[Table_Title] AI 应用层投资价值凸现，继续看好全行业反弹机会 [ 传Ta 媒bl e |_ R 行ep 业or 简tDa 评te 报] 告 | 2024.3.12 [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大模型接连取得新进展，看好AI应用层投资价值。 联席首席分析师 Claude 3 Opus 在10项人工智能标准测试中超越了GPT-4，包括本 SAC执证编号：S0110516090001 科水平知识、小学数学、编程以及常识。 我们认为，国外大模型能 litianlu@sczq.com.cn 电话：86-10-8115 2690 力的不断突破，推动 AI 投资逻辑切换至应用层。当前 AIGC 行业 进展，大大提升其产业生产力价值，有望赋能以图片、视频为代表 辛迪 的多模态内容生产，加速内容制作端生产效率升级，叠加国内政策 分析师 和应用端均有所进展，不断释放积极信号。看好：a）优质IP 储备 SAC执证编号：S0110522110003 公司在AIGC技术加持 ...

免责声明 在法律许可的情况下，首创证券可能会持有本报告中提及公司所发行的证券头寸并进行交易，也可能为这些公司 提供或争取提供投资银行业务服务。因此，投资者应当考虑到首创证券及/或其相关人员可能存在影响本报告观 点客观性的潜在利益冲突。投资者请勿将本报告视为投资或其他决定的唯一信赖依据。 [Table_Title] 从普涨转向震荡 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Title] 民航 2024 年春运维持高位运行，快递包裹量呈现良 好增长态势 [ 交Ta 通bl 运e_ 输Rep o r 行tDa 业te 简] | 评报告 | 2024.03.11 [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指数上涨0.20%，交通运输（申万） 张功 指数下跌0.14%，在31个申万一级行业中排名第15。二级板块中， 交运行业首席分析师 航空机场周涨跌幅为-1.67%，航运港口的周涨跌幅为+1.60%，物流 SAC执证编号：S0110522030003 周涨跌幅为-1.71%，铁路公路周涨跌幅为+1.28%。 zhanggong1@sczq.com.cn ⚫ 《2024年第 10周（03月04日至03月 10日）民航运行简报》： 张莹 全国民航执行客运航班量近 9.7万架次，日均航班量 13881架次， 交运行业研究助理 环比上周下降 8.8%，同比 2023 年上升 17.7%，同比 2019 年下降 zhangying2022@sczq ...

[Table_Title] 供需双弱价格短期承压，预计下行空间有限 [Table_ReportDate] 煤炭开采 | 行业简评报告 | 2024.03.11 [评Ta级bl：e_ R看an好k] 核心观点 [ Table_Authors] [ Table_Summary] 张飞 ⚫ 动力煤淡季需求继续偏弱，价格稳定中高位水平。供给方面，重要会 行业分析师 议期间各地安全检查趋严，主产区煤矿供给边际趋弱，预计短期内继 SAC执证编号： 续走弱。需求方面，进入3月份，全国大部分地区气温回升，开工率 S0110523080001 稳步提升中，当前电厂日耗较假期有所回升，但仍处在较低水平，预 zhangfei@sczq.com.cn 计随着开工率的提升日耗将继续抬升。受短期价格回调影响，发运继 电话：010-81152685 续倒挂，本周北方港口库存继续维持去化，截至 3 月 8 日，北方港 口库存合计2092万吨，周环比减少18万吨，跌幅0.85%；终端需求 [市Ta场bl指e_数Ch走ar势t]（ 最近1年） 耗煤探涨空间受限，预估整体保持平稳。进口方面，海关总署3月7 0.4 煤炭开采 沪深300 日公布的数 ...

[液Tab氯le_价Title格] 涨幅居前，华恒生物子公司拟对外投资新 项目 [ 基Ta 础bl 化e_ 工Rep |o 行rtD 业at 简e] 评 报告 | 2024.03.11 [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（3月4日-3月8日）上证综指报收3046.02， 翟绪丽 周涨幅 0.63%，深证成指报收 9369.05，周跌幅 0.70%，中小板 100指 首席分析师 数报收5768.79，周跌幅1.19%，基础化工（申万）报收3159.40，周跌 SAC执证编号：S0110522010001 幅 0.81%，跑输上证综指 1.44pct。申万 31 个一级行业，14 个涨幅为 zhaixuli@sczq.com.cn 正，申万化工 7 个二级子行业中，2 个涨幅为正，申万化工 23 个三级 电话：010-81152683 子行业中，10 个涨幅为正。涨幅居前的个股有艾艾精工、安诺其、道 明光学、乐通股份、建新股份、百傲化学、ST 红太阳、惠柏新材、 甄理 *ST榕泰、华恒生物。 化工行业研究助理 ...

