Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12]. Core Views - The company reported a revenue of 29.136 billion yuan in 2023, a year-on-year increase of 2.48%, while the net profit attributable to shareholders was 5.651 billion yuan, a decline of 10.34% year-on-year [1][4]. - The decline in profits is attributed to falling prices of olefins and coke, but the company managed to stabilize overall performance by increasing production volume [1][5]. - The company is a leader in China's new coal chemical industry, with major operations in coal-to-olefins and coking, producing polyethylene, polypropylene, and coke [1][4]. - The company has expanded its coal production capacity by 1 million tons per year and increased olefin production capacity through new projects, which is expected to support future growth [1][5]. Financial Performance Summary - The company's gross margin for 2023 was 30.40%, a decrease of 2.47 percentage points year-on-year, while the net margin was 19.39%, down 2.78 percentage points year-on-year [4][5]. - In Q4 2023, the company achieved a revenue of 8.735 billion yuan, a year-on-year increase of 25.77%, and a net profit of 1.760 billion yuan, a year-on-year increase of 89.25% [4][5]. - The company expects earnings per share (EPS) of 1.08 yuan and 1.31 yuan for 2024 and 2025, respectively, with corresponding price-to-earnings (PE) ratios of 14.57 and 12.06 based on the closing price of 15.74 yuan on March 25, 2024 [5][6]. Market Data - As of March 25, 2024, the company's closing price was 15.74 yuan, with a market capitalization of 115.427 billion yuan [2]. - The company has a price-to-book (P/B) ratio of 3.00 and a net asset return (ROE) of 14.66% [2][4].

电气设备 分析师：唐俊男 宏观经济向好叠加国际市场需求回暖，关 登记编码：S0730519050003 注电气设备板块龙头企业 tangjn@ccnew.com 021-50586738 研究助理：王兴广 登记编码：S0730123120001 ——电气设备行业月报 w angxg1@ccnew.com 0371-65585753 证券研究报告-行业月报 同步大市(维持) 电气设备相对沪深300指数表现 发布日期：2024年03月26日 投资要点： 电气设备 沪深300 4% ⚫ 电气设备 2 月表现强于沪深 300 指数。2 月电气设备指数上涨 -1% -5% 10.15%，跑赢沪深300指数0.8个百分点。 -10% -15% ⚫ 宏观经济运行延续回升向好态势，起步平稳。1-2 月，全国规模以 -19% -24%2023.03 2023.07 2023.11 2024.03 上工业增加值同比增长7.0%；全国完成固定资产投资50847亿元， -28% 同比增长4.2%。 资 料来源：中原证券，聚源 ⚫ 工业生产延续去年增长态势，带动相关行业用电量较快增长。1-2 相关报告 月，全社会用电量 15316 亿 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 券商板块 2024 年 2 月回顾及 3 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03月25日 证券Ⅱ 沪深300 18%  券商板块 2024 年2 月行情回顾：2月券商指数出现明显企稳 12% 7% 回升。中信二级行业指数证券Ⅱ全月上涨7.01%，跑输沪深300 1% -4% 指数2.34个百分点。2月券商板块出现全面反弹，板块平均P/B -10% 的震荡区间为1.128-1.265倍。 -15% -21% 2023.03 2023.07 2023.11 2024.03  影响上市券商 2024 年2 月月度经营业绩的核心要素： 资料来源：中原证券，聚源 （1）权益快速反弹、固收再创新高，权益中性业务承压将导致上 市券商自营业务出现较强的不确定性。（2）日均成交量回升至去 相关报告 年下半年以来最高，但由于存在春节长假因素，行业经纪业务景 《证券Ⅱ行业月报：券商板块2024年1月 气度徘徊 ...

收盘价(元) 7.95 沪深 300 指数 3,545.00 流通市值(亿元) 29.89 每股净资产(元) 2.48 毛利率(%) 51.50 总股本/流通股(万股) 48,590.88/37,601.69 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 研究助理：石临源 登记编码：S0730123020007 shily@ccnew.com 0371-86537085 专用材料Ⅱ 投资要点： 联系人：马嶔琦 国际油价虽有起伏，但整体处于中高位运行，根据卓创资讯，2023 年原油平均价格在 77.6 美元/桶。在高油价的推动下，2023 年北美 月度活跃钻井平台数量均值达到 689 座，与 2022 年相比下降 32 座，但与 2021 年相比仍大幅增加 214 座。油气企业 2023 年也不 断扩产、增加资本支出。根据沙特阿美官网，沙特阿美 2023 年全 年资本开支 497 亿美元，同比增长 28.10%，资本支出规模大幅提 升。受益于北美活跃钻井平台数量保持高位和资本支出增加，2023 年油服行业持续高景气，带动超硬复合片产品需求增加 ...

