、 AI系列之HBM：AI硬件核心，需求爆发增长 证券研究报告/行业深度报告 电子行业 2024年3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：王芳 EPS PE 简称 股价(元) PEG(24E) 评级 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 执业证书编号： S0740521120002 通富微电 22.84 0.63 0.33 0.10 0.60 36 69 223 38 -20 买入 Email： wangfang02@zts.com.cn 赛腾股份 75.90 0.90 1.53 3.37 3.81 85 50 23 20 0 未评级 分析师：杨旭 香农芯创 39.60 0.49 0.69 0.79 0.98 81 58 50 41 2 买入 执业证书编号：S0740521120001 精智达 70.95 0.72 0.70 1.24 1.71 98 101 57 42 1 未评级 新益昌 71.38 2.27 2.00 0.59 2.58 31 36 121 28 6 未评级 Email：yangxu ...

、 中泰医药2024 年一季报前瞻 医药 证券研究报告/行业报告简版 2024年3月25日 [分Tab析le_师Au：tho祝r] 嘉琦 分析师：孙宇瑶 执业证书编号：S0740519040001 执业证书编号：S0740522060002 电话：021-20315150 Email：sunyy03@zts.com.cn Email：zhujq@zts.com.cn [投Ta资ble要_S点um mary] ◼ ...

盈利能力持续提升，AI+信创双轮驱动 恒生电子（600570.SH）/计 证券研究报告/公司点评 2024年3月26日 算机 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：23.43 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,502 7,281 7,822 8,546 9,557 分析师：闻学臣 增长率yoy% 18% 12% 7% 9% 12% 执业证书编号：S0740519090007 净利润（百万元） 1,091 1,424 1,581 1,774 2,011 邮箱：wenxc@zts.com.cn 增长率yoy% -25% 31% 11% 12% 13% 每股收益（元） 0.57 0.75 0.83 0.93 1.06 每股现金流量 0.60 0.66 0.82 0.92 1.06 净资产收益率 15% 16% 16% 15% 15% P/E 40.8 31.3 28.2 25.1 22.1 P/B 6.5 5.5 4.8 4.2 3.6 备 注：股价选取 ...

中泰证券研究所专业｜领先｜深度｜诚信 ｜ 证 券 研 究 报 告 ｜ 工程机械行业专题—— 海阔凭鱼跃 2024.03.26 中泰机械首席分析师：王可 执业证书编号：S0740519080001 ...

Group 1: Policy and Market Trends - The low-altitude economy is expected to become a major driver of new productive forces in China's economy, with a projected industry scale of 2 trillion yuan by 2035[93] - The government has included low-altitude economy in its work report, indicating strong policy support for the industry[15] - Recent policies have significantly strengthened the regulatory framework for low-altitude airspace management, marking a shift towards more open regulations[32] Group 2: eVTOL Development - eVTOL (Electric Vertical Take-Off and Landing) is anticipated to be the main vehicle for the low-altitude economy, with applications in various sectors due to its green flying capabilities and low noise[6] - The first eVTOL airworthiness certificate was issued to EHang in 2023, marking a significant milestone in the commercialization of eVTOLs[21] - The approval process for eVTOLs is expected to shorten as regulatory frameworks mature, potentially reducing costs and time for certification[31] Group 3: Technological Advancements - eVTOL technology has reached a turning point, with advancements in battery energy density, now exceeding 300 Wh/kg, which enhances flight duration and range[80] - The development of new battery technologies, such as condensed state and solid-state batteries, is projected to further increase energy density, with some reaching 500 Wh/kg[87] - The evolution of eVTOL designs includes multi-rotor, compound wing, and tilt-rotor configurations, each offering unique advantages and challenges in terms of safety, efficiency, and certification[66][71][73]

高基数下凸显经营韧性，新院整合进展顺利 海吉亚医疗（6078.HK）/医疗服务 证券研究报告/公司点评 2024年03月26日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：26.3 HKD 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3195.6 4076.7 5126.6 6270.1 7489.3 分析师：祝嘉琦 增长率yoy% 38.0% 27.6% 25.8% 22.3% 19.4% 执业证书编号：S0740519040001 净利润（百万元） 476.8 682.9 907.6 1106.5 1383.5 电话：021-20315150 增长率yoy% 8.0% 43.2% 32.9% 21.9% 25.0% 每股收益（元） 0.68 0.89 1.19 1.45 1.81 Email：zhujq@zts.com.cn 每股现金流量 0.98 1.23 1.27 2.01 2.19 分析师：孙宇瑶 净资产收益率 9.7% 10.9% 16.8% 17.0% 1 ...

