股 票 研 究 [Table_industryInfo] 环保 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 3le 1] [评Tab级le_：Inv est] 增持 上次评级: 增持 节能降碳行动方案印发，环保多细分领域受益 [细Ta分bl行e_业su评bI级nd ustry] 行 业 徐强(分析师) 邵潇(分析师) 于歆(分析师) 事 010-83939805 0755-23976520 021-38038345 件 xuqiang@gtjas.com shaoxiao@gtjas.com yuxin024466@gtjas.com 证书编号 S0880517040002 S0880517070004 S0880523050005 快 评 本报告导读： 国务院印发《2024-2025年节能降碳行动方案》，提出尽最大努力完成“十四五”节能 [相Ta关ble报_D告oc Report] 降碳约束性指标。环保烟气治理、垃圾焚烧、再生资源、碳监测等多细分受益。 环保《污染源扩容，催生多行业需求》 摘要： 2024.05.20 [事Ta件bl：e_国Su务mm院a印ry] ...

股 票 研 究 [Table_industryInfo] 石油与天然气 [ T able_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 3le 1] [评Tab级le_：Inv est] 增持 上次评级: 增持 节能降碳行动方案或优化石化行业集中度 [细Ta分bl行e_业su评bI级nd ustry] 行 ——《节能降碳行动方案》事件快评 业 孙羲昱(分析师) 杨思远(分析师) 陈浩越(研究助理) 事 021-38677369 021-38032022 021-38031035 件 sunxiyu@gtjas.com yangsiyuan026856@gtjas.co chenhaoyue028692@gtjas.co 快 证书编号 S0880517090003 mS0 880522080005 mS0 880123070130 评 本报告导读： 国务院印发《2024-2025年节能降碳行动方案》，将加速炼化行业集中度提升， [相Ta关ble报_D告oc Report] 推动行业提质增效。 石油与天然气《海内外油公司估值方法与 摘要： 红利策略探讨》 2024.02.21 [T ...

Investment Rating - The investment rating for the basic chemical industry is "Overweight" [1] Core Insights - The State Council's "2024-2025 Energy Conservation and Carbon Reduction Action Plan" has been released, with clear energy consumption targets. The plan aims to effectively adjust the supply side of high-energy-consuming industries such as coal chemical, industrial silicon, phosphorus chemical, and chlor-alkali, leading to an optimized industry structure [3] - In 2024, the energy consumption per unit of GDP is targeted to decrease by approximately 2.5%, and carbon dioxide emissions by about 3.9%. The energy consumption of large-scale industrial units is expected to drop by around 3.5%. The proportion of non-fossil energy consumption is projected to reach about 18.9%, with energy savings of approximately 50 million tons of standard coal and a reduction of carbon dioxide emissions by about 130 million tons in key sectors and industries [3] - High-energy-consuming industries may face effective supply-side adjustments due to strict control over new production capacities in sectors such as refining, calcium carbide, phosphate, and yellow phosphorus. The plan also emphasizes the need for a reasonable layout of new capacities in silicon, lithium, and magnesium industries [3] - The coal chemical industry is expected to improve as the plan emphasizes the clean and efficient use of coal, with stricter controls on coal consumption, particularly in non-electric uses. This may lead to an optimized industry structure, benefiting leading companies like Hualu Hengsheng [3] Summary by Related Categories Recommendations - The report recommends investing in leading companies in the coal chemical sector, such as Hualu Hengsheng, and in high-energy-consuming industries under rigid constraints, including industrial silicon leader Hoshine Silicon Industry and phosphorus chemical leader Xingfa Group. Beneficiaries also include Yuntianhua, Chuanheng Co., Hubei Yihua, and Xinjiang Tianye in the chlor-alkali sector [3] Company Performance Forecasts - Hualu Hengsheng: 2024E EPS of 2.18, 2025E EPS of 2.67, with a 2024E PE of 13.1 [5] - Hoshine Silicon Industry: 2024E EPS of 2.73, 2025E EPS of 3.13, with a 2024E PE of 19.2 [5] - Xingfa Group: 2024E EPS of 1.63, 2025E EPS of 2.00, with a 2024E PE of 13.5 [5]

