Investment Rating - The report maintains an "Add" rating for the company [1][22]. Core Views - In 2023, the company achieved operating revenue of 3.567 billion yuan, a year-on-year increase of 3.08%, and a net profit attributable to shareholders of 606 million yuan, up 16.47% year-on-year [5][8]. - For Q1 2024, the company reported operating revenue of 693 million yuan, a decrease of 0.62% year-on-year, primarily due to industry destocking [5][11]. - The company is expanding its product offerings in satellite communication and 5.5G base station applications, with significant advancements in RF components and modules [5][16]. Financial Performance Summary - **2023 Financials**: - Operating revenue: 3.567 billion yuan, up 3.08% - Net profit: 606 million yuan, up 16.47% - Basic earnings per share: 1.52 yuan, up 10.14% [5][9]. - **Q1 2024 Financials**: - Operating revenue: 693 million yuan, down 0.62% year-on-year - Net profit: 121 million yuan, up 4.22% year-on-year [5][11]. Product Performance - **T/R Components and RF Modules**: - Revenue reached 3.379 billion yuan in 2023, a growth of 7.64%, accounting for 94.72% of total revenue [5][14]. - Gross margin for T/R components was 31.90%, an increase of 2.69 percentage points year-on-year [5][14]. - **RF Chips**: - Revenue was 128 million yuan, a decrease of 52.98%, with a gross margin of 33.45%, down 9.07 percentage points [5][14]. Profitability Metrics - **2023 Profitability**: - Gross margin: 32.28%, up 1.62 percentage points - Net profit margin: 17.00%, up 1.96 percentage points [5][16]. - **Q1 2024 Profitability**: - Gross margin: 35.63%, up 3.88 percentage points year-on-year - Net profit margin: 17.42%, up 0.81 percentage points year-on-year [5][16]. Future Earnings Forecast - The company forecasts net profits of 696 million yuan, 867 million yuan, and 1.053 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.17 yuan, 1.45 yuan, and 1.77 yuan [22].

证券研究报告 ＃industryId＃ 公用事业 ＃investSuggestion＃ ＃ ＃d申yCo能mpa股ny＃份 （ 600642 ） investSug 增持 ( 维ges持tionC）h 000 燃00 料9 成本改善释放＃ 利tit 润le＃ ，如期实现高分红 ange＃ ＃createTime1＃ 2024年5月17 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：申能股份发布2023年报及2024一季报，2023年公司合计实现营 日期 2024/5/16 业收入291.42亿元，同比+3.36%，归母净利润34.59亿元，同比+219.52%， 收盘价（元） 8.59 扣非后归母净利30.84亿元，同比+271.42%，2024Q1公司延续利润改善 总股本（百万股） 4,894 势头，当期公司实现营业收入80.71亿元，同比+10.87%，归母净利11.59 流通股本（百万股） 4,865 亿元，同比+57.96%，扣非后归母净利8.91亿元，同比+86.63%。结合公 司经营数据，我们点评如下： 净资产（百万元） 35,751  火电：负荷稳定保证业绩基本盘， ...

Investment Rating - The report initiates coverage with an "Overweight" rating for the company, citing potential growth from core product commercialization and pipeline expansion [2][43] Core Views - The company's revenue is expected to grow steadily, with projected revenues of RMB 722 million, RMB 1.34 billion, and RMB 2.122 billion for 2024, 2025, and 2026, respectively [2][43] - EPS is forecasted to be -RMB 0.66, RMB 0.23, and RMB 1.59 for 2024, 2025, and 2026, respectively [2][43] - The company's product pipeline is entering a harvest phase, with significant progress in autoimmune indications and differentiated product layouts based on antibody platforms [27] Financial Performance - In 2023, the company achieved revenue of RMB 386 million, a YoY increase of 27.83%, with a net loss attributable to shareholders of RMB 279 million [9][26] - Q4 2023 revenue was RMB 104 million, a slight YoY decrease of 0.07%, but a QoQ increase of 67.80% [9] - Q1 2024 revenue was RMB 108 million, a YoY increase of 0.12% and a QoQ increase of 3.75% [26][29] - Gross margin for 2023 was 92.44%, with a significant reduction in R&D expenses as a percentage of revenue to 128.44% [30] Product Pipeline and