Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 78.25 based on a 25x PE valuation for 2024 [49]. Core Insights - The company achieved a revenue of RMB 4.7 billion in 2023, representing a year-on-year growth of 14.2%, and a net profit of RMB 430 million, up 11.2% year-on-year. However, Q4 2023 saw a revenue decline of 2.4% year-on-year, with net profit down 21.8% [2][49]. - The annual NPAtS margin for 2023 was 9.1%, with Q4 at 8.2%, indicating a slight recovery from Q3. Adjusted for non-recurring items, the recurring NPAtS margin for Q4 was 6.8%, up from 6.4% in Q3 [28]. - The company is focusing on brand strategy upgrades and expanding into essential household and non-kitchen appliances, which is expected to enhance its product mix and growth potential [49][53]. Financial Summary - The company forecasts net profits attributable to shareholders of RMB 430 million, RMB 491 million, and RMB 559 million for 2023, 2024, and 2025, respectively, reflecting growth rates of 11%, 14%, and 14% [49][53]. - Key financial metrics for 2023 include a gross margin of 37.5% and a net profit margin of 9.2% [52]. - The company’s total revenue is projected to reach RMB 5.34 billion in 2024 and RMB 6.02 billion in 2025, with a consistent growth trajectory [52].

[Table_MainInfo] 行业研究/机械工业/通用机械 证券研究报告 行业跟踪报告 2024年03月14日 [Table_InvestInfo] 机床月度跟踪：24 年 1 月机床进出口金额均有所提 投资评级 优于大市 维持 升；设备更新迎机遇 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 通用机械 海通综指 10.07% 2.92% -1- 14 .. 32 93 %% 机床行业高频数据情况：  -18.54% -25.69% 2023/3 2023/6 2023/9 2023/12 2023年12月金属切削机床、金属成形机床产量同比增长。1）金属切削机床产 量5.92万台，同比增长13.5%。 2）金属成形机床产量1.5万台，同比增长7.1%。 资料来源：海通证券研究所 2024 年 1月进出口机床金额均有所上升，进口增幅大于出口。1）进口机床金 相关研究 额6.18亿美元，环比增长8.86%，同比增长54.49%； 2）出口机床金额9.73 [《Ta机b床le工_R具e行p业or：tI2n3fo年] 出口维持上行趋 亿美元，环比增长0.77%，同比增 ...

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 方正证券（601901）公司研究报告 2024年03月13日 首次覆盖：股东风险落地，老牌券商重新 出发 [Table_Summary] 投资要点： 首批成立老牌券商，控股股东变更落地。公司成立于1988年，前身浙江省证  券公司是国内第一批券商。2020年北大方正集团重整，平安人寿通过设立新 方正集团获批入主公司。重组后公司大股东为新方正集团，持股占比28.71%， 中国平安间接持股 19.1%；北京政泉的股份被罚没后，第二大股东为社保基 金，占比13.24%；第三大股东中国信达持有7.1亿股，占比8.62%。 股东风险落地，杠杆率及ROE显著回升。此前因一系列股东、合规风险等事  件，公司长期债券融资募集受阻，导致公司各项业务拓展受到明显限制， 2021 年以前ROE持续低于上市券商平均。随着公司股东风险落地，长期债券融资 通道打开，公司各项业务恢复常态。杠杆率从2020年低点的2.4倍提升至2023 年上半年的3.7倍，2022年以来公司ROE已超越上市券商平均。2023年上半 年，公司实现营业收入40.54亿元，高基数下同比下滑 ...

Investment Rating - The report assigns an "Outperform" investment rating for Changqing Technology, with a target price range of 38.74 to 41.72 CNY based on a PE valuation of 26-28 times for 2024 [3][10]. Core Viewpoints - Changqing Technology is a leading player in the specialty monomers and additives segment, with new capacity investments expected to provide long-term growth opportunities [1]. - The company has demonstrated a compound annual growth rate (CAGR) of 21.07% in revenue from 2019 to 2022, and a CAGR of 35.03% in net profit during the same period [5][37]. - The fine chemical industry is anticipated to experience significant market growth, with relatively low competitive pressure for individual products [41]. Summary by Sections Company Overview - Changqing Technology focuses on the R&D, production, and sales of specialty monomers and additives for high polymer materials, achieving a revenue of 964 million CNY in 2022, up from 758 million CNY in 2021 [4][29]. - The company has established strong partnerships with several well-known enterprises, enhancing its product offerings and market position [6]. Financial Performance - Revenue and net profit forecasts for Changqing Technology are projected at 1.015 billion CNY and 203 million CNY for 2023, respectively, with further increases expected in the following years [4][78]. - The gross profit margin has remained stable, with a slight decrease in 2022 due to rising raw material costs, but overall profitability remains strong [24][39]. Market Potential - The fine chemical industry is expected to benefit from China's economic growth and industrial upgrades, with a focus on specialty chemicals that address specific downstream applications [41][66]. - The demand for ion exchange resins and PVC materials is projected to drive growth in upstream material requirements, particularly for Changqing's products [66][70]. Product and Capacity Expansion - The company currently has a production capacity of 35,000 tons per year for specialty monomers and plans to expand its capacity significantly by 2025, with investments totaling 1.215 billion CNY [7][33]. - Key products include divinylbenzene and α-methyl styrene, which are essential for various applications in the polymer industry [42][53]. Competitive Landscape - Changqing Technology operates in a market with relatively few competitors, allowing for stable profit margins and a strong market position [41][47]. - The company has developed advanced technologies that provide a competitive edge in the production of specialty monomers and additives [48][49].

