Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 114.60 and a sector rating of "Outperform" [1][4]. Core Views - The company reported a revenue of RMB 8.09 billion in 2023, representing a year-on-year growth of 94.99%, and a net profit of RMB 914 million, which is a 6.03% increase compared to the previous year [4][6]. - In Q1 2024, the company achieved a revenue of RMB 2.22 billion, marking a year-on-year growth of 91.80%, and a net profit of RMB 260 million, which is a 17.79% increase [4][7]. - The company is experiencing significant growth in photovoltaic equipment production and sales, with a total production of 28,413 units in 2023, up 147.72% year-on-year, and sales of 16,502 units, up 55.49% year-on-year [4][6]. - The company is positioned to benefit from the competitive cost structure of HJT technology, with a contract liability of RMB 8.455 billion, reflecting a year-on-year increase of approximately 96% [4][6]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 8,088.55 million, with a gross profit of RMB 2,468.04 million and a net profit of RMB 913.90 million [6][9]. - The EBITDA for 2023 was RMB 808 million, with a net profit margin of 11.3% [10]. Revenue and Profit Forecast - The forecast for 2024 estimates a revenue of RMB 11,379 million, with a projected net profit of RMB 1,313 million, indicating a growth rate of 43.7% [5][9]. - The adjusted earnings per share (EPS) for 2024 is projected to be RMB 4.70, with a price-to-earnings (P/E) ratio of 24.4 [5][10]. Market Position and Growth Drivers - The company is one of the few that can provide complete production lines for HJT batteries, with significant clients including Anhui Huasheng and Reliance Industries [4][6]. - The company is actively working on cost reduction technologies for HJT, which is expected to enhance its growth potential in the photovoltaic sector [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [10][24]. Core Views - The company reported a significant decline in 2023 earnings, with a net profit of 527.45 million RMB, down 52.93% year-on-year, and revenue of 17.31 billion RMB, down 39.79% [2][3]. - The first quarter of 2024 showed a recovery in sales volume, particularly for new products, with a notable increase in the sales of ternary materials by 249.47% year-on-year [2][14]. - The company is actively pursuing new technology products, focusing on high-voltage and high-power performance in cobalt lithium and ternary materials, which are expected to drive future growth [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 17.31 billion RMB, a decrease of 39.79% compared to 2022, and a net profit of 527.45 million RMB, down 52.93% [3][5]. - The first quarter of 2024 saw a profit of 111.29 million RMB, a slight decrease of 3.71% year-on-year, but a non-GAAP profit increase of 4.28% [2][14]. Sales and Product Development - The total sales volume of lithium battery cathode materials in 2023 was 72,000 tons, with cobalt lithium sales at 34,600 tons (up 4.15% year-on-year) and ternary materials at 37,400 tons (down 19.39% year-on-year) [2][3]. - The company is expanding its market share in cobalt lithium and ternary materials, with significant growth in sales volume in the first quarter of 2024 [2][14]. Future Outlook - The earnings forecast for 2024-2026 has been adjusted to 1.30 RMB, 1.69 RMB, and 2.14 RMB per share, reflecting a decrease in expected earnings due to increased competition and raw material price fluctuations [2][5]. - The company is expected to benefit from the ramp-up of new technology products, which could enhance performance in the coming years [2][3].

房地产行业 | 证券研究报告 — 行业周报 2024年5月7日 强于大市 房地产行业第 18 周周报（4 月 27 日-5 月 3 日） 五一楼市仍然低迷；政治局会议释放积极信 号，首提“消化存量房产” 相关研究报告 《房地产行业2024年3月70个大中城市房价数据点 新房成交面积环比由正转负，同比降幅收窄；二手房成交面积环比降幅扩大，同比由负转正；土地市场环比量升价跌，溢价率 评：70城新房二手房房价环比跌幅均收窄；一线城市 同环比均上升。 核心观点 新房房价环比跌幅小于二三线城市》  新房成交面积环比由正转负，同比降幅缩小。40个城市新房成交面积为190.8万平方米，环比上下降26.8%，环比由正转 （2024/04/18） 负，同比下降3.3%，同比降幅较上周收窄了38.4个百分点。一、二、三四线城市新房成交面积环比增速分别为-22.8%、 -32.0%、-21.3%，同比增速分别为31.4%、-24.2%、7.2%，一、三四线城市同比由负转正，较上周分别上升了64.0、51.0 《房地产2024年3月统计局数据点评：销售新开工降 个百分点，二线城市同比降幅较上周收窄了21.8个百分点。 幅收窄，投资 ...

