[液Tab氯le_价Title格] 涨幅居前，华恒生物子公司拟对外投资新 项目 [ 基Ta 础bl 化e_ 工Rep |o 行rtD 业at 简e] 评 报告 | 2024.03.11 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl本e_周Su化mm工a板ry]块 表现：本周（3月4日-3月8日）上证综指报收3046.02， 翟绪丽 周涨幅 0.63%，深证成指报收 9369.05，周跌幅 0.70%，中小板 100指 首席分析师 数报收5768.79，周跌幅1.19%，基础化工（申万）报收3159.40，周跌 SAC执证编号：S0110522010001 幅 0.81%，跑输上证综指 1.44pct。申万 31 个一级行业，14 个涨幅为 zhaixuli@sczq.com.cn 正，申万化工 7 个二级子行业中，2 个涨幅为正，申万化工 23 个三级 电话：010-81152683 子行业中，10 个涨幅为正。涨幅居前的个股有艾艾精工、安诺其、道 明光学、乐通股份、建新股份、百傲化学、ST 红太阳、惠柏新材、 甄理 *ST榕泰、华恒生物。 化工行业研究助理 ...

[Table_Title] 入境游有望加速复苏，三八美妆节国货持续领跑 [ 社Ta 会bl 服e_ 务Rep o r 行tDa 业te 简] | 评报告 | 2024.03.11 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl中e_S国u新mm增ar对y] 6 国入境免签政策，看好 2024 年入境游恢复。3 月 7 日 于那 据外交部，我国将于2024年3月14日至11月30日期间进一步扩大 首席分析师 免签国家范围，对瑞士、爱尔兰、匈牙利、奥地利、比利时、卢森堡 SAC执证编号：S0110522070001 6 个国家持普通护照人员试行免签政策，上述国家持普通护照人员来 yuna3@sczq.com.cn 电话：021-58820297 华经商、旅游观光、探亲访友和过境不超过15天，可免签入境。两会 明确提到，“提升外籍人员来华工作、学习、旅游便利度”，2023年外 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 国人入境游客达1378万人次，总收入530亿美元，分别恢复到2019 年同期的43%/40%，入境游提升潜力巨大。本次两会报告中明确提到 ...

Investment Rating - The investment rating for the company is "Accumulate" [2]. Core Views - The company has successfully turned a profit in 2023, with a planned dividend payout ratio of approximately 80% [5]. - The company is actively promoting the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative, focusing on core product development and enhancing shareholder returns [8]. - The company's revenue for 2023 is projected to be 37.28 billion yuan, representing a year-on-year growth of 16.2%, with a net profit of 4.00 billion yuan, marking a significant turnaround from losses [15]. Summary by Sections Company Basic Data - Latest closing price is 26.53 yuan, with a one-year high of 51.55 yuan and a low of 21.10 yuan [3]. - Current P/E ratio is -26.12, and the P/B ratio is 3.35 [3]. - Total shares outstanding are 1.77 billion, with a total market capitalization of 47.00 billion yuan [3]. Financial Performance - Revenue for 2022 was 32.09 billion yuan, with projections of 37.28 billion yuan for 2023, 42.97 billion yuan for 2024, and 49.20 billion yuan for 2025 [3]. - The net profit for 2022 was -2.98 billion yuan, with forecasts of 4.00 billion yuan for 2023, 4.83 billion yuan for 2024, and 5.60 billion yuan for 2025 [3]. - Earnings per share (EPS) is expected to be 2.25 yuan in 2023, 2.72 yuan in 2024, and 3.16 yuan in 2025 [3]. Revenue and Profit Growth - The company reported quarterly revenues of 6.82 billion yuan, 9.19 billion yuan, 11.03 billion yuan, and 10.23 billion yuan for Q1, Q2, Q3, and Q4 of 2023, respectively, with year-on-year growth rates of 38.98%, 17.92%, 17.06%, and 2.78% [8]. - The quarterly net profits for the same periods were 0.59 billion yuan, 0.83 billion yuan, 1.49 billion yuan, and 1.09 billion yuan, with significant year-on-year increases [8]. Channel Development - The company has made significant progress in channel adjustments, with revenue from the bulk channel reaching 18.38 billion yuan, a year-on-year increase of 28.15% [8]. - The number of franchisees has increased to 33,299, contributing to a 19.58% growth in revenue from the distribution channel [8]. Profit Forecast - The profit forecast for 2024 and 2025 is adjusted to 4.83 billion yuan and 5.60 billion yuan, respectively, with corresponding P/E ratios of 10 and 8 times based on the current market value [9].

Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The company is gradually implementing its fundraising projects, leading to initial signs of revenue growth [4] - The company expects to achieve revenue of 500-550 million yuan in 2023, representing a year-on-year growth of 0.43%-10.47%, and a net profit of 6-9 million yuan, indicating a turnaround from losses [5] - The approval of the trial production plan for the project "Annual production of 50,000 tons of electronic photosensitive materials and supporting materials" is expected to enhance the company's profitability and product offerings [11] - The company anticipates significant revenue growth driven by its photovoltaic products and coatings for the new energy vehicle sector [5][12] Financial Summary - Revenue is projected to be 536 million yuan in 2023, 777 million yuan in 2024, and 1.029 billion yuan in 2025, with corresponding net profits of 7.5 million yuan, 89.7 million yuan, and 152.7 million yuan respectively [12] - The company's earnings per share (EPS) are expected to be 0.04 yuan in 2023, 0.46 yuan in 2024, and 0.79 yuan in 2025 [12] - The revenue growth rates are forecasted at 7.65% for 2023, 44.89% for 2024, and 32.55% for 2025 [7]

Investment Rating - The report rates the industry as "Positive" [1] Core Insights - The recent performance of the transportation sector shows a decline, with the transportation index down by 1.29%, ranking 30th among 31 primary industries [2][3] - The civil aviation sector has seen a significant recovery, with a 57.1% year-on-year increase in total transportation turnover in January 2024, and a 44.1% increase in passenger transport volume compared to the previous year [2][3] - The report highlights the recovery of international routes, particularly between China and the US, which is expected to further enhance the recovery of international air travel [2][3] Market Review - The Shanghai Composite Index rose by 1.38% last week, while the transportation index fell by 1.29% [2][3] - The aviation and airport sector experienced a weekly decline of 1.60%, while shipping and port, logistics, and railway and highway sectors also saw declines [2][3] Industry Data Tracking Aviation and Airports - In the week of February 26 to March 3, 2024, the national civil aviation executed nearly 106,000 passenger flights, with a daily average of 15,225 flights, a 2% decrease from the previous week but a 27% increase year-on-year [2][3] - The average fleet utilization rate was 8.2 hours per day, with Southern Airlines leading at 8.5 hours [2][3] Postal and Express Services - In January 2024, the postal industry completed 16.33 billion items, a 73.2% year-on-year increase, with express delivery volume reaching 14.7 billion items [2][3] Shipping and Ports - As of March 1, 2024, the Baltic Dry Index increased by 92.40% year-on-year, indicating a strong recovery in shipping rates [39]

[Table_Title] 产销量及盈利能力双提升，全球化布局加速推进 [Table_ReportDate] 森麒麟(002984)公司简评报告 | 2024.03.05 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm公a司ry发] 布2023年年报，报告期内实现营业收入78.42亿元，同比 翟绪丽 +24.63%，实现归母净利润 13.69 亿元，同比+70.88%。同时公司发布 首席分析师 2023 年度利润分配方案，每 10 股派发现金红利 4.1 元（含税），每 10 SAC执证编号：S0110522010001 股转增4股。 zhaixuli@sczq.com.cn 电话：010-81152683 ⚫ 公司轮胎产销量同比增加，营收及利润均创历史新高。2023年轮胎行业 复苏，同时受益于公司泰国二期的逐步放量，公司全年完成轮胎产量 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） 2923.68 万条，同比+32.98%；其中，半钢胎产量 2839.68 万条，同比 0.2 森麒麟 沪深300 +32.11%；全钢胎产量84万条， ...

