、 春节期间供需双弱，节后复工煤价预期上行 煤炭 证券研究报告/行业周报 2024年2月18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) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 山西焦煤 10.93 2.09 1.E4 4 1.55 1.64 5.2 7.6 7.1 6.7 1.68 买入 电话： 潞安环能 23.61 4.74 3.00 3.28 3.72 5.0 7.9 7.2 6.3 1.45 买入 Email：duchong@zts.com.cn 平煤股份 12.23 2.47 1.60 1.66 1.83 5.0 7.6 7.4 6.7 1.26 买入 联系人：鲁昊 兖矿能源 22.84 6.30 2.87 3.30 3.53 3.6 8.0 6.9 6.5 3.25 买入 中国神华 38.07 3.50 2.99 3.13 3.25 10.9 12.7 12.2 11.7 1.91 买入 电话： 陕西 ...

、 至暗时刻已过，把握弹性与确定性 -医药生物行业周报 医药生物 证券研究报告/行业周报 2024年2月18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 智飞生物 51.40 3.14 3.78 4.71 6.06 16.36 13.60 10.91 8.49 0.51 买入 华润三九 56.11 2.48 2.96 3.38 3.92 22.64 18.98 16.59 14.30 1.25 买入 Email：zhujq@zts.com.cn 益丰药房 42.63 1.25 1.42 1.75 2.13 34.04 29.92 24.33 20.03 1.35 买入 分析师：孙宇瑶 东阿阿胶 57.80 1.21 1.76 2.08 2.58 47.72 32.91 27.78 22.37 1.55 买入 执业证书编号：S0740522060002 健友 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [2]. Core Insights - The first batch of rare earth mining indicators for 2024 is expected to increase by 13% year-on-year, while the Wa State plans to impose a 30% physical tax on tin concentrate [2]. - Yabao anticipates a 10-20% year-on-year growth in lithium product sales for 2024 [2]. - The report recommends maintaining an "Overweight" rating for the industry, particularly for rare earth permanent magnets, antimony, and tin sectors due to their strategic importance and potential for growth in various applications such as robotics and electric vehicles [2]. Summary by Sections Market Overview - The report notes a mixed performance in energy metal prices before the holiday, with the main contract for LC2407 down by 4.08% [2]. - The domestic battery-grade lithium carbonate price remained stable at 97,000 CNY/ton, while battery-grade lithium hydroxide also held steady [8][10]. Supply and Demand Dynamics - The first batch of rare earth mining total control indicators for 2024 is set at 135,000 tons REO, reflecting a 13% increase year-on-year [3]. - Antimony prices remained stable due to tight raw material supply, with domestic antimony concentrate priced at 75,000 CNY/ton [3]. - Tin prices are expected to rise due to supply disruptions and recovering semiconductor demand, with LME tin closing at 27,000 USD/ton, up 2.40% [3]. Industry Trends - The photovoltaic sector saw a significant increase in installed capacity, with December 2023 installations reaching 53 GW, a 144.24% year-on-year increase [13]. - In January 2024, domestic sales of new energy vehicles reached 787,000 units, marking an 85.3% year-on-year growth [15]. - The production of battery materials showed a positive trend, with January 2024 production of cathode materials at 202,000 tons, a 6.32% month-on-month increase [26]. Lithium Market Insights - The lithium market is experiencing price stability, with the average price for battery-grade lithium carbonate at 97,000 CNY/ton [35]. - The report highlights a decrease in lithium production due to seasonal factors, with an estimated output of 6,945 tons in the last week before the holiday, down 20.46% from the previous week [35]. Rare Earth Market Insights - The report indicates that the supply growth rate for rare earths has slowed, with the first batch of mining indicators for 2024 reflecting a more cautious approach compared to previous years [3]. - The prices for rare earths remained stable, with praseodymium-neodymium oxide holding steady at 399,000 CNY/ton [10].

、 Sora 重磅发布，AI 生成视频迎巨大创新 行业名称 电子 证券研究报告/行业点评报告 2024年02月18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：王芳 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740521120002 (元) 2021 2022 2023E 2024E 2021 2022 2023E 2024E 大华股份 18 1.0 0.7 2.2 1.3 17 25 8 14 0.03 买入 Email：wangfang02@zts.com.cn 寒武纪-U 115 -2.0 -3.2 -2.1 -1.3 -58 -36 -56 -86 1.6 买入 分析师：杨旭 通富微电 22 0.6 0.3 0.1 0.5 34 62 204 41 -2.9 买入 执业证书编号：S0740521120001 工业富联 16 1.0 1.0 1.1 1.4 16 16 14 11 1.5 买入 海康威视 34 1.8 1.5 1.5 1.7 19 23 22 19 5.4 买入 Email：yangxu01@zts.com ...

