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 ...

Investment Rating - The investment rating for the company is "Buy" [1][9] Core Views - The company reported a revenue of 8.134 billion yuan for 2023, representing a year-on-year growth of 18.95%, and a net profit attributable to shareholders of 816 million yuan, up 40.20% year-on-year. For Q1 2024, the expected net profit is between 210 to 230 million yuan, indicating a growth of 22.75% to 34.44% year-on-year [4][5] - The company's performance exceeded expectations, driven by new project acquisitions, including contracts with Toyota and a European luxury brand for new energy electric drive gears. Additionally, existing projects have entered mass production, boosting the new energy gear business [4][5] - The company is expanding its gear business, particularly in the high-precision transmission sector, with significant market potential in the smart home and automotive fields. The establishment of a production base in Hungary is expected to enhance performance and broaden the company's competitive edge [4][5] - The company plans to spin off its subsidiary, Huan Dong Technology, for a listing on the Sci-Tech Innovation Board, which is not expected to affect the company's controlling stake. This move may dilute net profit in the short term but could lead to greater profit growth in the future [4][5] - The company has a strong focus on the gear sector and is expanding into robotics. Revenue projections for 2023-2025 are 8.43 billion, 10.4 billion, and 12.5 billion yuan, with corresponding net profits of 810 million, 1.05 billion, and 1.37 billion yuan. The current market capitalization corresponds to a PE ratio of 25.4, 19.7, and 15.2 for 2023-2025 [4][5] Summary by Sections Company Basic Data - Latest closing price: 24.38 yuan - One-year high/low: 37.53/18.09 yuan - Current PE ratio: 27.29 - Current PB ratio: 2.72 - Total shares: 853 million - Total market value: 20.794 billion yuan [2] Financial Forecast - Revenue (billion yuan): 2022A: 6.84, 2023E: 8.43, 2024E: 10.4, 2025E: 12.5 - Revenue growth rate (%): 2022A: 26.8, 2023E: 23.4, 2024E: 23.3, 2025E: 20.2 - Net profit (billion yuan): 2022A: 0.58, 2023E: 0.81, 2024E: 1.05, 2025E: 1.37 - Net profit growth rate (%): 2022A: 78.4, 2023E: 39.9, 2024E: 29.2, 2025E: 29.9 - EPS (yuan/share): 2022A: 0.68, 2023E: 0.96, 2024E: 1.24, 2025E: 1.61 - PE: 2022A: 35.6, 2023E: 25.4, 2024E: 19.7, 2025E: 15.2 [5][6]

[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 ...

[Table_Title] 光伏产业链下游酝酿涨价情绪，配电网建设预期加速 [ 电Ta 力bl 设e_ 备Rep o r 行tDa 业te 简] | 评报告 | 2024.03.04 评[Ta级ble：_R an看k]好 核心观点 [lT abl硅e_料Su方mm面a，ry]本 周硅料价格小幅上涨，N 型料成交均价为 7.21 万元/吨， 董海军 周环比上涨0.14%；复投料成交均价6.32万元/吨，周环比上涨2.27%。 分析师 硅片方面，本周价格小幅下滑，其中M10单晶硅片（182 mm /150μm） SAC执证编号：S0110522090001 成交均价2.05元/片，周环比持平；N型单晶硅片（182 mm /130μm） donghaijun@sczq.com.cn 电话：86-10-5651 1712 成交均价1.98元/片，周环比下降1.06%； G12单晶硅片（210 mm/150 μm）成交均价2.89元/片，周环比持平。下游组件需求一季度有回暖迹 张星梅 象，部分散单价格有所回升，尤其分布式光伏表现优异。 研究助理 l 中国光伏业协会举办2023年发展回顾与2024年展望研讨会，会上指出 ...

宏观经济分析报告 证券研究报告 图 7：PMI 新订单（%） 40 42 44 46 48 50 52 54 56 2019-01 2020-01 2021-01 2022-01 2023-01 2024-01 新订单 新出口订单 倒算的国内订单 2 月制造业、建筑业和服务业 PMI 分别为 49.1%、53.5%和 51.0%，较前值分别下降 0.1、0.4 和上升 0.9 个百分点，仍然处于低位。综合 PMI2 月读数为 50.9%，与前值持 平。由于服务业 PMI 的反弹，制造业和非制造业 PMI 的均值继续上升。在考虑春节因素 之后，2 月服务业 PMI 的反弹幅度依然明显。 [Table_Title] 2 月 PMI 数据点评：经济低位运行，环比小幅好转 ⚫ 风险提示。地产下行超预期，政策不及预期，海外扰动超预期。。 宏观经济分析报告 证券研究报告 图 1：PMI（%） 38 43 48 53 58 63 68 2019-01 2020-01 2021-01 2022-01 2023-01 2024-01 PMI 非制造业PMI:建筑业 非制造业PMI:服务业 图 2：PMI 平均和综合 PMI（% ...

汽[Tab车le_行Title业] 周报：上海发布新一轮补贴政策，有望拉 动汽车消费 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.03.04 评[Ta级ble：_R an看k]好 核心观点 [Tabl e_Summary] 岳清慧 l 理想MEGA正式发布，比亚迪多款主力车降价 汽车首席分析师 1）3月1日，理想汽车首款纯电MPV——理想MEGA上市售价55.98 SAC执证编号：S0110521050003 万元，新车将在3月11日开启交付。李想表示，MEGA将是理想汽车下 yueqinghui@sczq.com.cn 一个爆品，有信心成为50万以上销量第一。 电话： 动力：采用双电机智能四驱系统，前轴采用的是异步电机，最大 功率为 155kW。后轴采用的是永磁同步电机，最大功率为 245kW，峰值 [市T场ab指le数_C走ha势rt（] 最近1年） 扭矩 542N·m。电池方面，搭载宁德时代麒麟 5C 电池，电池组容量为 0.1 汽车 沪深300 102.7 千瓦·时，CLTC 纯电续航里程为 710km，百公里耗电量低至 15.9kWh，充电峰值功率达520kW。 0 ...

[周Tab报le_：Titl e2]023 年奥莱销售额破 10 亿家数创新高，继续 关注折扣业态 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.03.04 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [Tabl e_Summary] 李田 ⚫ 周度行情：本周（2024.2.26-2024.3.3）主要宽基指数多数上涨，风格 首席分析师 偏向小盘成长。主要宽基指数中，上证综指数上涨 0.74%，深证成 SAC执证编号：S0110522090002 指上涨4.03%，创业板指上涨 3.74%。本周（2024.2.26-2024.3.3）商 litian11@sczq.com.cn 贸零售（申万）指数上涨。本周商贸零售指数上涨 0.94%，在申万一 电话： 级行业中排名第17，相对沪深300指数下跌0.44%。商贸零售子板块 方面， 多数上涨。互联网电商继续涨幅最大，上涨4.62%。唯一下跌 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 的为旅游零售II，下跌1.06%。 ⚫ 本周个股涨多跌少。本周共 54 只个股上涨，联络互动、焦点 ...