Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 31.56 billion yuan in 2023, a year-on-year decrease of 12.44%, and a net profit attributable to shareholders of 4.0 billion yuan, down 30.25% year-on-year [4] - Effective cost control has alleviated the pressure from declining coal prices, with the coal business generating revenue of 30.81 billion yuan, a year-on-year increase of 12.09% [4] - The company has committed to a high dividend payout, with a proposed dividend of 0.99 yuan per share, resulting in a dividend yield of 8.1% based on the closing price on March 19 [4] - The company is focused on a "large coking coal" strategy and aims to enhance its coal washing and deep processing capabilities [4] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 8.47 billion yuan, a year-on-year increase of 7.9% and a quarter-on-quarter increase of 18.78% [4] - The average selling price of coal was 964 yuan per ton, down 13.7% year-on-year, while the comprehensive cost per ton was 653 yuan, down 9.8% year-on-year [4] - The company produced 30.71 million tons of raw coal, a year-on-year increase of 1.34% [4] Dividend Policy - The company has committed to a minimum dividend payout ratio of 60% from 2023 to 2025, with a proposed total dividend of 2.425 billion yuan for 2023 [4] Strategic Outlook - The company plans to inject additional assets into its operations, which is expected to enhance its coal business further [4] - The report anticipates that the scarcity of coking coal resources will support prices in the future [4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 4.15 billion, 4.42 billion, and 4.57 billion yuan, respectively [4]

证券研究报告 ＃industryId＃ 钢铁 ＃title＃ 复工启动偏慢驱动钢价下行 ＃inve推stSu荐ggestion＃ 维持＃ （ ） investSu ggestion ＃createTime1＃ 2024 年03 月10 日 Change ＃ 相关公司 投资要点 ＃summary＃ 相关公司 评级  两会定调符合预期，复工进展缓慢驱动钢价下行 宝钢股份 增持 随着“两会”结束，内容及政策上基本符合市场预期，但由于产业情绪偏弱，钢价承压下 行。从基本面上看，当前步入农历新年后的第三周，此前市场期待的复工节奏加速逐步落 华菱钢铁 增持 甬金股份 增持 空，不仅建材成交量仍然偏弱，成材表需也未见明显修复（农历口径同比），钢材市场有 可能“旺季不旺”，已有部分地区钢厂发布自发控产减产的通知。当前黑色商品的价格处 河钢资源 增持 于探底阶段，价格疲软的症结仍然在需求端，若后续需求回升节奏仍然无法走强，在钢厂 久立特材 增持 利润普遍亏损背景下，或将加剧钢厂自主减产意愿，成材和炉料价格可能仍将寻底。就钢 来源：iFinD，兴业证券经济与金融研究院 铁板块而言，当前行业盈利已经处于底部，但优质板材企业盈利存 ...

证券研究报告 ＃industryId＃ 环保 ＃title＃ 九部门发布《关于健全废旧家电家具等再生资源回 ＃ 收体系的通知》，培育一批回收龙头企业 ＃inve推stSu荐ggestion＃ 维持 ( ） investS uggesti ＃createTime1＃ 2024 年2月4日 onChan ge＃ ＃ 相关rel报ate告dReport＃ 投资要点 ＃重s要um数ma据ry跟＃踪：（1）碳市场：2024年1月29日至2月2日，全国碳市场碳排放 《【兴证环保】全国温室气体自 配额（CEA）挂牌协议成交量20.65万吨，上期（2024.1.22-2024.1.26）成交量为 愿减排市场正式启动，生态环境 16.28万吨，期间增加4.37万吨，与上期相比+26.84%；2024年2月2日碳排放配 部确定 2024 年八方面重点任 额（CEA）收盘价为74.53元/吨，日环比+3.13%，与上期相比+2.28%。2024年1 务》2024-1-28 月22日至1月26日，国内8个试点城市碳排放配额总成交量257.66万吨，与上 《【兴证环保】工信部2024年 期（2024.1.15-2024.1.19）相比 ...

