Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 49.62 [1][10]. Core Insights - The company has preliminarily completed its AIoT strategic transformation, targeting a net profit attributable to shareholders of RMB 16-17 billion for 2024. In 2023, total revenue reached RMB 89.34 billion, a year-on-year increase of 7.42%, with a net profit of RMB 14.11 billion, up 9.89% year-on-year [2][10]. - The company expects a "low and then high" performance trend in 2024, driven by digital transformation products and solutions for various enterprises. The EBG business outlook is optimistic, while PBG has opportunities despite potential revenue declines [3][10]. Financial Summary - In 2023, the company achieved total revenue of RMB 89.34 billion, with a net profit of RMB 14.11 billion. The gross profit margin was 44.44%, and the net profit margin was 16.96% [2][4]. - For Q1 2024, revenue was RMB 17.82 billion, a 9.98% year-on-year increase, with a net profit of RMB 1.92 billion, up 5.78% year-on-year [2][10]. - The forecast for 2024-2026 includes revenues of RMB 100.03 billion, RMB 113.26 billion, and RMB 131.36 billion, with net profits of RMB 16.53 billion, RMB 19.36 billion, and RMB 22.84 billion respectively [7][10]. Business Segments - The report highlights that the EBG business is expected to grow as the company helps enterprises improve quality, reduce costs, and increase efficiency. The PBG business remains optimistic despite potential revenue declines, while the SMBG segment has stabilized [3][10]. - The company is focusing on enhancing its innovation business, which has shown significant growth and is expected to contribute to overall revenue stability [5][10]. AI and Digital Transformation - The company has invested heavily in AI development, launching the "Guanlan" large model, which is expected to enhance its capabilities in various industry applications. This model has shown promising results in recent evaluations [6][10]. - The AI open platform has generated over 100,000 models across various projects, indicating strong growth in AI applications tailored to different industry needs [6][10].

Investment Rating - The report maintains an "Outperform" rating for Huaneng Power International [3][5][10] Core Views - The company's performance in Q1 2024 is in line with expectations, driven by a significant recovery in thermal power profitability and a decrease in coal prices [7][10] - The report projects net profits for 2024-2026 to be CNY 12,132 million, CNY 13,230 million, and CNY 15,706 million respectively, with a target price set at HKD 5.32 based on a 7x PE valuation for 2024 [10] Financial Performance Summary - In Q1 2024, the company achieved revenue of CNY 65.367 billion, a year-on-year increase of 0.15%, and a net profit of CNY 4.377 billion, a year-on-year increase of 117.98% [7][8] - The coal-fired sector contributed CNY 2.825 billion in profit, a year-on-year increase of 42 times, while the gas-fueled plants contributed CNY 536 million, a year-on-year increase of 64.34% [7][8] - The average on-grid electricity price in Q1 2024 was CNY 498 per MWh, a decrease of approximately 4% year-on-year [8][9] Segment Performance - The company sold 113.036 billion kWh of electricity in Q1 2024, a year-on-year increase of 5.63%, with significant growth in new energy sources [8][9] - New energy capacity increased by approximately 16GW in Q1 2024, a year-on-year increase of 99.7%, with wind power accounting for 54% of the new installations [9][10] Profitability Metrics - The report forecasts gross margins to improve from 12.1% in 2023 to 16.7% by 2026, with net margins expected to rise from 3.3% to 5.7% over the same period [6][10] - The return on equity (ROE) is projected to increase from 7.0% in 2023 to 10.1% by 2026 [6][10]

研究报告Research Report 24 Apr 2024 中国必需消费 China Staples 消费品成本指数跟踪：棕榈油价格止涨转跌，玉米、豆粕持续探底 HTI CGCI: The price of palm oil turned downward, while the corn and soybean meal probed the bottom [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 本周 HTI 跟踪的六类消费品，除啤酒期货上涨 1.25%，其他品种成 市盈率P/E 本指数大多持平或下降，但波动幅度均在 1%以内。具体来看，本 股票名称 评级 目标价 2023E 2024E 周包材部分，玻璃期货大幅反弹，涨幅达 3.91%，较年内底部上涨 百威亚太 Neutral 14.00 21 17 近 4%，纸浆期货下跌 0.85%，铝材现货上涨 0.49%，其他包材价格 华润啤酒 Outperform 56.00 20 17 小幅波动。直接原材料延续前期 ...