APPENDIX 2 截至2023年12月31日海通国际股票研究评级分布 优于大市 中性 弱于大市 (持有) 海通国际股票研究覆盖率 89.4% 9.6 % 1.0% 投资银行客户* 3.9% 5.1% 5.6% *在每个评级类别里投资银行客户所占的百分比。 上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。 只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。 此前的评级系统定义（直至2020年6月30日）： 买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下 中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类 别。 卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准指数：日本 – TOPIX, 韩国 – KOSPI, 台湾 – TAIEX, 印度 – Nifty100; 其他所有中国概念股 – MSCI China. Haitong International Equity Res ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the non-ferrous metals sector, including Zijin Mining, YX Materials, and Ganfeng Lithium among others [2]. Core Insights - The Middle East's strategic geographical location and rich mineral resources present significant opportunities for Chinese companies to expand globally, particularly in the mining sector [4][6]. - The region's economy is heavily reliant on fossil fuel exports, with a notable concentration of OPEC member countries, which influences the overall economic landscape [21][32]. - Recent developments indicate a shift towards enhancing the mining sector as a key pillar of industrial growth in countries like Saudi Arabia, supported by favorable government policies [4][6]. Summary by Sections Overall Overview of the Middle East - The Middle East is a crucial maritime hub located at the intersection of Europe, Asia, and Africa, with a population of approximately 619 million and a GDP of $5,346.4 billion, accounting for about 5.3% of global GDP [13][18]. - The region's economic structure is characterized by a low contribution from the primary sector, with the secondary and tertiary sectors contributing over 90% to the GDP [18]. Mineral Resources - The Middle East is rich in fossil fuel resources, with significant oil and natural gas reserves, particularly in Saudi Arabia, Iran, and the UAE [21][24]. - Non-fuel mineral resources are also abundant, including phosphates, metals, and precious metals, but their development is hampered by technological and political challenges [32][33]. Transportation and Labor Costs - The Middle East's strategic location enhances its transportation capabilities, with major ports facilitating efficient maritime trade [34][36]. - Labor costs in the region are relatively high, but there is a potential for cross-border labor supply to support mining activities [37]. Major Local Companies - Ma'aden, the largest mining company in the Gulf region, plays a pivotal role in the development of the mining sector in Saudi Arabia, focusing on various minerals including phosphates and aluminum [40][46]. - EGA is a leading aluminum producer in the UAE, with a comprehensive production chain from bauxite mining to metal casting [48][50]. - AMAK focuses on copper, zinc, and gold mining, contributing to the industrial applications of these metals [53][56]. Chinese Companies' Engagement in the Middle East - Chinese companies like Baosteel and Chifeng Gold are actively pursuing joint ventures and investments in the Middle East, aiming to leverage local resources for mutual growth [64][66].

[Table_MainInfo] 行业研究/机械工业/新能源板块 证券研究报告 行业月报 2024年03月14日 [Table_InvestInfo] 2 月新能源车渗透率同比+4pct，大圆柱电 投资评级 优于大市 维持 池产业化持续推进 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 5.23% 新能源板块 海通综指 -1.59% 2月新能源汽车产销量分别同比下降16%和9.2%。根据中国汽车工业协会官方 -8.41%  微信公众号，2月新能源汽车产销分别完成46.4万辆和47.7万辆，产销同比下 -15.24% 降16%和9.2%；分车型来看：1）纯电动汽车：2月产销分别为28万辆和29.4 -22.06% 万辆，分别同比下降 28%和 21.8%； 2）插电式混合动力汽车：2月产销完成 -28.89% 2023/3 2023/6 2023/9 2023/12 18.3 万辆和 18.3 万辆，分别同比增长 12.5%和 22.4%；3）燃料电池汽车：2 月产销分别完成0.03万辆和0.02万辆，分别同比增长187%和370%。 资料来源：海通证券研究所 相关 ...

