| --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------|------------------|-------------------------------|------------------------------------------------|-------------------------------------------| | 2024 年 04 月 03 日 \n铖昌科技（ 001270.SZ ） \n星载产品进入量产交付，5G-A 商用发布有望受 \n益 | 投资评级 \n股价 | (2024-04-02) | 公司研究●证券研究报告 \n国防军工 \| \n增持 -B( | 公司快报 \n 其他军工Ⅲ \n维持) \n57.30 元 | | | 交易数据 | | | | | 投资要点 | 总市值（百万元） | | | 8,969.63 | | | | 流通市值 ...

2024年04月02日 行业研究●证券研究报告 电气设备 行业快报 风电下乡政策加码，分散式风电前景可期 投资评级 领先大市-A维持 首选股票 评级 事件点评 4月1日，国家发展改革委、国家能源局、农业农村部发布《关于组织开展“千 乡万村驭风行动”的通知》。《通知》指出，因地制宜、统筹谋划。以各地农村 一年行业表现 风能资源和零散空闲土地资源为基础，统筹经济社会发展、生态环境保护、电网 承载力和生产运行安全等，合理安排风电就地就近开发利用的规模、项目和布局， 能建则建，试点先行，条件成熟一个就实施一个，不一窝蜂，不一哄而上。“十 四五”期间，在具备条件的县（市、区、旗）域农村地区，以村为单位，建成一 批就地就近开发利用的风电项目，原则上每个行政村不超过20兆瓦，探索形成 “村企合作”的风电投资建设新模式和“共建共享”的收益分配新机制，推动构 建“村里有风电、集体增收益、村民得实惠”的风电开发利用新格局。 政策落地，分散式风电获突破。在政策方面，2021年行业就提出了风电下乡的 资料来源：聚源 行业倡议，但支持政策迟迟未正式落地，其中项目颗粒度小、吸引力不足、审批 升幅% 1M 3M 12M 流程繁琐、并网难 ...

Investment Rating - The investment rating for China Tower is upgraded to "Buy-B" for the first time [2] Core Views - The company reported a revenue of 94.009 billion yuan in 2023, a year-on-year increase of 2.0%, and a net profit attributable to shareholders of 9.750 billion yuan, up 11.0% year-on-year [1][4] - The overall revenue growth is maintained, with an improvement in profitability, driven by a decrease in major operating costs and the expansion of its two wings business, which includes smart connection and energy services [1][5] - The company is expected to benefit from the growth of the digital economy and the instant delivery industry, with projected revenues for 2024-2026 of 98.362 billion, 102.688 billion, and 106.567 billion yuan, respectively [2][6] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 94.009 billion yuan, with a slight decline in operator business revenue to 82.163 billion yuan, down 1.0% year-on-year [1][4] - The EBITDA reached 63.551 billion yuan, indicating a steady improvement in operational efficiency [1] - The net profit margin improved to 10.4% in 2023, with a projected increase to 10.9% in 2024 [4][8] Business Segments - The tower business revenue was 75.023 billion yuan, down 2.8%, while the indoor distribution business grew by 22.5% to 7.140 billion yuan [1][6] - The smart connection business generated 7.283 billion yuan, up 27.7%, and the energy business saw a 31.7% increase to 4.214 billion yuan [1][6] - The two wings business now accounts for 12.2% of total revenue, with significant growth potential in the electric vehicle battery swap market, projected to grow at a CAGR of 41.62% from 2023 to 2026 [1][5] Future Outlook - The company expects stable growth in the operator business from 2024 to 2027, driven by the advantages of "5G + indoor distribution" resources [2][5] - Revenue forecasts for the tower business are expected to decline slightly, while the indoor distribution, smart connection, and energy businesses are projected to grow significantly [5][6] - The company is positioned to leverage its market space and continue developing its two wings business, which is anticipated to contribute to a new round of performance growth [6][7]