新冠扰动有望基本出清，看好 2024 诊断加速复苏 迪安诊断（300244）/医疗器械 证券研究报告/公司点评 2024 年 2 月 18 日 | --- | |--------------------| | | | | | | | [Table_Industry] | | [Table_Title] | | 评级：买入（维持） | | 市场价格： 19.80 | 分析师：谢木青 执业证书编号：S0740518010004 电话：021-20315895 Email：xiemq@zts.com.cn 分析师：于佳喜 执业证书编号：S0740523080002 Email：yujx03@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 627 | | 流通股本 ( 百万股 ) | 503 | | 市价 ( 元 ) | 19.80 | | 市值 ( 百万元 ) | 12,413 | | 流通市值 ( 百万元 ) | 9,957 | [Tabl ...

Investment Rating - Buy rating maintained for the company [1] Core Views - The company's gene sequencing business is growing strongly, with a 30% YoY increase in sales revenue in 2023 [2] - The company is a global leader in the gene sequencing industry, with a comprehensive product matrix covering high, medium, and low throughput [2] - The company's globalization strategy is progressing well, with significant breakthroughs in key overseas markets such as the UAE and Singapore [2] - The company's short-term profitability may fluctuate due to increased R&D and sales investments, but its long-term growth prospects remain strong [3] Financial Forecasts and Valuation - Revenue is expected to be RMB 2,935 million in 2023, RMB 3,627 million in 2024, and RMB 4,639 million in 2025, with YoY growth rates of -31%, 24%, and 28% respectively [1] - Net profit is forecasted to be RMB -633 million in 2023, RMB -149 million in 2024, and RMB 79 million in 2025 [1] - EPS is projected to be RMB -1.52 in 2023, RMB -0.36 in 2024, and RMB 0.19 in 2025 [1] - P/E ratios are expected to be -49 in 2023, -207 in 2024, and 389 in 2025 [1] - P/B ratios are forecasted to be 3.5 in 2023, 3.6 in 2024, and 3.6 in 2025 [1] Company Overview - Total shares outstanding: 416 million [1] - Market price: RMB 74.09 [1] - Market capitalization: RMB 30,795 million [1] - Free float market capitalization: RMB 15,691 million [1] Industry and Business Analysis - The company is a leading player in the gene sequencing industry, with a strong competitive advantage [3] - The company's gene sequencing business is expected to maintain rapid growth, driven by its global expansion and technological advancements [2] - The company's laboratory automation business has been impacted by the decline in pandemic-related demand, but its core gene sequencing business remains robust [2] Financial Performance - The company's 2023 performance was affected by several factors, including a high base effect from the previous year's legal settlement, increased R&D and sales expenses, and a decline in pandemic-related demand for laboratory automation products [2] - Despite these challenges, the company's gene sequencing business continues to perform well, with strong sales growth and increasing global market penetration [2] Key Financial Ratios - ROE is expected to be -7% in 2023, -2% in 2024, and 1% in 2025 [1] - Gross margin is forecasted to be 59.8% in 2023, 59.6% in 2024, and 60.4% in 2025 [5] - Net margin is projected to be -22% in 2023, -4.1% in 2024, and 1.7% in 2025 [5] - Asset-liability ratio is expected to be 16.4% in 2023, 17.1% in 2024, and 19.2% in 2025 [5]

