Equity – Asia Research 万物静息鸿蒙里，开源放量百花开(In the Quiet Cosmos, Open Source Thrives with a Volume Increase) 杨林Lin Yang lin.yang@htisec.com 11 Apr 2024 ...

[Table_MainInfo] 公司研究/石油天然气/能源设备与服务 证券研究报告 中海油服（601808）公司年报点评 2024年03月27日 2023 年盈利稳定增长，4Q23 单季收入创 新高 [Table_Summary] 投资要点：  2023年盈利稳定增长，4Q23单季收入创新高。2023年，中海油服实现营业收 入441.09亿元，同比+23.7%；实现归母净利润30.13亿元，同比+27.8%。其中， 4Q23实现营业收入146.01亿元，同比+27.9%，环比+37.3%，单季度收入创新 高；实现归母净利润 7.40 亿元，同比+154.3%，为 2015 年以来四季度单季最 好水平。  海外市场收入、毛利率改善明显。2023年，公司整体毛利率15.9%，同比提高 3.6个百分点。其中，国际市场实现收入收入94.70亿元（占总收入比重21.5%）， 同比+50.9%；毛利率9.1%，同比增加12.0个百分点。  钻井服务：工作量增长、日费率提升。2023年，公司钻井平台作业天数为17726 天，同比增加999天（+6.0%）；平均日收入8.7万美元/天，同比+11.5%。2023 年， ...

[ 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 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][5]. Core Insights - The company's profitability has steadily improved, with a net profit attributable to the parent company increasing by 30% year-on-year. In 2023, total operating income reached RMB 21.524 billion, a year-on-year increase of 39.21%, driven by a significant drop in solar module prices that boosted downstream demand [8]. - The company achieved a total operating income of RMB 5.639 billion in Q4 2023, reflecting a year-on-year increase of 32.80%, with a net profit of RMB 791 million, up 27.91% year-on-year [8]. - The company plans to distribute a dividend of RMB 0.38 per share, with a dividend payout ratio of 52.57%, marking an approximate 30% increase year-on-year [8]. Financial Performance - In 2023, the company generated RMB 196.77 billion in photovoltaic glass revenue, a year-on-year increase of 43.82%. The production volume reached 1.212 billion square meters, up 44.52%, while sales volume increased by 49.52% to 1.22 billion square meters [4]. - The overall gross margin for the company was 21.80%, slightly down by 0.27 percentage points year-on-year, with the photovoltaic glass gross margin at 22.45%, down by 0.87 percentage points [4]. - The company’s total production capacity reached 20,600 tons/day by the end of 2023, with plans to expand to 30,200 tons/day in 2024, representing a 47% increase [4]. Valuation - The report adjusts the gross margin estimates for 2024-2025 down by 2.3 percentage points and 1.2 percentage points, respectively. The expected revenues for 2024-2026 are RMB 27.889 billion, RMB 33.167 billion, and RMB 38.648 billion, with net profits projected at RMB 4.169 billion, RMB 5.180 billion, and RMB 6.050 billion [5][9]. - The target price has been revised from HKD 28.43 in 2023 to HKD 27.25 based on a DCF valuation model [5][9].

[ 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]