[Table_MainInfo] 公司研究/信息设备/电子设备与仪器 证券研究报告 海康威视（002415）公司深度报告 2024年03月09日 [Table_InvestInfo] 投资评级 优于大市 维持 智能物联龙头，拥抱 AI 赋能千行百业 股票数据 [Table_Summary] 0[3Ta月b0le8_日S收to盘ck价I（nf元o]） 33.93 投资要点： 52周股价波动（元） 29.82-48.84 总股本/流通A股（百万股） 9331/9108 智能物联龙头企业，AIoT持续开拓者。海康威视是一家以视频为核心的智能  总市值/流通市值（百万元） 316587/309049 物联网解决方案和大数据服务提供商，自成立以来，始终致力于安防视频监 相关研究 控领域专业化的发展，在技术领域保持了行业的领先地位。2021年，公司将 [《Ta业b绩le维_R持e稳p健or，tI观nf澜o大] 模型有望打开全新空 业务领域定位为“智能物联 AIoT”，专注于物联感知、人工智能和大数据领 间》2023.11.20 域的技术创新，提供软硬融合、云边融合、物信融合、数智融合的智能物联 《营收利润增速回正，创新 ...

Investment Rating - The report suggests focusing on convertible bonds in the chemical sector, specifically recommending Guizhou Tyre, Huaheng Biological, and several others for investment opportunities [2][3]. Core Insights - The chemical sector is experiencing a recovery, with a notable narrowing of product price declines as the economy rebounds in Q3 2023. The report emphasizes the importance of investing in leading chemical companies and high-barrier new materials [2][3]. - Guizhou Tyre plans to invest approximately USD 22.78 million in a smart manufacturing project in Vietnam, aiming for an annual production capacity of 6 million semi-steel radial tires. This investment aligns with the company's strategic goals of internationalization and modernization [3]. - Huaheng Biological intends to invest up to RMB 700 million to expand its production capacity for amino acids, which is expected to enhance profitability and market competitiveness [3]. Summary by Sections Convertible Bonds Overview - The report highlights the performance of various convertible bonds in the basic chemical sector, with notable increases in prices for Kesi Convertible Bond (up 9.27%), Qilin Convertible Bond (up 2.42%), and Guoguang Convertible Bond (up 2.37%) during the week of March 4-8, 2024 [19][20]. - Conversely, some bonds like Zhenyang Convertible Bond and Huate Convertible Bond experienced declines of 5.80% and 4.76%, respectively [19][20]. ETF Analysis - The report reviews chemical ETFs, noting that the Huabao and Penghua ETFs have significantly larger scales compared to others, indicating higher market liquidity and recognition [2][3]. Key Announcements - Huaheng Biological's investment project aims to produce 60,000 tons of branched-chain amino acids and 10,000 tons of refined amino acids, with a construction period of 24 months [3]. - Guizhou Tyre's investment in Vietnam is part of a broader strategy to enhance its international presence and operational efficiency [3].

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of Rmb 66.41 [1][3]. Core Insights - The company, Autobio Diagnostics, has established a comprehensive layout in the IVD (in vitro diagnostics) sector, showing strong growth and a significant market presence. The company has seen its revenue grow from Rmb 1.4 billion in 2017 to Rmb 4.442 billion in 2022, with a 5-year CAGR of 25.98%. Net profit has also increased from Rmb 447 million to Rmb 1.167 billion during the same period, with a 5-year CAGR of 21.16% [2][9]. - The IVD market in China is expected to reach Rmb 219.8 billion by 2025, with a CAGR of 15.38% from 2020 to 2025, indicating a faster growth rate than the overall medical device market [14][15]. - The company has successfully participated in a significant inter-provincial procurement initiative, securing the highest number of bids among domestic diagnostic reagent manufacturers, which positions it favorably in the market [18]. Summary by Sections Company Overview - Autobio Diagnostics was founded in 1998 and focuses on the research, manufacturing, integration, and service of in vitro diagnostic reagents and instruments. It became the first domestic IVD company listed on the Shanghai Stock Exchange in 2016 [2][8]. - The company offers a wide range of products across various testing fields, including immunology, microbiology, biochemistry, molecular diagnostics, and coagulation, providing comprehensive solutions for medical laboratories [2][12]. Industry Growth - The IVD industry in China is projected to grow at a CAGR of 24.32% from 2020 to 2025, highlighting significant market potential [14]. - The immunodiagnostics segment is the largest within the IVD market, with a market size of Rmb 27.8 billion in 2020, accounting for 25.9% of the total IVD market [16]. Product Performance - The company has a robust product pipeline and has achieved significant growth in its molecular diagnostics segment, with a growth rate exceeding 200% in recent years. Immunodiagnostics remain the core revenue source, contributing over 60% of total revenue [19][21]. - The company has established a strong presence in the chemical luminescence market, with a comprehensive product line that competes effectively with international players [20][23]. Financial Projections - The report forecasts EPS for 2023, 2024, and 2025 to be Rmb 2.05, Rmb 2.66, and Rmb 3.20, respectively, with net profit growth rates of 3.1%, 29.4%, and 20.4% [3][29]. - The company is expected to maintain steady growth in its reagent and instrument segments, with projected growth rates around 20% for both categories in the coming years [29].