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights that the company possesses a rare professional sports gene and industry-leading product capabilities. With 2024 being a significant year for sports, the launch of multiple technological platforms and new products is expected to drive revenue growth. The net profit forecasts for 2024-2026 are set at 3.38 billion, 3.75 billion, and 4.14 billion RMB, respectively, with the current stock price corresponding to PE ratios of 15, 13, and 12 times [6][8]. Summary by Sections Company Overview - The report discusses the launch of three industry-leading innovations at the "2024 Li Ning Technology Show," including the "Absolute Shadow 3," "Dragon Sparrow," and "Anti-Rain Double Permeable Nano Technology" [6]. Product Innovations - The "Absolute Shadow 3" is expected to be released soon, featuring three major upgrades that enhance rebound strength, energy efficiency, and stability. The "Dragon Sparrow" is positioned as the lightest marathon racing shoe in the industry, weighing under 89g for size 8.5, incorporating advanced lightweight materials [7]. Market Expectations - With the upcoming Paris Olympics in July 2024, the company plans to launch new products and marketing initiatives starting in Q2. The report anticipates that the second half of the year will see better revenue and same-store sales growth compared to the first half, driven by new product launches and marketing efforts [8]. Financial Projections - The financial summary indicates a steady increase in revenue from 14.457 billion RMB in 2020 to an expected 35.370 billion RMB in 2026, with a projected net profit growth from 4.011 billion RMB in 2022 to 4.144 billion RMB in 2026. The PE ratio is expected to decrease from 16 in 2023 to 12 in 2026 [9].

股 票 研 究 [Table_industryInfo] 钢铁 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 3le 0] [评Tab级le_：Inv est] 增持 上次评级： 增持 实施粗钢产量调控，成本压力将逐步缓解 [细Ta分bl行e_业su评bI级nd ustry] 行 ——钢铁行业更新报告 普碳钢 增持 业 李鹏飞(分析师) 魏雨迪(分析师) 王宏玉(分析师) 不锈钢 增持 更 010-83939783 021-38674763 021-38038343 特殊钢 增持 铁矿石 中性 新 lipengfei@gtjas.com weiyudi@gtjas.com wanghongyu@gtjas.com 钢管 增持 证书编号 S0880519080003 S0880520010002 S0880523060005 钢铁制品 中性 本报告导读： 国务院发布《2024—2025年节能降碳行动方案》，继续实施粗钢产量控制， 加快行业节能降碳改造，钢铁行业供给有效控制，成本压力或缓解。 摘要： [T abl维e_S持um“m增ar持y]” 评级。加快提高产业集中 ...

[Table_industryInfo] 传播文化业 [Table_Invest 评级： ] 增持 上次评级： 增持 陈筱(分析师) 杨昊(分析师) 021-38675863 021-38032025 chenxiao@gtjas.com yanghao029514@gtjas.com 证书编号 S0880515040003 S0880524020001 证 券 研 究 报 告 [Table_MainInfo] [Table_Title] 2024.05.28 落地条件初具，搜索与情感陪伴赛道崛起 ——国内大模型行业深度报告 [Table_subIndustry] 细分行业评级 本报告导读： 国产大模型能力已接近海外头部模型，随着价格竞争开始， AI 使用成本下降，应用 场景有望扩充，叠加语音、多模态突破在即，搜索、情感陪伴或率先走向成熟。 摘要： [Table_Summary] 持续看好国产大模型落地趋势中的应用场景投资机会。我们对后续 国产 AI 的发展保持信心，传媒行业有望受益：1）教育行业有望受益 于语音交互和多模态发展，受益标的世纪天鸿、皖新传媒、南方传媒、 鸿合科技；2）情感陪伴赛道同样有发展机会 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [8][22] - The target price is set at 38.10 CNY, unchanged from the previous forecast [8][22] Core Insights - The PSAI video generation function has been successfully launched, and the smart commercial photography business shows significant potential [22] - The company has completed the core algorithm filing for smart commercial photography, with the AIGC video generation function officially launched on May 23, 2024 [22] - The smart commercial photography market is expected to grow significantly, with a potential market space of 6 billion CNY in the clothing sector alone [22] - The company plans to continue expanding its user base by launching a personal app aimed at C-end users, which is currently in prototype development [22] Summary by Sections Company Overview - The company, ArcMuse, has accelerated the market promotion of its PSAI video generation function after completing the necessary filings [7][22] - The smart commercial photography platform aims to reduce video shooting time and costs for brand enterprises and e-commerce merchants [22] Business Development - The mobile business is developing steadily, and the intelligent driving business is expanding internationally [10][22] - The company has become a mainstream visual algorithm supplier for domestic automotive OEMs and has received EU certification for its products [10][22] Market Potential - The report highlights the significant market potential for smart commercial photography, particularly in the clothing sector, which constitutes a large portion of online retail [22] - The PSAI platform has been integrated into various e-commerce platforms, indicating a rapid acceleration in promotion [22]