Commercialization - Donafenib (Zepsun) generated sales revenue of RMB 384 million in 2023, a YoY increase of 27.14%, with sales volume reaching 207,400 boxes, up 19.61% YoY [4][7][13] - Recombinant human thrombin received NMPA approval in December 2023 and entered a commercialization partnership with Yuanda Life Sciences (Liaoning) [4][13] - Jackitinib, targeting myelofibrosis and autoimmune diseases, has multiple Phase III trials underway, with NDA submitted for myelofibrosis [14][27] - ZG006, a trispecific antibody targeting CD3 and DLL3, shows promising preclinical results and is positioned as a potential first-in-class and best-in-class molecule [17][34] - ZG005 (PD-1/TIGIT) and ZGGS15 (LAG-3/TIGIT) are advancing in clinical trials, with ZGGS15 being the first anti-LAG-3/TIGIT bispecific antibody to enter clinical trials [36][37] Market Expansion and Coverage - Donafenib has entered 979 hospitals, covering 1,696 hospitals and 844 pharmacies as of December 2023 [4][13] - The company is expanding its presence in oncology, bleeding disorders, hepatobiliary diseases, and autoimmune diseases through a diversified pipeline [14][27] Key Financial Metrics - Cash and cash equivalents increased to RMB 2.078 billion by the end of 2023, up 182.34% YoY [11] - Total assets stood at RMB 3.105 billion, with net assets of RMB 1.594 billion as of 2023 [1] - The company's ROE is projected to improve significantly, reaching 21.7% by 2026 [25]

Investment Rating - The investment rating for the company is maintained at "Buy" [1][4][10] Core Views - The company reported a revenue of 26.298 billion yuan in 2023, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 2.478 billion yuan, a decline of 12.85% [4][7] - The company has shown signs of recovery in its core product profitability since Q4 2023, with improvements in the price spread of its main products [4][8] - The company is positioned as a leading enterprise in the fields of spandex, adipic acid, and polyurethane raw materials in China, with significant scale advantages and a strong cost control capability [4][10] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 6.617 billion yuan, a year-on-year increase of 11.33%, while the net profit was 550 million yuan, up 28.45% year-on-year [4][7] - For Q1 2024, the company reported a revenue of 6.657 billion yuan, a year-on-year increase of 7.51%, and a net profit of 683 million yuan, up 8.24% year-on-year [4][7] Product and Market Insights - The profitability of spandex products has been gradually recovering, and the price spread of adipic acid has also improved in Q1 2024 [4][8] - The company has new production capacities for spandex and adipic acid that are expected to contribute to revenue growth in the coming year [4][10] Future Outlook - The company is actively pursuing integration within the spandex industry chain, with significant projects underway that are expected to enhance raw material control and reduce production costs [4][9] - The forecast for EPS is adjusted to 0.61 yuan for 2024, 0.72 yuan for 2025, and a new estimate of 0.81 yuan for 2026, indicating a positive growth trajectory [4][10]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 显示器件 ＃investSuggestion＃ ＃ ＃d TyC Com Lpa科ny＃技 （ 000100 ） investSug 增持 ( 维ges持tionC）h 0001 面00 板业务持续改善＃ ，title＃ 盈利能力稳步提升 ange＃ ＃createTime1＃ 2024 年05 月16 日 投资要点 ＃市场ma数rk据etData＃ ＃ sum事ma件ry＃：公司发布2023年报及2024年一季报。2023年全年实现营业总收入 市场数据日期 2024-05-15 1744.46亿元，同比+4.69%，归母净利润22.15亿元，同比+747.60%，扣非 收盘价（元） 4.57 归母净利润10.21亿元，同比扭亏，经营活动现金流量净额253.15亿元，同 总股本（百万股） 18779.08 比+37.38%。 23Q4单季度，公司实现营业总收入412.80亿元，同比+3.05%， 流通股本（百万股） 18098.54 环比-13.96%，归母净利润6.04亿元，同比扭亏，环比-52.51%，扣非归母净 净资产（百万元） 5368 ...

