Equity – Asia Research 皇马科技 ：受益于表面活性剂 (603181 CH) 集中度提高，逐步布局新的领域 Zhejiang Huangma Technology: Benefiting from Increased Concentration of Surfactants, Gradually Expand into New Fields 庄怀超 Huaichao Zhuang hc.zhuang@htisec.com 2024年5月23日 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。(PleaseseeappendixforEnglishtranslationofthedisclaimer) 目录 ...

Core Insights - The report highlights that the depreciation of the yen is exacerbating consumption divergence in Japan, with potential benefits for companies with significant overseas operations [1]. Group 1: Industry Overview - The Japanese food and beverage retail sales in March reached approximately 41,240 billion yen, showing a year-on-year increase of 4.6% [18]. - The retail sales of pharmaceuticals and personal care products in March were about 15,380 billion yen, with a year-on-year growth of 3.6% [18]. - The report indicates that over 2,800 food items in Japan experienced price increases in April due to factors such as yen depreciation and rising raw material costs [14]. Group 2: Essential Consumption - The average expenditure on soft drinks for households of two or more was approximately 5,279 yen in March, reflecting a year-on-year increase of 5.3% [5]. - The average expenditure on alcoholic beverages for similar households was about 3,572 yen in March, with a year-on-year increase of 1.7% [13]. - The report notes that discount stores are leading in growth within essential consumption, with PPIH's discount store division showing a same-store sales increase of 6.5% [18]. Group 3: Discretionary Consumption - The report states that hotel prices are rising due to increased inbound tourism, with the average daily rate (ADR) for hotels in March up 43.7% compared to the same month in 2019 [39]. - Department stores like Takashimaya and Isetan Mitsukoshi are experiencing steady growth, benefiting from high-end consumer spending driven by foreign tourists [17]. - The average expenditure on clothing for households of two or more is showing a positive trend, with retail sales in the textile and clothing sector increasing by 15% [36]. Group 4: Company Performance - Companies such as Fast Retailing are expected to benefit from rapid expansion in overseas markets and the impact of yen depreciation [56]. - Asahi Group is projected to gain from the expansion of its high-end beer business overseas and improvements in domestic beer product structures [56]. - The report emphasizes the strong performance of Pan Pacific International Holdings, driven by robust consumer spending from overseas tourists [56].

全球能源与 ESG 周报（5/13-5/19）:天然气期货价格继续上行，中国电网投资维持高 景气度 Global Energy and ESG Updates: Natural Gas Futures Prices Continue to Rise, China's Power Grid Investment Maintain High Prosperity [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： 中国：1）天然气：本周期中国 LNG 到岸价较上周继续上行，市场价下跌。2）电力：4 月全社会用电量增速放缓， 火电、水电、太阳能发电增速加快，核电由降转增，风电同比下降。3）储能锂电：美方宣布对中国电动汽车、锂电 池等产品大幅加征关税，储能电池好于预期；国轩高科发布超快充 G 刻电池、星晨电池与全固态金石电池。4）光 伏：光伏主产业链价格持续下行。5）风电&电网：2024 年 1-3 月份风电新增装机 15.5GW，同比增加近 49%，电网投 资完成额 766 亿元，同比增加 14.7%，景气度持续。6）ESG：香港财库局 ...

Investment Rating - The report assigns a rating of "Outperform" for the company, indicating an expected relative performance above the market benchmark over the next 12-18 months [7][9]. Core Insights - The integration of civil explosives production and engineering services has demonstrated significant advantages, with over 50% of the industry's revenue derived from engineering blasting services. The company's service revenue reached RMB 4.70 billion, reflecting an 18.37% year-on-year growth [22]. - The company has successfully obtained a top-level mining construction qualification, enhancing its capabilities in mining project acquisition [22]. - The civil explosives sector generated RMB 8.01 billion in revenue, marking a 10.30% year-on-year increase, with a pre-tax profit of RMB 1.03 billion [5]. - The new energy sector contributed RMB 0.88 billion in revenue and RMB 0.20 billion in pre-tax profit, indicating stable growth [5]. - The company is leveraging military trade advantages to accelerate international expansion, focusing on large mines owned by Chinese enterprises and infrastructure projects along the Belt and Road initiative [6][18]. Revenue and Profit Forecast - Revenue is projected to grow from RMB 8.90 billion in 2023 to RMB 12.52 billion by 2026, with a compound annual growth rate (CAGR) of approximately 11.0% [21]. - The company anticipates a growth rate of 18%, 16%, and 14% for blasting engineering revenue from 2024 to 2026, while civil explosives revenue is expected to grow at 10%, 8%, and 8% during the same period [3][21]. - The gross profit margin is expected to remain stable, with slight fluctuations projected from 29.5% in 2023 to 29.4% in 2026 [21].

