证券研究报告 | 行业周报 2024 年 03月 10日 煤炭 干散运费高涨，进口煤价差优势缩窄 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2023E 2024E 2023E 2024E 000983.SZ 山西焦煤 增持 1.53 1.48 7.75 8.01 行业走势 600188.SH 兖矿能源 增持 2.84 2.99 9.48 9.0 600985.SH 淮北矿业 增持 2.7 2.87 6.86 6.45 煤炭 沪深300 601088.SH 中国神华 增持 3.0 3.21 13.25 12.38 32% 601225.SH 陕西煤业 增持 3.67 3.6 7.5 7.65 25% 601699.SH 潞安环能 增持 3.06 3.15 9.14 8.88 17% 10% 资料来源：长城证券产业金融研究院 2% -5% 动力煤基本面：本周市场情绪转冷，价格下滑。根据中国煤炭市场网，产地 -12% 方面，榆林区域供给明显宽松，在看跌预期下需求表现不振，价格运行依旧 -20% 2023-03 2023-07 2023-11 2024-03 承压。鄂尔多斯区域稳 ...

证券研究报告 | 行业周报 2024 年 03月 09日 通信 工信部提出超前建设 5G 算力等信息设施，英伟达 GTC2024 召开 在即，持续看好 AI 算力产业链投资机会 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2023E 2024E 2023E 2024E 002881.SZ 美格智能 买入 0.41 0.54 61.98 47.06 行业走势 300308.SZ 中际旭创 买入 2.72 5.06 64.33 34.58 300394.SZ 天孚通信 买入 1.83 2.93 78.08 48.76 通信 沪深300 600941.SH 中国移动 买入 6.41 7.08 16.93 15.32 23% 601728.SH 中国电信 买入 0.33 0.38 18.03 15.66 17% 688668.SH 鼎通科技 买入 1.88 2.6 20.96 15.15 10% 4% 资料来源：长城证券产业金融研究院 -2% -8% 本周策略观点： -15% -21% 1. 工信部着力推进信息化与工业化深度融合，国产算力基础设施投资有 2023-03 2023-0 ...

证券研究报告 戴尔指引AI服务器强劲增长，美光宣布量产 HBM3E ——电子元器件周报（02.26-03.10） 评级：强于大市（维持） 长城证券产业金融研究院 电子首席分析师：邹兰兰 执业证书编号： S1070518060001 时间：2024年3月9日 重点推荐公司盈利预测 ...

证券研究报告 | 行业周报 2024 年 03月 09日 非银行金融 监管层明确资本市场监管思路，券商、金融 IT 有望蛰伏而上-非银 周观点 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2023E 2024E 2023E 2024E 300059.SZ 东方财富 买入 0.50 0.59 27.12 23.09 行业走势 601456.SH 国联证券 买入 0.37 0.45 30.40 25.04 601601.SH 中国太保 增持 2.06 2.71 12.08 9.20 非银行金融 沪深300 资料来源：长城证券产业金融研究院 19% 13% 市场缩量调整，券商、金融 IT存在补涨需求，谨慎看好优质券商、金融 IT 8% 2% 及关注部分高分红非银金融个股机会。历史上，三月走势可能偏震荡。从配 -3% 置窗口看，美国十年期国债收益率波动回落到 4.09%附近，美元指数波动回 -9% -14% 落到 102.74附近，中美利差压力有所收窄。我们仍倾向于认为市场或存在一 -20% 定程度的“高低切换”下风格均衡的内在驱动力，券商、保险及多元金融仍 2023-03 202 ...

Investment Rating - The report maintains an "Outperform" rating for the building materials sector [3]. Core Insights - The national resumption rate of construction is lower year-on-year, while exports continue to show signs of recovery [8][10]. - As of March 5, the national resumption rate reached 62.9%, a year-on-year decrease of 13.6 percentage points, with a funding availability rate of 44.7% [8][10]. - In January and February, China's total export value (in USD) grew by 7.1% year-on-year, indicating a sustained recovery trend [10][11]. Summary by Sections Weekly Focus - The national resumption rate is 62.9%, down 13.6 percentage points year-on-year, with a funding availability rate of 44.7% [8][10]. - Non-real estate projects have better resumption and funding rates compared to real estate projects [8][10]. Market Review - The Shanghai Composite Index rose by 0.6%, while the building materials sector (Shenwan) fell by 1.6% [2][13]. - Among building materials sub-sectors, glass prices increased by 3.0%, while cement and other materials saw declines [2][13]. Key Data Tracking - National cement prices decreased by 0.2% week-on-week and 0.4% month-on-month, with a year-on-year decline of 24.0% [21][24]. - The price of float glass increased by 0.9% week-on-week, with a year-on-year increase of 17.8% [27][29]. Industry Dynamics - Demand for cement is slowly recovering, with a weak upward trend in prices due to various factors including weather conditions and environmental policies [46][47]. - The report highlights a significant drop in cement transaction volumes in February, with a year-on-year decrease of 44.06% [48]. Investment Recommendations - The report suggests focusing on export-related companies such as Songlin Technology and Jianlin Home, as well as growth-oriented consumer building materials companies like Sanhe Tree and Weixing New Materials [5][13]. - It also recommends monitoring companies in the steel structure manufacturing sector and those involved in infrastructure projects [5][13].

