[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 第 16 周新房成交同比增速回升、供销比回落 [Table_Summary] 投资要点：  上周1大中城市新房成交情况：  2024 年第 16 周 30 大中城市新房成交面积为 182 万平方米，环比前一周 21%，同比2023年-38%。其中一线城市销售面积47万平方米，环比前一 周26%，同比2023年-42%。二线城市销售面积83万平方米，环比前一周 -5%，同比2023年-46%。三线城市销售面积52万平方米，环比前一周103%， 同比2023年-10%。  2024年4月1日-18日30城累计成交面积416万平方米，环比2024年3 月同期14%，同比-42%。一线城市累计成交面积105万平方米，环比2024 年3月同期13%，同比-41%。二线城市累计成交面积218万平方米，环比 2024年3月同期18%，同比-42%。三线城市累计成交面积92万平方米， 环比2024年3月同期6%，同比-43%。  上周18城二手房成交量情况：  18城2024年第16周二手房成交量为195万平方米，环比前一周12.6%， 同 ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 恒逸石化（000703）公司年报点评 2023 年同比扭亏 [Table_Summary] 投资要点：  2023年同比扭亏。2023年，公司实现营业收入1361.48亿元，同比-10.46%； 实现归母净利润4.35亿元，同比+140.34%，实现扭亏。公司盈利改善主要由 于：（1）随着终端需求回升，聚酯产品产销两旺，盈利改善；（2）非经常性 损益对净利润影响3.8亿元，主要为政府补助、非流动性资产处置损益等。  聚酯纤维：需求改善，盈利提升。2023年公司聚酯产品产销两旺，产量770.79 万吨，同比+11.36%；销量 772.03 万吨，同比+12.71%。2023 年，公司涤纶 丝毛利20.79亿元，同比增加15.41亿元（+287%）。  炼化：技改等因素影响盈利。2023年，公司文莱炼厂炼油产品产销量分别为 580.24万吨、582.50万吨，同比分别减少9.66%、8.86%；化工产品产销量分 别为181.84万吨、182.77万吨，同比分别减少10.15%、9.43%。2023年文莱 炼化（单体）实现净利 ...

研究报告Research Report 22 Apr 2024 中际旭创 Zhongji Innolight (300308 CH) 业绩符合预期，持续看好 800G、1.6T 上量 Rev in line, optimistic about 800G/1.6T ramping up [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) 业绩符合预期，看好今年800G放量：公司发布年报及2024年 评级 优于大市OUTPERFORM 现价 Rmb170.70 一季度业绩报。2023年收入107.2亿，同比增长11.2%，归母净利 目标价 Rmb210.00 润 21.7 亿元，同比增加 77.6%。2024 年第一季度营收48.4 亿，同 比/环比增长 164%/31%，净利润 10.1 亿元，同比/环比增长 HTI ESG 4.0-4.0-4.0 304%/15%。1Q24毛利率环比下降2.6%，主要受一季度产品价格年 E- ...

