Investment Rating - The report maintains an "Outperform" rating for Bloom Energy (BE US) with a current price of $8.99 and a target price of $25.00 [4][29]. Core Insights - Bloom Energy is recognized as a key player in the U.S. green hydrogen sector, with differentiated products and technology, although revenue outlooks are slightly below expectations due to product timing [3][8]. - The company has provided guidance for FY24 revenue between $1.4 billion and $1.6 billion, representing a year-over-year increase of 5-20%, which is below the consensus expectation of $1.52 billion [26]. - The report indicates a downward adjustment of 9% per year for FY24-26 earnings forecasts and an 11% reduction in the price target due to recent performance and updated guidance [25][29]. Financial Performance Summary - Revenue projections for FY24 are adjusted down by 17% to reflect recent guidance and limited clarity on previously announced mid-term targets [30]. - The company reported a net income of -$302 million for the previous year, with expectations of turning profitable by FY25 with a projected net income of $31 million [5][34]. - The gross margin is expected to improve from 14.8% in FY23 to 31.1% by FY26, indicating a positive trend in profitability [5][34]. Market Position and Valuation - Bloom Energy's market capitalization stands at $2.02 billion, with an average daily trading volume of $64.64 million [24]. - The stock is currently trading at a projected enterprise value multiple of 1.6 times for FY24, compared to the global peer average of 2.4 times [27].

Investment Rating - The report maintains an "OUTPERFORM" rating for Array Technologies (ARRY US) with a target price of $22.00 per share, indicating a potential upside of nearly 60% from the current price of $14.14 [3][4]. Core Insights - Array Technologies is positioned as a differentiated player in the solar energy value chain, with strong demand prospects despite recent project delays. The company has reset its growth expectations and is projected to achieve a 24% earnings growth from FY24 to FY26 [4][5]. - The FY24 revenue guidance is set between $1.25 billion and $1.4 billion, which is significantly below the consensus estimate of $1.89 billion. The adjusted EBITDA guidance is also lower than expected, reflecting ongoing project delays and supply chain challenges [4][7]. - The company anticipates a gross margin of around 30%, acknowledging a decrease in average selling prices (ASP) due to lower commodity input costs. The revenue split is expected to be 75% from the U.S. and 25% internationally, with a stronger performance anticipated in the second half of 2024 [4][5]. Financial Summary - Revenue projections for FY24 are adjusted down to $1.34 billion, with net income estimates reflecting a decrease of 15% to $122 million. For FY25 and FY26, revenues are expected to rise to $1.74 billion and $2.18 billion, respectively, with net income projected to increase significantly [7][11]. - The report highlights a decrease in earnings per share (EPS) estimates for FY24 to $1.12, with a gradual increase to $2.08 by FY26. The price-to-earnings (P/E) ratio is noted at 12.6x for FY24, indicating that the stock is undervalued compared to global peers [4][8][11].

Investment Rating - The report does not explicitly state an investment rating for Plug Power, but it indicates a cautious outlook due to significant losses and rising costs [2][3]. Core Insights - Plug Power reported a net loss of $642 million for Q4 2023, significantly worse than the market expectation of a $276 million loss, primarily due to rising costs and a $249.5 million goodwill impairment [2]. - The company's revenue for Q4 2023 was $222.2 million, exceeding market expectations of $203.3 million, but the gross margin was negative 100%, far worse than the predicted negative 4% [2][4]. - The company failed to meet its revenue guidance of $1.2 billion for FY 2023, with a gross margin of negative 57%, compared to the previous guidance of negative 10% [2][3]. Summary by Sections Financial Performance - For Q4 2023, Plug Power's net revenue was $222.2 million, a 1% year-over-year increase, while operating costs surged to $486 million, a 61% increase year-over-year [4]. - The gross profit was negative $263.8 million, reflecting a significant decline compared to previous quarters [4]. - The adjusted net income for Q4 2023 was negative $642.4 million, indicating a 214% year-over-year decline [4]. Cost Analysis - The report highlights a substantial increase in costs associated with the company's equipment segment, with costs for low-temperature storage equipment and liquefiers rising by $103.5 million year-over-year [2]. - The costs related to electrolyzer stacks and systems increased by $111.3 million year-over-year, while costs for fuel cell systems rose by $79.3 million [2]. Future Guidance - The company has not provided guidance for FY 2024, but initial estimates suggested revenues could range from $1.4 billion to $1.6 billion, compared to market expectations of $1.2 billion [2][3]. - The management's cautious outlook reflects a recognition that industry growth has not met initial expectations, leading to a more conservative approach to cash management [3].

证券研究报告 （优于大市，维持） 《生物医药投融资跟踪： 海外呈现复苏态势，国内仍需等待》 贺文斌（医药行业联席首席分析师） SAC号码：S0850519030001 2024年2月29日 目录 ...

