Investment Rating - The report initiates coverage with a "Buy" rating for the company [11][34][27] Core Views - The company, a state-owned enterprise based in Beijing, is shifting its strategic focus towards the northwest, enhancing its coal production capabilities and optimizing its capital structure [6][39][43] - The coal business is expected to see significant growth in production and profitability, with projected net profits of 1.69 billion and 1.89 billion yuan for 2024 and 2025 respectively, reflecting year-on-year growth rates of 25.0% and 11.9% [9][11][34] - The non-coal business, particularly the chemical segment, is currently under pressure, while the railway transportation segment remains stable [10][80] Summary by Sections 1. Company Overview - The company was established in 2002 and listed on the Shanghai Stock Exchange in 2010, with the Beijing Energy Group as its largest shareholder [8][39] - As of Q1 2024, the company reported revenues of 2.413 billion yuan, a year-on-year increase of 7.58%, and a net profit of 452 million yuan, up 5.12% [8][63] 2. Coal Business - The company has coal reserves of 2.095 billion tons with a mining life exceeding 58 years, and a certified production capacity of 19.3 million tons per year [9][25][49] - The coal production and sales are expected to continue growing, with a projected increase of approximately 2.25 million tons [9][50] - The cost per ton of coal decreased significantly to 187 yuan, down 18.8% year-on-year, indicating effective cost control [9][29] 3. Non-Coal Business - The chemical business faced challenges, with methanol sales dropping by 25.8% year-on-year due to equipment maintenance issues, resulting in a revenue decline of 31.8% [10][81] - The railway transportation segment is stable, with a transportation capacity of 10 million tons per year and a revenue of 145 million yuan [10][20] 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.59 billion, 1.81 billion, and 1.90 billion yuan from 2024 to 2026, with corresponding PE ratios of 8.8, 7.8, and 7.4 [11][34] - The report emphasizes the potential for steady profit growth as the company capitalizes on its high-quality coal production [11][34]

[Table_Main] 证券研究报告 | 公司点评 恺英网络(002517.SZ) 2024年05月14日 恺英网络点评：业绩增长彰显公 买入（维持） 所属行业：传媒/游戏Ⅱ 司业务能力，分红回购有望持续 当前价格(元)：11.99 提升投资回报 证券分析师 马笑 投资要点 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 事件：公司披露2023年及 24年Q1业绩，23年公司实现收入 43.0亿元，同比  +15.3%；归母净利润14.6亿元，同比+42.6%；扣非归母净利润13.5亿元，同比 市场表现 +41.3%。24年Q1公司实现收入13.1亿元，同比+36.9%；归母净利润4.3亿元， 恺英网络 沪深300 同比+47.1%；扣非归母净利润4.2亿元，同比+48.4%。在业绩保持高增的态势上， 23% 公司2024年预计将会持续高分红增厚投资回报。 11% 0% 传奇奇迹游戏基本盘稳定，创新精品游戏拓展第二增长曲线。公司 2023 年收入 -11%  中，移动网络游戏收入为35.77亿，同比增长13.3%，网页游戏收入为0.55亿， -23% -34% 同比 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance growth demonstrates strong business capabilities, and continued dividends and share buybacks are expected to enhance investment returns [1] - The company achieved revenue of 4 30 billion yuan in 2023, a year-on-year increase of 15 3%, and net profit attributable to shareholders of 1 46 billion yuan, a year-on-year increase of 42 6% [3] - In Q1 2024, the company achieved revenue of 1 31 billion yuan, a year-on-year increase of 36 9%, and net profit attributable to shareholders of 430 million yuan, a year-on-year increase of 47 1% [3] - The company is expected to maintain high dividend payouts in 2024 to further enhance investment returns [3] Market Performance - The company's stock price showed an absolute increase of 4 94% and a relative increase of 0 33% in September 2023 [2] - In January 2024, the stock price showed an absolute increase of 1 30% but a relative decrease of 2 12% [2] Business Overview - The company's mobile game revenue in 2023 was 3 577 billion yuan, a year-on-year increase of 13 3%, while web game revenue was 55 million yuan, a year-on-year decrease of 37 3% [4] - Information service revenue in 2023 was 664 million yuan, a year-on-year increase of 43 3% [4] - The company has a rich pipeline of games for 2024, including self-developed titles such as "Douluo Dalu: Zhu Xie Chuan Shuo" and "Code: Tomb Raider" [4] - The company is also expanding into overseas markets, with "New Yitian Tulongji" topping the iOS free game charts in Hong Kong and Taiwan [4] Financial Projections - Revenue is projected to grow to 5 31 billion yuan in 2024, 6 39 billion yuan in 2025, and 7 42 billion yuan in 2026, with year-on-year growth rates of 23 7%, 20 4%, and 16 1% respectively [4] - Net profit attributable to shareholders is projected to be 1 87 billion yuan in 2024, 2 25 billion yuan in 2025, and 2 52 billion yuan in 2026, with year-on-year growth rates of 27 8%, 21 0%, and 12 1% respectively [4] Strategic Initiatives - The company is focusing on AI development, with its self-developed "Xingyi" large model already applied in R&D scenarios [4] - The company has established an AI application research center and is collaborating with Fudan University on AI-driven NPCs for games [4] - The company has been actively involved in ESG initiatives and has been included in the MSCI China Index [4] Financial Metrics - The company's gross margin in 2023 was 83 5%, and it is projected to be 78 1% in 2024, 76 2% in 2025, and 76 3% in 2026 [6] - The net profit margin in 2023 was 36 8%, and it is projected to be 35 5% in 2024, 35 5% in 2025, and 34 3% in 2026 [7] - The return on equity (ROE) in 2023 was 27 9%, and it is projected to be 24 1% in 2024, 22 5% in 2025, and 20 1% in 2026 [7]

