证券研究报告 2024.03.31 公用事业、节能环保 风光公用环保周报：1-2 月国内光伏装机超 预期，煤价下行提振火电盈利 陈显帆 分析员 刘佳妮 分析员 马妍 分析员 SAC 执证编号：S0080521050004 SAC 执证编号：S0080520070002 SAC 执证编号：S0080521070002 SFC CE Ref：BRO897 SFC CE Ref：BNJ556 SFC CE Ref：BST413 xianfan.chen@cicc.com.cn jiani.liu@cicc.com.cn yan6.ma@cicc.com.cn 行业动态 纵轴：相对值（%） 沪深300 中金公用事业 中金节能环保 行业近况 126 2024年3月25日至3月29日，光伏/风电/电力/环保板块分别-1.84%/ 113 -1.65%/+1.43%/+0.67%。 100 87 评论 74 光伏：1-2月国内光伏装机超预期，本周产业链价格保持分化。2024年1-2 61 2023-04 2023-07 2023-09 2023-12 2024-03 月国内新增光伏装机36.72GW，同比+80.3%，其中 ...

Investment Rating - The report assigns an **Outperform** rating to the stock with a target price of **RMB 25.00** [1] Core Views - The company's core profit for 2023 met expectations, with a core profit of **RMB 6.4 billion**, up **5% YoY** [3] - The company's domestic platform trading gas sales volume increased by **110% YoY** to **3.11 billion cubic meters** in 2023, driven by lower gas prices and expanded customer coverage [4] - The company is close to net cash, with a stable dividend policy, promising **RMB 0.91/1.03/1.14 per share** for 2023-2025 [4] - The company's valuation is expected to rise due to increased domestic platform trading gas sales and improved operations in the city gas business [5] Financial Performance - Revenue for 2023 was **RMB 143.8 billion**, down **7% YoY**, while net profit attributable to shareholders was **RMB 7.1 billion**, up **21% YoY** [3] - The company's natural gas sales volume in 2022 was **38.7 billion cubic meters**, up **6.8% YoY**, with platform trading gas sales volume increasing by **44% YoY** to **5.1 billion cubic meters** [3] - The company's core profit in 2022 was **RMB 3.8 billion**, with platform trading gas contributing **RMB 3.4 billion**, up **56% YoY** [3] Profit Forecast and Valuation - The 2024 net profit forecast is revised down by **21.4%** to **RMB 6.08 billion**, with a 2025 forecast of **RMB 6.7 billion** [5] - The current stock price implies a **9.8x/8.9x P/E** for 2024/2025, with a target price implying a **12.7x/11.6x P/E** and a **30.6% upside** [5] Industry and Peer Comparison - The company's valuation is compared to peers in the gas and energy sector, with a **2024E P/E of 9.8x** and a **2025E P/E of 8.9x**, which is competitive within the industry [12]

证券研究报告 2024.03.10 公司研报 舜宇光学科技 2 月数据点评：拉货动能优于行业整体表现 贾顺鹤 分析员 黄天擎 分析员 彭虎 分析员 科技硬件 科技硬件 科技硬件 SAC 执证编号：S0080522060002 SAC 执证编号：S0080523060005 SAC 执证编号：S0080521020001 SFC CE Ref：BTN002 SFC CE Ref：BTL932 SFC CE Ref：BRE806 shunhe.jia@cicc.com.cn tianqing.huang@cicc.com.cn hu.peng@cicc.com.cn 维 持跑赢行业 公司动态 股票代码 股票评级 目标价 公司近况 02382.HK → 跑赢行业 港币81.90 3月8日，舜宇光学科技公布了2月出货量数据：1）手机光学：公司手机 摄像模组产品出货5206.7万片，同比增长72.1%/环比下滑16.4%；手机镜 股票代码 02382.HK 头产品出货1.04亿片，同比增长29.4%/环比增长1.1%。考虑到2023年 同期相对疲弱的拉货动能导致的低基数，公司2024年1-2月均呈现出较快 最新收盘价 ...