[Table_MainInfo] 行业研究/建筑工程 证券研究报告 行业专题报告 建筑央国企矿产资源业务梳理 [Table_Summary] 投资要点： 以中国中铁、中国中冶等为代表的建筑央国企矿产资源业务有望迎来价值重 估，为此，我们对包括中国中铁、中国中冶、中国电建、上海建工、四川路桥的建 筑央国企矿产资源相关的业务进行梳理如下：  中国中铁：铜、钴、钼保有量国内领先，资源利润占比14%。目前在境内外全资、 控股或参股投资建成5座现代化矿山，分别为黑龙江鹿鸣钼矿，刚果（金）绿纱 铜钴矿、MKM 铜钴矿、华刚 SICOMINE 铜钴矿以及蒙古乌兰铅锌矿；截至 2023 年末，铜、钼、钴权益资源量分别323.74、51.59、23.91万吨，分别约为洛阳钼 业的 11.77%、37.87%、5.83%；铜资源产量 13.57万吨，约为紫金矿业的 16%， 江西铜业的67%，洛阳钼业的44%；钼资源产量1.26万吨，约为江西铜业的1.26 倍，洛阳钼业的81%。全资子公司中铁资源集团有限公司具体负责矿产资源开发 业务，2023 年中铁资源实现净利率 21.39%，显著高于公司综合净利率 2.99%； 归母净利 ...

Investment Rating - The mechanical sector of the Beijing Stock Exchange has a total market capitalization of 77.577 billion RMB, accounting for 22.34% of the overall market value [2][18]. Core Insights - In April 2024, the mechanical equipment industry underperformed relative to the overall exchange, ranking 12th with a monthly excess return of +3.26 percentage points. Year-to-date, the sector's excess return stands at +6.15 percentage points, with textile machinery and industrial robots leading the performance [4][18]. - The top monthly performers in the mechanical sector include Wuxi Haidaer Precision Slides Co., Ltd (+25.72%) and Jiangsu Vibo Hydraulics Joint Stock Co., Ltd (+14.67%) [14][18]. Summary by Sections Market Overview - As of April 30, 2024, there are 51 listed companies in the mechanical sector on the Beijing Stock Exchange, with a total market capitalization of 77.577 billion RMB [2][18]. - The mechanical equipment industry has shown a year-to-date excess return of +6.15 percentage points, with notable subsectors such as textile machinery (+96.56%) and industrial robots (+7.48%) outperforming the overall market [4][18]. Monthly Performance - In April 2024, the mechanical sector's monthly excess return was +3.26 percentage points, ranking it 12th among all sectors. The subsectors that outperformed include textile machinery (+8.79%) and railway transportation equipment (+8.02%) [4][18]. - The top ten companies by monthly growth within the mechanical sector include Wuxi Haidaer (+25.72%), Vibo Hydraulics (+14.67%), and Tianfang Biao (+11.84%) [14][18]. Key Company Announcements 1. Wuxi Haidaer Precision Slides Co., Ltd reported a revenue of 289 million RMB in 2023, a year-on-year increase of 9.74%, with a net profit of 39 million RMB, up 30.26% [3][19]. 2. Jiangsu Vibo Hydraulics Joint Stock Co., Ltd reported a revenue of 296 million RMB in 2023, a slight decrease of 0.55% year-on-year, with a net profit of 19 million RMB, down 36.28% due to various economic factors [3][19]. 3. Shanghai Tieda Electronic and Information Technology Co., Ltd achieved a revenue of 249 million RMB in 2023, up 7.01% year-on-year, with a net profit of 39 million RMB, up 16.61% [3][19]. 4. Hebei Meibang Engineering and Technology Co., Ltd reported a revenue of 478 million RMB in 2023, down 15.32% year-on-year, with a net profit of 23 million RMB, down 63.75% due to declining prices in its industry [3][19].

