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 ...

传媒 分析师：乔琪 春节档破同档期纪录，AI 文生视频迎重 登记编码：S0730520090001 大突破 q iaoqi@ccnew.com 021-50586985 ——传媒行业月报 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深300指数表现 发布日期：2024年03月12日 投资要点： 传媒 沪深300 42%  行情回顾：2月传媒板块上涨14.25%，同期创业板指、沪深300 33% 24% 指数以及上证指数分别上涨14.85%、9.35%、8.13%，传媒板块排 15% 6% 在2月全行业涨跌幅第五位。细分子板块中信息搜索与聚合、互联 -3% 网影音视频单月上涨幅度超20%，游戏板块涨幅近20%。 -12% -21% 2023.03 2023.07 2023.11 2024.03 截止至2024年2月29日，中信传媒板块PE（TTM，整体法，剔 资 料来源：聚源，中原证券 除负值）为22.74倍，2019年以来板块市盈率平均值为24.98倍， 相关报告 中位数为24.56倍，最大值为42.74倍，最小值为16.46倍。 《传媒行业分析报告：OpenAI发布Sora，  投资建议： AI ...

通信 分析师：唐俊男 智能手机出货量高增，新型基础设施建设 登记编码：S0730519050003 带动 5G 用户持续增长 tangjn@ccnew.com 021-50586738 研究助理：李璐毅 l ily2@ccnew.com 021-50586278 ——通信行业月报 证券研究报告-行业月报 强于大市(维持) 通信行业指数相对沪深300指数表现 发布日期：2024年03月11日 投资要点： 通信 沪深300 20% ⚫ 2024年2月通信行业指数强于沪深300指数。通信行业指数2月 14% 8% 上涨18.16%，同期上证综指上涨8.13%，深证成指上涨13.61%， 3% -3% 创业板指上涨14.85%，沪深300指数上涨9.35%，通信行业指数 -9% 强于上述指数。 -15% -21% 2023.03 2023.07 2023.11 2024.03 ⚫ 5G用户规模继续扩大，5G套餐用户总体市场格局保持稳定。截至 资 料来源：聚源，中原证券 2024年1月，中国移动5G套餐客户数达7.90亿户，5G套餐用户 相关报告 渗透率为79.62%，环比下降0.55pct；中国电信5G套餐用户数达 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [25]. Core Insights - In February 2024, the food and beverage sector rebounded with a 9.27% increase, outperforming the CSI 300 index, which rose by 8.8% [3][5]. - The recovery in market sentiment is attributed to policy changes regarding quantitative funds and liquidity injections from market stabilization funds [3][5]. - Core assets in the sector, such as liquor, beer, and condiments, showed significant price recovery, which is a key indicator of the sector's reversal [11]. Summary by Sections Market Performance - The food and beverage sector recorded a 9.27% increase in February 2024, with all sub-sectors, including condiments (16.52%), beer (12.57%), and pre-prepared dishes (9.95%), also showing gains [3][5]. - The sector ranked 14th among 31 primary industries in terms of growth, indicating a positive shift in market dynamics [5]. Individual Stock Performance - Out of 125 listed companies, 84 saw stock price increases, with a 67.2% rise in the number of gaining stocks [11]. - Notable performers included Yingjia Gongjiu (27.24%), Jiansi Yuan (21.47%), and Luzhou Laojiao (19.72%) [11]. Investment Strategy - The report highlights a cautious optimism for the food and beverage sector, with recommendations for stocks such as Jianzai Food and Lihai Food, indicating a "cautious increase" rating for these companies [22][23]. - The report emphasizes the importance of core asset performance for the sector's future trends [22]. Production and Investment Trends - In 2023, the food manufacturing sector maintained a high growth rate, with fixed asset investments increasing by 12.5% year-on-year [13]. - The production of essential food items like fresh meat and edible oil showed significant growth, while the production of liquor continued to decline [15]. Import and Price Trends - The report notes a recovery in imports of staple grains and edible oils, with significant year-on-year increases in 2023 [17]. - Prices for key inputs such as raw milk and grains have been declining, contributing to lower manufacturing costs in the food sector [19][21].

基础化工 分析师：顾敏豪 化工品价格持续回暖，关注煤化工、轻 登记编码：S0730512100001 烃化工与磷化工行业 g umh00@ccnew.com 021-50586308 ——基础化工行业月报 证券研究报告-行业月报 同步大市(维持) 基础化工相对沪深300指数表现 发布日期：2024年03月07日 投资要点： 基础化工 沪深300 3% 2024年2月份中信基础化工行业指数上涨9.90%，在30个中信一级 -3% -10% 行业中排名第11位。子行业中，氟化工、电子化学品和轮胎行业表现 -16% 相对较好。主要产品中，2月份化工品价格继续呈现回暖态势，涨跌 -22% 2023.03 2023.07 2023.11 2024.03 比继续改善。上涨品种中，四氯乙烯、炭黑、丁二烯、硫酸和碳酸锂 -29% -35% 涨幅居前。3月份的投资策略，建议关注煤化工、轻烃化工和磷化工 -41% 行业。 资 料来源：中原证券、聚源数据 ⚫ 市场回顾：根据wind数据，2024年2月份中信基础化工行业指 相关报告 数上涨9.90%，跑赢上证综指1.77个百分点，跑赢沪深 300 指数 《基础化工行业月报：化工品价 ...