Investment Rating - The investment rating for the company has been upgraded from "Hold-B" to "Buy-B" [2][8] Core Insights - The company is expected to achieve revenue of 3.515 billion yuan in 2026, with adjusted net profits for 2024 and 2025 being 180 million yuan and 371 million yuan respectively, and a projected net profit of 547 million yuan in 2026 [2] - The corresponding PE ratios for 2024, 2025, and 2026 are projected to be 67.8 times, 32.9 times, and 22.3 times respectively [2] - The current market capitalization is 12.218 billion yuan, with a PS ratio of approximately 5.35 times, which is lower than the average PS of 8.91 times over the past five years [2] - The demand recovery, platform upgrades, and the rise of edge AI present significant growth opportunities for the company [2] Financial Performance Summary - The company reported a revenue of 1.673 billion yuan in 2023, an increase of 10.5% year-on-year, while the net profit attributable to shareholders was 23 million yuan, a decrease of 89.1% year-on-year [3] - The projected revenues for 2024 and 2025 are 2.279 billion yuan and 2.844 billion yuan, representing year-on-year growth rates of 36.2% and 24.8% respectively [3] - The gross profit margin is expected to stabilize around 38% by 2026, with a net profit margin projected to reach 15.6% [3] - The company’s EPS is forecasted to increase from 0.04 yuan in 2023 to 0.87 yuan in 2026 [3] Market and Industry Context - The semiconductor industry is anticipated to recover, with a projected global market growth rate of 13.1% in 2024, reaching a record scale of 588.4 billion USD [8] - The company is actively investing in advanced chip research and development, focusing on self-developed analog and digital IP to enhance product competitiveness [8] - The rise of AI applications in mobile devices is expected to drive demand for edge computing solutions, which aligns with the company's strategic focus [8]

2024年04月02日 行业研究●证券研究报告 传媒 行业快报 网络视听行业新业态涌现，市场稳定发展 投资评级 领先大市-A维持 首选股票 评级 投资要点 事件：近日，第十一届中国网络视听大会以“极视听 强赋能”为主题，在四川 一年行业表现 省成都市顺利举办。约2000余家业内企业机构、5000余位行业代表、近万名 嘉宾参会，推动网络视听产业高质量发展。 各类型作品增长趋势分化，内容质量有望成为各平台发展核心。会上发布《中 国网络视听发展研究报告（2024）》报告显示，截至2023年12月，我国网络 视听用户规模达10.74亿，网民使用率为98.3%。市场规模上，2023年网络视 听市场规模超1.15万亿。内容端：各类网络视听作品上线数量涨跌互现，内容 创作降本增效。据广电总局监管中心统计数据，2023年，网络剧、网络综艺和 网络电影上线数量有所下降，分别减少了12%、10%和23%。受主流视频平台 资料来源：聚源 “降本增效”和市场影响，网络剧、网络综艺、网络电影“提质减量”的整体趋 升幅% 1M 3M 12M 势依旧明显。而网络动画片、纪录片、重点网络微短剧全年新上线数量不断增多， 相对收益 1.65 ...

2024年04月02日 行业研究●证券研究报告 传媒 行业快报 清明档单品破记录，引进片倍受关注 投资评级 领先大市-A维持 首选股票 评级 投资要点 热点事件：据灯塔专业版，截至4月2日12时24分，2024年清明档新片预售 一年行业表现 票房突破7000万。截至4月2日16:12分，《你想活出怎样的人生》单片首日 预售票房达3783.1万，累计预售票房高达6410.4万，首日票房占比83.8%， 首日黄金场占比38.4%，打破过去三年清明档影片预售票房纪录。一众国产佳 作入场，叠加优质引进片，或共同赋能另类档期，促进影视产业长线发展。 八部影片先后定档，清明档蓄势待发。 4月3日，《你想活出怎样的人生》、 《雪豹》、《草木人间》、《零度极限》、《黄雀在后》五部影片齐发；4月4 日，《大“反”派》、《午夜怪谈》和《冰雪女王5：融冰之战》接踵而至。其 中，宫崎骏的最新力作《你想活出怎样的人生》凭借深入人心的剧情与多项国际 资料来源：聚源 大奖吸引大批深度剧情片爱好者的关注；导演万玛才旦的遗世之作——自然主义 升幅% 1M 3M 12M 题材电影《雪豹》同样引人瞩目，通过讲述雪豹与人类之间的情感纠葛，探讨深 ...