[Table_Main] 证券研究报告 | 行业季度策略 汽车 2024年05月13日 业绩表现有一定分化，板块依然 汽车 可圈可点 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 邓健全 资格编号：S0120523100001  乘用车：2024Q1业绩表现分化，价格战下出口&高端化有望贡献业绩增量。受价 邮箱：dengjq＠tebon.com.cn 格战等因素影响，长安汽车、特斯拉 2024Q1 毛利率同环比均下滑，比亚迪毛利 赵悦媛 率虽有所增长但荣耀版推出下单车净利润同环比均有一定下滑。出口&高端化赋能 资格编号：S0120523100002 下，长城汽车（坦克系列+出口赋能）、赛力斯（问界放量）业绩表现亮眼，长城 邮箱：zhaoyy5＠tebon.com.cn 汽车2024Q1归母净利润环比分别+59.3%，赛力斯2024Q1归母净利润环比转正。 赵启政 综合看车企盈利能力表现分化，部分车企盈利能力受产品结构改善、降本或材料库 资格编号：S0120523120002 存按实际成本结转等因素同比提升：毛利率方面，比亚迪、长城汽车、广汽集团、 邮箱：zhaoqz＠t ...

[Table_Main] 证券研究报告 | 行业点评 计算机 2024年05月14日 大模型风向标， 计算机 GPT-4o： OpenAI 重大更新 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈涵泊 资格编号：S0120524040004  事件：美国时间5月13日，OpenAI迎来重大更新。1）发布桌面版APP及更新 邮箱：chenhb3＠tebon.com.cn UI后的ChatGPT，用户使用更加简单与自然；2）发布新的全能模型 GPT-4o，实 现跨模态即时响应，相比GPT-4 Turbo，性价比显著提升的同时向用户免费开放。 研究助理  桌面版及新UI界面的ChatGPT，实现极致的用户交互体验。OpenAI推出了适用 王思 于macOS的新ChatGPT桌面应用程序，该应用程序旨在无缝集成到用户的计算 邮箱：wangsi＠tebon.com.cn 机上执行的任何操作。通过简单的键盘快捷键（Option + Space），用户便可向 ChatGPT 提问，并支持直接在应用程序中截取屏幕截图进行讨论。与此同时， 市场表现 ChatGPT 支持与计算机直接语 ...

