[Table_MainInfo] 行业研究/机械工业/电气设备 证券研究报告 行业周报 2024年04月09日 [Table_InvestInfo] 国网第一批智能电表招标总额同比增 投资评级 优于大市 维持 37%，智能电表处升级替换上行周期 市场表现 [Table_QuoteInfo] 投资要点： 3.33% 电气设备 海通综指 -3.00% -9.32%  一周市场表现。上周（2024.4.1-2024.4.3）上证综指涨 0.92%，深证 A 指涨 -15.65% 1.17%，沪深 300 指数涨 0.86%，电气设备指数涨 2.38%，电气设备指数表现 -21.97% 强于深证A指、沪深300指数、上证综指。 -28.30% 2023/4 2023/7 2023/10 2024/1 国网2024年第一批智能电表招标总额同比增37%，智能电表行业处升级替  换上行阶段。4月7日，国家电网电子商务平台发布营销项目第一次计量设 资料来源：海通证券研究所 备中标候选人。经统计，第一批智能电表（含采集器等设备）招标金额123.8 亿元，同比增 37%，占 2023 年招标总量的 53%。其中：（1）单相表 ...

[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业信息点评 2024年04月08日 [Table_InvestInfo] 2024 年 3 月 PMI 环比+1.7pct，制造业景 投资评级 优于大市 维持 气度有所回升 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： ��е��ҵ 海通综指 4.02% -2.01% -8.04% -14.06% -- 22 60 .. 10 29 %%  2024年3月中国制造业采购经理指数（PMI）环比+1.7pct，大中小型企业PMI 2023/4 2023/7 2023/10 2024/1 均高于零界点，制造业景气回升。2024年3月制造业采购经理指数（PMI）为 50.8%，较上月上升1.7个百分点，位于扩张区间，自5个月以来首次重回荣枯 线以上，显示出制造业景气度水平回升。其中，大型企业PMI为51.1%，环比 资料来源：海通证券研究所 +0.7pct；中型企业PMI为50.6%，环比+1.5pct；小型企业PMI为50.3%，环 相关研究 比+3.9pct。 [《Ta西b北le能_R监e局p明or ...

Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group [2][12]. Core Insights - In Q1 2024, the company's net profit attributable to shareholders decreased by 6.13% year-on-year, primarily due to rising prices of main products [1][8]. - The company reported operating income of RMB 6.487 billion in Q1 2024, down 10.34% quarter-on-quarter and 6.67% year-on-year [8][12]. - The decline in net profit was attributed to a decrease in gross profit margin from by-products, particularly due to falling prices of xanthan gum [8][12]. Financial Performance Summary - **Revenue and Profit**: - Q1 2024 operating income: RMB 6.487 billion, down 10.34% QoQ, down 6.67% YoY - Q1 2024 net profit: RMB 752 million, down 26.33% QoQ, down 6.13% YoY - Recurring net profit: RMB 637 million, down 35.38% QoQ, down 19.01% YoY [3][8][12]. - **Segment Performance**: - Fresh flavor agents (MSG, nucleotides): RMB 2.046 billion, down 10.24% YoY - Feed amino acids (lysine, threonine, etc.): RMB 2.755 billion, up 17.57% YoY - Pharmaceutical amino acids: RMB 133 million, down 16.32% YoY - Large raw material by-products: RMB 955 million, down 29.68% YoY - Others (xanthan gum, alginate sugar, etc.): RMB 598 million, down 26.26% YoY [4][9]. - **Earnings Forecast**: - Expected EPS for 2024-2026: RMB 1.20, RMB 1.32, RMB 1.46 respectively - Target price maintained at RMB 13, based on a PE ratio of 10.83 for 2024 [11][12]. Product Pricing Trends - Major product prices have increased recently: - Lysine (70%): RMB 5,425/ton, up 10.71% since February 27, 2024 - Lysine (98%): RMB 10,450/ton, up 14.21% since February 22, 2024 - Threonine: RMB 10,550/ton, up 11.64% since March 6, 2024 - MSG: RMB 8,200/ton, up 2.5% since March 13, 2024 [10]. Shareholder Returns - The company has a dual approach of cash dividends and share buybacks: - Total cash dividends from 2020 to 2022: RMB 926 million, RMB 1.217 billion, RMB 1.177 billion - Recent share repurchase plan: RMB 800 million to RMB 1 billion, with approximately 69.634 million shares repurchased by March 2024 [11].