2024年04月01日 公司研究●证券研究报告 华电国际（ ） 公司快报 600027.SH 电力及公用事业 | 火电Ⅲ 业绩大幅改善，看好能源转型+电改深化下的火 投资评级 买入-A(首次) 电盈利能力 股价(2024-04-01) 6.74元 交易数据 投资要点 总市值（百万元） 68,933.76 流通市值（百万元） 57,359.61 事件 ：公司发布2023年年度报告。全年实现营收1171.76亿元，同比+9.45%； 总股本（百万股） 10,227.56 归母净利润45.22亿元，同比+3789.00%。 流通股本（百万股） 8,510.33 12个月价格区间 7.00/4.73 点评： 一年股价表现 业绩大幅提升，盈利能力修复。公司2023年实现营收1171.76亿元，同比+9.45%； 归母净利润45.22亿元，同比+3789.00%，实现了大幅增长。其中，2023Q4实现 收入264.51亿元，同比-3.49%；实现归母净利润0.24亿元，同比+101.06%。2023 年，本公司经营活动产生的现金净流入额约为人民币132.52亿元，同比+37.26%； 毛利率为6.43%，同比+6. ...

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Investment Rating - The report maintains an investment rating of "Leading the Market-B" [1] Core Viewpoints - The upcoming peak season is expected to drive strong demand, leading to a continuation of the price increase for refrigerants [1] - Air conditioning production is projected to see significant growth, with a year-on-year increase of 16.9% in January 2024 for household air conditioners, and domestic sales expected to rise by 9.4% [1] - The production schedule for air conditioning units is anticipated to increase by 22.7%, 17.7%, and 14.7% in the first three months of the year, with domestic production rising by 20.9%, 16.3%, and 13.5% respectively [1] - Export production is also expected to grow, with increases of 28.3%, 16.7%, and 3.1% compared to the same period last year [1] - The report highlights expectations of high temperatures and the "old-for-new" policy, which have raised overall market expectations for the air conditioning industry [1] - The recovery in air conditioning exports is notable, driven by rising shipping prices due to geopolitical tensions, which has led to early order placements in Europe [1] - The report suggests that the demand for refrigerants is significantly increasing, with a tight supply in the market, leading to a bullish sentiment among market participants [1] Summary by Relevant Sections - **Production and Sales Growth**: The report indicates a robust growth trajectory for air conditioning production and sales, with specific percentage increases outlined for both domestic and export markets [1] - **Market Dynamics**: The report discusses the impact of external factors such as weather conditions and policy changes on market expectations and pricing trends [1] - **Investment Recommendations**: The report recommends focusing on integrated refrigerant companies and flexible stocks such as Juhua Co., Sanmei Co., and Yonghe Co. due to the anticipated recovery in industry profitability [1]

2024年04月01日 行业研究●证券研究报告 传媒 行业快报 游戏版号连月破百，关注低氪 休闲方向 + 投资评级 领先大市-A维持 首选股票 评级 投资要点 热点事件：3月28日，网易2024开年大作、旗舰级武侠开放世界游戏《射雕》 一年行业表现 官宣上线。其“优质IP+开放世界+低氪度”等特点在游戏市场掀起“低价潮”， 引发广泛热议。3月29日晚，2024年3月国产游戏版号正式发放，本次共有 107款国产游戏获得版号。至此，已经连续四月版号发放过百。 版号发放连续四月破百，游戏市场稳中向好。3月国产游戏版号审批数量为107 款，至此已连续四个月审批数量过百（23年12月105款，今年1月115款，2 月111款），其中三七互娱、巨人网络、吉比特、中青宝、西山居、竞技世界、 禅游、金科文化均有上榜。版号发放连续多月过百，政策端呈显著向好趋势，有 望提振游戏市场信心，赋能游戏产业发展。 资料来源：聚源 头部公司爆款新游上市，优质IP+开放世界，有望开启“高质低氪”新赛道。《射 升幅% 1M 3M 12M 雕》许诺上线3个月内至少推出200套低价时装，并在原著基础上构筑多维度、 相对收益 0.98 -5. ...