Investment Rating - The report maintains an "Outperform" rating for the environmental sector, indicating a positive outlook for investment opportunities in this industry [1]. Core Insights - The environmental sector experienced a recovery in revenue and profit in Q1 2024, with a year-on-year revenue growth of 5.65% and a profit increase of 17% [3][25]. - The report highlights the potential for profit recovery in the water sector due to ongoing water price adjustments and the introduction of new policies aimed at improving asset returns [4][31]. - The environmental monitoring and detection sector is expected to benefit from stricter carbon trading regulations, which will enhance the demand for greenhouse gas monitoring [6][30]. Summary by Sections 1. Overall Industry Performance - In 2023, the environmental sector's total revenue reached 424.73 billion, a 3.32% increase year-on-year, while net profit fell by 12% to 22.59 billion [25]. - For Q1 2024, the sector's revenue was 946.29 billion, marking a 5.65% increase, and net profit rose to 81.91 billion, a 17% increase [25]. 2. Water Sector - The water sector generated 735.34 billion in revenue in 2023, a 4.99% increase, but net profit decreased by 12% to 91.23 billion [31]. - In Q1 2024, revenue increased by 7.17% to 161.52 billion, and net profit grew by 15% to 23.91 billion [31]. 3. Water Treatment Sector - The water treatment sector's revenue in 2023 was 469.68 billion, a decrease of 2.79%, with net profit down 24% to 21.05 billion [4]. - Q1 2024 saw a revenue increase of 4% to 96.67 billion and a significant profit recovery of 44% to 9.07 billion [4]. 4. Air Quality Management Sector - The air quality management sector's revenue in 2023 was 405.98 billion, down 3.67%, with net profit slightly decreasing by 2% to 7.02 billion [5]. - In Q1 2024, revenue fell by 18% to 73.38 billion, but net profit increased by 5% to 3.17 billion [5]. 5. Solid Waste Management Sector - The solid waste management sector achieved 1,956.1 billion in revenue in 2023, a 2.18% increase, while net profit decreased by 17% to 99.41 billion [5]. - Q1 2024 revenue grew by 10.13% to 468.72 billion, and net profit increased by 13% to 39.87 billion [5]. 6. Environmental Monitoring and Detection Sector - This sector generated 149.85 billion in revenue in 2023, a 6.78% increase, but net profit fell by 49% to 2.41 billion [6]. - In Q1 2024, revenue decreased by 5.61% to 26.9 billion, with a net loss of 0.71 billion [6]. 7. Landscaping Sector - The landscaping sector's revenue in 2023 was 121.43 billion, down 16.4%, with a net loss of 29.98 billion [6]. - Q1 2024 revenue fell by 21.02% to 27.34 billion, with a net loss of 1.77 billion [6]. 8. Environmental Remediation Sector - The environmental remediation sector reported 59.14 billion in revenue for 2023, a slight decrease of 0.94%, but net profit increased by 162% to 4.62 billion [6]. - In Q1 2024, revenue decreased by 4.89% to 11.45 billion, while net profit surged by 186% to 0.82 billion [6]. 9. Environmental Equipment Sector - This sector achieved 349.85 billion in revenue in 2023, a significant increase of 42.07%, with net profit rising by 92% to 30.1 billion [7]. - Q1 2024 revenue grew by 29.28% to 80.31 billion, and net profit increased by 67% to 7.54 billion [7]. 10. Investment Recommendations - The report suggests focusing on three main investment themes: water pricing reforms, large-scale equipment upgrades, and high dividend potential in stable operations [7].

[Table_Main] 证券研究报告 | 行业周报 房地产 2024年05月13日 多地新房二手成交环比改善，杭州、西 房地产 安取消限购 优于大市（维持） 房地产行业周报（2024.5.06-5.10） 证券分析师 [Table_Summary] 投资要点： 金文曦 资格编号：S0120522100001 邮箱：jinwx＠tebon.com.cn  市场回顾 2024.5.06-5.10，上证综指数上涨1.60%，沪深300指数上涨1.72%，房地产板块上 研究助理 涨4.38%，房地产板块跑赢上证综指2.78个百分点，跑赢沪深300指数2.66个百分 蔡萌萌 点。年初至今，上证综指上涨 6.04%，沪深 300 指数上涨 6.85%，房地产板块下跌 邮箱：caimm＠tebon.com.cn 9.58%，房地产板块跑输上证综指15.62个百分点，跑输沪深300指数16.44个百分 点。 市场表现 上周，重点关注的A股地产股中南都物业、*ST新城、*ST金科涨幅居前，*ST中迪、 ST迪马、ST中南跌幅较大；重点关注的H股地产股中世茂集团、华南城涨幅居前； 房地产 沪深300 17% 重点关注的港股物 ...

