公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 中药 ＃investSuggestion＃ ＃ ＃d 云yCo 南mp 白any＃药 （ 000538.SZ ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 聚焦主业稳健发展，探索孵化新兴事业部 ange＃ ＃ createTime1＃ 2024年 4月 9日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ ⚫ sum 全ma 年ry＃ 业 绩增长符合预期。2023年公司实现营业收入391.11亿元，同比增 司 日期 2024-04-08 长 7.19%，归母净利润 40.94 亿元，同比增长 36.41%，扣非归母净利润 点 收盘价（元） 51.20 37.64亿元，同比增长16.45%，经营活动产生的现金流量净额35.03亿元， 评 总股本（百万股） 1,797 同比增长9.14%。2023年Q4单季公司实现营业收入94.23亿元，同比下 滑1.57%，归母净利润亏损0.30亿元，扣非归母净利润亏损0.90亿元， 报 流通股本（百万股） 1,785 利润端承压主要由于：1）四季 ...

行 业 研 证券研究报告 究 ＃industryId＃ 非银金融 ＃ 资ti管tle＃ 通 鉴系列二十一： 中国香港篇，惠理集团的启示和内资公募的破局 ＃ ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg es ti ＃createTime1＃ 2024年 3月 21日 行 onChan ge＃ 投资要点 业 ＃relatedReport＃ 相关报告 ＃summary＃ ⚫ 香港资管市场因其开放的金融市场和完备的监管体系而在全球市场中占据重 深 《资管通鉴系列二十：日本篇， 要地位。作为亚洲最具活力的资本市场和全球领先的国际金融中心，香港具 度 以个人和机构业务双轮驱动的 备健全且成熟的金融监管体系、兼具深度和流动性的资本市场，以及与内地 研 野村资管》2024-01-25 的紧密联系，从而推动了资产和财富管理业务的长期稳定增长。截至2022年， 《资管通鉴系列十九：日本篇， 究 香港资产及财富管理业务资产规模达30.54万亿港币，自2000年以来年化增 以多元化业务弱化周期波动的 报 大和资管》2023-12-19 速达14.7%，其中资产管理及基金顾问业务、私人银行及私人财 ...

Investment Rating - The report maintains an "Accumulate" rating for Yintai Gold [2] Core Views - The company's performance in 2023 showed steady growth, driven by increased gold sales volume and rising gold prices. The average selling price of gold increased by 14.4% year-on-year to 449.6 CNY per gram, while the average cost of gold rose by 5.3% to 176.4 CNY per gram [1][2] - The acquisition of the TwinHills gold mine project in Namibia is expected to enhance the company's overseas gold resource layout, with estimated gold reserves of 66.86 tons and an average annual production of approximately 5.04 tons over a 13-year lifespan [2][3] - The company plans to increase its gold production to 8 tons in 2024, 12 tons in 2025, and 15 tons in 2026, supported by ongoing projects and acquisitions [3][4] Financial Summary - In 2023, the company achieved operating revenue of 8.106 billion CNY, a decrease of 3.29% year-on-year, while net profit attributable to shareholders increased by 26.79% to 1.424 billion CNY [2][4] - The projected operating revenue for 2024 is 9.722 billion CNY, with a year-on-year growth of 19.9%, and net profit is expected to reach 1.950 billion CNY, reflecting a growth of 36.9% [4][5] - Key financial metrics for 2024 include a gross margin of 36.0%, return on equity (ROE) of 15.3%, and earnings per share (EPS) of 0.70 CNY [4][5]

行 业 研 证券研究报告 究 通信 ＃titl ＃ 2024GTC 大会的光与铜 推荐 ( 维持 ） 2024年 03月 21日 投资要点 行 相关报告 业  事件：2024 年 3 月 19 日，英伟达创始人黄仁勋发表 GTC 2024 的主题演讲 《【兴证通信】行业深度：高速 《见证 AI 的变革时刻》。在演讲中，黄仁勋公布了搭载 B200 芯片的 GB200 点 连接器如何受益于AI？》2024- Grace Blackwell超级芯片系统，以及英伟达在AI软件（NIM微服务）、Omiverse 评 03-14 云、具身智能方面的最新进展。 报  点评：1、GB200：1）配比上采用1CPU+2GPU，单个机柜内部可容纳72个 告 GPU；2）互联模式采用NVSWTICH，NVSWITCH采用台积电4nm工艺，72 分析师： 端口（双向200G serdes），NVLINK带宽达到1.8TB，GPU和NVSWITCH之 章林 间采用铜互联，同时搭配IB交换机进行网路互联；3）针对单颗GPU，采用 zhanglin20@xyzq.com.cn 192GB HBM3e，8TB内存带宽。 S0190520 ...

