Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [28]. Core Views - The domestic demand for construction machinery is expected to recover due to equipment upgrades, while overseas business continues to grow [6][13]. - The company achieved a revenue of 74.02 billion yuan in 2023, a decrease of 8.44% year-on-year, but the net profit attributable to shareholders increased by 5.33% to 4.53 billion yuan [6][7]. - The company's international sales revenue reached 43.26 billion yuan, a year-on-year increase of 18.28%, accounting for 60.48% of total revenue [10][11]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 740.19 billion yuan, with a net profit of 45.27 billion yuan, and a non-recurring net profit of 43.88 billion yuan, showing a significant growth of 40.35% [6][7]. - For Q1 2024, the company generated a revenue of 178.30 billion yuan, a slight decline of 0.95% year-on-year, while the net profit increased by 4.21% to 15.80 billion yuan [12]. Business Segments - The excavator segment saw a revenue of 276.36 billion yuan, down 22.71%, but maintained its position as the market leader for 13 consecutive years [7]. - Concrete machinery revenue was 153.15 billion yuan, up 1.55%, with electric mixer truck sales increasing by 47% [7]. - The crane segment generated 130 billion yuan, with overseas growth exceeding 50% [7]. Strategic Initiatives - The company is actively promoting its "New Three Transformations" strategy, achieving significant results in globalization, digitalization, and low-carbon initiatives [8]. - The international market has shown strong growth, with sales covering over 180 countries and regions, particularly in Europe and the Americas [10]. Profitability and Margins - The company's gross margin improved to 27.71%, an increase of 3.69 percentage points year-on-year, driven by higher margins in international business [11]. - The net profit margin also increased to 6.29%, reflecting improved profitability across various business segments [11]. Future Outlook - The construction machinery industry is expected to reach a turning point, driven by large-scale equipment upgrades and supportive government policies [13]. - The company is well-positioned to benefit from the recovery in domestic demand and continued international expansion [15].

有色金属 分析师：李泽森 美联储继续维持利率不变，金属价格普遍 登记编码：S0730523080001 上涨 l izs1@ccnew.com 021-50586702 ——有色金属行业月报 证券研究报告-行业月报 同步大市(维持) 有色金属相对沪深300指数表现 发布日期：2024年05月13日 投资要点： 有色金属 沪深300 8% ⚫ 4月，沪深300上涨1.89%，有色板块上涨3.03%，在30个行业 3% -1% 中排名第4，表现较好。有色子行业中，镍钴锡锑（9.99%）、铝 -6% -11% （5.97%）、铜（4.60%）、黄金（4.31%）、铅锌（4.08%）、其他稀 -15% 有金属（3.09%）、钨（1.94%）、稀土及磁性材料（-1.41%）、锂 -20% -25%2023.05 2023.09 2024.01 2024.05 （-7.32%）。有色板块个股方面，65家上涨，59家下跌。 资 料来源：中原证券 ⚫ 基本金属：LME与 SHFE金属价格普遍上涨。根据安泰科数据， 相关报告 宏观方面，美国的核心通胀依然顽固，降息推迟预期增强；从资金 《有色金属行业深度分析：铝基材料产业链分 ...

联系人：马嶔琦 （ETF 基金组合设立于 2023 年 1 月 1 日，详情请 见正文"配置建议"） ⚫ 【CPI 企稳回升，PPI 降幅收窄】4 月 CPI 录得 0.3%，涨幅比 3 月扩大 0.2 个百分点，高于市场预期，CPI 连续第三个月上涨， 显示物价有企稳迹象。食品价格降幅收窄，服务、能源价格上涨， 共同推动了物价回升。随着生猪行业去产能加快，猪肉价格同比 降幅收窄 3 个百分点；4 月飞机票、交通工具租赁费、住宿和旅 游价格均由降转涨。食品价格继续回升、公用事业商品也有涨价 迹象，CPI 有望继续回升。4 月 PPI 同比下降 2.5%，较上月收窄 0.3 个百分点。主要是因为国际大宗商品价格上涨较多，4 月原油 均价同比上涨 6%、铜价同比上涨 12%。国内工业品降幅也明显 收窄，螺纹钢价格同比降幅收窄 6 个百分点，水泥价格同比降幅 收窄 5 个百分点。工业品价格维持企稳态势，将推动 PPI 回升。 第1页 / 共19页 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第2页 / 共19页 本报告版权属于中原证券股份有限公司 www.ccnew.co ...

