® ®、 多地取消房贷利率下限；水泥价格提涨 建筑材料 证券研究报告/行业周报 2024年5月26日 评级：增持（维持） [重Ta点ble公_F司in基anc本e]状 况 分析师：孙颖 股价 EPS PE 简称 (元) 2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E PB 评级 执业证书编号：S0740519070002 北新建材 33.66 35.2 42.6 50.7 55.6 16.1 13.4 11.2 10.2 2.4 买入 Email：sunying@zts.com.cn 海螺水泥 24.43 104.3 150.4 173.4 0.0 12.4 8.6 7.5 / 0.7 买入 分析师：韩宇 中国巨石 12.48 30.4 26.4 33.7 41.6 16.4 18.9 14.9 12.0 1.7 买入 伟星新材 17.17 14.3 14.6 15.8 17.9 19.1 18.7 17.3 15.2 6.2 买入 执业证书编号：S0740522040003 三棵树 48.02 1.7 6.5 8.6 11.0 145.5 39.0 29.3 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index in the next 6 to 12 months [7][10]. Core Insights - The company's gross margin has improved, with a year-on-year increase of 4.41% to 26.41% in Q1 2024, driven by refined project management and enhanced product standardization [3][6]. - Revenue for Q1 2024 was 601 million yuan, a decline of 24.25% year-on-year, primarily due to a 50% decrease in system integration sales and services [6][24]. - The net profit attributable to the parent company for Q1 2024 was 32 million yuan, down 23.29% year-on-year, while the non-recurring net profit was 31 million yuan, a decrease of 15.21% [6][24]. - The company has established partnerships with over 1,000 financial institutions, providing a solid customer base for stable growth [6]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 5.725 billion yuan, 6.329 billion yuan, and 7.027 billion yuan, respectively, with corresponding net profits of 361 million yuan, 407 million yuan, and 469 million yuan [7][13]. - The report anticipates a year-on-year revenue growth rate of 10% for 2024 and 11% for 2025 and 2026 [13]. - The price-to-earnings (P/E) ratios are projected to be 23, 20, and 18 for the years 2024, 2025, and 2026, respectively [7][13]. Strategic Initiatives - The company is actively expanding its overseas market presence, including a $10 million investment in the Lion X Digital Innovation Investment Fund, targeting fintech and digital innovation opportunities in Southeast Asia [14]. - A collaborative solution with Transwarp ArgoDB aims to enhance data collection and reporting efficiency for financial institutions [14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has established the Fregate brand as its second self-created brand following the Myfoodie brand, targeting the rapidly growing cat economy and the premium pet food market [3] - Fregate's growth is attributed to its focus on high-quality ingredients, innovative product development, and effective brand management, which enhances its market position [3] - The company is expected to strengthen its leadership position in the pet food industry, with projected revenues of 52.41 billion, 64.55 billion, and 78.64 billion yuan for 2024-2026, and net profits of 6.15 billion, 8.02 billion, and 10.42 billion yuan respectively [3] Summary by Sections Establishment of Fregate Brand - Fregate was created to address the needs of the growing cat owner demographic and to enhance the company's brand matrix [3][39] - The brand focuses on high-end cat food, utilizing fresh meat and premium ingredients to ensure product quality [3] Reasons for Fregate's Rapid Growth - The brand addresses consumer pain points through superior product quality, innovative packaging, and targeted marketing strategies [3] - Fregate's product development emphasizes small, innovative, and differentiated offerings, enhancing its premium image [3] Outlook on High-End Market Potential - Fregate is demonstrating strong growth potential, alleviating market concerns regarding its ability to manage a high-end brand [3] - The company is also expanding its Myfoodie brand's high-end product line, indicating a strategy to cultivate another successful brand [3] Financial Projections - The company forecasts revenue growth rates of 21.1%, 23.2%, and 21.8% for the years 2024 to 2026, with corresponding net profit growth rates of 43.4%, 30.4%, and 30.0% [34]

