Investment Rating - The report maintains a "Buy" rating for China Telecom, expecting a relative increase of over 15% compared to the CSI 300 index within the next six months [2][13]. Core Insights - China Telecom's revenue for 2023 reached 507.84 billion yuan, a year-on-year increase of 6.9%, with a net profit of 30.45 billion yuan, up 10.3% year-on-year [3][7]. - The company is focusing on digital transformation and strategic emerging industries, with significant growth in its cloud services, particularly Tianyi Cloud, which generated 97.2 billion yuan in revenue, a 67.9% increase [3][5]. - The company plans to distribute a total dividend of 0.2332 yuan per share for 2023, exceeding 70% of its net profit attributable to shareholders, reflecting a strong commitment to shareholder returns [5][6]. Summary by Sections Financial Performance - In Q4 2023, revenue was 126.74 billion yuan, a growth of 8.2% year-on-year, with a net profit of 3.35 billion yuan, increasing by 9.7% [3]. - The mobile communication service revenue was 195.7 billion yuan, up 2.4%, while the fixed-line and smart home services revenue reached 123.1 billion yuan, growing by 3.8% [3][4]. Business Development - The company is enhancing its computing capabilities, with the intelligent computing capacity increasing to 11.0 EFLOPS, a growth of 279.3% [3][5]. - Capital expenditure for 2023 was 98.8 billion yuan, with a focus on digital industry investments, which are expected to rise in proportion in the coming years [4][5]. Market Position - China Telecom holds a leading position in the public cloud infrastructure market, with its Tianyi Cloud being recognized as the top provider among global telecom operators [3][5]. - The company is experiencing a steady increase in 5G and gigabit user adoption, with 46.6% of mobile phone users being 5G users, significantly above the global average [6]. Future Outlook - The forecast for net profit for 2024-2026 is 33.42 billion yuan, 36.27 billion yuan, and 38.91 billion yuan respectively, with corresponding PE ratios of 16.46X, 15.16X, and 14.13X [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company's performance declined due to falling product prices, but its resource advantages suggest a promising long-term growth outlook [1][3] - In 2023, the company achieved operating revenue of 69.06 billion yuan, a year-on-year decrease of 8.30%, and a net profit attributable to shareholders of 4.522 billion yuan, down 24.90% year-on-year [2][4] - The company has significant phosphate resource reserves, with a production capacity of 14.5 million tons per year and phosphate rock reserves of nearly 800 million tons, making it the largest phosphate mining enterprise in China [3][4] Summary by Sections Financial Performance - In 2023, the company reported a gross profit margin of 15.18%, a decrease of 1.04 percentage points year-on-year [2][4] - The sales volume of key products such as ammonium phosphate, compound fertilizer, and urea saw changes of 4.05%, 52.82%, and 27.07% respectively, while their average selling prices dropped by 16.90%, 3.52%, and 9.81% [2][3] - The company’s earnings per share (EPS) for 2023 was 2.47 yuan, with forecasts of 2.62 yuan and 2.77 yuan for 2024 and 2025 respectively [3][4] Market Position and Resource Advantage - The company benefits from a strong phosphate resource advantage, with phosphate rock prices expected to remain high due to increasing scarcity and environmental regulations [3][4] - The company is actively transforming and upgrading its business, expanding into high-value fine chemical fields such as new energy and new materials [3][4] Future Outlook - The company is projected to have a PE ratio of 7.38 and 6.97 for 2024 and 2025 respectively, indicating a favorable valuation given its growth prospects [3][4] - The company’s strategic initiatives and resource advantages are expected to support its long-term growth trajectory despite short-term challenges [3][4]

有色金属 分析师：李泽森 分析师：李泽森 登记编码：S0730523080001 登记编码美 ：S联 0730储 5230维 800持 01 利率不变，金价创历史新高 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04月02日 投资要点： 有色金属 沪深300 7% ⚫ 3月，沪深300上涨0.61%，有色板块上涨12.73%，在30个行业 2% -3% 中排名第1，表现强势。有色子行业中，黄金（26.93%）、其他稀有 -8% -13% 金属（19.29%）、钨（17.94%）、铜（17.31%）、铝（12.63%）、铅 -18% 锌（11.46%）、镍钴锡锑（3.15%）、稀土及磁性材料（2.37%）、锂 -22% 2023.04 2023.08 2023.12 2024.03 -27% （-9.64%）。有色板块个股方面，103家上涨，21家下跌。 资 料来源：中原证券 ⚫ 基本金属：LME铜、铝、锌、锡与SHFE铜、铝、铅、锌、锡价格 相关报告 上涨。受到供给端减产、国内政 ...

