评级 优于大市 OUTPERFORM 现价 Rmb13.53 目标价 Rmb18.40 HTI ESG 5.0-5.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 营业收入 2,694 2,606 2,743 2,984 (+/-) 5.4% -3.3% 5.3% 8.8% 净利润 250 315 362 416 (+/-) -6.5% 25.9% 14.8% 15.0% 全面摊薄 EPS (Rmb) 0.64 0.81 0.92 1.06 毛利率 19.5% 24.3% 24.4% 24.5% 净资产收益率 11.3% 13.0% 13.0% 13.0% 市盈率 21 17 15 13 资料来源：公司信息, HTI [Table_yemei1] 观点聚焦 Investment Focus 拟收购热熔压敏胶企业嘉好股份 100%股权。公司拟以现金方式 收购嘉好股份 100%股权。据公司初步评估，嘉好股份整体估值 暂定为 4.8 亿元。嘉好股份是热熔压敏胶行业的龙头企业之 一。嘉好股份与公司在技术、产品、市场和地域等方面具有协 ...

Investment Rating - The report maintains a cautious outlook on SolarEdge Technologies, indicating that the company's performance in Q4 2023 is expected to be viewed negatively by the market, with a non-GAAP net loss of $52.5 million, compared to a consensus loss of $76.8 million [5][6]. Core Insights - The residential solar market in Europe is anticipated to bottom out in Q1 2024, with a gradual improvement expected in solar installations throughout the year, although the commercial solar market is viewed more optimistically [1][5]. - The company's Q1 2024 revenue guidance is significantly below market expectations, with projected revenues of $175 million to $215 million, while the market anticipated $373 million [6][7]. - SolarEdge plans to initiate a stock buyback of $300 million starting in Q1 2024, which will be conducted judiciously [2]. Summary by Sections Financial Performance - In Q4 2022, the company reported net revenue of $890.7 million, which is expected to decline to $316 million in Q4 2023, reflecting a 65% year-over-year decrease [4]. - The gross profit for Q4 2023 is projected to be negative at -$56.5 million, a significant drop from $261 million in Q4 2022 [4]. - The company’s adjusted diluted earnings per share (EPS) based on GAAP is expected to be -$2.85 for Q4 2023, compared to $0.35 in Q4 2022 [4]. Market Outlook - The report suggests that the U.S. residential solar market dynamics will not change until interest rates decline, while the commercial solar market outlook remains relatively positive [1][5]. - The company expects a gradual recovery in solar installations throughout 2024, with Q2 2024 revenue running rate projected at $600 million to $650 million and gross margins recovering to 30-32% [6][7]. Liquidity and Inventory - SolarEdge anticipates that 2024 will be a cash-rich year starting from Q2, despite acknowledging that most of its revenue will come from inventory sales, which currently stands at a record $1.44 billion [8].

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业专题报告 2024年02月18日 定增、激励价格倒挂，平仓压力积蓄反转力量 [Table_Summary] 投资要点：  2023-24 年共 16 家计算机上市公司发行定增，其中 14 家最新收盘价低于增发 价格，形成定增价格倒挂。根据ifind筛选，2023-2024年有16家计算机上市公 司进行了定增，其中2023年定增了11家，2024年定增了5家。截至2024年2 月 8日，2023年定增的 11家中有 9家最新收盘价已经低于增发价格，形成定 增价格倒挂。2024年定增的5家最新收盘价均低于增发价格，形成定增价格倒 挂。总的来说，2023-24年共14家计算机公司最新收盘价低于增发价格，形成 定增价格倒挂。 按照三种股权激励类别进行统计，发布股权激励的计算机上市公司最新收盘价  均大面积低于股权激励价格形成倒挂。按照股权激励三种类别进行统计，包含 员工持股计划、限制性股票、股票期权。据统计，302 家计算机上市公司共有 89家发布员工持股计划，其中54家2024年2月8日收盘价低于授予价格；共 有233家发布限制性股票计划， ...

Investment Rating - The report assigns a "Neutral" rating to SF Express and "Outperform" ratings to YTO Express, Eastern Airlines Logistics, Yunda Holdings, Zhonggu Logistics, Xiamen Xiangyu, Jiayou International, Debon Holdings, Chuanhua Zhili, Yiatong, Huamao Logistics, Hongchuan Zhihui, Haichen Holdings, and Xingtong Holdings [2][3]. Core Insights - The average daily traffic volume of Mongolian coal at Ganqimaodu Port was 485 vehicles/day from February 5 to February 19, 2024, reflecting a week-over-week decline of 47.4% but a year-over-year increase of 37.7% [7]. - As of January 31, 2024, coal inventory at Ganqimaodu Port stood at 2.31 million tons, down 7.2% week-over-week [7]. - The average short-haul freight rate from February 14 to February 18, 2024, was RMB 105/ton, unchanged week-over-week and down 54.9% year-over-year [7]. - The average price of raw coal at Ganqimaodu Port was RMB 1,500, while refined coal averaged RMB 1,785 during the same period [7]. - In January 2024, the port completed a total freight volume of 3.6229 million tons, with coal imports reaching 3.5318 million tons [7]. Summary by Sections Traffic Volume - The traffic volume of Mongolian coal at Ganqimaodu Port has shown significant fluctuations, with a notable decline in February 2024 compared to the previous week [2][3][7]. Inventory Levels - The coal inventory at Ganqimaodu Port decreased to 2.31 million tons as of January 31, 2024, indicating a reduction in stock levels [7]. Freight Rates and Prices - Short-haul freight rates have remained stable at RMB 105/ton, while coal prices have shown slight increases, with raw coal priced at RMB 1,500 and refined coal at RMB 1,785 [7]. Market Outlook - The report anticipates that the demand for Mongolian coal logistics will remain strong in 2024, driven by the cost-effectiveness of Mongolian coal and sustained high growth in transportation volumes [8].

