[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 2024年04月14日 [Table_InvestInfo] 投资评级 优于大市 维持 第 15 周新房成交同比增速回落、供销比回升 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 房地产 海通综指 10.80%  上周1大中城市新房成交情况： 3.10%  2024 年第 15 周 30 大中城市新房成交面积为 151万平方米，环比前一周 -4.60% -36%，同比2023年-50%。其中一线城市销售面积37万平方米，环比前一 -12.29% 周-45%，同比2023年-42%。二线城市销售面积88万平方米，环比前一周 -19.99% -31%，同比2023年-47%。三线城市销售面积26万平方米，环比前一周-37%， -27.69% 2023/4 2023/7 2023/10 2024/1 同比2023年-65%。 资料来源：HTI  2024年4月1日-11日30城累计成交面积233万平方米，环比2024年3 月同期18%，同比-44%。一线城市累计成交面积58万平方米，环比20 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [1][2][9] Core Insights - The company reported a revenue of 4.38 billion yuan for 2023, representing a year-on-year increase of 11.9%, and a net profit attributable to the parent company of 530 million yuan, up 24.2% year-on-year [2][8] - The fourth quarter of 2023 saw a significant revenue increase of 42.9% year-on-year, reaching 1.58 billion yuan, with a net profit of 110 million yuan, recovering from a loss in the same quarter of the previous year [2][8] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, with a payout ratio of approximately 65% [2] Financial Performance Summary - Revenue projections for 2024 to 2026 are estimated at 4.74 billion yuan, 5.12 billion yuan, and 5.47 billion yuan respectively, with net profits of 600 million yuan, 670 million yuan, and 730 million yuan [2][9] - The company achieved a gross margin of 59.3% in 2023, an increase of 2.1 percentage points year-on-year, with wine and brandy gross margins at 59.0% and 60.1% respectively [2][6] - The net profit margin improved to 12.1%, up 1.2 percentage points year-on-year [2][6] Market Position and Strategy - The company maintains a leading position in the wine industry, with a focus on high-end products and targeted marketing strategies [2][8] - The number of distributors increased by 146 to 5,059, indicating a strengthening distribution network [2] - The company is committed to enhancing its high-end strategy and expanding its brandy offerings in key regions [2][8]

[Table_MainInfo] 行业研究/农业 证券研究报告 行业周报 2024年04月15日 生猪价格震荡，关注周期反转机会 [Table_Summary] 投资要点：  上周农业板块下跌6%。上周农业板块下跌6%，位列申万一级行业第30名。子 行业全部下跌，其中其他种植业（-2.2%）和果蔬加工（-2.5%）跌幅相对较小， 畜禽饲料（-9.6%）、水产养殖（-8.7%）跌幅最大。其他主要行业中，种子（-5.3%）、 动物保健（-6.5%）、生猪养殖（-7.0%）、肉鸡养殖（-7.6%）也有不同程度的 下跌。  生猪价格震荡。根据 Wind 数据，全周生猪均价 15.2 元/公斤，环比+0.3%。涌 益数据显示上周15kg仔猪价格为716元/头，环比-0.4%；50kg二元母猪价格为 1576元/头，环比持平。根据涌益数据，3月能繁母猪环比+1.57%，上月为+0.28%； 根据Mysteel数据，3月能繁母猪环比+0.22%，其中中小散环比+3.94%。我们认 为，前期二育/压栏猪逐步释放，供给端有所上升，导致当前猪价震荡。但整体 来看，去年能繁母猪整体去化的趋势决定了未来生猪供给将逐渐减小，且去年 ...