[Table_MainInfo] 行业研究/机械工业/新能源板块 证券研究报告 行业周报 2024年05月27日 [Table_InvestInfo] 5 月新能源车零售预计 77.0 万辆，2026 投资评级 优于大市 维持 年上汽全固态电池将实现交付量产 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点：  5月新能源车零售预计77.0万辆，环比+13.7%，渗透率预计为46.6%。根据乘 联会公众号，5 狭义乘用车零售总市场规模预计约为 165.0 万辆左右，同比 -5.3%。由于上半月市场热度明显低于往年同期，“五一”之后终端人气回落， 各厂商纷纷出台加码促销，5月中旬乘用车市场终端折扣-22.2%，相较4月底， 资料来源：HTI 总体市场价格仍在下探。新能源市场相对稳健，5 月全月新能源零售预计可达 相关研究 77.0万，环比4月增长13.7%，渗透率预计为46.6%，再创新高。 [《Ta4b月le逆_变R器ep出o口rtI德nf语o]区 环比修复，印巴 新兴市场表现突出》2024.05.21  特斯拉上海储能超级工厂正式开工。根据特斯拉公众号，2024年5 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 31.80 based on a 30X PE for 2024 [3][13]. Core Insights - The company reported a revenue of RMB 2.33 billion in 2023, a decrease of 3.18% year-on-year, while net profit attributable to shareholders increased by 4.25% to RMB 612 million. The growth was driven by increased plasma volume, strong sales demand, and successful overseas exports [3][10][12]. - In Q1 2024, the company achieved a revenue of RMB 436 million, representing a significant increase of 67.00%, and net profit attributable to shareholders surged by 116.31% to RMB 122 million, indicating a recovery in plasma supply issues [11][12]. - The company has expanded its plasma collection efforts, exceeding 1200 tons collected in 2023, and is actively pursuing overseas market opportunities, with exports to countries like Brazil and Pakistan [12][13]. Financial Summary - The company’s revenue for 2023 was RMB 2.33 billion, with a projected increase to RMB 2.96 billion in 2024, reflecting a growth rate of 26.9% [4][8]. - Net profit is expected to grow from RMB 612 million in 2023 to RMB 777 million in 2024, with corresponding EPS increasing from RMB 0.84 to RMB 1.06 [4][8]. - The gross margin is projected to remain stable, with slight improvements from 51.5% in 2023 to 52.0% by 2026 [4][8]. R&D and Product Development - The company has significantly increased its R&D investment, with over 10 products in rapid development, including a new generation IVIG and fibrinogen currently in clinical trials [12][13]. - By the end of 2023, the company had developed 11 product varieties across different categories, indicating a strong commitment to innovation and product optimization [12][13]. Market Expansion - The company is focusing on expanding its overseas market presence, with overseas sales revenue reaching RMB 37 million in 2023, accounting for 1.61% of total revenue [5][12]. - The domestic market for IVIG is currently experiencing high demand, prompting the company to balance domestic supply with international export opportunities [12].

[Table_MainInfo] 行业研究/食品 证券研究报告 行业专题报告 2024年05月27日 [Table_InvestInfo] 投资评级 优于大市 维持 23 年业绩平稳，24Q1 景气度有所提升 [Table_Summary] 投资要点：  调味品板块：24Q1收入稳健增长，利润率略有修复。23年在C端高基数、B端 餐饮复苏偏弱、渠道库存偏高等背景下，调味品上市公司整体收入略有承压， 同时大豆、包材、油脂等成本虽然有所下降，但是白砂糖、青菜头、糖蜜等成 本仍在相对高位，叠加部分公司低毛利率产品占比提升，整体板块毛利率、扣 非归母净利率仍有承压，23 年板块总体收入/归母净利润/扣非归母净利润分别 同比+1.73%/+21.72%/-4.03%至569.2/108.52/90.61亿元。24Q1随着餐饮逐渐恢复， 同时春节错期影响，板块收入增长环比加速，叠加部分原材料延续下行趋势， 板块利润率明显修复，24Q1 调味品板块总计收入/归母净利润/扣非归母净利润 分别同比+6.61%/+10.16%/+10.82%至163.34/32.08/30.59亿元。结构上看，23年、 24Q1 复合调味品整 ...

Investment Rating - The report recommends a positive investment outlook for the high-end liquor sector, specifically for companies like Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as for the next-tier liquor companies such as Shanxi Fenjiu, Gujing Gongjiu, Yingjia Gongjiu, and Jinshiyuan. It also highlights opportunities in the beer sector, particularly for Qingdao Beer, China Resources Beer, Yanjing Beer, and Chongqing Beer, benefiting from the recovery in dining and consumption scenarios [3]. Core Insights - The liquor industry experienced steady revenue growth in 2023, with a notable performance in Q1 2024, where the high-end liquor segment maintained double-digit growth. The overall revenue and net profit for listed liquor companies reached CNY 412.1 billion and CNY 155.1 billion, respectively, in 2023, with Q1 2024 figures showing a year-on-year increase of 14.7% and 15.7% [2][10]. - The beer sector is witnessing a trend towards premiumization, with a decline in raw material costs contributing to improved profit margins. The beer industry's revenue and net profit for 2023 were CNY 155.8 billion and CNY 17.9 billion, respectively, with Q1 2024 showing a slight revenue decline but a significant profit increase [3][10]. Summary by Sections White Liquor - In 2023, the white liquor sector's revenue grew by 15.6% year-on-year, reaching CNY 412.1 billion, while net profit increased by 18.9% to CNY 155.1 billion. Q1 2024 saw revenue and net profit rise by 14.7% and 15.7%, respectively [2][10]. - High-end liquor maintained robust growth, with Guizhou Moutai's revenue increasing by 18.0% in 2023, driven by price adjustments and product mix improvements. In Q1 2024, Moutai's revenue continued to grow by 18.0% [13][17]. - The overall gross margin for the white liquor sector improved, with 2023 figures showing a 0.84 percentage point increase to 81.2%, and Q1 2024 showing a further increase of 0.46 percentage points [10][19]. Beer - The beer sector's revenue for 2023 was CNY 155.8 billion, with a year-on-year growth of 7.1%, while net profit rose by 8.3% to CNY 17.9 billion. Q1 2024 figures showed a slight revenue decline of 0.8% but a profit increase of 16.1% [3][10]. - The average price of beer increased by 3.5% in 2023, with premium products showing strong sales growth. The gross margin for the beer sector improved significantly in Q1 2024, attributed to rising prices and declining raw material costs [3][10].