研究报告Research Report 19 Feb 2024 中国食品饮料 China Food & Beverage HTI 重点白酒品牌价格跟踪：批价较上月、较年初均跌多涨少 Compared to last month and the beginning of the year, most wholesale price decreased [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 据多家酒业媒体报道，近日白酒批发价格如下： 股票名称 评级 股票名称 评级 贵州茅台：本周（2月12日至2月19日），飞天整箱、散瓶和茅 贵州茅台 Outperform 安井食品 Outperform 台 1935 批价为 2990/2720/930 元，较上周持平/+20/持平，较上月 五粮液 Outperform 汤臣倍健 Outperform +30/+20/持平。中长期来看，今年年初以来飞天整箱、散瓶和茅台 山西汾酒 Outperform 酒鬼酒 Outperform 1 ...

Investment Rating - The report does not explicitly state an investment rating for the nonferrous metals industry, but it provides insights into various segments and companies to watch, indicating a generally positive outlook for certain sectors [2][4]. Core Insights - Precious Metals: U.S. inflation remains resilient, with gold and silver prices showing slight declines. The January CPI was 3.1% YoY, down from 3.4% [2][77]. - Energy Metals: Domestic lithium salt production is expected to decrease in February, with January production down 5.6% MoM. Companies to watch include Ganfeng Lithium and Tianqi Lithium [2][78]. - Industrial Metals: Copper inventories are low, while aluminum stockpiling is optimistic. LME copper prices were $8,472/ton as of February 16 [2][79]. - Rare Earths: Positive demand is anticipated to drive rare earth prices up, with praseodymium-neodymium oxide priced at RMB 398,800/ton [2][80]. Summary by Sections 1. Australian Lithium Mining Operations Review - Greenbushes lithium mine production decreased by 14% QoQ to 358,000 tons in Q4 2023, with sales down 30% to 275,000 tons. Cash costs increased by 36% to AUD 357/ton due to reduced output [5][6]. 2. Subsector Tracking - Energy Metals: Cobalt prices increased by 1.1% from February 2 to 8. Lithium carbonate production is expected to drop 22.9% MoM in February [2][4]. - Industrial Metals: LME copper and aluminum prices decreased by 2.8% and 0.6%, respectively, while tin prices increased by 2.0% [2][4]. - Precious Metals: Gold prices fell by 0.3% during the same period, while silver prices increased by 1.57% [2][4]. - Rare Earths: Sponge titanium prices rose by 7.2% [2][4]. 3. Important Events - The report highlights significant production changes in various lithium projects, including increases in Marion and Wodgina projects, while Core Lithium also reported a 40% increase in production [7][9][12].

[Table_MainInfo] 行业研究/食品 证券研究报告 行业周报 24 年 1 月 CPI 同比下降 0.8% [Table_Summary] 投资要点：  板块表现：2月 5 日-2 月 8 日，大盘指数涨跌幅为+5.93%，食品饮料指数涨 跌幅为+6.59%，涨跌幅在28个子行业中排名第7。表现前三板块为保健品板 块（+10.18%）、调味发酵品Ⅲ板块（+8.84%）、零食板块（+7.26%）。个股 涨幅前三为天味食品（+16.12%）、涪陵榨菜（+15.87%）、洽洽食品（+14.25%）。 个股跌幅前三为庄园牧场（-22.78%）、惠发食品（-21.88%）、麦趣尔（-21.84%）。 个股公告：【重庆啤酒】公司2023年营业收入为148.15亿元，同比+5.53%；  归母净利润为13.37亿元，同比+5.78%；扣非归母净利润为13.14亿元，同比 +6.45%。【日辰股份】公司发布回购股份方案，其中回购金额为 3000-6000 万元，回购价格为不超过 28.00 元/股，对应回购数量占公司总股本比例为 1.09% -2.17%。【香飘飘】公司总裁杨冬云、副总经理杨静、董秘邹勇坚、财 ...

