证券研究报告 ＃industryId＃ 火电 ＃investSuggestion＃ ＃ ＃d粤yCo电mpa力ny＃ A （ 000539 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 23 年煤电利润快速修复，仍处资本开支上行周期 ange＃ ＃createTime1＃ 2024年4月1日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃粤电力A发布2023年报，报告期内公司实现营业收入597.08亿元， 日期 2024/3/29 同比+13.38%，归母净利润、扣非归母净利润分别为9.75、10.94亿元，均同 收盘价（元） 5.17 比扭亏为盈，经营净现金流84.66亿元，同比+472.03%，全年毛利率14.63%， 总股本（百万股） 5,250 同比+14.99pct。结合经营数据，我们点评如下： 流通股本（百万股） 3,352  火电：煤电业务快速修复至度电毛利0.0632元，火电仍将处于大额资本开支 净资产（百万元） 22,142 期，公司煤电、气电上网电量分别为897.35、181.44亿度，分别同比+2.20%、 总资产（百 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 铝 ＃investSuggestion＃ ＃ ＃d中yCo国mpa铝ny＃业 （ 601600 ） investSug 增持 ( 维ges持tionC）h 6 减016 值00 影响减少，有望＃ 持title＃ 续受益全产业链优势 ange＃ ＃createTime1＃ 2024 年04 月02 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告，2023年公司实现营业收入2250.70 市场数据日期 2024-04-01 亿元，同比减少22.65％；实现归母净利润67.17亿元，同比增加60.23%； 收盘价（元） 7.22 实现每股收益0.39元，同比增加63.60%。公司拟向全体股东每10股派发现 总股本（百万股） 17158.38 金红利0.8元（含税）。 流通股本（百万股） 17022.67 净资产（百万元） 60457.74  氧化铝、电解铝利润收窄，但减值拖累有所减少，业绩明显改善。从量来看， 总资产（百万元） 211755.81 2023年公司实现氧化铝产量1667万吨， ...

行 业 研 证券研究报告 究 ＃industryId＃ 化工 ＃title＃ 俄罗斯推动国内石油企业减产兑现承诺， 双氧水、制冷剂、氢氟酸等价格上行 ＃ ＃＃iinnvvee推推ssttSSuu荐荐ggggeesstt iioonn＃＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 4月 1日 onChan 重点公司 ge＃ 投资要点 行 重点公司 评级 ＃ 可s 关um 注ma 公ry＃ 司 ： 业 万华化学 买入 价值类：具备业绩安全边际的龙头白马价值凸显。 华鲁恒升 买入 周 扬农化工 买入 化工品价格、价差底部区域，龙头白马中长期性价比凸显。当前，化工品价 报 中国巨石 增持 格、价差处于底部区域，龙头白马估值亦跌至底部水平。龙头公司周期底部 联化科技 增持 业绩测算，该估值具有强安全边际。叠加龙头白马产业链一体化、规模、成 华峰化学 增持 本优势明显，在建工程充足，中长期有望在当前扩产周期中保持市场份额增 金禾实业 买入 新和成 增持 长。重点推荐：万华化学、华鲁恒升、扬农化工、卫星化学、宝丰能源等。 润丰股份 增持 弹性类：供给端受限确定性，产品价格上行可 ...

行 业 研 证券研究报告 究 通信 【兴证通信】通信行业周报（03.25-03.31）： 2024OFC 总结 推荐 ( 维持 ） ＃ t Ti 1＃06 2024年 04月 01日 行 投资要点 重点公司 评级 业 ＃ ＃ 【板块走势】 周 中际旭创 增持 本期（03.25-03.31）中信通信板块下跌3.43%，其中通信设备制造下跌4.76%，增值服务下 报 天孚通信 增持 跌7.37%，电信运营上涨1.75%，同期沪深300指数下跌0.21%，中小板指数下跌2.4%，创 业板指数下跌2.73%。 新易盛 增持 中瓷电子 增持 【周观投资】 周观点：OFC 大会顺利召开，200G 光电芯片、光模块、交换机等环节均有新产品推出， 鼎通科技 增持 LPO、硅光等多项前瞻技术进展清晰，加速 1.6T 光模块升级迭代；AI 竞赛持续下行业有 中兴通讯 增持 望保持长期成长，高速率光模块作为算力底层基础设施有望深度收益。 亿联网络 增持 OFC大会顺利召开，光通信前瞻技术进展清晰。2024年3月24日-3月28日在美国加州 英维克 增持 圣地亚会展中心举办第49届美国OFC（光纤通讯）展会。目前OFC是被业内公认为 ...

