Group 1: Tax Revenue Insights - In March 2024, the Ministry of Finance reported that personal income tax revenue for January-February was 326.2 billion yuan, a year-on-year decrease of 15.9%[37] - The estimated taxpayer population is around 70 million, which is approximately 5.0% of the national population[12] - The cumulative personal income tax for 2023 showed a year-on-year decline of 1.0%, while the per capita disposable income in 2023 was 39,218 yuan, reflecting a growth of 6.3%[4] Group 2: Economic Indicators - Production remains stable at a high level, with the operating rate of blast furnaces in Tangshan at 89.05% as of March 22, 2024[4] - The construction sector shows weak performance, with national cement prices continuing to decline as of March 22, 2024[15] - Real estate transactions in 30 major cities have shown a continued increase, with both first-tier and second-tier cities experiencing a rebound in transaction volumes[16] Group 3: External Trade and Pricing - The China Containerized Freight Index (CCFI) was reported at 1,244.83 points as of March 22, 2024, indicating a continued decline from the previous value of 1,278.28 points[47] - The Baltic Dry Index (BDI) was recorded at 2,196 points as of March 22, 2024, down from 2,374 points the previous week, reflecting fluctuations in shipping rates[67] - The CDFI (China Dry Bulk Freight Index) recorded 1,384.66 points, showing high volatility compared to the previous week[52]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 37.94 CNY [1] Core Views - The report highlights that the company achieved a revenue of 343.07 billion CNY in 2023, a slight decrease of 0.42% year-on-year, while the net profit was 59.69 billion CNY, down 14.29% year-on-year. The report also notes a significant cash dividend payout ratio of 75.2% [6][9] - The company is expected to generate revenues of 344.08 billion CNY, 353.30 billion CNY, and 358.87 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 63.52 billion CNY, 65.09 billion CNY, and 67.03 billion CNY [9][10] Financial Performance Summary - **Revenue Forecasts**: - 2022: 344.53 billion CNY - 2023: 343.07 billion CNY - 2024E: 344.08 billion CNY - 2025E: 353.30 billion CNY - 2026E: 358.87 billion CNY [2] - **Net Profit**: - 2022: 69.63 billion CNY - 2023: 59.69 billion CNY - 2024E: 63.52 billion CNY - 2025E: 65.09 billion CNY - 2026E: 67.03 billion CNY [2] - **Earnings Per Share (EPS)**: - 2024E: 3.50 CNY - 2025E: 3.00 CNY - 2026E: 3.20 CNY [2] - **Return on Equity (ROE)**: - 2023: 12% - 2024E: 13% - 2025E: 13% - 2026E: 13% [2] - **Price-to-Earnings (P/E) Ratio**: - 2024E: 10.8 - 2025E: 12.6 - 2026E: 11.9 [2] - **Price-to-Book (P/B) Ratio**: - 2024E: 1.9 - 2025E: 1.8 - 2026E: 1.7 [2] Operational Highlights - **Coal Production and Sales**: - In 2023, the company produced 325 million tons of coal, an increase of 3.54% year-on-year, and sold 450 million tons, up 7.71% year-on-year [7] - **Electricity Generation**: - Total electricity generation in 2023 was 2,122.6 billion kWh, a year-on-year increase of 10.97% [8][9] - **Cash Dividend**: - The company announced a cash dividend of approximately 44.90 billion CNY, with a dividend per share of 2.26 CNY, resulting in a dividend yield of 5.96% for A shares [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 58.99 [1]. Core Insights - The company reported a revenue of 4.715 billion yuan in 2023, representing a year-on-year growth of 16.66%. The net profit attributable to shareholders was 1.151 billion yuan, up 47.55% year-on-year, and the net profit excluding non-recurring items was 1.083 billion yuan, increasing by 54.70% [2][3]. - The fourth quarter showed strong performance, with revenue reaching 1.287 billion yuan, a year-on-year increase of 29.30%, and a net profit of 367 million yuan, up 37.48% year-on-year [2]. - The company achieved a gross margin of 70.2% in 2023, an increase of 1.94 percentage points from the previous year, and a net margin of 24.4%, up 5.13 percentage points year-on-year [2][3]. - The company has effectively managed its inventory and receivables, with inventory levels at a recent low of 10.1 billion yuan, down 18.3% from the previous year, and accounts receivable at 4.4 billion yuan, down 20.4% [2][3]. Financial Performance Summary - The company’s revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 5.776 billion yuan (2024), 6.874 billion yuan (2025), 8.085 billion yuan (2026), with growth rates of 22.50%, 19.01%, and 17.61% respectively [1][3]. - Net profit: 1.452 billion yuan (2024), 1.751 billion yuan (2025), 2.104 billion yuan (2026), with growth rates of 26.20%, 20.55%, and 20.16% respectively [1][3]. - The company’s earnings per share are projected to be 2.26 yuan in 2024, 2.72 yuan in 2025, and 3.27 yuan in 2026 [1][3]. Operational Efficiency - The company has improved its operational efficiency, with a decrease in various expense ratios, including sales, management, and financial expenses [2][3]. - The report highlights the positive impact of ongoing reforms and internal cost controls on profit margins [2][3].

