、 算力仍是最确定方向，政策支持央企发展AI -中泰通信行业周报（0219-0225） 通信 证券研究报告/行业周报 2024年2月25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 中际旭创 147.73 1.52 2.52 5.01 6.89 97.19 58.62 29.49 21.44 1.19 买入 电话：021-20315728 天孚通信 119.42 1.02 1.78 3.07 4.11 117.08 67.09 38.90 29.06 1.59 买入 Email：chenny@zts.com.cn 源杰科技 133.92 1.18 0.26 1.25 1.81 113.49 515.08 107.14 73.99 38.82 买入 研究助理：杨雷 菲菱科思 86.80 2.82 2.48 4.62 5.80 30.78 35.00 18.79 14.97 1.10 ...

Investment Rating - The investment rating for Chengdu XianDao (688222.SH) is "Buy" (maintained) with a market price of 12.19 [1]. Core Views - The report highlights that the company's revenue is expected to grow steadily, primarily driven by the recovery of its core DEL business and the continuous improvement of other technology platforms. However, the decrease in exchange gains and increased tax expenses have impacted the net profit [4][5]. - The company is recognized as a global leader in drug discovery CRO+Biotech, with a rich pipeline of new drug research and development, which is anticipated to enhance performance elasticity [5]. Financial Forecast and Valuation - Revenue projections for 2023, 2024, and 2025 are estimated at 372 million, 435 million, and 502 million respectively, reflecting year-on-year growth rates of 12.74%, 17.03%, and 15.31% [5]. - Net profit forecasts for the same years are 44 million, 50 million, and 60 million, with year-on-year growth rates of 73.92%, 14.00%, and 20.25% [5]. - The report indicates that the company maintained a high R&D investment level, with approximately 80.42 million allocated in 2023, accounting for about 22% of revenue [4]. Business Recovery and Technology Platforms - The DEL business has shown significant recovery, with Q4 2023 revenue reaching 126 million, a year-on-year increase of 12.95%, and a net profit of 25.65 million, up 72.87% [4][10]. - The company has developed multiple technology platforms, including protein degradation and nucleic acid drug development, which are expected to contribute to new revenue streams as they mature [11]. Market Position and Future Outlook - The report emphasizes the company's strong market position and the potential for continued growth through the successful transfer of new drug projects, which are currently in early clinical stages [11]. - The overall financial health of the company is projected to improve, with a focus on enhancing operational efficiency and expanding its market presence [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [2][13]. Core Insights - The company is projected to achieve a total revenue of 712 million yuan in 2023, reflecting a year-on-year growth of 7.5%. However, the net profit is expected to decline by 7.6% to 174 million yuan [7]. - The fourth quarter of 2023 shows a strong revenue growth of 15.3% year-on-year, with a total revenue of 200 million yuan, indicating a recovery in demand and improved product structure [7]. - The company is well-positioned to benefit from the ongoing AI trend, with a strong market presence and competitive advantages in high-end products [7]. Financial Forecast and Valuation - Revenue and profit forecasts for the company are as follows: - 2023E Revenue: 712 million yuan, Net Profit: 174 million yuan - 2024E Revenue: 926 million yuan, Net Profit: 245 million yuan - 2025E Revenue: 1,141 million yuan, Net Profit: 312 million yuan - The P/E ratio is projected to decrease from 43.7 in 2023 to 24.4 in 2025, indicating an improving valuation [2][10]. Market Position and Competitive Advantage - The company has established a leading position in the supply chain, competing directly with Japanese enterprises, and is expected to benefit from the recovery in consumer electronics demand [7]. - The company’s high-end products, such as TOP CUT and Lowα ball aluminum, are already in mass production, positioning it favorably in the AI industry trend [7]. Summary of Key Financial Metrics - Key financial metrics for the company include: - 2023E Revenue: 712 million yuan - 2023E Net Profit: 174 million yuan - 2023E EPS: 0.94 yuan - 2023E P/E: 43.7 - 2023E ROE: 12% [2][10].

