证 券 2024 年 05 月 07 日 研 究 分化态势延续，趋势向好确定性强 报 告 —白酒行业 2023 年年报及 2024 年一季报总结 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 ▌ 业绩表现：各板块稳健增长，内部分化 sunss@cfsc.com.cn 2023 年收入增速高端酒＞次高端酒＞地产酒，分别为 分析师：廖望州 S1050523100001 16.51%/14.15%/13.60%。2024Q1 收入增速高端酒＞次高端酒 liaowz@cfsc.com.cn 联系人：肖燕南 S1050123060024 ＞地产酒，分别为 15.84%/14.22%/13.08%。1）高端酒稳健 xiaoyn@cfsc.com.cn 引领营收增长，2023 及 2024Q1 高端酒企营收增速最快，体 现其刚性需求与强势品牌力带来的强韧性，在经济环境及行 行业相对表现 业整体走弱情况下，高端酒较高的消费者培育程度与渠道粘 表现 1M 3M 12M 白酒Ⅱ(申万) 2.1 8.6 -7.5 性为其业绩增长形成强有力保障。2）次高端酒过于依赖渠道 沪深300 2.5 9.4 -8.9 ...

证 告 2024 年 05 月 07 日 策 研 报 分析师：严凯文 S1050516080001 yankw@cfsc.com.cn 最近一年大盘走势 -25 -20 -15 -10 -5 0 (%) 沪深300 ▌ 双融余额 截至 05 月 06 日，融资余额报 14890.69 亿元，较前一交易日 增加 150.67 亿元；融券余额报 388.61 亿元，较前一交易日 增加 8.19 亿元；融资融券余额 15279.30 亿元，较前一交易 日增加 158.86 亿元。 ▌ 市场综述 今日关注：汽车拆解、铜连接、自动驾驶 1、汽车拆解主题：汽车拆解是汽车报废回收的核心过程，是 设备更新概念的核心延伸，推进汽车这类耐用消费品的更新 换代有助于扩大内需。3 月 13 日，国务院印发《推动大规模 设备更新和消费品以旧换新行动方案》，提出要严格执行机 动车强制报废标准规定和车辆安全环保检验标准，依法依规 淘汰符合强制报废标准的老旧汽车，到 2027 年，报废汽车回 收量较 2023 年要增加约一倍；4 月 26 日，商务部、财政部 等 7 部门联合印发《汽车以旧换新补贴实施细则》，明确了 汽车以旧换新过程中，汽车 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][17]. Core Insights - The company has experienced significant growth in tin metal production, with expectations for continued price increases in tin, leading to enhanced production capabilities [2][17]. - In 2023, the company's operating revenue reached 2.924 billion yuan, a year-on-year increase of 5.66%, while the net profit attributable to shareholders was 314 million yuan, up 43.39% year-on-year [2]. - The first quarter of 2024 saw a substantial increase in operating revenue to 964 million yuan, representing a year-on-year growth of 61.61% [2]. - The company has rich resource reserves, with significant potential for production increases from its operating mines [2][33]. Summary by Sections Financial Performance - In 2023, the company reported an operating revenue of 2.924 billion yuan and a net profit of 314 million yuan, with a remarkable growth rate of 1629.8% expected for 2024 [19]. - The projected operating revenues for 2024, 2025, and 2026 are 3.742 billion yuan, 3.875 billion yuan, and 4.010 billion yuan, respectively [19]. - The diluted earnings per share (EPS) are forecasted to be 0.50 yuan for 2023, increasing to 0.92 yuan in 2024 [19]. Production and Resource Insights - The company achieved a significant increase in tin production, with a total output of 6,500.19 tons of tin concentrate in 2023, a year-on-year increase of 22.91% [2]. - The company operates two main mines, with substantial reserves and production capabilities for tin, zinc, lead, and antimony [3][33]. - The company is focusing on developing its copper and zinc resources, with projects aimed at enhancing production capacity [33]. Market Conditions - The report notes that the price of tin is expected to remain strong due to ongoing supply constraints, particularly from Myanmar's tin mines [40]. - The average price of tin in Q1 2024 was reported at 217,100 yuan per ton, reflecting a year-on-year increase of 3.92% [2].

