证券研究报告 | 行业周报 2024 年 03月 06日 电力及公用事业 2024 年政府工作报告要点，能源电力稳步发展 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 002015.SZ 协鑫能科 增持 0.85 1.08 11.73 9.23 行业走势 600163.SH 中闽能源 增持 0.44 0.46 9.2 8.8 600674.SH 川投能源 增持 1.01 1.12 16.31 14.71 电力及公用事业 沪深300 600886.SH 国投电力 增持 0.84 0.99 17.7 15.02 4% 600900.SH 长江电力 买入 1.27 1.35 20.36 19.16 0% 600995.SH 南网储能 增持 0.43 0.5 23.21 19.96 -4% -7% 资料来源：公司财报，长城证券产业金融研究院 -11% -15% 行业观点：2024 年政府工作报告要点，能源电力稳步发展。3月 5 日，十 -19% 四届全国人大二次会议正式开幕，国务院总理李强在 2024 年政府工作报告 -23% 2023 ...

证券研究报告 | 公司动态点评 2024 年 03月 06日 中国电信（601728.SH） 业绩稳定增长，天翼云出海扬帆起航 财务指标 2021A 2022A 2023E 2024E 2025E 买入（维持评级） 营业收入（百万元） 434,160 474,967 507,843 560,710 625,584 股票信息 增长率yoy（%） 11.3 9.4 6.9 10.4 11.6 归母净利润（百万元） 25,953 27,593 30,446 34,407 39,436 行业 通信 增长率yoy（%） 24.4 6.3 10.3 13.0 14.6 2024年3月5日收盘价（元） 5.94 ROE（%） 6.1 6.3 6.7 7.3 8.1 总市值（百万元） 543,552.40 EPS最新摊薄（元） 0.28 0.30 0.33 0.38 0.43 流通市值（百万元） 116,367.13 P/E（倍） 20.9 19.7 17.9 15.8 13.8 总股本（百万股） 91,507.14 P/B（倍） 1.3 1.3 1.2 1.2 1.1 流通股本（百万股） 19,590.43 资料来源：公司 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [49][64]. Core Views - The company is positioned to benefit from the ongoing growth in electric and intelligent vehicle trends, leveraging its comprehensive software development capabilities across various automotive sectors, including intelligent cockpit, intelligent driving, and new energy [5][10]. - Despite short-term profit impacts due to significant asset impairment provisions, the company is expected to recover and grow in profitability in the coming years [6][10]. - The company has a strong foundation in intelligent cockpit solutions, with over 10 years of experience and a proven track record in mass production across more than 60 vehicle models [7][10]. Summary by Sections Intelligent Cockpit Demand - The intelligent cockpit is a core business area for the company, showcasing its ability to provide end-to-end services from requirement definition to vehicle testing, supported by a high-performance software platform [22][25]. - The company reported a 24% year-on-year increase in intelligent cockpit revenue for the first half of 2023, accounting for 52% of total revenue [27][10]. Intelligent Driving Development - The intelligent driving segment includes automatic driving software development, intelligent connected vehicle testing, and mobile map data services, with significant growth in customer orders and revenue [28][31]. - The company’s automatic driving software development revenue increased by 93% year-on-year in the first half of 2023, indicating strong market demand [31][34]. New Energy Business Prospects - The new energy sector is identified as having substantial growth potential, with the company providing efficient and reliable software solutions for various OEMs, including major domestic manufacturers [39][44]. - The new energy business achieved an 84% year-on-year revenue increase in the first half of 2023, representing 15.56% of total revenue [44][10]. Financial Forecast and Investment Suggestion - The company is projected to have a net profit of -0.16 billion, 0.42 billion, and 0.55 billion for the years 2023, 2024, and 2025 respectively, with corresponding P/E ratios of 93 and 71 for 2024 and 2025 [49][10].