公 司 研 证券研究报告 究 ＃industryId＃ 涤纶 ＃investSuggestion＃ ＃ ＃dyC 新om 凤pan 鸣y＃ （ 603225 ） investSug 增持 ( 维ges持tion ）Ch 603225 ＃title＃ ange＃ 业绩稳步回升，行业供需有望修复带动盈利改善 ＃ createTime1＃ 2024年 05月 16 日 公 ＃市场ma数rk据et Data＃ 投资要点 司 市场数据日期 2024-05-15 ＃summary＃ 点 收盘价（元） 15.02 ⚫ 事件：新凤鸣发布2024年一季报，报告期内公司实现营业收入144.52亿 评 总股本（百万股） 1524.76 元，同比增长15.53%，环比下滑16.31%；实现归母净利润2.75亿元，同 报 流通股本（百万股） 1524.76 比增长45.25%，环比增长37.95%；实现扣非归母净利润2.3亿元，同比 净资产（百万元） 17070.73 告 增长102.96%，环比增长41.13%。 总资产（百万元） 54657.06 每股净资产(元) 11.20 ⚫ 维持“增持”的投资评级。2024年Q1内，公司主要 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.32 yuan per share [6][20] Core Views - The company achieved revenue of 8.753 billion yuan in 2023, a year-on-year increase of 2.73%, and net profit attributable to the parent company of 105 million yuan, a year-on-year decrease of 13.92% [6] - In Q1 2024, the company achieved revenue of 2.194 billion yuan, a year-on-year increase of 4.64%, and net profit attributable to the parent company of 12 million yuan, a year-on-year increase of 53.55% [6] - The company's profitability is gradually improving, with gross profit margin and net profit margin in Q1 2024 increasing by 3.08pp and 0.41pp year-on-year, respectively [6][9] - The company completed the acquisition of Leyou International, increasing the total number of stores to over 1,000, covering 21 provinces and more than 200 cities [6][10] - The company's omnichannel operations have been upgraded, with the transformation of three children's life centers resulting in an average increase in single-store transaction volume of over 20% and an average increase in customer visits of nearly 30% [6][11] - The company's proprietary brand transaction volume achieved a year-on-year growth of 74.37% in 2023, showing strong growth momentum [6][11] Financial Projections - The company's revenue is projected to be 10.003 billion yuan, 11.004 billion yuan, and 11.603 billion yuan for 2024, 2025, and 2026, respectively [5][6] - Net profit attributable to the parent company is projected to be 285 million yuan, 325 million yuan, and 366 million yuan for 2024, 2025, and 2026, respectively [5][6] - EPS is projected to be 0.26 yuan, 0.29 yuan, and 0.33 yuan for 2024, 2025, and 2026, respectively [5][6] - The PE ratio is projected to be 24.6x, 21.6x, and 19.1x for 2024, 2025, and 2026, respectively [5][6] Operational Highlights - The company's differentiated supply chain (including proprietary brands) achieved sales revenue of 819 million yuan in 2023, accounting for 10.82% of maternal and child product sales revenue [6][11] - The company launched KidsGPT, an intelligent parenting consultant, which has been widely used in multiple scenarios such as the Kidswant APP, mini-programs, and communities, receiving positive feedback from users [6][11] - The company upgraded its same-city digital home delivery service, successfully launching a series of time-sensitive products such as 30-minute delivery within 3km, 1-hour delivery within 5km, city-wide delivery, and SF Express half-day delivery [6][11]

Investment Rating - The report maintains a "Recommendation" rating for the coal mining industry in Xinjiang [1]. Core Insights - Xinjiang is a significant coal supply base in China, possessing rich coal resources estimated at 2.19 trillion tons, accounting for nearly 40% of the national total [11][21]. - The coal supply in Xinjiang is expected to continue growing, with a target production capacity of over 460 million tons by 2025, aiming for an annual output of 400 million tons [23][26]. - The external transportation of Xinjiang coal is primarily by rail, with significant potential to meet the coal demand gaps in nearby regions such as Gansu, Ningxia, and Qinghai [2][19]. Summary by Sections 1. Rich Coal Resources in Xinjiang - Xinjiang's industrial economy heavily relies on mineral resources, with coal, oil, and electricity being the main pillars [7]. - The region's coal resources are concentrated in the northern part, with four major coal fields primarily producing thermal coal [21]. - The coal types in Xinjiang range from lignite to anthracite, with a notable distribution pattern of "rich in the north, poor in the south" [16][21]. 2. Continuous Growth of Coal Supply - As of the end of 2023, Xinjiang's effective coal production capacity reached 420 million tons, with a compound annual growth rate of 17.3% over the past five years [23][26]. - The local consumption of coal is primarily driven by the coal power and coal chemical industries, with an estimated annual increase in coal consumption of 8 million tons from these sectors [1][30]. 3. Transportation Competitiveness of Xinjiang Coal - Xinjiang coal's external transportation is mainly by rail, with the "one main, two wings" strategy enhancing its transportation efficiency [2][19]. - The external transportation cost of Xinjiang coal is relatively high compared to that of Shanxi and Inner Mongolia, limiting its competitiveness in long-distance markets [2][19]. - The coal supply from Xinjiang is expected to fill significant gaps in the coal demand of neighboring regions, with a total annual coal demand gap exceeding 100 million tons in Gansu, Ningxia, and Qinghai [2][19]. 4. Major Coal Enterprises in Xinjiang - Key players in the Xinjiang coal industry include the National Energy Group, Xinjiang Energy Group, and Guanghui Energy, among others [4][19]. 5. Investment Highlights - Xinjiang's coal resources are crucial for national energy security, and the region's coal transportation costs provide a certain level of support for coal prices [2][19]. - The ongoing expansion of coal production capacity and improvements in transportation infrastructure are expected to benefit coal companies operating in Xinjiang [2][19].