、 多地公积金政策再加码，5年期以上LPR大幅调降 -行业研究周报 房地产 证券研究报告/行业研究周报 2024年2月25日 [T评ab级le_：M增ain持] （维持） [重Ta点ble公_F司in基anc本e]状 况 分析师：由子沛 股价 EPS PE 简称 评级 执业证书编号：S0740523020005 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 保利发展 10.0 1.5 1.7 2.1 2.7 6.7 6.0 4.9 3.7 买入 Email：youzp@zts.com.cn 招商蛇口 9.3 0.4 1.1 1.3 1.7 23.5 9.1 7.4 5.8 买入 滨江集团 7.6 1.2 1.4 1.8 2.3 6.5 5.5 4.5 3.4 买入 分析师：李垚 万科A 10.2 2.0 2.2 2.5 2.5 5.5 4.8 4.3 4.2 买入 华发股份 7.3 1.1 1.4 1.6 1.8 6.6 5.3 4.6 4.1 买入 执业证书编号：S0740520110003 备注：股价使用2024年2月23日收盘价 Email：liya ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [1]. Core Views - The rapid increase in coal prices is driven by three main factors: declining port inventories, sustained cold weather, and regulatory tightening in Shanxi province [1][35]. - The coal industry is expected to remain in a high-growth phase due to the ongoing supply-side reforms and limited new capacity releases [35]. Summary by Sections Investment Recommendations - Key recommendations include companies in the thermal coal sector such as China Shenhua, Yancoal, and Shaanxi Coal, as well as coking coal companies like Shanxi Coking Coal and Lu'an Energy [1][35]. Market Dynamics - As of February 23, 2024, the price of thermal coal at the Jingtang Port reached 946 CNY/ton, reflecting a 3.28% increase from February 8, 2024 [1]. - The report notes a significant drop in port inventories, which has contributed to rising market prices [1][36]. Company Performance - China Shenhua reported a January 2024 coal production of 27.2 million tons, a year-on-year increase of 1.1%, with sales up 27.9% [2][3]. - Shaanxi Coal's January 2024 production was 13.91 million tons, up 6.27% year-on-year [3]. Price Trends - The report highlights that the average price of thermal coal in the Qinhuangdao market was 730 CNY/ton, with a slight weekly increase [39]. - The report also indicates that the price of coking coal at Jingtang Port was 2,540 CNY/ton, down 40 CNY from the previous week [38]. Regulatory Environment - Regulatory measures in Shanxi province are expected to tighten coal production, which may lead to a favorable price outlook for coal [1][35].

Investment Rating - The report indicates a positive outlook for the financial sector's adoption of AI and large models, suggesting that it is a core area for investment in the GenAI landscape [2]. Core Insights - The financial industry is characterized by its information, data, knowledge, and talent density, making it a prime candidate for the application of large models to enhance internal efficiency and empower business operations [2]. - Current applications of large models in brokerage firms are primarily focused on areas such as intelligent customer service, office assistants, and code generation, with expectations for deeper integration with business functions in the future [2]. - The long-term application of AI capabilities is seen as an inevitable direction for digital transformation in financial enterprises, promoting high-quality development within the industry [2]. - Privacy and security of financial data are critical, leading to the necessity for brokerage firms to potentially establish their own computing server clusters for large model transformation [2]. Summary by Sections Section: AI Applications in Brokerage Firms - Various brokerage firms are investing in large model applications, with a focus on enhancing customer service and operational efficiency through intelligent systems [2][4]. - Hai Tong Securities has successfully implemented its "Pan Hai Yan Dao" model, which supports intelligent Q&A, report generation, and development functions [4]. - Guo Jin Securities has developed a model using LangChain to enhance interactive Q&A and risk control in trading [7]. Section: Specific Use Cases - The "Bond Copilot" by Zhongxin Securities supports the entire bond underwriting process, improving efficiency and client experience through automated report generation and market analysis [31][33]. - Dong Wu Securities has launched its self-developed model, Dong Wu Xiu Cai GPT, which enhances various applications within its financial services platform [36]. Section: Wealth Management Platforms - Shen Wan Hong Yuan's SWHY-Matrix provides a comprehensive service matrix for institutional clients, integrating technology and business services to meet diverse client needs [25][27]. Section: Competitive Landscape - The report highlights the competitive nature of the financial sector's AI applications, with multiple firms like Galaxy Securities and Guo Jin Securities making significant strides in deploying large models for trading and risk management [15][23].

