[Table_Message]2 024-02- 18 行业周 报 行 看好/维持 业 农林牧渔 研 究 [Table_Title] 农林牧渔 报 告 周报（第 7 期）：节后猪价下行有利于产能去化，继续推荐养猪板块 ◼ 走势对比 [一 T、 a市 bl场 e回 _顾 Su mmary] 农业指数上涨，动保和养殖子板块涨幅领先。1、上周，申万农业 9% 指数上涨3.61%，同期，上证综指上涨4.97%，深成指上涨 3% 太 9.49%，农业板块整体表现略逊于大市；2、细分来看，除了渔业指 (( 82 %% ))62/21/22 62/2/32 62/4/32 62/6/32 62/8/32 62/01/32 平 数下跌以外，绝大部分二级子行业指数上涨，其中动保和养殖涨幅 洋 领先；3、前10大涨幅个股主要集中在动保和养殖板块，前10大 (14%) 证 跌幅个股集中在渔业板块。涨幅前3名个股依次为瑞普生物、亚钾 (20%) 券 国际和普莱柯。 股 农林牧渔 沪深300 份 [ ◼T ab子le行_I业nd评us级tr yList] 二、核心观点 有 评级及策略：猪价节后趋势下行，行业去产能逻辑坚挺，当前继续 动 ...

Industry Investment Rating - The industry is rated as "Positive," with an expectation that the overall return will exceed the CSI 300 Index by more than 5% in the next six months [9]. Core Insights - The report indicates a continuation of the recovery trend in the film market, with record-breaking box office performances during the 2024 New Year and Spring Festival periods. The total box office for the 2024 Spring Festival reached 8.016 billion yuan, a year-on-year increase of 18.49% compared to 6.765 billion yuan in 2023, surpassing the previous record of 7.842 billion yuan in 2021 [4][6][7]. - The increase in effective screening days from 6 to 8 days during the Spring Festival is identified as a primary driver for the box office growth. Additionally, the supply of quality content and the recovery of demand are also significant factors contributing to the record box office [4][6]. - The report highlights a rich pipeline of films scheduled for release in 2024, including sequels and adaptations of popular IPs, which are expected to support continued box office growth [6][7]. Summary by Sections Sub-industry Rating - The report emphasizes the positive outlook for the film industry, suggesting that the overall market will continue to recover and grow [5]. Event Analysis - The 2024 Spring Festival box office performance is analyzed, noting the effective days of screening and the impact of quality content on audience engagement [4][6]. Supply and Demand Dynamics - On the supply side, the report notes that diverse and high-quality content has driven box office potential. The top three films accounted for 81% of the total box office, with an average Douban score of 7.7, higher than the previous year's average of 7.2 [4][6]. - On the demand side, ticket subsidies have lowered average ticket prices, leading to a record 164 million admissions during the Spring Festival, driven by a strategy of "price for volume" [4][6]. Future Outlook - The report forecasts continued growth in the film market for 2024, supported by a rich film slate and changes in distribution strategies that are expected to benefit the entire film industry chain [6][7].

2024年02月17日 行 业周报 看好 / 维持 行 机械 业 研 究 机械设备 叉车板块维持景气，国内海外均实现增长，龙头前景可期 ◼ 走势比较 报告摘要 10% 本期（2 月 5 日-2 月 8 日），沪深 300 上涨 5.8%，机械板块上涨 2% (6%)71/2/32 92/4/32 9/7/32 81/9/32 82/11/32 7/2/42 4 涨.9 1% 2， .3在 %；所 纺有 织一 服级 装行 机业 械中 跌排 幅名 最13 大。 ，细 下分 跌行业 5.看 9%， 。叉 车涨幅最大，上 太 平 (14%) 洋 (22%) 本周观点 证 (30%) 叉车板块维持景气，国内海外均实现增长，龙头前景可期 券 工程机械Ⅱ 沪深300 股 根据行业协会月度数据，叉车国内海外销售单月均实现同比增长，国 ◼ 子行业评级 份 内增幅较为显著。回顾 2023 年全年销量，叉车亦是少数仍实现增长 有 限 ◼ 推荐公司及评级 的工程机械品类。据中国工程机械工业协会对叉车主要制造企业统 公 计，2023年12月当月销售各类叉车99670台，同比增长31%，其中国 司 相关研究报告 内销售61327台，同比 ...

