电力设备 | 证券研究报告 — 行业周报 2024年2月18日 强于大市 电力设备与新能源行业 2 月 第 2 周周报 两部门：建立健全电力辅助服务市场价格机制 光伏方面，本周（2.5-2.8，下同）硅料价格环比继续提升，春节前生产企业 逐步减产关停或推动供需再平衡，老旧产能出清过程中产业链价格提升空间 有限，春节后若需求明显提升，在供需关系作用下或推动产业链价格上升， 建议优先配置具备成本优势的一体化龙头标的、具备技术优势且行业格局较 优的相关标的。风电方面，电力运营商陆续开启风机框架招标，山东半岛北 N2 等海风项目前期工作持续推进，建议优先配置后续增长潜力较大的海缆 与塔筒桩基环节，以及存在渗透率提升逻辑的国产化与新技术环节。新能源 汽车方面，1月新能源汽车销量同比实现高速增长，保持高景气发展。产业 链价格战背景下，部分产能有望加速出清，助推电池和材料环节盈利回归合 理，新技术有望逐步提升渗透率，带动产业技术升级。建议优先布局格局较 优的电芯环节，海外客户放量以及一体化布局较优的部分中游材料环节。储 能环节，国内工商业储能及美国大储有望迎来较快增长，在系统集成、终端 渠道、电池与电力电子技术等方面有优势 ...

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 10%-20% over the next 6-12 months [2][16]. Core Views - The company is projected to achieve profitability in 2023, with an expected net profit of RMB 17 million to RMB 23 million, a significant recovery from a loss of RMB 249 million in the previous year [5]. - The tourism market is showing signs of recovery, with expectations for continued growth in domestic travel in 2024, supported by a 395% year-on-year increase in tourism orders during the New Year period in Xi'an [5]. - The company is expected to leverage its resource advantages to enhance the quality of its tourism offerings, with national tourism revenue and visitor numbers projected to grow by 22.45% and 24.48% respectively in 2024 [5]. Financial Summary - The company's main revenue (in RMB million) is projected to increase from RMB 891 million in 2022 to RMB 1,473 million in 2023, reflecting a growth rate of 65.3% [5]. - EBITDA is expected to recover from a loss of RMB 25 million in 2022 to RMB 322 million in 2023 [5]. - The net profit margin is projected to improve significantly, with the net profit expected to rise to RMB 22 million in 2023 from a loss of RMB 249 million in 2022 [5]. - The diluted earnings per share (EPS) is forecasted to be RMB 0.09 in 2023, up from a loss of RMB 0.98 in 2022 [5]. - The price-to-earnings (P/E) ratio is expected to decrease from 413.0 in 2021 to 136.2 in 2023, indicating a more favorable valuation as profitability improves [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company is expected to achieve a significant year-on-year increase in net profit for 2023, with estimates ranging from RMB 9.50 billion to RMB 10.50 billion, representing an increase of RMB 8.37 billion to RMB 9.37 billion compared to 2022 [4] - The recovery in hotel operations is anticipated to be driven by the release of business travel demand, with RevPAR showing a notable recovery [4] - The company has undergone management changes and is focusing on digital transformation and internal structure optimization to enhance operational capabilities and profit release [4] Summary by Sections Financial Performance - The company forecasts a net profit of RMB 9.50 to 10.50 billion for 2023, with a significant increase from the previous year [4] - The expected net profit for Q4 2023 is projected to be between RMB -0.25 billion and RMB 0.75 billion, indicating a slight decline compared to the same period last year [4] - The company anticipates a non-GAAP net profit of RMB 7.40 to 8.40 billion for 2023, up from the previous year's figures [4] RevPAR Recovery - Domestic hotel RevPAR is expected to grow by 46.87% year-on-year, surpassing pre-pandemic levels [4] - The quarterly growth rates for RevPAR are projected at 41.31%, 56.63%, 40.02%, and 51.05% for Q1 to Q4 respectively, compared to 2019 levels [4] - International hotel RevPAR is expected to increase by 11.8% year-on-year, with quarterly growth rates of 37.46%, 13.91%, 5.17%, and 0.82% [4] Future Outlook - The company is expected to enhance its operational management capabilities, which will contribute to profit growth [4] - The EPS forecasts for 2023, 2024, and 2025 are adjusted to RMB 0.94, RMB 1.42, and RMB 1.84 respectively, with corresponding P/E ratios of 26.1, 17.3, and 13.4 [4][5]

