行 业 研 证券研究报告 究 ＃industryId＃ 农林牧渔 ＃title＃ 节前猪价维持震荡，鸡苗价格有所回落 ＃ (农业行业周报20240422-20240426) ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 04月 28日 onChan ge＃ 行 重点公司 投资要点 业 ＃summary＃ ⚫ 板块周表现：农业板块领先大盘。1）本期沪深300指数上涨了1.20%，农业 周 重点公司 评级 板块上涨了2.19%，在申万31个子行业中排名第14位；2）分板块看：渔业 报 海大集团 买入 子板块-3.59% ，生猪养殖子板块+3.30%，农产品加工子板块+0.74%，动物保 温氏股份 增持 健子板块+1.36%，饲料子板块+3.67%，肉鸡养殖子板块+1.32%，种植业子板 牧原股份 增持 块-0.92%。（本期统计区间：20240422-20240426） 普莱柯 增持 ⚫ 畜禽价格：生猪价格下跌、毛鸡价格上涨，鸡苗价格下跌。1）4月26日， 金龙鱼 增持 全国生猪均价 14.86 元/kg，周环比-0.40%。月 ...

Investment Rating - The report maintains an "Overweight" rating for the electronic industry, with specific recommendations for key companies [2][22]. Core Insights - The AI investment trend is accelerating, with major tech companies applying AI models across various devices, including smartphones and PCs. This trend is expected to boost demand for computing power significantly [2][22]. - Qualcomm announced the launch of the Snapdragon X Plus processor for PCs, showcasing AI capabilities, which aligns with the growing focus on AI in consumer electronics [22]. - Major companies like META and Google are increasing their capital expenditures to support AI infrastructure, with META raising its annual capex to $35-40 billion and Google planning over $12 billion quarterly in 2024 [22]. - The semiconductor industry is experiencing a resurgence, with companies like ASM International raising revenue forecasts due to stronger-than-expected demand from China [10][22]. Summary by Sections Market Review - From April 22 to April 26, the electronic industry index rose by 5.21%, outperforming the overall market, with 446 out of 482 listed companies in the sector seeing gains [5][6]. Sub-industry News Semiconductor - ASM International raised its Q2 revenue forecast to €660-700 million ($706-749 million) due to strong demand from China and increased sales in advanced logic and memory sectors [10]. - The global semiconductor wet chemicals market is expected to grow by 8% in 2024, reaching $5.5 billion, driven by the expansion of 3D NAND layers [11]. AI, IoT, and Automotive Electronics - Microsoft launched a low-cost AI model, Phi-3-mini, capable of performing various tasks with less data [14]. - MediaTek introduced automotive chips supporting AI capabilities, indicating a shift towards smarter vehicle technology [15]. Innovative Electronics & Wearables - Apple received patents for smart glasses with gaze-tracking technology, indicating advancements in augmented reality [16]. Mobile & 5G - Huawei regained the top position in China's smartphone market in Q1 2024, with a market share of 17% [18][19]. - China Mobile launched its first 5G-A base station in the Everest region, enhancing connectivity for various activities [20]. LCD & LED - Global AMOLED smartphone panel shipments increased by 44.6% YoY in Q1 2024, with domestic manufacturers capturing 53.4% of the market share [21]. Industry Investment Strategy - The report emphasizes the importance of AI in driving demand for servers, AI chips, and related components, recommending companies like Zhuhai Guanyu and Hikvision for investment [22]. - The semiconductor equipment sector is expected to benefit from domestic production increases, with a focus on companies like North Huachuang and Tuo Jing Technology [22].

