电力设备 | 证券研究报告 — 行业周报 2024年5月26日 强于大市 电力设备与新能源行业 5 月 第 4 周周报 上汽宣布全固态电池2026 年量产，光伏将迎供 给侧改革 光伏方面，2024年光伏组件龙头对美国市场出货或受政策不利影响。另一方 面，我国本土针对光伏产业链产能限制政策有望出台，推动行业加速触底。 从供应角度，上游硅料、硅片供给已出现积极变化。建议优先配置产业链中 竞争格局相对较优、具备新技术迭代属性细分环节。风电方面，2024年装机 有望呈现前低后高态势，风电千乡万村行动或助力打开中长期陆风发展天花 板，海风项目建设有序推进，预计 2024 年海风招标与并网均有望实现较高 景气度，建议优先配置后续增长潜力较大的塔筒桩基与海缆环节，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，美国政府近期宣 布将对中国电动汽车、锂电池等关键战略产业加征关税。随着以旧换新、新 能源汽车下乡等政策深入实施，新能源汽车消费市场有望进一步扩大，全年 销量有望保持高景气。随着产能逐步出清，电池和材料环节盈利有望回归合 理。固态电池等新技术有望带动产业技术升级。建议优先布局格局较优的电 芯环节，海外客户 ...

基础化工 | 证券研究报告 — 行业周报 2024年5月26日 强于大市 化工行业周报 20240526 国际油价下跌，工业级磷铵价格上涨 5月份建议关注：1、大宗商品价格上行，关注大型能源央企及相关油服公司在新时代 背景下的改革改善与经营业绩提升；2、下游催化较多，一季报超预期的部分半导体、 OLED 等电子材料公司；3、化纤、制冷剂、化肥等子行业的旺季及补库行情，农药 或迎来触底改善。 行业动态  本周（5.20-5.26）均价跟踪的101个化工品种中，共有42个品种价格上涨，26个品种价格 下跌，33个品种价格稳定。周均价涨幅居前的品种分别是R22（巨化）、NYMEX天然气、 PVC(华东电石法)、苯胺（华东）、尿素(波罗的海小粒装)；而周均价跌幅居前的品种分别是 液氯（长三角）、R125（浙江高端）、液氨（河北新化）、醋酸（华东）、丙酮（华东）。  本周（5.20-5.26）国际油价下跌，WTI原油收于77.72美元/桶，收盘价周跌幅2.92%；布伦 特原油收于82.12美元/桶，收盘价周跌幅2.21%。宏观方面，美国5月份商业活动加速，制 造商进货价格显著提升，标普全球追踪制造业和服务业的美国综 ...

Investment Rating - The industry investment rating is "Outperform" [5] Core Viewpoints - The gaming industry is expected to maintain steady growth, with innovations in mini-games, interactive games, and AI games emerging. Future benefits are anticipated from advancements in AI and XR technologies [1][2] - The report highlights that NetEase's gaming segment continues to demonstrate strong R&D and operational capabilities, with a rich product pipeline and significant revenue growth [1][2] - The report suggests continuous monitoring of NetEase due to its impressive performance in new game launches and collaborations with major companies like Microsoft [1] Summary by Sections Financial Performance - NetEase's Q1 2024 revenue reached 26.852 billion yuan, a year-on-year increase of 7.2%, with a GAAP net profit of 7.634 billion yuan, up 13.0% year-on-year [1] - The gaming and related value-added services revenue was 21.46 billion yuan, a year-on-year increase of 6.95%, with a gross margin of 69.5%, up 2.8 percentage points [1] - Mobile gaming revenue was approximately 16.1 billion yuan, reflecting a year-on-year growth of 19.4% [1] Product Pipeline - Upcoming games include "燕云十六声" (expected Q3 2024), "永劫无间手游," and "七日世界," among others, indicating a strong self-developed game pipeline [2] - The report lists several games in various stages of development, showcasing a diverse range of genres and formats [2] Advertising and Other Revenue - Youdao's revenue for Q1 2024 was 1.39 billion yuan, a year-on-year increase of 19.65%, with a gross margin of 49.0% [1] - Online advertising revenue reached 493 million yuan, a significant year-on-year increase of 125.9%, marking a new high for quarterly revenue [1] Overall Margins and Costs - NetEase's overall gross margin for Q1 2024 was 63.37%, an increase of 3.89 percentage points year-on-year [1] - The report notes stable expense ratios for sales, management, and R&D, indicating effective cost management [1]