＃ investSug gestionCh ange＃ 维持 ） 增持 ( 投资要点 ＃summary＃ ⚫ 公告：公司发布 2023 年年报，2023 年公司实现营业收入 137.22 亿元，同比 减少 9.74%，实现归母净利润 0.86 亿元，同比+102.23%，实现扣非归母净利 润 0.19 亿元，同比+10.26%。2023 年 Q4 单季度，公司实现营收 39.32 亿元， 同比-6.16%，实现归母净利润 0.84 亿元，同比-45.57%，实现扣非归母净利润 0.94 亿元，同比-23.92%。 证券研究报告 ＃industryId＃ 消费电子零部件及组装 ＃investSuggestion＃ ⚫ 新能源业务产能逐渐释放，收入增长迅速。2023 年，受益于公司在宜宾、自 贡、常州、宁德的动力电池结构件生产基地产能的逐渐释放，公司新能源业 务实现营收 35.40 亿元，同比+43.46%，营收占比超 25%。毛利率为 18.57%， 同比+1.55pct，规模效应逐渐显现，盈利能力改善。未来随着公司产能的进一 步释放，新能源业务收入有望继续保持高速增长，市占率有望进一步提高。 ⚫ Q4 销售和 ...

Investment Rating - The report maintains an "Add" rating for Nanshan Aluminum [2][4]. Core Views - The company's performance has been impacted by declining aluminum prices, with a focus on high-end aluminum materials to drive future growth [2][4]. - The company achieved a revenue of 28.844 billion yuan in 2023, a decrease of 17.47% year-on-year, while the net profit attributable to shareholders was 3.474 billion yuan, down 1.18% year-on-year [2][4]. - The company is actively developing high-value-added products, with automotive plates, aerospace plates, and power battery foils accounting for approximately 30% of total aluminum product gross profit, an increase of 8.84 percentage points year-on-year [2][4]. Financial Summary - In 2023, the company reported a net profit of 3.474 billion yuan, with a non-recurring net profit of 2.715 billion yuan, reflecting a year-on-year decrease of 29.03% [2][4]. - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares (including tax) [2][4]. - The projected net profits for 2024-2026 are 3.975 billion, 3.600 billion, and 3.847 billion yuan, respectively, with corresponding EPS of 0.34, 0.31, and 0.33 yuan [4][5]. Project Developments - The Indonesian alumina project has been fully operational since October 2022, significantly increasing alumina production and sales in 2023 [3][4]. - The company is also expanding its production capacity for electrolytic aluminum and carbon projects, expected to be completed by mid-2026 [4][5]. - The company is committed to green development and is advancing its recycling aluminum projects, which will enhance energy efficiency and reduce emissions [4][5]. Shareholder Returns - The company has initiated a three-year shareholder return plan, committing to repurchase at least 300 million yuan of shares annually from 2024 to 2026 [4][5]. - The dividend payout ratio for 2023 is set at 40.44% of the net profit attributable to shareholders [4][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved a revenue of 12.42 billion yuan in 2023, representing a year-on-year growth of 107.1%, and a net profit attributable to shareholders of 1.746 billion yuan, up 125.9% year-on-year [5][9] - The real estate segment continues to contribute significantly to profits, with a total sales area of 138,900 square meters in 2023, an increase of 221.9% year-on-year [6] - The company has optimized its pig farming costs, leading to a rapid increase in pig sales volume, with approximately 1.845 million pigs sold in 2023, a year-on-year increase of 45.9% [2][5] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 2.489 billion yuan, a decrease of 34.7% year-on-year, with a net profit of 488 million yuan, an increase of 40.4% year-on-year [5] - The company’s gross profit margin for 2023 was 38.7%, with a return on equity (ROE) of 45.3% [9] Business Segments - The feed business saw sales of 215,000 tons in 2023, a slight decrease of 0.3% year-on-year, while revenue from feed reached 920 million yuan, up 4.2% year-on-year [3] - The poultry segment generated revenue of 64.72 million yuan, down 7.86% year-on-year, with a total of 22.069 million chicks sold, a growth of 1.2% [3] Production Capacity - As of the end of 2023, the company had a total fixed asset value of 6.052 billion yuan, an increase of 25.49% year-on-year, and a breeding sow inventory of approximately 112,000 heads [7]

