Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [16]. Core Insights - The company achieved a revenue of 10.125 billion yuan in 2023, representing a year-on-year growth of 21.55%. However, it reported a net loss attributable to shareholders of 828 million yuan, a significant decline of 1237.15% compared to the previous year [2][3]. - In Q1 2024, the company experienced a remarkable revenue increase of 200.54% year-on-year, reaching 4.453 billion yuan, with a net profit of 384 million yuan, marking a year-on-year growth of 236.93% [2][3]. - The demand for storage driven by AI technology is expected to significantly boost the storage market in 2024, with a projected market size increase of 45% to 129.8 billion USD [4][8]. Summary by Sections Market Data - Closing price: 98.36 yuan - Market capitalization: 111.01 billion yuan - Price-to-book ratio: 6.26 [1]. Financial Performance - 2023 revenue: 10.125 billion yuan, up 21.55% year-on-year - 2023 net profit: -828 million yuan, down 1237.15% year-on-year - Q1 2024 revenue: 4.453 billion yuan, up 200.54% year-on-year - Q1 2024 net profit: 384 million yuan, up 236.93% year-on-year [2][3]. Growth Drivers - The company is benefiting from a recovery in demand for storage in key markets such as smartphones, PCs, and servers, leading to improved profitability and a gross margin of 24.39% in Q1 2024, up from 23.12% year-on-year [3]. - The company is expanding its product lines into enterprise-level and automotive-grade markets, which are expected to drive future growth [8]. Competitive Position - The company holds a strong competitive position with a diversified product portfolio, including embedded storage, solid-state drives, and memory modules, and is well-positioned to benefit from the domestic substitution trend in the storage market [4][7][8].

稀有金属 分析师：李泽森 登记编码：S0730523080001 重点项目有序推进，公司业绩再创新高 l izs1@ccnew.com 021-50586702 ——金钼股份(601958)公司点评报告 证券研究报告-公司点评报告 增持(维持) 市场数据(2024-04-24) 发布日期：2024年04月25日 收盘价(元) 11.94 事件：公司发布2023年年报，2023年，公司实现营业收入115.31 一年内最高/最低(元) 12.06/8.46 亿元，同比增长20.99%；实现归母净利润30.99亿元，同比增长 沪深300指数 3,521.62 132.19%；实现扣非归母净利润29.58亿元，同比增长125.26%。 市净率(倍) 2.52 投资要点： 流通市值(亿元) 385.26 ⚫ 2023年公司经营业绩再创同期最佳水平，并充分重视对投资者的 基础数据(2023-12-31) 合理投资回报。2023年钼价年底收涨但年中波动剧烈，根据安泰 每股净资产(元) 4.75 科数据，2023年1-12月国内45%钼精矿均价3852元/吨度，同 每股经营现金流(元) 1.08 比上涨37.55%；2023 ...

