大家好欢迎参加国信金属工业金属供需格局局长王会议目前所有参会者均处于静音状态下面开始播报声明声明播报完毕后主持人可以直接开始发言谢谢 本次会议为国信证券白名单会议仅面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据最新情况自主做出投资决策并自行承担投资风险本次会议禁止录音录像未经国信证券事先输出 任何机构和个人不得以任何形式转发、转载、复制、发布或引用会议全部或部分内容亦不得从未经国姓证券书面授权的任何机构、个人或其运营的媒体平台转发、转载、复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 各位嘉宾晚上好我是国新证券金属组的刘梦兰今天晚上呢跟大家汇报一下就是工业金属的供需格局以及未来的这个趋势的展望工业金属呢我们主要就是讲一下就是同理核心 我们就是对先说一下就是大概的这个观点就是我们是对于未来就是铜铝铅这三个金属的这个上游是觉得是有一个非常长的投资机会那主要基于的这个主要的逻辑呢就是因为它的这个供给受限我们先看一下就是我们觉得一个理论的支撑就是我们看到有资本回报的有一句 ...

公司研究 协鑫科技(3800.HK)： 颗粒硅成本优势或将助力穿越周期 香港 新能源 多晶硅及硅片价格走低拖累业绩增长。公司近期公布24年一季度业绩，Q1 公司实现营收54.7亿元，归母净利润0.33亿元，同比分别下降51.1%、 2024年5月14日 买入 99.2%。营收与归母净利润下滑主要由于（1）24年一季度多晶硅料市场均 目标价 (HKD) 1.80 价大致在6-7万元/吨，较上年同期15-23万元/吨的价格大幅下滑约60%- 70%；（2）公司呼和浩特项目的新增产能正处于爬坡期，预计24年下半 收盘价 (13 May 24) 1.43 年全面达产后，整体颗粒硅平均成本仍有进一步降低的空间；（3）2024年 上升/下降 25.87% 第一季度的研发费用支出超过4亿元；（4）硅片端业务出现亏损。 恒生指数 19115.06 总市值 (HKD亿) 386 颗粒硅市场占有率不断提升。2024年一季度，公司颗粒硅产量6.55万吨， 52周最高/最低 (HKD) 1.86/0.89 出货量6.52万吨（含内部销售0.33万吨），同比/环比分别增长120.6%/ 资料来源: Wind，国信证券（香港）研究部整理 ...

欢迎参加国庆时议近时角30因食品饮料5月投资策略电话会议目前所有参会者均处于静音状态现在开始播报免责声明声明播报完毕后主持人可直接开始发言 本次会议为国信证券白名单会议仅面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险本次会议禁止录音录像未经国信证券事先输出 任何机构和个人不得以任何形式转发、转载、复制、发布或引用会议全部或部分内容亦不得从未经国姓证券书面授权的任何机构、个人或其运营的媒体平台转发、转载、复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 好的各位投资者朋友晚上好我是国信证券的食品饮料首席张向伟那今天呢我们给大家来汇报一下我们四月份的数据跟踪以及五月份的投资策略这段时间呢其实我们也一直在市场中去做调研 这段是当然调研下来的结果呢从四月份的数据上来看的话就和大家看到的宏观的数据基本上是一致的因为以前我们在四月份的时候给大家录演都是也给大家去提到了四月份的需求呢相对来说是比较的弱的当然这种弱呢一方面是在宴席的回落同时 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 7.80, indicating a potential upside of 55.07% from the closing price of HKD 5.00 on April 25, 2024 [1][3]. Core Insights - The company has shown strong performance in Q1 2024, with revenue of CNY 653.67 billion, a year-on-year increase of 0.15%, and a net profit of CNY 45.96 billion, reflecting a significant year-on-year growth of 104.25% [2]. - The decline in fuel costs has been a major driver for the increase in profitability, particularly in the coal and wind power sectors, which contributed profits of CNY 28.25 billion and CNY 24.14 billion, respectively, marking year-on-year growth of 4151.44% and 25.41% [2]. - The company is expected to benefit from a more relaxed coal supply-demand balance in 2024, leading to further reductions in fuel costs and enhanced profitability [2]. - The company's domestic power generation capacity is projected to reach 4850 billion kWh in 2024, with a 5.63% year-on-year increase in Q1 [2]. - The report highlights the implementation of a two-part pricing mechanism for coal power, which is anticipated to improve cash flow and profitability for the company [3]. Financial Summary - For the fiscal years 2023 to 2026, the company’s revenue is forecasted to grow from CNY 254,396.70 million in 2023 to CNY 276,074.44 million in 2026, with growth rates of 3.11%, 4.04%, 2.18%, and 2.08% respectively [1][5]. - The net profit attributable to the parent company is expected to increase significantly from CNY 8,357.46 million in 2023 to CNY 16,828.72 million in 2026, with growth rates of 204.13%, 60.57%, 13.13%, and 10.85% [1][5]. - The earnings per share (EPS) is projected to rise from -0.51 in 2023 to 1.18 in 2026, indicating a strong recovery and growth trajectory [1][5]. - The price-to-earnings (P/E) ratio is expected to decrease from 8.70 in 2023 to 4.32 in 2026, suggesting an attractive valuation as earnings improve [1][5].