Investment Rating - The report gives a "Positive" investment rating for the textile and apparel industry, indicating optimism for growth in the sector [1]. Core Insights - The report highlights that the consumption vitality during the Spring Festival is expected to lead to good growth, with short-term optimism for brands and retail companies ahead of the first quarter report. Long-term prospects remain positive for leading companies in the high-demand sports sector and quality brands with enhanced operational capabilities [1][2]. - The Spring Festival consumption data shows double-digit growth in many regions, with significant increases compared to 2019 levels, indicating a strong retail performance [6][10]. - The report notes that the search interest for New Year goods in 2024 is significantly higher than in the previous year, approaching 95% of the levels seen in 2019 [10]. Summary by Sections Market Overview - The Shanghai Composite Index rose by 4.97% during the week of February 5-8, 2024, with the textile and apparel sector increasing by 0.66%, underperforming compared to the overall index [10][11]. - The report tracks the performance of various sectors, with the textile and apparel sector ranking 29th among 31 sectors during the week [10][11]. Consumption Data - The report indicates that the retail and catering sectors experienced significant growth during the Spring Festival, with some regions reporting increases of over 36% compared to the previous year [10][18]. - Key cities like Beijing and Shanghai saw double-digit growth in monitored retail and catering enterprises, with Beijing reporting a 36.8% increase [7][10]. Brand and Manufacturing Insights - The report identifies high-demand brands such as Anta Sports, Li Ning, and others as key players in the market, with expectations for continued growth in the sports industry [2]. - Manufacturing companies are expected to benefit from the recovery of overseas brand inventories, leading to increased orders for upstream manufacturers [2]. Raw Material Price Tracking - The report notes a narrowing price gap between domestic and international cotton, with the Cotlook A Index and China Cotton Price Index showing slight increases [18]. - The report also tracks various raw material prices, indicating stability in polyester and other synthetic fibers [18][26]. Company Performance - The report highlights revenue growth for Taiwanese manufacturers in January, with companies like Feng Tai and Yu Yuan reporting increases of 17% and 13%, respectively [2][18]. - It also mentions the performance of key companies in the beauty and jewelry sectors, with brands like L'Oreal and Hermès showing strong sales growth [2][10].

2024年02月07日 公 司点评 公 增持 / 维持 司 上海机场(600009) 研 究 目标价: 昨收盘:32.73 交通运输 航空机场 上海机场，2023 业绩预告点评，客流继续抬升，免税恢复弹性 ■ 事件  走势比较 近期，公司发布2023年业绩预告，报告期内全年实现归母净利约为 人民币9.1亿 - 10.8亿之间，与上年同期相比实现扭亏。22全年为亏损 10% 29.9亿，21全年亏损17亿。 太 (2%) 根据23前三季度归母净利4.97亿计算，23年第Q4季度，公司实现 (14%)6/2/32 91/4/ 03/6/32 01/9/32 12/11/32 1/2/42 平 归 母 净 点利 评在 4.1亿-5.8亿之间。参照19年同期Q4为10.36亿。 32 洋 ■ (26%) >>2022 年 8 月，公司完成重大资产重组，虹桥机场公司、机场物流 证 (38%) 公司成为上市公司全资子公司并纳入合并报表范围。 券 (50%) >>航空业务。2023年中国民航运输旅客6.2亿人次，恢复至2019年 股 的93.9%。其中浦东机场，23年旅客吞吐量同比22年增长284%，同比19 上海机场 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [9][15]. Core Insights - The company has demonstrated stable revenue growth, with a reported total revenue of 3.642 billion yuan in 2023, reflecting a 2.50% increase year-on-year. The net profit attributable to shareholders reached 292 million yuan, up 5.45% from the previous year [14][15]. - The company has successfully reduced costs and improved efficiency, leading to a significant recovery in operating cash flow, which increased by 150.73% to 619 million yuan [4][15]. - Future revenue projections are optimistic, with expected revenues of 4.200 billion yuan in 2024 and 4.859 billion yuan in 2025, representing growth rates of 15.33% and 15.68%, respectively [2][15]. Financial Performance Summary - **Revenue and Profitability**: - 2022 Revenue: 3.553 billion yuan, 2023 Revenue: 3.642 billion yuan (+2.50%), 2024 Revenue: 4.200 billion yuan (+15.33%), 2025 Revenue: 4.859 billion yuan (+15.68%) [2]. - 2022 Net Profit: 277 million yuan, 2023 Net Profit: 292 million yuan (+5.45%), 2024 Net Profit: 346 million yuan (+18.36%), 2025 Net Profit: 393 million yuan (+13.70%) [2]. - **Earnings Per Share (EPS)**: - 2022 EPS: 1.80 yuan, 2023 EPS: 1.89 yuan (+6.11%), 2024 EPS: 2.24 yuan, 2025 EPS: 2.55 yuan [2][15]. - **Price-to-Earnings Ratio (PE)**: - 2023 PE: 9.50, 2024 PE: 8.03, 2025 PE: 7.06 [2][15]. Strategic Outlook - The company is focusing on enhancing its domestic home decoration and expanding into overseas markets, particularly in North America and Australia, while also exploring Southeast Asian markets [22]. - The report anticipates that the company's overseas revenue will approach 10% of total revenue in the future, driven by strategic investments in production facilities in Thailand and satellite factories in other Southeast Asian countries [22].