Investment Rating - Buy rating maintained for the company [2] Core Views - The company is expected to accelerate growth in 2024 due to industry demand recovery and its leading position in the global supply chain [7] - The company is focusing on R&D and product upgrades, with plans to invest in advanced functional powder materials and production lines for high-end products [7] - The company has a comprehensive product portfolio, technological advantages, and service capabilities, breaking foreign monopolies and covering almost all core customers [7] Financial Projections and Valuation - Revenue is projected to grow from 712 million in 2023 to 1,513 million in 2026, with a CAGR of 24.5% [3] - Net profit attributable to shareholders is expected to increase from 174 million in 2023 to 463 million in 2026, with a CAGR of 32.0% [3] - EPS is forecasted to rise from 0.94 in 2023 to 2.49 in 2026 [3] - ROE is projected to improve from 13% in 2023 to 20% in 2026 [3] - P/E ratio is expected to decline from 50.2 in 2023 to 18.9 in 2026, indicating potential undervaluation [3] Industry and Market Position - The company has a strong position in the global supply chain, directly competing with Japanese companies [7] - It has achieved batch supply of high-end products such as TOP CUT20um and Lowα spherical alumina in fields like HBM, enhancing its supply priority [7] - The company is expected to benefit significantly from the AI industry trend [7] R&D and Product Development - The company plans to invest 100 million in building an R&D center for IC advanced functional powder materials and 129 million in a production line for ultra-fine spherical powder for advanced integrated circuits [7] - It is focusing on advanced technologies for AI, 5G, HPC, Chiplet, HBM, and other high-end applications [7] - The company is developing low CUT point Lowα spherical silicon powder, spherical alumina powder, and other high-performance materials [7] Financial Performance - In 2023, the company achieved revenue of 712 million, a 7.5% YoY increase, and net profit of 174 million, a 7.6% YoY decrease [6] - In Q1 2024, revenue grew 39.5% YoY to 202 million, and net profit surged 79.9% YoY to 52 million [6] - Gross margin in Q1 2024 was 40.7%, and net margin was 25.5% [13] Valuation and Market Performance - The company's market value is 8,739 million, with a share price of 47.05 as of May 24, 2024 [4] - The stock has shown strong performance compared to the CSI 300 index, with significant growth in 2024 [5]

、 中泰科技：电力体制改革进度将全面提速 计算机 证券研究报告/行业点评报告 2024 年 05 月 26 日 [评Ta级bl：e_买Tit入le（] 维持） 投资要点 分析师：孙行臻 ◼ 座谈会释放“电改”信号，电力体制深化改革提速。2024 年 5 月 23 日座谈会召 开，标志着电力体制深化改革全面提速，为下一步电力体制改革释放重要信号，我 执业证书编号： S0740524030002 们认为，未来电力体制深化改革聚焦三点：发展以风电光伏为主体的新能源、加快 Email：sunxz@zts.com.cn 建设新能源基础设施网络、加快建设全国统一电力市场体系。随着加快电改信号的 释放，“两网”将继续作为能源电力领域新型生产力的领航者，坚定投资电网升 级。且参照过往经验，电网公司投资兑现度高，实际投资额有增无减。 ◼ 聚焦两条主线：新型电力系统市场扩容，电力市场建设提速。1）智能电网：电力 信息化占能源 IT 比例最高，其中智能电网是主体部分，2024 年我国智能电网市场 规模预计增至 1088.2 亿元。配电网建设占电网投资比重的大部分，智能化建设占 比逐步提升。2）电力市场化建设：14 个试点地区正在结 ...

、 英伟达财报超预期，大模型降本加速AI商业化 -中泰通信行业周报（0520-0526） 通信 证券研究报告/行业周报 2024年5月26日 评级：增持（维持） [ 重Ta 点ble 公_F 司in 基anc 本e] 状 况 分析师：陈宁玉 股价 EPS PE 执业证书编号：S0740517020004 简称 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E PEG 评级 中际旭创 165.39 2.71 6.41 8.93 11.35 61.03 25.80 18.52 14.57 0.75 买入 Email：chenny@zts.com.cn 天乎通信 130.81 1.85 3.22 4.83 6.46 70.71 40.62 27.08 20.25 1.15 买入 研究助理：杨雷 源杰科技 133.94 0.23 1.24 1.80 2.37 582.35 108.02 74.41 56.51 3.24 买入 Email：yanglei01@zts.com.cn 华测导航 28.29 0.82 1.06 1.17 0.83 34.50 26.69 24 ...

