Investment Rating - The report maintains an "Overweight" rating for the transportation industry, with specific recommendations for companies such as YTO Express, China Eastern Airlines, and others [1][2]. Core Insights - The report highlights the low-altitude economy as a new direction for the aviation sector, emphasizing its potential as a strategic choice for enhancing competitive advantages and driving growth [6]. - Recent data indicates a recovery in domestic air travel demand, with significant increases in passenger volumes and flight operations compared to pre-pandemic levels [12][15]. - The express delivery sector shows robust growth, with companies like ZTO Express reporting a 23.8% year-on-year increase in business volume for 2023 [9][10]. Summary by Sections 1. Weekly Focus (3.18-3.24) - The Civil Aviation Administration of China (CAAC) identifies the low-altitude economy as a strategic focus, aiming to enhance competitiveness and drive new growth [6]. - Recent airport rankings show Guangzhou Baiyun Airport leading in passenger throughput, with significant growth compared to the previous year [6]. 2. Industry Data Tracking (3.18-3.24) 2.1 Aviation Data - Domestic flight operations reached 84,451 flights during the week, with an average of 12,064 flights per day, reflecting a recovery to 108.72% of 2019 levels [15]. - Domestic passenger volume reached 11.18 million, indicating a strong recovery trend [15]. 2.2 Express Delivery Data - For the week of March 11-17, 2024, the average daily express delivery volume was approximately 434 million pieces, showing a year-on-year increase of 19.44% [20]. - The express delivery sector reported a 28.5% year-on-year increase in business volume for January-February 2024 [20]. 3. Recent Key Reports - The report includes insights on various companies, with a focus on their earnings forecasts and market performance, highlighting the competitive landscape in the express delivery and aviation sectors [2][3].

行 业 研 证券研究报告 究 ＃industryId＃ 传媒 ＃title＃ Kimi 行情持续引爆，AI 应用扬帆起航 ( 维＃ ） ＃inv推estS荐uesti on＃ 持 investS ugg esti ＃createTime1＃ 2024年 03月 24日 onChan ge＃ 行 重点公司 投资要点 业 ＃summary＃ 重点公司 评级 ⚫ 市场表现：2024/3/15 至 2024/3/22，申万传媒板块涨跌幅为 9.40%，相较于沪深 300 周 姚记科技 增持 跑赢 10.10%，相较于创业板指跑赢 10.19%。申万传媒二级行业中，涨幅居前的三大 板块为电视广播Ⅱ、游戏Ⅱ、影视院线。 浙文互联 增持 报 ⚫ 重点数据跟踪：1）综艺方面，本期（03/18-03/24）腾讯视频/爱奇艺/优酷视频/芒 皖新传媒 增持 果TV分别各有15/11/10/10款综艺进入TOP30，环比上期（03/11-03/15）-1/+1/- 恺英网络 增持 2/+4部。2）剧集方面，本期腾讯视频/爱奇艺/优酷视频/芒果TV分别各有15/14/8/2 三七互娱 增持 款剧集进入TOP30，环比上期+2/-1/+ ...

2024年 03月 24日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（3.18-3.22） 预计 3 月狭义乘用车零售 165 万辆，新能源渗透率达 45.5% 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m上m周ar，y]S W汽车板块上涨1%，沪深 300下跌 0.7%。估值上，截止 分析师：郑连声 3月22日收盘，汽车行业PE（TTM）为21倍，较前一周上涨0.4%。 执业证号：S1250522040001  投资建议：乘联会预计，3月狭义乘用车零售约 165万辆，同比增长 3.7%； 电话：010-57758531 新能源乘用车零售约 75.0万辆左右，同比增长 37.1%，环比增长 93.2%，渗 邮箱：zlans@swsc.com.cn 透率预计可达45.5%，电动化迈向更高台阶。此外，随着北京车展临近，汽车 联系人：冯安琪 行业迎来新一轮催化，整车销量有望在新车供给和政策推动下持续提升。投资 电话：021-58351905 机会方面，建议关注车展背景下大批新车上市，叠加政策催化给整车板块带来 邮箱：faz@sws ...