Group 1 - The report highlights the strong performance of growth industries, with A-shares experiencing fluctuations and an overall upward trend [2][28] - The aluminum-based materials industry is undergoing significant changes, with a focus on innovation, green recycling, and industrial clustering in Henan province [42][56] - The power industry in China is characterized by a stable competitive landscape, with major state-owned enterprises dominating the market [33][56] Group 2 - The home furnishing industry is expected to grow, driven by favorable real estate policies and an increase in consumer demand, with Henan province showing a robust production capacity [32][56] - The semiconductor materials sector is witnessing a recovery, with global sales increasing by 16.3% year-on-year, indicating a positive trend in the industry [18][32] - The energy sector is experiencing a shift towards renewable sources, with renewable energy installations in Henan reaching 67.76 million kilowatts, accounting for 49% of the province's total power generation capacity [33][56] Group 3 - The machinery sector is benefiting from large-scale equipment upgrades, with recommendations to focus on key players in the machine tool and industrial robot industries [60][61] - The environmental protection equipment industry is gaining traction, with a focus on energy-saving technologies and pollution control measures [43][56] - The new materials sector is positioned for growth, with an emphasis on enhancing supply chain resilience and domestic substitution capabilities [18][55]

医药 分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 证券研究报告-行业月报 强于大市(维持) 医药相对沪深 300 指数表现 发布日期：2024 年 04 月 30 日 投资要点： -30% -25% -21% -17% -12% -8% -4% 1% 2023.05 2023.09 2023.12 2024.04 医药 沪深300 资料来源：聚源，中原证券研究所 相关报告 《医药行业月报：关注年报和一季报超预期 相关机会》 2024-02-23 《医药行业月报：行业政策面未发生变化， 建议关注防御属性较强的子板块》 2024-01- 16 《医药行业月报：新版医保目录调整落地， 集采稳步推进 》 2023-12-17 联系人： 马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道 1788 号 16 楼 邮编： 200122 ⚫ 市场行情回顾。2024 年 2 月 20 日至 4 月 29 日，中信生物医药行 业指数上涨 5.84%（按照流通市值加权平均计算），同期沪深 300 上涨 7.59%，（按照流通市值加权平均计算） ...

行业周观点 中原证券行业周观点 —2024 年第十六期：5 月 6 日-5 月 10 日 证券研究报告-行业周观点 发布日期：2024 年 5 月 12 日 ⚫ 摘要： 分析师：牟国洪 近期重点关注行业：医药。 登记编码：S0730513030002 分析师：顾敏豪 ⚫ 锂电池 登记编码：S0730512100001 本期锂电池指数上涨2.94%，同期沪深300指数上涨1.72%，板块跑赢沪深300指数。 分析师：刘冉 宏观政策总体鼓励新能源汽车行业发展，3月我国新能源汽车销售恢复增长，预计4月持 登记编码：S0730516010001 续增长。结合行业景气度、产业链价格走势及板块走势，短期建议关注板块投资机会。 分析师：唐月 风险提示：行业政策变动；原材料价格大幅波动；新能源汽车销量不及预期；行业竞争加 登记编码：S0730512030001 剧。 分析师：李琳琳 ⚫ 化工 登记编码：S0730511010010 根据Wind数据，本周中信基础化工行业指数上涨3.78%，在30个中信一级行业中位列 分析师：张洋 第7位。本周卓创资讯跟踪的化工产品涨跌比强于上周。结合行业景气度、发展趋势和板 登记编码：S07 ...

风险提示：新能源汽车渗透率不及预期、行业政策执行力度不及预期、智能化迭代速度 低于预期、原材料价格上涨。 ⚫ 光伏 本期光伏行业上涨 2.07%，跑赢沪深 300 指数（1.72%）。光伏板块周成交额 996.83 亿 元，环比明显放量。光伏行业一季度财报显示行业盈利整体承压，供给过剩导致价格低迷， 主产业链头部企业普遍面临业绩下滑、甚至亏损的压力。短期行业进入非理性竞争状态， 部分环节产品价格跌破现金成本，市场将加速落后产能淘汰。尽管市场出清仍需时日，但 头部企业具备更强的抗风险能力，有望穿越周期。建议中期关注银浆、光伏玻璃、焊带、 逆变器和钙钛矿电池设备头部企业。 风险提示：全球装机需求不及预期；产能过剩，竞争激烈，盈利下滑风险。 本期 CS 电力及公用事业上涨 1.48%，跑输沪深 300 指数（1.72%）0.24 个百分点，本 周行业整体表现弱于市场。各三级子行业本周涨跌幅排名依次为：电网(10.59%)、供热或 其他(6.22%)、火电(2.63%)、燃气(2.60%)、环保及水务(1.65%)、其他发电(1.47%)、水 电(-0.82%)。五一长假后第一周市场整体表现较为强势，电力及公用事业板 ...