证券研究报告 ＃industryId＃ 有色金属 ＃title＃ 铜铝价格持续强势，继续关注右侧交易机会 ＃ ＃inve推stSu荐ggestion＃ (维持） investS uggesti onChan ＃createTime1＃ 2024 年04月28 日 ge＃ 投资要点 重点公司 ＃summary＃ 核心观点：伴随着前期地缘政治风险交易消退之后，金价高位回落。考虑到黄金 重点公司 评级 货币属性对金价的支撑作用，预计金价回调较为有限。当前黄金股估值处于合理 金诚信 增持 区间，在金价中枢往上大背景下建议继续关注黄金股机会，关注山东黄金、银泰 洛阳钼业 增持 黄金、赤峰黄金等。对于铜铝等基本金属而言，由于新增产能接近瓶颈状态，商 铜陵有色 增持 品价格易涨难跌。而需求端，基本金属整体呈现稳健状态，甚至超预期。短期商 中国铝业 增持 品价格大幅上涨导致终端采购阶段性推延，但这更多是节奏性上的影响，待终端 神火股份 增持 库存消耗之后将重新进入备货状态，重点关注洛阳钼业、金诚信、中国铝业等。 天山铝业 增持  铝：铝价高位震荡 驰宏锌锗 增持 本期（4.22-4.26）铝价小幅反弹至20430元/吨，电 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - In 2023, the company achieved revenue of 10.58 billion yuan, a year-on-year increase of 20.58%, while the net profit attributable to shareholders was 505 million yuan, a decrease of 27.13% [1]. - The first quarter of 2024 saw a significant revenue increase of 80.10% year-on-year, reaching 3.125 billion yuan, with a net profit of 194 million yuan, down 5.95% year-on-year [1]. - The company announced a cash dividend of 0.10 yuan per share for 2023, totaling 154 million yuan, with a cash dividend payout ratio of 30.46% [1]. Summary by Sections Revenue and Profitability - The solid waste and hazardous waste resource utilization segment generated revenue of 6.468 billion yuan in 2023, up 59.50% year-on-year, but the gross margin fell by 5.73 percentage points to 8.29% due to the lower margin characteristics of deep resource projects [1]. - The environmental operation services segment reported revenue of 1.628 billion yuan, an increase of 11.71% year-on-year, with a gross margin of 46.57%, up 4.95 percentage points [1]. - The environmental engineering segment's revenue decreased by 23.84% to 2.484 billion yuan, with a gross margin of 25.51%, down 1.85 percentage points [1]. Cash Flow and Future Expectations - The company's operating cash flow improved, with a net cash flow of -953 million yuan in 2023, compared to -446 million yuan in 2022, primarily due to an increase in inventory [1]. - The company expects improved cash flow and profitability as the Jiangxi Xinke project reaches full production [1]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 853 million yuan, 962 million yuan, and 1.057 billion yuan, representing year-on-year growth rates of 69.1%, 12.7%, and 9.9% respectively [1][9]. - The corresponding PE ratios for 2024-2026 are projected to be 11.9x, 10.5x, and 9.6x [1].

证券研究报告 ＃industryId＃ 公用事业 ＃investSuggestion＃ ＃ ＃d华yCo能mpa国ny＃际 （ 600011 ） investSug 000009 ＃title＃ 增持 ( 维ges持tionC）h 煤电业绩超预期，关注二季度业绩弹性 ange＃ ＃createTime1＃ 2024年 4月 28日 投资要点 ＃sum事ma件ry＃：华能国际发布 2024一季报，公司单季度实现营业收入 653.67 ＃市场ma数rk据etData＃ 亿元，同比+0.15%，归母净利润 45.96亿元，同比+104.25%，扣非 日期 2024/4/26 后归母净利 43.77亿元，同比+117.98%。结合经营数据我们点评如 收盘价（元） 9.42 下： 总股本（百万股） 15,698 流通股本（百万股） 10,998  火电：煤电盈利超预期释放，度电利润总额提升至 0.0306元。公司 净资产（百万元） 136,283 2024Q1实际完成上网电量 1130.36亿度，同比+5.63%，其中煤电上 总资产（百万元） 545,424 网电量同比+3.05%至 922.67亿度，多数省份负荷 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 快递 ＃investSuggestion＃ ＃ ＃d 圆yCo 通mp 速any＃递 （ 600233 ） investSug 增持 ( 维ges持tion ）Ch 600233 数 字 化深耕见 成＃ 效title＃ 、 量价 表现优秀 ange＃ ＃ createTime1＃ 2024年 04月 28 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年报及2024年一季报，1）23年营收576.8亿元，同比 司 市场数据日期 2024-04-26 +7.74%、归母净利37.23亿元，同比-5.03%，其中快递归母净利38.40亿元， 点 收盘价（元） 15.85 同比+5.15%、份额 16.1%，同比+0.2pct。2）24Q1 营收 154.27 亿元，同比 评 总股本（百万股） 3442.23 19.5%、归母净利9.4亿元，同比+4.1%，其中快递归母净利9.94亿元，同比 报 流通股本（百万股） 3442.23 +11.87%。（分季度看：23Q1/23Q ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 跨境物流 ＃investSuggestion＃ ＃ ＃d 东yCo 航mp 物any＃流 （ 601156 ） investSug 增持 ( 维ges持tion ）Ch 6 20 311 Q5 46 归母 净利 8.2 亿＃t 元itle＃ ， 打 开未来想象空间 ange＃ ＃ createTime1＃ 2024年 04月 28日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司公告2023年年报：2023年营收206.21亿元（同比-12.14%），归 司 市场数据日期 2024-04-26 母净利润 24.88 亿元（同比-31.58%），扣非归母净利润 23.38 亿元（同比- 点 收盘价（元） 18.69 33.72%），经营性现金流净额52.38亿元（同比-3.39%）。 评 总股本（百万股） 1587.56 报 流通股本（百万股） 801.72 ⚫ 分季度看：23Q4，公司营收为63.90亿元，同比+10.11%；毛利为14.35亿元； 净资产（百万元） 15453.11 ...