[Table_MainInfo] 行业研究/金融/综合金融服务 证券研究报告 行业周报 2024年04月24日 公募基金费改第二阶段正式落地；3 月寿 险保费增长提速 [投Tab资le要_Su点mm：ar2y0] 24 年以来日均股基交易额维持高位，两融余额持续增 长。资本市场各项改革持续推进，头部券商优势显著。保险行业 2024 年负债端短期承压，中长期看好康养产业发展；十年期国债收益率 仍在低位，如果后续经济预期改善、长端利率上行，保险公司投资 端压力将显著缓解。重点关注：中国人寿、中国太保、中信证券、 华泰证券、中金公司等。  非银行金融子行业近期表现：最近5个交易日（2024年4月15日-4月19日）， 多元金融行业、证券行业、保险行业均跑赢沪深300指数。保险行业上涨5.30%， 多元金融行业上涨 5.14%，证券行业上涨 2.18%，非银金融整体上涨 3.26%，沪 深300指数上涨1.89%。  证券：2024年4月交易量有所下滑，公募基金证券交易管理规定出炉。1）2024 年4月交易量高基数下有所下滑。截至4月19日，4月日均股基交易额为10045 亿元，同比下降17.1%，环比3月下跌9 ...

Investment Rating - The report assigns an "Outperform" rating to Jinan Shengquan Group with a target price of RMB 29.64 [1][10]. Core Insights - In 2023, the company reported a revenue of RMB 9.12 billion, a decrease of 4.98% year-on-year, while the net profit attributable to shareholders increased by 12.23% to RMB 0.79 billion [9][15]. - The decline in revenue was attributed to lower sales prices across various product lines, including phenolic resin, casting resin, and electronic chemicals [9][15]. - The company's gross profit margin (GPM) and net profit margin (NPM) were 23.02% and 8.80%, reflecting changes of 1.96 and 1.39 percentage points year-on-year [9][15]. Financial Performance - The earnings per share (EPS) for 2024-2026 are projected to be RMB 1.14, 1.47, and 1.68 respectively [3][10]. - The company anticipates a revenue increase to RMB 10.49 billion in 2024, with a year-on-year growth rate of 15.1% [17]. - The gross profit margin is expected to be 22.6% in 2024, improving to 24.5% by 2026 [21]. Product Development and Capacity Expansion - The company is diversifying into new materials and continuously developing new products, including a 1,000-ton functionalized polyphenylene ether project set to launch in Q2 2024 [2]. - The Zhuhai Phase II project will significantly enhance the production capacity of specialty epoxy resins, contributing to growth in various high-end applications [2]. - The Daqing production base has successfully launched a 1 million tons/year biomass refining integrated project, marking a significant upgrade in production capabilities [2]. Cost Management and Efficiency - The company emphasizes green production, achieving cost reduction and efficiency enhancement through self-developed wastewater treatment technology [16][23]. - The use of alternative materials in resin production has improved product quality while reducing environmental impact [16][23]. Dividend Policy - Cash dividends for 2023 amounted to RMB 0.34 billion, representing 42.90% of the net profit attributable to shareholders [9][15].

