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]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company, targeting a price of RMB 210 based on a 30x and 21x PE for 2024 and 2025 respectively [10][61]. Core Insights - The optical module market is experiencing rapid growth driven by AI hardware trends, with significant demand for high-speed optical modules from key players like Google and NVIDIA [10][72]. - The company is positioned to benefit from the ongoing upgrades in optical modules, with expectations of leading the market in the deployment of 1.6T optical modules by late 2024 [10][72]. - The company has strong R&D capabilities, particularly in silicon photonics and LPO technologies, which are expected to enhance its competitive edge in the 800G and 1.6T segments [10][72]. Market Overview - The global optical module market is projected to grow significantly, with expectations of 7 million units shipped for 1.6T optical modules by 2025, driven by the demand from major cloud service providers [10][15][72]. - The company is one of the earliest manufacturers to release 400G and 800G optical modules, positioning itself favorably in the market [10][72]. Financial Forecast - The company is expected to achieve a net profit of RMB 55 billion and RMB 81 billion for 2024 and 2025 respectively, with EPS projected at RMB 6.9 and RMB 10.1, reflecting year-on-year growth of 163% and 47% [10][61]. - Revenue for 2023 is anticipated to be RMB 10.7 billion, with a significant increase expected in subsequent years due to the higher proportion of high-end product shipments [10][52]. Technology and Product Development - The company is leading in the development of new technologies such as silicon photonics, which is expected to lower BOM costs and increase market penetration in the 800G and 1.6T segments [10][72]. - The introduction of the 1.6T-LPO-DR8 OSFP product at the OFC demonstrates the company's commitment to expanding its low-power product matrix [10][72].

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[Table_MainInfo] 行业研究/房地产 证券研究报告 行业月报 2024年04月04日 [Table_InvestInfo] TOP100 房企 3 月销售数据点评—— 投资评级 优于大市 维持 单月销售环比上升，重点城市环比改善有望延续 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 14.37% 房地产 海通综指 6.43% -1.52%  2024年3月百强房企单月销售环比上升。根据克尔瑞公布的2024年1-3月销 售业绩排行榜数据，前 100强房企操盘口径销售金额达到 7792.4 亿元，较 23 -9.46% 年同期-47.5%，降幅较2月收窄1.1个百分点；权益金额达到6073.4亿元，较 -17.41% 23年同期-48.3%，降幅较2月收窄2.5个百分点，权益比78%。 -25.36% 2023/4 2023/7 2023/10 2024/1 资料来源：海通证券研究所 从2024年3月单月情况来看，TOP100房企实现操盘口径销售金额3583.2亿 元，环比 92.8%，同比-46.1%。2024 年 3 月 TOP100 房企实现权益销 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][18]. Core Views - The company's net profit attributable to shareholders decreased by 42.50% in 2023, with total revenue of 7.484 billion yuan, down 22.53% year-on-year [4][5]. - The organic fluorochemical business experienced rapid growth, achieving a gross profit of 999.7 million yuan, an increase of 30% year-on-year [4][5]. - The battery chemicals business faced pressure, with a gross profit of 814 million yuan, down 58% year-on-year due to intensified industry competition and price fluctuations [5]. - The company is focusing on international market development and enhancing efficiency to manage costs [5]. - The semiconductor chemicals business maintained stable supply to mainstream customers, with a gross profit of 84 million yuan, down 28% year-on-year [5]. Financial Summary - In 2023, the company reported total revenue of 7,484 million yuan and a net profit of 1,011 million yuan [6][14]. - The projected net profits for 2024, 2025, and 2026 are 1,407 million yuan, 1,969 million yuan, and 2,468 million yuan, respectively [5][14]. - The company expects a recovery in revenue growth starting in 2024, with an estimated increase of 8.0% [6][14]. - The gross margin is projected to improve from 28.9% in 2023 to 38.9% by 2026 [14]. Business Segment Performance - The organic fluorochemical segment is expected to grow, with projected revenues of 1,425 million yuan in 2024, increasing to 3,943 million yuan by 2026 [12]. - The battery chemicals segment is projected to stabilize, with revenues expected to remain around 5,174 million yuan from 2024 to 2026 [12]. - The semiconductor chemicals segment is anticipated to grow, with revenues projected to reach 380 million yuan by 2026 [12]. Valuation - The company is assigned a price-to-earnings (P/E) ratio of 30-33 times for 2024, corresponding to a reasonable value range of 56.10 to 61.71 yuan per share [5][14].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 6.54 [9][20][27]. Core Insights - The company reported a revenue of RMB 5.54 billion in 2023, representing a year-on-year growth of 2.97%, with a notable increase of 12.38% in Q4 [11][18][35]. - The net profit attributable to shareholders turned positive at RMB 216 million, a significant improvement from a loss of RMB 11 million in the previous year [19][35]. - The company has focused on operational optimization and efficiency improvements, including a dynamic adjustment of product offerings and a significant increase in online sales by 62.53% year-on-year [37]. Financial Performance Summary - In 2023, the company achieved a gross profit margin (GPM) of 41.48%, an increase of 1.03 percentage points from the previous year [36][28]. - The company opened 7 new stores and closed 4, resulting in a total of 119 stores across Shandong, Hebei, and Heilongjiang provinces [12][18]. - The projected revenue for 2024-2026 is RMB 5.67 billion, RMB 5.78 billion, and RMB 5.89 billion, respectively, with net profits expected to be RMB 76 million, RMB 89 million, and RMB 98 million [20][29]. Operational Highlights - The company has seen a decline in department store sales by 0.99%, while supermarkets and shopping centers experienced growth of 4% and 10.19%, respectively [27][18]. - Real estate revenue fell by 88.94%, primarily due to decreased residential sales from the Qingdao Qianhao project [18][27]. - The company has expanded its market presence into Heilongjiang province in 2023, indicating a strategic growth initiative [12][18].

