请阅读最后一页免责声明及信息披露 http://www.cindasc.com 33 负责本报告全部或部分内容的每一位分析师在此申明，本人具有证券投资咨询执业资格，并在中国证券业协会注册登记为证券分 析师，以勤勉的职业态度，独立、客观地出具本报告；本报告所表述的所有观点准确反映了分析师本人的研究观点；本人薪酬的 任何组成部分不曾与，不与，也将不会与本报告中的具体分析意见或观点直接或间接相关。 信达证券股份有限公司(以下简称"信达证券")具有中国证监会批复的证券投资咨询业务资格。本报告由信达证券制作并发布。 本报告是针对与信达证券签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与 义务均有严格约定。本报告仅提供给上述特定客户，并不面向公众发布。信达证券不会因接收人收到本报告而视其为本公司的当 然客户。客户应当认识到有关本报告的电话、短信、邮件提示仅为研究观点的简要沟通，对本报告的参考使用须以本报告的完整 版本为准。 本报告是基于信达证券认为可靠的已公开信息编制，但信达证券不保证所载信息的准确性和完整性。本报告所载的意见、评估及 预测仅为本报告最初出具日的观点和判断，本报告 ...

Research and Development Center [Table_ReportDate] 2024 年 12 月 26 日 | --- | --- | --- | |-------------------|-------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 Research and Development Center 油气开发由陆向海， 产业投资前景广阔 2024 年 12 月 26 日 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com [Table_ReportTime] 2022 年 8 月 3 日 [胡晓艺 Table_FirstA 石化行业分析师 uthor] 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Title] 油气开发由陆向海，产业投资前景广阔 | --- | --- | |--------------------------------------------------------------------------------------------------------------|------------ ...

图 13：六氟磷酸锂名义产能利用率预测（万吨，%） 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3E 24Q4E 25Q1E 25Q2E 25Q3E 25Q4E 季度名义产能 需求 名义产能利用率 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 13 图 18：钠电池单 wh 成本走势测算 资料来源: 生意社，聚展网，信达证券研发中心测算 0.630.6 0.38 0.38 0.45 0.76 0.71 0.6 0.45 0.4 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 2022 2023E 2024E 2025E 2026E 磷酸铁锂 钠离子 资料来源：ifind，信达证券研发中心,注：标*公司盈利预测数据来自信达电新团队，股价为 2024 年 12 月 24 日收盘价 分析师声明 证券市场是一个风险无时不在的市场。投资 ...

图38:中远海能外贸油运分业务毛利率 50% 40% 30% 20% •中远海能外贸油运业务毛利率 外贸原油航运 10% 外贸成品油航运 0% 外贸油品船租赁 -10% -20% -30% 2022 2018 2019 2020 2021 2023 2024H1 资料来源：公司公告，信达证券研发中心 图39:中远海能外贸沟运毛利润与偏移 50 日后的 BDTI TD3C 航线等效期租租金走势一致 20 6 5 15 10 亿 = 中远海能外贸油运毛利润 5 元 0 -BDTI TD3C航线等效期租租金 (向后偏移50日，右轴) -5 -1 -10 -2 资料来源:公司公告,Clarksons,信达证券研发中心 三、其他业务：周期性偏弱，业务结构趋于多元化 ⚫ 统筹集团 LPG、化学品运输业务，完善业务结构。2024 年 10 月，公司公告计 划新设全资子公司 LPG 公司，并以合计对价 12.61 亿元向大连投资、上海中远 海运收购相关资产，本次交易完成后，公司将实现对控股股东中远海运集团内 部能源化工品物流供应链整合，引入拥有 14 艘 LPG 船（含 2 艘在建）和 10 艘化学品船（含 3 艘期租）的危 ...