Investment Rating - Buy rating maintained for Sands China Ltd (1928 HK) with a market price of HKD 23 5 [1] Core Views - Sands China's performance turned profitable in 2023, in line with expectations The company is still in the recovery phase and is expected to benefit significantly from the strong rebound in Macau's tourism and gaming industry [3] - The recovery trend is evident, with performance meeting expectations In 2023, Sands China's net profit reached USD 692 million, and adjusted EBITDA was USD 2 225 billion, with Q4 EBITDA at USD 654 million and a margin of 35 1%, recovering to 80 6% of the same period in 2019 [4] - The high-end mass market led the recovery, and non-gaming businesses showed significant improvement In 2023, Sands China's total net revenue was USD 6 53 billion, with gaming revenue accounting for 74% (USD 4 84 billion) and non-gaming revenue contributing 26% (USD 1 81 billion) [4] - Sands China is the leader in Macau's gaming industry, with the largest supply of gaming tables, hotels, and shopping malls The company is expected to continue benefiting from the industry's recovery in 2024 [4] Financial Performance and Forecasts - Revenue in 2023 was USD 6 534 billion, a 307% YoY increase, and is expected to grow to USD 8 82 billion in 2024, USD 9 492 billion in 2025, and USD 9 573 billion in 2026 [2][4] - Net profit in 2023 was USD 692 million, a 144% YoY increase, and is forecasted to reach USD 2 049 billion in 2024, USD 2 424 billion in 2025, and USD 2 575 billion in 2026 [2][4] - EPS in 2023 was USD 0 09, and is expected to grow to USD 0 25 in 2024, USD 0 30 in 2025, and USD 0 32 in 2026 [2][4] - ROE in 2023 was -17,300%, but is expected to recover to 100 2% in 2024, 54 2% in 2025, and 36 6% in 2026 [2][4] Industry Recovery - Macau's gaming gross revenue in 2023 was MOP 183 1 billion, recovering to 63% of 2019 levels Quarterly breakdown shows recovery rates of 45% in Q1, 62% in Q2, 69% in Q3, and 75% in Q4 [4] - Visitor arrivals to Macau in 2023 reached 28 21 million, recovering to 72% of 2019 levels Quarterly recovery rates were 48% in Q1, 68% in Q2, 84% in Q3, and 90% in Q4 [4] Business Segments - Gaming: High-end mass market recovery led the way, with mass market table games revenue at USD 1 42 billion in Q4 2023, recovering to 97% of 2019 levels High-end mass contributed USD 685 million (101% of 2019), while regular mass contributed USD 732 million (93% of 2019) Slot machine revenue was USD 163 million, recovering to 101% of 2019 levels VIP gaming revenue was USD 130 million, recovering to 24% of 2019 levels [4] - Non-gaming: Significant recovery in non-gaming businesses, with hotel occupancy reaching 97 2% and average room rate at USD 197 Retail revenue was USD 156 million, recovering to 96% of 2019 levels [4] Future Outlook - Sands China's parent company, LVS, is increasing investment in Macau, with the Londoner Phase 2 project starting in November 2023, with an investment increase from USD 1 billion to USD 1 2 billion This will further optimize Sands China's supply and enhance customer spending [4] - The parent company plans to reduce leverage in the future, preparing for the resumption of dividends [4]

