Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company's power business has significantly turned profitable, accelerating the transition to energy storage [2] - In 2023, the company achieved an operating revenue of 30.12 billion yuan, a decrease of 15.29%, while the net profit attributable to shareholders was 2.27 billion yuan, an increase of 18.67% [5][6] - The coal segment maintained stable profitability despite a decrease in sales prices, with a revenue of 12.42 billion yuan, down 9.30% [5] - The power segment's revenue increased by 6.28% to 16.71 billion yuan, benefiting from lower raw material costs [5] - The company is focusing on the all-vanadium flow battery technology for energy storage, with significant projects expected to commence production in Q4 2024 [5] - Profit forecasts for 2024-2026 indicate net profits of 2.67 billion, 2.77 billion, and 2.84 billion yuan respectively, with a current PE ratio of 11.1, 10.7, and 10.5 times [5] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 7.32 billion yuan, an increase of 3.58%, and a net profit of 467 million yuan, up 11.41% [5] - The coal production for 2023 was 12.97 million tons, an increase of 17.58%, while the sales volume was 12.99 million tons, up 17.98% [5] - The average selling price of self-produced coal decreased by 18.20% to 697 yuan per ton [5] Business Segments - The coal segment's operating cost increased by 16.04% to 6.23 billion yuan, while the power segment's operating cost decreased by 11.18% to 14.93 billion yuan [5] - The power segment's gross margin improved to 10.68%, an increase of 17.55 percentage points due to lower production costs [5] Future Outlook - The company is expected to maintain stable performance due to its integrated coal and power operations, with a projected revenue growth of 2.5% in 2026 [6] - The ongoing projects in the energy storage sector are anticipated to enhance the company's core competitiveness and long-term profitability [5]

[Table_Title] 业绩稳健增长，分红比例增加 [ 海Ta 尔bl 智e_ 家Rep (6or 0t 0D 6a 9t 0e )] 公 司简评报告 | 2024.04.29 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 陈梦 ⚫ 事件：公司发布2023年年度报告，全年实现营业收入2614.28亿元，同 首席分析师 比+7.33%；实现归母净利润165.97亿元，同比+12.81%；实现扣非后归 SAC执证编号：S0110521070002 母净利润158.24亿元，同比+13.33%。拟每10股派发现金红利8.04元 chenmeng@sczq.com.cn 电话：010-81152649 （含税）。 点评： 潘美伊 ⚫ 各品类齐头并进，海内外并驾齐驱。2023年公司收入及业绩稳定增长， 家电分析师 体现龙头经营韧性。分品类来看，2023 年公司冰箱/洗衣机/空调/厨电/ SAC执证编号：S0110524010001 水家电营收为 816.41/612.72/456.60/415.89/150.11 亿元，同比分别 panmeiyi ...

Investment Rating - The investment rating for the company is "Buy" [2][22]. Core Views - The company achieved a record high revenue of 2.176 billion yuan in 2023, representing a year-on-year growth of 46.57%. The net profit attributable to the parent company was 124 million yuan, with a slight increase of 0.99% year-on-year [18]. - The company has a broad customer base, including major global brands in various sectors, and continues to focus on product development based on brand customer needs [18]. - The new BES2700iBP chip for wearable devices has been launched, enhancing the company's product offerings in the wearable market [18]. - The latest BES2800 chip is expected to enter mass production in 2024, utilizing advanced 6nm FinFET technology to provide high performance for wearable devices [18]. - Profit forecasts for the company indicate net profits of 266 million yuan, 415 million yuan, and 569 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 53, 34, and 25 [18]. Summary by Sections Company Basic Data - Latest closing price: 118.60 yuan - Market capitalization: 14.236 billion yuan - Total shares: 1.20 billion [9]. Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 2.813 billion yuan, 3.520 billion yuan, and 4.390 billion yuan respectively, with growth rates of 29.24%, 25.16%, and 24.71% [10]. - The expected net profit for 2024, 2025, and 2026 is 266 million yuan, 415 million yuan, and 569 million yuan, with growth rates of 115.43%, 55.92%, and 37.08% respectively [10]. Financial Data - The company's gross margin for 2023 was 34.20%, a decrease of 5.17 percentage points year-on-year, while the net margin was 5.68%, down 2.56 percentage points year-on-year [18]. - R&D expenses for 2023 were 550 million yuan, representing a year-on-year increase of 25.04% [18].