Investment Rating - The report assigns a "Buy" rating for China Resources Power (0836.HK) with a target price of HKD 26.00, indicating a potential upside of 33.61% from the closing price of HKD 19.46 as of May 8, 2024 [4]. Core Insights - The company's profitability has significantly improved, driven by a decrease in fuel costs, with a notable 56.2% year-on-year increase in net profit to HKD 11.003 billion in 2023 [2]. - Renewable energy business has shown strong performance, contributing HKD 9.726 billion to core profits, which is a 12.52% increase from the previous year [2]. - The company plans to accelerate the construction of wind and solar projects, targeting an additional 10 GW of installed capacity in 2024 [2]. Financial Performance Summary - In 2023, the company achieved revenue of HKD 103.334 billion, with a slight increase of 0.03% year-on-year. The revenue from thermal power and renewable energy was HKD 80.053 billion and HKD 23.281 billion, respectively [3]. - The fuel cost decreased by 15.2% to HKD 54.509 billion in 2023, contributing to the overall profit growth [2]. - The company expects revenues for 2024 to reach HKD 109.859 billion, with a projected net profit of HKD 14.676 billion, reflecting a growth rate of 29.51% [3]. Dividend Policy - The company has a dividend payout ratio of 62% for 2023, with a total dividend of HKD 1.415 per share, including a special dividend of HKD 0.5 per share to celebrate its 20th anniversary [2].

Investment Rating - The investment rating for the company is "Buy" [6][9][23] Core Views - The company is expected to see a significant increase in sales due to the upcoming launch of several new models under the Haval brand, which will likely drive a rapid recovery in brand sales [3][4] - The company has demonstrated strong growth in both new energy vehicles and overseas sales, with April 2024 sales reaching 9.48 million units, a year-on-year increase of 1.8% [1][2] - The company is projected to achieve a revenue of 210 billion RMB or more in 2024, driven by expanding sales volume, particularly in new energy vehicles and exports [5][9] Sales Performance - In April 2024, the company recorded a total vehicle sales of 94,800 units, with Haval brand sales at 47,000 units (down 10% year-on-year), Tank brand sales at 20,500 units (up 87.5%), and WEY brand sales at 4,500 units (up 87.7%) [1] - For the first four months of 2024, total vehicle sales reached 370,000 units, representing an 18.2% year-on-year increase, with significant growth in Tank and WEY brands [1][2] Financial Performance - In Q1 2024, the company achieved a revenue of 42.86 billion RMB, a year-on-year increase of 47.6%, and a net profit attributable to shareholders of 3.23 billion RMB, marking the highest quarterly profit in the company's history [2][5] - The gross margin for Q1 2024 was reported at 20.04%, indicating a recovery in profitability [2] Future Outlook - The company anticipates a noticeable increase in sales growth in mid-2024, supported by the launch of new models and favorable domestic market policies [4][5] - The company is expected to maintain a competitive edge in the off-road vehicle and pickup truck segments, which will contribute to sustained market demand [9]

本次会议为国信证券白名单会议仅面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险本次会议禁止录音录像未经国信证券事先 任何机构和个人不得以任何形式转发、转载、复制、发布或引用会议全部或部分内容亦不得从未经国信证券书面授权的任何机构、个人或其运营的媒体平台转发、转载、复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国信证券保留追究相关方法律责任的权利 各位投资者各位领导大家晚上好我是国信证券的化工行业分析师张伟航欢迎各位参加今天晚上我们的电话会议那本场会议呢是我们国信化工团队的四月福化工月度观察电话会议那么上一次会议在三月预报里我们介绍了关于国外几个重点国家包括地区的三大智能机的配额和市场情况 那么这一次在4月份的阅读观察里面我们除了复盘4月份孵化工整体的一个表现那我们还加入了对于PFAS法案的一个梳理那么截至4月末我们看到4月30号那化工行业指数呢是报3387点那较上月末是上涨4.51%CCPI是报4698点较上月末上涨了1.08% 福化工的指数报1359.85点 ...

