股 票 研 究 [Table_industryInfo] 汽车 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 2] [评Tab级le_：Inv est] 增持 上次评级: 增持 静待乘用车销量复苏，大排量摩托出口继续高增 [细Ta分bl行e_业su评bI级nd ustry] 行 ——汽车行业周报（2024.5.6-5.10） 业 吴晓飞(分析师) 管正月(分析师) 周逸洲(研究助理) 周 0755-23976003 021-38032026 010-83939811 报 wuxiaofei@gtjas.com guanzhengyue@gtjas.com zhouyizhou028696@gtjas.co 证书编号 S0880517080003 S0880521030003 mS0 880123070150 本报告导读： 4月由于消费者观望情绪较浓乘用车销量同比小幅负增长，随着以旧换新政策落地实 [相Ta关ble报_D告oc Report] 施终端走出观望期，预计5月起乘用车逐步复苏。 《政策落地实施，静待乘用车销量增长提 摘要： 速》2024.05.05 ...

股 票 研 究 [Table_industryInfo] 食品加工 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 2] [评Tab级le_：Inv est] 增持 啤酒饮料景气向上，政策及流动性催化 [细Ta分bl行e_业su评bI级nd ustry] 行 ——食品饮料行业周度更新 业 訾猛(分析师) 姚世佳(分析师) 周 021-38676442 021-38676912 报 zimeng@gtjas.com yaoshijia@gtjas.com 证书编号 S0880513120002 S0880520070001 本报告导读： 啤酒、饮料2Q24景气向上，白酒政策及资金流动性催化，食饮板块整体估值修复。 [相Ta关ble报_D告oc Report] 现金流稳定和分红率提升背景下，股东回报增强，泛稳定资产价值凸显。 摘要： [T abl投e_资Su建mm议a：ry]1 ）白酒建议增持：动销稳健标的山西汾酒、迎驾贡酒、 古井贡酒、贵州茅台；超跌低估值五粮液、泸州老窖、今世缘、老白 干酒、港股珍酒李渡。2）啤酒及饮料建议增持：青岛啤酒、燕京啤 酒、东鹏饮料 ...

股 票 研 究 [Table_industryInfo] 贵金属 [ Table_Main[2TI 0na2fbo 4le] . _0T5i.t1le2] [评Tab级le_：Inv est] 增持 上次评级： 增持 软着陆难度加大，金价主升延续 行 ——贵金属周报 业 于嘉懿(分析师) 刘小华(分析师) 更 021-38038404 021-38038434 新 yujiayi@gtjas.com liuxiaohua027843@gtjas.com 证书编号 S0880522080001 S0880523120003 [Table_DocRepo相rt关] 报告 本报告导读： 贵金属《预期反复，不改黄金长牛》 美国至5月4日当周初请失业金人数超预期上升，叠加其4月疲软的就业数据，显示 2024.05.04 劳动力市场降温，且美国消费市场呈现松动迹象，强化了市场的降息预期。然美国通 胀粘性仍强，经济软着陆难度增大，此背景下，贵金属将有亮眼表现。同时，全球地 缘政治格局动荡，中东局势紧张，俄乌冲突持续，避险情绪将助推金价上行。 0510收盘价 周涨跌 摘要： （元/克，元/千克 金属品类 [T abl周e_ ...

股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|-------------------------------------------------------------------------------------------|--------------------------|--------------------------------------------------|--------------------------|------------------|---------------------------------------------|------------------|--------------------------| | [Table_MainInfo] [Table_Title] 博士眼镜 \n | (300622) | | | [Table_industryInfo] ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------|---------------------|------------------------------------------|--------------------|-----------|----------------------------------------------------------------------------|---------------------------------|--------------------------------------|------------|---------------| | [Table_MainInfo] [Table_Title] \n莱伯泰科 | (688056) | | | | [Table_industry ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported Q1 2024 revenue of 166 million RMB, a year-on-year decrease of 12.4%, with a gross margin of 85.4%, up by 8.1 percentage points due to improved production efficiency and reduced costs. The net loss was 146 million RMB, an increase of 132 million RMB year-on-year, primarily due to foreign exchange losses and R&D expenses. The company has a strong cash reserve of approximately 8.2 billion RMB, sufficient for further commercialization progress. Revenue forecasts for 2024-2026 are maintained at 948 million, 1.248 billion, and 1.7 billion RMB respectively [2][6]. Summary by Sections Revenue and Growth - The sales of the drug Aobutini reached 164 million RMB in Q1 2024, representing a 9% year-on-year growth. The drug is the only one approved in China for treating r/r MZL and is included in the 2024 CSCO lymphoma guidelines as a first-line treatment recommendation. NDA submissions for multiple indications are expected in 2024, including CLL/SLL in China and r/r MCL in the US [2][6]. R&D Progress - R&D expenses for Q1 2024 were 178 million RMB, an increase of 26.1%. The company is making significant progress in its R&D pipeline, with several key developments expected in 2024, including BLA submission for Tafasitamab and various clinical trials for other treatments [2][6]. Financial Performance - The company’s financial summary shows a significant decrease in net profit from -887 million RMB in 2022 to -631 million RMB in 2023, with projections for further losses in the coming years. However, the gross profit is expected to increase steadily, reflecting the company's potential for recovery and growth [6].