[Table_Title] 入境游有望加速复苏，三八美妆节国货持续领跑 [ 社Ta 会bl 服e_ 务Rep o r 行tDa 业te 简] | 评报告 | 2024.03.11 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl中e_S国u新mm增ar对y] 6 国入境免签政策，看好 2024 年入境游恢复。3 月 7 日 于那 据外交部，我国将于2024年3月14日至11月30日期间进一步扩大 首席分析师 免签国家范围，对瑞士、爱尔兰、匈牙利、奥地利、比利时、卢森堡 SAC执证编号：S0110522070001 6 个国家持普通护照人员试行免签政策，上述国家持普通护照人员来 yuna3@sczq.com.cn 电话：021-58820297 华经商、旅游观光、探亲访友和过境不超过15天，可免签入境。两会 明确提到，“提升外籍人员来华工作、学习、旅游便利度”，2023年外 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 国人入境游客达1378万人次，总收入530亿美元，分别恢复到2019 年同期的43%/40%，入境游提升潜力巨大。本次两会报告中明确提到 ...

Investment Rating - The investment rating for the company is "Accumulate" [2]. Core Views - The company has successfully turned a profit in 2023, with a planned dividend payout ratio of approximately 80% [5]. - The company is actively promoting the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative, focusing on core product development and enhancing shareholder returns [8]. - The company's revenue for 2023 is projected to be 37.28 billion yuan, representing a year-on-year growth of 16.2%, with a net profit of 4.00 billion yuan, marking a significant turnaround from losses [15]. Summary by Sections Company Basic Data - Latest closing price is 26.53 yuan, with a one-year high of 51.55 yuan and a low of 21.10 yuan [3]. - Current P/E ratio is -26.12, and the P/B ratio is 3.35 [3]. - Total shares outstanding are 1.77 billion, with a total market capitalization of 47.00 billion yuan [3]. Financial Performance - Revenue for 2022 was 32.09 billion yuan, with projections of 37.28 billion yuan for 2023, 42.97 billion yuan for 2024, and 49.20 billion yuan for 2025 [3]. - The net profit for 2022 was -2.98 billion yuan, with forecasts of 4.00 billion yuan for 2023, 4.83 billion yuan for 2024, and 5.60 billion yuan for 2025 [3]. - Earnings per share (EPS) is expected to be 2.25 yuan in 2023, 2.72 yuan in 2024, and 3.16 yuan in 2025 [3]. Revenue and Profit Growth - The company reported quarterly revenues of 6.82 billion yuan, 9.19 billion yuan, 11.03 billion yuan, and 10.23 billion yuan for Q1, Q2, Q3, and Q4 of 2023, respectively, with year-on-year growth rates of 38.98%, 17.92%, 17.06%, and 2.78% [8]. - The quarterly net profits for the same periods were 0.59 billion yuan, 0.83 billion yuan, 1.49 billion yuan, and 1.09 billion yuan, with significant year-on-year increases [8]. Channel Development - The company has made significant progress in channel adjustments, with revenue from the bulk channel reaching 18.38 billion yuan, a year-on-year increase of 28.15% [8]. - The number of franchisees has increased to 33,299, contributing to a 19.58% growth in revenue from the distribution channel [8]. Profit Forecast - The profit forecast for 2024 and 2025 is adjusted to 4.83 billion yuan and 5.60 billion yuan, respectively, with corresponding P/E ratios of 10 and 8 times based on the current market value [9].

Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The company is gradually implementing its fundraising projects, leading to initial signs of revenue growth [4] - The company expects to achieve revenue of 500-550 million yuan in 2023, representing a year-on-year growth of 0.43%-10.47%, and a net profit of 6-9 million yuan, indicating a turnaround from losses [5] - The approval of the trial production plan for the project "Annual production of 50,000 tons of electronic photosensitive materials and supporting materials" is expected to enhance the company's profitability and product offerings [11] - The company anticipates significant revenue growth driven by its photovoltaic products and coatings for the new energy vehicle sector [5][12] Financial Summary - Revenue is projected to be 536 million yuan in 2023, 777 million yuan in 2024, and 1.029 billion yuan in 2025, with corresponding net profits of 7.5 million yuan, 89.7 million yuan, and 152.7 million yuan respectively [12] - The company's earnings per share (EPS) are expected to be 0.04 yuan in 2023, 0.46 yuan in 2024, and 0.79 yuan in 2025 [12] - The revenue growth rates are forecasted at 7.65% for 2023, 44.89% for 2024, and 32.55% for 2025 [7]

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， ...