[Table_Title] 研究报告 Research Report 百合花 Lily Group (603823 CH) hc.zhuang@htisec.com 公司颜料产品是最主要的收入来源。1）2023 年公司颜料营业收入为 20.63 亿元，同比下降 9.38%。2023 年全球 有机颜料消费量约为 40 万吨，公司拥有 4 万多吨有机颜料的产能，约占全球 10%的份额。2）2023 年公司中间 体营业收入为 0.97 亿元，同比下降 27.64%。公司利用基础化工原料和中间体通过化学合成生产有机颜料生产过 程中所需的部分关键中间体，如 4-氯-2，5-二甲氧基苯胺（4625）、色酚系列、DB-70、DMSS 等中间体的自产能 力可满足公司生产所需的大部分用量需求，公司目前具备较为完整的产品链自我配套体系。3）金属钠及副产物 1.07 亿元，同比增长 105.95%。2023 年国内金属钠产能装置约 17.85 万吨。全球金属钠表观需求量约 12.65 万 吨，内蒙古源晟拥有 2 万吨/年金属钠产能。 风险提示：宏观经济环境变化的风险；下游市场需求不及预期的风险；在建产能投产进度不及预期的风险。 一 ...

[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 公牛集团（603195）公司年报点评 2024年05月22日 Q1 维持高增，推动装饰渠道旗舰店建设 [Table_Summary] 投资要点：  事件：公司发布 23 年报及 24 年一季报，23年及 24 年一季度分别实现收入 156.95、38.03亿元，同比增长11.46%、14.06%；实现归母净利润38.70、9.29 亿元，同比增长21.37%、26.27%，实现扣非后归母净利润37.03、8.18亿元， 同比增长27.51%、26.73%，基本每股收益4.36、1.05元。  23年多业务全面增长，24Q1收入利润维持高增：4Q23/1Q24公司实现营业收 入40.88/38.03亿元，同比增长13.34%/14.06%，实现归母净利润10.57/9.29亿 元，同比增长27.75%/26.27%，1Q24收入利润增速保持较高水平。分业务看， 23 年电连接产品收入 73.87 亿元，同比增长 4.77%，实现稳健增长，智能电 工照明产品收入 79.02 亿元，同比增长 15.37%，实现了穿越周期的增长，新 能源业务收入 ...

Investment Rating - The report assigns an "OUTPERFORM" rating to Shandong Sun Paper with a target price of RMB 18.34 [2][4]. Core Insights - The company reported annual and first-quarter results for 2023 and 2024, with revenues of RMB 39.54 billion and RMB 10.19 billion, reflecting a YoY change of -0.56% and +3.87% respectively. The net profit attributable to shareholders was RMB 3.09 billion and RMB 0.96 billion, up 9.86% and 69.04% YoY [3][9]. - The company plans to implement the Nanning Phase II project, which includes a 400,000-ton specialty paper production line and a total investment of no more than RMB 7 billion [10][11]. Financial Performance Summary - In Q1 2024, the company achieved a net profit of RMB 0.96 billion, a 69.04% increase YoY, with a gross profit margin (GPM) of 17.99% and a net profit margin (NPM) of 9.41% [3][10]. - The company sold 6.66 million tons of paper products in 2023, a 19.57% increase YoY, primarily due to new paper projects coming online [9][10]. - The forecast for net profits in 2024 and 2025 is RMB 3.67 billion and RMB 4.19 billion, with YoY growth rates of 18.9% and 14.3% respectively [4][11]. Capacity and Projects - The total pulp and paper capacity exceeded 12 million tons in 2023, with several new projects successfully commissioned [10][11]. - A 300,000-ton household paper project is expected to start trial production in Q3 2024 [10].