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 华峰化学（002064）公司年报点评 2024年04月24日 [ Table_InvestInfo] 23 年归母净利润同比下滑 12.85%，看好 新项目投产带来的成长空间 [Table_Summary] 投资要点：  华峰化学发布2023年年度报告。2023年公司实现营业收入262.98亿元，同 比增长 1.60%，归母净利润 24.78 亿元，同比下滑 12.85%。公司拟向全体股 东每10股派发现金红利1.5元（含税）。  公司2023年利润下滑主要系需求疲软、供给冲击、原材料波动、预期转弱等 因素。1）分业务营收来看，公司化学纤维、化工新材料、基础化工产品2023 年营业收入分别同比变化-3.57%、-3.14%、2.88%至93.06，58.82，85.66亿元。 2）分业务毛利率来看，公司化学纤维、化工新材料、基础化工产品 2023 年 毛利率同比分别变化2.03、-0.24、-9.31个百分点至12.50%、18.13%、19.57%。 3）公司 2023年三项费用率同比下降 0.46个百分点至 5.25%。 ...

研究报告Research Report 24 Apr 2024 名创优品 MINISO Group (MNSO US) 名创优品季报前瞻： 开店势头延续，海外强劲增长 1Q24 Preview: Store Expansion Momentum Continued, Oversea Business Witnessed Strong Growth [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：名创优品预计在5月中旬公布1Q24业绩。我们预计公司1Q收 评级 优于大市OUTPERFORM 入37亿元，同比增长25%；经调净利润6亿元，同比增长25%，经调 现价 US$21.21 经调净利率16.3%。 目标价 US$26.60 点评：国内业务预计收入 25.2 亿元，同比增长 17%。①名创国内 1Q 市值 US$6.57bn 概况：收入预计 22.9 亿元，同比增长 14.4%，基本符合此前公司同比 日交易额 ( ...

2023 net profit attributable to shareholders reached RMB 558 million, surpassing the profit alert. Revenue grew by 7.67% YoY to RMB 3.91 billion, with net profit attributable to shareholders increasing by 14.21% YoY, exceeding the profit alert by RMB 4 million. Recurring NPAtS was RMB 533 million, up 12.74% YoY, outperforming the profit alert by RMB 12 million. GPM rose to 40.92%, and NPAtS margin increased to 14.26%, with recurring NPAtS margin at 13.65%. Expense ratios for sales, management, R&D, and fina ...

[ 研Ta 究bl 报e_ 告Titl Re] e search Report 23 Apr 2024 中国银行行业 China (Overseas) Banks 24Q1 美资行业绩总结：营收和计提表现优于，NII 表现分化 US Banks 24Q1 Review: Revenue and Provision Beat, NII Diverge 周琦Nicole Zhou, CFA 林加力Jiali Lin nicole.q.zhou@htisec.com jiali.lin@htisec.com [热Ta点bl速e_评yemFleais1h] Analysis [(TPalebalsee_ ssueme mAPaPrEy]N DIX 1 for English summary)  24Q1 营收同比增速均超预期，延续 23Q4 的情况，非息收入占比较高的银行营收表现更好。美资六 大行中，除美国银行外，归母净利润同比增速均超预期。逐家公司来看，需要特别提示的包括 1） 摩根大通进入 Q2 不需要再考虑剔除第一共和来看业绩同比，因第一共和于 23 年 5 月初并表；2） 美国货币监理署（Office of ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 回天新材（300041）公司年报点评 请务必阅读正文之后的信息披露和法律声明 Huaichao Zhuang hc.zhuang@htisec.com [Table_InvestInfo] 2023 年归母净利润同比增长 2.41%， 布局优化国内外产能 [Table_Summary] 投资要点： 2023 年归母净利润同比增长 2.41%。2023 年，公司实现营收 39.02 亿元，同 比+5.05%；实现归母净利润 2.99 亿元，同比+2.41%。实现扣非净利润 2.55 亿 元，同比-6.75%。2023Q4，公司实现营收 8.14 亿元，同比-1.95%，环比-19.10%； 实现归母净利润 296.44 万元，同比-90.56%，环比-95.91%；实现扣非净利润 亏损 2543.67 万元，同比-208.06%，环比-136.73%。公司披露 2023 年年度权 益分派预案，合计派发现金红利 5397.22 万元。 光伏硅胶领域稳居龙头。公司聚焦光伏 TOP 客户点上发力，稳存量、抓增量， 借助新增产能稳健保供， ...