行 业 研 证券研究报告 究 ＃industryId＃ 电气设备 ＃title＃ 新能源车企 1 月销量保持高增态势，12 月风电装 机大超预期 ＃inve推stSu荐ggest ion＃ ( 维＃ 持 ） ——电力设备与新能源行业周报 investS ugg esti ＃createTime1＃ 2024年 2月 7日 onChan ge＃ 行 重点公司 投资要点 业 重点公司 评级 ＃⚫ sum锂ma电ry＃： 新能源车企24年1月销量保持高增态势，问界反超理想荣登新势力销 周 量第一。2023年12月车企年底冲量对需求存在一定透支，但春节前购车需求 宁德时代 买入 对销量仍有支撑，新能源车企销量环比下滑，同比有较大增长。12家新能源 报 隆基绿能 买入 车企合计销量37.31万辆，同比+74.9%，环比-35.2%。传统车企方面，比亚迪 亿纬锂能 增持 新能源汽车销量领跑市场，达20.15万辆，环比减少40.9%，同比+33.1%。新 势力车企方面，问界1月销量突破3.3万辆，超过理想汽车，同比增速领先显 璞泰来 增持 著，为636.8%，环比增长34.8%，创下月交付历史新高，拿下1月新势力销 阳光电 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5] Core Views - The company shows a strong performance with a double-digit profit growth, leading the industry. In 2023, revenue and net profit attributable to shareholders increased by 4.3% and 10.5% year-on-year, respectively [4][3] - The bank is actively expanding its balance sheet, with loans increasing by 12.6% year-on-year. New loans for the year totaled 191.2 billion, with contributions from corporate, retail, and bills at 74%, 31%, and -5% respectively [4][3] - The net interest margin is under pressure from the asset side, with a full-year net interest margin of 2.01%, down 20 basis points year-on-year. The loan yield decreased by 25 basis points year-on-year [4][3] - Asset quality remains stable, with a non-performing loan ratio at 1.44% at the end of 2023, down 1 basis point quarter-on-quarter. The provision coverage ratio remains stable at 183% [4][3] Summary by Sections Financial Performance - In 2023, the company achieved operating income of 637 billion, a year-on-year increase of 4.3%, and a net profit of 150 billion, up 10.5% year-on-year [3][4] - The net interest income increased by 1.0% year-on-year, while non-interest income saw a significant boost, particularly from investment-related gains [4][3] Loan Growth - The bank's loan growth is robust, with corporate loans growing at 14.3% and retail loans at 14.1%. The growth in retail loans is driven by mortgage and consumer loans, despite a decline in credit card loans [4][3] Asset Quality - The non-performing loan ratio is stable, with corporate non-performing loans decreasing to 1.37%. Retail non-performing loans slightly increased to 1.91%, attributed to rising risks in the post-pandemic environment [4][3] Capital Adequacy - As of the end of 2023, the core tier one, tier one, and total capital adequacy ratios were 8.22%, 9.52%, and 12.19%, respectively [4][3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company reported a revenue of 343.07 billion yuan in 2023, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of 59.694 billion yuan, down 14.3% year-on-year [2][4]. - The company continues its high dividend policy, proposing a dividend of 2.26 yuan per share, with a total dividend payout of 44.9 billion yuan, resulting in a dividend rate of 75.2% [4][5]. - The coal production and sales volume increased, with production reaching 324.5 million tons, up 3.5% year-on-year, and sales reaching 450 million tons, up 7.7% year-on-year [4][5]. Summary by Sections Market Data - Closing price as of March 22, 2024, was 37.94 yuan, with a total share capital of 19,868.52 million shares and a net asset value of 408.692 billion yuan [2]. Financial Performance - In Q4 2023, the company achieved a revenue of 90.61 billion yuan, a decrease of 3.7% year-on-year, but an increase of 9.1% quarter-on-quarter [4]. - The company's coal business generated revenue of 273.31 billion yuan in 2023, with a gross margin of 32% [4][5]. Production and Sales - The company produced 324.5 million tons of coal in 2023, with a unit selling price of 584 yuan, reflecting a year-on-year decrease of 9.3% [4][5]. - The sales of self-produced coal were 325.4 million tons, with a unit price of 548 yuan, down 8.2% year-on-year [4][5]. Cost and Profitability - The unit production cost of self-produced coal was 179 yuan, an increase of 1.5% year-on-year, while the gross margin for self-produced coal was 46.6%, down 4.1 percentage points [3][5]. - The electricity segment reported a revenue of 92.407 billion yuan in 2023, with a gross margin of 16.9%, an increase of 2.6 percentage points year-on-year [4][5]. Future Outlook - The company expects a steady increase in coal production capacity, with significant reserves and ongoing projects to enhance production [4][5]. - Forecasted net profits for 2024-2026 are 61.264 billion yuan, 63.002 billion yuan, and 63.776 billion yuan, respectively, indicating a gradual recovery [6][7].