Investment Rating - The report maintains an "Outperform" rating for ENN Energy Holdings (2688 HK) with a target price of HKD 73.99 per share [10][16]. Core Insights - In 2023, ENN Energy achieved a revenue of 113.86 billion yuan, marking a 3.5% increase year-on-year, while the gross margin decreased by 1.7 percentage points to 12.6% [11][12]. - The company's operating cash flow improved to 9.612 billion yuan, with a free cash flow of 2.132 billion yuan, and the dividend payout ratio increased by 37% to 40% year-on-year, with a dividend per share of HKD 2.95 [14][16]. - The natural gas retail business saw a revenue increase of 0.8% year-on-year to 60.57 billion yuan, while the pan-energy business revenue surged by 32.5% to 14.51 billion yuan [12][15]. Financial Summary - The operating margin for 2023 was 9.4%, an increase of 0.4 percentage points, while the net profit margin was 6.0%, down 0.7 percentage points year-on-year [11]. - The company reported a core profit of 7.586 billion yuan, a decline of 4.8% year-on-year, primarily due to a 36% drop in overseas LNG sales [11][12]. - The number of new household users decreased by 11.1% year-on-year, indicating pressure on the engineering installation segment, which saw a revenue decline of 10.3% to 5.34 billion yuan [13][16]. Future Outlook - The company expects to add 1.4-1.6 million new residential customers in 2024, with retail volume growth anticipated to exceed 5% [13]. - The overall operation of the company is considered stable despite the expected negative impact on future earnings from the decline in new connections [16].

Investment Rating - The report maintains an "OUTPERFORM" rating for China Resources Power Holdings [3][12]. Core Views - The thermal power sector has turned profitable, and the contribution from renewable energy is gradually increasing [2][11]. - The company achieved an operating revenue of HKD 103.34 billion in 2023, with a net profit of HKD 11.003 billion, reflecting a year-on-year growth of 56.2% [10][12]. - The report projects net profits for 2024, 2025, and 2026 to be HKD 14.47 billion, HKD 16.50 billion, and HKD 18.72 billion, respectively, with a target price of HKD 25.55 [12]. Financial Summary - The company reported a stable operating revenue of HKD 103.34 billion in 2023, with a year-on-year increase of 4.9% in Chinese yuan terms [10][11]. - The core profit contribution from renewable energy was HKD 9.726 billion, up 12.5%, while the thermal power business contributed HKD 3.611 billion, recovering from a loss of HKD 2.582 billion in 2022 [10][11]. - The average fuel cost for thermal power decreased by 12.6% to CNY 296.3 per megawatt-hour, contributing to the profitability of the thermal power sector [11][12]. Operational Highlights - As of the end of 2023, the installed thermal power capacity was 36.6 GW, accounting for 62.2% of total capacity, with electricity sales from thermal power increasing by 2.3% year-on-year [11]. - The new energy installed capacity reached 22.6 GW, with wind energy contributing 18.62 GW, and electricity sales from new energy increased by 19.26% [11][12]. - The average on-grid electricity price for wind energy in 2023 is expected to be around CNY 462 per megawatt-hour, a decrease of 3.14% year-on-year [11].

[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业周报 2024年04月14日 [Table_InvestInfo] 工信部等印发《推动工业领域设备更新实 投资评级 优于大市 维持 施方案》；3 月国内挖机销量同比增长 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点：  板块表现：从各行业横向比较来看，2024年第15周（2024年4月8日至2024 年4月12日），机械设备行业相对沪综指周累计超额收益为正，在所有行业中 排名第9，周累计超额收益为+0.17pct。2024年至今机械设备行业年累计超额收 益为-6.69pct。  宏观数据：3月份 PPI环比-0.1%，同比-2.8%；CPI环比-1.0%，同比+0.1%；3月 资料来源：HTI 份M2同比+8.3%，社融同比+8.7%，一季度企（事）业单位中长期贷款增加6.2 万亿。1）根据国家统计局官网，3 月份，随着节后工业生产恢复，工业品供应 [Table_AuthorInfo] 相对充足，PPI 环比-0.1%，降幅比上月收窄 0.1 个百分点，同比-2.8%，降幅比 分析师:赵玥炜 ...