Investment Rating - The report assigns an "Buy" rating for Jichuan Pharmaceutical (600566.SH) [2] Core Insights - Jichuan Pharmaceutical is a leading traditional Chinese medicine company with a stable competitive landscape for its core products and ample cash reserves, boasting a cash balance of approximately 10 billion yuan as of Q3 2023. The company maintains a high dividend payout ratio and is currently undervalued compared to its peers, resulting in a high dividend yield [5][6] - The pediatric product "Xiaoer Chiqiao Qingre Granules" is expected to become a key growth driver, with its market share in pediatric cold medicine reaching over 50%. The pediatric segment's revenue contribution has increased from 17% in 2018 to 27% in 2022, driven by favorable policies and market expansion [5][19] - The company is diversifying its product lineup with second-tier products and business development (BD) collaborations, which are expected to contribute to long-term growth starting from 2025-2026 [5][6] Financial Forecast and Valuation - The company is projected to achieve revenues of 95.59 billion yuan, 102.34 billion yuan, and 112.13 billion yuan for the years 2023-2025, with year-on-year growth rates of 6.25%, 7.06%, and 9.57% respectively. The net profit is expected to reach 25.52 billion yuan, 28.55 billion yuan, and 31.85 billion yuan, with growth rates of 17.55%, 11.90%, and 11.54% [6] - The corresponding P/E ratios for 2023-2025 are estimated at 13, 11, and 10, indicating a favorable valuation compared to peers [6] Product Structure and Market Position - The company has a strong focus on pediatric, respiratory, and digestive markets, with its three core products accounting for 72% of total revenue in 2022. The main products include "Pudilan Anti-inflammatory Oral Liquid," "Rabeprazole Sodium Enteric-coated Capsules," and "Xiaoer Chiqiao Qingre Granules" [10][14] - The pediatric market is rapidly expanding, with sales in public medical institutions reaching 9.6 billion yuan and retail sales at 6.5 billion yuan in 2022. The company’s pediatric products are well-positioned to benefit from this growth [19][22] Business Development and Second-tier Products - The company is actively pursuing BD collaborations and has introduced several new products, including TJ101 and various inhibitors, which are expected to enhance its growth trajectory [5][32] - Second-tier products such as "Jianwei Xiaoshi Oral Liquid" are gaining traction and are expected to contribute significantly to revenue growth [32][35]

[Table_Industry] 银行2023 年4 季度经营数据： 净息差1.69%，净利润同比+3.2%；城商行相对亮眼 行业名称 银行 证券研究报告/行业季度报告 2024年2月22日 [评Ta级ble：_I增nve持st（] 维持 ） [重Ta点ble公_F司in基anc本e]状 况 股价 [ 分T 析ab 师le _ 戴A 志u 锋th ors] EPS PE 简称 (元) PEG 评级 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 执业证书编号：S0740517030004 招商银行 30.99 5.E4 1 5.75 6.03 6.22 6.E1 0 5.74 5.47 5.31 增持 Email： daizf@zts.com.cn 平安 银行 10.48 2.30 2.46 2.60 2.73 4.70 4.39 4.15 3.96 增持 分析师 邓美君 宁波银行 25.06 3.38 3.78 4.13 4.53 6.80 6.08 5.56 5.07 增持 江苏 银行 6.86 1.72 1.65 1.92 2.18 4.56 4.76 4.0 ...

、 从冰箱变化看二线白电红利 家用电器 证券研究报告/行业深度报告 2024年02月21日 [评Ta级ble：_T增itle持] （ 维持 ） [重Ta点ble公_F司in基anc本e]状 况 股价 EPS PE 简称 PEG 评级 分析师：姚玮 (元) 2021 2022 2023E 2024E 2021 2022 2023E 2024E 海信家电 27.5 0.7 1.03 2.03 2.33 39 27 14 12 0.8 买入 执业证书编号：S0740522080001 海尔智家 24.1 1.38 1.56 1.78 2.05 17 15 14 12 0.8 买入 Email：yaowei@zts.com.cn 长虹美菱 8.8 0.05 0.24 0.68 0.81 176 37 13 11 0.6 未评级 备注：股价取自2024/2/20收盘价，长虹美菱取wind一致预测 报告摘要  一、为什么现在关注冰箱？嵌入式的兴起成为行业短期变化的契机 冰箱作为成熟行业，量价通常难有波澜。刚需品销量通常稳健，每年产品升级带来的微 弱均价提升也已经兑现在龙头公司的业绩预期中。 [基Ta本ble状_P况ro ...