[Table_Title] 三大板块布局初见成效，期待 2024 年继续高增 请务必仔细阅读本报告最后部分的重要法律声明 请务必仔细阅读本报告最后部分的重要法律声明 1 [Table_Rank] 评级： 买入 | --- | --- | |---------------------------------|------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 13.61 | | 一年内最高 / 最低价（元） | 15.60/8.31 | | 市盈率（当前） | 31.53 | | 市净率（当前） | 2.20 | | 总股本（亿股） | 13.91 | | 总市值（亿元） | 189.27 | | 资料来源：聚源数据 | | 韩杨，电子行业分析师，厦门大学会计学硕士，2021 年 8 月加入首创证券。 [Table_ReportDate] 水晶光电(002273)公司简评报告 | 2024.04.28 韩杨 电子行业分析师 SAC 执证编号：S0110523070002 hanyang@sczq.com.cn 电话：010-81152681 相关研究 ...

[Table_Title] 量价齐升利润高增 多项目稳步推进成长值可期 [Table_ReportDate] 赤峰黄金(600988)公司简评报告 | 2024.04.26 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl量e_价Su齐mm升a，ry利] 润高增。2023年公司实现营业收入72.21亿元，同比+15.23%； 吴轩 归母净利润8.04亿元，同比+78.21%；扣非后归母净利润8.66亿元，同比 有色行业首席分析师 +115.97%。其中，Q4 实现营业收入 21.59 亿元，同比+20.54%，环比 SAC执证编号：S0110521120001 +27.69%；归母净利润2.84亿元，同比+416.60%，环比+36.63%；扣非后 wuxuan123@sczq.com.cn 电话：021-58820297 归母净利润3.03亿元，同比+1556.64%，环比+58.53%。2023年上海黄金 交易所Au（T+D）年均价为449.66元/克，同比+14.7%。 刘崇娜 ⚫ 矿产金产量持续提升，多项目稳步推进成长性可期。2020-2023 年，公司 ...

Investment Rating - The investment rating for the company is "Buy" [1][8]. Core Views - The company's Q4 profit showed significant improvement, with a year-on-year revenue increase of 18.27% and a net profit increase of 80.14% [3]. - The production of electrolytic aluminum is expected to increase in 2024, with plans to produce approximately 270,000 tons of electrolytic aluminum [3]. - The company is enhancing its competitiveness by deepening its layout in bauxite and photovoltaic power generation, establishing a complete aluminum industry chain [3]. - With stable supply and increasing demand, aluminum prices are expected to gradually rise [3]. - The company is projected to achieve revenues of 476.58 billion, 509.59 billion, and 544.40 billion yuan in 2024, 2025, and 2026 respectively, with net profits of 43.05 billion, 51.32 billion, and 56.92 billion yuan [3][4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 426.69 billion yuan, a decrease of 11.96% year-on-year, and a net profit of 39.56 billion yuan, down 13.41% year-on-year [3][4]. - Q4 2023 saw a revenue of 129.08 billion yuan, up 18.27% year-on-year, and a net profit of 14.51 billion yuan, up 80.14% year-on-year [3]. Production Outlook - The company produced 239.95 million tons of electrolytic aluminum in 2023 and plans to increase production to approximately 270 million tons in 2024 [3]. Industry Position - The company is the largest green low-carbon aluminum supplier in China, with a total green aluminum production capacity of 3.05 million tons [3]. - It is the only integrated aluminum enterprise in China certified by ASI from bauxite to aluminum alloy production [3]. Future Projections - Revenue and net profit projections for 2024-2026 indicate a positive growth trajectory, with expected EPS of 1.24, 1.48, and 1.64 respectively [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for 2023 was 28.975 billion yuan, a year-on-year decrease of 12.22%, with a net profit attributable to shareholders of 2.205 billion yuan, down 16.80% year-on-year [4][5] - The company has completed an acquisition of a local mining company in Guinea, which will enhance its resource security and cost advantages, with plans to produce 3 million tons of bauxite in 2024 [4] - The company is expanding its production capacity in Indonesia, with a planned 2 million tons of alumina production line, ensuring a stable and low-cost supply of bauxite [4] - The battery foil project is entering a ramp-up phase, with significant production expected in 2024 [4] - The company is expected to benefit from the rising demand in the photovoltaic and new energy vehicle sectors, with projected revenues of 31.810 billion yuan in 2024 and a net profit of 3.670 billion yuan [4][5] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 6.631 billion yuan, a year-on-year decrease of 19.90%, but a net profit increase of 130.10% year-on-year [4] - The company forecasts revenues of 31.810 billion yuan, 32.073 billion yuan, and 32.352 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.670 billion yuan, 4.488 billion yuan, and 4.617 billion yuan for the same years [5] Production and Expansion - The company plans to produce 300 million tons of bauxite in 2024, enhancing its upstream resource security to 100% [4] - The company has a total of 1.4 million tons of compliant electrolytic aluminum indicators, with ongoing projects to increase production capacity [4] Market Outlook - The company is positioned to benefit from the expected stabilization and increase in aluminum prices due to high growth in aluminum consumption driven by the photovoltaic and new energy vehicle sectors [4]