Investment Rating - The report maintains a positive outlook on the aviation and airport sectors, highlighting a recovery in demand and suggesting investment opportunities in key airlines and airports [12][15]. Core Viewpoints - The aviation sector is experiencing a recovery with high demand and ticket prices expected to continue rising. The supply side is seeing a slowdown in capacity expansion, leading to a more balanced market [12][15]. - The report emphasizes the importance of airport recovery, with both aviation and non-aviation revenues expected to improve significantly [12][15]. - The shipping and port sectors are poised for growth due to domestic economic recovery and strategic port resource integration, which is expected to enhance operational efficiency and reduce competition [13][15]. Summary by Sections 1. Core Viewpoints and Investment Recommendations - The aviation sector is recovering from its lowest point, with demand and ticket prices expected to rise. The supply of aircraft is stabilizing, and the market is becoming more concentrated [12]. - The report suggests focusing on investment opportunities in airlines such as China Eastern Airlines, Southern Airlines, Spring Airlines, and in airports like Shanghai Airport and Guangzhou Baiyun Airport [12][15]. 2. Key Recommendations - Recommended stocks include: - **Spring Airlines**: Expected to maintain a leading position in the low-cost segment with strong profit forecasts [16]. - **China Southern Airlines**: Focused on expanding its hub operations in Guangzhou and Beijing [16]. - **Shanghai Airport**: Anticipated to benefit from synergies with Hongqiao Airport and a recovering aviation business [16]. - **Qingdao Port**: Positioned as a major trade port with strong growth in throughput and profitability [16]. 3. Aviation and Airport Data Tracking - Daily passenger volumes for civil aviation have shown significant growth, with a 67.01% increase compared to 2023 and an 18.52% increase compared to 2019 [12][15]. - The report notes that the average daily flight operations and aircraft utilization rates have increased week-on-week, indicating a robust recovery in the aviation sector [12][15]. 4. Shipping and Port Data Tracking - The report highlights mixed trends in shipping indices, with container shipping rates under pressure but overall port throughput continuing to grow [13][15]. - The integration of port resources is seen as a strategic move to enhance efficiency and reduce excess capacity, with potential benefits for listed companies in the sector [13][15]. 5. Railway and Road Data Tracking - The report indicates strong demand for rail and road travel, with significant increases in passenger volumes during holiday periods [12][15]. - The cash flow levels in the road and rail sectors are expected to gradually recover, enhancing their attractiveness for investment due to high dividend yields [14][15].

、 海外AI创新涌现，Sora提升算力与带宽需求 -中泰通信行业周报（0205-0217） 通信 证券研究报告/行业周报 2024年2月18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 源杰科技 100.00 1.18 0.26 1.25 1.81 84.75 384.62 80.00 55.25 28.99 买入 电话：021-20315728 广和通 14.92 0.48 0.77 1.03 1.32 31.08 19.38 14.49 11.30 0.67 买入 Email：chenny@zts.com.cn 中际旭创 127.00 1.52 2.52 5.01 6.89 83.55 50.40 25.35 18.43 1.02 买入 研究助理：杨雷 天孚通信 108.8 1.02 1.78 3.07 4.11 106.67 61.12 35.44 26.47 1.45 买 ...

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。 本报告版权归"中泰证券股份有限公司"所有。事先未经本公司书面授权，任何机构和个人，不得对本报告进 行任何形式的翻版、发布、复制、转载、刊登、篡改，且不得对本报告进行有悖原意的删节或修改。 请务必阅读正文之后的重要声明部分 - 30 - 估值分析及投资建议:我们基于公司业务布局,选取了电子与医药材料 ■ 生产企业瑞联新材、OLED 终端材料生产企业菜特光电、分子筛生产企业 中触媒以及 PSPI/光刻胶生产企业鼎龙股份作为可比公司, ...

、 高欲望与低满足 [Table_Title] 分析师：杨畅 [投资Table_Su 要点m mary] 执业证书编号：S0740519090004 ◼ 我们不认同所谓的"低欲望"，在春节出游数据上观察到，消费的"高欲望"仍然存在； 只是在相较前期偏低的水平上被满足，即"低满足"。 ◼ 出游是服务消费的典型代表，在实物消费上，典型代表是可选消费品中的乘用车，销量 数据表明购买欲望仍然存在，成交均价走低也表明被满足的水平。 ◼ 上述现象或许可以用结构分化来解释，居民消费的基础端更加稳固，导致了整体消费欲 望的抬升，但偏高端群体的消费支出相较前期偏弱，导致整体消费在偏低水平上满足。 电话：021-20315708 Email：yangchang@zts.com.cn ——当前经济与政策思考 证券研究报告/宏观策略专题报告 2024 年 02 月 19 日 ◼ 风险提示事件：政策变动风险；经济波动超预期风险。 [Tab 相关报告 le_Rep ort] 请务必阅读正文之后的重要声明部分 宏观策略专题报告 内容目录 1. 春节出游数据或指向"高欲望与低满足".............................. ...