证券研究报告 ＃industryId＃ | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the construction decoration industry, specifically recommending to "Increase Holdings" for key companies such as China Railway, China State Construction, China Communications Construction, China Railway Construction, China National Materials, China Steel International [2][19]. Core Insights - The annual reports of major construction state-owned enterprises (SOEs) show a steady growth trend, indicating continued investment opportunities in the sector. Five out of eight major SOEs have reported their 2023 results, with net profits showing varied changes, highlighting resilience in performance despite some declines due to credit impairment and expense ratios [2][18]. - External demand remains stable, supported by infrastructure growth and the advancement of three major projects, which is expected to lead to steady earnings growth for construction SOEs [18]. - The implementation of the "One Benefit and Five Rates" assessment is anticipated to improve operational quality among construction SOEs, potentially enhancing both earnings and valuations [18]. - The low-altitude economy is emerging as a new growth engine, with construction planning and design firms likely to benefit from the rapid development of low-altitude infrastructure [18][20]. - The Vision Pro technology update is expected to expand market capacity, with Hollywood entertainment giants increasing investments in immersive entertainment, benefiting companies like Roman Holdings [18][21]. Summary by Sections Industry Outlook and Investment Recommendations - The report emphasizes the robust growth of construction SOEs, with a focus on investment opportunities as their valuations and earnings are expected to improve [2][18]. - The report outlines two main investment lines: 1. Targeting SOEs with upward valuation elasticity, particularly those with low valuations and expected stable earnings growth, such as China Railway and China State Construction [22]. 2. Identifying regional enterprises benefiting from government bond support and leading firms in niche markets with competitive advantages [22]. Key Company Dynamics - The report details the performance of major construction SOEs, noting that while some experienced declines, others maintained steady growth, showcasing the sector's resilience [18][19]. - Specific financial metrics for key companies are provided, including revenue and net profit growth rates, highlighting the overall positive trend in the industry [19]. Market Conditions - The report tracks recent trends in fixed asset investment and infrastructure spending, indicating a continued focus on construction as a driver of economic stability [18][19]. - It also notes the issuance of special bonds and their allocation, which supports infrastructure projects and enhances funding for construction activities [22].

＃dyCompany＃ 农业银行（601288.SH） ＃dyStockcode＃ ＃title 利润增速领跑同业，规模扩张势能强劲 ——农业银行 2023 年年报点评 投资要点 ＃summary＃ ⚫ 非息高增支撑营收增速回正，利润增速领跑同业。2023 年营收同比+0.03%（Q4 单季度+1.9%），归母净利润同比+3.9%（Q4 单季度+0.5%），营收增速边际回 正，利润增速有所下降，但领跑国有大行。拆分来看，①净利息收入同比-3.1% （Q4 单季度-2.7%），降幅略有收窄，主要由于息差下行拖累，规模扩张稳健。 ②手续费净收入同比-1.5%（Q4 单季度-4.2%），主要受资本市场波动、产品费 率下调等因素影响，代理业务手续费同比-15%。③其他非息收入同比+83%(Q4 单季+284.8%)，其中投资净收益+汇兑净收益同比增加 210 亿元支撑营收。 ⚫ 息差持续收窄，同比-30bp。2023 年末净息差 1.60%，环比-2bp，同比-30bp。 拆分结构看，贷款收益率 3.79%，同比-30bp，其中对公贷款收益率，同比-28bp， 零售贷款收益率较，同比-37bp，主要受 LPR 下调、 ...