行 业 研 证券研究报告 究 ＃industryId＃ 非银 ＃title＃ 兴证非银周报（240129-240202）： ＃inve推stSu荐ggest ion＃ （ 维＃ 持 ） 首批中证 A50ETF 正式获批，ETF 市场持续扩容 investS ugg es ti onChan ＃createTime1＃ 2024年 2月 4 日 ge＃ 重点公司 投资要点 行 周度回顾： 重点公司 评级 本周保险Ⅱ(申万)下跌3.06%，跑赢沪深300指数1.56pct；10年期国债到期收益率下行 业 7.3BP至2.43%。本周保险估值受长端利率大幅下行以及权益市场震荡拖累回调。本周证 南华期货 增持 券II（申万）下跌6.37%，跑输沪深300指数1.74pct，板块PB估值下跌至1.19倍。 周 中国太保 买入 保险行业： 报 中国平安 增持 近日国家金融监管总局批复同意中国太保集团董事长傅帆、总裁赵永刚的任职资格。我们 认为傅帆作为前太保集团总裁，洞悉公司整体经营情况以及人事情况，其接棒集团董事长 新华保险 增持 之位，有利于太保系统经营战略和人事任命的稳定性和延续性；同时，鉴于其投资领域经验 丰富，上 ...

Investment Rating - The report maintains a "Buy" rating for China Unicom (600050) [2] Core Views - The company reported a revenue of 372.60 billion yuan in 2023, a year-on-year increase of 4.97%, and a net profit attributable to shareholders of 8.17 billion yuan, up 11.96% year-on-year [1][2] - The traditional business remains stable, while the digital intelligence business is becoming a new growth driver, contributing 25% to the main business revenue [2][3] - The company is focusing on optimizing capital expenditures (CAPEX), which is expected to decrease by 12% to 65 billion yuan in 2024, while maintaining a high dividend yield [3] Financial Summary - In 2023, the company achieved a gross profit margin of 24.5% and a return on equity (ROE) of 5.1% [2][4] - The projected revenues for 2024, 2025, and 2026 are 401.31 billion yuan, 426.63 billion yuan, and 453.97 billion yuan, respectively, with year-on-year growth rates of 7.7%, 6.3%, and 6.4% [2][4] - The net profit attributable to shareholders is expected to reach 9.17 billion yuan in 2024, 10.01 billion yuan in 2025, and 11.36 billion yuan in 2026, with corresponding growth rates of 12.2%, 9.2%, and 13.5% [2][4]

增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 南芯科技 （ 688484 ） 000009 ＃title＃ 电荷泵赛道身位领先，电源新品放量可期 ＃createTime1＃ 2024 年 03 月 20 日 ＃相关报告 relatedReport＃ 《【兴证电子】南芯科技 2023 三 季报点评：Q3 营收环比增长超 预期，电源领域业务持续拓展》 2023-11-05 yaokang@xyzq.com.cn S0190520080007 liukerui@xyzq.com.cn 公 司 研 究 投资要点 ⚫ 快充渗透率提升叠加充电功率升高，公司电荷泵业务快速成长。公司电荷泵 产品于 2021 年起量，产品性能优秀获得客户认可，根据公司招股说明书数据 显示，以 2021 年出货量口径计算，公司电荷泵充电管理芯片位列全球第一。 随着手机功能升级（如 5G 通信、高能耗 APP、端侧 AI 大模型应用等），用 户的电量焦虑预期将长期存在，手机快充渗透率与充电功率则预计能稳步提 升，公司电荷泵作为快充的核心方案，预计将长期稳定受益。 ⚫ 费用方面，公司 23 年全 ...

行 业 研 证券研究报告 究 ＃industryId＃ 通信 ＃title＃ 高速连接器如何受益于 AI？ ＃inve推stSu荐ggest ion＃ ( 维＃ 持 ） i un gv ge es st tS i ＃createTime1＃ 2024 年 03月 14日 行 onChan 投资要点 ge＃ 业 重点公司 ＃随s着ummAaIr等y＃技 术的发展及应用，数据中心对高吞吐和大带宽的需求越发迫切，以太 深 重点公司 评级 网/IB等网络速度已经从25G/50G增长到400G/800G，并有望很快达到1.6T；单 度 鼎通科技 增持 通道信号速率逐渐升级到112G，正在向224G领域演进。高速背板连接器、高速 研 IO连接器等高速连接器，作为数据中心系统互连关键硬件之一，预计将深度受益 究 于AI算力的需求增长。 高速背板连接器：需求端，受益于AI算力需求驱动，高速背板连接器升级至112G、 报 224G等；供给端，华丰科技、中航光电等国内龙头厂商国产化替代加速。高速背 告 板连接器用于连接背板和子板，通常用于模块化设计的服务器、交换机和路由器等 来源：兴业证券经济与金融研究院 ＃relatedRep ...