证 券 2024 年 05 月 06 日 研 究 受益于产品价格上涨，2024Q1 归母净利润环比 报 大增 告 —中国铝业（601600.SH）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 中国铝业发布 2024 年一季报：公司实现营业收入 489.56 亿 fuhh@cfsc.com.cn 元，同比-26.14%，环比-1.2%；归母净利润 22.30 亿元，同 分析师：杜飞 S1050523070001 比+23.01%，环比+63.45%；扣除非经常性损益后的归母净利 dufei2@cfsc.com.cn 润21.83亿元，同比+35.61%，环比+29.57%。 基本数据 2024-05-06 投资要点 当前股价（元） 7.45 总市值（亿元） 1278 ▌ 2024 年一季度电解铝及氧化铝价格上涨，带动公 总股本（百万股） 17158 司利润实现扩张 流通股本（百万股） 13079 52周价格范围（元） 5.01-7.58 公司 2024 年第一季度氧化铝、原铝及煤炭产量同比增长，精 细氧化铝及原铝产量环比下滑，但受益于电解铝及氧化铝价 日均成交额（百万元） ...

证 券 2024 年 05 月 07 日 研 究 啤酒高端化趋势延续，卤味经营压力仍存 报 告 —食品饮料行业啤酒+卤制品 2023 年年报及 2024 年一季报总结 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 ▌ 啤酒:量稳价增, 高端化趋势延续 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 2023 年全年看，啤酒高端化趋势延续，产品结构升级推动行 liaowz@cfsc.com.cn 业业绩增长。2023 年啤酒行业营收及归母净利润为 联系人：肖燕南 S1050123060024 695.34/85.68 亿元，同比增长 6.16%/15.15%，收入增速相比 xiaoyn@cfsc.com.cn 2022 年同期略有下降，但归母净利润增速环比 2022 年同期 有所提升。2023 年以来，啤酒企业在疫情管控结束后未能如 行业相对表现 年初预期般呈现销量的快速反弹，反而在消费环境较差的大 表现 1M 3M 12M 背景下，现饮场景人流下滑、消费力减弱，各大啤酒厂商销 食品饮料(申万) 2.4 8.3 -10.9 量增长有所承压。综合看啤酒尽管 ...

Investment Rating - The report maintains a "Buy" rating for Tongkun Co., Ltd. (601233.SH) [2][5] Core Views - The company has turned losses into profits in Q1 2024, driven by the recovery in the polyester filament market and increased production capacity [2][3] - The textile industry in China has shown resilience, with a significant recovery in retail sales of textile and apparel products [2][4] - The company has achieved a historical high market share in the polyester filament industry, with a global market share of 18% and a domestic market share of 28% [4] Summary by Sections Financial Performance - In 2023, the company reported revenue of 82.64 billion yuan, a year-on-year increase of 33.3%, and a net profit of 797 million yuan, up 539.1% [2] - For Q4 2023, revenue was 20.898 billion yuan, a year-on-year increase of 41.16%, but a quarter-on-quarter decrease of 15.88% [2] - In Q1 2024, the company achieved revenue of 21.111 billion yuan, a year-on-year increase of 32.66%, and a net profit of 580 million yuan, marking a return to profitability [2][3] Market Dynamics - The polyester filament industry is experiencing a recovery, with a reported 12.9% year-on-year increase in retail sales of clothing, shoes, and textiles in 2023 [2][4] - The company’s production capacity for polyester filament has increased, with sales volumes for POY, FDY, and DTY rising by 37.4%, 36.9%, and 12.7% respectively in Q1 2024 [3][4] Market Position - As of the end of 2023, the company’s PTA production capacity exceeded 10 million tons, with a polyester filament capacity of 13.5 million tons, maintaining its position as the world's largest producer [4] - The company has consistently ranked first in the polyester filament industry in China for 23 consecutive years, indicating strong market influence [4] Profitability Forecast - The company is projected to achieve revenues of 88.3 billion yuan, 94.3 billion yuan, and 102.1 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.25 yuan, 1.72 yuan, and 2.15 yuan [5] - The current stock price corresponds to a PE ratio of 11, 8, and 6.4 for the years 2024, 2025, and 2026 respectively, indicating potential for growth [5]