Investment Rating - The report assigns an "Overweight" rating to the company [1] Core Views - In 2023, the company achieved revenue of 28.844 billion yuan, a year-on-year decrease of 17.47%, and net profit attributable to the parent company of 3.474 billion yuan, a year-on-year decrease of 1.18% [5] - The company plans to repurchase and cancel shares with no less than 300 million yuan of its own funds annually from 2024 to 2026, and the dividend payout ratio for 2023 is planned to be no less than 40% of the distributable net profit attributable to the parent company [5] - The company continues to optimize its industrial layout, focusing on high-value-added products such as automotive plates, aviation plates, and power battery foils, with high-end products accounting for 14% of total aluminum product sales and 30% of total aluminum product gross profit [5] - The company is expected to achieve revenues of 37.628 billion yuan, 41.898 billion yuan, and 43.350 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of 3.877 billion yuan, 4.068 billion yuan, and 4.467 billion yuan, corresponding to EPS of 0.33 yuan, 0.35 yuan, and 0.38 yuan [5] Financial Data - The latest closing price is 3.15 yuan, with a P/E ratio of 10.62 and a P/B ratio of 0.76 [3] - The total market capitalization is 36.882 billion yuan, with a total share capital of 11.709 billion shares [3] - Revenue for 2023 was 28.844 billion yuan, with a year-on-year decrease of 17.47%, and net profit attributable to the parent company was 3.474 billion yuan, with a year-on-year decrease of 1.18% [4] - Revenue is expected to grow by 30.46% in 2024, 11.35% in 2025, and 3.47% in 2026, with net profit attributable to the parent company expected to grow by 11.61%, 4.92%, and 9.79% respectively [4] Industry and Company Strategy - The company is deepening its presence in the aluminum industry chain, optimizing its industrial layout, and accelerating the construction of electrolytic aluminum capacity in Indonesia [5] - The company plans to build a 200,000-ton automotive plate production capacity, which will further consolidate its leading position in the domestic automotive plate industry and increase the proportion of high-value-added products such as aviation plates and automotive plates [5] - The company is also planning a 1.1 million-ton recycled aluminum project, with part of the 100,000-ton recycled aluminum project already in trial production, aiming to create a complete closed-loop of "alumina-electrolytic aluminum-high-end manufacturing-recycled aluminum" [5] Financial Ratios - The gross profit margin for 2023 was 20.34%, expected to increase to 20.60% in 2024, 21.20% in 2025, and 21.95% in 2026 [6] - The net profit margin for 2023 was 12.04%, expected to be 10.30% in 2024, 9.71% in 2025, and 10.30% in 2026 [6] - The ROE for 2023 was 7.41%, expected to be 6.87% in 2024, 6.79% in 2025, and 7.01% in 2026 [6] - The asset-liability ratio for 2023 was 21.49%, expected to decrease to 20.41% in 2024, 13.25% in 2025, and 11.98% in 2026 [6]

[Table_Title] 落实“质量回报双提升”，进入高质发展新阶段 [Table_ReportDate] 卫星化学(002648)公司简评报告 | 2024.03.05 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm公a司ry]发 布关于推动落实“质量回报双提升”行动方案的公告，提 翟绪丽 出包括聚焦主业、创新引领、夯实治理、合规信披、共享成果共5个方 首席分析师 面的具体举措。 SAC执证编号：S0110522010001 ⚫ 推动落实“质量回报双提升”五大举措。一是聚焦主业，与世界分享化 zhaixuli@sczq.com.cn 电话：010-81152683 学之美，公司作为国内领先的轻烃产业链一体化生产企业，专注研究C2 与 C3 产业链高质量发展，打造化学新材料“生态圈”，创建绿色低碳 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） “产业链”，拓展高质发展“新空间”；二是创新引领，发展科技新质生 0.1 卫星化学 沪深300 产力，推出未来五年研发投入超 100 亿元、成果奖励超 10 亿元、技术 领先盈利提成等研发创新 ...