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 渝农商行（601077） 稳步扩张，＃ 资titl产e＃ 质量向好 ＃inve增stSu持ggest ion＃ nv＃ ( i维 e持 ） stS ——渝农商行 2023年报点评 ou ng Cg e hs at ni 公 ＃createTime1＃ 2024年 3月 30日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 ＃summary＃ ⚫ 营收利润降幅有所扩大，资产质量向好。2023 年营收和归母净利润分别 评 同比-3.6%、+6.1%，Q4单季度分别为-5.9%、-8.3%，营收/利润降幅均有 报 所扩大。收入方面：①利息净收入同比-7.5%，其中Q4单季度利息净收入 告 同比-15.4%，贷款增速下行，息差同比-24bp。②手续费净收入同比-6.4%， ＃分em析a师ilA：ut hor＃ Q4 单季度同比-12.6%；③其他非息收入同比+59.6%，其中 Q4 单季度同 ＃陈a绍ss兴Au thor＃ 比翻倍，主要受投资相关收益提振。成本方面，信用减值损失同比-24.2%， SAC：S01905170700 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6][12]. Core Views - The company reported a revenue of 27.26 billion yuan in 2023, a year-on-year decline of 9.87%, and a net profit attributable to shareholders of 3.576 billion yuan, down 43.14% year-on-year [7][8]. - In Q4 2023, the company achieved a revenue of 7.914 billion yuan, representing a year-on-year increase of 9.36% and a quarter-on-quarter increase of 13.26% [7][8]. - The company is focusing on cost reduction and efficiency improvement, with ongoing projects expected to enhance its market competitiveness [11][12]. Financial Summary - **Revenue**: - 2023: 27,260 million yuan - 2024E: 34,541 million yuan (26.7% YoY growth) - 2025E: 39,131 million yuan (13.3% YoY growth) - 2026E: 43,715 million yuan (11.7% YoY growth) [3] - **Net Profit**: - 2023: 3,576 million yuan - 2024E: 4,545 million yuan (27.1% YoY growth) - 2025E: 5,714 million yuan (25.7% YoY growth) - 2026E: 6,258 million yuan (9.5% YoY growth) [3] - **Gross Margin**: - 2023: 20.9% - 2024E: 21.2% - 2025E: 22.6% - 2026E: 22.0% [3] - **Earnings Per Share (EPS)**: - 2023: 1.68 yuan - 2024E: 2.14 yuan - 2025E: 2.69 yuan - 2026E: 2.95 yuan [3][12] Company Developments - The company plans to distribute a cash dividend of 6.00 yuan per 10 shares to all shareholders [4]. - The first phase of the Jingzhou base has been put into operation, contributing to revenue growth in Q4 2023, despite overall weak product demand [8][11]. - Ongoing projects at the Jingzhou and Dezhou bases are expected to support future growth, with significant investments planned for new materials and high-end products [11][12].

Investment Rating - The investment ratings for key companies in the coal industry are as follows: - Shaanxi Coal Industry: Buy - China Shenhua: Hold - Yanzhou Coal Mining: Hold - Huaibei Mining: Hold - Lu'an Environmental Energy: Hold - Shanxi Coking Coal: Hold - Electric Power Investment Energy: Hold - Huayang Co.: Hold - Pingmei Shenma Energy: Hold - China Coal Energy: Hold - Shanxi Coal International: Hold [1][2][55] Core Insights - The report indicates that thermal coal prices are under pressure due to seasonal demand decline, with a focus on the recovery of terminal demand in the future. The report suggests that the core issue affecting coal prices is demand, and it is essential to monitor the recovery of demand closely [3][54]. - For coking coal, there is a weak recovery in steel consumption, and steel prices remain under pressure, leading to a passive price transfer from steel mills to upstream coking coal suppliers. The report anticipates that coking coal prices will remain stable in the short term, with a focus on the pace of iron and steel production recovery [3][54]. - The report recommends focusing on companies with stable performance and high return on equity (ROE), as well as those offering high dividends and safety margins. The recommended stocks include China Shenhua, Shaanxi Coal Industry, Huaibei Mining, Yanzhou Coal Mining, China Coal Energy, and Electric Power Investment Energy [3][54]. Summary by Sections 1. Weekly Data Tracking - Thermal coal prices at Qinhuangdao were reported at 840 RMB/ton, a decrease of 10 RMB/ton week-on-week. The long-term contract price for thermal coal (Q5500) in March 2024 was 708 RMB/ton, down 2.2% year-on-year and flat month-on-month [4][9]. - The inventory at northern ports increased to 23.71 million tons, up 1.71 million tons week-on-week. The average daily consumption for coastal provinces decreased to 1.842 million tons, down 76,000 tons week-on-week [4][14]. - The total coal production in Shanxi, Shaanxi, and Inner Mongolia was 27.06 million tons, a decrease of 350,000 tons week-on-week [4][23]. 2. Coking Coal and Coke - The price of coking coal at the main coking coal storage in Jingtang Port was reported at 1,950 RMB/ton, down 50 RMB/ton week-on-week. The price index for coke was 1,711 RMB/ton, down 76 RMB/ton week-on-week, while the cost index was 1,914 RMB/ton, down 15 RMB/ton [4][27][32]. - The report notes that the price of imported coking coal from Australia remained stable at 2,090 RMB/ton, while the price for Russian coking coal was 1,748 RMB/ton [4][27]. 3. Market News - In January-February 2024, the coal mining and washing industry achieved profits of 95.48 billion RMB, a year-on-year decrease of 36.8%. The main business income was 497.17 billion RMB, down 16.9% year-on-year [4][48]. - The report highlights a notice from Shanxi Province regarding the inspection and management of hidden disaster factors in coal mines, aimed at enhancing safety levels [4][49].