其他化学制品Ⅱ 分析师：顾敏豪 业绩稳健增长，新项目为未来成长提供 登记编码：S0730512100001 助力 g umh00@ccnew.com 021-50586308 ——万华化学(600309)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2024-03-20) 发布日期：2024年03月21日 收盘价(元) 77.88 投资要点：公司公布 2023年年度报告，2023年公司实现营 一年内最高/最低(元) 98.13/67.70 业收入 1753.61亿元，同比增长5.92%。实现归属于上市公 沪深300指数 3,585.38 司股东的净利润 168.16亿元，同比增长 3.59%，扣非后的净 市净率(倍) 2.76 利润 164.39亿元，同比增长 4.06%，基本每股收益 5.36 流通市值(亿元) 2,445.23 元。公司同时公布了 23年度利润分配预案，拟每 10股派发 基础数据(2023-12-31) 现金红利 16.25元。 每股净资产(元) 28.24 每股经营现金流(元) 8.53 ⚫ 多项目产能投放推动产销提升，公司业绩小幅增长。公司 毛利率(%) 16.79 业务包 ...

食品饮料 分析师：刘冉 海外市场持续繁荣，国内市场仍待复苏 登记编码：S0730516010001 l iuran@ccnew.com 021-50586281 ——安琪酵母(600298)2023 年年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2024-03-20) 发布日期：2024年03月21日 收盘价(元) 29.50 投资要点： 一年内最高/最低(元) 41.75/29.50 ⚫ 公司发布2023年报：2023年，公司实现营收135.81亿元，同比增 沪深300指数 3,585.38 5.7%；实现归母扣非净利润11.04亿元，同比降0.9%。其中，第四 市净率(倍) 2.54 流通市值(亿元) 254.70 季度，公司实现收入39.28亿元，同比增1.8%；实现归母扣非净利 基础数据(2023-12-31) 润2.95亿元，同比降-3.8%。 每股净资产(元) 11.60 每股经营现金流(元) 1.52 ⚫ 海外市场好于国内市场。2023 年，国内、国外市场分别实现营收 毛利率(%) 24.19 87.61、47.86 亿元，分别同比增-1.20%、21.99%。考虑到 20231H ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - The company actively aligns with the national "Two Aircraft Special Project" policy to meet the domestic demand for engine localization, expanding from the mass production of compressor blades to the synchronous R&D and mass production of key components with engine manufacturers [3] - The domestic business of the company has been growing steadily in recent years, offsetting the decline in foreign demand during the pandemic [3] - The company has become a key supplier for the LEAP series of engines, holding over 50% of the low-pressure compressor blade supply market share, which is crucial for the domestically produced C919 aircraft [30][46] Summary by Sections Aerospace Industry - The company has developed advanced forging technology for compressor blades, which enhances engine efficiency and reduces temperature rise significantly [4][10] - The complexity of blade structures is increasing, necessitating new processing methods [6] - The company has made breakthroughs in the manufacturing technology of integral blades, casings, and turbine discs, establishing a reliable production line for these components [13][14] - The domestic compressor blade business is expected to be a key focus for the company over the next three years, with anticipated growth in revenue from this segment [15] Market Potential - China is the world's largest aviation equipment market, yet the domestic large aircraft industry is relatively underdeveloped, relying heavily on imports [29] - The company is well-positioned to benefit from the growth of the domestic aviation market, particularly with the anticipated increase in demand for the C919 aircraft and its engines [34][46] - The report predicts that by 2041, China's civil aviation fleet will reach 10,007 aircraft, representing a significant market opportunity for the company [37][40] Medical Orthopedics - The company has entered the orthopedic implant market, leveraging its advanced forging technology from the aerospace sector [53] - It is recognized as an important qualified supplier for major medical device manufacturers in the Asia-Pacific region [57] - The orthopedic implant market in China is expected to grow significantly, with a projected market size of 764.9 billion yuan by 2027 [71][72]