[Table_Title] AI 催化持续，游戏、影视板块全面收益 [Table_ReportDate] 传媒 | 行业简评报告 | 2024.3.5 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[Tabalbel _eS_Sumummmarayr]y ] 李甜露 ⚫ 【核心观点】AI催化不断，看好估值催化背后，产业化应用价值和 联席首席分析师 相关应用陆续落地。国外，Sora的推出是大模型领域里程碑式进展， SAC执证编号：S0110516090001 具备高质量、长时长、高精度等优势，Google也推出了可文生视频 litianlu@sczq.com.cn 电话：86-10-8115 2690 游戏的模型 Genie（但游戏帧数较少）等；叠加国内政策和应用端 均有所进展，不断释放积极信号。我们认为，当前AIGC进展，大 辛迪 大提升其产业生产力价值，有望赋能以图片、视频为代表的多模态 分析师 内容生产，加速内容制作端生产效率升级。看好：a）优质IP储备 SAC执证编号：S0110522110003 公司在AIGC技术加持下加速转化；b）优质内容公司在AI技术驱 x ...

Investment Rating - The investment rating for the company is "Buy" [1][9] Core Views - The company reported a revenue of 8.134 billion yuan for 2023, representing a year-on-year growth of 18.95%, and a net profit attributable to shareholders of 816 million yuan, up 40.20% year-on-year. For Q1 2024, the expected net profit is between 210 to 230 million yuan, indicating a growth of 22.75% to 34.44% year-on-year [4][5] - The company's performance exceeded expectations, driven by new project acquisitions, including contracts with Toyota and a European luxury brand for new energy electric drive gears. Additionally, existing projects have entered mass production, boosting the new energy gear business [4][5] - The company is expanding its gear business, particularly in the high-precision transmission sector, with significant market potential in the smart home and automotive fields. The establishment of a production base in Hungary is expected to enhance performance and broaden the company's competitive edge [4][5] - The company plans to spin off its subsidiary, Huan Dong Technology, for a listing on the Sci-Tech Innovation Board, which is not expected to affect the company's controlling stake. This move may dilute net profit in the short term but could lead to greater profit growth in the future [4][5] - The company has a strong focus on the gear sector and is expanding into robotics. Revenue projections for 2023-2025 are 8.43 billion, 10.4 billion, and 12.5 billion yuan, with corresponding net profits of 810 million, 1.05 billion, and 1.37 billion yuan. The current market capitalization corresponds to a PE ratio of 25.4, 19.7, and 15.2 for 2023-2025 [4][5] Summary by Sections Company Basic Data - Latest closing price: 24.38 yuan - One-year high/low: 37.53/18.09 yuan - Current PE ratio: 27.29 - Current PB ratio: 2.72 - Total shares: 853 million - Total market value: 20.794 billion yuan [2] Financial Forecast - Revenue (billion yuan): 2022A: 6.84, 2023E: 8.43, 2024E: 10.4, 2025E: 12.5 - Revenue growth rate (%): 2022A: 26.8, 2023E: 23.4, 2024E: 23.3, 2025E: 20.2 - Net profit (billion yuan): 2022A: 0.58, 2023E: 0.81, 2024E: 1.05, 2025E: 1.37 - Net profit growth rate (%): 2022A: 78.4, 2023E: 39.9, 2024E: 29.2, 2025E: 29.9 - EPS (yuan/share): 2022A: 0.68, 2023E: 0.96, 2024E: 1.24, 2025E: 1.61 - PE: 2022A: 35.6, 2023E: 25.4, 2024E: 19.7, 2025E: 15.2 [5][6]