[Table_MainInfo] 行业研究/化工/基础化工材料制品 证券研究报告 行业跟踪报告 2024年03月07日 [Table_InvestInfo] 投资评级 优于大市 维持 制冷剂配额发布，制冷剂价格持续上涨 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 4.72% 基础化工材料制品 海通综指 -3.80%  制冷剂价格持续上涨。根据百川盈孚，截至 2024 年 3月 1日，R22 的市场价 -12.33% 格为22500元/吨，环比增加10%，同比增加15%，年初以来涨13%；R32的 市场价格为25500元/吨，环比增加31%，同比增加76%，年初以来涨44%； -20.86% R125的市场价格为41500元/吨，环比增加14%，同比增加71%，年初以来涨 -29.38% 50%；R134a的市场价格为31500元/吨，环比增加3%，同比增加31%，年初 -37.91% 2023/3 2023/6 2023/9 2023/12 以来涨17%。 资料来源：海通证券研究所 我国将逐步削减氢氟碳化物的生产和使用。2021年9月，为履行《保护臭氧层  维 ...

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of Rmb 52.20 [2][3]. Core Insights - The company is positioned as a leader in IT distribution, focusing on enterprise digital transformation and leveraging opportunities in the digital China era [3][8]. - The company aims to build a robust ecosystem around Huawei's Kunpeng and Ascend technologies, launching its own brand "Shenzhou Kuntai" [2][15]. - The company is enhancing its service model by developing a "MSP+" service based on a cloud-native platform, providing comprehensive digital solutions across various industries [2][23]. Summary by Sections Company Overview - The company is the largest IT distribution and value-added service provider in China, with a network covering over 1,000 cities and 30,000 channel partners [2][8]. - It offers a wide range of IT products, including mobile office devices, computer accessories, smart hardware, IoT devices, and more [2][8]. Business Strategy - The company integrates Huawei's enterprise business with its own Xinchuang (domestic innovation) business to enhance service capabilities [2][15]. - It focuses on three main business lines: IT distribution, cloud computing, and Xinchuang, aiming to support end-to-end digital transformation for enterprises [2][15]. Financial Projections - Revenue projections for 2023-2025 are Rmb 1230.34 billion, Rmb 1315.05 billion, and Rmb 1406.67 billion, respectively, with net profits of Rmb 12.09 billion, Rmb 13.98 billion, and Rmb 17.71 billion [3][4]. - The company expects to achieve an EPS of Rmb 1.81, Rmb 2.09, and Rmb 2.65 for the same period [3][4]. Market Position - The company is actively participating in the Xinchuang industry, developing its own product line, including servers and PCs, and achieving significant market penetration in various sectors [9][15]. - It has established a strong presence in the cloud computing market, with services covering major public cloud platforms [23][30]. Product Development - The company has launched the "Shenzhou Kuntai" series of products, which includes various types of servers designed for different performance needs [15][17]. - It is also enhancing its data security and marketing products, such as the "TDMP Data Masking Platform" and "Bluenic Customer Data Platform" [25][27]. Operational Efficiency - The company is focused on improving operational efficiency and enhancing management capabilities, aiming to drive sustainable growth and value creation for shareholders [31][32].

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业专题报告 2024年03月11日 “奇点时刻”，深圳助力鸿蒙进阶 [Table_Summary] 投资要点： 十年磨一剑，纯血鸿蒙生。  发展历程：2019年，安卓操作系统“断供”后，华为正式推出鸿蒙系统，并在华为 智慧屏上应用，验证了分布式技术的可行性。2020年Harmony OS2面世，其带来 了统一控制中心、超级终端一拉即合、万能卡片等全新特性，向外界呈现“万物互 联”的初级场景。Harmony OS3对超级终端进行了全面“扩容”，手机、平板、PC、 智慧屏等12款设备均支持连接组合成超级终端。2023年Harmony OS4发布，搭 载的华为设备已达 3.3亿台，拥有超过2300家合作伙伴。HarmonyOS NEXT作为 原生鸿蒙，仅支持鸿蒙内核和鸿蒙系统的应用，将不再兼容安卓应用，减少了40% 的冗余代码后，HarmonyOS NEXT的系统流畅度、能效、纯净安全特性等提升显著。 技术变革：①安全，鸿蒙操作系统底层进行了创新的隐私保护设计，例如当用户 用手机给自己的亲友发送一张照片，所使用的手机应用只会对这张照片拥有一次 ...