Investment Rating - The semiconductor industry maintains a "Strong Buy" rating, outperforming the market [2]. Core Insights - The semiconductor sector showed strong performance in February 2024, with a 19.66% increase in the domestic semiconductor index compared to a 9.35% rise in the CSI 300 index [2][10]. - Global semiconductor sales in January 2024 increased by 15.2% year-on-year, marking three consecutive months of growth, despite a 2.1% month-on-month decline [3][17]. - The demand for consumer electronics is gradually recovering, with expectations for significant growth in AI mobile and AI PC penetration rates [3][21]. Summary by Sections 1. Market Performance - The semiconductor sector outperformed the CSI 300 index in February 2024, with significant gains across various segments, including integrated circuits and semiconductor equipment [10][11]. - The Philadelphia Semiconductor Index rose by 10.94% in February, outperforming the Nasdaq 100, which increased by 5.29% [15]. 2. Sales and Demand Trends - January 2024 global semiconductor sales reached approximately $47.6 billion, with a year-on-year growth of 15.2% [17][19]. - The Chinese semiconductor market saw a 26.6% year-on-year increase in sales for January 2024, totaling $14.8 billion [19]. - The demand for AI-related products is expected to drive growth in the semiconductor market, particularly in DRAM and NAND Flash segments [21][22]. 3. Price Trends - The prices of DRAM and NAND Flash have shown a continuous upward trend, with some DDR4 prices rebounding over 20% and NAND Flash prices increasing by over 80% from October 2023 to February 2024 [6][3]. - The semiconductor industry is anticipated to be at the bottom of the current cycle, with signs of recovery in demand and pricing [3][6]. 4. Future Outlook - The global semiconductor market is projected to reach $588 billion in 2024, with a year-on-year growth of 13.1% [3]. - AI chip market size is expected to grow from approximately $45 billion in 2023 to $400 billion by 2027, with a compound annual growth rate exceeding 70% [4].

农林牧渔 分析师：张蔓梓 生猪产能调控政策优化，推动产能持 登记编码：S0730522110001 续去化 z hangmz@ccnew.com 13681931564 ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 盈利预测和投资评级 发布日期：2024年03月15日 公司简称 22EPS 23EPS 23PE 评级 投资要点： 牧原股份 2.49 0.79 47.09 增持 ⚫ 行情回顾：农林牧渔行业跑输对标指数。根据Wind数据统计， 圣农发展 0.33 1.43 14.88 增持 2024年2月，农林牧渔（中信）指数上涨6.76%，在中信一级 大北农 0.01 -0.07 / 增持 30个行业中排第17位；同期沪深300指数上涨9.35%，农林牧 秋乐种业 0.37 0.49 13.85 增持 渔跑输对标指数2.59pcts。从子行业来看，2月宠物食品板块涨幅 乖宝宠物 0.74 1.12 37.48 增持 居前；水产捕捞板块迎来回调，跌幅居前。 中宠股份 0.36 0.78 30.45 增持 ⚫ 生猪养殖：2024年2月全国生猪均价14.70元/kg，环比 佩蒂股份 0.51 0.3 ...

锂电池 分析师：牟国洪 销量短期回落，短期建议关注 登记编码：S0730513030002 mough@ccnew.com 021-50586980 ——锂电池行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2024年03月12日 投资要点：  2 月锂电池板块指数走势强于沪深 300 指数。2024 年 2 月，锂电 锂电池相对沪深300指数表现 池指数上涨11.37%，新能源汽车指数上涨15.20%，而同期沪深300 指数上涨9.27%，锂电池指数走势强于沪深300指数。  2月我国新能源汽车销售短期回落。2024年2月，我国新能源汽车 销售47.70万辆，同比下降9.13%，环比回落34.57%，2月月度销 量占比30.11%，主要受春节放假影响。2024年1月，我国动力电 池装机 32.30GWh，同比增长 100.21%，其中三元材料占比 39.01%；宁德时代、比亚迪和中创新航装机位居前三。 资 料来源：中原证券，Wind  部分上游原材料价格短期上涨。截止2024年3月11日，电池级碳 相关报告 酸锂价格为 11.10 万元/吨，较 2024 年 2 月初上涨14.43%；氢 ...