Investment Rating - The industry rating is "Buy" [3][5][21] Core Views - The price of fluorite has increased, with 97% wet powder priced at 3762 RMB/ton as of May 17, 2024, reflecting an 8.7% increase compared to one month ago and a 0.9% increase compared to one week ago [3][7] - The prices of refrigerants R32 and R22 are showing strong upward trends, with R32 priced at 35000 RMB/ton (up 16.7% month-on-month) and R22 at 26500 RMB/ton (up 15.2% month-on-month) [4][11][19] - The demand for refrigerants is expected to rise due to the peak production season for air conditioners, with domestic air conditioner production increasing by 22.6% year-on-year in May [4][10] Summary by Sections 1. Fluorite Price Trends - Fluorite prices have risen, with a current price of 3762 RMB/ton for 97% wet powder, up 8.7% from the previous month [3][7] - Supply constraints are expected to persist due to increased regulatory scrutiny on mining operations, leading to a tight supply of acid-grade fluorite [3][7] 2. Refrigerant Price Trends - Refrigerant prices are generally high, with R32 and R22 showing particularly strong price movements [4][10] - R32's price has increased by 16.7% over the past month, while R22 has risen by 15.2% [11][19] 3. Demand and Supply Dynamics - The demand for refrigerants is bolstered by the upcoming peak season for air conditioning production, with significant increases in production figures [4][10] - The introduction of third-generation refrigerant quotas is expected to stabilize supply in the medium to long term, potentially increasing demand for third-generation refrigerants as second-generation refrigerants phase out [5][10][22]

证券研究报告 2024年 05月 17日 湘财证券研究所 行业研究 机器人行业数据点评 一季度工业机器人产销增长，设备更新政策陆续出台 相关研究： 核心要点：  2024年Q1工业机器人产销量小幅增长 1《. 20231204湘财证券-机械行业： 国内人形机器人板块密集催化， 根据国家统计局数据，2024年Q1我国工业机器人产量为12.03万套， 同比增长4.9%；根据MIR数据，我国工业机器人销量为6.91万台，同比增 产业化未来可期》2023.12.04 长4.8%，主要系电子、汽车、金属加工等需求有所复苏。分机型来看：六轴 2《. 20240409湘财证券-机械行业： 机器人、SCARA机器人、协作机器人和Delta机器人销量占比分别为65.9%、 优必选接入百度大模型，国内人 23.6%、8.5%，2.0%，销量增速分别为+6.08%、-2.43%、+20.57%、-2.42%。 形机器人智能化升级》2024.04.09 分行业来看，电子制造、金属制品、汽车零部件、锂电池、食品饮料为下游 领域中销量占比最高的五个行业，分别占比24.2%、14.6%、11.9%、9.9%、 行业评级：增持 6.3%。 ...

证券研究报告 2024年 5月 16 日 湘财证券研究所 行业研究 半导体行业点评 需求结构性复苏，推动晶圆代工需求逐步回升 相关研究： 核心要点： ❑ 国内智能手机需求复苏，PC、工业市场仍显疲软 1.《消费电子市场温和复苏，代工 龙头或迎触底回升》 2024.04.11 国内智能手机市场呈现复苏态势，IDC 统计数据显示，2024YQ1 中国市 2.《AI领域需求景气，引领代工龙 场智能手机出货量同比增长6.5%，为连续两个季度实现同比正增长。PC 领域，中国市场PC需求仍显疲软，台式电脑出货量表现不佳。工控市场 头走出下行周期》 2024.04.26 仍略显疲软，2024YQ1国内工业自动化整体市场规模为783.4亿元，同比 下滑1.5%。 行业评级：增持 ❑ Q1中芯国际营收上行，华虹细分业务营收分化 近十二个月行业表现 2024YQ1中芯国际营收为125.94亿元，同比增长23..4%，环比增长3.64%， 公司营收同环比均出现上行。公司单季度毛利率为 13.7%，环比下行 5.1pcts，主要系受Q1折旧增加，部分标准的大宗产品ASP下滑拖累公司 Q1出货ASP表现影响。分业务来看，国内智能手机市 ...

