趋势，后续生产可能出现恢复。 分析师：张德礼 基建投资边际放缓，消费低位恢复。不过内需修复的基础仍不稳固，经济 7.7%和 7.9%，增速较去年 12 月分别下降 2.4 个百分点、提升 0.6 个百分 制造业增加值同比增长 9.8%。不过去年下半年以来增加值增速持续高于 1 资产投资相关产品表现一般。前 2 个月移动手机、集成电路的产量同比分 与固定资产投资相关的粗钢、水泥产量同比分别为 1.6%和-1.6%，增速较 5.5%。服务业生产指数的景气与今年初出行回升密切相关，2024 年出行 ◼ 消费方面，前 2 个月社零低位修复，餐饮收入增速已经高于疫情前增速。 两年平均增速，今年 1-2 月，无论是餐饮收入还是商品零售都有明显增长。 和 3.9 个百分点。结合各商品销售额占比，分别拉动商品零售同比改善 2. 7、0.5、0.2 和 0.1 个百分点。与之形成对比的是，石油制品、中西药品、 服装和日用品对商品零售额同比的拉动，分别下滑 0.4、0.3、0.2 和 0.1 个 百分点。汽车、家电销售额同比的改善可能与节日因素有关，随着设备更 新与消费品以旧换新相关政策的落地。作为以旧换新政策重点支持的产品， ...

Investment Rating - The report indicates a positive outlook for the eVTOL industry, highlighting its potential as a core carrier for the low-altitude economy [2][3]. Core Insights - eVTOL aircraft are positioned as the key vehicle for the development of the low-altitude economy, with increasing demand for urban air mobility and advancements in eVTOL technology [2][3]. - The low-altitude economy in China is projected to exceed 5 trillion yuan in 2023 and is expected to surpass 20 trillion yuan by 2030, indicating significant growth potential [3]. - The report identifies key beneficiaries in the eVTOL sector, including companies specializing in lightweight materials, electronic components, motor and drive solutions, command information systems, and power distribution systems [3]. Summary by Sections 1. eVTOL Industry Introduction - eVTOL aircraft utilize electric power for vertical takeoff and landing, addressing urban transportation needs and emergency response scenarios [6][7]. - The technology is characterized by low carbon emissions, low noise, high automation, low operational costs, and high safety [7]. 2. Market Landscape - The eVTOL industry is currently transitioning from research and development to application, with significant commercial potential and rapid progress in orders and policy support [3][19]. - The report outlines three main eVTOL technology routes: multi-rotor, lift + cruise, and vectored thrust, each with distinct advantages and applications [19][23][26]. 3. Future Trends - Approximately 25% of eVTOL projects are in flight testing, while around 50% are in conceptual design, indicating a diverse stage of development across the industry [32][33]. - The report emphasizes the importance of regulatory certifications for eVTOL manufacturers, including type certification, production licenses, and airworthiness certificates [33][34]. 4. Key Companies to Watch - The report highlights several companies as key players in the eVTOL market, including Joby Aviation, Volocopter, and Ehang, each at different stages of development and certification [21][34].

数控机床高增 111.76%，2023 年毛利率创新高 豪迈科技（002595） 证券研究报告/公司点评 2024年3月18日 /机械设备 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：35.40元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,642 7,166 8,174 9,032 9,996 分析师：王可 增长率yoy% 11% 8% 14% 10% 11% 执业证书编号：S0740519080001 净利润（百万元） 1,200 1,612 1,843 2,088 2,298 Email：wangke03@zts.com.cn 增长率yoy% 14% 34% 14% 13% 10% 每股收益（元） 1.50 2.02 2.30 2.61 2.87 每股现金流量 0.69 2.01 1.92 2.27 2.44 分析师：郑雅梦 净资产收益率 16% 19% 18% 17% 16% 执业证书编号：S0740520080004 P/E 23.6 17.6 15.4 ...