电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 投资要点： 表 3: 中信一级行业全天深跌幅分布情况（单位: 点）. 1. A股市场走势综述… 2. 后市研判及投资建议 请阅读最后一页各项声明 从盘中热点来看，两市超过七成个股下跌，其中房地产服务、房地产开发、电力、贵金属 以及保险等行业涨幅居前；电池、半导体、医疗服务、电子化学品以及消费电子等行业跌幅居 前。房地产开发、电力、银行、贵金属以及电网设备等行业资金净流入居前；半导体、汽车零 部件、消费电子、化学制品以及专用设备等行业资金净流出居前。 | --- | --- | --- | --- | |------------|-----------------------------------------------|----------------|------------| | | 表 2：港股主要指数表现（单位：点） \n指数名称 | 最新价 | 当天涨跌幅 | | | 恒生指数 | 18,963.68 2.3% | | | | 恒生国企指数 | 6,718.86 2.4% | | | | 恒生 ...

轻工制造 分析师：龙羽洁 登记编码：S0730523120001 浆价延续上涨趋势，地产政策持续宽松 l ongyj@ccnew.com 0371-65585753 ——轻工制造行业月报 证券研究报告-行业月报 强于大市(维持) 轻工制造相对沪深300指数表现 发布日期：2024年05月10日 投资要点： 轻工制造 沪深300 6% ⚫ 市场回顾：4月轻工制造板块下跌0.42%，跑输沪深300指数 1% -4% 2.31pct，涨幅在中信一级行业中排名第19名。细分子板块中， -9% 金属包装、其他轻工和造纸涨幅靠前。个股超三分之一上涨，涨 -13% -18% 幅靠前的5名分别是方大新材、百亚股份、建霖家居、齐峰新材、 -23%2023.05 2023.09 2024.01 2024.05 -28% 粤桂股份。 资 料来源：中原证券，聚源 ⚫ 造纸：企业收入持续增长，利润延续高增，产量持续增长。原材 相关报告 料：4月废黄板纸价格先扬后抑，纸浆价格延续上涨趋势。纸品 《轻工制造行业深度分析：家居产业链分析之 价格：箱板纸/瓦楞纸/双胶纸/双铜纸/白板纸/白卡纸/木浆生活用 河南概况》 2024-04-30 纸 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [7]. Core Views - The company has shown a recovery in its three main business segments in Q1 2024, achieving profitability after a challenging 2023 where revenue declined due to macroeconomic factors [8]. - The company is focusing on R&D, with a significant portion of its revenue (12.73% in 2023) allocated to research and development, indicating a strong commitment to innovation in the optical chip industry [9]. - The demand for optical communication products is expected to grow rapidly, driven by the explosion of AI models and computing power needs, with the global optical module market projected to exceed $20 billion by 2027 [10]. Financial Performance - In 2023, the company reported a revenue of 755 million yuan, a decrease of 16.46% year-on-year, and a net loss of 48 million yuan, down 173.97% from the previous year [51]. - For Q1 2024, the company achieved a revenue of 198 million yuan, a year-on-year increase of 32.85%, and a net profit of 8.44 million yuan, marking a return to profitability [51]. - The projected revenues for 2024 to 2026 are 951 million yuan, 1.173 billion yuan, and 1.372 billion yuan, respectively, with corresponding net profits expected to be 40 million yuan, 77 million yuan, and 106 million yuan [11][38]. Business Development - The company is actively developing high-power DFB chips and devices for data centers and AI applications, indicating a strategic focus on high-growth areas [34]. - The company maintains strong partnerships with leading research institutions, enhancing its R&D capabilities and talent pool [34]. - The gross margin for Q1 2024 improved to 24.1%, reflecting a recovery in profitability compared to the previous year [23].