研究报告Research Report 10 Apr 2024 福莱特玻璃 Flat Glass Group (6865 HK) 盈利稳步提升，产能扩张稳固龙头地位 Profitability Increases Steadily, Production Capacity Expansion Consolidates Leading Position [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) 评级 优于大市OUTPERFORM 公司盈利能力稳步提升，全年归母净利润+30%。2023 年，公 现价 HK$20.15 司实现营业总收入人民币 215.24 亿元，同比增长 39.21%，主要由 目标价 HK$27.25 于 2023 年度太阳能组件价格的大幅下跌刺激了下游组件装机需求 HTI ESG 2.3-2.5-4.0 大幅增长，公司受益于新增产能释放，营业收入再创新高。同时由 E-S-G: 0-5, (Please ...

[ 研Ta 究bl 报e_ 告Titl Re] e search Report 10 Apr 2024 鼎龙股份 Hubei Dinglong (300054 CH) 2023 年归母净利润同比减少 43.08%，半导体业务取得突破 2023 Net profit -43.08% YoY & Breakthroughs in Semiconductors business 庄怀超Huaichao Zhuang hc.zhuang@htisec.com [热Ta点bl速e_评yemFleais1h] Analysis [(TPalebalsee_ ssueme mAPaPrEy]N DIX 1 for English summary)  2023 年归母净利润同比减少 43.08%。2023 年公司实现营收 26.67 亿元，同比减少 2%；实现归母净利润 2.22 亿 元，同比减少 43.08%；实现扣非净利润 1.64 亿元，同比减少 52.79%。2023 年经营业绩同比变动的原因主要系： （1）公司持续加大在半导体创新材料新项目等方面的研发投入力度；（2）因公司仙桃产业园建设影响银行贷款 利息支出增加 ...

[ 研Ta 究bl 报e_ 告Titl Re] e search Report 11 Apr 2024 ESG & Power Equipment & New Energy & Utilities 全球能源与 ESG 周报（4/1-4/7）：美国电力需求高增，中国电网投资维持高景气度 Global Energy and ESG Updates: US Electricity Demand Maintain High Growth, China’s Power Grid Investment Maintain High Prosperity 杨斌Bin Yang 余小龙Bruce Yu bin.yang@htisec.com bruce.xl.yu@htisec.com [热Ta点bl速e评_yeFmlaesih1 ]A nalysis [(TPalebalsee_ ssueme mAPaPrEy]N DIX 1 for English summary) 核心观点： 中国：1）天然气：本周期中国 LNG 到岸价及市场价较上周继续下滑。2）电力：全国首条“风光火储一体化”送电特 高压工程迎来重要节点。3）储能锂电 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 47.60 [2][4]. Core Insights - In 2023, the company achieved a revenue growth of 9.23% and a net profit growth of 9.26%, with total revenue reaching RMB 49.70 billion and net profit attributable to shareholders at RMB 2.15 billion [3][10]. - The direct sales business in Beijing showed steady growth, with revenue increasing by 10.93% to RMB 32.53 billion, maintaining a leading market position [3][10]. - The nationwide distribution business also saw growth, with revenue of RMB 18.53 billion, up 9.15% year-on-year, while the industrial segment faced a decline of 20.60% [11][10]. - The company solidified its leading position in the distribution of narcotics, covering 31 provincial-level regions and over 50,000 medical clients [11][10]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at RMB 3.17, 3.54, and 3.95, respectively, with net profit attributable to shareholders expected to be RMB 2.39 billion, 2.67 billion, and 2.98 billion [4][11]. Financial Summary - The company's total revenue for 2023 was RMB 49.70 billion, with a year-on-year growth of 9.23% [3][5]. - The net profit for 2023 was RMB 2.15 billion, reflecting a 9.26% increase compared to the previous year [3][5]. - The gross profit margin increased by 9.93 percentage points, indicating improved operational efficiency [11][10]. - The company achieved a net profit margin of 4.3% in 2023, with projections for continued growth in the coming years [8][11]. Forecast and Valuation - The report anticipates a revenue increase of 10.2% for 2024, with total revenue expected to reach RMB 54.75 billion [5][8]. - The projected net profit for 2024 is RMB 2.39 billion, with a corresponding EPS of RMB 3.17 [4][8]. - The valuation is based on a 15x price-to-earnings (PE) ratio for 2024, leading to a target price adjustment from RMB 54.70 to RMB 47.60 [4][11].

