证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 光伏辅材 ＃investSuggestion＃ ＃ ＃dyC福om斯pan特y＃ （ 603806 ） investSug 增持 ( 维ges持tionC）h 60380 立6 足光伏胶膜主＃ 业tit ，le＃ 打造平台型企业 ange＃ ＃createTime1＃ 2024 年05 月06 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布 2024Q1 业绩报，一季度实现营业收入 53.21 亿元，同比 市场数据日期 2024-05-05 +8.32%；实现归母净利润5.22亿元，同比+43.13%，扣非后归母净利润5.16 收盘价（元） 27.22 亿元，同比+49.42%。公司业绩超预期，胶膜龙头强者恒强。 总股本（百万股） 1864.17  盈利能力同比提升，公司具备超强的成本控制能力。2024Q1公司毛利率同比 流通股本（百万股） 1864.17 +2.99pct至15.28%，净利率同比+2.37pct至9.79%，期间费用率同比-0.13pct 净资产（百万元） 16056.69 至4.39 ...

Investment Rating - The report maintains a "Buy" rating for the company [14] Core Views - The company achieved a revenue of 780 million yuan in 2023, representing a year-on-year growth of 99.97%, and a net profit attributable to shareholders of 300 million yuan, up 174.60% year-on-year [7][4] - The company is leading in the collagen market, with significant growth in its medical device segment and strong performance in its collagen products [7] - The company has a robust pipeline of research and development projects, focusing on recombinant collagen products, and aims to strengthen its brand "Wei Yi Mei" [7] Financial Summary - Revenue projections for 2024-2026 are adjusted to 1.25 billion yuan, 1.66 billion yuan, and 2.10 billion yuan respectively, with net profit forecasts of 496 million yuan, 667 million yuan, and 884 million yuan [7] - The gross margin is expected to improve from 90.2% in 2023 to 93.8% by 2026, while the return on equity (ROE) is projected to remain strong at around 33.1% by 2026 [4][7] - Earnings per share (EPS) are forecasted to be 5.61 yuan, 7.54 yuan, and 9.99 yuan for the years 2024, 2025, and 2026 respectively [7][4]

行 业 研 证券研究报告 究 ＃industryId＃ 化工 ＃title＃ 装置改造有望助力涤纶长丝产品价差修复， 维生素价格底部企业检修挺价 ＃ ＃＃iinnvvee推推ssttSSuu荐荐ggggeesstt iioonn＃＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 5月 6日 onChan 重点公司 ge＃ 投资要点 行 重点公司 评级 ＃ ⚫ sum 本ma 周ry＃ 观 点：美国四月PMI、非农及失业率数据不及预期，叠加抹除地缘政治 业 万华化学 买入 带来的溢价，短期原油价格承压回撤。中期维度上看，在未确定美国高频数 华鲁恒升 买入 据趋势性走弱前，当前预计原油价格高位震荡态势。化工品需求即将进入季 周 扬农化工 买入 节性淡季，建议优先关注成长、价值类白马。周期角度，关注供给结构良好 报 中国巨石 增持 的涤纶长丝。 联化科技 增持 ⚫ 国瓷材料：依托技术与管理优势，内生外延持续扩张成就无机粉体材料平 华峰化学 增持 台。 金禾实业 买入 国瓷材料是国内新材料领域的平台型企业，公司实行“内生式发展+外延式 新和成 增持 并购”双轮驱动战略，目前已 ...

行 业 研 证券研究报告 究 ＃industryId＃ 非银金融 ＃title＃ 行业供给侧改革加速，优选基本面超预期标的 ——非银行业 2024 年一季报综述 推荐 （ 维＃持 ） 行 inve stS ＃createTime1＃ 2024年 5 月 6 日 uggesti 业 投资要点 onChan 投 ＃保su险mm：ar负y＃债 优良投资承压，把握二季度估值修复机会 ge＃ 重点公司 评级 资 一季度上市险企负债端人身险价值延续高增，财产险保费增速放缓同时成本压力 策 中国太保 买入 上升，资产端承压。负债端看，受银保“报行合一”压降手续费影响，新单普遍负 略 中国人寿 增持 增长，但业务结构优化+成本压降下价值率显著提升带动价值延续高增。新单同比， 报 中国平安 增持 友邦+26%（固定汇率）＞太保+0.4%＞国寿-4.4%＞平安-13.6%＞人保寿险-20.6% 告 华泰证券 增持 ＞新华-41.3%；NBV 同比，新华+51%＞友邦+31%（固定汇率）＞太保+30.7%＞ 中信证券 增持 国寿+26.3%＞平安+20.7%。财产险保费收入同比，太保+8.6%＞人保+3.8%＞平安 浙商证券 增持 ...