[Table_MainInfo] 行业研究/食品 证券研究报告 行业周报 2024年03月11日 [Table_InvestInfo] 投资评级 优于大市 维持 24 年 2 月 CPI 同比上升 0.7% 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 食品 海通综指 5.52%  板块表现：3月4日-3月8日，大盘指数涨跌幅为+0.09%，食品饮料指数涨跌 幅为-1.83%，涨跌幅在28个子行业中排名第21。表现前三板块为乳品板块 -1.06% （-0.29%）、零食板块（-0.33%）、软饮料板块（-0.52%）。个股涨幅前三为 -7.64% 三只松鼠（+13.32%）、*ST莫高（+7.56%）、古井贡酒（+3.35%）。个股跌 -14.22% 幅前三为绝味食品（-10.50%）、妙可蓝多（-8.82%）、百润股份（-7.87%）。 -20.80% 个股公告：【上海梅林】公司董事兼总裁张晴峰先生因工作变动原因，辞去公  -27.38% 司第九届董事会董事以及总裁职务。【金枫酒业】公司董事长兼总经理唐文杰 2023/2 2023/5 2023/8 2023/ ...

Research Report 12 Mar 2024 印度黑色金属 钢铁行业脉搏：印度钢铁龙头_首次覆盖 [Table_yemei1] Investment Focus | --- | --- | --- | --- | |--------------------------|--------|-------|------------| | [Table_Info] | Target | FY24 | P/E \nFY25 | | JSW Steel | 925 | 21.2 | 14.3 | | Tata Steel | 160 | 12.1 | 11.1 | | Jindal Steel & Power | 890 | 12.1 | 13.1 | | Steel Authority of India | 90 | 19.9 | 11.0 | 印度钢铁的持续需求驱动因素到位 印度钢铁行业正经历一个强劲的需求周期，其驱动力来自公共和私人资本 支出的大幅增长以及基础钢铁消费行业的持续增长。鉴于印度未来两年的 GDP增长预期为 6.3%，我们预计印度的钢铁需求复合增长率将增长 6.6%， 在 23-26 财年达 ...

Equity – Asia Research 南美盐湖梳理：23年锂产量稳步增长，24年增速可控(South American Salt Flats: Steady Lithium Production Growth in 2023, Controlled Expansion in 2024) 陈先龙Xianlong Chen xl.chen@htisec.com 甘嘉尧Jiayao Gan jy.gan@htisec.com 12 Mar 2024 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 26.25 [10][17]. Core Viewpoints - The company is positioned as a leader in domestic train control systems, benefiting from favorable policies and expected high growth rates in its train control and railway safety systems until 2025 [10][50]. - The company anticipates a net profit attributable to shareholders of RMB 3.81 billion to RMB 4.50 billion for 2023, representing a year-on-year increase of 10% to 30% [2][26]. - The report highlights the company's focus on core business areas, including the rapid growth of its train control systems and the application of new technologies such as AI and 5G [2][4]. Financial Performance and Forecast - The company expects its train control system business to maintain high growth rates, with projected year-on-year growth rates of 20%, 30%, and 40% from 2023 to 2025 [5][20]. - The railway safety system business is also expected to grow, with projected growth rates of 2%, 25%, and 35% over the same period [5][20]. - Overall revenue is projected to increase from RMB 1,203 million in 2023 to RMB 1,996 million in 2025, with a compound annual growth rate of 33.5% [8][18]. Business Structure and Product Development - The company has established a strong competitive advantage in technology, talent, and product quality, focusing on comprehensive solutions for both conventional and high-speed railways [17][50]. - Key products include LKJ2000, TAX devices, and various monitoring systems, with ongoing innovations in safety and operational systems [17][50]. - The company is actively expanding its product range, including new developments in smart dispatch systems and locomotive brake screens, enhancing its market competitiveness [17][50].