[Table_Introduction] 研究团队简介 曹馨茗，本科毕业于中央财经大学，硕士毕业于圣路易斯华盛顿大学。曾就职于保险资 管、国盛证券研究所，有 3 年左右行业研究经验，跟随团队在新财富、金麒麟、水晶球 等评选中获得佳绩。2024 年加入信达证券研究开发中心。 信达证券股份有限公司(以下简称"信达证券")具有中国证监会批复的证券投资咨询业务资格。本报告由信达证券制作并发布。 如未经信达证券授权，私自转载或者转发本报告，所引起的一切后果及法律责任由私自转载或转发者承担。信达证券将保留随时追 究其法律责任的权利。 姜文镪，新消费研究中心总经理，上海交通大学硕士，第一作者发表多篇 SCI+EI 论文， 曾就职于浙商证券、国盛证券，任职团队曾多次上榜新财富最佳分析师，带领团队获 2023 年水晶球评选第四名、2024 年金麒麟最佳分析师第四名。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 4 免责声明 在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到客户特殊的投资目标、财务状况或需 求。客户应考虑本报告中的任何意见或建议是否符合其特定状 ...

Investment Rating - The report assigns an investment rating to Conant Optical (2276 HK) [5] Core Viewpoints - Conant Optical has entered into a placement agreement with a strategic shareholder, Goertek, to accelerate breakthroughs in smart glasses [5] - The company plans to use the proceeds from the placement for R&D, design, and manufacturing of lenses and visual solutions for smart glasses and XR head-mounted devices [5] - Conant Optical has acquired a second piece of land in Thailand for building production lines for XR product lenses [5] - The company has made progress in R&D projects with leading global tech and consumer electronics companies, receiving payments for R&D fees and small trial orders [5] - Conant Optical is focusing on international head clients for smart glasses, with a significant emphasis on the domestic market through collaborations with major smartphone manufacturers [5] - The company's high-end product proportion is increasing, with its own brand growing rapidly and production capacity in Thailand steadily expanding [5] - Conant Optical's standardized lenses have a gross margin of over 30%, while customized lenses have a gross margin of about 60%, with overall gross margin expected to continue optimizing [5] - The company's lens products are exported globally, with nearly 70% of revenue coming from overseas markets [5] - Conant Optical's own brand revenue is expected to account for over 50% of total revenue, with rapid expansion anticipated in the domestic market [5] Financial Projections - The report forecasts Conant Optical's net profit attributable to the parent company to be 430 million, 540 million, and 660 million yuan for 2024, 2025, and 2026, respectively [5] - The corresponding P/E ratios are projected to be 19 1X, 15 2X, and 12 5X for the same periods [5] - Revenue growth is expected to be 18% YoY for 2024, 2025, and 2026 [6] - Net profit growth is projected at 31%, 25%, and 22% YoY for 2024, 2025, and 2026, respectively [6] - EPS is forecasted to be 0 77, 1 01, 1 26, and 1 54 yuan for 2023, 2024, 2025, and 2026, respectively [6] - The P/E ratios are expected to be 8 44, 19 05, 15 19, and 12 47 for 2023, 2024, 2025, and 2026, respectively [6] - The P/B ratios are projected to be 1 99, 4 85, 3 68, and 2 84 for the same periods [6] Financial Ratios - The gross margin is expected to increase from 37 40% in 2023 to 40 72% in 2026 [15] - The net profit margin is forecasted to rise from 18 58% in 2023 to 22 58% in 2026 [15] - ROE is projected to be 23 44%, 25 44%, 24 20%, and 22 77% for 2023, 2024, 2025, and 2026, respectively [15] - ROIC is expected to be 20 96%, 22 87%, 22 30%, and 21 37% for the same periods [15] - The asset-liability ratio is forecasted to decrease from 29 70% in 2023 to 21 55% in 2026 [15] - The net debt ratio is projected to improve from -8 98% in 2023 to -30 42% in 2026 [15] - The current ratio is expected to increase from 3 28 in 2023 to 4 57 in 2026 [15] - The quick ratio is forecasted to rise from 2 15 in 2023 to 3 38 in 2026 [15]

图 6：当前 GDP 每增长 1 个百分点，可拉动约 250 万人就业 资料来源: iFind，信达证券研发中心 237 253 0 50 100 150 200 250 300 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 万人 GDP增长1个百分点拉动就业人数 40 三、向消费和基建要增长动力 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|---------------------------------------------------------|--------|---------------|----------|----------|----------|------------------------------------|----------|-----------------|-------|------------------------------------- ...

信达证 Research and Development Center 建议关注国企改革、科研产业链、创新药械主题 [Table_Industry] 医药生物行业周报 [Table_ReportDate] 2024 年 12 月 23 日 | --- | --- | |----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Research and Development Center [Table_Industry] 轻工制造 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...