公 司 研 证券研究报告 究 ＃industryId＃ 其他建材 ＃investSuggestion＃ ＃ ＃伟dy 星Com 新pa 材ny＃ （ 0 02372） investSug ＃title＃ 增持 ( 维ges持tion ）Ch 000009 盈利能力提升，高收入目标彰显信心 ange＃ ＃createT ime1＃ 2024年 04月 09日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ su公mm司ar披y＃露 2023年报：全年实现营收63.78亿元，同比-8.27%，主要系塑 司 料管道需求疲弱所致；实现归母净利润 14.32 亿元，同比+10.40%，利润 市场数据日期 2024-04-08 增速高于收入增速主要因为毛利率、净利率提升所致；其中，四季度实现 点 收盘价（元） 15.58 营收26.32亿元，同比-5.67%，Q4降幅环比收窄，主要是浙江可瑞并表， 评 总股本（百万股） 1592.04 以及公司加大市场拓展力度，零售业务有所改善所致；归母净利润 5.58 报 流通股本（百万股） 1470.86 亿元，同比+5.60%。同时，公司发布利润分配预案：拟向全体股东按每1 ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company achieved a revenue of 1,009.30 billion yuan in 2023, representing a year-on-year growth of 7.69%. The net profit attributable to shareholders was 131.77 billion yuan, with a year-on-year increase of 5.03% [4]. - The company is focusing on the integration of CHBN (Consumer, Home, Business, Network) to drive steady growth in traditional business segments, with personal market revenue increasing by 0.3% to 490.2 billion yuan and a 5G customer penetration rate reaching 80.2% [4]. - The company is seizing opportunities in AI computing and big data, with mobile cloud revenue growing by 65.6% to 83.3 billion yuan, indicating a strong push into new markets [4]. - Capital expenditure (CAPEX) optimization is expected to enhance profitability, with a projected CAPEX of 173 billion yuan in 2024, a decrease of 4% year-on-year [4]. - The company aims to maintain a dividend payout ratio above 75% in the next three years, reflecting a high safety margin for investors [4]. Financial Summary - For 2023, the company reported a gross margin of 28.2% and a return on equity (ROE) of 10.1% [2]. - The earnings per share (EPS) for 2023 was 6.16 yuan, with a projected PE ratio of 16.7 [2]. - The company forecasts net profits of 143.08 billion yuan, 155.24 billion yuan, and 168.93 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 15.4, 14.2, and 13.0 [4].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 航空运输 ＃investSuggestion＃ ＃ ＃d吉yCo祥mpa航ny＃空 （ 603885 ） investSug 买入 ( 维ges持tionC）h 00 全000 年9 实现扭亏为盈，＃ti 静tle＃ 待 2024 年利润兑现 ange＃ ＃createTime1＃ 2024年4月9日 ＃市场ma数rk据etData＃ 投资要点 日期 2024-4-9 ＃sum吉ma祥ry航＃空发布2023年年报：2023年实现营业收入200.96亿元，同比+144.8%， 收盘价（元） 12.12 2023年全年实现扭亏为盈，归母净利润为7.51亿元。公司拟向全体股东每 总股本（百万股） 2214 股派发现金红利 0.069 元（含税），合计拟派发现金红利人民币 1.52亿元。 流通股本（百万股） 2214  全年ASK、RPK已超19年同期，国际航线运力恢复比例超7成，客座率超 净资产（百万元） 8402.88 过80%。1）2023年共投放运力477.4亿座公里，恢复到2019年的117.0%； 总资产（百万元） 44861.38 其中 ...