Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 119.62 billion yuan in 2023, a year-on-year increase of 3.23%, and a net profit attributable to shareholders of 1.17 billion yuan, up 16.66% year-on-year [2][3] - The company's cloud and self-owned brand strategic businesses experienced rapid growth, with total revenue from these two strategic businesses exceeding 10 billion yuan for the first time, growing by 42% year-on-year [2] - The company is embracing generative AI, establishing a new layout of "domestic computing power + intelligent computing," and has made significant advancements in product development and supply chain [2] - The distribution business remains solid, achieving revenue of 108.85 billion yuan in 2023, a slight increase of 0.53% year-on-year [2] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1196.24 billion yuan and a net profit of 11.72 billion yuan, with a significant increase in non-recurring net profit by 37.22% [2][3] - The company expects revenues of 1281.04 billion yuan, 1372.91 billion yuan, and 1498.23 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 14.26 billion yuan, 16.42 billion yuan, and 19.87 billion yuan [2][3] Strategic Business Growth - The cloud business generated revenue of 69.31 billion yuan, up 37.98% year-on-year, with high-margin cloud integration services growing by 68.25% [2] - The self-owned brand business capitalized on the development opportunities in the domestic innovation sector, achieving revenue of 38.29 billion yuan, a year-on-year increase of 48.95% [2] Future Outlook - The company is expected to continue its growth trajectory with a projected EPS of 2.13 yuan, 2.45 yuan, and 2.97 yuan for the years 2024, 2025, and 2026 respectively [3] - The company maintains a stable gross margin and focuses on high-value, high-margin businesses in its distribution operations [2]

| --- | --- | --- | --- | |-------------------------------------------------------------|-------------------------------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [Table_Rank] | | | [Table_ReportDate] 宏观经济分析报告 \| 2024.04.08 \n核心观点 | | [Table ...

[Table_Title] 清明国内长线游出境游热度高企，重组胶原蛋白技术 产品持续创新 [ 社Ta 会bl 服e_ 务Rep o | r 行tDa 业te 简] 评报告 | 2024.04.08 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl2e_4SQu1m整m体ary出] 游意愿加强，年轻人成旅游主力军。环球旅讯与数字100 于那 联合发布《2024年Q1中国旅游消费趋势洞察报告》。据报告，95.51% 首席分析师 的受访者计划在2024年出游，比去年增加3.66pcts。2023年，年轻群 SAC执证编号：S0110522070001 体(23-40岁)在各类出游方式中占比最高；年收入10-30万群体为主要 yuna3@sczq.com.cn 电话：021-58820297 出行人群，年收入 50万以上的较高收入群体更偏好出境游。在OTA 平台进行出行预订的消费者仍占主导，在携程/同程/飞猪/美团等平台 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 预订占比60%+，领先于旅行社代订等渠道，此外抖音/小红书等兴趣 平台占比9%；但在旅游规划环节 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [1] Core Views - The company has achieved a comprehensive recovery in performance, with a revenue of 17.15 billion yuan in 2023, representing a year-on-year increase of 24.5%. The net profit attributable to shareholders was 307 million yuan, marking a return to profitability [3][4] - The company's four main business segments, including Club Med and Sanya Atlantis, generated a total revenue of 18.13 billion yuan, up 18.8% year-on-year, driven by strong post-pandemic demand [3][4] - The report highlights the successful launch of new high-end resorts and the ongoing upgrade strategy for existing properties, which contributed to improved operational metrics [3][4] Summary by Sections Financial Performance - In 2023, the company reported a gross profit of 5.595 billion yuan, with a gross margin of 32.62%, an increase of 3.66 percentage points year-on-year [3] - The adjusted EBITDA for the year was 3.73 billion yuan, reflecting a year-on-year growth of 59.1% [3] - The company expects EPS for 2024-2026 to be 0.30, 0.35, and 0.42 yuan respectively, with corresponding PE ratios of 11, 9, and 8 times [4][5] Business Segments - **Club Med**: Achieved a revenue of 15.122 billion yuan, up 19.2% year-on-year, with a significant recovery in the Asia-Pacific region, particularly in mainland China, where revenue increased by 86.3% [3][4] - **Sanya Atlantis**: Revenue reached 1.675 billion yuan, a remarkable increase of 90.9%, with an occupancy rate of 81.9% [3][4] - **Vacation Asset Management Center**: New projects have performed well, with the Taicang Alps International Resort achieving rapid growth since its opening [3][4] Membership and Customer Engagement - The company's membership platform, "Revival Club," reached 6.529 million members, a 16.5% increase, with paid members growing by 52.6% to 114,000 [4] - The revenue from the Revival Club was 355 million yuan, reflecting a 9.0% increase [4]

[原Tab油le_价Titl格e] 表现强势，万华福建工业园装置复产 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.04.08 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl本e_周Su化mm工a板ry]块 表现：本周（4月1日-4月3日）上证综指报收3069.3， 翟绪丽 周涨幅 0.92%，深证成指报收 9544.77，周涨幅 1.53%，中小板 100指 首席分析师 数报收5862.42，周涨幅1.21%，基础化工（申万）报收3373.36，周涨 SAC执证编号：S0110522010001 幅 4.09%，跑赢上证综指 3.17pct。申万 31 个一级行业，24 个涨幅为 zhaixuli@sczq.com.cn 正，申万化工 7个二级子行业中，全部涨幅为正，申万化工 23个三级 电话：010-81152683 子行业中，22 个涨幅为正。涨幅居前的个股有奥克股份、万丰股份、 三祥新材、恒光股份、七彩化学、雅运股份、博菲电气、卓越新能、 甄理 福莱新材、索通发展。 化工行业研究助理 ⚫ 化工品价格回顾： 本周我们关注 ...

