[Table_Title] 春运民航机场迎来开门红，1 月数据修复亮眼 [ 交Ta 通bl 运e_ 输Rep o r 行tDa 业te 简] | 评报告 | 2024.02.26 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[⚫Ta balbel一_eS_周Sumu行mmm情aray回r]y ]顾 。上周沪深300指数上涨3.71%，交通运输（申万） 张功 指数上涨3.86%，在31个申万一级行业中排名第23。二级板块中， 交运行业首席分析师 航空机场周涨跌幅为+1.31%，航运港口的周涨跌幅为+3.62%，物流 SAC执证编号：S0110522030003 周涨跌幅为+5.61%，铁路公路周涨跌幅为+4.60%。 zhanggong1@sczq.com.cn ⚫ 《2024年第8周（02月19日至02月25日）民航运行简报》：全 张莹 国民航执行客运航班量近10.8万架次，日均航班量15536架次，环 交运行业研究助理 比上周上升14.8%，同比2023年上升27%，同比2019年上升4.5%， zhangying2022@sczq.com.cn 航班执飞率为 86 ...

[Table_Title] 汽车周报：年前车市销量承压，节后改善动能强 [ 汽Ta 车bl e |_ R 行ep 业or 简tDa 评te 报] 告 | 2023.02.27 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [ Table_Summary] 岳清慧 ⚫ 年前车市销量承压，节后有望快速改善 汽车首席分析师 SAC执证编号：S0110521050003 1）整体车市：据乘联会，2 月前三周（1-17 日）全国乘用车市场零售 yueqinghui@sczq.com.cn 55.9万辆，同比去年同期下降14%，较上月同期下降43%。其中第一周 日均零售 5.4 万辆，同比增长 48%，环比上月同期增长 1%；第二至三 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 周日均零售2.6万辆，同比下降32%，环比上月同期下降55%。 0.2 汽车 沪深300 2）新能源车：2 月前三周新能源车市场零售 16.5 万辆，同比去年同期 下降 15%，较上月同期下降 44%，今年以来累计零售 83.2 万辆，同比 0 2 1 2 1 1 2 7 - 0 - 1 - - O ...

Investment Rating - The investment rating for the company is "Buy" [1][8]. Core Views - The company announced plans to acquire 100% of Osino Resources Corp. at a price of CAD 1.9 per share, totaling CAD 368 million. The main asset is the Twin Hills gold mine project in Namibia, which has a gold resource of 99 tons [3]. - The Twin Hills gold mine is expected to start production in 2026, with an annual gold output of approximately 50,000 tons. The feasibility study indicates a processing capacity of 5 million tons per year and a total capital expenditure of USD 365 million [3]. - The company aims to enhance its international presence and become a growth-oriented international gold mining company. The strategic plan includes achieving gold production of 12 tons by the end of 2025 and 28 tons by the end of 2030 [3]. - The company is positioned as a leading domestic gold mining enterprise with significant cost advantages and is expected to benefit from a favorable long-term gold price outlook due to anticipated interest rate cuts by the Federal Reserve [3]. Financial Summary - The company’s projected revenues for 2023, 2024, and 2025 are CNY 93.32 billion, CNY 103.62 billion, and CNY 118.64 billion, respectively, with corresponding net profits of CNY 14.92 billion, CNY 19.26 billion, and CNY 24.43 billion [4]. - The earnings per share (EPS) are expected to be CNY 0.54, CNY 0.69, and CNY 0.88 for the years 2023, 2024, and 2025, respectively [4].

[硫Tab磺le_价Titl格e] 涨幅居前，华恒生物 2023 年归母净利润同 比快速增长 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.02.26 [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（1 月 19 日-2 月 23 日）上证综指报收 翟绪丽 3004.88，周涨幅 4.85%，深证成指报收 9069.42，周涨幅 2.82%，中小 首席分析师 板 100 指数报收 5593.85，周涨幅 2.60%，基础化工（申万）报收 SAC执证编号：S0110522010001 3110.93，周涨幅5.10%，跑赢上证综指0.25pct。申万31个一级行业， zhaixuli@sczq.com.cn 全部涨幅为正，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，全部涨幅为正。涨幅居前的个股有安诺其、泉 为科技、同大股份、领湃科技、扬帆新材、科创新源、奇德新材、鹿 甄理 山新材、恒大高新、宁科生物。 化工行业研究助理 ...

Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [2]. Core Insights - The silicon material market remains stable, with average transaction prices for N-type and recycled materials at 71,900 CNY/ton and 61,800 CNY/ton respectively, showing no significant changes in supply-demand dynamics [6][23]. - In the silicon wafer sector, prices have slightly increased, with the average transaction price for M10 monocrystalline wafers rising by 2.5% to 2.05 CNY/piece, while N-type and G12 monocrystalline wafer prices remain stable [6][25]. - The battery production is steadily increasing, with February output reaching 45 GW, and the component market is expected to see a significant turnaround in March, with component production anticipated to exceed 50 GW due to rising global demand for renewable energy [6][7]. - The number of charging stations continues to grow rapidly, with a total of 8.861 million charging facilities nationwide as of January 2024, reflecting a year-on-year increase of 63.7% [6][7]. Summary by Sections 1. Weekly Insights - The silicon material market remains stable, with no significant changes in supply-demand dynamics [6]. - The component market is expected to see a significant increase in demand in March due to the execution of previous orders and surging overseas market demand [6][7]. 2. Market Performance - The Shanghai Composite Index rose by 4.85%, while the electric equipment sector index increased by 2.87%, underperforming compared to the overall market [8][10]. - All sub-sectors within the electric equipment industry showed an upward trend, with the battery sector experiencing the smallest increase of 0.94% [14]. 3. Industry News and Company Dynamics - A significant investment of 10.5 billion CNY has been announced for a new photovoltaic project in Jiangxi, which includes the construction of 2 GW of silicon wafers, batteries, and components [27]. - The Inner Mongolia government is promoting integrated wind and solar projects as part of its ecological restoration efforts [28]. - A new aluminum project for photovoltaic applications has been signed in Guangxi, with a total investment of 3.7 billion CNY [29].

Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company is expected to achieve a revenue of 520 million yuan in 2023, representing a year-on-year increase of 25.41%, and a net profit attributable to the parent company of 65 million yuan, up 21.04% year-on-year [2]. - The company has successfully onboarded leading domestic and international brand clients across various product lines, contributing to steady performance growth [2]. - The gross profit margin is projected to reach 43.73% in 2023, an increase of 4.40 percentage points year-on-year, driven by a higher sales proportion of high-margin products and decreasing costs in wafer and packaging [2]. - The company is focusing on low-power, high-quality Bluetooth audio chips, with an anticipated increase in market share in the Bluetooth speaker segment, supported by continuous product upgrades and optimization [2]. - The smart watch chip segment is also expected to see significant growth, with record shipments in Q3 2023 and positive market feedback for the second-generation smart watch chip [2]. - Future plans include expanding into wireless communication technologies and leveraging the AI development trend to innovate in audio chip technology [2]. - Profit forecasts indicate net profits of 65 million yuan, 100 million yuan, and 150 million yuan for 2023, 2024, and 2025, respectively, corresponding to PE ratios of 50, 33, and 22 times based on the stock price as of February 22 [2]. Summary by Sections Financial Performance - The company is projected to achieve a revenue of 520 million yuan in 2023, with a growth rate of 25.48% in 2024 and 33.47% in 2025 [2]. - Net profit is expected to grow to 65 million yuan in 2023, 100 million yuan in 2024, and 150 million yuan in 2025, with respective growth rates of 21.05%, 53.10%, and 50.28% [2]. - The earnings per share (EPS) is forecasted to be 0.53 yuan in 2023, 0.82 yuan in 2024, and 1.23 yuan in 2025 [2]. Market Position - The company serves major domestic and international brands in the Bluetooth speaker market, including SONY, Harman, and Xiaomi, and is expected to increase its market share in the mid-to-high-end Bluetooth speaker segment [2]. - The transition from wired to wireless connections in the low-latency, high-quality product market presents both conversion and new demand opportunities [2]. Future Outlook - The company plans to deepen its focus on low-power, low-latency, high-quality technologies while expanding into WiFi6, UWB, and other wireless communication technologies [2]. - The strategy includes capitalizing on the AI trend to develop low-power AI computing technologies and audio ecosystem innovations [2].