、 两新能源 REITs 获原始权益人增持 -行业研究周报 房地产/公募REITs 证券研究报告/行业研究周报 2024年3月24日 [T评ab级le_：M增ain持] （维持） [公Ta募bleR_ESIuTmsm行ar业y] 周报-20240317 分析师：由子沛  一周行情回顾 本周REITs指数下跌2.79%，沪深300累计下跌0.70%，中证500指数下跌1.28%， 执业证书编号：S0740523020005 中证全债指数上涨0.15%，中债1年期国债指数上涨0.01%，中债10年期国债指数 Email：youzp@zts.com.cn 上涨 0.20%，中证转债指数上涨 0.69%。上市以来 REITs 与十年期国债、一年期国 债、中证转债相关性分别为-0.59、-0.59、0.66，与沪深300、中证500相关性分别 联系人：陈希瑞 为0.48、0.54。 Email：chenxr@zts.com.cn  行业基本情况 行业政策及会议：1）3 月 14 日，水利部规划司指出，探索 REITs 试点盘活水利存 [基Ta本ble状_P况ro fit] 量资产，投入水利建设。2）3月19日-21 ...

、 “AI+医药/医疗”风口渐起；积极布局底部机会 -医药生物行业周报 医药生物 证券研究报告/行业周报 2024年3月24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 公司名称 股价 PEG 评级 执业证书编号：S0740519040001 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 电话：021-20315150 东阿阿胶 60.48 1.19 1.73 2.05 2.54 50.82 34.96 29.50 23.81 1.65 买入 济川药业 35.50 2.35 2.77 3.10 3.46 15.08 12.82 11.46 10.27 1.09 买入 Email：zhujq@zts.com.cn 健友股份 11.53 0.67 0.68 0.87 1.14 17.09 16.88 13.22 10.12 0.58 买入 分析师：崔少煜 百克生物 47.18 0.44 1.21 1.86 2.49 107.2 38.99 25.37 18.93 0.90 买入 执业证书编号：S0740522 ...

、 前瞻│ 银行业一季报预测（2024）：营收、利润增速预计平稳 行业名称 银行 证券研究报告/专题研究报告 2024年3月24日 评级：增持（ 维持 ） [重Ta点ble公_F司in基anc本e]状况 分析师 戴志锋 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740517030004 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 江苏银行 7.69 1.72 1.65 1.92 2.18 4.56 4.76 4.09 3.60 买入 Email：daizf@zts.com.cn 农业银行 4.18 0.71 0.73 0.74 0.75 5.86 5.70 5.62 5.55 增持 分析师 邓美君 招商银行 31.20 5.41 5.75 6.03 6.22 6.10 5.74 5.47 5.31 增持 执业证书编号：S0740519050002 宁波银行 20.73 3.38 3.78 4.13 4.53 6.80 6.08 5.56 5.07 增持 苏州银行 6.92 1.07 1.26 1.39 1.53 6.88 5.84 5.2 ...

、 紧抓白酒、预制菜行业趋势，啤酒产量数据积极 -周思考（第13周) 食品饮料 证券研究报告/行业周报 2024年3月24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：范劲松 股价(元) EPS PE 简称 PEG 评级 执业证书编号：S0740517030001 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 贵州茅台 1701.35 49.93 58.21 68.28 78.37 34.0 29.23 24.92 21.71 1.80 买入 电话：021-20315138 五粮液 153.43 6.88 7.75 8.89 10.07 227. 3 19.80 17.26 15.24 1.46 买入 Email：fanjs@zts.com.cn 燕京啤酒 9.04 0.12 0.21 0.33 0.43 750. 3 43.05 27.39 21.02 0.81 买入 分析师：赵襄彭 山西汾酒 246.85 6.65 8.42 10.35 12.31 37 3. 1 29.32 23.85 20.05 1.29 买入 安井食品 ...

中泰证券研究所 专业｜领先｜深度｜诚信 ｜ 证 券 研 究 报 告 ｜ 政策、技术双重拐点，低空经济有望迎来产业爆发期 ——低空经济系列研究（一） 2024.03.25 冯胜 中泰中游制造负责人&先进产业研究首席 ...

提高分红，加大回购，业绩符合预期 ——中通快递 23Q4 业绩点评 中通快递-W（2057.HK）/物流 证券研究报告/公司点评 2024 年3月 22日 [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：176.2港元 指标 2022 2023 2024E 2025E 2026E 营业收入（百万元） 35377 38419 42787 49252 53942 分析师：苏畅 营业收入增速 16% 9% 11% 15% 10% 执业证书编号：S0740523110001 归母净利润 6809 8749 9664 12228 13384 电话：021-20315125 净利润增长率 43% 28% 10% 27% 9% 摊薄每股收益（元） 8.23 10.58 11.69 14.79 16.18 Email：suchang@zts.com.cn 净资产收益率 12% 15% 15% 16% 16% 分析师：王旭晖 P/E 19.8 15.0 13.6 11.0 10.0 执业证书编号：S0740523110003 P/ ...

、 重视GB200与博通铜连接应用，OFC光通信展将开幕 -中泰通信行业周报（0318-0324） 通信 证券研究报告/行业周报 2024年3月24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 简称 PEG 评级 执业证书编号：S0740517020004 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 上海瀚讯 14.50 0.14 0.15 0.56 1.04 103.57 96.67 25.89 13.94 1.04 买入 电话：021-20315728 中际旭创 167.68 1.52 2.52 5.01 6.89 110.32 66.54 33.47 24.34 1.35 买入 Email：chenny@zts.com.cn 天孚通信 161.46 1.02 1.78 3.07 4.11 158.29 90.71 52.59 39.28 2.15 买入 研究助理：杨雷 润泽科技 33.73 0.70 1.04 1.35 1.87 48.19 32.43 24.99 18.04 1.24 ...