[Table_MainInfo] 公司研究/食品 证券研究报告 佳禾食品（605300）公司年报点评 Yuxuan Zhang vx.zhang@htisec.com Jasmine Wu jasmine.wu@htisec.com [Table_InvestInfo] 23 年业绩快速增长， 24 年一季度有所承压 [Table_Summary] 投资要点： 事件。公司 4 月 18 日披露 2023 年年报，23 年公司实现营业收入 28.41 亿元 （YOY=17.04%），实现归母净利润 2.58 亿元（YOY=123.39%）。24 年一季度实 现营收 5.41 亿元（YOY=-15.61%），实现归母净利润 0.46 亿元（YOY=-27.71%）。 23 年收入/利润保持快速增长，24 年一季度业绩有所承压。23 年公司营业收 入实现 28.41 亿元（YOY=17.04%），毛利率同比增长 5.69pct 至 17.97%，毛利 额同比增长 71.23%至 5.11 亿元。此外公司期间费用率同比增长 0.62pct 至 6.69%（其中销售费用率同比提升 0.36pct，管理费用率同比减少 0 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 19.84 yuan, reflecting a 16x PE for 2024, down from a previous target of 29.83 yuan [58]. Core Insights - The company reported a revenue of 2.181 billion yuan in 2023, a decrease of 18.70% year-on-year, and a net profit attributable to shareholders of 250 million yuan, down 46.80% year-on-year [55]. - The decline in revenue and profit is attributed to a significant drop in sales prices, particularly for dimethyl succinate and fatty alcohol products [56]. - The company is actively advancing capacity construction and major project developments, with several projects expected to create new profit growth points [57]. Summary by Sections - **Financial Performance**: In 2023, the company experienced a revenue decline of 18.70% and a net profit drop of 46.80%, with specific product revenue changes of -17.40% for dimethyl succinate and -29.70% for fatty alcohols [55][56]. - **Cost and Margin Analysis**: The gross margin and net margin for 2023 were 18.23% and 11.45%, respectively, reflecting a year-on-year decrease of 8.03 and 6.04 percentage points [56]. - **Future Growth Projects**: The company has completed the main construction and equipment installation for a 35,000-ton/year hindered amine light stabilizer project, expected to be operational in the second half of 2024 [57]. - **Research and Development**: The company has made significant technological advancements, including the development of new processes for light stabilizers and obtaining multiple patents [57]. - **Earnings Forecast**: Projected EPS for 2024-2026 is 1.24, 1.53, and 1.97 yuan, respectively, with a revised target price reflecting a decrease due to falling product prices [58].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company, with a target price set at HK$4.85, down from a previous target of HK$6.44 [2][10]. Core Insights - The financial performance of the company was slightly below market expectations, with a revenue of 50.457 billion yuan in 2023, representing an 8.66% year-on-year increase. The net profit attributable to the parent company was 1.331 billion yuan, down 44.16% year-on-year. However, profits are expected to recover in 2024 as wind turbine prices stabilize [7][10]. - The gross profit margin (GPM) for the wind turbine business improved to 6.41%, while the GPM for the wind farm development business declined significantly to 47.30%, primarily due to increased development costs [8][9]. - The company has a strong order backlog of 30.4GW, with a focus on international expansion, particularly in North America, Oceania, and Europe, as well as emerging markets [9][10]. Financial Performance Summary - Revenue for 2023 was 50,457 million yuan, with projections of 56,781 million yuan for 2024, 62,601 million yuan for 2025, and 67,388 million yuan for 2026. The net profit is expected to rise to 2,390 million yuan in 2024, 2,827 million yuan in 2025, and 2,901 million yuan in 2026 [6][10]. - The company shipped 13.8GW of wind turbines in 2023, maintaining a strong market presence with 98.9% of shipments being turbines larger than 4MW [9][10]. - The equity installed capacity of self-operated wind farms reached 7,289MW, with additional grid-connected capacity of 1,793MW [10].

&& 1,549 法 营 1,421 1,200 1,920 -38 YoY - 1721 2% -25 f% 21.4% 49.7% -0.3% 36.0% 25.0% -2 1% 38.1% DCF 分析 自由民金太郎组 6,533 899 are 負債率 降值 23,473 36.0% 终值在绿植 10,575 1.30 p 企业价值 16,428 咒风险利率 2.7% 净现金(饮债)、少数股东权益 2,371 风险盗价 7.0% 収益封值 18,810 ପ୍ରିୟା 11.8% 部副部份) (rmb) 33.31 優質成本 安安 使帆成本(脱后) WACQ 9.3% 永续增长率 1.0% | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------|--------------------------------------|--------|----------------------|---------------|------------------------| ...