机械 分析师：刘智 工业机器人产业链分析及河南省产业概 登记编码：S0730520110001 况 l iuzhi@ccnew.com 021-50586775 ——机械行业专题研究 证券研究报告-行业专题研究 同步大市(维持) 机械相对沪深300指数表现 发布日期：2024年04月25日 投资要点： 机械 沪深300 11% ⚫ 一、我国工业机器人产业概况 5% 0% -5% 我国高度重视机器人产业，推行了一系列政策推动机器人产业发展。十四 -11% 五规划提出到 2025 年制造业机器人密度翻番。机器人产业链主要由上游 -16% -21% 核心零部件、中游机器人整机制造、下游机器人系统集成应用构成。我国 -27%2023.04 2023.08 2023.12 2024.04 已经成为全球最大的工业机器人市场，2022年工业机器人装机量29.03万 资 料来源：中原证券，聚源 台，占全球比例为52.5%，主要应用在汽车、电子、金属机械加工等行业。 相关报告 ⚫ 二、我国工业机器人产业竞争格局及国产重点企业 《机械行业月报：关注大规模设备更新受益设 备板块龙头》 2024-03-28 我国机器人产业经过多年的 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [6][18]. Core Insights - The company achieved a revenue of 14.63 billion yuan in 2023, a year-on-year increase of 4.66%, and a net profit of 3.56 billion yuan, reflecting a significant year-on-year increase of 90.73% [4][6]. - The membership business is accelerating, with the effective membership scale reaching 66.53 million by the end of 2023, a growth of approximately 12.46% year-on-year, and membership revenue increasing by 10.23% to 4.31 billion yuan [5][6]. - The advertising business is showing signs of recovery, with a revenue of 3.53 billion yuan in 2023, although it still represents a decline of 11.57% year-on-year [5][6]. - The company has adopted a "four-platform" model, integrating Mango TV, Hunan TV, Golden Eagle Cartoon, and Xiaomang E-commerce, enhancing business synergy and resource integration [6][5]. Summary by Sections Financial Performance - In 2023, the company reported an operating income of 146.28 billion yuan, a net profit of 35.56 billion yuan, and a non-recurring profit of 18.60 billion yuan due to tax policy changes [4][6]. - The first quarter of 2024 saw an operating income of 33.24 billion yuan, a year-on-year increase of 7.21%, but a net profit decrease of 13.85% [4][6]. Business Segments - The company launched over 100 variety shows in 2023, with a 31% increase in effective playback volume year-on-year, maintaining its industry-leading position [5][6]. - The film and television segment saw a 46% increase in effective playback volume, with over 80 films and 100 micro-dramas in reserve for 2024 [5][6]. Future Outlook - The company expects EPS of 1.03 yuan, 1.14 yuan, and 1.22 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 21.37, 19.26, and 18.02 [6][7]. - The advertising market is projected to grow, with the company positioned to benefit from its content output and integrated platform advantages [5][6].

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 券商板块 2024 年 3 月回顾及 4 月前瞻 z hangyang-yjs@ccnew.com 021-50586627 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深300指数表现 发布日期：2024年04月24日 证券Ⅱ 沪深300 20%  券商板块 2024 年3 月行情回顾：3月券商指数再度明显转 14% 8% 弱。中信二级行业指数证券Ⅱ全月下跌6.14%，跑输沪深300指 3% -3% 数6.75个百分点。3月券商板块再度呈现全面下跌，且个股的跌 -9% 幅普遍较为明显，板块平均P/B的震荡区间为1.268-1.348倍。 -14% -20% 2023.04 2023.08 2023.12 2024.04  影响上市券商 2024 年3 月月度经营业绩的核心要素： 资料来源：中原证券，聚源 （1）权益横向盘整、固收高位震荡，固收自营的下滑将抑制整体 投资收益回升的空间。（2）日均成交量重返万亿大关，交易日环 相关报告 比增多，经纪业务景气度大幅回升。（3）两融余额企稳回升，对 《证券Ⅱ行业月报：券商板 ...