Investment Rating - The report maintains an "Overweight" rating for the coal industry [1][2] Core Viewpoints - The downward risk for coal prices in 2024 has been released, confirming a mid-term price bottom at 800 RMB/ton after a second bottoming out [2][6] - The coal sector is undergoing a valuation reshaping, reflecting profound supply-demand structural changes and a shift towards a "utility-like" model, alongside a preference for high-dividend assets in a low-risk yield environment [2][6] - The report recommends leading companies with high profitability and stability, including Shaanxi Coal and China Shenhua, as well as companies benefiting from coal-electricity integration and long-term coal contracts [2][6] Summary by Sections 1. Investment Overview - The coal market in 2023 remained highly prosperous, with a tight balance continuing; the mid-term price bottom is becoming clearer at over 800 RMB/ton [6][8] - In Q1 2024, coal prices experienced a second bottoming, with both coking coal and thermal coal prices remaining above the lowest points of 2023, validating the price bottom [6][8] 2. Industry Review - In 2023, the overall coal supply and demand maintained high prosperity, with a 2.9% increase in coal production to 4.66 billion tons [13][15] - The first quarter of 2024 saw a 4.1% decline in coal production, indicating a shift from "increased production to ensure supply" to "steady production to ensure supply" [13][17] 3. Performance Analysis - The coal industry saw a decline in overall profitability in 2023, with total revenue reaching 3.5 trillion RMB, down 13.1% year-on-year, and total profit down 25.3% [26][30] - In Q1 2024, the industry experienced a significant decline in revenue and profit, with total revenue at 770.36 billion RMB, down 18.5% year-on-year, and total profit at 152.69 billion RMB, down 33.5% [27][30] 4. Future Outlook - The report anticipates a more optimistic demand outlook in H2 2024, driven by infrastructure investments and a potential recovery in real estate expectations [6][28] - The coal price bottom has been confirmed, and while Q2 prices may still decline, the year-on-year drop is expected to narrow to around 10% [28][30]

股 票 研 究 [Table_industryInfo] 公用事业 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 5] [评Tab级le_：Inv est] 增持 上次评级： 增持 理解电能需求：超额增速势难挡 [细Ta分bl行e_业su评bI级nd ustry] 电力专题系列报告（十三） 行 业 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 深 021-38031730 021-38038670 021-38031030 度 yuhongguang025906@gtjas.c sunhuixian026739@gtjas.co wangyue028681@gtjas.com 研 证书编号 oSm08 80522020001 mS0 880122070052 S0880123070143 究 本报告导读： 受益于新兴高能耗产业崛起叠加电气化水平提升，我国电力消费弹性有望维持高位， [相Ta关ble报_D告oc Report] 用电量增长或将长期高于经济增速。 公用事业《涨价预期渐起，再提示公共事 摘要： 业投资机会》 2024.05.13 [T ...

股票研 究 行业更新 证券研究报 告 2024.05.15 插混驱动新能源乘用车销量稳步增长 --新能源乘用车2024年4月销量点评报告 吴晓飞(分析师) 郁研(研究助理) 0755-23976003 021-38031026 网 wuxiaofei@gtjas.com yuyan028679@gtjas.com 证书编号S0880517080003 S0880123070140 本报告导读： 摘要： 维持行业增持评级，以旧换新政策有望持续促进新能源乘用车销量 增长。随着以旧换新政策落地实施，终端消费者将逐步走出观望期， 预计5月起新能源乘用车销量有望加速增长。整车推荐标的长安汽 车、江淮汽车、比亚迪、长城汽车、理想汽车：高景气度新能源化主 线，推荐标的无锡振华、瑞鸽模具、沪光股份、拓普集团、双环传动、 新泉股份、爱柯迪、常青股份、华域汽车、多利科技、银轮股份：智 能化主线，推荐标的德赛西威、科博达、华阳集团、星宇股份、华依 科技、保隆科技。 4月新能源乘用车批发及零售销量均实现同比增长。2024年4月 新能源乘用车批发销量78.5万辆，同比+30.0%，环比-3.7%，1-4月 累计批发272.4万辆，累计 ...

Investment Rating - The investment rating for Yanjing Beer is maintained at "Buy" with a target price of 12.30 CNY [1][4]. Core Views - The core view highlights that the major product, Yanjing U8, continues to perform strongly, achieving a year-on-year sales growth of over 36% in 2023. The company is expected to solidify its market presence in the Beijing-Tianjin-Hebei region and expand into county-level markets nationwide, which is anticipated to sustain high growth rates [4][5]. - The report emphasizes ongoing improvements in operational efficiency and profitability across subsidiaries, driven by organizational restructuring and enhanced management practices. This is expected to yield balanced improvements across all subsidiaries [5][6]. - The upcoming peak season is projected to catalyze sales growth, with expectations for gradual price and volume increases in subsequent quarters, indicating a positive trend in market conditions [6]. Summary by Sections Investment Recommendations - The report maintains a "Buy" rating and forecasts EPS for 2024-2026 at 0.33, 0.43, and 0.53 CNY, respectively [4]. Financial Performance - The company reported a revenue of 14,213 million CNY in 2023, with a projected increase to 15,272 million CNY in 2024. The net profit for 2023 was 645 million CNY, expected to rise to 925 million CNY in 2024 [3][4]. - The operating profit margin is projected to improve from 5.6% in 2023 to 8.1% in 2024, reflecting enhanced operational efficiency [3]. Market Position - Yanjing Beer is recognized as one of the largest beer producers in China, with significant market share and a strong brand presence. The company is focusing on product innovation and market expansion to maintain its competitive edge [2][4]. Operational Improvements - The report notes significant enhancements in labor productivity and profitability across subsidiaries, with a focus on optimizing production processes and supply chain management [5][6]. Future Outlook - The company is expected to benefit from a favorable market environment as it enters the peak sales season, with anticipated improvements in both sales volume and pricing strategies [6].