Investment Rating - The report assigns a "Buy" rating for the company, specifically recommending an "Increase" rating for the first time [2][23]. Core Insights - The company achieved a revenue of 3.954 billion yuan in 2023, representing a year-on-year growth of 14.86%, and a net profit attributable to shareholders of 1.259 billion yuan, up 12.84% year-on-year [4][5]. - The company plans to distribute a special cash dividend of 1.3 yuan per share, with a dividend payout ratio of 104%, resulting in a dividend yield of 5.9% based on the closing price on March 28 [6][12]. - The property leasing and management business generated revenue of 3.385 billion yuan, growing by 6.8% year-on-year, maintaining a stable gross margin of 66.41% [10][21]. Financial Performance Summary - Revenue and profit growth: - 2023 revenue: 3.954 billion yuan, up 14.86% - 2023 net profit: 1.259 billion yuan, up 12.84% - Gross margin: 58.01%, up 1.48 percentage points year-on-year [5][7]. - Forecast for 2024-2025: - Expected EPS: 1.37 yuan in 2024 and 1.52 yuan in 2025 - Corresponding PE ratios: 16.0 times for 2024 and 14.5 times for 2025 [23][24]. Business Segment Analysis - Office leasing: - Revenue: 1.561 billion yuan, up 1.4% - Average rent: 638 yuan/sqm/month, up 1.8% - Occupancy rate: 95.9%, down 0.4 percentage points [13][16]. - Mall leasing: - Revenue: 1.275 billion yuan, up 10.0% - Average rent: 1,279 yuan/sqm/month, up 10.4% - Occupancy rate: 98.2%, down 0.6 percentage points [16][18]. - Apartment leasing: - Revenue: 183 million yuan, up 15.5% - Average occupancy rate: 85.9%, up 12.6 percentage points [18][19]. - Hotel operations: - Revenue: 569 million yuan, up 107.7% - Gross margin: 8.1%, marking a recovery since 2020 [21][23].

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [1][2]. Core Insights - The company's financial performance in 2023 showed a total revenue of 25.881 billion RMB, a year-on-year decrease of 12.88%, and a net profit attributable to shareholders of 4.837 billion RMB, down 4.92% year-on-year [2][3]. - The oil tanker segment experienced significant improvement, with revenues of 9.672 billion RMB and a net profit of 3.083 billion RMB. The container shipping and bulk shipping segments also contributed positively, with revenues of 5.539 billion RMB and 7.108 billion RMB, and net profits of 0.873 billion RMB and 0.899 billion RMB, respectively [1][2]. - The company plans to distribute a cash dividend of 2.38 RMB per 10 shares, totaling 1.938 billion RMB, which represents 40.07% of the net profit [1][2]. Financial Projections - The projected net profit attributable to shareholders for 2024-2026 is expected to be 7.296 billion RMB, 7.932 billion RMB, and 8.716 billion RMB, respectively, with corresponding EPS of 0.90 RMB, 0.97 RMB, and 1.07 RMB [1][3]. - The PE ratios for 2024-2026 are projected to be 8.6, 7.9, and 7.2 times, respectively [1][3]. Market Conditions - The international oil transportation market is showing signs of recovery, benefiting the company's oil tanker fleet as freight rates have increased. The average daily earnings for VLCC and Aframax tankers rose by 104% and 1.7% year-on-year, reaching 48,700 USD and 56,900 USD, respectively [2][3].

Investment Rating - The report maintains the investment rating for the coal mining industry [1] Core Views - Thermal coal consumption has decreased, leading to a rapid decline in coal prices. As of March 22, the Qinhuangdao thermal coal price was 850 CNY/ton, down 35 CNY/ton week-on-week. The long-term contract price for thermal coal (Q5500) for March 2024 is 708 CNY/ton, a year-on-year decrease of 1.1% and flat compared to the previous month [2][10] - Coking coal and coke prices are also experiencing a continuous decline. As of March 22, the coking coal price index was 1787 CNY/ton, down 92 CNY/ton week-on-week, while the cost index was 1929 CNY/ton, down 125 CNY/ton. The price index is now 142 CNY/ton below the cost index, indicating an increasing gap [3][27] - The report suggests that while thermal coal prices are under pressure due to seasonal demand decline, there is potential for price stabilization in coking coal as steel demand improves [3][46] Summary by Sections 1.1 Thermal Coal - The average daily consumption of thermal coal in coastal provinces has decreased to 191.8 million tons, down 13.7 million tons week-on-week. Inland provinces show a similar trend with a daily average consumption of 342.6 million tons, down 10.4 million tons [2][13] - Coal production in the Shanxi, Shaanxi, and Inner Mongolia regions totaled 27.41 million tons for the week ending March 17, a decrease of 274,000 tons week-on-week [19] 1.2 Coking Coal and Coke - Coking coal prices have decreased significantly, with the main coking coal price at 2000 CNY/ton for Shanxi origin, down 100 CNY/ton week-on-week. The coke price index has also dropped, indicating a challenging pricing environment [3][23][27] 1.3 Downstream Changes - Steel inventory is being reduced as expected, and there is an urgent need to restore pig iron production. This could positively impact coking coal demand in the near future [28] 1.4 Futures - Futures prices for coking coal and coke have shown some recovery, suggesting potential stabilization in the market [3] 1.5 Transportation - Coastal transportation prices have slightly adjusted downwards, reflecting changes in demand and supply dynamics [33] 1.6 Carbon Emission Trading - The national carbon market's carbon emission allowance (CEA) closed at 83.83 CNY/ton on March 22, an increase of 4.8% week-on-week [37] 2. Industry News - The National Energy Administration has issued guidelines for energy work in 2024, emphasizing energy security and coal production targets [40] - In early March, monitored coal production showed a year-on-year decline of 6.3%, indicating ongoing supply challenges [41] 3. Weekly Market Review - The coal sector has underperformed compared to the broader market, with recommendations focusing on companies with stable performance and high return on equity (ROE) [46]

