[Table_MainInfo]行业研究/煤炭 证券研究报告 行业周报 2024 年 03 月 10 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -13.95% -5.83% 2.29% 10.41% 18.53% 26.65% 2023/3 2023/6 2023/9 2023/12 煤炭 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《24 年煤炭供需以"稳"为主，非电需 求或引领后市》2024.03.03 《安监加严+低温持续，煤价或仍有支撑》 2024.02.25 《假期库存持续去化，煤价短期或有支 撑》2024.02.18 分析师:李淼 | --- | |---------------------------| | | | Tel:(010)58067998 | | Email:lm10779@haitong.com | | 证书 :S0850517120001 | | 分析师 : 王涛 | | Tel:(021)23185633 | | Email:wt ...

[Table_MainInfo] 行业研究/交通运输/航空公司 证券研究报告 行业跟踪报告 2024年03月07日 民航春运表现优异，客流创历史新高 [Table_Summary] 投资要点： 春运期间，民航运输持续呈现高位运行态势，旅客运输需求充分释放，旅客运输量  创历史新高。据交通运输部统计，春运40天民航累计客运量 8344.9万人次，日均 旅客量达208.6万人次，较19年农历同期上升14.5%，较23年农历同期上升51.1%。 民航春运客流整体两头低中间高，春节假期客流创历史新高。春节假期（2月10日 —2月17日），民航日均运输旅客224.9万人次，较19年假期日均客流增19.6%。 春运前 20 天，民航累计客运量4207.8 万人次（日均客运量 210.4万人次），同比 上升70.74%，较 19 年春运同期上升 18.7%。节后民航客运量有所回落，但整体相 对平稳。春运后20天民航累计客运量 4137.1 万人次，日均客运量206.9万人次， 较 19 年春运同期上涨 10.48%。春运后8天客流回落相对明显，日均客流190.9万 人次，较 19 年同期增 4.6%。我们分析节前客流较高 ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业跟踪报告 2024年03月11日 加快贯通“八纵八横”高铁主通道，铁路信 息化有望受益 [Table_Summary] 投资要点： 加快贯通“八纵八横”高铁主通道，聚力补齐西部重点地区铁路“留白”。根据新华  网消息，全国人大代表、国铁集团党组书记、董事长刘振芳表示，2023 年，全 国铁路投产新线3637公里，其中高铁2776公里，完成固定资产投资7645亿元、 同比增长7.5%，是“十四五”以来铁路投资规模完成最多的一年。到2023年底， 全国铁路营业里程达到 15.9 万公里，其中高铁 4.5 万公里，“八纵八横”高铁网 主通道已建成 80%、在建 15%，2024 年，国铁集团将以加快贯通“八纵八横”高 铁主通道为重点，聚力补齐西部重点地区铁路“留白”，加大出疆入藏、沿边铁路 等国家战略通道项目实施力度，积极推进沿江沿海高铁、西部陆海新通道等重 点项目建设，高质量建成投产上海至苏州至湖州高铁、杭州至义乌至温州高铁 等工程。 持续推进铁路科技自立自强。2023年，铁路科技创新联盟成立，“CR450科技创  新工程”取得重大突破， ...

Outperform: The stock's total return over the next 12-18 months is expected to exceed the return of its relevantbroad market benchmark, as indicated below. Neutral: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating fallsinto a hold rating category. Underperform: The stock's total return over the next 12-18 months is expected to ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------------|------------------------|-----------------|--------------------------|--------|--------|--------|--------|--------|--------------| | 表 1 绝对估值法得到公司 | 2024E | 2024 \n2025E | 年每股评估价值 \n2026E | 91.38 \n2027E | 港元（百万美元） \n2028E | 2029E | 2030E | 2031E | 2032E | 2033E | 未来年份 NBV | | 折现因子 | 92% | 84% | 77% | 70% | 64% | 59% | 54% | 49% | 45% | 41% | 41% | | NBV （折现 后） | 4149 | 4145 | 41 ...

Group 1 - The report emphasizes the importance of developing a green, low-carbon economy as one of the key tasks for the government in 2024, highlighting the need for ecological civilization and comprehensive environmental management [29][38][78] - The report identifies that ESG goals include corporate-established targets, Sustainable Development Goals (SDGs), and Science-Based Targets initiative (SBTi), allowing investors to prioritize companies with proactive climate actions and lower risks [30][90] - The correlation between ESG factors and corporate credit risk is noted, indicating that effective ESG management can enhance competitive advantage and reduce debt risk [79][84] Group 2 - The report outlines the ESG rating system, which includes five themes: Environment, Social, Governance, Strategy, and Controversies, providing a comprehensive assessment of a company's ESG performance [22][69] - The report discusses the increasing availability of ESG data and the role of artificial intelligence in processing large datasets, which aids in advancing ESG research [23][58] - The report suggests that investors can utilize ESG-themed indices for portfolio optimization and can collaborate with index providers to create customized indices that meet specific ESG requirements [86][75]