Investment Rating - The report assigns an "Outperform" rating to China Life Insurance with a target price of RMB 44.70 [2][16]. Core Views - China Life Insurance reported a January 2024 premium income of approximately RMB 206.6 billion, reflecting a 2.2% year-on-year increase. This growth is attributed to early preparations for the new year and a lower base from the previous year's Spring Festival [2][15]. - The company is expected to maintain double-digit growth in its new business value (NBV) for 2023, with a projected annual increase of around 12% [3][15]. - The report highlights that the company's total premium income for 2023 reached RMB 641.5 billion, up 4.3% year-on-year, with quarterly growth rates showing fluctuations [3][15]. Financial Performance Summary - In 2023, the total premium income was RMB 641.5 billion, with quarterly growth rates of 3.9%, 14.7%, -5.1%, and 2.6% [3][15]. - The new single premiums and installment premiums grew by 14.8% and 16.0% respectively in the first three quarters of 2023, although there was a significant drop in Q3 due to product transitions [3][15]. - The report indicates that the company's investment returns were under pressure in 2023, with total investment return rates of 2.81% for the first three quarters, down 1.22 percentage points year-on-year [4][20]. Valuation and Market Position - The valuation remains low, with a current stock price corresponding to a 2024E price-to-earnings value (PEV) of 0.59x. The report sets a target price of RMB 44.70, maintaining an "Outperform" rating [4][16]. - The company is focusing on eight major projects and marketing system reforms to sustain stable operations and maintain market leadership [4][16].

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 53.23 per share [2][10]. Core Insights - The company has demonstrated steady growth in performance, achieving a revenue of RMB 3.103 billion in the first three quarters of 2023, representing a year-on-year increase of 22.98%. The net profit attributable to shareholders reached RMB 557 million, up 40.17% year-on-year [3][15]. - The company is expanding its hospital and optometry clinic operations, showcasing impressive profitability with a gross profit margin of 50.62% and a net profit margin of 18.35% for the first three quarters [3][15]. - The balanced development in comprehensive ophthalmology and consumer ophthalmology serves as dual growth engines, with plans to continue investing in ophthalmology and expanding scale [3][16]. - The company has acquired over 20 ophthalmology hospitals in 2023, laying a solid foundation for future growth [3][16]. - Earnings forecasts indicate revenue growth from RMB 4.124 billion in 2023 to RMB 6.665 billion in 2025, with net profits projected to rise from RMB 697 million to RMB 1.156 billion during the same period [3][16]. Financial Summary - For the first three quarters of 2023, the company reported a net cash flow from operating activities of RMB 725 million, a 17.88% increase year-on-year [3][15]. - The gross profit margin for the first three quarters was 50.62%, an increase of 2.60 percentage points year-on-year, while the net profit margin improved by 2.42 percentage points to 18.35% [3][15]. - The company’s revenue is expected to grow at rates of 27.5%, 28.1%, and 26.2% for the years 2023, 2024, and 2025, respectively [4][16].

Group 1: Economic Overview - China's economic growth target for 2023 was successfully achieved, with a focus on four key variables for 2024: real estate, new productivity, monetary and fiscal policy scale, and Federal Reserve monetary policy[3] - Real estate remains a significant component of household wealth, broad fiscal policy, and financial institution assets, influencing macroeconomic trends in 2024 despite low performance indicators[3] - The transition from old to new economic drivers is crucial, with new productivity being a key aspect of economic development in 2024[3] Group 2: Real Estate Market - As of 2023, the sales area of commercial housing in China saw a year-on-year decline of 8.5%, an improvement from a 24.3% drop in 2022, while sales revenue fell by 6.5%[10] - New housing sales remain at relatively low levels, with the new construction area down by 20.4% compared to 2021's peak, indicating ongoing pressure in the real estate sector[23] - Key factors affecting real estate recovery include the supply of second-hand homes and the pace of urban village renovations, with local government financing challenges impacting these efforts[12] Group 3: New Productivity - The contribution of strategic emerging industries to GDP increased from 7.6% in 2014 to over 13% in 2022, with a target of 17% by 2025 according to the 14th Five-Year Plan[16] - High-tech manufacturing's share of industrial added value rose from 9.4% in 2012 to 15.5% in 2022, reflecting a shift towards higher value-added production[16] - Emerging industries, particularly in new energy vehicles and information technology, are becoming significant drivers of export growth, with new energy vehicle exports reaching 1.06 trillion yuan in 2023, a 29.9% increase year-on-year[42] Group 4: Policy Implications - Monetary and fiscal policies are critical for boosting economic growth, with expectations for a more proactive fiscal stance in 2024, including potential increases in deficit ratios and special bond quotas[35] - The People's Bank of China has implemented measures to provide liquidity, including a 0.5 percentage point reduction in the reserve requirement ratio, injecting 1 trillion yuan into the market[32] - The Federal Reserve's monetary policy will continue to impact China's exchange rates and liquidity environment, with potential easing expected in 2024 if the Fed shifts towards rate cuts[58]