[Table_MainInfo] 行业研究/医药与健康护理 证券研究报告 行业月报 23 年年报 & 24 年一季报总结与展望 [Table_Summary] 投资要点：  2023 年医药制造业收入增速-13.42%，利润总额增速-19.02%。据国家统计局， 2023年规模以上医药制造业主营业务收入25205.7亿元，同比下降13.42%，增 速低于全国工业整体收入增速 10.17 个百分点。同期医药制造业利润总额 3473 亿元，同比下降19.02%，增速低于全国工业整体利润增速10.48个百分点。2022 年医药制造业收入29111.4亿元，利润4288.7亿元。我们认为2023年医药制造 业收入、利润增速放缓主要系以下原因：1）疫情防控相关产品销售锐减；2） 医药出口下降明显；3）受集采、竞争加剧、项目减少等因素影响，药品、耗材、 原料药、CRO/CDMO等大量医药产品价格呈下降态势。  2024 年 1 季度医药板块上市公司收入利润向好。医药板块上市公司 2024 年 1 季度营业收入同比增长 0.28%，较 2023 年同期的 1.96%下降了 1.68pcts；2024 年1季度归母净利润 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for CGN Mining Company (1164 HK) [9][34]. Core Views - CGN Mining is positioned to benefit from the recovery of the global nuclear power sector and the continuous growth in natural uranium demand, aiming to become a leading international supplier of natural uranium [5][10]. - The company has a strong financial performance, with significant revenue growth driven by its natural uranium business, which accounted for nearly all of its revenue in 2023 [14][28]. - The global natural uranium market is experiencing upward price trends due to supply shortages and increased geopolitical tensions, supporting a bullish outlook for uranium prices in the medium to long term [21][28]. Summary by Sections 1. Company Positioning - CGN Mining is a subsidiary of CGN Group, the largest nuclear power group in China and the third largest globally, focusing on the development and trade of natural uranium resources [10][19]. 2. Financial Performance - In 2023, CGN Mining achieved a revenue of HKD 7,368 million, a year-on-year increase of 101.04%, primarily from natural uranium sales [14][19]. - The company’s net profit decreased by 3.44% to HKD 497.1 million, indicating potential concerns regarding cost control and profitability [14][19]. 3. Global Uranium Price Trends - The report highlights a significant increase in uranium prices, with expectations for continued growth due to supply constraints and rising demand for nuclear energy [21][28]. - The average sales price for natural uranium is projected to rise to USD 79.5, USD 81.4, and USD 82.6 per pound from 2024 to 2026 [6][32]. 4. Internal Synergies with CGN Group - CGN Mining benefits from its close ties with CGN Group, which has a projected demand for approximately 6,120 tons of natural uranium in 2024, indicating a substantial supply gap compared to the company's current sales volume [6][31]. - The company has secured flexible pricing agreements that will allow it to capitalize on rising uranium prices [6][32]. 5. Profit Forecast and Valuation - The forecast for FY24-26 anticipates revenues of HKD 9,203 million, HKD 11,267 million, and HKD 13,162 million, with corresponding net profits of HKD 543 million, HKD 642 million, and HKD 745 million [6][33]. - A DCF valuation model estimates a target price of HKD 2.81 per share [6][33].

[Table_MainInfo] 行业研究/传媒 证券研究报告 行业周报 2024年05月06日 5 月 AI 板块海外持续高关注，24Q1 季报 传媒公司业绩表现分化，建议关注个股 [Table_Summary] 投资要点：  周报观点，我们认为：AI应用：全年主线持续重点看好。1）5月仍处于海外重 点相关产业链公司（如英伟达）财报披露期，关注海外 AI 行业发展展望。2） Google I/O2024开发者大会将在5月14日举行，预期将有产品更新和AI研究成 果发表。3）微软Build大会鉴于5月21-23日举行，届时将带来“全新的Windows AI功能”等AI相关信息。3）我们认为，AI板块国内外模型能力逐步增强，应用 持续更新推进。  传媒行业 2023 年报及 2024 一季报发布完毕。2023 年，传媒行业整体总营收 5209.3亿元（同比增长7%）；毛利率30.78%（同比增加0.89pct）；归母净利424.4 亿元（同比增长422%）；扣非归母净利261.8亿元（同比增长846%）；整体净利 率8.15%（同比增加6.48pct）。2023年从各板块看，体育、影视、广告板块疫后 收入增 ...

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 赛轮轮胎（601058）公司年报点评 [ Table_InvestInfo] 23 年归母净利润同比增长 132.07%， 公司高强度研发锻造高端产品力 [Table_Summary] 投资要点：  赛轮轮胎发布2023年年报。2023年公司实现营业收入259.78亿元，同比增 长 18.61%，归母净利润 30.91 亿元，同比增长 132.07%。公司拟向全体股东 每股派发现金红利0.17元（含税）。  公司2023年营收与利润增长主要系国内轮胎市场需求恢复明显，公司产能释 放及产能利用率不断提升。1）分业务营收来看，公司轮胎产品、轮胎贸易 2023年营业收入分别同比变化22.13%、-30.65%至246.18、9.45亿元。2）分 业务毛利率来看，公司轮胎产品、轮胎贸易2023年毛利率同比分别变化9.43、 4.10个百分点至28.32%、15.35%。3）公司2023年轮胎产量与销售量分别为 5863.54万条与5578.63万条，分别同比增长35.71%与27.07%。4）公司2023 年三项费用率同比上升2. ...