[Table_Title] 核心产品稳健爬坡，新品蓄势待发 [Table_ReportDate] 神州泰岳(300002)公司简评报告 | 2024.02.23 [评Ta级ble：_R 买ank入] 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm神a州ry]泰 岳披露2023年度业绩快报，2023年公司预计实现营业收 王建会 入59.65亿元（yoy+24.11%）；归母净利润8.93亿元（yoy+64.82%）；扣 传媒互联网首席分析师 非归母净利润8.32亿元（yoy+87.03%）。 SAC执证编号：S0110522050001 wangjianhui2@sczq.com.cn ⚫ 核心产品流水仍处于爬坡期，驱动23年业绩增长；两款“SLG+模拟经 营”新品蓄势待发，有望贡献可观增量。游戏业务方面，公司秉持“聚 李甜露 焦全球游戏市场，研发精品游戏”的发展战略，深耕海外市场。核心产 传媒互联网联席首席分析师 品方面，公司依托于卓越的产品能力和精细化运营经验，《旭日之城》 SAC执证编号：S0110516090001 充值流水创出自上线以来的年度新高，《战火与秩序》充值流水亦 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance exceeding the CSI 300 index by more than 15% over the next six months [37][65]. Core Insights - The company has completed the acquisition of Aipuyang Technology (Shenzhen) in July 2023, enhancing its position in the Integrated Development Environment (IDE) sector, which is crucial for software development efficiency [2][39]. - The acquisition is expected to positively impact the company's financials, with Aipuyang committing to a net cash flow of no less than 45 million yuan for 2023, translating to projected revenues exceeding 80 million yuan [7][39]. - The company anticipates significant revenue growth in its core cloud computing firmware business, with expected revenue increases of 20.0%, 50.0%, and 40.0% for the years 2023, 2024, and 2025, respectively [31][65]. Summary by Sections 1. Company Overview - The company has a stable ownership structure and a well-controlled business system, focusing on both firmware and cloud services [48][64]. 2. Investment Highlights - The recovery in demand and the "Xinchuang" initiative are expected to drive growth, with the company positioned as a key player in the ecosystem [39][42]. - The IDE layout is aimed at enhancing industry chain collaboration, filling the gap in domestic cloud platform support [2][39]. 3. Financial Forecast and Investment Recommendations - Revenue projections for 2023-2025 are 4.05 billion yuan, 5.87 billion yuan, and 7.44 billion yuan, respectively, with corresponding net profits of 0.90 billion yuan, 1.49 billion yuan, and 2.23 billion yuan [10][65]. - The report highlights a strong expected growth trajectory, with EPS forecasted at 1.04 yuan, 1.71 yuan, and 2.57 yuan for the same period [10][65].

[Table_Title] 移动 24 年 PC 服务器招标超 26 万台，信创持续进行 [Table_ReportDate] 计算机 | 行业简评报告 | 2024.02.22 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [Table_Summary] 翟炜 ⚫ 事件：2 月 1 日，移动发布《中国移动 2024 年 PC 服务器产品集中采 首席分析师 购》招标公告，类型包括计算型服务器、公有云服务器、存储型服务器 SAC执证编号：S0110521050002 等，本次采用混合招标，共划分成 22 个标包，总量约 26.45 万台（其 zhaiwei@sczq.com.cn 中标包21采购规模为8000台，另行发布采购公告）。 电话：13581945259 ⚫ 运营商信创持续进行，国产化率已达较高水平。此前中国移动公布的 傅梦欣 2021-2022年PC服务器集采第一批次及补采、第二批次（标包1-6）及 研究助理 第二批次（标包7-9）共计28.69万台，国产化率达49.05%，其中鲲鹏 fumengxin01@sczq.com.cn 占比 28.20%，海光占比 20 ...

[Table_Title] 春节期间出行人数 23 亿，国内游和出境游多重增长 [ 交Ta 通bl 运e_ 输Rep o r 行tDa 业te 简] | 评报告 | 2024.02.20 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[⚫Ta balbel一_eS_周Sumu行mmm情aray回r]y ]顾 。2月5日至2月8日沪深300指数上涨5.83%，交 张功 通运输（申万）指数上涨 4.05%，在 31 个申万一级行业中排名第 交运行业首席分析师 17。二级板块中，航空机场周涨跌幅为+5.07%，航运港口的周涨跌 SAC执证编号：S0110522030003 幅为+3.28%，物流周涨跌幅为+6.38%，铁路公路周涨跌幅为 zhanggong1@sczq.com.cn +0.65%。 张莹 ⚫ 《2024年第7周（02月12日至02月18日）民航运行简报》：全 交运行业研究助理 国民航执行客运航班量近11.3万架次，日均航班量16248架次，环 zhangying2022@sczq.com.cn 比上周上升 20.1%，同比 2023 年上升 32.1%，同比 ...