、 361度 23业绩表现亮眼，芬兰罢工影响纸浆价格 -轻工制造及纺织服装行业周报 轻工纺服 证券研究报告/行业周报 2024年3月17日 评级：增持(维持) [重Ta点ble公_F司in基anc本e]状 况 分析师：张潇 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740523030001 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 百亚股份 16.59 0.44 0.59 0.72 0.89 37.70 28.12 23.04 18.64 1.21 买入 Email：zhangxiao06@zts.com.cn 欧派家居 70.80 4.41 5.08 5.87 6.73 16.05 13.94 12.06 10.52 0.88 买入 分析师：郭美鑫 顾家家居 38.79 2.20 2.52 2.93 3.41 17.63 15.39 13.24 11.38 1.00 买入 执业证书编号：S0740520090002 索菲亚 16.55 1.17 1.47 1.72 2.00 14.15 11.26 9.62 8.28 0.43 买入 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [16]. Core Views - The company has demonstrated strong performance despite industry challenges, with a high dividend payout ratio and a valuation at historical lows, indicating significant long-term investment value [2][16]. - In 2023, the company achieved a revenue of 5.53 billion yuan, a year-on-year decrease of 8.3%, while the net profit attributable to shareholders reached 742 million yuan, reflecting a substantial increase of 178.5% [4][16]. - The company has maintained a competitive edge through advanced production processes, efficient operations, and leading cost control, allowing it to sustain profitability even during industry downturns [2][16]. Summary by Sections Financial Performance - In 2023, the company's revenue was 5.53 billion yuan, down 8.3% year-on-year, while the net profit attributable to shareholders was 742 million yuan, up 178.5% year-on-year [4][16]. - The gross profit margin for 2023 was 26.3%, an increase of 9.3 percentage points year-on-year, and the net profit margin was 13.5% [7][10]. - The company reported a cash flow from operating activities of 1.19 billion yuan in 2023 [26]. Cost and Profitability - The average selling price of cement in 2023 was 284 yuan per ton, a decrease of 15.4 yuan year-on-year, while the cost per ton was 208.5 yuan, down 40.9 yuan year-on-year [16][22]. - The company achieved a gross profit of 75.5 yuan per ton in 2023, an increase of 25.6 yuan year-on-year [7][22]. Market Position and Strategy - The company has focused on enhancing its market share through strategic marketing efforts, despite a challenging demand environment in the Guangdong region [16]. - The company plans to continue optimizing its cost structure and improving operational efficiency to enhance profitability [16][18]. Future Outlook - The forecast for net profit attributable to shareholders for 2024-2026 is 650 million, 710 million, and 780 million yuan, respectively, with corresponding P/E ratios of 14.1, 12.8, and 11.8 [18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company achieved record high revenue and strong profitability in Q4, with a revenue of 93.4 billion yuan, representing a year-on-year growth of 21.9% [3][4]. - The growth in revenue is attributed to the increasing proportion of high-value-added products, which has improved the average selling price (ASP) [4]. - The company is expanding its production capacity significantly, with planned investments of 32.5 billion yuan and 57.5 billion yuan for new production lines, which will enhance its market share [4]. - The aluminum trim business is expected to enter a growth phase, driven by new orders and production ramp-up [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 33.16 billion yuan, up 18% year-on-year, and a net profit of 5.63 billion yuan, also up 18.4% year-on-year [3][4]. - The Q4 2023 net profit reached 1.5 billion yuan, a significant increase of 75.9% year-on-year [3]. Revenue and Profitability - The gross margin for Q4 2023 was 36.54%, an increase of 3.69 percentage points year-on-year, driven by improved production efficiency and cost reduction [4]. - The ASP for high-value products has increased, with the proportion of such products rising by 9.54 percentage points year-on-year [4]. Production Capacity and Expansion - The company plans to invest approximately 81.2 billion yuan in capital expenditures in 2024, the highest in five years, to expand its production capacity [4]. - The total new production capacity will add 46.6 million square meters of automotive glass, representing 32.5% of the company's production scale in 2023 [4]. Future Profitability Forecast - The forecast for net profit for 2024 and 2025 has been raised to 6.29 billion yuan and 7.21 billion yuan, respectively, with a new estimate for 2026 at 8.52 billion yuan [4].