中银国际(新加坡)有限公司 注册编号 199303046Z 新加坡百得利路四号 中国银行大厦四楼(049908) 电话: (65) 6692 6829 / 6534 5587 传真: (65) 6534 3996 / 6532 3371 买入 原评级：买入 市场价格:人民币 33.96 板块评级:强于大市 食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 5 月 24 日 股价表现 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | | | | | 发行股数 ( 百万 ) | | 507.00 | | 流通股 ( 百万 ) | | 507.00 | | 总市值 ( 人民币 百万 ) | | 17,217.80 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 154.39 | | 主要股东 | | | | 合肥华泰集团股份有限公司 | | 42.47 | | 资料来源：公司公告， Wind | ，中银证券 | | 联系人：周源 yuan.zhou_bj@bocichi ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company reported strong profit growth in Q1 2024, with revenue reaching 29.41 billion RMB, a year-on-year increase of 16.6%. The IFRS net profit was 4.12 billion RMB, a significant recovery from a net loss of 0.876 billion RMB in Q1 2023 [4][5] - The company continues to enhance operational efficiency, with an adjusted net profit of 4.39 billion RMB, reflecting a staggering year-on-year growth of 10,348% and an adjusted net profit margin of 14.9% [4][5] - User engagement remains robust, with monthly active users reaching 697 million and daily active users at 394 million, representing year-on-year growth of 6.6% and 5.2% respectively [4][5] - The advertising revenue for Q1 2024 was 16.65 billion RMB, up 27.4% year-on-year, driven by strong growth in short videos, gaming, and educational marketing [4][5] - E-commerce gross merchandise volume (GMV) grew by 28.2% year-on-year, reaching 288.1 billion RMB, with active buyers increasing by 22.4% to 126 million [4][5] Financial Summary - The company’s revenue for 2024 is projected to be 128.52 billion RMB, with a year-on-year growth rate of 13.27% [6] - The adjusted net profit for 2024 is estimated at 17.12 billion RMB, with a growth rate of 66.65% [6] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 23.29 in 2023 to 13.85 in 2024, indicating improved valuation [6][5] - The gross profit margin for Q1 2024 reached 54.8%, an increase of 8.4 percentage points year-on-year, attributed to a higher proportion of high-margin advertising and e-commerce businesses [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] - The market price is HKD 119.80, with a sector rating of outperforming the market [1] Core Views - The company's revenue for Q1 2024 reached RMB 5.665 billion, a year-on-year increase of 12%, while the adjusted net loss narrowed by 57% to RMB 440 million [4] - Advertising revenue grew significantly, with a 31% year-on-year increase to RMB 1.669 billion, driven by enhanced advertising inventory and algorithm efficiency [4] - The company is set to launch a new mobile game, "Three Kingdoms: Strategize the World," in June, which is expected to boost revenue [4] - Gross margin improved for seven consecutive quarters, reaching 28.3%, up 6.6 percentage points year-on-year [4] Financial Summary - The company’s total market capitalization is approximately HKD 50.47 billion [3] - The average daily trading volume over the past three months is HKD 466.36 million [3] - The number of shares issued is 421.26 million, with 337.55 million shares in circulation [3] Revenue and Profit Forecast - Projected revenue growth rates for the upcoming years are 13% for 2024, 15% for 2025, and 14% for 2026 [5] - Non-GAAP net profit is expected to improve from a loss of RMB 579 million in 2024 to a profit of RMB 1.21 billion in 2025 [5] - The company anticipates achieving profitability in Q3 2024 [4] User Engagement Metrics - Daily active users (DAU) and monthly active users (MAU) reached 102 million and 342 million, respectively, with daily usage time averaging 105 minutes [4] - Video views per day increased by 22% year-on-year, reaching 5 billion [4]