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 22.62 [2][5]. Core Insights - The company reported a revenue of RMB 10.32 billion in 2023, a decrease of 17.67% year-on-year, and a net profit attributable to shareholders of RMB 1.35 billion, down 42.76% year-on-year [3][12]. - The decline in revenue was primarily due to decreased market demand for respiratory products, which saw a revenue drop of 51.90% to RMB 3.31 billion [4][13]. - Excluding respiratory products, other patented products showed stable growth, with cardiovascular products achieving a revenue of RMB 4.71 billion, an increase of 12.71% [4][13]. - The company has ongoing research and development efforts, with a focus on traditional Chinese medicine and several new drugs expected to be launched in the coming years [14][15]. Financial Performance Summary - In 2023, the company achieved a revenue of RMB 10.32 billion, with a year-on-year decline of 17.67% [6][9]. - The net profit for 2023 was RMB 1.35 billion, reflecting a decrease of 42.76% year-on-year [6][9]. - The earnings forecast for 2024-2026 predicts net profits of RMB 1.51 billion, RMB 1.80 billion, and RMB 2.13 billion, with respective year-on-year growth rates of 11.8%, 18.8%, and 18.6% [5][15]. Research and Development - The company invested RMB 0.94 billion in R&D in 2023, focusing on new drug development in traditional Chinese medicine and secondary development of existing products [14][15]. - Several new drugs are in various stages of clinical trials, with significant potential for future revenue growth [14][15]. Revenue Breakdown - Revenue from cardiovascular products was RMB 4.71 billion, up 12.71% year-on-year, while other patented products generated RMB 1.87 billion, an increase of 69.72% [4][13]. - The respiratory product segment faced a significant decline, contributing only RMB 3.31 billion to total revenue [4][13].

[Table_MainInfo] 行业研究/交通运输/航空公司 证券研究报告 行业跟踪报告 2024年05月22日 4 月行业需求有所回落 [Table_Summary] 投资要点：  4月进入淡季，行业供需有所回落。4月五家上市航司（中国国航、东方航空、 南方航空、春秋航空、吉祥航空）总供给、需求环比各下降2.7%/2.4%（中国国 航数据为并表山航口径，下同），约为 19 年同期的 105.2%/103.4%，客座率环 比上升0.2个百分点至81.6%，较19年同期下滑1.5个百分点。4月行业供需有 所回落。具体来看：国内线供给、需求环比各下降 5.2%/4.7%，约为 19 年同期 的118.0%/115.4%，客座率环比上升0.5个百分点至82.1%，较19年同期下滑1.8 个百分点。国际线供给、需求环比各上升 4.8%/4.1%，约为 19 年同期的 82.1%/81.1%，客座率环比下降 0.5个百分点至 80.4%，较 19年同期下滑 1.0个 百分点；地区线供给、需求环比各上升3.9%/9.0%，约为19年同期的80.9%/75.9%， 客座率环比上升3.6个百分点至76.4%，较19年同期 ...

研究报告Research Report 22 May 2024 金盘科技 JINPAN TECHNOLOGY (688676 CH) 2024Q1 盈利能力保持稳定，海外营收占比快速提升 Fianancial performance maintain stable in Q1 2024, oversea’s revenue porporation grew quickly [观Ta点bl聚e_焦yem Ieniv1e]s tment Focus [ Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 2024Q1 扣非归母净利润增速 36.6%，营收及归净利润增速有望在 评级 优于大市OUTPERFORM 二季度修复。2024Q1公司实现营收13.05亿元，同比增长0.60%； 现价 Rmb57.22 目标价 Rmb67.51 实现归母净利润0.95亿元，同比增长8.57%；实现扣非净利润1.01 亿元，同比增长36.63%；毛利率方面，2024 Q1公司综合毛利率为 HTI ESG 4.8-4.3 ...