Investment Rating - The report maintains a "Buy" investment rating for Longyuan Power (0916.HK) with a target price of HKD 11, indicating a potential upside of 96.08% from the closing price of HKD 5.58 as of May 2, 2024 [4]. Core Views - Longyuan Power's revenue for Q1 2024 was CNY 9.877 billion, a slight increase of 0.1% year-on-year, with a net profit attributable to shareholders of CNY 2.482 billion, up 2.59% year-on-year [2]. - The company's overall power generation increased by 8.27% year-on-year, reaching 21,225.2 GWh by the end of Q1 2024, driven by an increase in installed capacity [2]. - The report highlights a strategic shift towards larger, more efficient power generation units, which may lead to short-term financial pressures but is expected to enhance operational efficiency in the long run [2]. Financial Performance Summary - Revenue projections for 2024, 2025, and 2026 are CNY 41.01 billion, CNY 45.06 billion, and CNY 50.06 billion respectively, with expected growth rates of 8.96%, 9.88%, and 11.08% [3][8]. - Net profit attributable to shareholders is forecasted to be CNY 8.102 billion in 2024, CNY 9.187 billion in 2025, and CNY 10.254 billion in 2026, reflecting growth rates of 27.49%, 13.39%, and 11.61% respectively [3][8]. - Earnings per share (EPS) are projected to be CNY 0.97, CNY 1.10, and CNY 1.23 for the years 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 5.78, 5.11, and 4.58 [3][8]. Operational Insights - The company plans to initiate new renewable energy projects totaling 10 GW in 2024, with 7.5 GW expected to be operational [2]. - As of Q1 2024, Longyuan Power's total installed capacity reached 36.16 GW, a 16.23% increase year-on-year, with significant contributions from wind and solar energy [2]. - The report notes that the company is implementing a "large replaces small" strategy to improve operational efficiency by replacing older, smaller units with larger, modern units [2].

Investment Rating - The investment rating for BYD Company (01211.HK) is "Buy" [2]. Core Views - The report indicates that BYD maintains a high gross margin of approximately 21.9% in Q1 2024, consistent with the previous quarters, and expects strong sales growth in Q2 2024 due to a complete vehicle lineup and strong brand influence [1][2]. - The company achieved a revenue of 124.94 billion RMB in Q1 2024, a year-on-year increase of 3.97%, and a net profit attributable to shareholders of 4.57 billion RMB, up 10.6% year-on-year [1]. - BYD's sales of new energy vehicles reached 626,000 units in Q1 2024, reflecting a year-on-year growth of 13.4% [1]. Financial Performance - In Q1 2024, BYD's sales expenses were approximately 6.8 billion RMB, up 46.4% year-on-year, while management expenses increased by 12% to 3.77 billion RMB, and R&D expenses surged by 70% to 10.6 billion RMB [1]. - The report forecasts that BYD's total revenue for 2024 will exceed 710 billion RMB, driven primarily by continued growth in new energy vehicle sales [1][2]. - The projected net profit for 2024 is expected to rise to over 36 billion RMB, supported by rapid sales growth and cost reduction efforts [1]. Sales Growth - BYD's vehicle sales rebounded significantly in March and April 2024, with sales of 302,000 and 313,000 units respectively, marking year-on-year growth rates of 46.1% and 49% [1]. - Cumulative vehicle sales from January to April 2024 reached approximately 940,000 units, a year-on-year increase of 23.2% [1]. - The report anticipates that BYD's total vehicle sales will continue to grow rapidly in Q2 2024, driven by a complete vehicle lineup, strong brand influence, and rapid expansion in overseas markets [1][2]. Market Position - BYD is noted for its significant technological advantages in automotive manufacturing, battery production, and energy storage systems, supported by a vertically integrated supply chain that provides a cost advantage [2]. - The company is expected to maintain its leading position in the market and further expand its market share despite intense competition [2].

本次会议为国信证券白名单会议仅面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险本次会议禁止录音录像未经国信证券事先 任何机构和个人不得以任何形式转发、转载、复制、发布或引用会议全部或部分内容亦不得从未经国姓证券书面授权的任何机构个人或其运营的媒体平台转发、转载、复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 尊敬的各位投资者大家早上好很高兴今天早上来给大家汇报一下昨天晚上关于这个国内的一个经济结构界龙头企业科达利公司的一个相关公告的一个情况首先呢我们在昨天晚上也看到啊科达利呢是公告出资四千万成立这个机器人的这样的一个公司叫深圳科盟那么科达利这家上市公司它的这个持股比例呢是百分之四十 那么这个里面呢需要注意的是他的合作方其实还是在这个机器人行业或者说在这个工业自动化行业有非常深的这样的一个背景的那么他的出资方呢就包括上市公司台湾省的蒙利集团以及他下面的一家这个参股的一个公司台湾蒙英还有这个另外一家这个持股平台就是科蒙利 那么这 ...