中银晨会聚焦-20240524 市场指数 指数名称 收盘价 涨跌% 上证综指 3116.39 (1.33) 深证成指 9541.64 (1.56) 沪深 300 3641.79 (1.16) 中小 100 5888.05 (1.42) 创业板指 1852.07 (1.38) 证券研究报告——晨会聚焦 2024 年 5 月 24 日 行业表现（申万一级） 指数名称 涨跌% 指数名称 涨跌% 有色金属 (3.40) 家用电器 (0.33) 社会服务 (3.15) 银行 (0.61) 传媒 (2.78) 国防军工 (0.74) 商贸零售 (2.50) 食品饮料 (1.08) 钢铁 (2.39) 石油石化 (1.13) 资料来源：万得，中银证券 ■重点关注 原材料价格出现不利波动；国际贸易摩擦风险；新技术进展不达预期；新能源政策风险；消纳风险。 2024 年 5 月 24 日 中银晨会聚焦-20240524 2 | --- | --- | --- | --- | --- | --- | |-------------------------------|----------------|---------------- ...

重点关注 【宏观经济】一季度国际收支分析报告—国际收支重现双顺差，短期资本流入是亮点 一季度，经常项目顺差同比收窄，服务贸易是第一大贡献项，居民跨境出行需求仍处于恢复过程。虽然货物和服务贸 易顺差同比收窄，但外需是当季经济增速明显好于去年同期的重要原因。 一季度，外汇储备和黄金储备余额增长放缓。本轮增持黄金储备期间，央行避免了追高买入黄金的操作。中国国际储 备资产的多元化配置仍在稳步推进，且较好地把握了市场机会。 【电子】PCB 行业跟踪—下游复苏带动景气回温，成本驱动覆铜板先行 支撑评级的要点 评级面临的主要风险 终端创新应用渗透率提升不及预期。 | --- | --- | --- | --- | --- | --- | |-------------------------------|----------------|------------------------------|------------------|----------------|-------------------------------| | 中银证券研究部 \n首席经济学家 | | | 电新研究团队 | | | | 徐高 | S ...

| --- | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n5 月金股组合 股票代码 | —— 晨会聚焦 | \n股票名称 | | 2024 年 5 月 20 日 \n ...

重点关注 4 月份，美联储紧缩立场重估导致亚洲外汇市场动荡。人民币汇率维稳政策像二十多年前一样，在亚洲地区依然扮演 了"稳定器"角色，避免了竞争性贬值和信心危机传染。 由于 4 月份境内外汇市场出现新的变化，央行再次释放汇率维稳信号。但外汇市场韧性总体好于 2015 年"8.11"汇改初 期，这是本轮人民币汇率承压过程中，政府部门并未重拾资本外汇管制手段的根本原因。 武佳雄 李扬 许怡然 2023 年全行业盈利能力有所承压：2023 年全行业平均毛利率 21.36%，同比下降 0.86 个百分点；净利率 8.58%，同比 下降 2.13 个百分点。新能源汽车板块平均毛利率 20.55%，同比下降 2.33 个百分点，平均净利率为 7.99%，同比下降 4.19 个百分点；新能源发电板块平均毛利率 21.18%，同比提升 0.07 个百分点，净利率 8.97%，同比下降 0.79 个百分 点；电力设备板块平均毛利率 26.68%，同比提升 0.12 个百分点，平均净利率 8.94%，同比下降 0.57 个百分点。 经营现金流整体向好：2023 年全行业经营现金净流入 8,305.61 亿元，同比提升 14.93 ...