[Table_MainInfo] 行业研究/食品 证券研究报告 行业周报 2024年04月09日 [Table_InvestInfo] 清明假期国内旅游出游人次较 19 年同比 投资评级 优于大市 维持 增长 11.5% 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 食品 海通综指 3.19% -2.21%  板块表现：4月1日-4月3日，大盘指数涨跌幅为+0.94%，食品饮料指数涨跌 幅为+1.30%，涨跌幅在28个子行业中排名第15。表现前三板块为其他酒类板 -7.60% 块（+8.85%）、预加工食品板块（+4.09%）、烘焙食品板块（+2.72%）。个 -13.00% 股涨幅前三为百润股份（+21.16%）、爱普股份（+13.30%）、海欣食品 -18.39% （+13.16%）。个股跌幅前三为莲花健康（-4.45%）、金字火腿（-4.18%）、 -23.79% 2023/4 2023/7 2023/10 2024/1 青岛啤酒（-3.08%）。 资料来源：海通证券研究所  个股公告：【汤臣倍健】 24 年 Q1 公司归母净利润预告同比下降 20%-40 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for Hong Kong and China Gas Company (3 HK) with a target price of HKD 6.39 [3][25]. Core Insights - Hong Kong and China Gas Company has been expanding its new energy business while maintaining steady progress in its core operations, which include gas sales and related services [2][5]. - The company has a market capitalization of HKD 110.65 billion (approximately USD 14.13 billion) and a three-month average daily trading volume of USD 12.68 million [3]. Company Overview - Established in 1862, Hong Kong and China Gas Company is the first public utility in Hong Kong, evolving from a simple gas provider to a leading player in the Chinese energy sector [8][22]. - The company's operations encompass smart energy, city gas pipeline, upstream and midstream projects, water supply and sewage treatment, urban waste resource utilization, and emerging environmental energy [8][22]. Financial Performance - The company reported total revenue of HKD 56.971 billion in 2023, reflecting a year-on-year decrease of 6.53% from HKD 60.953 billion in 2022 [4][24]. - The compound annual growth rate (CAGR) of total revenue from 2014 to 2023 was 7.83% [4][24]. - The net profit attributable to the owners of the company for 2023 was HKD 6.070 billion, an increase of 15.66% compared to HKD 5.248 billion in 2022 [4][14]. Revenue Breakdown - Gas sales and related businesses are the core operations, with gas sales amounting to HKD 42.518 billion in 2023, accounting for 74.63% of total revenue [5][23]. - The revenue from mainland China has been increasing, with sales in 2023 reaching HKD 44.982 billion, representing 78.95% of total revenue [5][23]. Profit Forecast and Valuation - The forecast for main operating revenue for FY24-26 is HKD 59.777 billion, HKD 62.446 billion, and HKD 64.947 billion, respectively, with corresponding net profits of HKD 6.298 billion, HKD 6.513 billion, and HKD 6.713 billion [6][25].