行 业 研 证券研究报告 究 ＃industryId＃ 农林牧渔 ＃title＃ 2024 年 5 月 USDA 农产品供需报告:新年度全 ＃inve推stSu荐ggest ion＃ (维 持 ） 球大豆供应继续改善 ＃createTime1＃ 2024年 05月 16日 投资要点 行 ＃ 相关rel 报ate 告dR eport＃ ＃summary＃ 业 ⚫ 事件：美国农业部发布 2024 年 5 月农产品供需报告，对 2024/2025 年度 《【兴证农业】周报：猪价窄幅 全球主要农产品供需形势做出首次预测。供给方面，本月报告预计 24/25 点 调整，鸡苗价格坚挺》2024-05- 评 12 年度全球大豆、小麦、大米、棉花产量分别同比增长2531万吨、1047万 《【兴证农业】周报：棉价有所 吨、1027万吨、548万包，玉米产量同比减少816万吨；需求方面，本月 报 回落，猪价持续震荡》2024-05- 05 报告预计24/25年度全球玉米、大豆、小麦、大米、棉花消费分别同比增 告 《【兴证农业】周报：节前猪价 长483万吨、1821万吨、203万吨、477万吨、350万包。本次调整之后， 维持震荡， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Insights - The company achieved total revenue of 8.25 billion yuan in 2023, representing a year-on-year growth of 11.94%. The net profit attributable to shareholders was 1.004 billion yuan, marking a turnaround from losses. The non-recurring net profit reached 1.084 billion yuan, up 136.82% year-on-year. In Q1 2024, revenue was 1.741 billion yuan, down 8.34% year-on-year, while non-recurring net profit grew by 12.53% to 280 million yuan [3][4]. - The company's performance turnaround was driven by dual engines: payment services and overseas equipment sales. In 2023, the payment subsidiary, Guotong Xingyi, generated revenue of 3.281 billion yuan, a 47.06% increase, and turned profitable with a net profit of 613 million yuan. Overseas sales in the equipment segment reached 2.253 billion yuan, up 8.69%, with over 70% of equipment revenue coming from international markets [3][4]. - The company has focused on a "digital commerce" strategy since 2023, providing services to over 370,000 active merchants, generating 1.095 billion yuan in revenue, with an average revenue per user (ARPU) of 295 yuan per year. In Q1 2024, value-added services revenue reached 150 million yuan, indicating potential new growth drivers [3][4]. - The total transaction volume for payment services in 2023 was 25 trillion yuan, a year-on-year increase of 8%. The payment fee rate for 2023 was 0.13%, up from 0.09% the previous year, with a net fee rate of 0.024% compared to a loss the prior year. In Q1 2024, the payment fee rate was 0.136%, and the net fee rate was 0.032%, continuing the trend of fee rate improvement [3][4]. - The company plans to accelerate its international expansion in 2024, entering a new phase of internationalization, with a focus on the Asia-Pacific, Middle East, and European markets, while continuing to upgrade and replace smart equipment [3][4]. Financial Summary - For 2023, the company reported operating revenue of 8.25 billion yuan, with a projected growth of 11.5% to 9.201 billion yuan in 2024. The net profit attributable to shareholders is expected to grow by 28.2% to 1.287 billion yuan in 2024, with a gross margin of 40.3% in 2023, projected to increase to 41.4% in 2024 [4][5]. - Key financial metrics for 2023 include a return on equity (ROE) of 15.7% and earnings per share (EPS) of 0.97 yuan. The price-to-earnings (PE) ratio is 16.9, expected to decrease to 12.6 in 2024 [4][5].