线， 分析师：彭棋 产能利用率在 85.68%附近，供应上仍呈高位运行状态。需求上， 工程类订单仍接单谨慎，下游订单整体增量有限，叠加近期部分 执业证书编号：S02305230800 ...

证券研究报告 电力设备 报告日期：2024年04月 22日 华晟 异质结组件量产，变压器出口延续高增 0BB ——电力设备行业周报 华龙证券研究所 摘要：  行业方面，本周申万电新板块涨跌幅-0.03%，涨跌幅在 31 个行 投资评级：推荐（首次覆盖） 业中排名第 15；申万公用板块涨跌幅-0.90%，涨跌幅在 31个行 最近一年走势 业中排名第 19。同期沪深 300涨跌幅+1.89%，万得全 A涨跌幅 -0.33%。  光储行业：华晟新能源 0BB 异质结组件量产。华晟新能源发布 0BB 无主栅高功率异质结组件新品，并将应用在大版型组件中。 0BB 相较于SMBB，电池背面金属遮挡面积少，受光面积更大， 双面率可以达90%，可以降低银浆成本。0BB 技术有望加速导入， 个股方面建议关注奥特维、迈为股份、宇邦新材等；光伏产业链 组件排产向好，建议关注协鑫科技、福莱特、钧达股份、阿特斯 等；国内储能装机需求高增，逆变器环节建议关注阳光电源、盛 分析师：杨阳 弘股份、禾望电气、德业股份等。 执业证书编号：S0230523110001  风电行业：浙江 2.1GW 海上风电竞配公示，海风建设有望持续 推进。 ...

证券研究报告 银行/非银金融 报告日期：2024年04月 22日 公募佣金新规助力投资者降低交易成本 ——金融行业周报 华龙证券研究所 摘要：  上周（4月 15 日至 4 月 19 日）A 股市场整体下行，沪深 300 指 投资评级：推荐（维持） 数上涨1.89%，全年上涨3.22%；非银金融指数上周上涨3.04%， 最近一年走势 全年下跌6.12%；证券指数上周上涨2.11%，全年下跌8.21%；保 险指数上周上涨 5.19%，全年下跌 1.52%，银行指数上周上涨 4.48%，全年上涨15.53%。  银行：银行股高股息投资价值凸显。在市场预期偏弱，年报季报 业绩分化的情况下，高股息策略为主导的银行股具备优势，关注 股息较高稳定性较强的国有大行，以及风险控制能力与业绩出色 叠加高股息的部分城农商行标的。关注标的：常熟银行 (601128.SH)、浙商银行(601916.SH)、杭州银行（600926.SH）。  券商: 公募佣金费率改革将有效降低投资者成本，利好头部与小 而精的券商研究业务。证监会发布《关于资本市场服务科技企业 市场数据 2024年4月19日 高水平发展的十六项措施》以及《5 项资 ...

证券研究报告 机械设备 报告日期：2024年04月 22日 赋能人形机器人，加速构建新质生产力 AI ——机械设备行业周报 华龙证券研究所 摘要：  我国首次利用核电商用堆批量生产碳-14 同位素，打破国内碳-14 投资评级：推荐（维持） 同位素依赖进口的难题。本次碳-14 靶件出堆经分离提纯后将于 最近一年走势 2024年底开始向市场供货，产量可充分满足国内需求，这将有力 带动我国同位素应用产业链发展。建议关注：佳电股份 （000922.SZ）、中核科技（000777.SZ）、景业智能(688290.SH)、 江 苏神 通 (002438.SZ) 、 科新 机电 (300092.SZ) 、 兰石 重装 (603169.SH)等。  AI 赋能人形机器人，加速构建新质生产力。优必选 Walker S 接 入百度文心大模型，快速构建了任务规划与执行能力。在完成柔 软物体操作（叠衣服）和物体干扰分拣等任务时，Walker S 依靠 端侧多模态感知模型获得空间定位与语义信息后，将信息交由文 分析师：景丹阳 心大模型进行任务理解与规划，协同配合机械臂和灵巧手的精准 操作，成功的完成了全套任务流程。人形机器人作为 ...