[Table_MainInfo] 行业研究/钢铁 证券研究报告 行业周报 2024年03月10日 [Table_InvestInfo] 维 钢材社会库存同比增长 16% 投资评级 优于大市 持 [Table_Summary] 市场表现 投资要点： [Table_QuoteInfo] 钢 铁 海 通 综 指 生铁产量微降和成材产量小增。上周247家钢企生铁日产周环比降0.27%，五大  5 .5 2 % 成品钢材合计产量周环比增3.22%； -1 .0 8 % -7 .6 9 % 社会钢材库存连续增加。上周五大钢材厂库环增1.91%，社库周环增2.00%；五 -1 4 .3 0 %  大钢材厂库同比增加 15%，五大钢材社库同比增加 16%。春季开工在即，料库 -2 0 .9 1 % -2 7 .5 1 % 存也基本见顶； 2 0 2 3 /2 2 0 2 3 /5 2 0 2 3 /8 2 0 2 3 /1 1 资料来源：HTI  钢材现货价格跌1.99%。上周Myspic钢价指数跌1.99%；螺纹主力期货跌1.91%， 热卷主力期货跌1.13%； 相关研究 [《Ta原b料le价_R格ep回o落rt明I ...

研究报告Research Report 10 Mar 2024 中国石油石化 China Petroleum and Petrochemical 氢能利好政策频出，推动行业持续发展 Hydrogen energy favorable policies come out frequently [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Table_Info] (Please see APPENDIX 1 for English summary)  核心观点：2024 年政府工作报告提出，要加快前沿新兴氢能产业发 展，近期有关氢能利好政策也频繁出台，如内蒙古发布《关于加快推进 股票名称 评级 股票名称 评级 氢能产业发展的通知》，山东对氢能车辆免收高速公路通行费等等。 中国石油 Outperform 华润材料 Outperform 2023 年，中国氢能行业在制氢、储氢、加注等多个环节均实现较快发 展，如在制氢环节，中国2023年共建成运营可再生氢项目58个，合计 中国海油 Outperform 齐翔腾达 Outperform 项目规模达到 654兆瓦，同比增长 26.3%；在储 ...

[Table_MainInfo] 行业研究/房地产 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 第 10 周新房成交同比增速回落、供销比回升 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 房地产 海通综指 12.68% 上周1大中城市新房成交情况：  4.85%  2024年第10周30大中城市新房成交面积为123万平方米，环比前一周 -2.98% -21%，同比2023年-61%。其中一线城市销售面积29万平方米，环比前 -10.81% 一周-19%，同比2023年-54%。二线城市销售面积64万平方米，环比前 -18.64% 一周-28%，同比2023年-62%。三线城市销售面积30万平方米，环比前 -26.46% 一周-4%，同比2023年-62%。 2023/3 2023/6 2023/9 2023/12 资料来源：海通证券研究所  2024年3月1日-7日30城累计成交面积123万平方米，环比2024年2 月同期-24%，同比-60%。一线城市累计成交面积29万平方米，环比2024 ...

Huijing Yan hi.van@htisec.com 首次覆盖：运动营养行业景气度较高，公司全渠道 发力 [Table_Summary] 投资要点： 运动营养、健康营养稳健增长，聚焦核心产品。核心业务运动营养食品、健 康营养食品保持较快增长，2020-2022 年 CAGR 分别为 36%、45%，其中健康 营养食品得益于军需业务快速放量，业务增长迅猛。具体产品层面，为了强 化资源利用效率，近几年公司聚焦乳清蛋白、能量胶等爆品，成效显著。 风险提示。市场拓展不达预期，行业竞争加剧等。 2. 833429 CH Beijing Competitor Sports Sc ience Technology Joint Rating: OUTPERFORM Target Price: Rmb17.2 康比特（833429）公司研究报告 2024 年 03 月 08 日 公司技术专业度高，近几年收入、利润稳健增长。公司在竞技体育领域已经 形成领先的品牌优势，连续入围国家体育总局国家队集中采购营养食品目录， 入围产品的品类、数量、销售额多年位居前列，技术实力强劲。近几年公司 收入、利润稳健增长，2013-2023 ...

