、 商务部发文全面支持新能源汽车出口，海风工作稳步进行 电力设备与新能源 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：曾彪 股价 EPS PE 简称 PEG 评级 (元) 2022A 2023E 2024E 2025E 2022 2023E 2024E 2025E 执业证书编号：S0740522020001 天赐材料 18.43 2.97 1.74 2.29 2.76 7.48 11.94 9.69 8.04 -0.25 买入 Email：zengbiao@zts.com.cn 当升科技 34.23 4.46 4.60 5.49 6.44 8.24 8.29 6.69 5.70 -1.12 买入 分析师：吴鹏 天合光能 24.05 1.69 3.26 4.07 5.07 37.59 7.59 6.23 5.00 0.09 - 阳光电源 85.53 2.42 4.70 6.40 8.16 32.00 13.68 12.10 9.49 0.08 买入 执业证书编号：S0740522040004 固德威 111.50 ...

[Table_Industry] 【中泰传媒】 OpenAI发布首款文生视频模型 Sora，多模态推动多行业发展可期 传媒 证券研究报告/行业点评报告 2024年2月18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 EPS PE 评级 [分Ta析b师le：_A康u雅th雯or s] 简称 PEG (元) 2021 2022 2023E 2024E 2025E 2021 2022 2023E 2024E 2025E 执业证书编号： S0740515080001 137.7 113.4 中文在线 19.28 0.14 -0.49 0.17 0.E2 3 0.E3 1 - 83.83 62E.1 9 2.10 无 1 1 电话：021-20315097 华策影视 4.84 0.21 0.21 0.26 0.32 0.37 23.05 23.05 18.62 15.13 13.08 0.72 无 Email： kangyw@zts.com.cn 光线传媒 7.60 -0.11 -0.24 0.21 0.35 0.41 - - 36.19 21.71 1 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 数据安全框架报告 安全产业研究 框架系列之一： ...

全球锂电结构件龙头，盈利能力稳定 科达利(002850.SZ)/电新 证券研究报告/研究简报 2024年2月18日 [Table_Industry] [T[评aTab 级blele_ ：_MT买aitilne入]] （首次） [公 Ta司ble盈_F利in预anc测e1及] 估值 市场价格：69.93元 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 4,468 8,654 10,895 13,515 16,153 分析师：曾彪 增长率yoy% 125% 94% 26% 24% 20% 执业证书编号：S0740522020001 净利润（百万元） 542 901 1,160 1,423 1,714 电话： 增长率yoy% 203% 66% 29% 23% 20% 每股收益（元） 2.01 3.34 4.30 5.28 6.35 Email：zengbiao@zts.com.cn 每股现金流量 1.24 1.62 6.42 7.36 8.34 分析师：朱柏睿 净资产收益率 12% 15% 17% 17% 17% 执业证书编号：S0740522080002 P/E 34.8 ...

全球制造业PMI超预期恢复，大宗金属价格整体回升 有色金属 证券研究报告/行业周报 2024年02月18日 行业评级：增持 投资要点 分析师：郭中伟 ◼ 【本周关键词】：国内社融超预期、美国CPI保持韧性 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：本周美国通胀数据保持韧性，短期对金价形成压力，但在 Email：guozw@zts.com.cn 超额储蓄持续消耗及高利率维持下，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：国内社融超预期、全球制造业 PMI 超预期恢复，大宗金 执业证书编号：S0740517080003 属价格整体上行。大宗金属供给瓶颈终将在弱复苏的带动下，迎来新一轮的景气周 Email：xiehh@zts.com.cn 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：基本金属价格回升，贵金属价格调整：1）周内，LME 铜、铝、铅、锌、 分析师：刘耀齐 锡、镍本周涨跌幅为3.5%、0.0 ...

Investment Rating - The report maintains an "Increase" rating for the company, indicating a positive outlook for the stock price in the near term [1]. Core Views - The company is expected to achieve a net profit of 1.96-2.17 billion yuan in 2023, representing a year-on-year growth of 40%-55% [1]. - The growth is driven by the release of orders in traditional manufacturing equipment and the ramp-up of new lightweight component businesses, which are anticipated to significantly boost revenue [1]. - The lightweight component business is expected to follow major clients like Chery, leveraging production experience and process accumulation to expand into new customer bases [1]. Financial Performance Summary - **Revenue Forecast**: - 2022: 1,168 million yuan - 2023E: 1,825 million yuan (56% growth) - 2024E: 2,867 million yuan (57% growth) - 2025E: 3,791 million yuan (32% growth) [1][9] - **Net Profit Forecast**: - 2022: 140 million yuan - 2023E: 206 million yuan (47% growth) - 2024E: 291 million yuan (41% growth) - 2025E: 403 million yuan (38% growth) [1][9] - **Earnings Per Share (EPS)**: - 2022: 0.71 yuan - 2023E: 1.04 yuan - 2024E: 1.47 yuan - 2025E: 2.03 yuan [1][9] - **Return on Equity (ROE)**: - 2022: 9% - 2023E: 12% - 2024E: 15% - 2025E: 17% [1][3] Cash Flow Summary - **Operating Cash Flow**: - 2022: 95 million yuan - 2023E: 254 million yuan - 2024E: 391 million yuan - 2025E: 520 million yuan [2] - **Investing Cash Flow**: - 2022: -454 million yuan - 2023E: -500 million yuan - 2024E: -475 million yuan - 2025E: -454 million yuan [2] - **Financing Cash Flow**: - 2022: 439 million yuan - 2023E: 628 million yuan - 2024E: 590 million yuan - 2025E: 433 million yuan [2] Key Financial Ratios - **Revenue Growth Rate**: - 2022: 11.8% - 2023E: 56.3% - 2024E: 57.1% - 2025E: 32.2% [3] - **Net Profit Growth Rate**: - 2022: 21.5% - 2023E: 47.3% - 2024E: 41.4% - 2025E: 38.1% [3] - **Debt to Equity Ratio**: - 2022: 31.2% - 2023E: 67.5% - 2024E: 90.0% - 2025E: 94.6% [3]