公司点评 重要声明： 中泰证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会许可的证券投资咨询业务资格。 。本公司不会因接收人收到本报告而视其为客户。 本报告基于本公司及其研究人员认为可信的公开资料或实地调研资料，反映了作者的研究观点，力求独立、客 观和公正，结论不受任何第三方的授意或影响。本公司力求但不保证这些信息的准确性和完整性，且本报告中 的资料、意见、预测均反映报告初次公开发布时的判断，可能会随时调整。本公司对本报告所含信息可在不发 出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。本报告所载的资料、工具、意见、信息及 推测只提供给客户作参考之用，不构成任何投资、法律、会计或税务的最终操作建议，本公司不就报告中的内 容对最终操作建议做出任何担保。本报告中所指的投资及服务可能不适合个别客户，不构成客户私人咨询建 议。 市场有风险，投资需谨慎。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失负 任何责任。 投资者应注意，在法律允许的情况下，本公司及其本公司的关联机构可能会持有报告中涉及的公司所发行的证 券并进行交易，并可能为这些公司正在提供或争取提供投资银行、 ...

Key Points - The report discusses the increasing proportion of land transfer fees from first-tier cities, which rose by 9.72 percentage points year-on-year, while second and third/fourth-tier cities saw declines of 2.43 and 7.29 percentage points respectively [4] - The average land transaction price in January and February 2024 was higher than the same period last year, with prices of 1464 CNY/sqm and 1611 CNY/sqm, reflecting increases of 23% and 15% year-on-year [4] - The report highlights that state-owned enterprises (SOEs) accounted for 60.90% of land acquisition since 2023, with a notable increase in the proportion of SOEs acquiring land in January and February 2024 [4] Land Market Performance - In January and February 2024, the total land transfer area was 20,587.33 million sqm, a decrease of 17.25% year-on-year, while the total land transfer fees amounted to 3,128.75 billion CNY, down 3.05% year-on-year [10] - The report indicates a significant decline in commercial and industrial land, with industrial land experiencing a decrease of 13.91% [10] - The report notes that the land acquisition by urban investment companies (城投) increased, with a total of 803.35 billion CNY in land acquisition, representing 25.68% of the total [4] Urban Investment Companies and Bank Equity - Urban investment companies are increasingly investing in local banks, particularly city commercial banks and rural commercial banks, to mitigate potential risks and enhance capital [10] - The proportion of urban investment companies holding shares in city commercial banks has risen from 6.37% in 2014 to 18.95% in 2023 [10] - The report identifies that the majority of urban investment companies investing in banks are rated AA or above, with a significant concentration in provinces like Hunan and Shandong [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7]. Core Views - The company achieved a revenue of 3.88 billion yuan in 2023, representing a year-on-year growth of 1.14%. The net profit attributable to the parent company was 1.02 billion yuan, with a year-on-year increase of 1.72% [4]. - The company is expected to benefit from the growth in the renewable energy sector, particularly in photovoltaic and electric vehicle markets, which are projected to drive future revenue growth [5][6]. - The company has successfully developed and produced its own metallized film materials for film capacitors, enhancing its competitive edge [6]. Financial Performance Summary - **Revenue Forecast**: - 2022: 3.836 billion yuan - 2023: 3.880 billion yuan - 2024: 5.001 billion yuan - 2025: 6.031 billion yuan - 2026: 7.027 billion yuan - Year-on-year growth rates: 36% (2022), 1% (2023), 29% (2024), 21% (2025), 17% (2026) [1]. - **Net Profit Forecast**: - 2022: 1.007 billion yuan - 2023: 1.024 billion yuan - 2024: 1.231 billion yuan - 2025: 1.467 billion yuan - 2026: 1.689 billion yuan - Year-on-year growth rates: 21% (2022), 2% (2023), 20% (2024), 19% (2025), 15% (2026) [1]. - **Earnings Per Share (EPS)**: - 2023: 4.55 yuan - 2024: 5.47 yuan - 2025: 6.52 yuan - 2026: 7.51 yuan [1]. - **Valuation Ratios**: - P/E ratios: 22.4 (2022), 22.0 (2023), 18.3 (2024), 15.3 (2025), 13.3 (2026) [1]. - P/B ratios: 5.5 (2022), 4.8 (2023), 3.8 (2024), 3.1 (2025), 2.5 (2026) [1]. Market Position and Strategy - The company is actively expanding its presence in the renewable energy market, focusing on photovoltaic, wind power, energy storage, and electric vehicle sectors [6]. - The company aims to maintain stable revenue growth while enhancing its market share in traditional markets and exploring new global opportunities [6][7].

业绩符合预期，昆药融合渐入佳境 华润三九（000999.SZ）/中 证券研究报告/公司点评 2024年03月24日 药 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：54.53 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 18,079 24,739 28,067 31,483 34,769 分析师：祝嘉琦 增长率yoy% 18% 37% 13% 12% 10% 执业证书编号：S0740519040001 净利润（百万元） 2,449 2,853 3,298 3,782 4,245 电话：021-20315150 增长率yoy% 20% 17% 16% 15% 12% 每股收益（元） 2.48 2.89 3.34 3.83 4.30 Email：zhujq@zts.com.cn 每股现金流量 3.04 4.24 3.29 4.85 4.39 分析师：孙宇瑶 净资产收益率 14% 12% 12% 12% 12% 执业证书编号：S0740522060002 P/E 22.0 1 ...