Investment Rating - The investment rating for the company is "Outperform" [10][22][26] Core Views - In 2023, the company reported a 9.40% year-on-year decline in net profit excluding non-recurring items, with a planned cash dividend totaling RMB 1.12 billion. Revenue reached RMB 12.04 billion, up 9.62% year-on-year, while net profit attributable to shareholders was RMB 1.41 billion, down 46.99% [20][21] - The Alashan project is progressing well, with significant growth in soda ash production and sales. In 2023, the company produced 5.68 million tons of various products, a 28.45% increase year-on-year, including 2.69 million tons of soda ash, which is a 74.20% increase [21][22] - The company plans to maintain a target price of RMB 8.64 for 2024, based on a 12x price-to-earnings ratio, reflecting a projected net profit attributable to shareholders of RMB 2.67 billion for 2024 [22][10] Financial Summary - In 2023, the company achieved a revenue of RMB 12.04 billion, a 9.62% increase year-on-year, while net profit attributable to shareholders was RMB 1.41 billion, down 46.99% [10][20] - The company plans to distribute a cash dividend of RMB 3 per 10 shares for 2023, totaling RMB 1.12 billion, which accounts for 90.29% of distributable profits [20][21] - The earnings forecast for 2024-2026 projects net profits of RMB 2.67 billion, RMB 3.04 billion, and RMB 3.62 billion, respectively, with corresponding earnings per share of RMB 0.72, RMB 0.82, and RMB 0.97 [22][10] Production and Capacity - The company produced 5.68 million tons of various products in 2023, with soda ash production reaching 2.69 million tons, a 74.20% increase year-on-year [21][22] - The Alashan soda ash project plans a total capacity of 7.80 million tons/year of soda ash and 0.80 million tons/year of baking soda, with phase one contributing 5.00 million tons/year of soda ash [21][22] Market Position - The company is actively acquiring water rights for the Alashan project, with an annual quota of 21.82 million cubic meters approved for use from the Yellow River [22][21] - The company maintains a competitive position in the market, with a focus on expanding production capacity and improving operational efficiency [21][22]

Investment Rating - The report provides a positive outlook for the company, indicating an "Outperform" rating, expecting the stock's total return to exceed the relevant market benchmark over the next 12-18 months [10][27]. Core Insights - The company has successfully advanced key projects, including the "Special Functional Polyester Film Project" and several others, enhancing its core competitiveness through external development [1]. - The construction progress of various industrialization projects is in line with expectations, indicating effective project management and execution [1]. - Strategic partnerships have been established with companies like Chemax and Zhangyi Chemical to develop high-end photoresist materials, creating a synergistic industrial chain in the photoresist sector [1]. - Collaborations with companies such as Shanjin Optoelectronics and Yangzhou Wanrun aim to accelerate the domestic substitution of optical-grade polyester films for polarizers [1]. Financial Projections - The report includes detailed financial forecasts for various business segments, projecting sales revenue and cost figures for the years 2023 to 2026 [4]. - For the optical film segment, sales revenue is expected to grow from 961.71 million in 2023 to 1412.48 million by 2026, with a gradual increase in gross margin from 14.80% to 18.00% [4]. - The electronic materials segment is projected to see sales revenue rise from 1308.02 million in 2023 to 1705.94 million in 2026, with a stable gross margin of around 18% [4]. - The new energy materials segment is anticipated to grow from 161.08 million in 2023 to 214.40 million in 2026, with a gross margin of 24% [4].

[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04月17日 3 月行业需求有所回落，小航继续领跑 [Table_Summary] 投资要点：  3月进入淡季，行业供需有所回落。3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5.1%/8.7%（中国国 航数据为并表山航口径，下同），约为 19 年同期的 107.5%/105.5%，客座率环 比下降3.2个百分点至81.3%，较19年同期下滑1.5个百分点。3月行业供需环 比下降。具体来看：国内线供给、需求环比各下降6.2%/10.4%，约为19年同期 的121.6%/118.7%，客座率环比下降3.8个百分点至81.7%，较19年同期下滑2.0 个百分点。国际线供给、需求环比各下降 1.9%/3.2%，约为 19 年同期的 80.4%/80.1%，客座率环比下降 1.1个百分点至 80.9%，较 19年同期下滑 0.3个 百分点；地区线供给、需求环比各下降1.1%/7.5%，约为19年同期的82.1%/72.7%， 客座率环比下降5.0个百分点至72.8%，较 ...