Investment Rating - The report maintains an "Outperform" rating for JD Logistics [3][7]. Core Views - JD Logistics reported a significant improvement in profitability, with Q4 2023 earnings exceeding expectations. The company recorded a revenue of RMB 47.2 billion, representing a year-on-year increase of 9.7%, and a Non-IFRS net profit of RMB 1.804 billion, up 79.6% year-on-year [4][7]. - The forecast for 2024 anticipates total revenue to reach RMB 180.98 billion, reflecting an 8.6% year-on-year growth, with external revenue projected to grow at a compound annual growth rate (CAGR) of 16.8% from 2022 to 2026 [4][7]. Financial Performance Summary - In 2023, JD Logistics achieved a total revenue of RMB 166.625 billion, a 21.3% increase from the previous year, and a Non-IFRS net profit of RMB 2.761 billion, up 218.8% [4][6]. - For Q4 2023, the company’s revenue from integrated supply chain customers was RMB 23 billion, an increase of 8.8%, driven by higher income from JD Group and a 15.4% rise in average revenue per customer (ARPC) [4][6]. - The gross margin for Q4 2023 was reported at 9.2%, an increase of 0.3 percentage points from Q4 2022, attributed to optimized business and customer structure and economies of scale [4][6]. Earnings Forecast - The report projects that JD Logistics will achieve a Non-IFRS net profit of RMB 3.253 billion in 2024, corresponding to a net margin of 1.8% [6][7]. - The expected earnings per share (EPS) for 2024 is RMB 0.49, with a forecasted growth in net profit of 17.8% for the same year [6][7]. Valuation and Target Price - The target price for JD Logistics is maintained at HKD 16, based on a price-to-sales (P/S) ratio of 0.5 for 2024 [4][7].

IAEA 总干事访问福岛核电站，日本核能复苏稳步推进 IAEA Director General visited Fukushima Nuclear Power Plant, Japan's nuclear energy recovery is advancing steadily 杨斌 Bin Yang 余小龙 Bruce Yu 杨一 Tim Yang bin.yang@htisec.com bruce.xl.yu@htisec.com tim.y.yang@htisec.com 日本风力及太阳能发电发展较慢，核电是保障能源安全的重要依赖。日本资源相对匮乏，石油、天然气 等化石能源主要依靠进口，考虑到能源安全问题以及自身经济发展，日本在2000 年提出高度依赖核能的 政策方向。但 2011 年的地震导致福岛第一核电站发生事故，此后日本先后将 8 个核电站的 15 个机组除 役，共计约5500 兆瓦。日本多山的地貌导致可用土地稀缺，没有大量空间供可再生能源发展；地震和台 风频发使得风机损坏的概率大大提高；此外，日本不具有全国性电网，而是十家电力公司自主经营，南 方的太阳能资源向东京输送电力，需要多家公司互相谈 ...

研究报告Research Report 15 Mar 2024 金斯瑞生物科技 Genscript Biotech (1548 HK) 2023 年点评：生命科学业务展现韧劲，CARVYKTI 商业化持续放量，看好前线治疗获批 23FY Review: Life science business shows resilience, and the commercialization of CARVYKTI continues to increase, and we expect frontline treatment will be approved. [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$17.20 公司发布 2023 年业绩：2023 年，公司实现营业收入 8.40 亿美元 目标价 HK$30.45 （+34%），其中非细胞治疗板块，外部收入5.55亿美 ...

Investment Rating - The report assigns an "OUTPERFORM" rating with a target price of RMB 11.60 for the company [28][49]. Core Insights - The company is a leader in the healthcare information industry, founded in 1994, with a mission to enhance health levels through technology. It has implemented a "1+X" strategy to drive digital health services, focusing on WiNEX products and various digital health applications [28][43]. - The company has launched new digital healthcare technology products, such as WiNEX, which has been successfully delivered to over 200 hospitals, enhancing hospital management and patient care [29][48]. - Revenue forecasts for 2023-2025 are projected at RMB 3.177 billion, RMB 3.828 billion, and RMB 4.593 billion, with net profits expected to be RMB 408 million, RMB 619 million, and RMB 838 million respectively, indicating significant growth potential [31][49]. Financial Summary - The company reported revenue of RMB 3,093 million in 2022, with a year-on-year growth of 12.5%. The net profit for the same year was RMB 108 million, reflecting a decline of 71.3% compared to the previous year [21]. - The projected financial performance shows a recovery with net profit growth of 275.8% in 2023, reaching RMB 408 million, and further growth in subsequent years [31][36]. - The gross profit margin is expected to improve from 46.7% in 2023 to 50.6% by 2025, indicating enhanced operational efficiency [21][41]. Business Strategy - The company has introduced an equity incentive plan to motivate its team, granting stock options that represent 7.7% of total equity at a price of RMB 5.71 per share, with ambitious performance targets set for 2024 and 2025 [20][46]. - The focus on healthcare information services is expected to drive revenue growth, with a projected increase of over 10% in this segment for 2023, while the internet medical services segment is anticipated to decline [36][47]. - The restructuring of the internet medical innovation business aims to optimize resources and refocus on more valuable operations, with expected recovery in growth from 2024 onwards [38][49].