证券研究报告 传感器：全面赋能感知，有望受益于机器人带动持续发展 ——机器人系列报告一 强大于市（维持） 长城证券产业金融研究院 分析师侯宾 执业证书编号：S1070522080001 ...

证券研究报告 | 行业月报 2024 年 03月 05日 医药 政策持续催化，关注业绩确定性较强的标的 ——中药月报2024年第2期 2月份中药板块随指数反弹 9.42%。2024年 2月份上证指数、深证成指、 强于大市（维持评级） 创业板分别上涨 8.13%、13.61%、14.85%。中药Ⅱ上涨 9.42%，生物制药、 化学制药、医疗器械、医疗服务、医药商业分别上涨 14.90%、10.76%、 行业走势 10.28%、8.47%、6.51%。2月医药板块跟随指数反弹，中药Ⅱ估值回升到 医药 沪深300 22X，仍处于近五年估值低位。2023年 5月 10日，全国卫生健康药政工作 2% 电视电话会议召开，国家卫健委明确基药是 2023 年重点工作任务之一。基 -3% -8% 药目录自2009年设立以来，2012、2018年做过两次调整，根据《国家基本 -12% 药物目录管理办法》，国家基药目录坚持定期评估、动态管理，调整周期原则 -17% 上不超过 3年。基药目录采取专家遴选制度，明确到品种、剂型，需要参考 -22% -27% 大量临床医疗机构数据，注重与世界卫生组织基本药物示范目录相衔接，专 -31% ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating, indicating an expected price increase of over 15% relative to the industry index in the next six months [9]. Core Views - The company reported a total revenue of 3.564 billion yuan in 2023, a slight increase of 0.14% year-on-year, while the net profit attributable to shareholders was 1.402 billion yuan, down 17.07% year-on-year [1][2]. - The company is focusing on integrating artificial intelligence technology into its existing business to create a new growth engine, despite facing challenges from a decline in trading activity in the securities market [2][4]. - The company has significantly increased its R&D investment, with R&D expenses rising to 1.179 billion yuan in 2023, accounting for 33.09% of total revenue, and the number of R&D personnel growing to 3,342 [2][4]. Financial Performance - The company's total revenue for 2023 was 3,564.26 million yuan, with a projected revenue of 4,020.15 million yuan for 2024, reflecting a growth rate of 12.79% [1][5]. - The net profit margin for 2023 was 39.35%, showing an increase compared to the previous year [2][5]. - The company’s earnings per share (EPS) for 2024 is projected to be 3.14 yuan, with corresponding price-to-earnings (P/E) ratios of 45.31, 40.49, and 36.10 for the years 2024, 2025, and 2026 respectively [4][5]. Business Segments - The value-added telecommunications segment generated revenue of 1.528 billion yuan in 2023, a decrease of 0.61% year-on-year [5]. - The software sales and maintenance segment saw a significant increase in revenue, reaching 437.52 million yuan, up 53.54% year-on-year [5]. - The advertising and internet promotion services segment reported a revenue of 1.359 billion yuan, down 10.97% year-on-year [5]. R&D and AI Development - The company has developed its own financial industry large model, HithinkGPT, which utilizes extensive training data and has shown strong performance in financial scenarios [4]. - The company aims to enhance its product competitiveness by integrating AI technologies into its existing services [4].

| --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | | | | | | | | | | 财务指标 | 2021A | 2022A | 2023E | 2024E | 2025E | 增持（维持评级） | | | 营业收入（百万元） | 520 | 547 | 655 | 834 | 1,040 | 股票信息 | | | 增长率 yoy （ % ） | 35.2 | 5.0 | 19.8 | 27.4 | 24.6 | | | | 归母净利润（百万元） | 140 | 157 | 166 | 205 | 248 | 行业 | 轻工制造 | | 增长率 yoy （ % ） | 29.9 | 11.6 | 6.1 | 23.3 | 21.1 | 2024 年 3 月 5 日收盘价（元） | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [15]. Core Views - The AITO Wenjie series continues to see significant production and sales growth, with the M9 model achieving over 50,000 pre-orders, indicating strong market demand [2][4]. - The company's total production of new energy vehicles reached 32,273 units in February 2024, a year-on-year increase of 257.64%, while total sales reached 30,257 units, up 360.04% year-on-year [3][4]. - The AITO Wenjie series has become the primary driver of the company's new energy vehicle sales, with its share of total sales rising from 52% in February 2023 to 95% in February 2024 [4]. Financial Summary - Revenue is projected to grow from 34,105 million yuan in 2022 to 79,721 million yuan in 2024, reflecting a growth rate of 120.2% [3]. - The company is expected to report a net profit of -2,410 million yuan in 2023, improving to -904 million yuan in 2024, and turning positive with a profit of 308 million yuan in 2025 [3][4]. - The return on equity (ROE) is forecasted to improve from -49.2% in 2023 to 7.4% in 2025 [3]. Market Position - The AITO Wenjie series ranked first in new force vehicle sales in February 2024, surpassing competitors like Li Auto [7]. - The company has established a strong market presence, ranking fourth among all new energy brands in China and fifth among luxury brands, just behind traditional luxury car manufacturers [7]. - The report highlights the company's resilience in sales despite external pressures, with a relatively small decline in sales compared to other top ten new energy vehicle manufacturers [7].