Investment Rating - The report maintains an "Overweight" rating for the lithium battery materials sector, indicating a positive outlook for the short term due to improved supply-demand expectations and relatively low valuation levels [8][21]. Core Views - The lithium battery materials sector experienced a rebound with a weekly increase of 2.46%, outperforming the benchmark (CSI 300) by 0.75 percentage points. The sector's valuation (TTM P/E) rose by 0.58x to 27.85x, with a historical percentile of 16.8% [2][8]. - Policy improvements are expected to enhance supply-demand dynamics, supported by ongoing government incentives for electric vehicles, which are anticipated to boost demand growth. Additionally, new regulatory drafts aim to guide companies towards technological innovation and cost reduction, improving supply-side conditions [8][21]. - Despite the positive policy environment, the current fundamentals show weak supply and demand for ternary materials, with profits remaining low and excess capacity suppressing actual prices. The demand for lithium iron phosphate (LFP) is increasing but at a slowing rate, with many companies facing profitability challenges [8][21]. Summary by Sections Positive Material - Ternary cathode material prices remained stable, while lithium source prices showed weakness. The production of ternary materials decreased significantly, while LFP production saw a slight increase [3][8]. - The average price of lithium hexafluorophosphate fell by 1.41% to 70,000 yuan/ton, while the prices of various solvents remained stable [4][8]. - The production of negative electrode materials increased by 1.97%, with a stable average price for artificial and natural graphite [5][8]. - Separator production rose by 2.49%, with a high operating rate of 82.1%, although inventory levels continued to increase [6][8]. - Copper foil prices remained stable across various thicknesses, with consistent processing fees [7][8].

证券研究报告 2024年 05 月16日 湘财证券研究所 行业研究 商贸零售行业周报 商贸零售行业一季度业绩分化，跨境电商表现较佳 相关研究： 核心要点： ❑ 商贸零售板块震荡调整，上周上涨0.13% 1.《二季度法定节假日陆续到来， 看好旅游零售热度累积》 上周（5月6日至5月10日），商贸零售报收1778.81点，上涨0.13%，涨 2024.04.17 跌幅排名位列申万一级行业第26位，跑输沪深300指数1.58个百分点。二 级行业贸易Ⅱ报收 3744.97 点，上涨 3.26%；一般零售报收 2531.39 点，上 2.《关注旅游零售及跨境电商企业 涨0.62%；专业连锁Ⅱ报收3432.84点，下跌1.57%；互联网电商报收9045.92 一季度业绩情况》 点，下跌1.16%。板块整体震荡调整。 2024.04.24 ❑ 商贸零售板块PE（ttm）26.57X，PB（lf）1.47X 当前商贸零售板块 PE 为 26.57X，近一年 PE 最大值为 39.26X，最小值为 23.13X；当前PB为1.47X，近一年PB最大值为2.09X，最小值为1.31X。 估值仍处于近一年底部。 行业评级：增持 ❑ ...

证券研究报告 2024年 05 月14 日 湘财证券研究所 行业研究 证券行业周报 上市券商监管新规出台，引导行业高质量发展 相关研究： 核心要点： ❑ 市场回顾：上周券商指数跑输大盘，板块估值处于低位 1.《证券行业事件点评：公募降佣 改革落地，券商研究业务重要性 上周（5.6-5.10）上证指数上涨 1.6%，深证成指上涨1.5%，沪深300指数 上涨 1.7%，创业板指上涨 1.1%。非银金融(申万)上涨 1.4%，涨跌幅排名 提升》 2024.4.22 20/31，跑输沪深300指数0.3pct；其中，券商指数上涨0.4%，跑输沪深300 指数1.4pct，券商指数PB估值1.1x，处于近十年的2%分位。 行业评级：增持 上周涨幅最大的五家券商分别为：财达证券（+3%）、浙商证券（+2.7%）、 中金公司（+2.6%）、中信建投（+1.9%）、方正证券（+1.4%）。 跌幅最大的五家券商分别为：东吴证券（-1.2%）、中泰证券（-1.2%）、长 近十二个月行业表现 江证券（-1.2%）、西部证券（-1.4%）、华创云信（-2.5%）。 20% ❑ 行业周数据：两市股票日均成交额环比下降，融资余额环比回 ...

证券研究报告 2024年 05月 15日 湘财证券研究所 行业研究 磁材行业周报 上周板块延续反弹，稀土挂牌价迎上调，产业链价格维持强势 相关研究： 核心要点： ❑ 市场行情：上周磁材板块延续反弹且跑赢基准指数，板块估值持续回升 《上周稀土链价格强势，多数稀土磁材公司 上周磁材板块延续反弹，周涨幅为2.5%，跑赢基准（沪深300）0.78pct。 2024Q1业绩边际改善》 20240430 板块估值（市盈率 TTM）周回升 0.67x 至 29.24x，当前估值历史分位数 《上周稀土原料价格保持坚挺，永磁材料下 为28%。 游空调增长势头不减》 20240422 ❑ 上周稀土精矿价格大部持稳，进口独居石及国内中钇富铕矿价格上涨 行业评级：买入 上周稀土精矿价格多数走势平稳。轻稀土矿方面，国内碳酸稀土矿、四川 近十二个月行业表现 氟碳铈矿、山东氟碳铈矿及美国矿价格分别持平于至2.3万元/吨、2.1万 元/吨、1.5万元/吨和2.1万元/吨，进口独居石矿周环比上涨6.49%至4.1 30% 磁材板块涨跌幅 30% 对比基准:沪深300累计涨跌幅-右 万元/吨。中重稀土矿方面，上周国内中钇富铕矿周环比小幅上涨 0 ...