Investment Rating - The report initiates coverage on WanNeng Power (000543.SZ) with a "Buy" investment rating [12][70]. Core Views - WanNeng Power, as a leading coal power company in Anhui, is expected to see continuous expansion in installed capacity. With electricity prices remaining high and an increase in the proportion of long-term coal contracts alongside a decrease in pithead coal prices, the company's profitability is anticipated to improve steadily [12][70]. - Revenue projections for WanNeng Power from 2024 to 2026 are estimated at CNY 29.579 billion, CNY 31.400 billion, and CNY 31.613 billion, with growth rates of 6.1%, 6.2%, and 0.7% respectively. Net profit is expected to be CNY 2.025 billion, CNY 2.279 billion, and CNY 2.458 billion, with growth rates of 41.7%, 12.5%, and 7.8% respectively [12][70]. Summary by Sections Company Overview - WanNeng Power is recognized as a leading coal power company in Anhui, with a steady increase in installed capacity. As of the end of 2023, the company had a total installed capacity of 14.94 million kW, with a year-on-year increase of 2.9% [39][43]. Performance and Growth - The company's revenue grew from CNY 13.42 billion in 2018 to CNY 27.87 billion in 2023, with a compound annual growth rate (CAGR) of 15.7%. Net profit increased from CNY 560 million to CNY 1.43 billion during the same period, with a CAGR of 20.8% [39][44]. Price and Cost Dynamics - The report highlights that the electricity price in Anhui is expected to remain high due to strong demand and supply constraints. The average transaction price for direct electricity trading increased from CNY 346.8/MWh in 2020 to CNY 460.3/MWh in 2023 [40][50]. - The report anticipates a decrease in coal prices, benefiting the company's cost structure. The expected coal prices for 2024-2026 are CNY 983.2/ton, CNY 959.6/ton, and CNY 931.6/ton respectively [69][89]. Strategic Developments - WanNeng Power is transitioning towards becoming a comprehensive energy operator by acquiring high-quality assets and expanding its renewable energy portfolio. The company plans to add 4 million kW of renewable energy capacity during the 14th Five-Year Plan period [32][93]. - The company has successfully commenced construction on a 300,000 kW wind power project and secured construction indicators for an 800,000 kW photovoltaic project [32][93]. Financial Projections - The financial forecasts indicate that the company's operating cash flow will remain robust, with net profits projected to reach CNY 2.025 billion in 2024, CNY 2.279 billion in 2025, and CNY 2.458 billion in 2026 [70][73].

[Table_Main] 证券研究报告 | 行业点评 计算机 2024年05月13日 迎峰度夏+市场化推进，虚拟电 计算机 厂热度有望持续提升 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈涵泊 资格编号：S0120524040004 迎峰度夏，最高用电负荷预计激增，虚拟电厂热度有望持续提升。国家能源局综合  邮箱：chenhb3＠tebon.com.cn 司副司长、新闻发言人张星4月30日表示，今年以来，电力消费延续快速增长态 势，预计今年度夏期间，全国用电负荷还将快速增长，最高负荷同比增长超过1亿 研究助理 千瓦（去年夏季全国最高用电负荷约为13.4亿千瓦），电力保供面临着一定压力； 局部地区高峰时段可能存在电力供应紧张的情况，主要是内蒙古以及华东、华中、 李杨玲 西南、南方区域的部分省份，如出现极端、灾害性天气，电力供应紧张的情况可能 邮箱：liyl＠tebon.com.cn 进一步加剧。虚拟电厂通过削峰填谷，是平衡电力供需的重要手段之一，部分地区 经过过去一两年的集中布局，今年夏季期间虚拟电厂的作用及影响有望进一步体 市场表现 现，我们预计相关热度有望持续提升 ...

[Table_Main] 证券研究报告 | 行业点评 计算机 2024年05月13日 迎峰度夏+市场化推进，虚拟电 计算机 厂热度有望持续提升 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈涵泊 资格编号：S0120524040004 迎峰度夏，最高用电负荷预计激增，虚拟电厂热度有望持续提升。国家能源局综合  邮箱：chenhb3＠tebon.com.cn 司副司长、新闻发言人张星4月30日表示，今年以来，电力消费延续快速增长态 势，预计今年度夏期间，全国用电负荷还将快速增长，最高负荷同比增长超过1亿 研究助理 千瓦（去年夏季全国最高用电负荷约为13.4亿千瓦），电力保供面临着一定压力； 局部地区高峰时段可能存在电力供应紧张的情况，主要是内蒙古以及华东、华中、 李杨玲 西南、南方区域的部分省份，如出现极端、灾害性天气，电力供应紧张的情况可能 邮箱：liyl＠tebon.com.cn 进一步加剧。虚拟电厂通过削峰填谷，是平衡电力供需的重要手段之一，部分地区 经过过去一两年的集中布局，今年夏季期间虚拟电厂的作用及影响有望进一步体 市场表现 现，我们预计相关热度有望持续提升 ...