Investment Rating - The investment ratings for the companies in the report include: - Budweiser APAC: Neutral, Target Price: 14.00, 2023E P/E: 26, 2024E P/E: 21 - China Resources Beer: Outperform, Target Price: 66.00, 2023E P/E: 20, 2024E P/E: 17 - Haidilao: Outperform, Target Price: 30.90, 2023E P/E: 19, 2024E P/E: 16 - Master Kong: Outperform, Target Price: 13.09, 2023E P/E: 15, 2024E P/E: 12 - China Feihe: Outperform, Target Price: 6.40, 2023E P/E: 8, 2024E P/E: 6 - Yihai International: Outperform, Target Price: 21.69, 2023E P/E: 15, 2024E P/E: 13 - Jiumaojiu: Outperform, Target Price: 21.68, 2023E P/E: 15, 2024E P/E: 9 - Dasheng Holdings: Outperform, Target Price: 75.50, 2023E P/E: n.a., 2024E P/E: 165 - Modern Dairy: Outperform, Target Price: 1.33, 2023E P/E: 10, 2024E P/E: 5 - Youran Dairy: Outperform, Target Price: 2.85, 2023E P/E: n.a., 2024E P/E: 4 - Ausnutria: Outperform, Target Price: 3.00, 2023E P/E: 25, 2024E P/E: 13 [2] Core Insights - The report highlights a significant rise in palm oil prices, with spot and futures prices increasing by 2.57% and 4.22% respectively, marking a year-to-date increase of 12.01% and 10.81% [6][31] - Vegetable prices continue to decline, with a reported decrease of 2.22% in spot prices this week [6][31] - The cost indices for various consumer goods show fluctuations, with soft drinks and instant noodles leading the increase at 1.37% and 1.05% respectively [6][31] - The report indicates that the cost of packaging materials remains stable, except for a slight increase in plastic prices by 0.41% [6][31] - Sugar prices have rebounded, with spot and futures prices rising by 0.63% and 2.61% respectively [6][31] Summary by Category Beer - As of March 12, 2024, the beer cost spot index is 135.27, unchanged from the previous week, while the futures index decreased by 0.7% to 134.59 [10] - Year-to-date, the spot index has increased by 0.4%, while the futures index has decreased by 7.81% [10] Seasoning - The seasoning cost spot index is 117.74, up 0.16% from last week, and the futures index is 123.60, up 0.71% [13] - Year-to-date, the spot index has decreased by 1.04%, and the futures index has decreased by 3.64% [14] Dairy Products - The dairy cost spot index is 109.14, down 0.14%, while the futures index is 98.85, up 0.75% [17] - Year-to-date, the spot index has decreased by 0.91%, and the futures index has decreased by 0.1% [17] Instant Noodles - The instant noodles cost spot index is 108.09, up 0.3%, and the futures index is 112.61, up 1.05% [20] - Year-to-date, the spot index has increased by 0.75%, while the futures index has increased by 0.37% [20] Frozen Foods - The frozen foods cost spot index is 124.02, down 0.15%, and the futures index is 122.29, down 0.14% [23] - Year-to-date, the spot index has increased by 0.31%, while the futures index has decreased by 0.66% [23] Soft Drinks - The soft drinks cost spot index is 119.04, up 0.21%, and the futures index is 133.06, up 1.37% [27] - Year-to-date, the spot index has decreased by 0.24%, while the futures index has increased by 2.24% [27]

[Table_MainInfo] 行业研究/汽车与零配件/汽车零配件 证券研究报告 行业跟踪报告 2024年03月13日 [Table_InvestInfo] 23 年国内轮胎需求高速增长，轮胎企业 投资评级 优于大市 维持 24 年以来产品持续提价 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 5323.80 汽车零配件 海通综指 4858.13 4392.46  轮胎企业节后开工率持续恢复，产品历史价格稳定。根据 iFinD 数据，截止至 2024 年 3 月 8 日，国内半钢胎开工率为 78.56%，全钢胎开工率为 69.65%， 3926.79 与2024年初相比分别提高8.22与20.61个百分点，与 2024年 2月均值相比 3461.12 分别提高30.07与41.88个百分点。根据Wind数据，轿车轮胎经销商价格指数 2995.45 （加权均价）在 2023年 6月至 2024年1月间维持在500元/条左右；卡客车 2023/3 2023/6 2023/9 2023/12 轮胎经销商价格指数（加权均价）在2023年6月至2024年1月间维持在120 ...

[Table_MainInfo] 行业研究/化工/基础化工材料制品 证券研究报告 行业专题报告 2024年03月13日 [Table_InvestInfo] OLED 下游需求持续增长，终端材料逐步 投资评级 优于大市 维持 实现进口替代 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 基础化工材料制品 海通综指 4980.91 4583.81  OLED 面板应用领域逐步拓展，市场规模持续增长。OLED 主要终端应用领域 4186.72 为手机和电视产品，智能可穿戴领域等新兴市场将推动 OLED 市场规模增长， 3789.63 根据维信诺发行股份及支付现金购买资产并募集配套资金暨关联交易报告书 3392.54 （草案）（修订稿）援引 Omdia数据，2021年全球 AMOLED显示面板销售额 2995.45 为420亿美元，预计2025年可达到547亿美元，年复合增长率达到6.8%。 2023/3 2023/6 2023/9 2023/12 资料来源：海通证券研究所 国内OLED面板市场占有率逐步提升。全球OLED面板行业中，以三星、LGD  为代表的韩国企业凭 ...