证券研究报告 2024年 5月 15 日 湘财证券研究所 行业研究 食品饮料行业周报 CPI 温和上涨，啤酒景气度持续向上 相关研究： 核心要点： ❑ 5月6日-5月10日，食品饮料行业上涨1.72% 1. 《消费复苏温和可持续，软 上周，上证指数上涨 1.60%，深证成指上涨 1.50%，沪深 300 指数上涨 饮料转型中蕴藏新机》 1.72%，创业板指上涨1.06%。申万食品饮料行业上涨1.72%，涨跌幅排名 2024.04.23 18/31，与沪深300指数涨幅一致，食饮子板块涨跌不一，其中啤酒上涨 2. 《财报验证消费韧性，市场 4.15%，软饮料上涨3.83%，预加工食品上涨3.54%。 情绪回暖》 2024.04.30 ❑ CPI温和上涨，啤酒景气度持续向上 3. 《消费复苏节奏加快，业绩 4月，消费需求持续复苏，全国CPI环比由降转涨，同比涨幅扩大，扣除 兑现符合预期》 2024.05.07 食品和能源价格的核心CPI环比上涨0.2%，上月为下降0.6%；同比上涨 0.7%，涨幅比上月扩大0.1个百分点。从环比看，CPI上涨0.1%，上月为 行业评级：增持 下降1.0%。其中，食品价格下降1.0 ...

证券研究报告 2024年 5月 15 日 湘财证券研究所 行业研究 医疗耗材行业周报 政策推动医疗器械行业扩容，关注下沉市场格局 相关研究： 核心要点： ❑ 医疗耗材板块上行，上周上涨4.65% 1.《海外库存去化，2024年一季度 低值耗材出口转暖》 上周（5月6日至5月10日），医药生物报收7804.37点，上涨2.61%，涨 2024.4.29 幅排名位列申万一级行业第12位，跑赢沪深300指数0.89个百分点。医疗 服务报收4854.19点，上涨2.63%；中药II报收7176.51点，上涨0.8%；化 2.《财报披露结束，把握“临床刚 学制药报收10471.11点，上涨3.32%；生物制品报收6891.98点，上涨2.45%； 需”与“业绩修复”两条主线》 医药商业报收6035.02点，上涨3.51%；医疗器械报收6929.04点，上涨2.96%。 2024.5.1 医疗耗材报收5738.45点，上涨4.65%。医疗板块整体上行。 ❑ 医疗耗材板块PE（ttm）56X，PB（lf）2.57X 行业评级：增持 当前医疗耗材板块PE为56X，相较上周环比上升23.72个百分点，近一年 PE最大值为56. ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by 5% to 15% over the next 6-12 months [20][24]. Core Insights - The company has introduced a new equity incentive plan that includes profit assessment targets, with a compound annual growth rate (CAGR) of 35% over two years. This plan aims to enhance corporate governance and retain key management and technical talent [4][21]. - Revenue projections for 2024-2026 are estimated at 22.68 billion, 29.10 billion, and 36.85 billion respectively, with corresponding net profits of 4.82 billion, 6.54 billion, and 8.47 billion. The earnings per share (EPS) are projected to be 0.85, 1.15, and 1.49 respectively [4][16]. Summary by Sections Equity Incentive Plan - The new incentive plan includes performance targets for revenue and installed equipment, with specific goals for non-COVID products and self-produced chemiluminescence business, aiming for a 35% revenue growth in 2024 and 75.5% in 2025 [4][21]. - The plan also sets targets for domestic and overseas chemiluminescence instrument installations, with 1500 units targeted for each of the two performance periods domestically and 1200 units overseas [4]. Financial Forecast - The company forecasts a revenue increase from 2.05 billion in 2023 to 2.27 billion in 2024, representing a 10.49% year-on-year growth. The net profit is expected to rise from 355 million in 2023 to 482 million in 2024, reflecting a 35.89% increase [16]. - The gross margin is projected to improve from 56.81% in 2023 to 61.43% in 2024, with a return on equity (ROE) increasing from 13.87% to 16.79% over the same period [16]. Market Confidence - The introduction of profit as a performance metric in the incentive plan reflects the company's confidence in its future growth prospects, as indicated by the ambitious targets set for revenue and profit growth [4][21].