航空航天 分析师：刘智 登记编码：S0730520110001 年报稳健增长，军民业务齐头并进 l iuzhi@ccnew.com 021-50586775 ——中航光电(002179)2023 年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2024-04-01) 发布日期：2024年04月02日 收盘价(元) 34.68 投资要点： 一年内最高/最低(元) 56.96/30.23 中航光电公布2023年年报。2023年全年实现营业收入200.74亿元，同 沪深300指数 3,595.65 比增长26.75%，归属于上市公司股东的净利润33.39亿元，同比增长 市净率(倍) 3.59 22.86%，再创新高。 流通市值(亿元) 715.74 ⚫ 年报稳健增长，军民业务齐头并进 基础数据(2023-12-31) 每股净资产(元) 9.67 2023年实现营业收入200.74亿元，同比增长26.75%，归母净利润33.39 每股经营现金流(元) 1.46 亿元，同比增长22.86%，扣非归母净利润32.45亿，同比增长23.73%。 毛利率(%) 37.95 分季度看，2023年Q1-Q4公司营业收入 ...

分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 | --- | --- | --- | --- | |------------------------------------|-----------------------------------------------------------------------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告 - 年报点评 | | 增持 ( 维持 ) | | 市场数据 | (2024-03-28) | | 发布日期： 2024 年 03 月 29 日 | | 收盘价 ( 元 | ...

食品 分析师：张蔓梓 屠宰拖累整体业绩，肉制品吨利提升 登记编码：S0730522110001 z hangmz@ccnew.com 13681931564 ——双汇发展(000895)2023 年年报点评报告 证券研究报告-公司点评报告 增持(维持) 市场数据(2024-03-28) 发布日期：2024年03月29日 收盘价(元) 25.78 投资要点： 一年内最高/最低(元) 29.97/24.23 ⚫ 公司业绩低于预期，延续高分红政策。根据公司公告，2023年全 沪深300指数 3,520.96 年公司实现总营收600.97亿元，同比下降4.20%；归母净利润50.53 市净率(倍) 4.29 亿元，同比下降10.11%；扣非后归母净利润47.32亿元，同比下 流通市值(亿元) 893.05 降9.29%。其中，23Q4公司营收为137.52亿元，同比下降23.98%； 基础数据(2023-12-31) 归母净利润7.26亿元，同比下降53.35%。受23Q4业绩拖累，公 每股净资产(元) 6.02 司整体业绩低于预期。另外，公司延续高分红政策，2023年末公 每股经营现金流(元) 0.98 司拟向全体 ...

Investment Rating - The report assigns 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 [17]. Core Insights - The company achieved a revenue of 6.264 billion yuan in 2023, representing a year-on-year growth of 32.15%, with a net profit of 1.786 billion yuan, up 52.67% year-on-year [3][4]. - The company's etching equipment continues to drive revenue growth, with a 49.43% increase in etching equipment revenue to 4.703 billion yuan, accounting for 75% of total revenue [4][5]. - The company has a competitive advantage in etching equipment, with a significant increase in new orders, totaling 8.36 billion yuan, a year-on-year growth of 32.3% [5][8]. Summary by Sections Market Data - Closing price: 149.26 yuan - Circulating market value: 92.434 billion yuan - Price-to-book ratio: 5.19 [1]. Financial Performance - The company reported a gross margin of 45.83% in 2023, a slight increase of 0.09% year-on-year [4]. - The net profit margin improved to 28.48%, up 3.84% year-on-year, aided by non-recurring gains from the sale of shares [4][5]. Revenue and Profit Forecast - Projected revenues for 2023-2025 are 8.339 billion yuan, 10.806 billion yuan, and 13.651 billion yuan, respectively, with corresponding net profits of 2.066 billion yuan, 2.661 billion yuan, and 3.357 billion yuan [7][8]. - Earnings per share (EPS) are expected to grow from 2.88 yuan in 2023 to 5.42 yuan by 2026 [7][8]. Competitive Position - The company has developed a comprehensive range of etching equipment that covers most applications for 28nm and below, enhancing its market share [5]. - New product developments in the thin film deposition equipment sector are expected to contribute significantly to future revenue growth, with plans to launch over 10 new models in 2024 [8].