[Table_Title] MLF 维持缩量续作 播图目录 play 图 2 北向资金流向 行业层面,本周北向资金主要加仓医药生物、银行和非银金融等行业；电子、电力 设备和商贸零售等行业遭减仓。 图 6 周内回购金额 ■本周净流入 (亿元) 2 资料来源: Wind, 商创证券 行业展面,医药、公用事业和金融地产等 ETF 继续净申购,新能源和消费等 ETF 继续净赎回。周期、科技和军工等 ETF 由净申购变为净赎回。 资料来源：Wind，首创证券 图 14 公开市场操作货币投放与回笼 本周央行通过公开市场操作共从市场净回笼 720 亿元。其中通过 7 天逆回购操作 投放 100 亿，到期回笼 120 亿元；此外，开展 1000 亿元 MLF 操作，利率 2.50%，与上 月持平，同时周内有 1700 亿元 MLF 到期，连续两个月"量缩价平"。 请务必仔细阅读本报告最后部分的重要法律声明 5 图 16 外汇占款（万亿） ■外汇占款(万亿,周皮) 22.4 22. 2 22. 0 21. 8 21. 6 21. 4 21. 2 21.0 20. 8 本周离岸人民币价格显著抬升,隔夜 CNH HIBOR 破 6 ...

资料来源: Wind，商创证券 市场策略报告 证券研究报告 本周北上资金净流出 114.68 亿元。行业层面，有色金属和电子等行业净流入规模居 前，食品饮料、医药生物和计算机等行业净流出规模居前。 资料来源：Wind，首创证券 市场策略报告 证券研究报告 | --- | --- | --- | --- | --- | --- | |----------------|---------------------|---------------------------------|----------------------------------|---------------------|---------------------| | 跟 踪 ETF | 本周净申购 （亿元） | 指 数 ETF \n上周净申购 （亿元） | 净申购变化 \n月度净申购 （亿元） | 季度净申购 （亿元） | 年度净申购 （亿元） | | 创业板 | 9.3 | -4.8 | 4.5 | 109.0 | 191.1 | | 科 创 50 | 8.0 | 3.1 | 11.1 | -80.3 | -18.4 | | 创业板 50 ...

[Table_Title] 量价齐升利润高增长 内生外延打造持续成长性 [Table_ReportDate] 山东黄金(600547)公司简评报告 | 2024.04.23 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl量e_价Su齐mm升a，ry]利 润高增长。2023 年公司实现营业收入 592.75 亿元，同比 吴轩 +17.83%；归母净利润 23.28 亿元，同比+86.57%；扣非后归母净利润 有色行业首席分析师 22.13亿元，同比+69.47%。其中，Q4实现营业收入179.52亿元，同比 SAC执证编号：S0110521120001 +71.30%，环比+29.17%；归母净利润 9.83 亿元，同比+77.13%，环比 wuxuan123@sczq.com.cn 电话：021-58820297 +111.11%；扣非后归母净利润9.34亿元，同比+69.85%，环比+134.38%。 2023年公司矿产金产量为41.78吨，同比增长8.03%。2023年黄金现货 刘崇娜 年均价449.68元/克，同比增长14.7%。 有色行业研究助理 ⚫ ...