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price raised to 60.94 yuan from the previous 54.22 yuan [2][3]. Core Views - The company is expected to benefit from the gradual start of offshore wind construction, with a full order book indicating strong demand. The offshore wind industry is experiencing a sustained upward trend, which is favorable for the company as a leading player in submarine cables [2][3]. Summary by Sections Investment Highlights - The report highlights that the company has a robust order backlog, with total orders amounting to 71.37 billion yuan as of April 25, 2024. This includes 25.80 billion yuan for submarine cable systems and 36.82 billion yuan for land cable systems [2][3]. - The offshore wind construction is gradually starting, and the company is well-positioned to capitalize on this growth due to its competitive advantages and strong order wins [2][3]. Financial Forecast - The report projects the company's earnings per share (EPS) for 2024 to be 1.93 yuan, with subsequent years showing growth to 2.77 yuan in 2025 and 3.40 yuan in 2026. The target price reflects a 22 times price-to-earnings (PE) ratio for 2025 [2][3]. - Revenue is expected to grow from 7,310 million yuan in 2023 to 9,200 million yuan in 2024, with a projected increase to 10,800 million yuan in 2025 [2][3]. Valuation Metrics - The report provides valuation metrics, indicating a PE ratio of 39.28 for 2022, decreasing to 33.07 in 2023, and further down to 24.93 in 2024. The report also notes an expected improvement in operating profit margins and return on equity [2][3].

股 票 研 究 [Table_industryInfo] 其他公用事业/公用事业 [ Table_Main[ 伟TIna 明fbole] 环 _T 保itle (] 6 03568) [评Tab级le_：Inv est] 增持 上次评级： 增持 在手订单充足，新材料业务积极推进 目标价格： 31.00 上次预测： 22.80 公 当前价格： 21.33 司 徐强(分析师) 邵潇(分析师) 于歆(分析师) 2024.05.29 更 010-83939805 0755-23976520 021-38038345 [交Ta易bl数e_据M arket] 新 xuqiang@gtjas.com shaoxiao@gtjas.com yuxin024466@gtjas.com 证书编号 S0880517040002 S0880517070004 S0880523050005 52周内股价区间（元） 14.93-22.18 报 总市值（百万元） 36,360 告 本报告导读： 总股本/流通A股（百万股） 1,705/1,694 流通B股/H股（百万股） 0/0 公司环保运营业务稳健，设备订单高增长，新能源业务顺利推进。 ...

股 票 研 究 [Table_industryInfo] 家居 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 9] [评Tab级le_：Inv est] 增持 上次评级： 增持 地产链家居龙头掌门人眼中的“危”与“机” [细Ta分bl行e_业su评bI级nd ustry] ——产业洞察 行 业 刘佳昆(分析师) 王佳(分析师) 毛宇翔(研究助理) 更 021-38038184 010-83939781 0755-23976668 新 liujiakun029641@gtjas.com wangjia025750@gtjas.com maoyuxiang029547@gtjas.co 证书编号 S0880524040004 S0880524010001 mS0 880124030007 本报告导读： 我们与企业掌门人深度沟通，认为企业在战略上积极布局成长性赛道，在渠道端推进 [相Ta关ble报_D告oc Report] 多元化扩张，有望凭借进取型策略实现稳健增长。 家居《短期扰动不改复苏向好趋势》 摘要： 2024.05.18 [T abl投e_资Su建mm ...