基础化工 | 证券研究报告 — 业绩评论 2024年2月5日 300487.SZ 蓝晓科技 买入 2023 年业绩预计稳健增长，持续发展推动“质 原评级：买入 量回报双提升” 市场价格:人民币 41.15 板块评级:强于大市 公司发布 2023 年度业绩预告，2023 年公司预计实现归母净利润 6.69-8.55 亿元，同 比+24.50%~+59.13%；预计实现扣非归母净利润 6.61-8.47 亿元，同比 本报告要点 +35.00%~+73.00%。其中四季度公司预计实现归母净利润 1.51-3.37 亿元，同比-  公司2023年业绩预计稳健增长，持续发展 32.54%~+50.61%，环比-12.30%~+95.81%；预计实现扣非归母净利润 1.60-3.46 亿 推动“质量回报双提升”，看好公司在吸 元，同比-13.39%~+87.15%，环比-1.93%~+111.92%。看好公司在吸附分离材料领域 的持续拓展，维持买入评级。 附材料领域的不断拓展，维持买入评级。 支撑评级的要点 股价表现  公司 2023 年业绩预增，各板块业务稳步发展。2023 年公司主要财务指标稳健提 升，延续了高质 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Views - The company is expected to incur a net loss in 2023, with a projected net profit attributable to shareholders ranging from -330 million to -290 million RMB, a significant decline compared to the previous year [1]. - Despite short-term performance pressures due to global economic conditions and industry cycles, the company continues to focus on the storage market and plans to invest in expanding its wireless communication product line, specifically Wi-Fi 7 [1]. - The company is actively developing new products in SLC NAND and NOR Flash, with ongoing research and development efforts that have seen a year-on-year increase of over 50% in R&D expenses [1]. Summary by Sections Financial Performance - The company forecasts a revenue of 558 million RMB for 2023, with expected revenues of 689 million RMB in 2024 and 1,010 million RMB in 2025, reflecting a growth rate of -51.3% in 2023, followed by 23.6% and 46.6% in the subsequent years [1][8]. - The projected net profit for 2023 is -302 million RMB, with a recovery expected in 2024 and 2025, with net profits of 133 million RMB and 226 million RMB respectively [1][8]. Product Development - The company is focusing on SLC NAND products with ongoing development in 28nm and 24nm processes, as well as NOR Flash products based on 48nm and 55nm processes [1]. - The company has successfully passed AEC-Q100 testing for its SLC NAND Flash and NOR Flash products, indicating a commitment to high reliability in automotive applications [1]. Strategic Investments - The company announced plans to invest 29 million RMB to establish a subsidiary focused on Wi-Fi 7 wireless communication technology, aiming to enhance its product offerings and optimize its business layout [1]. - This strategic move is expected to create synergies and provide customers with more diverse solutions, aligning with the company's goal of integrating storage, computing, and connectivity [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 8.04 and a sector rating of "Outperform" [1][24]. Core Views - The report highlights the confidence of the controlling shareholder, Guangzhou Kaide, who will fully subscribe to the company's upcoming stock issuance, indicating strong support for the company's future development [7]. - The funds raised from the stock issuance will alleviate operational funding pressures and enhance the company's financial stability, thereby improving its profitability and long-term sustainability [7]. - The company has announced a three-year shareholder return plan, which includes cash dividends, further boosting investor confidence [7]. Financial Summary - The company is projected to achieve revenues of RMB 47.12 billion, RMB 69.95 billion, and RMB 88.50 billion for the years 2023, 2024, and 2025 respectively [7][16]. - The net profit attributable to the parent company is expected to be RMB 4.31 billion, RMB 6.32 billion, and RMB 8.85 billion for the same years [7][16]. - The earnings per share (EPS) are forecasted to be RMB 0.46, RMB 0.68, and RMB 0.95 for 2023, 2024, and 2025 respectively, with corresponding price-to-earnings (P/E) ratios of 17.4, 11.9, and 8.5 [7][16].

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 2 月 2 日 股价表现 | --- | --- | |------------------------------------------------|-----------------| | | | | 发行股数 ( 百万 ) | 670.21 | | 流通股 ( 百万 ) 总市值 ( 人民币 百万 ) | 670.08 4,892.52 | | 个月日均交易额 ( 人民币 百万 ) | 86.81 | | 主要股东 | | | 广州岭南国际企业集团有限公司 | 45.12 | | 资料来源：公司公告， Wind ，中银证券 | | 证券分析师：李小民 (8621)20328901 xiaomin.li@bocichina.com 证券投资咨询业务证书编号：S1300522090001 岭南控股 [Table_FinchinaDetail] 利润表(人民币 百万) 现金流量表(人民币 百万) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--- ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by 10%-20% over the next 6-12 months [21]. Core Views - The company has adjusted its plan for a non-specific public offering of A-shares, reducing the total fundraising amount from 3.7 billion RMB to 2.173 billion RMB, a decrease of 41.3% [6][18]. - The adjusted fundraising will primarily support projects closely related to the company's core business, including integrated supply chain upgrades and the purchase of fuel supply vessels, which are expected to yield good economic returns [6][18]. - The reduction in fundraising amount alleviates the dilution of ordinary shareholders' equity, stabilizing market expectations and protecting shareholder interests [6][18]. Financial Summary - The company’s projected net profit for 2023-2025 is 2.627 billion RMB, 3.203 billion RMB, and 3.649 billion RMB, representing year-on-year growth rates of -26.8%, +21.9%, and +13.9% respectively [6][19]. - The earnings per share (EPS) for the same period is expected to be 1.19 RMB, 1.45 RMB, and 1.66 RMB, with corresponding price-to-earnings (PE) ratios of 5.7, 4.7, and 4.1 [6][19]. - The company’s total revenue is projected to grow from 586.247 billion RMB in 2023 to 774.132 billion RMB in 2025, with a compound annual growth rate of approximately 14.9% [6][19].