[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 巨化股份（600160）公司年报点评 2024年04月22日 23 年归母净利润 9.44 亿元同比下滑，24 年来制冷剂景气度大幅改善 [Table_Summary] 投资要点：  巨化股份发布2023年年度报告。2023年公司实现营业收入206.55亿元，同 比下滑3.88%，归母净利润9.44亿元，同比下滑60.37%。公司拟向向全体股 东按每 10 股派发现金红利 1.1 元（含税），占合并报表中归属于上市公司股 东净利润的31.48%。  公司2023年营业收入与利润下滑主要系产品价格下降。1）分业务营收来看， 公司含氟精细化学品、氟化工原料，含氟聚合物材料、基础化工产品及其他、 制冷剂、食品包装材料、石化材料 2023 年营业收入分别同比变化-17.31%、 -20.83%、-11.54%、-15.33%、-12.21%、-4.72%、48.35%至0.49、6.80、22.07、 41.25、59.83、13.00、25.08 亿元。2）分业务毛利率来看，公司含氟精细化 学品、氟化工原料，含氟聚合物材料、基础化 ...

[Table_MainInfo] 公司研究/交通运输/航空公司 证券研究报告 吉祥航空（603885）公司年报点评 [ Table_InvestInfo] 需求修复带动 23 年业绩改善， 24 年业绩有望进一步提升 [Table_Summary] 投资要点：  23年客运收入大幅改善，业务成本随航班量修复有所增长。23年公司实现营 收 200.96 亿元，同比上升 144.8%，较 19 年同期上升 20.0%；录得归母净利 润 7.51 亿元（去年同期亏损 41.48 亿元，19 年同期盈利 9.94 亿元）。公司 23 年总供给/需求分别环比上升 105.79%/153.17%，客座率环比上升 15.5pcts 至 82.8%，公司毛利率环比上升 50.4pcts 至 14.25%；随着航班量修复，主营 业务成本同比上涨 54.14%至 171.63 亿元：其中航油成本同比上升 82.70%至 63.38 亿元，占主营业务成本 36.93%；随着航班量增加，起降费等同比上升 121.72%；人工成本同比上涨 31.34%，但占比下降至 17.44%。全年人民币兑 美元升值 1.7%带来汇兑损失 1.3 ...

[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 ...

Investment Rating - The report maintains an "Outperform" rating for Zhongji Innolight, with a target price of 210 yuan [12][22]. Core Views - The company's performance in 2023 met expectations, with revenue of 10.72 billion yuan, a year-on-year increase of 11.2%, and a net profit of 2.17 billion yuan, up 77.6% year-on-year. In Q1 2024, revenue reached 4.84 billion yuan, reflecting a year-on-year increase of 164% and a quarter-on-quarter increase of 31%, with net profit at 1.01 billion yuan, up 304% year-on-year [20][22]. - The report expresses optimism about the ramp-up of 800G products this year and anticipates significant growth in 1.6T demand by 2025, projecting global demand of 7 million units [20][21]. - The company is noted for its strong R&D capabilities, particularly in silicon photonics and low-power optical modules, which are expected to enhance its competitive position in the market [21][22]. Financial Performance - In 2023, Zhongji Innolight's revenue was 10.72 billion yuan, with a net profit of 2.17 billion yuan. The first quarter of 2024 saw revenue of 4.84 billion yuan and a net profit of 1.01 billion yuan, indicating strong growth [20][22]. - The gross profit margin in Q1 2024 decreased by 2.6% quarter-on-quarter, primarily due to product price reductions and changes in product mix, but there is expected room for improvement in gross profit for the remainder of the year [20][22]. - The report forecasts net profits of 5.5 billion yuan and 8.1 billion yuan for 2024 and 2025, respectively, with EPS projected at 6.9 yuan and 10.1 yuan [22]. Market Outlook - The report anticipates that the global demand for 1.6T products will begin shipping in the second half of 2024, with significant growth expected in 2025 [20][21]. - The company is positioned to benefit from the accelerated demand for optical upgrades, particularly as it leads in the development of high-speed optical modules [21][22].

[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]