ESG&NEW ENERGY&UTILITY [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) [Table_yemei1] 热点速评 Flash Analysis 中国：1）天然气：本周期中国 LNG 到岸价较上周下滑，市场价较上周持续回升。2）电力：中国电力企业联合会预 计 2024 年全社会用电量 9.8 万亿千瓦时，同比增长 6%左右。3）储能锂电：以旧换新补贴政策落地；宁德时代首次 公布全固态电池发展规划；宁德时代发布全球首款 1000 公里续航+4C 超充磷酸铁锂电池。4）光伏：光伏产业链价格 方面，本周硅片价格持续下探。5）风电&电网：2024 年 1-3 月份风电新增装机 15.5GW，同比增加近 ...

[Table_MainInfo] 行业研究/机械工业/其他专用机械 证券研究报告 行业月报 2024年05月01日 工业气体月度跟踪：4 月液氧/氮均价环比 上行，林德收购中南钢铁空分装置并签署 供气协议 [Table_Summary] 投资要点：  4 月液氧/液氮月均价环比上行，液氩同环比略降。根据卓创资讯工业气体官方 微信公众号，截至4月29日，1）液氧：月均价442.75元/吨，环比涨6.09%， 同比降6.12%；2）液氮：月均价468元/吨，环比涨14.68元/吨，同比跌31.54 元/吨；3）液氩：月均价为1125.82元/吨，环比降1.34%，同比降2.54%；4） 氦气：批量 40L 瓶装高纯氦气月 751.44 元/瓶，环比跌 46.83 元/瓶，同比跌 1081.06元/瓶；管束氦气长期协议客户拿货月均价至109元/立方米，环比跌3 元/立方米，同比跌 183 元/立方米；5）氙气：月均价 4.14 万元/立方米，环比 跌 0.1 万元/立方米，同比跌 10.54 万元/立方米；6）氪气：月均价 433.57 元/ 立方米，环比跌16.43元/立方米，同比跌1364.76元/立方米；7 ...

研究报告ResearchReport 5 May 2024 中国必需消费 China Staples HTI 中国消费品 4 月需求报告：多数行业依然处于低速增长 Most Industries are still Experiencing Slow Growth [InTvaebsletm_yeenmt eFio1c]u s [Table_Info] (Please see APPENDIX 1 for English summary) 据海通国际预测，24年4月重点跟踪的8个行业中6个保持正增长，2个 股票名称 评级 股票名称 评级 负增长。实现双位数增长的行业有次高端及以上白酒（主要受贵州茅台带 动）、速冻食品和餐饮；个位数增长的行业包括软饮料、调味品和啤酒； 贵州茅台 Outperform 安琪酵母 Outperform 乳制品和大众及以下白酒负增长。与上月相比，3 个行业增速加快或降幅 五粮液 Outperform 口子窖 Outperform 收窄，4 个行业增速下滑，1 个持平。进入传统消费淡季和去年高基数原 山西汾酒 Outperform 舍得酒业 Outperform 因，导致4月消费行业依 ...

研究报告Research Report 30 Apr 2024 中国食品饮料 China Food & Beverage 消费品价格跟踪报告： 整箱、散飞走势分化，方便食品折扣力度减小 Consumer price tracking：Moutai price performance differentiation, convenience food discount weakened [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 据多家酒业媒体报道，近日白酒批发价格如下： 股票名称 评级 股票名称 评级 贵州茅台：本周（4月22日至4月29日），飞天整箱/散瓶/茅台1935 贵州茅台 Outperform 中炬高新 Outperform 批价为 2780/2560/880 元，较上周-30/+10 元/持平，较上月-110/-75/ 五粮液 Outperform 水井坊 Outperform -15 元。2024 年初以来飞天整箱、散瓶和茅台 1935 批价-180/- ...

| --- | --- | --- | --- | |----------------------------------------------------------------------------------|--------------------------------------------------------|---------|--------------| | | | | | | Haitong International Equity Research Ratings Distribution, as of March 31, 2024 | | | | | | Outperform | Neutral | Underperform | | | | (hold) | | | HTI Equity Research Coverage 90.4% 8.8% 0.8% | | | | | IB clients* 3.3% 4.9% 0.0% | | | | | *Percentage | of investment banking clients in each rating catego ...

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 29.46 [6][27][36] Core Insights - The company reported a revenue of RMB 6.07 billion for 2023, representing a year-on-year growth of 11.34%, and a net profit attributable to shareholders of RMB 413 million, up 65.08% year-on-year [15][27] - In Q4 2023, the company achieved a revenue of RMB 1.94 billion, a 44.98% increase year-on-year, and a net profit of RMB 126 million, up 60.59% year-on-year [15][27] - For Q1 2024, revenue reached RMB 1.84 billion, growing 45.30% year-on-year, with a net profit of RMB 101 million, up 15.06% year-on-year [15][27] Summary by Sections Revenue Breakdown - The furniture series generated RMB 2.71 billion in revenue, up 4.79% year-on-year; the home furnishing series saw revenue of RMB 2.29 billion, up 22.31% year-on-year; the pet series grew rapidly to RMB 519 million, up 37.30% year-on-year; while the outdoor series revenue was RMB 466 million, down 12.26% year-on-year [26][35] - The company has a strong product matrix and new product development capabilities, which are expected to drive future performance growth [26][35] Financial Forecast - The forecast for net profit for 2024-2026 is RMB 493 million, RMB 574 million, and RMB 670 million, reflecting year-on-year growth rates of 19.4%, 16.6%, and 16.6% respectively [27][36] - The current closing price corresponds to a PE ratio of 19 and 16 times for 2024-2025, with a valuation of 24 times PE for 2024 [27][36] Market Position - The company is positioned as a leading cross-border e-commerce enterprise in home furnishing and furniture, with a target price based on a 24 times PE valuation for 2024 [27][36]