[Table_Summary] [Table_Summary] [Table_ReportDate] 江山欧派(603208)公司简评报告 | 2024.03.08 [Table_Rank] 评级： 增持 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 26.53 | | 一年内最高 / 最低价（元） | 51.55/21.10 | | 市盈率（当前） | -26.12 | | 市净率（当前） | 3.35 | | 总股本（亿股） | 1.77 | | 总市值（亿元） | 47.00 | | 资料来源：聚源数据 | | [Table_OtherReport 江山欧派（603208 ] ）2023 年三季报点 评：渠道结构持续优化，Q3 利润表现 亮眼 江山欧派（603208）2022 年三季报点 评：Q3 营收增速转正，计提资产减值 拖累业绩 江山欧派（603208）2022 年中报点评： 渠道结构持续优化，业绩短期承压 | --- | --- ...

[Table_Summary] [Table_Title] 募投项目逐步落地，营收增长初显修复 [Table_ReportDate] 广信材料(300537)公司简评报告 | 2024.03.06 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 翟炜 首席分析师 SAC 执证编号：S0110521050002 zhaiwei@sczq.com.cn 电话：13581945259 [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 -0.5 0 0.5 1 6-Mar18-May 30-Jul 11-Oct 23-Dec 5-Mar 广信材料 沪深300 相关研究 [Table_OtherReport] 新产品放量助力营收增长，新基地落 地优化业务布局 优化产品结构提升盈利能力，下游需 求有望迎来改善 合作推进电镀铜技术落地，PCB 光刻 胶需求有望释放 ⚫ 事件：广信材料发布公告称收到龙南市应急管理局出具的《危险化学品 建设项目试生产方案回执》，龙南市应急管理局已同意公司募投项目"年 产 5 万吨电子感光材料及配套材料项目"之"9000t/a 外层油 ...

Investment Rating - The report rates the industry as "Positive" [1] Core Insights - The recent performance of the transportation sector shows a decline, with the transportation index down by 1.29%, ranking 30th among 31 primary industries [2][3] - The civil aviation sector has seen a significant recovery, with a 57.1% year-on-year increase in total transportation turnover in January 2024, and a 44.1% increase in passenger transport volume compared to the previous year [2][3] - The report highlights the recovery of international routes, particularly between China and the US, which is expected to further enhance the recovery of international air travel [2][3] Market Review - The Shanghai Composite Index rose by 1.38% last week, while the transportation index fell by 1.29% [2][3] - The aviation and airport sector experienced a weekly decline of 1.60%, while shipping and port, logistics, and railway and highway sectors also saw declines [2][3] Industry Data Tracking Aviation and Airports - In the week of February 26 to March 3, 2024, the national civil aviation executed nearly 106,000 passenger flights, with a daily average of 15,225 flights, a 2% decrease from the previous week but a 27% increase year-on-year [2][3] - The average fleet utilization rate was 8.2 hours per day, with Southern Airlines leading at 8.5 hours [2][3] Postal and Express Services - In January 2024, the postal industry completed 16.33 billion items, a 73.2% year-on-year increase, with express delivery volume reaching 14.7 billion items [2][3] Shipping and Ports - As of March 1, 2024, the Baltic Dry Index increased by 92.40% year-on-year, indicating a strong recovery in shipping rates [39]

[Table_Title] 产销量及盈利能力双提升，全球化布局加速推进 [Table_ReportDate] 森麒麟(002984)公司简评报告 | 2024.03.05 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm公a司ry发] 布2023年年报，报告期内实现营业收入78.42亿元，同比 翟绪丽 +24.63%，实现归母净利润 13.69 亿元，同比+70.88%。同时公司发布 首席分析师 2023 年度利润分配方案，每 10 股派发现金红利 4.1 元（含税），每 10 SAC执证编号：S0110522010001 股转增4股。 zhaixuli@sczq.com.cn 电话：010-81152683 ⚫ 公司轮胎产销量同比增加，营收及利润均创历史新高。2023年轮胎行业 复苏，同时受益于公司泰国二期的逐步放量，公司全年完成轮胎产量 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） 2923.68 万条，同比+32.98%；其中，半钢胎产量 2839.68 万条，同比 0.2 森麒麟 沪深300 +32.11%；全钢胎产量84万条， ...