[Table_MainInfo] 行业研究/机械工业/新能源板块 证券研究报告 行业周报 2024年03月11日 [Table_InvestInfo] 1 月全球动力电池装机 51.5GWh，2 月新 投资评级 优于大市 维持 能源乘用车批发 44.7 万辆 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月新能源乘用车批发销量44.7万辆，环比下降35.0%。根据乘联会公众号， -8.41%  2 月新能源乘用车：生产 42.6 万辆，同比-17.7%，环比-42.3%；批发销量为 -15.24% 44.7万辆，同比-9.7%，环比-35.0%；零售38.8万辆，同比-11.6%，环比-42.1%； -22.06% 出口7.9万辆，同比+0.1%，环比-20.0%。2月新能源车厂批发渗透率34.5%， -28.89% 同比+3.5pct，环比+1.6pct，零售渗透率35.8%，同比+3.8pct，环比+2.9pct。 2023/3 2023/6 2023/9 2023/12 资料来源：海通证券研究所 受假期影响， ...

Investment Rating - The report assigns an **OUTPERFORM** rating to Servyou Software Group with a target price of **RMB 38.88** [1] Core Viewpoints - Servyou Software Group is a leading domestic tax digital government system service provider and SaaS cloud platform provider for finance and taxation, focusing on digital government services (To G) and SaaS subscription and consulting services (To B) [1] - The company achieved a revenue of **RMB 1.195 billion** in Q3 2023, a YoY growth of **10.8%**, and a net profit attributable to shareholders of **RMB 103 million**, a YoY growth of **13.0%** [1] - The company is expected to benefit from the dual drivers of B-end business and data services, with projected YoY growth rates of **25%**, **30%**, and **25%** for the To B sector from 2023 to 2025, and **3%**, **10%**, and **15%** for the To G sector [7] Financial Performance - In 2023, the company is expected to achieve a revenue of **RMB 1.959 billion**, a YoY growth of **15.4%**, and a net profit attributable to shareholders of **RMB 181 million**, a YoY growth of **25.9%** [3] - The company's gross margin is expected to be **56.2%** in 2023, with a return on equity (ROE) of **6.8%** [3] - By 2025, the company's revenue is projected to reach **RMB 2.906 billion**, with a net profit attributable to shareholders of **RMB 502 million** and an ROE of **14.3%** [3] Business Segments - **To B SaaS Subscription & Consulting Services**: This segment is expected to grow at a CAGR of **25%** from 2023 to 2025, with a gross margin of **73%** [10] - **To G Digital Government Services**: This segment is expected to grow at a CAGR of **10%** from 2023 to 2025, with a gross margin of **35%** in 2024 [10] Industry Trends - The release of new accounting regulations is expected to further expand the demand for financial and tax SaaS, with Servyou's "Yiqi Accounting" SaaS platform having **6.5 million active users** and **4.3 million paying users** as of H1 2023, a **13.2% increase** from the beginning of the year [2] - The company is actively deploying artificial intelligence, with a tax-specific AI model covering **8 million enterprises** and **10 million relationship knowledge graphs**, and has launched an "Intelligent Tax Management Product" to improve service efficiency and quality [5] Data Element Opportunities - The company is expected to deeply participate in the development of data elements, with applications in both government and enterprise sectors, including tax source analysis, regional economic analysis, and precision marketing [6]

[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业月报 2024年03月11日 [Table_InvestInfo] 北交所机械 2 月跟踪：2 月通用设备、工 投资评级 优于大市 维持 业机器人等领涨 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 5.23% 机械工业 海通综指 -1.08% 上市情况：根据Wind及所属中信行业，截至2024年2月29日，北交所机械 -7.40%  板块上市公司51个，总市值905.67亿元，占北交所整体市值23.07%。 -13.72% -20.04% 板块表现：从各行业横向比较来看，2024年第2月（2024年2月1日至2024  -26.35% 年 2月 29日），机械设备行业相对北交所整体月累计超额收益为正，在所有行 2023/3 2023/6 2023/9 2023/12 业中排名第5，月累计超额收益为+5.82pct。从机械内部子板块来看，通用机械 资料来源：海通证券研究所 (+33.69pct)、工业机器人及工控系统(+23.52pct)、机床设备(+10.92pct)、矿山 冶金机械(+6 ...