证券研究报告 汽车 报告日期：2024年04月 22日 新能源渗透率首超 ，理想 发布开拓市场 50% L6 ——汽车行业周报 华龙证券研究所 摘要：  本周观点：4月上半月新能源零售销量 26万辆，新能源零售渗透 投资评级：推荐（维持） 率首超 50%。据乘联会数据，2024年 4 月1-14 日，我国新能源 最近一年走势 乘用车零售销量 26 万辆，新能源渗透率达到 50.39%，历史上首 次超过50%。在年初大幅折扣、众多重磅新品发布以及智能化迅 速发展的多重推动下，新能源汽车产品力相较于传统燃油车进一 步拉开差距。展望2024年，智能驾驶、智能座舱配置向下拓展， 优质供给密集上市，继续蚕食各细分市场燃油车份额，新能源渗 透率有望持续提升，我们预计 2024 年全年新能源渗透率有望达 45%以上。  理想 L6 正式发布，20万元级别产品力优秀。理想L6 正式发布， 在20万元级别中智驾产品力优秀，智能座舱和智能驾驶实现超价 位段配置。L6 拓展品牌产品价格带，凭借其优质的产品力和原有 分析师：杨阳 L7、L8、L9 等产品建立的高端品牌力，有望实现稳态月销 2 万 执业证书编号：S02305231 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [1][3]. Core Views - The company has shown steady growth, with a revenue of 14.353 billion yuan in 2023, representing a year-on-year increase of 10.34%. The net profit attributable to shareholders reached 1.836 billion yuan, up 18.88% year-on-year [1]. - The company maintains a strong focus on core technology research and development, with R&D expenses amounting to 2.444 billion yuan during the reporting period. This investment is expected to enhance its competitiveness in high-end computing [1]. - The company is well-positioned to benefit from the wave of intelligent computing driven by artificial intelligence, with significant advancements in storage and liquid cooling technologies [1]. - The company is actively leveraging its technological advantages in computing to explore industry applications, launching the "Shuguang Smart Industry" strategy and a new smart industrial platform [1]. - The company has invested in multiple quality assets, covering the entire industry chain from chips to cloud computing, which is expected to enhance business synergy and create a self-sustaining ecosystem [1]. Financial Summary - In 2023, the company achieved a revenue of 14.353 billion yuan, with a net profit of 1.836 billion yuan. Projections for 2024-2026 indicate net profits of 2.184 billion, 2.501 billion, and 3.033 billion yuan, respectively [3][4]. - The company's revenue growth rates are forecasted at 12.1% for 2024, 11.3% for 2025, and 12.2% for 2026, while net profit growth rates are expected to be 19.0%, 14.5%, and 21.3% for the same years [4][7]. - The company's price-to-earnings (P/E) ratios for 2024-2026 are projected to be 29.9, 26.1, and 21.6, respectively [3][4].

Investment Rating - The investment rating for the company is "Buy" with initial coverage [4]. Core Views - The company is benefiting from a dual-driven strategy focusing on consumer electronics and new energy, with expectations of industry demand recovery [3][4]. - In 2023, the company reported a revenue of 33.65 billion yuan, a year-on-year increase of 6.56%, despite challenges in the optical display sector [4]. - The new energy business saw significant growth, with revenue reaching 6.36 billion yuan, a year-on-year increase of 168.39% [3][4]. Financial Performance Summary - The company achieved a net profit of 1.97 billion yuan in 2023, a decrease of 17.05% compared to the previous year [4]. - Quarterly revenue for 2023 was as follows: 6.51 billion yuan in Q1, 7.16 billion yuan in Q2, 8.83 billion yuan in Q3, and 11.15 billion yuan in Q4 [4]. - Operating cash flow for the year was 5.17 billion yuan, an increase of 11.72% year-on-year [4]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are as follows: 37.71 billion yuan in 2024, 42.35 billion yuan in 2025, and 46.56 billion yuan in 2026, with corresponding net profits of 2.38 billion yuan, 2.82 billion yuan, and 3.16 billion yuan respectively [6][4]. - The expected growth rates for revenue are 12.1% in 2024, 12.3% in 2025, and 9.9% in 2026 [6]. Market Data - As of April 19, 2024, the company's stock price was 14.20 yuan, with a market capitalization of approximately 24.28 billion yuan [4]. - The stock has a 52-week price range of 11.01 to 29.34 yuan [4].