Investment Rating - The report assigns an "Overweight" rating to the company [1] Core Views - In 2023, the company achieved revenue of 28.844 billion yuan, a year-on-year decrease of 17.47%, and net profit attributable to the parent company of 3.474 billion yuan, a year-on-year decrease of 1.18% [5] - The company plans to repurchase and cancel shares with no less than 300 million yuan of its own funds annually from 2024 to 2026, and the dividend payout ratio for 2023 is planned to be no less than 40% of the distributable net profit attributable to the parent company [5] - The company continues to optimize its industrial layout, focusing on high-value-added products such as automotive plates, aviation plates, and power battery foils, with high-end products accounting for 14% of total aluminum product sales and 30% of total aluminum product gross profit [5] - The company is expected to achieve revenues of 37.628 billion yuan, 41.898 billion yuan, and 43.350 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of 3.877 billion yuan, 4.068 billion yuan, and 4.467 billion yuan, corresponding to EPS of 0.33 yuan, 0.35 yuan, and 0.38 yuan [5] Financial Data - The latest closing price is 3.15 yuan, with a P/E ratio of 10.62 and a P/B ratio of 0.76 [3] - The total market capitalization is 36.882 billion yuan, with a total share capital of 11.709 billion shares [3] - Revenue for 2023 was 28.844 billion yuan, with a year-on-year decrease of 17.47%, and net profit attributable to the parent company was 3.474 billion yuan, with a year-on-year decrease of 1.18% [4] - Revenue is expected to grow by 30.46% in 2024, 11.35% in 2025, and 3.47% in 2026, with net profit attributable to the parent company expected to grow by 11.61%, 4.92%, and 9.79% respectively [4] Industry and Company Strategy - The company is deepening its presence in the aluminum industry chain, optimizing its industrial layout, and accelerating the construction of electrolytic aluminum capacity in Indonesia [5] - The company plans to build a 200,000-ton automotive plate production capacity, which will further consolidate its leading position in the domestic automotive plate industry and increase the proportion of high-value-added products such as aviation plates and automotive plates [5] - The company is also planning a 1.1 million-ton recycled aluminum project, with part of the 100,000-ton recycled aluminum project already in trial production, aiming to create a complete closed-loop of "alumina-electrolytic aluminum-high-end manufacturing-recycled aluminum" [5] Financial Ratios - The gross profit margin for 2023 was 20.34%, expected to increase to 20.60% in 2024, 21.20% in 2025, and 21.95% in 2026 [6] - The net profit margin for 2023 was 12.04%, expected to be 10.30% in 2024, 9.71% in 2025, and 10.30% in 2026 [6] - The ROE for 2023 was 7.41%, expected to be 6.87% in 2024, 6.79% in 2025, and 7.01% in 2026 [6] - The asset-liability ratio for 2023 was 21.49%, expected to decrease to 20.41% in 2024, 13.25% in 2025, and 11.98% in 2026 [6]

[Table_Title] 落实“质量回报双提升”，进入高质发展新阶段 [Table_ReportDate] 卫星化学(002648)公司简评报告 | 2024.03.05 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm公a司ry]发 布关于推动落实“质量回报双提升”行动方案的公告，提 翟绪丽 出包括聚焦主业、创新引领、夯实治理、合规信披、共享成果共5个方 首席分析师 面的具体举措。 SAC执证编号：S0110522010001 ⚫ 推动落实“质量回报双提升”五大举措。一是聚焦主业，与世界分享化 zhaixuli@sczq.com.cn 电话：010-81152683 学之美，公司作为国内领先的轻烃产业链一体化生产企业，专注研究C2 与 C3 产业链高质量发展，打造化学新材料“生态圈”，创建绿色低碳 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） “产业链”，拓展高质发展“新空间”；二是创新引领，发展科技新质生 0.1 卫星化学 沪深300 产力，推出未来五年研发投入超 100 亿元、成果奖励超 10 亿元、技术 领先盈利提成等研发创新 ...