688379 CH Hangzhou Huaguang Advanced W elding Materials Rating: OUTPERFORM Target Price: Rmb24.85 23 年归母净利润 0.42 亿元，同比增长 377.19%，拓展电子和新能源汽车赛道 [Table_Summary] 投资要点： 公司积极推进新投项目建设，进行技术改进，研发新产品。1）"新型连接材 料与工艺研发中心建设项目"已于 2023 年 12 月达预定可使用状态。2）"年产 550 吨绿色环保锡基钎料技改项目"、"年产 100 吨新型钎焊材料技改项目" 已于 2023 年 2 月达预定可使用状态。3）"年产 4000 吨新型绿色钎焊材料智 能制造建设项目"将于 2024 年 12 月达预定可使用状态。 公司研究·华光新材（688379）2 [Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 华光新材（688379）公司年报点评 2024 年 04 月 05 日 Huaichao Zhuang hc.zhuang@htisec.com 2023 年归母净利润增长主要系 2023 ...

| --- | --- | --- | --- | --- | |-------------------------------------------------------------|------------------------|----------|----------------------------------|------------------| | [Table_Info] 维持优于大市 \n评级 | | | Maintain OUTPERFORM \n优于大市 | OUTPERFORM | | 现价 | | | | Rmb9.13 | | 目标价 | | | | Rmb12.00 | | HTI ESG | | | | 3.5-4.0-4.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | | | | 市值 | | | Rmb8.32bn / US$1.15bn | | | 日交易额 (3 个月均值 ) | | | | US$11.65mn | | 发行股票数目 | | | | 911.54m ...

研究报告Research Report 4 Apr 2024 药明生物 Wuxi Biologics Cayman (2269 HK) 2023年报点评：收入利润稳健增长，看好公司多项技术平台驱动一体化CRDMO龙头长期增长 Revenue and profit grew steadily, optimistic about long-term growth driven by multiple technology platforms [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) 事件 评级 优于大市OUTPERFORM 现价 HK$14.20 公司发布2023年业绩：2023年，公司收入170.34亿元，同比增长 目标价 HK$30.88 11.6%，非新冠项目收入 165.1 亿元，同比增长 37.7%。毛利率 HTI ESG 5.0-3.2-4.0 40.1%（-3.9pp），经调整归母纯利 47.0 亿元，同 ...