行 业 研 证券研究报告 究 ＃industryId＃ 通信 ＃title＃ 光模块产业 2023 年年报及 2024 年一季报综述： ＃inve推stSu荐ggest ion＃ ( 维＃持 ） 800G 夯实行业拐点，1.6T 绘就成长蓝图 investS ugg esti ＃createTime1＃ 2024年 05月 06 日 onChan 投资要点 行 ＃ 相关rel 报ate 告dR eport＃ ge＃ ＃⚫ sum回ma顾ry＃与 展望：2023年需求波动下行业整体短期承压，2024Q1随着400G/800G 业 《【兴证通信】周观点：海外大 加速放量下环比迎明显拐点，龙头效应推动行业集中度持续提升： 跟 厂AI投入超预期》2024-04-28 2023年，随着5G基站建设进入中后期，运营商5G建设投入减少，电信市场 《【兴证通信】为什么又到了光 光模块需求较2022年出现较明显下滑；且数通市场进入由400G升级到800G 踪 模块战略看多的关键时点？》 光模块的过渡阶段，2023年光模块产业链整体营收同比-5.2%至429.60亿元； 2024-04-26 报 《【兴证通信】如何看国内光模 在 ...

行 业 研 证券研究报告 究 ＃industryId＃ 啤酒 ＃title＃ 升级韧性、成本拐点，2024 年景气度有望边际向上 ＃ ＃inve推stSu荐ggest ion＃ (维持) investSuggestion 行 C hange＃＃ createTime1＃ 2024年 5月 7 日 业 投 重点公司 投资要点 资 ＃summary＃ 重点公司 评级 ⚫ 2023年延续稳健增长，24Q1利润略超预期。2023年啤酒板块营收691.97 策 青岛啤酒 增持 亿元，同比+6.10%，归母净利润68.74亿元，同比+15.82%。24Q1年啤酒 略 板块营收193.32亿元，同比-0.78%，归母净利润22.77亿元，同比+14.56%。 燕京啤酒 增持 报 2023年企业经营节奏提前，分季度销量呈现前高后低节奏，但高势能场景 重庆啤酒 增持 逐步恢复带动吨价表现亮眼，叠加吨成本压力有所缓解，2023年收入、利 告 珠江啤酒 增持 润延续稳健增长；24Q1基数效应明显、销量略有承压，升级韧性叠加成本 红利显现，利润弹性释放。 来源：兴业证券经济与金融研究院 ＃relatedReport＃ ⚫ 销量阶段性 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Views - The company reported a revenue of 36.91 billion yuan for Q1 2024, a decrease of 7.2% year-on-year and 16.2% quarter-on-quarter. The net profit attributable to shareholders was 392 million yuan, down 43.1% year-on-year and 59.8% quarter-on-quarter [2][4]. - Despite the overall industry downturn, the company demonstrated resilience due to its variety steel advantages, maintaining a gross profit margin of 5.86% in Q1 2024, although it decreased by 1.56 percentage points year-on-year and 2.31 percentage points quarter-on-quarter [2][4]. - The report highlights that the steel industry is facing challenges such as insufficient demand and high raw material costs, but there are signs of improvement in demand since April 2024, particularly in the construction sector due to policy relaxations [2][4]. Financial Summary - The company’s projected revenues for 2024-2026 are 167.28 billion yuan, 171.82 billion yuan, and 170.82 billion yuan, respectively, with a slight growth forecast of 1.7% in 2024 and 2.7% in 2025 [5][6]. - The net profit attributable to shareholders is expected to be 5.14 billion yuan in 2024, 5.68 billion yuan in 2025, and 6.15 billion yuan in 2026, indicating a recovery trend after a projected decline of 20.4% in 2023 [5][6]. - The report notes that the company is focusing on optimizing its product structure and accelerating key projects, which are expected to enhance production capacity and efficiency [2][4].