[Table_Title] AI 催化持续，游戏、影视板块全面收益 [Table_ReportDate] 传媒 | 行业简评报告 | 2024.3.5 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[Tabalbel _eS_Sumummmarayr]y ] 李甜露 ⚫ 【核心观点】AI催化不断，看好估值催化背后，产业化应用价值和 联席首席分析师 相关应用陆续落地。国外，Sora的推出是大模型领域里程碑式进展， SAC执证编号：S0110516090001 具备高质量、长时长、高精度等优势，Google也推出了可文生视频 litianlu@sczq.com.cn 电话：86-10-8115 2690 游戏的模型 Genie（但游戏帧数较少）等；叠加国内政策和应用端 均有所进展，不断释放积极信号。我们认为，当前AIGC进展，大 辛迪 大提升其产业生产力价值，有望赋能以图片、视频为代表的多模态 分析师 内容生产，加速内容制作端生产效率升级。看好：a）优质IP储备 SAC执证编号：S0110522110003 公司在AIGC技术加持下加速转化；b）优质内容公司在AI技术驱 x ...

[Table_Title] 24Q1 业绩高增，持续发力海外 [ 双Ta 环bl 传e_ 动Rep (0or 0t 2D 4a 7t 2e )] 公 司简评报告 | 2024.03.05 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：m公ma司ry发] 布2023年业绩快报和2024年第一季度业绩预告：2023年 岳清慧 公司实现营收81.34亿元，同比增长18.95%；实现归母净利润8.16亿 汽车首席分析师 元，同比增长40.20%。预计2024年第一季度实现归母净利润2.1-2.3 SAC执证编号：S0110521050003 亿元，同比增长22.75%-34.44%；实现扣非归母净利润2.0-2.2亿元， yueqinghui@sczq.com.cn 电话： 同比增长28.66%-41.53%。 点评： [市Ta场bl指e数_Ch走ar势t]（ 最近1年） ⚫ 业绩增长超预期，盈利能力持续提升。公司 24 年一季度业绩增长超预 0.5 双环传动 沪深300 期，主要原因：1）新项目开拓，公司相继获得包括丰田、某欧洲豪华品 牌车等新能源电驱 ...

[Table_Title] 消费预期改善，三八线上美妆大促启动 [ 社Ta 会bl 服e_ 务Rep o r 行tDa 业te 简] | 评报告 | 2024.03.05 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl2e_0S23um年m国ar内y] 旅游强劲复苏，年出游人次及花费大幅增长，高频出游成 于那 新趋势。2月29日，国家统计局发布2023年国民经济和社会发展统 首席分析师 计公报。2023全年国内出游48.9亿人次，比上年增长93.3%。其中， SAC执证编号：S0110522070001 城镇居民国内出游37.6亿人次，增长94.9%；农村居民国内出游11.3 yuna3@sczq.com.cn 电话：021-58820297 亿人次，增长 88.5%。全年国内游客出游总花费 49133 亿元，增长 140.3%。其中，城镇居民出游花费41781亿元，增长147.5%；农村居 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 民出游花费7353亿元，增长106.4%。入境游客8203万人次，其中外 国人1378万人次，香港、澳门和台湾同胞6 ...

[硫Tab酸le_价Titl格e] 涨幅居前，森麒麟 2023 年归母净利润同比 增长 70.88% [ 基Ta 础bl 化e_ 工Rep |o 行rtD 业at 简e] 评 报告 | 2024.03.04 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl本e_S周um化m工ar板y] 块表现：本周（2 月 26 日-3 月 1 日）上证综指报收 翟绪丽 3027.02，周涨幅 0.74%，深证成指报收 9434.75，周涨幅 4.03%，中小 首席分析师 板 100 指数报收 5838.14，周涨幅 4.37%，基础化工（申万）报收 SAC执证编号：S0110522010001 3185.24，周涨幅2.39%，跑赢上证综指1.65pct。申万31个一级行业， zhaixuli@sczq.com.cn 23 个涨幅为正，申万化工 7 个二级子行业中，全部涨幅为正，申万化 电话：010-81152683 工23个三级子行业中，20个涨幅为正。涨幅居前的个股有科创新源、 凯大催化、利通科技、领湃科技、中触媒、扬帆新材、宏达新材、合 [市Ta场bl指e数_Ch走a势 ...