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 长沙银行（601577） ＃title＃ ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） 息差韧性凸显，非息收入高增 ——长沙银行 2023年&2024 年一季报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 4月 28日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 ＃summary＃ 评 ⚫ 业绩稳健，投资收益表现亮眼。2023 年营收/归母净利润同比分别 +8.5%/+9.6%，Q4单季度同比分别为+8.5%/+10.9%，公司息差韧性较强， 报 2023年息差2.31%，较23H1收窄3bp。2024Q1营收同比+7.9%，归母净 告 利润同比+5.8%。拆开来看，（1）2024Q1净利息收入同比+3.9%，其中贷 ＃分em析a师ilA：ut hor＃ 款同比+14.5%，环比+7.0%，规模扩张稳健；（2）手续费净收入同比-25%， ＃陈a绍ss兴Au thor＃ 其他非息收入高增，同比+59.9%，主要由投资收益贡献。（3）利润增速慢 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 国际工程承包 ＃ investSuggestion＃ ＃ ＃d 中yCo 材mp 国any＃际 （ 600970 ） investSug 增持 ( 维ges持tion ）Ch ＃title＃ 扣非归母净利润同比增长 12.35%，毛利率获持续提升 ange＃ ＃ createTime1＃ 2024 年 04 月 28 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃l sum中ma材ry＃国 际发布 2024 年一季报：公司2024年一季度实现营业收入102.88 司 亿元，同比增长2.74%；实现归母净利润6.36亿元，同比增长3.08%；实 市场数据日期 2024-04-26 现扣非后归母净利润6.54亿元，同比增长12.35%。 点 收盘价（元） 12.66 l 公司 2024 年一季度新签合同额 212.16 亿元，同比减少 2%，海外需求 评 总股本（百万股） 2642.32 持续保持高速增长。分业务看，运维服务贡献主要增长动能，业务结构 报 流通股本（百万股） 1757.66 调整目标仍稳步推进。 净资产（百万 ...

Investment Rating - The report maintains an "Add" rating for the company [3][9]. Core Views - The company reported a revenue of 8.553 billion yuan in 2023, with a year-on-year growth of 10.53%. However, the net profit attributable to shareholders decreased by 6.55% to 664 million yuan. The fourth quarter showed significant improvement in profitability, with a net profit increase of 40.14% compared to the previous quarter, attributed to product price increases and cost benefits [11]. - The company is expected to experience a significant capacity release in 2024, with production capacity reaching 1.6 million tons by the end of 2023, supported by new production bases in Guangxi and Hubei [2][3]. Financial Summary - Revenue projections for 2024-2026 are 10.692 billion yuan, 12.830 billion yuan, and 14.755 billion yuan, with corresponding year-on-year growth rates of 25.0%, 20.0%, and 15.0% respectively [16]. - The net profit attributable to shareholders is forecasted to be 931 million yuan in 2024, 1.218 billion yuan in 2025, and 1.552 billion yuan in 2026, reflecting growth rates of 40.2%, 30.9%, and 27.4% respectively [16]. - The gross margin is expected to improve from 11.6% in 2023 to 16.0% in 2024, indicating enhanced profitability [16]. - The price-to-earnings (PE) ratio is projected to decrease from 19.2 in 2023 to 8.2 in 2026, suggesting a more attractive valuation over time [16].