证券研究报告 建筑材料 报告日期：2024年04月 18日 水泥、玻纤迎来涨价，有望改善行业盈利水平 ——建筑材料行业月报 华龙证券研究所 摘要： 投资评级：推荐（维持）  主要建材品种水泥、玻纤迎来涨价，有望改善行业盈利水平，关注后续 涨价落地情况及持续性，维持建材行业“推荐”评级。 最近一年走势  水泥行业：2024年年初以来，房地产市场延续2023年低迷态势，地产 端水泥需求承压，但从地产政策来看，2023年以来，地产利好政策持 续出台，有望推动房地产市场触底回升。从基建端来看，3.9万亿元的 专项债及1万亿的特别国债发行有望支撑水泥需求。从短期来看，各区 域水泥有提价预期，根据水泥智库数据，4月10日起，各地陆续公布 价格上涨30元/吨，截止4月15日，不同区域企业执行10-30元/吨不 等，有望带动水泥行业盈利能力提升，后续关注涨价落地情况。行业个 股关注水泥行业龙头上峰水泥（000672.SZ）、海螺水泥（600585.SH）、 分析师：彭棋 天山股份（000877.SZ）。 执业证书编号：S0230523080002  玻璃行业：短期来看，地产利好政策有望带动玻璃需求边际改善，据住 邮箱： ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [7]. Core Views - The company is expected to benefit from the domestic substitution trend in the semiconductor industry, with significant progress in new product development. The global semiconductor equipment investment is projected to rebound in 2024, which will positively impact related industries [1]. - The company has increased its R&D investment, with an R&D expense ratio of 3.36% in 2023, up by 0.03 percentage points from 2022. This is part of a strategy to enhance core competitiveness through industry chain extension and mergers and acquisitions [1]. - The company completed its convertible bond issuance, which will enhance its product line supply capacity as new projects gradually come online [1]. - The company announced a dividend payout ratio of 35.03% for 2023, which is expected to increase to 46.62% when considering the share repurchase plan [1]. Financial Performance Summary - In 2023, the company reported a revenue of 1.5 billion yuan, a year-on-year decrease of 16.8%. The net profit attributable to shareholders was 171 million yuan, down 17.18% year-on-year [7][16]. - The report forecasts the company's net profit for 2024-2026 to be 231 million yuan, 292 million yuan, and 370 million yuan, respectively, with corresponding P/E ratios of 23.23, 18.37, and 14.52 [7][18]. - The company’s return on equity (ROE) is projected to improve from 9.38% in 2023 to 13.69% in 2026 [18].

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [9][10]. Core Views - The report indicates that the coal price decline has negatively impacted performance, but there is a long-term positive outlook for the integrated development of coal, electricity, and chemicals [9]. - The company reported a revenue of 11.26 billion (百万元) in 2023, a decrease of 8.17% year-on-year, and a net profit attributable to shareholders of 1.74 billion, down 45.16% year-on-year [9]. - The coal production volume increased by 31.70% year-on-year to 19.68 million tons, and sales volume rose by 36.13% year-on-year to 19.27 million tons, attributed to the trial operation of the Hongshaliang open-pit mine [9]. - The company has a competitive advantage in the power generation sector, with a total electricity sales volume of 3.779 billion kWh and a low unit coal consumption [9]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 2.14 billion, 2.27 billion, and 2.44 billion (百万元) respectively, with corresponding PE ratios of 8.9, 8.4, and 7.8 [10]. - The revenue forecast for 2024 is 11.88 billion (百万元), with a growth rate of 5.5% [11]. - The company’s return on equity (ROE) is expected to be 11.9% in 2024, with a gradual decline to 11.3% by 2026 [11]. - The report highlights a significant increase in R&D expenses by 29.3% year-on-year, indicating a commitment to technological upgrades and safety improvements [9].