司京评报 ＃相关rel报ate告dReport＃ 《【兴证金属】索通发展半年报 点评：行业景气度下行导致半年 报业绩承压》2023-09-01 《【兴证金属】索通发展年报暨 一季报点评：资产减值影响业绩 释放，静待阳极产业链底部反 转》2023-05-03 《【兴证金属】索通发展季报点 评：三季度业绩持稳，中长期成 长性看点十足》2022-10-31 阳极盈利下行叠加计提资产减值损失，公司业绩承压。2023 年公司业绩亏损 主要由于公司阳极盈利大幅回落以及石油焦价格下降带来资产减值。（1）量： 2023 年公司预焙阳极产量 296.09 万吨，同比增长 10.32%；销售预焙阳极 297.87 万吨，同比增长 10.53%，其中出口销售 67.02 万吨，同比下降 6.86%， 国内销售 230.85 万吨，同比增长 16.86%。（2）利：2023 年石油焦和预焙阳 极价格持续快速下行，导致公司预焙阳极业务盈利承压，毛利率下滑 12.4pct 至 1.41%。此外，由于 2023 年原材料、产品价格波动明显，公司计提存货跌 价准备，同时并购欣源股份形成的商誉计提减值，2023 年资产减值损失高达 8.27 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, Huakin Technology [1]. Core Insights - Huakin Technology is a leading global ODM in smart hardware, with a product matrix of "2+N+3" covering various electronic segments [9][10]. - The penetration rate of ODM in the smartphone market is low, with AI implementation expected to drive both volume and price increases in smartphones [1][23]. - The company is actively expanding into the server and automotive electronics sectors, which opens up long-term growth opportunities [1][59]. Summary by Sections 1. Leading ODM in Smart Hardware - Huakin Technology has developed a comprehensive product structure, transitioning from mobile IDH services to a multi-category ODM platform [9][10]. - The company has established a strong client base, including major brands like Samsung, OPPO, and Xiaomi [10][31]. 2. Smartphone ODM Penetration and AI Impact - The global smartphone market is entering a mature phase, with IDC predicting a 2.8% increase in shipments in 2024 [23]. - The ODM penetration rate is expected to rise to 40% in 2024, driven by cost control and recovery in emerging markets [26]. - AI mobile processors are being introduced, enhancing smartphone capabilities and potentially leading to a new wave of upgrades [32][35]. 3. Growth in PC and Other Consumer Electronics - The laptop market is experiencing a recovery, with a 7% year-on-year increase in Q1 2024 shipments [39]. - AI PCs are anticipated to drive significant growth, with expected shipments reaching approximately 13 million units in 2024 [45][47]. - The company is well-positioned in the tablet and wearable markets, with high ODM penetration rates [50][54]. 4. Server and Automotive Electronics Expansion - The global server market is rapidly growing, with Huakin Technology seeing a threefold increase in data business revenue in 2023 [59][63]. - The automotive electronics market is also expanding, with the company actively engaging in smart cockpit and autonomous driving projects [59][68]. 5. Financial Forecast and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are estimated at 991.13 billion, 1,145.67 billion, and 1,297.14 billion respectively, with corresponding net profits of 30.82 billion, 35.86 billion, and 40.86 billion [70]. - The report suggests a valuation premium due to the anticipated growth in AI and server business segments [70].

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company reported a significant increase in revenue and profitability for 2023, with total revenue reaching 40.683 billion yuan, a year-on-year increase of 110.40%, and a net profit of 11.546 billion yuan, marking a return to profitability [5][6]. - The first quarter of 2024 continued this positive trend, with revenue of 10.106 billion yuan, a 13.06% increase year-on-year, and a net profit of 2.963 billion yuan, up 33.11% [5][6]. - The company is benefiting from the recovery of the domestic passenger market post-pandemic, leading to increased passenger traffic and revenue from both mainline and cross-line operations [6][9]. Financial Summary - For 2023, the company achieved total revenue of 40.683 billion yuan, with a net profit of 11.546 billion yuan, resulting in an EPS of 0.24 yuan [5][7]. - The company plans to distribute a cash dividend of 1.12 yuan per 10 shares, translating to a dividend yield of 2.09% based on the closing price as of May 6, 2024 [5][8]. - The financial projections for 2024-2026 estimate net profits of 13.001 billion yuan, 14.205 billion yuan, and 14.850 billion yuan, respectively, with corresponding EPS of 0.26, 0.29, and 0.30 yuan [7][9]. Operational Highlights - The mainline business saw a passenger volume of 53.252 million, a 209.1% increase year-on-year, contributing 39.53% to total revenue [6][9]. - Cross-line operations recorded a significant increase in operational mileage and revenue, with cross-line revenue accounting for 59.54% of total revenue [6][9]. - The company has committed to a 50% dividend payout ratio, indicating a strong commitment to returning value to shareholders [8][9].