Investment Rating - The report maintains an "Outperform" rating for CSPC Pharmaceutical Group [3][6][8] Core Views - The finished drug business showed strong growth in Q1 2024, with total revenue reaching RMB 8.98 billion, a year-on-year increase of 11.5% [5][8] - The gross margin improved to 72.3%, up by 3.8 percentage points, while net profit attributable to shareholders was RMB 1.61 billion, reflecting a 12.9% increase [5][8] - The report highlights the expected approval of multiple new products in 2024-2025, which is anticipated to drive further revenue growth [11] Summary by Sections Financial Performance - Total revenue for Q1 2024 was RMB 8.98 billion, with a gross margin of 72.3% [5][8] - Finished drug revenue was RMB 7.56 billion, up 17.7% year-on-year, with significant contributions from CNS, cardiovascular, and digestive metabolism segments [9][10] - The API business faced challenges, with vitamin C revenue declining by 11.8% due to reduced demand [9][10] Growth Drivers - The growth in finished drug revenue was attributed to new product launches and enhanced sales efforts in retail markets [10] - New products such as the acute stroke thrombolytic therapy and irinotecan liposomes are expected to contribute significantly to sales in 2024 [10][11] Future Outlook - The company forecasts revenue of RMB 35.21 billion for 2024, representing a 12% year-on-year growth, and net profit of RMB 6.88 billion, a 17.1% increase [11] - The target price is set at HK$8.69 per share, corresponding to a PE ratio of 12x for 2024 [6][11]

Investment Rating - The report maintains an "Outperform" rating for the company [30][17]. Core Insights - The company experienced stable revenue throughout the year, with 2023 revenue at RMB 6.81 billion, a year-over-year decrease of 1.13%. However, net profit attributable to shareholders fell by 17.75% to RMB 0.80 billion [2][14][39]. - In Q1 2024, the company saw significant growth, with revenue increasing by 36.39% to RMB 1.82 billion and net profit rising by 35.15% to RMB 0.24 billion [7][8][40]. - The company focused on the development of melon seeds and nuts, with sales of sunflower seeds at RMB 4.27 billion (YoY -5.36%) and nuts generating RMB 1.75 billion (YoY +8%) [16][9]. Financial Summary - For 2023, the gross profit margin decreased by 5.21 percentage points to 26.75%, and gross profit fell by 17.24% to RMB 1.82 billion. The period expense ratio decreased by 2.51 percentage points to 13.25% [2][39]. - The company projects revenues of RMB 7.75 billion, RMB 8.42 billion, and RMB 9.14 billion for 2024, 2025, and 2026, respectively, with net profits of RMB 1.06 billion, RMB 1.21 billion, and RMB 1.38 billion [17][35]. - The earnings per share (EPS) are expected to be RMB 2.09, RMB 2.39, and RMB 2.71 for 2024, 2025, and 2026, respectively [37][35]. Product and Market Development - The company continues to innovate within the melon seeds and nuts categories, focusing on product optimization and market expansion [3][16]. - The sales in the southern region were RMB 2.18 billion (YoY -1.25%), while overseas sales increased by 7.70% to RMB 0.52 billion [41][34]. - The company has established a digital platform managing over 320,000 terminal points and is actively exploring new market channels, including e-commerce and overseas markets [10][34].

[Table_Title] 研究报告 Research Report ESG & Power Equipment & Utilities bin.yang@htisec.com bruce.xl.yu@htisec.com 全球能源转型加速，可再生能源装机提升电网投资需求。根据 IEA 数据，2023 年全球 130 多个国家的能源 转型政策推动了可再生能源装机的高增，2023 年全球可再生能源新增装机约为 507GW，同比 2022 年增加 50%，装机主要来自于中国光伏（+148%）和风能（+102%）。在当前的政策情景下，全球 2023-2028 年可再 生能源每年新增装机将从 507GW 增加到 720GW，年复合增长率为 7.3%，未来 6 年预计全球累计将有 3700GW 可再生能源投入运行；在政策加速场景下，2028 年全球可再生能源新增装机将达到 920GW。发电量方面，可 再生能源发电量占比将从 2023 年 30%提升到 2028 年的 42%，其中太阳能占比 28%，2028 年可再生能源发电 量将达到 14400TWh，较 2022 年增长 70%，可再生能源的大规模装机需要新建电网进 ...

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