Investment Rating - The report maintains an "Accumulate" rating for Huadian International [2] Core Views - Huadian International reported a significant increase in profitability for coal-fired power generation, with a notable decrease in leverage [2] - The company achieved a total operating revenue of 117.176 billion yuan in 2023, representing a year-on-year increase of 9.45% [2][3] - The net profit attributable to shareholders reached 4.522 billion yuan, a remarkable year-on-year growth of 3789% [2][3] - The operating cash flow was 13.252 billion yuan, up 37.27% year-on-year [2] - The gross profit margin for coal-fired power generation improved to 8.1%, an increase of 6.8 percentage points year-on-year [2] Financial Summary - Total revenue for 2023 was 117,176 million yuan, with a projected revenue of 116,283 million yuan for 2024, indicating a slight decline of 0.8% [3][4] - The net profit attributable to shareholders is forecasted to grow to 7,225 million yuan in 2024, reflecting a year-on-year increase of 59.8% [3][4] - The gross margin is expected to rise to 10.1% in 2024, compared to 6.4% in 2023 [3][4] - The company's asset-liability ratio decreased to 62.6%, down 5.83 percentage points year-on-year [2][3] - The earnings per share (EPS) for 2023 was 0.44 yuan, projected to increase to 0.71 yuan in 2024 [3][4] Investment Recommendations - The report suggests maintaining the "Accumulate" rating based on the company's strong performance and improved financial metrics [2] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 7.225 billion, 8.340 billion, and 8.721 billion yuan, respectively [2][3]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) [4][3]. Core Viewpoints - The company reported a revenue of 261.43 billion yuan in 2023, representing a year-on-year growth of 7.3%. The net profit attributable to shareholders was 16.60 billion yuan, up 12.8% year-on-year, with a net profit margin of 6.4% [1][2]. - The company experienced synchronized growth in both domestic and overseas markets, with significant contributions from high-end products. Domestic revenue reached 124.61 billion yuan, growing by 7.1%, while overseas revenue was 136.41 billion yuan, up 7.6% [1][2]. - The company has increased its cash dividend payout ratio to 45%, with a total cash distribution of 7.471 billion yuan planned for 2023, alongside a share buyback of 1.6 billion yuan, totaling 9.084 billion yuan, which accounts for 54.74% of net profit [3][4]. Financial Summary - **2023 Financial Metrics**: - Revenue: 261.43 billion yuan - Net Profit: 16.60 billion yuan - Gross Margin: 31.5% - Return on Equity (ROE): 16.0% [2][5] - **2024-2026 Earnings Forecast**: - Projected EPS for 2024, 2025, and 2026 are 1.99 yuan, 2.24 yuan, and 2.53 yuan respectively, with corresponding dynamic PE ratios of 12.0x, 10.6x, and 9.4x [3][2]. - **Key Financial Ratios**: - Gross Margin is expected to improve slightly to 31.6% in 2024 and 31.8% in 2026 - Net Profit Margin is projected to increase to 6.6% in 2024 and 7.2% in 2026 [2][5].

