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 | --- | --- | --- | --- | |----------------------------------------|-----------------------------------------------------------------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the CSI 300 index in the next six months [19]. Core Insights - The company achieved a revenue of 165.47 billion yuan in 2023, a year-on-year increase of 0.86%, while the net profit attributable to shareholders decreased by 10.01% to 26.59 billion yuan [5]. - The company plans to increase dividend frequency and enhance shareholder returns, with a total cash dividend of up to 15 billion yuan expected in 2024 [7]. - The company has a diverse product strategy, with over 40 self-developed or agency mobile games in the pipeline, targeting both domestic and international markets [6]. Summary by Sections Market Data - Closing price: 17.19 yuan - One-year high/low: 36.94/15.96 yuan - Market capitalization: 276.30 billion yuan - Price-to-book ratio: 3.00 [1]. Financial Performance - 2023 revenue: 165.47 billion yuan, up 0.86% year-on-year - 2023 net profit: 26.59 billion yuan, down 10.01% year-on-year - 2023 operating cash flow per share: 1.42 yuan - 2023 gross margin: 79.50% [5][6]. Business Segments - Mobile gaming revenue: 158.98 billion yuan, up 1.71% year-on-year, with a gross margin of 79.74% - Web game revenue: 4.97 billion yuan, down 17.03% year-on-year, with a gross margin of 70.02% [5][6]. Future Outlook - Expected Q1 2024 net profit: 6 billion to 6.5 billion yuan, a year-on-year decrease of 16.08% to 22.54% - Anticipated revenue growth of over 25% in Q1 2024, driven by new product launches [6][7]. - EPS forecast for 2024-2026: 1.38 yuan, 1.56 yuan, and 1.74 yuan, respectively [7][8]. Dividend Policy - Total dividends for 2023: 18.13 billion yuan, representing 68.18% of net profit - Plans for cash dividends in 2024: up to 5 billion yuan per period [7]. Valuation Metrics - Projected P/E ratios for 2024-2026: 12.47, 11.04, and 9.85, respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [2][12]. Core Views - The company is expected to benefit from the recovery of the memory market cycle, with a continuous expansion of its product line and an increase in market share [3][4]. - The semiconductor market is projected to grow significantly, with a forecasted increase of 66.3% in 2024, driven by stable demand in smartphones and PCs, as well as the AI trend [3]. - The MCU business has shown signs of stabilization, particularly in the automotive-grade MCU market, with successful collaborations with leading domestic and international companies [4]. Financial Performance Summary - In 2023, the company reported revenue of 5.76 billion yuan, a decrease of 29.14% year-on-year, and a net profit of 161 million yuan, down 92.15% year-on-year [2][5]. - For Q1 2024, the company achieved revenue of 1.63 billion yuan, a year-on-year increase of 21.32%, and a net profit of 205 million yuan, up 36.45% year-on-year [2][5]. - The company’s revenue is projected to recover, with estimates of 7.32 billion yuan in 2024, 9.03 billion yuan in 2025, and 10.65 billion yuan in 2026, reflecting a compound annual growth rate of 19.63% from 2024 to 2027 [4][5]. Product and Market Development - The company continues to enhance its product offerings in the memory segment, including NOR Flash, SLC NAND Flash, and DRAM, with a strong focus on new process iterations and high-reliability products [2][4]. - The company has successfully launched the GD32H series of high-performance microcontrollers based on the Arm Cortex-M7 core, marking a significant milestone in its MCU product line [4]. - The company aims to expand its market presence in automotive-grade MCUs, having already collaborated with major Tier 1 platforms for product development [4]. Earnings Forecast - The forecast for the company's earnings indicates a significant recovery, with expected net profits of 1.03 billion yuan in 2024, 1.47 billion yuan in 2025, and 1.84 billion yuan in 2026, corresponding to EPS of 1.54 yuan, 2.21 yuan, and 2.76 yuan respectively [4][5].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][19]. Core Views - The company has shown steady performance in 2023, achieving a revenue of 293.4 billion yuan, a year-on-year increase of 8.54%, and a net profit attributable to shareholders of 21.12 billion yuan, up 5.38% year-on-year [4][5]. - The company is positioned as a leading player in the global mining industry, with significant growth in copper and gold production, becoming the only company in China and Asia to exceed one million tons of copper production [5][6]. - The company is expected to further enhance its scale and strength, with production targets for 2024 set at 1.11 million tons of copper and 73.5 tons of gold [6][7]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 293.4 billion yuan and a net profit of 21.12 billion yuan, with a significant increase in copper production to 1.0073 million tons, gold production at 67.73 tons, and zinc (lead) production at 467,000 tons [4][5]. - The first quarter of 2024 saw a slight decline in revenue to 74.78 billion yuan, but net profit increased by 15.05% to 6.26 billion yuan [4]. Production and Resource Growth - The company has invested 379 million yuan in exploration, achieving significant progress in various mining projects, including the Chukalu-Peggy copper-gold mine and the Kolwezi copper-cobalt mine [5][6]. - As of the end of 2023, the company holds proven and inferred resources of 74.56 million tons of copper and 29.98 million tons of gold, with lithium resources amounting to 13.47 million tons [5]. Future Outlook - The company plans to increase its copper production to 1.11 million tons and gold production to 73.5 tons in 2024, with ongoing projects aimed at enhancing production efficiency and resource utilization [6][7]. - The report anticipates continued revenue and profit growth driven by the exploration and development of copper, gold, lithium, and other metals [6][7].

新材料 分析师：顾敏豪 登记编码：S0730512100001 超硬材料产业链分析之河南概况 gumh00@ccnew.com 021-50586308 研究助理：石临源 登记编码：S0730123020007 s hily@ccnew.com 0371-86537085 证券研究报告-行业深度分析 相关报告 发布日期：2024年04月23日 报告要点： 《新材料行业月报：半导体销售额同比增长， 超 硬 制 品 1-2 月 出 口 量 大 幅 增 加 》 ⚫ 产业概况：人造金刚石是主要的超硬材料，根据应用可分为用于制 2024-03-29 造业的工业金刚石和用于珠宝首饰的培育钻石。产业链主要由上游 《新材料行业月报：全球半导体销售额继续环 核心装备制造与超硬材料合成、中游超硬制品生产、下游应用领域 比增长，超硬材料 2023 年出口量价齐降》 构成。 2024-02-28 《新材料行业月报：半导体稳步复苏，特种气 ⚫ 竞争格局：工业金刚石领域，我国在传统金刚石生产占有显著主导 地位，但在高附加值的功能性金刚石材料与欧美日等国存在较大差 体价格持续下跌》 2024-01-15 距；培育钻石领域，我国主要负责上游 ...

通信 分析师：唐俊男 登记编码：S0730519050003 电信业务稳步增长，光模块出口数据高增 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04月22日 投资要点： 通信 沪深300 9% ⚫ 2024年3月通信行业指数强于沪深300指数。通信行业指数3月 3% -2% 上涨3.38%，同期上证综指上涨0.86%，深证成指上涨0.75%，创 -7% -12% 业板指上涨0.62%，沪深300指数上涨0.61%，通信行业指数强于 -17% 上述指数。 -22% 2023.04 2023.08 2023.12 2024.04 -27% ⚫ 运营商新兴业务收入保持两位数增长，5G用户占比近五成。2024 资 料来源：聚源，中原证券 年1-2月，电信业务收入累计完成2923亿元，同比增长4.3%；新 相关报告 兴业务收入 757.6 亿元，同比增长 11.3%，占电信业务收入的 《通信行业月报：智能手机出货 ...