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of Rmb22.11 [28][41]. Core Insights - The company's performance in 2023 was primarily affected by a significant decline in product sales prices and increased expenses, leading to a net profit decrease of 56.74% year-on-year [39]. - The establishment of a joint venture, Shanghai Nata, aims to advance the carbon fiber project, with equipment procurement and land acquisition already underway [40]. - The company anticipates gradual performance contributions from new business expansions, particularly in carbon fiber projects, from 2024 to 2026 [2][41]. Financial Summary - Revenue for 2023 was Rmb454.58 million, a 15.26% increase year-on-year, while net profit was Rmb21.48 million, a decrease of 56.74% [39]. - Forecasted revenues for 2024, 2025, and 2026 are Rmb506 million, Rmb620 million, and Rmb873 million respectively, with expected year-on-year growth rates of 11.4%, 22.4%, and 40.8% [30][32]. - The projected EPS for 2024, 2025, and 2026 are Rmb0.72, Rmb0.86, and Rmb1.27 respectively, reflecting a recovery trajectory after the decline in 2023 [41]

[ 研Ta 究bl 报e_ 告Titl Re] e search Report 12 Apr 2024 中国汽车 China Autos FSD Supervised、Robotaxi 和特斯拉智驾的 ChatGPT 时刻 FSD Supervised, Robotaxi and Tesla AD’s ChatGPT Moment 王沈昱Oscar Wang, CFA 王凯Kai Wang, CFA sy.wang@htisec.com k.wang@htisec.com [热Ta点bl速e_评yemFleais1h] Analysis [(TPalebalsee_ ssueme mAPaPrEy]N DIX 1 for English summary) 事件 美国当地时间3月18日，特斯拉在北美地区全面推送FSD V12.3版本；3月30日，FSD V12.3.3版本推送，FSD首度 摘帽Beta，后缀改为Supervised（受监管），正式面向公众测试，并向全美至少200万位特斯拉车主开放免费使用一 个月。FSD V12.3 在算法层面做出了大胆创新，用“端到端神经网络”AI 系统完全取代以往依赖于手动编 ...

产能结构不断优化，主要产品产销量增长。根据公司年报，公司 2023 年各类盐实现产量 549.41 万吨，同比增 长 2.57%，销量 432.82 万吨，同比增长 0.39%；32%烧碱产量 63.97 万吨，同比增长 21.82%，销量 59.04 万吨， 同比增长 20.12%；双氧水产量 14.51 万吨，同比增长 101.25%，销量 13.58 万吨，同比增长 110.22%；纯碱产 量 81.30 万吨，同比增长 11.35%，销量 79.89 万吨，同比增长 6.68%；氯化铵产量 83.03 万吨，同比增长 9.97%，销量 91.75 万吨，同比增长 20.31%。公司 32%烧碱、纯碱、氯化铵、双氧水产销量增加主要由于生产 产能充分释放。在产能方面，公司下属湘渝盐化子公司索特盐化拟新建 60 万吨 MVR 制盐装置，项目建成后索 特盐化的生产能力为 180 万吨/年精制盐；公司合成氨装置产能已提高至 30 万吨，联碱改造装置预计将于 2024 年完成投产，预计可将公司联碱产能提高至 90-100 万吨。 拟建设衡阳绿色低碳盐碱产业园项目，提升纯碱行业竞争力。公司着力构建"聚焦资源、以盐为 ...

[Table_Title] 中国新旧动能转换的思考：借鉴 98-00 年 稳住旧动能，需要释放新的住房需求。2021 年以来房地产行业陷入调整，地 产销售面积和投资额等明显回落。房地产行业的企稳，对稳住旧动能十分重 要。从目前情况看，中国房地产行业调整已经明显，行业的企稳要看领先指 标即销售面积，这需要政策支持，释放新的住房需求。旧动能的需求端仍有 空间，我国有购房需求的新市民规模较大，且不断增加。当前我国有新市民 存量近三亿人，且每年新市民的规模仍在扩大。政策激励下新市民购房需求 释放，或使得我国商品房销售面积企稳。除了刚性需求，新市民还有较强的 改善性住房需求。如果政策发力，使得新市民带来的新增购房需求达到 8000 万平以上，或将一定程度上对冲地产下行的影响。 总量研究 总量专题报告 2 3. 激发新动能，需要更有效的政策措施................................................................ 6 | --- | --- | --- | |-------|--------------------------------------------- ...