证券研究报告 | 行业周报 2024年 03月 04日 家电 上海启动新一轮家电补贴 ——家电 2024 年第 9 周周报 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 002011.SZ 盾安环境 增持 0.65 0.84 20.02 15.49 家电 沪深300 002050.SZ 三花智控 增持 0.82 1.02 30.78 24.75 10% 600690.SH 海尔智家 增持 1.8 2.05 13.56 11.9 5% 603868.SH 飞科电器 增持 2.57 3.32 18.4 14.25 1% -4% 688007.SH 光峰科技 买入 0.39 0.57 50.23 34.37 -9% 688169.SH 石头科技 买入 15.29 18.03 21.19 17.97 -13% 689009.SH 九号公司 买入 7.99 11.59 3.79 2.61 -18% 资料来源：长城证券产业金融研究院 -23% 2023-03 2023-07 2023-11 2024-02 本周行情回顾：本周家用电器板块涨幅 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [5][12]. Core Insights - The company achieved record-high revenues in 2023, focusing on high-end testing sectors, despite facing challenges from the semiconductor industry's downturn [2][5]. - The company reported a revenue of 737 million yuan in 2023, with a slight year-on-year growth of 0.5%, while the net profit decreased by 51.9% to 117 million yuan due to various operational challenges [16][5]. - The report highlights the company's strategic focus on high-end chips, automotive-grade chips, and industrial-grade chips, which are expected to drive future growth as the semiconductor market recovers [2][5]. Financial Summary - **Revenue Growth**: The company’s revenue increased from 493 million yuan in 2021 to 733 million yuan in 2022, with a projected revenue of 737 million yuan for 2023 and further growth expected to 1,039 million yuan in 2024 and 1,330 million yuan in 2025 [1][3]. - **Net Profit**: The net profit rose from 132 million yuan in 2021 to 243 million yuan in 2022, but is expected to drop to 117 million yuan in 2023 before recovering to 197 million yuan in 2024 and 319 million yuan in 2025 [1][3]. - **Key Ratios**: The report provides key financial ratios, including a projected P/E ratio of 54.3 for 2023, decreasing to 19.9 by 2025, indicating a potential improvement in valuation as earnings grow [1][3]. Operational Developments - The company is actively expanding its testing capacity and investing in R&D, particularly in high-end chip testing, to enhance its competitive edge in the market [17][26]. - The report notes that the company has successfully completed investments in its IPO projects, which are now entering mass production, and is also expanding its operations in key regions like Shenzhen [17][26]. - The focus on high-end testing capabilities is expected to position the company favorably as the industry shifts towards domestic suppliers for advanced semiconductor testing [26].