证 券 2024 年 05 月 06 日 研 究 CIS“手机+车载”双驱动, 24Q1 营收利润大幅 报 增长 告 —韦尔股份（603501.SH）公司事件点评报告 买入(维持) 事件 分析师：毛正 S1050521120001 韦尔股份发布 2023 年度报告及 2024 年一季报：2023 年公 maozheng@cfsc.com.cn 司实现营业收入 210.21 亿元，同比增加 4.69%；实现归母净 联系人：张璐 S1050123120019 利润 5.56 亿元，同比减少 43.89%；实现扣非净利润 1.38 亿 zhanglu2@cfsc.com.cn 元，同比增加 43.70%。 2024 年 Q1 公司实现营业收入 56.44 亿元，同比增加 30.18%；实现归母净利润 5.58 亿元，同比 基本数据 2024-05-06 增加 180.50%；实现扣非净利润 5.66 亿元，同比增加 当前股价（元） 103.03 2,476.81%。 总市值（亿元） 1253 总股本（百万股） 1216 投资要点 流通股本（百万股） 1214 52周价格范围（元） 79.22-112.76 ▌ 市场 ...

证 2024 年 05 月 06 日 研 报 告 基本数据 2024-05-06 当前股价（元） 56.3 总市值（亿元） 89 总股本（百万股） 159 流通股本（百万股） 159 52 周价格范围（元） 35.61-79.23 日均成交额（百万元） 222.18 公 司 研 究 DDR5 渗透率提升带动 SPD 回暖，多线业务迭代 出货量持续增长 买入(维持) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn 资料来源：Wind，华鑫证券研究 —聚辰股份（688123.SH）公司事件点评报告 投资要点 2023 年公司受全球宏观经济波动、终端电子行业景气度下滑 以及下游模组厂商的采购及库存策略调整等因素影响，公司 部分业务承受较大压力，个人电脑及服务器市场需求疲软， 导致公司 SPD 产品的销量及收入大幅下滑，成为影响公司业 绩下滑的主要因素。2023 年 Q1-Q4 营业收入分别为 1.43 亿 元、1.74 亿元、1.85 亿元、2.02 亿元；2024 年随着下游应 用市场 ...

证 券 2024 年 05 月 06 日 研 究 锂矿自给率大幅提高，布局铜矿项目未来可期 报 告 —中矿资源（002738.SZ）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 中矿资源发布 2023 年年度报告及 2024 年一季度报告：公司 fuhh@cfsc.com.cn 2023 年营业收入 60.13 亿元，同比减少 25.22%；归母净利润 分析师：杜飞 S1050523070001 22.08 亿元，同比减少 32.98%；扣除非经常性损益后的归母 dufei2@cfsc.com.cn 净利润 21.30 亿元，同比减少 33.86%。2024 年 Q1 营业收入 11.27 亿元，同比减少 45.63%；归母净利润 2.56 亿元，同比 基本数据 2024-05-06 减少 76.63%；扣除非经常性损益后的归母净利润 2.28 亿 当前股价（元） 35.81 元，同比减少 79.32%。 总市值（亿元） 261 总股本（百万股） 730 投资要点 流通股本（百万股） 720 52周价格范围（元） 27.01-85.77 ▌锂盐原料自给率提升，项目建设顺利 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][14]. Core Views - The company achieved a revenue of 4.95 billion yuan in 2023, representing a year-on-year growth of 53%, with a net profit of 500 million yuan, up 88% year-on-year [14]. - For Q1 2024, the company reported a revenue of 1.03 billion yuan, a 46% increase year-on-year, and a net profit of 90 million yuan, which is a 104% increase year-on-year [14]. - The company is focusing on enhancing its core competitiveness in offshore renewable energy and advancing domestic production efforts [14]. - The company is actively participating in international markets and has established a dual-driven strategy for globalization [14]. Financial Forecasts - Revenue forecasts for 2024, 2025, and 2026 are 6.3 billion yuan, 7.96 billion yuan, and 9.78 billion yuan, respectively, with corresponding EPS of 2.12 yuan, 2.83 yuan, and 3.50 yuan [2][18]. - The projected P/E ratios for the next three years are 19, 14, and 11 times, respectively [2]. - The company’s gross margin for 2023 was 22.69%, an increase of 1.52 percentage points year-on-year, while the net margin reached 10.06%, up 1.86 percentage points year-on-year [14].