需求旺季邻近，供应扰动不断，大宗板块持续领涨 有色金属 证券研究报告/行业周报 2024年03月17日 行业评级：增持 投资要点 分析师：郭中伟 ◼ 【本周关键词】：美国2月通胀超预期、国内铜冶炼减产预期升温 执业证书编号：S0740521110004 ◼ 投资建议：维持行业“增持”评级 1）贵金属上行趋势不变：本周美国 2 月通胀数据超预期，金价冲高回落，在超额储 Email：guozw@zts.com.cn 蓄消耗及高利率下，美国经济周期性回落难以避免，去全球化背景也将支撑贵金属价 格上行至新高度，重视板块内高成长及资源优势突出标的投资机会。 分析师：谢鸿鹤 2）基本金属恰处布局良机：全球制造业 PMI 升破荣枯线，同时供给端扰动不断，基 执业证书编号：S0740517080003 本金属价格整体走高。在供给瓶颈下，基本金属终将在弱复苏带动下，迎来新一轮景 Email：xiehh@zts.com.cn 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：大宗价格整体抬升：1）周内，LME 铜、铝、铅、锌、锡、镍本周涨跌幅 分析师：刘耀齐 为 5.9%、1.8%、1.5%、 ...

[Table_Industry] 证券研究报告/行业周报 2024年3月17日 有色金属 设备更新政策落地，节能要求有望提升稀土永磁需求 [T[评aTab 级blele_ ：_MT增aitilne持]] （维持） [投Ta资bl要e_点Su mmary] 1. 【关键词】Pilbara锂精矿拍卖成交价为1200美元/吨，折算锂盐成本 分析师：安永超 10.3 万元/吨左右；国务院《推动大规模设备更新和消费品以旧换新行 执业证书编号：S0740522090002 动方案》提出，到2027年重点行业主要用能设备能效基本达到节能水 Email：anyc@zts.com.cn 平 分析师：郭中伟 2. 投资策略：维持行业“增持”评级，中长线继续推荐稀土永磁、锑和 执业证书编号：S0740521110004 锡板块： ➢ 1）稀土：短期需求低迷导致价格疲软，中长期机器人、新能源汽 Email：guozw@zts.com.cn ➢ 车、工业节能电机等多个消费场景有望爆发。国务院《推动大规 分析师：谢鸿鹤 模设备更新和消费品以旧换新行动方案》提出，到2027年重点行 执业证书编号：S0740517080003 业主要用能设 ...

大宗商品价格全面上行 固定收益周报 本周乘用车销量全面下行：截至 3 月 10 日的一周，乘用车批发日均销量为 3.57 万 辆，周环比下降 74.18%，月初至今同比上升 66.73%，乘用车零售日均销量为 3.55 万 辆，周环比下降 38.65%，月初至今同比上升 13.82%。 钢材库存整体上行：从库存来看，本周螺纹钢库存周环比下降 0.51%，线材库存和热 轧板库存均呈现上升趋势，周环比分别上升 1.77%、1.08%。相较于上月以及去年同 期，螺纹钢、线材、热轧板库存目前处于相对高位。 进出口表现涨跌互现：出口全面下行，截至 3 月 15 日，中国出口集装箱运价指数周环 比下降 2.58%；上海出口集装箱运价指数周环比下降 5.98%。进口数据涨跌互现，BDI 周环比上升 1.24%，中国进口干散货运价指数（CDFI）周环比下降 1.72%。 证券研究报告/高频数据观察 2024 年 3 月 16 日 [Table_Industry] [Table_Main] [Table_Title] 分析师：肖雨 执业证书编号：S0740520110001 Email：xiaoyu@zts.com.cn ◼ ...

[Table_Industry] 证券研究报告/月度报告 2024 年 3 月 15 日 请务必阅读正文之后的重要声明部分 比，今年前 2 个月新增政府债券融资同比少增 3320 亿元，而财政存款同比少 增 6580 亿元。上述几个维度的比较，都表明今年前 2 个月财政支出发力程度 可能大于去年同期。 ◼ 总的来说，和往年一样，1-2 月金融数据明显受到了春节因素的影响。1-2 月 合并看，在去年年初经济恢复初期信贷开门红异常高增导致的高基数下，今 年 1-2 月新增社融同比下降，企业信贷和政府债券融资是主要拖累。M1 增速 再度回落，企业资金活化程度仍低。政府工作报告对全年经济工作做了部署， 以基建为主要抓手推动经济动能修复仍有必要。 ◼ 请务必阅读正文之后的重要声明部分 - 2 - 来源：WIND，中泰证券研究所 15,211 9,773 -9 -172 571 -3,688 1,642 114 6,011 -10000 0 10000 20000 30000 40000 - 人民币 贷款 外币贷 款 委托贷 款 信托贷 款 票据 企业债 券 股票融 资 政府债 券 新增社 融 表内 表外 直接融资 亿 ...