【医药生物】医药生物板块 2023 年年报及 2024 年一季报总结—医药生物板块 2024Q1 业绩面临高基数基础上的增长 压力，后续板块业绩有望逐季改善 医药生物板块 2023 年业绩增长呈现"先高后低"态势，2024 一季度业绩在高基数基础上面临增长压力。医药生物板块 2023 年营业收入同比增速中位数为 3.20%，归母净利润增速中位数为 1.09%。板块在 2023 年受到了"医药反腐"相关因 素的扰动，2023 年四季度医药生物板块营业收入同比增速中位数为 0.25%，归母净利润同比增速中位数为-5.59%。2024 年一季度医药生物板块业绩面临一定的高基数增长压力，且仍然存在一些"医药反腐"相关因素的扰动。2024 年一季度 医药生物板块营业收入同比增速中位数为 1.06%，归母净利润同比增速中位数为 2.07%。 卢翌 重点关注 支撑评级的要点 集采政策实施力度超预期的风险，企业研发不及预期风险，与投资相关的风险，产品销售不及预期风险。 支撑评级的要点 多款产品进入开发后期，后续版号储备丰富。储备方面，自研游戏《斗罗大陆：诛邪传说》《梁山传奇》《龙腾传奇》 《三国：天下归心》《关于我转生变成史 ...

Investment Rating - The report maintains a "Buy" rating, expecting the company's stock price to outperform the benchmark index by over 20% in the next 6-12 months [1][14]. Core Views - The company reported a 12.62% decline in net profit for 2023, with total new orders amounting to 6.395 billion RMB, a decrease of 4.68% year-on-year. However, the first quarter of 2024 showed a 9.16% increase in profit compared to the same period in 2023 [17]. - The traditional energy equipment segment benefited from equipment upgrades, achieving a revenue of 2.835 billion RMB in 2023, a year-on-year increase of 22.19% [17]. - The new energy equipment segment faced challenges, with a revenue decline of 30.28% in 2023, but the hydrogen energy business is progressing steadily, with new orders reaching 517 million RMB, a 155% increase year-on-year [17]. Summary by Sections Financial Performance - The company’s main revenue for 2022 was 4,980 million RMB, with a projected increase to 6,448 million RMB in 2024, reflecting a growth rate of 24.9% [6][20]. - The EBITDA for 2023 is reported at 383 million RMB, with projections of 565 million RMB for 2024 [6]. - The net profit attributable to the parent company is expected to rise from 154 million RMB in 2023 to 236 million RMB in 2024, indicating a growth rate of 53.4% [6][20]. Earnings Per Share (EPS) and Valuation - The latest diluted EPS is projected to be 0.12 RMB in 2023, increasing to 0.18 RMB in 2024, with a corresponding P/E ratio of 29.3 for 2024 [6][20]. - The report adjusts the EPS forecasts for 2024-2026 to 0.18, 0.23, and 0.30 RMB respectively, with a maintained "Buy" rating [17]. Market Context - The report highlights the company's strategic focus on optimizing its industrial structure and advancing its hydrogen energy and storage initiatives [5][17]. - The traditional energy sector is expected to benefit from government policies promoting high-end and low-carbon development in coal chemical industries [17].

601226.SH 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (26%) (18%) (11%) (4%) 4% 11% May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 华电重工 上证综指 绝对 (15.0) (3.5) (14.3) (20.7) 相对上证综指 (19.8) (5.6) (24.0) (14.1) 相关研究报告 《华电重工》20230829 中银国际证券股份有限公司 具备证券投资咨询业务资格 建筑装饰：专业工程 证券分析师：武佳雄 jiaxiong.wu@bocichina.com 证券投资咨询业务证书编号：S1300523070001 华电重工 公司发布 2023 年年报及 2024 年一季报，盈利分别同比-69%/+12%；公司 2023 年新签订单持续增长，氢能业务收入高增；维持增持评级。 支撑评级的要点 2023 年公司业绩同比下降 68.53%：公司发布 2023 年年报，全年实现营 收 71.74 亿元，同比减少 12.57%；实现盈利 0.98 亿元，同比减少 ...

Investment Rating - The investment rating for the company is "Accumulate," indicating an expectation that the company's stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [1][25]. Core Views - The company reported a revenue of RMB 4.97 billion in 2023, representing a year-on-year growth of 7.06%. However, the net profit attributable to shareholders was only RMB 0.19 million, a significant decrease of 96.34% compared to the previous year [11][21]. - In Q1 2024, the company experienced a net loss of RMB 48 million, with a significant decline in gross margin and net margin compared to the same period last year [11][12]. - The company maintained growth in copper foil production and sales, with production reaching approximately 58,000 tons, a year-on-year increase of 9.69%, and sales of 57,600 tons, a growth of 17.47% [11][21]. - The company has established six production bases with an annual capacity of 100,000 tons, positioning itself among the top tier in the domestic lithium battery copper foil industry [11][21]. Financial Summary - The company's main revenue for 2022 was RMB 4.64 billion, which increased to RMB 4.97 billion in 2023, with projected revenues of RMB 6.37 billion, RMB 8.68 billion, and RMB 10.65 billion for 2024, 2025, and 2026 respectively [6][13]. - The EBITDA for 2023 was RMB 882 million, with projections of RMB 687 million for 2024, and increasing to RMB 1.02 billion and RMB 1.30 billion in 2025 and 2026 respectively [6][13]. - The net profit attributable to shareholders is projected to be a loss of RMB 19 million in 2024, followed by profits of RMB 210 million and RMB 369 million in 2025 and 2026 respectively [6][13]. - The company’s earnings per share (EPS) is expected to be -0.05 RMB in 2024, 0.49 RMB in 2025, and 0.86 RMB in 2026, reflecting a significant downward adjustment from previous forecasts [11][21].

Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of RMB 13.79 [1] - The sector rating is **Outperform** [1] Core Views - The company's Q1 2024 revenue reached RMB 345 million, a YoY increase of 46%, but the gross margin declined by 0.8 percentage points YoY to 19.6% [3] - The company has successfully developed key products, including AMOLED DDIC for smartphones, TDDI for tablets, and four-color e-paper driver chips, which are expected to drive future growth [3] - Despite the recovery in revenue, the gross margin remains under pressure, with Q1 2024 gross margin at 19.6%, down 0.4 percentage points QoQ [4] Financial Performance - In Q1 2024, the company's revenue was RMB 345 million, down 10% QoQ but up 46% YoY [4] - The gross margin for Q1 2024 was 19.6%, a slight decline from Q4 2023's 20.0% [4] - Non-GAAP net profit attributable to the parent company was RMB 24 million in Q1 2024, down 22% QoQ but up 133% YoY [4] - The company's 2023 revenue breakdown shows mobile smart terminal display chips contributed RMB 992 million, up 7% YoY, while e-paper driver chips revenue declined 37% YoY to RMB 136 million [4] Product Development - The company has made significant breakthroughs in AMOLED DDIC for smartphones, TDDI for tablets, and four-color e-paper driver chips, which are expected to enhance its market competitiveness [4] - The company is the first in the industry to achieve mass production of four-color e-paper driver chips [4] Valuation and Forecast - The company's estimated EPS for 2024/2025/2026 is RMB 0.34/0.55/0.68, with a market cap of approximately RMB 5.64 billion as of April 30, 2024 [4] - The PE ratios for 2024/2025/2026 are 40.4x, 25.3x, and 20.2x, respectively [4] - The report has revised the 2024 profit forecast downward due to the impact of price wars in the DDIC industry and the lack of significant gross margin recovery in Q1 2024 [4] Historical Performance - The company's revenue growth rate for 2024E is projected at 24.2%, with EBITDA expected to reach RMB 143 million [6] - The net profit attributable to the parent company is forecasted to grow by 23.8% in 2024E, reaching RMB 140 million [6] - The gross margin is expected to improve to 20.9% in 2024E, up from 20.0% in 2023 [6] Market Position - The company's total market capitalization is approximately RMB 5.64 billion, with a 3-month average daily trading volume of RMB 48.82 million [14] - The company's major shareholder, Hengfeng Limited, holds a 54.57% stake [14] Growth Drivers - The company's growth is expected to be driven by its advancements in AMOLED DDIC for smartphones, TDDI for tablets, and four-color e-paper driver chips [16] - The report highlights the potential for these products to drive a new wave of growth for the company [16]

电子 | 证券研究报告 — 调整盈利预测 2024 年 5 月 6 日 增持 原评级：增持 市场价格:人民币 8.25 板块评级:强于大市 (%) 今年 至今 1 个月 3 个月 12 个月 (39%) (27%) (15%) (4%) 8% 20% May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 汇成股份 上证综指 绝对 (19.6) 2.2 2.1 (33.5) 相对上证综指 (24.4) 0.1 (7.6) (26.9) 相关研究报告 《汇成股份》20230813 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半导体 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券投资咨询业务证书编号：S1300522080003 汇成股份 2023 年受行业需求复苏带动，汇成股份单季度营收呈现逐季增长趋势。公司 积极布局 AMOLED DDIC、先进封装、车规级封装等领域，寻找业务新增长 点。维持增持评级。 | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [10][19]. Core Views - The company reported a revenue of 2.04 billion RMB in 2023, a year-on-year increase of 6.5%, and a net profit attributable to shareholders of 330 million RMB, up 28.4% year-on-year. The first quarter of 2024 saw a revenue of 260 million RMB, a 15.7% increase year-on-year, but a net loss of 60 million RMB [1][2]. - The proportion of sustainable revenue, including SaaS, has increased to 45% of total revenue, indicating a positive trend in the company's revenue structure [2]. - The company is expanding its smart finance business and has won a bid for a major project in Shanghai, which is expected to enhance its performance [2]. - The company is actively exploring AI applications in its digital procurement business, which has already expanded to 18 provinces and has established a leading position in the industry [2]. Financial Summary - The projected net profits for 2024, 2025, and 2026 are 410 million RMB, 530 million RMB, and 620 million RMB, respectively, with corresponding EPS of 0.54, 0.71, and 0.82 RMB. The PE ratios for these years are expected to be 24X, 18X, and 16X [2][14]. - The company's total revenue is projected to grow from 2.04 billion RMB in 2023 to 3.06 billion RMB by 2026, with a compound annual growth rate (CAGR) of approximately 14.5% [15]. - The gross profit margin is expected to improve from 66.7% in 2023 to 66.6% in 2026, indicating a stable profitability outlook [14][15].