Investment Rating - The report maintains a "Buy" rating for Chongqing Beer (600132.SH) with a market price of 58.71 [1]. Core Views - The company achieved a revenue of 14.815 billion yuan in 2023, representing a year-on-year growth of 5.53%. The net profit attributable to the parent company was 1.337 billion yuan, with a year-on-year increase of 5.78% [1]. - In Q4 2023, the company reported a revenue of 1.786 billion yuan, a decrease of 3.76% year-on-year, and a net profit of -0.07 billion yuan, indicating a decline compared to Q4 2022 [1]. - The report highlights that despite a challenging market environment, the company experienced a recovery in sales volume, primarily due to a low base from the previous year caused by the pandemic [1][4]. Financial Forecast and Valuation - Revenue and net profit forecasts for the upcoming years are as follows: - 2023E Revenue: 14.815 billion yuan - 2024E Revenue: 15.639 billion yuan - 2025E Revenue: 16.406 billion yuan - 2023E Net Profit: 1.337 billion yuan - 2024E Net Profit: 1.493 billion yuan - 2025E Net Profit: 1.621 billion yuan [1][4]. - The report projects a gradual decline in growth rates, with revenue growth expected to slow from 6% in 2023 to 5% in 2025 [1]. - Key financial ratios include: - P/E ratio for 2023E: 21.3 - P/B ratio for 2023E: 8.6 [1][4]. Sales Performance - The company’s sales volume showed a year-on-year increase of 4.74% in Q4 2023, despite a challenging pricing environment [1][4]. - The report notes that the company’s sales recovery is attributed to the normalization of demand following the pandemic, although structural pressures remain due to weak overall demand [1][4]. Market Context - The report indicates that the beer industry faced various challenges, including fluctuating raw material prices and competitive pressures, but Chongqing Beer managed to achieve a recovery in sales volume [1][4]. - The company is expected to benefit from a decrease in raw material costs, which may enhance profit margins moving forward [1][4].

[Table_Industry] 宁波银行2023 业绩快报：营收增速回升，资产质量稳健 宁波银行(002142)/银行 证券研究报告/公司点评报告 2024年2月8日 [Table_Industry] [评Ta级ble：_I增nve持st（] 维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：21.45元 指标 2021 2022 2023E 2024E 2025E 营业收入（百万元） 52,768 57,872 61,584 65,241 70,307 [ 分T 析ab 师le _ 戴A 志u 锋th ors] 增长率yoy% 28.4% 9.7% 6.4% 5.9% 7.8% 执业证书编号：S0740517030004 净利润（百万元） 19,546 23,075 25,535 27,814 31,114 增长率yoy% 29.9% 18.1% 10.7% 8.9% 11.9% Email：daizf@zts.com.cn 每股收益（元） 2.85 3.38 3.75 4.10 4.60 分析师 邓美君 净资产收益率 16.41% 16.06% 15.72% 15.10% 14.8 ...

[Table_Title] 评级：买入（首次覆盖） [Table_Finance1] 公司盈利预测及估值 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 889 822 1,033 1,340 1,615 增长率 yoy% 34.7% -7.5% 25.7% 29.7% 20.5% 净利润（百万元） 125 117 74 166 235 增长率 yoy% 37.4% -6.5% -36.6% 123.9% 42.0% 每股收益（元） 0.54 0.50 0.32 0.71 1.01 每股现金流量 0.23 0.20 0.37 0.94 1.15 净资产收益率(加权摊薄) 9% 8% 5% 10% 13% P/E 23.8 25.5 40.2 18.0 12.7 P/B 2.2 2.1 2.0 1.9 1.7 备注：股价选取截至 2024 年 2 月 5 日 [Table_Profit] 基本状况 总股本(百万股) 232 流通股本(百万股) 150 市价(元) 12.80 市值(百万元) 2,975 流通市值(百万元) 1,925 力诺特玻(301188.SZ)/建筑 建 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 70.01 CNY [2][6]. Core Insights - The company achieved a total revenue of 175.36 billion CNY in 2023, representing a year-on-year growth of 5.9%. The net profit attributable to shareholders was 16.81 billion CNY, with a growth of 3.6% year-on-year [5][6]. - The company is a global leader in polyurethane, with significant capacity in MDI and TDI production, and is expanding its production capabilities [5][6]. - The petrochemical segment is facing challenges due to low market conditions, but upcoming projects are expected to enhance production capacity [5][6]. - The company is focusing on high-end materials and has made progress in developing new materials to replace imports, aiming to become a globally recognized platform in the new materials sector [5][6]. - The company has a strong commitment to shareholder returns, with a dividend payout ratio of no less than 30% as per its 2021-2023 plan [5][6]. Financial Forecast and Valuation - The forecasted net profits for 2023, 2024, and 2025 are 16.81 billion CNY, 20.38 billion CNY, and 23.73 billion CNY, respectively, with corresponding P/E ratios of 13.1, 10.8, and 9.3 [3][6]. - Revenue is expected to grow from 175.36 billion CNY in 2023 to 200.17 billion CNY in 2024, and further to 232.47 billion CNY in 2025, reflecting a growth rate of 14.1% and 16.1% respectively [3][6]. - The company’s return on equity (ROE) is projected to be 17.1% in 2024 and 16.5% in 2025, indicating stable profitability [3][6].