Investment Rating - The investment rating for the company is "Buy" [2]. Core Views - The company achieved record high revenue and net profit in 2023, with a total revenue of 186.27 billion yuan, a year-on-year increase of 7.68%, and a net profit attributable to shareholders of 8.25 billion yuan, up 35.98% year-on-year. The company also sold 80% of its stake in the NPM copper mine, focusing on core assets [2]. - The company is set to see significant growth in copper and cobalt production with the commissioning of two world-class copper-cobalt mines. In 2023, copper production reached 419,500 tons and cobalt production reached 55,500 tons, representing year-on-year increases of 51% and 174%, respectively. The company aims to produce over 520,000 tons of copper and over 60,000 tons of cobalt in 2024 [2]. - The company has substantial resource potential in its Congo copper-cobalt mines, with a total resource of 34.64 million tons of copper and 5.25 million tons of cobalt as of 2023. The company plans to enhance exploration efforts and initiate resource expansion plans [2]. - Supply growth is limited while demand continues to rise, suggesting that copper prices are likely to steadily increase. The company is expected to benefit significantly from this trend [2]. - The company is projected to achieve revenues of 200.31 billion yuan, 199.20 billion yuan, and 200.29 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 10.79 billion yuan, 11.37 billion yuan, and 11.95 billion yuan for the same years [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 186.27 billion yuan and a net profit of 8.25 billion yuan, with significant growth in Q4, where revenue reached 54.59 billion yuan, up 34.72% year-on-year, and net profit soared to 5.81 billion yuan, up 547.79% year-on-year [2]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.50 yuan, with a price-to-earnings (PE) ratio of 17.49 [3]. Production Outlook - The company plans to ramp up copper production to over 520,000 tons in 2024, an increase of over 100,000 tons from 2023, and aims for cobalt production to exceed 60,000 tons [2]. - The company’s copper and cobalt mines in Congo have a combined resource of 34.64 million tons of copper and 5.25 million tons of cobalt, with plans for further exploration and resource expansion [2]. Market Conditions - The global supply of copper is expected to face constraints due to various factors, while demand remains robust, indicating a potential upward trend in copper prices [2].

[Table_ReportDate] 食品饮料&农林牧渔 | 行业简评报告 | 2024.04.07 [Table_Rank] 评级： 看好 核心观点 | --- | --- | --- | |-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[汽Tab车le_行Titl业e] 周报：小米汽车大定超预期 ，供应链公司 有望受益 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.04.03 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [ ⚫T abl小e_米Su汽mm车a正ry]式 上市，新车提供三款车型 岳清慧 3 月 28 日，小米集团在北京召开发布会，正式发布首款电动汽车小米 汽车首席分析师 SU7。 SAC执证编号：S0110521050003 1）定价：新车提供 SU7、SU7Pro、SU7Max 三款车型，定价分别为 yueqinghui@sczq.com.cn 21.59万元、24.59万元和29.99万元。 2）设计与功能:C 级豪华纯电轿车，风阻系数为 0.195Cd，内部配有 16.1英寸中控大屏和7.1英寸可翻转仪表盘。 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 3）性能:标准版和Pro 版搭载 220 千瓦 V6 电机，四驱 Max 版拥有 673 0.2 汽车 沪深300 马力，续航可达800公里。 4）智能驾驶:提供Pilot Pro和Pilot ...

[Table_Title] 24 年民航夏秋航季助力国际航线恢复，假期出游推动 民航出行热情 [ 交Ta 通bl 运e_ 输Rep o | r 行tDa 业te 简] 评报告 | 2024.04.03 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[⚫Ta balbel上_eS_周Sumu行mmm情aray回r]y ]顾 。上周沪深300指数下跌0.21%，交通运输（申万） 张功 指数上涨0.56%，在31个申万一级行业中排名第8。二级板块中， 交运行业首席分析师 航空机场周涨跌幅为+0.11%，航运港口的周涨跌幅为+1.58%，物流 SAC执证编号：S0110522030003 zhanggong1@sczq.com.cn 周涨跌幅为-0.55%，铁路公路周涨跌幅为1.19%。 ⚫ 《2024年第 13周（03月25日至03月 31日）民航运行简报》： 张莹 全国民航执行客运航班量近 10 万架次，日均航班量 14381 架次， 交运行业研究助理 环比上周上升 0.8%，同比 2023 年上升 10.7%，同比 2019 年上升 zhangying2022@sczq. ...

[Table_Title] 硅料环节博弈持续，打造数智化坚强电网或为电网未 来工作重点 [Table_ReportDate] 电力设备 | 行业点评报告 | 2024.04.03 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl硅e_料Su环mm节a继ry]续 博弈。硅料方面，本周N型棒状硅、P型棒状硅均无成交， 董海军 N型颗粒硅因其价格优势仅有少量成交。造成市场清淡的原因主要为下 分析师 游硅片几乎停止原料采购。硅片方面，本周硅片价格持续下跌，其中M10 SAC执证编号：S0110522090001 单晶硅片（182 mm /150μm）成交均价1.76元/片，周环比下跌2.22%； donghaijun@sczq.com.cn 电话：86-10-5651 1712 N 型单晶硅片（182 mm /130μm）成交均价 1.70 元/片，周环比下降 7.1%； G12单晶硅片（210 mm/150μm）成交均价2.55元/片，周环比 张星梅 下跌3.41%。 zhangxingmei@sczq.com.cn ⚫ 风光装机维持高增。近日，国家能源局发布1-2月 ...