证券研究报告 | 行业动态点评 2024 年 03月 05日 传媒 游戏版号持续放量发布，行业供给侧持续向好 事件：2月27日，国家新闻出版署发布了2024年2月份国产网络游戏审批 强于大市（维持评级） 信息，共 111款游戏获批版号，略低于 1月的 115款。版号数量连续两个月 突破 110 款，显著高于此前每月 87 款左右的水平，版号发放数量维持较高 行业走势 水平。从版号发放数量来看，政策端正持续释放积极信号，我们认为 2024 传媒 沪深300 年版号发放数量有望维持高位水平，推动行业供给侧持续向好。 42% 33% 多家游戏公司重点产品获批版号，建议关注后续新品测试情况以及上线为公 24% 司带来的边际变化。本次，多个重点产品获批游戏版号，涉及多家上市/非上 14% 5% 市公司，包括游戏科学的国产 3A 游戏《黑神话：悟空》（已定档 2024 年 8 -4% 月 20日）、网易的《天启行动》、完美世界的《完美新世界》、中青宝的《职 -13% 场浮生记》《梦境食旅》等。其中《黑神话：悟空》《完美新世界》等游戏受 -23% 2023-03 2023-07 2023-11 2024-03 到较高市场关 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is experiencing pressure on its performance due to weak downstream market demand, particularly in the industrial robotics sector, which has been affected by sluggish demand in the 3C electronics and semiconductor industries [2]. - Despite current challenges, the long-term growth potential remains strong, driven by the expansion of emerging demand scenarios in the industry [1][5]. - The company is positioned to benefit from the acceleration of domestic substitution processes in the precision reducer market, as domestic products are increasingly matching international standards in performance and stability [2]. - The focus on the transmission industry chain and the integration of electromechanical systems is highlighted as a key development direction, which is expected to enhance the efficiency and reduce costs for downstream manufacturers [5]. Financial Summary - In 2023, the company reported a revenue of 357 million yuan, a decrease of 19.9% year-on-year, with a net profit attributable to shareholders of 84 million yuan, down 45.8% from the previous year [1]. - Projections for 2024 and 2025 indicate a recovery, with expected revenues of 518 million yuan and 729 million yuan, respectively, alongside net profits of 170 million yuan and 238 million yuan [1][5]. - The company's financial ratios indicate a decline in profitability, with a return on equity (ROE) projected to recover to 8.0% in 2024 and 10.3% in 2025 [1][8]. Market Position and Strategy - The company is recognized as a leading domestic reducer manufacturer, poised to benefit from the long-term trends in industrial automation and the recovery of downstream market demand [5]. - The strategy includes increasing research and development investments in electromechanical integration and micro-hydraulic servo technologies, as well as enhancing brand promotion and international presence [5]. - The establishment of overseas headquarters in Singapore and a research center in Germany reflects the company's commitment to global expansion [5].

证券研究报告 【长城公用&电新】本周（2.26-3.1） 研究汇总和数据跟踪 评级（强于大市） 长城证券产业金融研究院 分析师：于夕朦S1070520030003 联系人：何郭香池S1070121120062 ...

证券研究报告 | 公司动态点评 2024 年 03月 04日 中联重科（000157.SZ） 2023 业绩快速增长，公司持续深化海外业务 财务指标 2021A 2022A 2023E 2024E 2025E 买入（维持评级） 营业收入（百万元） 67,131 41,631 47,668 54,818 63,041 股票信息 增长率yoy（%） 3.1 -38.0 14.5 15.0 15.0 归母净利润（百万元） 6,270 2,306 3,501 4,482 5,492 行业 机械 增长率yoy（%） -13.9 -63.2 51.8 28.0 22.5 2024年3月1日收盘价（元） 8.00 ROE（%） 11.0 4.2 6.1 7.6 8.9 总市值（百万元） 69,423.94 EPS最新摊薄（元） 0.72 0.27 0.40 0.52 0.63 流通市值（百万元） 56,528.74 P/E（倍） 11.1 30.1 19.8 15.5 12.6 总股本（百万股） 8,677.99 P/B（倍） 1.2 1.3 1.3 1.2 1.1 流通股本（百万股） 7,066.09 资料来源：公司财报 ...

证券研究报告 | 行业月报 2024 年 03月 01日 机械 本月制造业活跃度略有下降，关注人形机器人机会 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 000420.SZ 吉林化纤 增持 0.05 0.08 54.8 34.25 行业走势 000821.SZ 京山轻机 买入 0.71 0.95 19.33 14.51 002006.SZ 精工科技 买入 0.83 1.12 14.82 10.98 机械 沪深300 002353.SZ 杰瑞股份 买入 2.49 2.93 12.13 10.31 1% 002438.SZ 江苏神通 买入 0.63 0.83 16.37 12.42 -4% 300354.SZ 东华测试 买入 1.41 1.92 32.36 23.77 -9% -14% 300450.SZ 先导智能 买入 2.29 3.07 9.91 7.39 -19% 300902.SZ 国安达 买入 0.42 0.91 66.86 30.86 -24% 688006.SH 杭可科技 买入 1.53 2.07 14.71 10. ...