、 ASCO 精彩纷呈；积极关注国产重点品种亚组数据 -医药生物行业周报 医药生物 证券研究报告/行业周报 2024年 5月 26日 评级：增持（ 维持 ） [重Ta点bl公e_司Fi基na本nc状e]况 分析师：祝嘉琦 EPS PE 评 公司名称 股价 PEG 执业证书编号：S0740519040001 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 级 益丰药房 45.45 1.40 1.79 2.18 2.64 32.53 25.33 20.81 17.20 1.19 买入 电话：021-20315150 东阿阿胶 67.89 1.79 2.25 2.71 3.26 37.99 30.11 25.01 20.82 1.49 买入 Email：zhujq@zts.com.cn 同和药业 10.34 0.25 0.42 0.59 0.83 41.28 24.44 17.43 12.39 0.60 买入 联邦制药 9.04 1.49 1.58 1.65 1.71 6.08 5.72 5.48 5.27 1.37 买入 [基Ta本ble状_P况ro fit] 荣昌生物 ...

、 需求如期释放，煤价启动上涨 证券研究报告/行业周报 煤炭 2024年5月25日 评级：增持（ 维持 ） [重Ta点bl公e_司Fi基na本nc状e]况 分析师：杜冲 股价 EPS PE 简称 PB 评级 分执析业师证：书杜编冲号： S0740522040001 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 山西焦煤 11.15 1.19 1.E2 1 1.31 1.39 9.4 9.2 8.5 8.0 1.63 买入 电话： 潞安环能 23.02 2.65 2.54 2.75 2.93 8.7 9.1 8.4 7.9 1.38 买入 Email：duchong@zts.com.cn 平煤股份 12.63 1.71 1.90 2.04 2.19 7.4 6.6 6.2 5.8 1.36 买入 联系人：鲁昊 兖矿能源 24.88 2.71 2.92 3.39 3.81 9.2 8.5 7.3 6.5 3.11 买入 中国神华 41.31 3.00 3.20 3.28 3.37 13.8 12.9 12.6 12.3 1.92 买入 电话： 陕西煤业 25. ...

、 防晒需求促进锦纶景气度提升，持续重点推荐台华新材 -轻工制造及纺织服装行业周报 轻工纺服 2024年5月26日 评级：增持(维持) [重Ta点bl公e_司Fin基an本ce状] 况 分析师：张潇 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740523030001 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 百亚股份 23.33 0.55 0.70 0.89 1.12 42.42 33.33 26.21 20.83 1.43 买入 Email：zhangxiao06@zts.com.cn 欧派家居 72.65 4.98 5.31 5.72 6.31 14.59 13.68 12.70 11.51 0.86 买入 分析师：郭美鑫 顾家家居 36.84 2.44 2.75 3.08 3.46 15.10 13.40 11.96 10.65 0.87 买入 执业证书编号：S0740520090002 索菲亚 18.32 1.31 1.56 1.72 1.89 13.98 11.74 10.65 9.69 0.45 买入 志邦家居 16.87 ...

螺旋上升：美联储放鹰短期打压金融属性，海外制造业PMI重拾升势 有色金属 证券研究报告/行业周报 2024年05月26日 行业评级：增持 投资要点 分析师：郭中伟 ◼ 【本周关键词】：美联储会议纪要放鹰，欧美5月制造业PMI初值回升 执业证书编号：S0740521110004 ◼ 投资建议：趋势的延续，维持行业“增持”评级 1）贵金属：本周美联储会议纪要释放鹰派信号，短期贵金属承压，中长期来看，美 Email：guozw@zts.com.cn 国十年期国债实际收益率处于 2%左右历史高位，降息空间终将打开并带来实际利率 的趋势下行，而全球信用格局重塑背景下，贵金属价格将上涨至新高度。 分析师：谢鸿鹤 2）大宗金属：本周海外 5 月制造业 PMI 初值重拾升势，国内逆周期政策持续发力， 执业证书编号：S0740517080003 提振复苏信心，全球制造业复苏周期仍将持续，在供给瓶颈下，基本金属终将迎来新 Email：xiehh@zts.com.cn 一轮景气周期，尤其是铜铝更是如此，我们坚定看好2024年大宗板块的投资表现。 ◼ 行情回顾：大宗价格涨跌互现：1）周内，LME 铜、铝、铅、锌、锡、镍本周涨跌幅 分 ...