[Table_MainInfo] 行业研究/旅游服务业 证券研究报告 行业信息点评 2024年04月08日 [Table_InvestInfo] 投资评级 优于大市 维持 清明跟踪：出行数据恢复佳，客单超 19 年同期 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 国内旅游收入恢复至19年112.7%，客单超19年同期。据文旅之声公众号，① 2024年清明总体出游1.19亿人次，恢复至2019年的111.5%；旅游收入539.5 亿元，恢复至2019年的112.7%。②出入境旅游约203.3万人次，接近2019年 同期水平，其中出境/入境99.2 /104.1万人次。③23国庆/24元旦/24春节/24清 明客单各恢复至19年98%/97%/91%/101%，环比提升明显。我们认为，旅游市 场持续恢复，看好2Q五一、端午假期国内旅游市场的出游人次及客单消费表现。 全国客运发送旅客 7.53 亿人次，较 19 年同期增长 21%。据央视新闻澎湃号援 引交通运输部，①假期 3 天全国铁路、公路、水路、民航预计共发送旅客 7.53 资料来源：海通证券研究所 亿人次，同比+ ...

[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业月报 2024年04月07日 [Table_InvestInfo] 北交所机械月报：3 月机械板块北交所市 投资评级 优于大市 维持 值占比 22%；矿山冶金机械等板块领涨 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 4.02% 机械工业 海通综指 -2.01% -8.04%  上市情况：根据Wind及所属中信行业，截至2024年3月31日，北交所机械 板块上市公司51个，总市值799.82亿元，占北交所整体市值22.04%。 -14.06% -20.09%  板块表现：从各行业横向比较来看，2024年第3月（2024年3月1日至2024 -26.12% 年 3月 31日），机械设备行业相对北交所整体月累计超额收益为负，在所有行 2023/4 2023/7 2023/10 2024/1 业中排名第 20，月累计超额收益为-2.05pct。从机械内部子板块来看，矿山冶 资料来源：海通证券研究所 金机械（+15.41pct）、锂电设备（+3.49pct）、基础件（+2.26pct）、工程机械 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of HKD 11.71, based on a current price of HKD 6.08 [3][11]. Core Insights - The company reported a full-year revenue of CNY 4.712 billion, representing a year-on-year growth of 14.4%. The gross margin was 8.8%, an increase of 0.6 percentage points. The adjusted net loss was CNY 150 million, a reduction of 42%, while the IFRS net loss was CNY 247 million, down 82% [11][12]. - The specialty pharmacy business showed stable revenue growth, with a total income of CNY 4.188 billion, up 14.4%, and a gross margin of 4.7% [12]. - The physician research assistance business (SMO) achieved significant gross margin growth, with revenue of CNY 362 million, up 13.3%, and a gross margin of 31.7%, an increase of 11 percentage points [12]. - The health insurance services business experienced rapid revenue growth, totaling CNY 162 million, up 17.4%, with a stable gross margin of 64.2% [12]. - The company anticipates continued organic growth in 2024, particularly in the health insurance sector, which is expected to focus on cost reduction and efficiency improvements [12][13]. Financial Projections - Revenue projections for 2024-2026 are adjusted to CNY 5.468 billion, CNY 6.293 billion, and CNY 7.185 billion, with year-on-year growth rates of 16%, 15%, and 14% respectively. The net income attributable to shareholders is projected to be -CNY 73 million, CNY 42 million, and CNY 106 million for the same period [13][8]. - The specialty pharmacy business is expected to generate revenues of CNY 4.845 billion, CNY 5.564 billion, and CNY 6.344 billion from 2024 to 2026, with growth rates of 16%, 15%, and 14% [13]. - The SMO business is projected to achieve revenues of CNY 420 million, CNY 478 million, and CNY 536 million, with growth rates of 16%, 14%, and 12% [13]. - The health insurance services business is expected to grow to CNY 203 million, CNY 250 million, and CNY 305 million, with growth rates of 25%, 23%, and 22% [13]. Valuation - The company is valued at CNY 82.02 billion based on a price-to-sales (PS) ratio of 1.5 times the 2024 revenue forecast, leading to a target price of HKD 11.71 [13].