[Table_MainInfo] 行业研究/房地产 证券研究报告 行业月报 2024年03月01日 [Table_InvestInfo] TOP100 房企 2 月销售数据点评—— 投资评级 优于大市 维持 假期因素供需两弱，关注“小阳春”成色 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 7.12% 房地产 海通综指 -0.32% -7.76% 2024年2月百强房企单月销售同环比双降。根据克尔瑞公布的2024年1-2月  -15.20% 销售业绩排行榜数据，前 100 强房企操盘口径销售金额达到 4209.2 亿元，较 -22.64% 23年同期-48.6%，降幅较1月扩大14.4个百分点；权益金额达到3220.3亿元， -30.09% 2023/3 2023/6 2023/9 2023/12 较23年同期-50.8%，降幅较1月扩大16.1个百分点，权益比77%。 资料来源：海通证券研究所 从2024年2月单月情况来看，TOP100房企实现操盘口径销售金额1858.2亿  元，环比-21.0%，同比-59.7%。2024 年 2月 TOP100 房企实现权 ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业信息点评 2024年03月02日 [Table_InvestInfo] 投资评级 优于大市 维持 国家数据局下设五司正式确立 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 14.32% 信息服务 海通综指 3.62% -1-7 7. .0 79 9% 国家数据局下属五司正式确定。根据2月9日国家公务员局官网，《国家数据局 %  -28.50% 2024年公务员录用面试公告》显示，国家数据局下设的五个司局名称目前已经 -39.20% 2023/3 2023/6 2023/9 2023/12 正式确定为：综合司、政策规划司、数据资源司、数字经济司、数字科技和基 础设施建设司。 资料来源：海通证券研究所 国家数据局招考岗位要求。根据国家公务员局官网《中央机关及其直属机构  相关研究 2024 年度考试录用公务员招考简章》，新组建的国家数据局共公布了所属 5 个 [《Ta计b算le机_R行e业p跟or踪tI周nf报o] 332期：央企加快 用人司局的7类职位，定级为机关司局一级主任科员及以下，共招考 ...

| --- | --- | |---------------------------------------------------------------------------------------------|--------------------------------------------------------------------| | | | | Equity – Asia Research | | | 小商品城 (600415 CH) 易服务商转型步入收获期 — 维持优于大市 ; | ：小商品城深度报告：从蛰伏到蝶变，综合贸 上调目标价 9% （ Zhejiang | | China Commodities City Group ： Commodities City Group: From Dormancy to Metamorphosis, the | In-Depth Report on Zhejiang China | | Comprehensive Trade Service Provider Enters Harvesting Phase | — | | Maintain ...

[Table_MainInfo] 行业研究/金融/券商 证券研究报告 行业深度报告 2024年03月03日 [Table_InvestInfo] 市场活跃度维持高位，自营改善驱动业绩 投资评级 优于大市 维持 增长 市场表现 ——证券行业 2023 年年报前瞻 [Table_QuoteInfo] 券商 海通综指 18.32% [投Ta资ble要_S点um：m2a0r2y3] 年日均股基交易额 9625亿元，同比下滑 4%，监管 11.62% 阶段性收紧背景下，IPO 规模同比下滑，债券发行规模同比提升。 4.91% -1.79% 权益市场继续下跌，跌幅较 2022 年有所收窄。预计 2023 年上市券 -8.50% 商净利润同比提升 4%。目前券商股估值较低，考虑到行业发展政策 -15.20% 积极，我们认为大型券商优势仍显著，推荐中信证券、华泰证券、 2023/3 2023/6 2023/9 2023/12 中金公司等。 资料来源：海通证券研究所 2023年市场活跃度维持高位。1）2023年市场日均股基交易额为9625亿元，  相关研究 同比下滑4%。截止 2023年 8月末，2023年平均每月新增投资者 ...

[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02日 [Table_InvestInfo] 浙江建立电网侧储能示范项目奖补机制，山东 投资评级 优于大市 维持 推动多元新型储能发展 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 4.90% -1.94% 新能源板块 海通综指  2024年2月第2-3周储能项目招标规模达351MWh。根据储能与电力市场公众 号的统计分析，2024年2月第2-3周，储能招标规模达351.56MWh，相较于2 -8.78% 月第1周的5.97GWh，环比减少93%，主要包括华能浙江岱山1号海上风电项 -15.63% 目新能源配套储能租赁服务招标项目、三峡水利2024年度用户侧储能设备框架 -22.47% 协议采购项目。本周进入在建/并网投运的储能项目达 434.40MWh，相较于 2 -29.31% 月第 1 周的 674MWh，环比减少 35%，主要包括金湾华发储能电站 2023/2 2023/5 2023/8 2023/11 （150MW/150MWh）项目（一期）的开工建 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [1][17]. Core Insights - The report highlights a balanced approach between growth and value, emphasizing the importance of identifying true growth during quarterly reports. Notable revenue growth was reported by several companies, with increases such as 154.42% for Ailisi and 205.49% for Innotec's non-COVID business [3][4]. - The pharmaceutical sector showed a recovery in February, with the Shanghai Composite Index rising by 8.1% and the SW Pharmaceutical Bio Index increasing by 10.5%, ranking 9th among 28 first-level industries [7][9]. - The report suggests focusing on respiratory multi-detection and innovative flu drugs due to the increased incidence of respiratory infectious diseases following the Spring Festival [3]. Summary by Sections Market Performance - In February, the pharmaceutical sector's performance was notable, with the SW Pharmaceutical Bio Index rising by 10.5%. The best-performing sub-sectors included biological products (+14.9%), chemical pharmaceuticals (+10.9%), and chemical raw materials (+10.3%) [9][10]. - The top three individual stock performers were Antu Biology (+41.0%), Changshan Pharmaceutical (+40.1%), and Zhongsheng Pharmaceutical (+38.9%) [10][12]. February Portfolio Review - The February portfolio included Huatai Medical, New Industry, Heng Rui Pharmaceutical, Zhi Fei Biology, WuXi AppTec, Lao Bai Xing, Tian Tan Biology, and Pai Lin Biology, with an average increase of 12.5%, outperforming the overall pharmaceutical index by 0.6 percentage points [4][5][6]. Valuation Insights - As of the end of February 2024, the pharmaceutical sector's price-to-earnings ratio (TTM) was 25.45 times, representing a premium of 88.85% compared to the overall A-share market [12].