公 司 研 究 亚虹医药(688176) 目标价:13.70 昨收盘:6.50 ACCRUE 研究未达主要终点，APL-1702 预计 24Q2 提交 NDA 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司点评 风险提示：研发或销售不及预期风险,行业政策风险。 公司点评 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 投资评级说明 1、行业评级 买入：预计未来 6 个月内，个股相对沪深 300 指数涨幅在 15%以上； 增持：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于 5%与 15%之间； 持有：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于-5%与 5%之间； 减持：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于-5%与-15%之间； 卖出：预计未来 6 个月内，个股相对沪深 300 指数涨幅低于-15%以下。 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 本报告信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。负责准备本 报告以及撰写本报告的所有研究分析师或工作人员在此保证，本研究报告中关于任何发行商或证券 ...

Investment Rating - The report assigns a "Buy" rating to the company, with an upward adjustment [1]. Core Views - The company is expected to achieve significant growth in 2023, with a projected net profit increase of 388.95% to 535.64%, reaching between 100 million to 130 million yuan [7]. - The company's revenue is anticipated to grow by 20% to 25% in 2023, amounting to approximately 2.87 billion to 3.00 billion yuan [7]. - The company is focusing on a multi-brand strategy and efficient channel expansion to capture market share and improve sales performance [7]. Financial Summary - **Revenue Forecast**: - 2022: 2.395 billion yuan - 2023E: 2.934 billion yuan (22.50% increase) - 2024E: 3.443 billion yuan (17.35% increase) - 2025E: 4.015 billion yuan (16.64% increase) [1]. - **Net Profit Forecast**: - 2022: 20 million yuan - 2023E: 125 million yuan (513.29% increase) - 2024E: 245 million yuan (95.15% increase) - 2025E: 289 million yuan (18.16% increase) [1]. - **Earnings Per Share (EPS)**: - 2022: 0.06 yuan - 2023E: 0.34 yuan - 2024E: 0.66 yuan - 2025E: 0.78 yuan [1]. - **Price-to-Earnings Ratio (PE)**: - 2023E: 23.98 - 2024E: 12.29 - 2025E: 10.40 [1].

2024年02月01日 公 司点评 公 买入 / 维持 司 爱旭股份(600732) 研 究 昨收盘:14.80 电力设备及新能源 电源设备 减值计提影响业绩，公司基本面已企稳好转 事件：公司发布 2023 年业绩预告，报告期内实现归母净利润 ◼ 走势比较 7.35~7.75亿元，同比减少66.71%~68.43%；实现扣非净利润3.00~3.40 亿元，同比减少84.30%~86.14%。其中，第四季度实现归母净利润 20% 太 6% -11.52~-11.12亿元，实现扣非净利润-15.35~-14.95亿元，由盈转亏。 平 (8%)1/2/32 41/4/32 52/6/32 5/9/32 61/11/32 72/1/42 格下减 跌及值 部计 分提 老影 旧响 产业 能绩 退， 出电 影池 响片 ，业 预务 计表 公现 司优 四异 季。 度受 计四 提季 存度 货主 及产 资业 产链 减价 洋 (22%) 证 值超10亿元。公司四季度Perc电池片出货约9.5~10GW，继续保持满 (36%) 券 产满销状态，全年出货约38GW。2023年10月、11月210电池片供 (50%) 需紧张，公司210产 ...