[Table_MainInfo] 行业研究/机械工业/新能源板块 证券研究报告 行业信息点评 2024年04月09日 [Table_InvestInfo] 投资评级 优于大市 维持 1-2 月风电并网 9.89GW，同比增长 69% 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 3.11% 新能源板块 海通综指 -3.21%  1-2月，风电并网9.89GW，同比增长69.35%。国家能源局发布1-2月全国电 -9.54% 力工业统计数据。截至2月底，全国累计发电装机容量约29.7亿千瓦，同比增 长 14.7%。其中，太阳能发电装机容量约 6.5 亿千瓦，同比增长 56.9%；风电 -15.87% 装机容量约4.5亿千瓦，同比增长21.3%。1-2月，风电并网9.89GW，同比增 -22.19% 加69.35%；光伏1-2月并网36.72GW，同比增加80.27%。 -28.52% 2023/4 2023/7 2023/10 2024/1  1-2月，风电利用小时373小时，较上年同期减少27小时。1-2月全国发电设 资料来源：海通证券研究所 备累计平均利用56 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company is expected to turn profitable in 2023, achieving operating revenue of 61.469 billion yuan, a year-on-year increase of 21.03%, and a net profit attributable to shareholders of 1.086 billion yuan, marking a turnaround from losses [6][8] - The production and sales of polyester fibers have shown stable growth, with the production and sales of polyester filament yarn reaching 6.8 million tons and 6.82 million tons respectively, both up by approximately 18.6% year-on-year [6][11] - Improved downstream demand has led to an increase in gross profit margins, with the gross margin for chemical fiber products rising to 5.77%, an increase of 2.30 percentage points year-on-year [6][12] - The company is expanding its production capacity steadily, with plans to increase filament capacity by 400,000 tons and 650,000 tons in 2024 and 2025 respectively [6][12] - A significant integrated refining and chemical project in Indonesia is set to be launched, with a total investment of 8.624 billion USD, expected to generate an average annual revenue of 10.438 billion USD and a net profit of 1.328 billion USD after tax [6][12] Financial Summary - The company forecasts EPS for 2024, 2025, and 2026 to be 1.23 yuan, 1.55 yuan, and 1.71 yuan respectively, with a reasonable valuation range of 14.76 to 17.22 yuan based on a PE ratio of 12-14 times for 2024 [7][14] - The projected operating revenue for 2024 is 63.974 billion yuan, with a net profit of 1.886 billion yuan, reflecting a year-on-year growth of 73.7% [8][14] - The gross margin is expected to improve to 7.4% in 2024 and further to 8.0% in 2025 [14][12] Production and Capacity - The company has a current capacity of 7.4 million tons per year for civilian polyester filament, with plans to increase PTA capacity to 10 million tons by mid-2026 [6][12] - The company’s market share in the domestic market exceeds 12% [6][12] Market Performance - The company’s stock closed at 13.58 yuan on March 26, with a 52-week price range of 9.75 to 15.49 yuan [2] - The absolute and relative performance against the CSI 300 index shows fluctuations, with a 1.6% increase over one month and an 8.0% increase over two months [4]

[Table_MainInfo] 公司研究/医药与健康护理 证券研究报告 百克生物（688276）公司年报点评 首次覆盖：带疱疫苗销售元年， 经营利润快速增长 [Table_Summary] 投资要点：  事件：公司公告2023年年报，实现营业收入18.25亿元（+70.30%），归母净 利润5.01亿元（+175.98%），扣非归母净利润4.93亿元（+195.86%），由于鼻 喷流感疫苗产品效期为 10 个月，2023 年公司针对部分预计无法实现销售的 鼻喷流感疫苗计提存货减值准备 5205 万元，同时该部分对应合同履约成本- 物流仓储成本计提存货减值准备153万元。分季度来看，单Q4实现营业5.81 亿元（+182.65%），归母净利润1.70亿元（+661.07%），扣非归母净利润1.68 亿元（+604.01%）。  水痘疫苗外销增加，鼻喷流感疫苗维持稳定。2023年水痘疫苗实现收入8.20 亿元，同比减少14.36%，受国内新生儿出生率下降等因素影响，该产品内销 下降，公司将努力稳定水痘疫苗的国内市场地位，开展12岁以上人群的推广 工作，以期弥补儿童市场的不足；同时，积极推进水痘疫苗产品出口工 ...

[Table_MainInfo] 行业研究/公用事业 证券研究报告 行业周报 2024年04月08日 [Table_InvestInfo] 投资评级 优于大市 维持 1-2 月利润大增，4 月电力趋势仍向好 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 公用事业 海通综指 9.35% 4.42% 基本面改善，但预期胜过基本面，电力本周跑赢。本周电力股跑赢，华电国际  -0.51% 上涨2.52%，华能上涨2.94%，皖能电力9.54%，上证上涨2.54%。本周国 -5.44% -10.37% 内煤价跌2%至 822 元/吨，沿海电厂和港口库存继续上升，日耗继续下降。 -15.30% 2023/4 2023/7 2023/10 2024/1 理论上煤价走弱趋势很明显，且可持续。 资料来源：海通证券研究所  水电不是火电走弱和煤炭走强的理由。3月来水最差，4月来水已经有好转（三 峡水库站流量：3月入库、出库 YOY -11.5%, -6.0%。4月至今入库较同期持 相关研究 平，出库 YOY -8.1%），据水防„2024‟89号文件，今年入汛日期为4月1 [《Ta ...