[Table_MainInfo] 行业研究/农业 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 体重升而猪价稳，周期上行基础愈发坚实 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 农业 海通综指 18.71%  上周农业板块上涨3.4%。上周农业板块上涨3.4%，位列申万一级行业第4名。 10.08% 子行业全部上涨，其中动物保健（+7.1%）和水产养殖（+7.1%）涨幅最大，畜 1.46% 禽饲料（+0.2%）、其他种植业（+1.7%）涨幅相对较小。其他主要行业中，生 -7.16% 猪养殖（4.0%）、肉鸡养殖（+2.6%）、种子（+1.7%）也有不同程度的上涨。 -15.78%  清明节前生猪出栏体重继续上升，但猪价维持稳定。根据 Wind 数据，全周生 -24.41% 猪均价 15.2 元/公斤，环比持平。涌益数据显示上周 15kg 仔猪价格为 719 元/ 2022/10 2023/1 2023/4 2023/7 头，环比+1.6%；50kg 二元母猪价格为 1576 元/头，环比+0.1 ...

[Table_MainInfo] 行业研究/房地产 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 第 14 周新房成交同比增速回升、供销比回落 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 房地产 海通综指 11.81%  上周1大中城市新房成交情况： 4.04%  2024年第14周30大中城市新房成交面积为236万平方米，环比前一周 -3.72% -10%，同比2023年-22%。其中一线城市销售面积68万平方米，环比前 -11.49% 一周 8%，同比 2023 年-9%。二线城市销售面积 127 万平方米，环比前 -19.26% 一周-10%，同比2023年-24%。三线城市销售面积41万平方米，环比前 -27.03% 2023/4 2023/7 2023/10 2024/1 一周-29%，同比2023年-32%。 资料来源：海通证券研究所  2024年4月1日-4日30城累计成交面积83万平方米，环比2024年3 月同期30%，同比-44%。一线城市累计成交面积21万平方米，环比202 ...

评级 优于大市 OUTPERFORM 现价 Rmb1,715 目标价 Rmb2,050 HTI ESG 1.6-1.6-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 BBB-来源: 盟浪. Reproduced by permission; no further distribution 市值 Rmb2,155bn / US$297.76bn 日交易额 (3 个月均值) US$684.54mn 发行股票数目 1,256mn 自由流通股 (%) 37% 1 年股价最高最低值 Rmb1,897-Rmb1,577 注：现价 Rmb1,715 为 2024 年 4 月 5 日收盘价 18.4 Summary 评级定义（从 2020 年 7 月 1 日开始执行）： *Percentage of investment banking clients in each rating category. BUY, Neutral, and SELL in the above distribution correspond to our ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company achieved a revenue of 29.9 billion yuan and a net profit attributable to shareholders of 2.36 billion yuan in 2023, representing a year-on-year increase of 9.2% and 20.8% respectively [5][6] - The company plans to maintain a high dividend payout, with a cash dividend of 0.28 yuan per share, accounting for 49.1% of the net profit, which corresponds to a dividend yield of 4.1% [5][6] - The coal machinery business showed steady growth, with revenue from mining automation and mechanization equipment reaching 14.13 billion yuan, up 19.9% year-on-year [6] - The company is expected to benefit significantly from the upcoming upturn in the coal machinery industry, with projected net profits for 2024-2026 of 2.79 billion, 3.20 billion, and 3.65 billion yuan respectively [6][10] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 29.93 billion yuan, with a net profit of 2.36 billion yuan, reflecting a growth of 9.2% and 20.8% year-on-year [5][7] - The company’s operating cash flow was 5.77 billion yuan, indicating high profitability quality [6][10] Revenue Breakdown - Revenue from mining automation and mechanization equipment was 14.13 billion yuan, with a gross margin of 32.4% [6][8] - Coal production and sales revenue was 2.69 billion yuan, with a gross margin of 52.7% [6][8] Profitability Forecast - The company forecasts net profits of 2.79 billion yuan in 2024, 3.20 billion yuan in 2025, and 3.65 billion yuan in 2026, with corresponding EPS of 0.67, 0.77, and 0.88 yuan [6][10] Valuation - The company is assigned a valuation range of 8.09 to 9.44 yuan based on a PE ratio of 12 to 14 times for 2024 [6][9]