Industry Overview - HBM (High Bandwidth Memory) is a core carrier for AI computing power, breaking through memory capacity and bandwidth bottlenecks, and offering higher bandwidth, larger data capacity, and faster transmission rates compared to GDDR5 memory [1][6] - AI server and high-end GPU demand is driving the expansion of the HBM market, with HBM being essential for AI training and inference due to its high bandwidth, capacity, low latency, and low power consumption [1][12] - HBM is accelerating its iteration, with major manufacturers like SK Hynix, Samsung, and Micron actively expanding production, with SK Hynix planning to double HBM production in 2024 [1][15] HBM Manufacturing and Technology - HBM manufacturing introduces additional technical requirements, with TSV (Through Silicon Via) and bonding becoming key processes [1][19] - HBM's manufacturing process includes front-end wafer fabrication, TSV processes, wafer testing, bumping, and stacking, with TSV and bumping being core incremental processes [21][24] - Hybrid bonding, a next-generation bonding method, is expected to be used in HBM for thinner designs or more DRAM layers, with significant growth potential in the equipment market [42][66] HBM Market and Competitive Landscape - In 2022, the HBM market share was dominated by SK Hynix (50%), Samsung (40%), and Micron (10%), with SK Hynix maintaining a leading position due to its early advantage in HBM3 [15][16] - SK Hynix plans to mass-produce HBM3E in 2024 and develop HBM4 by 2026, while Samsung and Micron are also expanding their HBM production capabilities [16][18] - The global HBM market is expected to grow significantly, driven by AI server demand, with HBM3 expected to account for 60% of the market by 2024 [11][12] HBM Supply Chain and Equipment - HBM manufacturing drives demand for upstream equipment, particularly TSV-related equipment (etching, deposition, polishing, thinning) and bonding-related equipment [1][49] - The global semiconductor manufacturing equipment market is dominated by companies like ASML, AMAT, and Lam Research, with Chinese companies like SMEE and Naura making progress in certain areas [49][51] - The thinning process for HBM is particularly demanding due to the need for ultra-thin wafers, with companies like DISCO leading the market and Chinese companies like Huahai Qingke making breakthroughs [53][54] HBM Materials and Domestic Substitution - HBM manufacturing requires advanced materials such as epoxy molding compounds, packaging substrates, and plating chemicals, with significant opportunities for domestic substitution in China [67][68] - The global packaging materials market is valued at approximately $28 billion, with packaging substrates being the largest segment, dominated by companies like Unimicron and Ibiden [68][72] - Domestic companies like Xingchen Technology and Huahai Chengke are making progress in traditional packaging materials, but still lag in advanced packaging areas like MUF and FOWLP [70][71] Key Domestic Companies in HBM Industry - **Xingchen Technology**: Focused on packaging substrates, with a growing presence in the domestic market [68][72] - **Huahai Chengke**: Specializes in epoxy molding compounds, achieving breakthroughs in traditional packaging but still developing in advanced packaging [70][71] - **Tongfu Microelectronics**: Engaged in HBM packaging and testing, with potential to support domestic storage manufacturers [1][3]

Investment Rating - The report maintains an "Overweight" rating for the steel industry, with specific companies recommended for increased holdings, including Baosteel, Hualing Steel, Nanjing Steel, Hebei Resources, Jiuli Special Materials, and Yongjin Co. [1] Core Insights - The steel prices are currently weak, but there are signs of recovery in demand, particularly in the context of the upcoming Two Sessions policy and the progress of demand recovery [2][5] - The report highlights that the steel industry is entering a destocking cycle, which, combined with demand recovery, is expected to support a rebound in steel prices [6][5] Summary by Sections 1. Market Performance Review - The report notes a recent rebound in black commodity prices, with rebar futures returning to the 3600 yuan mark, indicating improved market sentiment [2] - The apparent demand for steel has shown some improvement, with social and factory inventories entering a destocking phase [2][4] 2. Fundamental Tracking 2.1 Overall Steel Price Weakness - National steel prices are generally weak, with rebar prices in Beijing, Shanghai, and Guangzhou showing declines [14] - Iron ore inventories at 45 ports have increased, indicating a supply-side pressure [3][14] 2.2 Recovery in Production and Demand - The operating rate of blast furnaces has increased to 76.90%, with a slight rise in daily iron output [4][36] - The average transaction volume of construction steel has risen to 159,100 tons, reflecting a week-on-week increase [4] 3. Industry Dynamics 3.1 Key Industry News - China's steel plate exports in February reached 5.12 million tons, a year-on-year increase of 32.0% [39] - The report also mentions significant developments in the global steel market, including new iron ore discoveries by Turkish steel producer Erdemir [42] 3.2 Company Announcements - Major companies like Dazhong Mining and *ST Xigang have released their annual reports, showing varied performance metrics [43][44]