新材料 分析师：顾敏豪 半导体销售额同比增长，超硬制品 1-2 月出口 登记编码：S0730512100001 量大幅增加 gumh00@ccnew.com 021-50586308 研究助理：石临源 登记编码：S0730123020007 ——新材料行业月报 s hily@ccnew.com 0371-86537085 证券研究报告-行业月报 强于大市(维持) 新材料相对沪深300指数表现 发布日期：2024年03月29日 投资要点： 100% ⚫ 3 月新材料板块走势稍弱于沪深 300。3 月新材料指数（万得）下 50% 跌0.32%，跑输沪深300指数(0.14%)0.46个百分点。同期上证综 0% 指下跌0.15%，深证成指上涨0.13%，创业板指下跌0.01%。新材 料指数涨跌幅与30个中信一级行业相比位列第19位，指数整体表 -50% 2021-03 2021-11 2022-06 2023-01 2023-08 2024-03 现一般。从市盈率来看，截止至 2024 年 3 月28 日，全部A 股的 新材料指数 沪深300 PE（TTM，剔除负值）为13.64倍；新材料指数的PE（TTM，剔 资 ...

电力设备及新能源 分析师：唐俊男 1-2 月国内光伏装机高增，供给端过剩 登记编码：S0730519050003 压力仍存 t angjn@ccnew.com 021-50586738 ——光伏行业月报 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深300指数表现 发布日期：2024年03月31日 投资要点： 电力设备及新能源 沪深300 3% ⚫ 三月光伏行业表现弱于市场，个股有所分化。截至3月29日收 -3% -9% 盘，本月光伏行业下跌2.45%，落后于沪深300指数。板块分 -15% 化，辅材领域好于主材，光伏焊带、光伏玻璃和光伏支架表现较 -21% -27%2023.03 2023.07 2023.11 2024.03 好，福莱特、安彩高科、阳光电源、奥特维、振江股份、宇邦新 -33% 材、聚和材料、德业股份、乐凯胶片、恒星科技排名居前。 -39% ⚫ 国内外市场需求旺盛，光伏产品供给端依旧较为充裕。国内情况， 资 料来源：聚源数据，中原证券 1-2月我国光伏新增装机量36.72GW，同比增长80.27%。海外市 相关报告 场，光伏产品累计出口12.89亿只，同比增长32.9%， ...

Investment Rating - The report maintains an "Outperform" rating for the automotive sector, indicating a positive outlook compared to the market [3]. Core Insights - The automotive sector has shown resilience, with a 3.19% increase in the CITIC automotive index as of March 27, outperforming the CSI 300 index by 3.57 percentage points [10][11]. - The overall automotive production and sales have decreased compared to January, with February figures showing production at 1.506 million units and sales at 1.584 million units, reflecting a month-on-month decline of 37.5% and 35.1% respectively [20][24]. - The penetration rate of new energy vehicles (NEVs) has slowed, with February production and sales at 464,000 and 477,000 units, down 16% and 9.2% year-on-year [43][48]. Summary by Sections Market Review - The automotive sector's performance in March ranked second among 30 primary industries, with a year-to-date increase of 1.30% [10][11]. - The sector's current PE (TTM) stands at 17.65 times, placing it in the 21.18% percentile over the past five years, indicating relatively low valuation levels [18]. Industry Overview - Passenger vehicle production and sales in February were 1.273 million and 1.333 million units, showing a year-on-year decline of 25.8% and 19.4% respectively [26]. - Commercial vehicle production and sales reached 233,000 and 251,000 units in February, with a year-on-year decline of 26.6% and 22.5% [39]. - NEV sales have seen a significant drop, with leading manufacturers like BYD experiencing a 32.8% decline in February sales [48]. Investment Recommendations - The report suggests that ongoing promotional policies and the upcoming Beijing Auto Show could boost market sales [4]. - Continuous monitoring of the smart electric transformation in domestic brands and the supply chain opportunities related to the Xiaomi SU7 is recommended [4]. - The commercial vehicle sector is recovering, with notable export performance, particularly in the bus and heavy truck segments [4].