Investment Rating - The report assigns a "BUY" rating to the company, indicating a positive outlook for its stock performance over the next 12-18 months [20][22]. Core Insights - The company has a mature IP operation and is steadily developing its gaming social networking segment, with a strong portfolio of classic client games and over 1,000 signed streamers under its MCN agency, boasting over 5 million followers [2][4]. - The company is actively exploring the integration of AI and XR technologies into its gaming and social applications, which is expected to drive significant growth in the coming years [4][6]. - Financial projections indicate a revenue increase from RMB 1.57 billion in 2023E to RMB 2.24 billion in 2024E, representing a 42.6% year-on-year growth, while net profit is expected to rise from RMB 231 million to RMB 324 million, a 40% increase [3][8]. Financial Overview - Revenue (in million RMB): 2021: 1,221; 2022: 1,658; 2023E: 1,567; 2024E: 2,235; 2025E: 2,533, with a YoY growth of 36.3% in 2021, 35.8% in 2022, a decline of 5.5% in 2023E, and a projected growth of 42.6% in 2024E [3][8]. - Net Profit (in million RMB): 2021: 125; 2022: 222; 2023E: 231; 2024E: 324; 2025E: 373, with a significant increase of 106.9% in 2021 and 77.7% in 2022, followed by a modest growth of 4.1% in 2023E and a projected 40% increase in 2024E [3][8]. - EPS (in RMB): 2021: 0.26; 2022: 0.45; 2023E: 0.47; 2024E: 0.66; 2025E: 0.76, reflecting a consistent upward trend in earnings per share [3][8]. Business Development - The company is focusing on the development of interactive games and XR platforms, collaborating with leading AR companies to enhance player experiences and explore new entertainment social business opportunities [4][6]. - The upcoming launch of key games, such as "大航海时代：海上霸主," is expected to support revenue stability and growth [6].

[Table_MainInfo] 行业研究/金融/综合金融服务 证券研究报告 行业周报 2024年03月10日 估值低位，配置价值凸显 [投Tab资le要_Su点mm：ar2y0] 24 年 3 月日均股基交易额提升明显，两融余额有所下 滑。资本市场各项改革持续推进，头部券商优势显著。保险行业 2023 年以来负债端持续大幅改善，中长期看好康养产业发展；十年期国 债收益率仍在低位，如果后续经济预期改善、长端利率上行，保险 公司投资端压力将显著缓解。重点关注：中国人寿、中国太保、中 国平安、新华保险、中信证券、华泰证券、中金公司等。  非银行金融子行业近期表现：最近5个交易日（2024年3月4日-3月8日）， 多元金融行业、证券行业、保险行业跑输沪深300指数。保险行业下跌0.85%， 证券行业下跌 2.96%，多元金融行业下跌 4.00%，非银金融整体下跌 2.38%，沪 深300指数上涨0.20%。  证券：2024年3月交易量提升，证监会主席吴清出席十四届全国人大二次会议 记者发布会。1）2024年3月交易量同比、环比皆上升。3月日均股基交易额为 11048亿元，同比提升11.91%，环比2月提升2. ...

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating for Kunlun Energy, with a target price of HKD 7.96 per share [3][23][86] Core Insights - Kunlun Energy is one of the largest domestic natural gas terminal utilization and LPG sales enterprises in China, primarily engaged in urban gas, natural gas pipelines, LNG and CNG terminals, natural gas power generation, LNG processing and storage, and LPG sales [6][89] - The company has achieved steady revenue growth, reaching RMB 87.072 billion in H1 2023, a year-on-year increase of 3.8%, with a pre-tax profit of RMB 6.791 billion, reflecting an 8.2% growth [7][90] - Natural gas sales account for 79.1% of total revenue, with a year-on-year growth of 8.5%, while LPG sales contribute 15.8% [8][90] Company Overview - Kunlun Energy, established in 1994 and listed on the Hong Kong Stock Exchange, has shifted its focus from oil exploration to domestic natural gas sales and comprehensive utilization, emphasizing LNG business development [6][69] - The company operates across 31 provinces in China, with an annual natural gas sales volume of 20 billion cubic meters and an LNG receiving capacity of 19 million tons [6][89] Financial Performance Review - The revenue breakdown for H1 2023 includes natural gas sales at RMB 68.896 billion, LPG sales at RMB 13.804 billion, LNG processing and storage at RMB 3.764 billion, and exploration and production at RMB 0.608 billion [8][90] - The company has maintained a stable cash flow, with a current ratio around 1 and a net debt-to-equity ratio around 0.7 [10][73] Business Segment Analysis - Natural gas sales volume grew by 9.0% year-on-year in H1 2023, reaching 23.916 billion cubic meters, with retail gas volume increasing by 9.5% [10][91] - The natural gas price differential was RMB 0.495 per cubic meter, showing a stable upward trend [13][91] - LPG sales reached 293.69 million tons in H1 2023, with a year-on-year increase of 5.17% [15][78] Emerging Business Developments - The company is focusing on green development and has entered the field of wind-solar-thermal integrated power generation, with 3 million kilowatts of new energy indicators obtained [22][92] - Kunlun Energy is diversifying its energy offerings to meet various user needs, promoting the operation of 12 projects and the orderly development of 24 projects [22][92] Profit Forecast and Valuation - The forecast for main operating revenue for FY23-25 is RMB 182.16 billion, RMB 195.07 billion, and RMB 207.95 billion, with corresponding net profits of RMB 6.11 billion, RMB 6.46 billion, and RMB 6.49 billion [23][93]