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a potential increase in stock price relative to the market index [2][4]. Core Insights - The company has achieved continuous revenue growth for five consecutive years, with a 13.51% year-on-year increase in revenue for 2023, reaching 17.061 billion yuan [2][4]. - The acceleration of ultra-high voltage engineering construction has significantly boosted demand for both primary and secondary equipment, contributing to the company's growth [2][4]. - The company is positioned to benefit from the rapid development of the renewable energy sector, with expectations for continued high growth in its renewable energy business [4][4]. Summary by Relevant Sections Financial Performance - In 2023, the company reported a net profit of 1.005 billion yuan, reflecting a year-on-year growth of 28.03% [2][4]. - The company's operating cash flow per share reached 2.70 yuan, indicating strong cash generation capabilities [2][4]. - The gross profit margin for the company stood at 18.00% [2][4]. Business Segments - The renewable energy segment saw revenue growth of 42% in 2023, reaching 3.941 billion yuan, driven by increased installations of wind and solar power [4][4]. - The smart meter business is expected to grow steadily, with the company holding the largest market share in the national grid's procurement rankings [4][4]. - International revenue increased significantly by 98% in 2023, with the company expanding its presence in markets such as the Middle East, Europe, and South America [4][4]. Future Outlook - The company anticipates continued high growth in its renewable energy business, supported by the ongoing expansion of renewable energy installations [4][4]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.183 billion yuan, 1.454 billion yuan, and 1.795 billion yuan, respectively, with corresponding earnings per share of 1.16 yuan, 1.43 yuan, and 1.76 yuan [4][4].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, considering its reasonable valuation and development prospects, with expected EPS of 2.38 and 3.00 yuan for 2024 and 2025 respectively, leading to PE ratios of 14.34 and 11.39 [2][10]. Core Insights - The company has achieved a revenue of 972 million yuan in 2023, representing a year-on-year growth of 13.87%. However, the net profit attributable to shareholders decreased by 22.65% to 153 million yuan [10][18]. - The company is focusing on diversifying its business layout, with significant progress in new products and projects, particularly in molecular sieve applications in energy, petrochemicals, and environmental governance [10][17]. - The company has successfully supplied molecular sieves for major projects, including the world's second-largest natural gas project, enhancing its market position [10][17]. Financial Performance Summary - The company reported a net profit of 198 million yuan in 2022, which decreased to 153 million yuan in 2023, with a projected recovery to 198 million yuan in 2024 [5][18]. - Operating cash flow is expected to improve significantly from -98 million yuan in 2023 to 247 million yuan in 2024, indicating a positive trend in cash generation [5][18]. - The company's revenue is projected to grow to 1.16 billion yuan in 2024, with a growth rate of 19.67% [18][21]. Business Development - The company is actively expanding its international market presence, with a notable increase in orders from Europe and Southeast Asia, particularly in the methane purification sector [17]. - New product sales in 2023 reached approximately 24 million yuan, with significant contributions from automotive brake systems and air suspension systems [10][17]. - The company is enhancing its R&D efforts to develop innovative products that address market needs, which is expected to drive future growth [10][17].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][3] Core Views - The company achieved a revenue of 426.69 billion yuan in 2023, a year-on-year decrease of 11.96%, and a net profit attributable to shareholders of 39.56 billion yuan, down 13.41% year-on-year [2][3] - The company is expected to see a gradual recovery in performance due to successful project launches and ongoing upgrades in the industrial chain [2][3] - The projected revenues for 2024 and 2025 are adjusted to 476.11 billion yuan and 502.31 billion yuan, respectively, with net profits of 42.78 billion yuan and 46.10 billion yuan [3][4] Financial Performance Summary - In 2023, the company produced 239.95 million tons of primary aluminum and 142.83 million tons of alumina, with a gross profit margin of 15.81% [2][3] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.23 yuan, 1.33 yuan, and 1.41 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 11.09, 10.29, and 9.69 [3][4] - The company’s operating cash flow for 2023 was 5.87 billion yuan, with a forecasted increase to 8.375 billion yuan in 2024 [9] Production and Operational Insights - The company has successfully launched key projects, including the digital twin factory and smart aluminum plant, which have improved operational efficiency [2][3] - The company plans to produce approximately 140 million tons of alumina and 270 million tons of electrolytic aluminum in 2024, alongside 126 million tons of aluminum alloys and 80 million tons of carbon products [2][3] Market Position and Outlook - The report indicates that with the stabilization of aluminum prices and recovery in downstream demand, the company's performance is expected to improve [3][4] - The company is focusing on enhancing its green energy initiatives, including the construction of photovoltaic projects to secure green power supply [2][3]

电源设备 分析师：唐俊男 Q4 业绩有所承压，TOPCon 领先地位明 登记编码：S0730519050003 显 t angjn@ccnew.com 021-50586738 ——晶科能源(688223)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-23) 发布日期：2024年04月24日 收盘价(元) 7.50 事件： 一年内最高/最低(元) 14.21/7.49 公司发布2023年年报：实现营业总收入1186.82亿元，同比增长 沪深300指数 3,506.22 43.55%，归属于上市公司股东的净利润74.40亿元，同比增长 市净率(倍) 2.25 153.20%；经营活动产生的现金流量净额248.16亿元，同比增长 流通市值(亿元) 750.39 507.62%；加权平均净资产收益率24.19%，同比提升12.15个百分点。 基础数据(2023-12-31) 点评： 每股净资产(元) 3.33 每股经营现金流(元) 2.48 ⚫ 全年业绩创新高，四季度盈利有所承压。2023年，公司全年营业 毛利率(%) 14.04 收入和净利润取得大幅增长，主要得益于光伏行业旺盛的市场需 ...

分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 业绩短期承压，一季度出货增长 | --- | --- | --- | --- | |----------------------------------------|-----------------------------------------------------------------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...