Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has demonstrated strong performance in the N-type solar module sector, achieving global leadership in shipments and continuing to enhance its integrated and global layout [3][4] - The company reported a significant increase in revenue and net profit for the year 2023, with revenue reaching 118.68 billion yuan, a year-on-year growth of 43.55%, and net profit of 7.44 billion yuan, a year-on-year increase of 153.20% [3] - The company is expanding its production capacity and improving its technology, with over 70GW of high-efficiency N-type battery capacity in operation by the end of 2023 [4] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 118.68 billion yuan, with a year-on-year growth of 43.6%, and a net profit of 7.44 billion yuan, reflecting a year-on-year increase of 153.2% [6][7] - For Q1 2024, the company reported a revenue of 23.08 billion yuan, a slight decrease of 0.3% year-on-year, and a net profit of 1.18 billion yuan, down 29.09% year-on-year [3] Market Position - The company led the industry in solar module shipments, with a total of 78.52GW shipped in 2023, marking a year-on-year increase of 77.11% [3] - The N-type module shipments reached 48.41GW, accounting for approximately 62% of total shipments, indicating a strong market presence [3] Production and Technology - By the end of 2023, the company had over 70GW of N-type battery production capacity, with a significant increase in efficiency, achieving an average efficiency of over 25.8% for N-type batteries [4] - The company is also expanding its global production capacity, with over 12GW of overseas integrated capacity [4] Future Outlook - The report projects net profits for 2024-2026 to be 4.10 billion, 5.66 billion, and 7.03 billion yuan respectively, with corresponding P/E ratios of 19.37X, 14.03X, and 11.30X [4][7]

[Table_Main] 证券研究报告 | 公司点评 贝 泰 妮(300957.SZ) 2024年05月10日 贝泰妮：24Q1 扣非+22%、展现 买入（维持） 所属行业：美容护理/化妆品 拐点，组织调整或将逐步现成效 当前价格(元)：61.79 单击或点击此处输入文字。 证券分析师 投资要点 易丁依  23年业绩受到双十一大促低预期影响，24Q1收入、利润均展现拐点。（1）2023 资格编号：S0120523070004 全年：实现营收55.22亿/+10.14%，归母净利润7.57亿/-28.02%，扣非归母净利 邮箱：yidy＠tebon.com.cn 润6.18亿/-35.20%，出现波动主要系公司未达成“双11”预期销售目标。毛利率 为73.90%/-1.31pcts，公司双十一促销力度大、且产品配方工艺及外包装升级导致 市场表现 毛利率略有下降。研发费用持续高投入达2.99亿/+17.3%；销售费用结构性微升， 贝泰妮 沪深300 销售费用率达47.3%/+6.5pcts，归母净利率为13.7%/-7.26pcts。（2）24Q1：营收 11% 10.97亿/+27.06%，增速环比提升，归母 ...

[Table_Main] 证券研究报告 | 行业点评 计算机 2024年05月09日 2024Q1 总结：大盘股营收较稳 计算机 健，AI 景气兑现度高 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  降本增效持续体现，行业或渐渐走出低谷。24Q1计算机行业整体实现营收2331.56 邮箱：chenhb3＠tebon.com.cn 亿元，同比增长5.23%，增速中位数为2.28%；实现归母净利润15.35亿元，同比 下滑 72.97%，增速中位数为 1.96%；实现扣非归母净利润-6.42 亿元，同比大幅 研究助理 下滑500.50%，增速中位数为4.94%。从增速分布来看，24Q1收入、归母净利润、 扣非归母净利润增速为正的上市公司数量分别为164 / 146 / 152家，较23Q1分 别下降13 / 19 / 4家；按比例看分别为57.54% / 51.23% / 53.33%，较23Q1分别 下降4.56pct / 6.67pct / 1.60pct。行业尽管利润端有所下滑，但在降本增效推进下， 市场表现 或逐步走 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's photovoltaic film business is steadily growing, and its new materials business is continuously developing. The projected net profit for 2024-2026 is estimated at 0.56 billion, 1.02 billion, and 1.42 billion respectively, corresponding to PE ratios of 58X, 32X, and 23X [3]. Financial Performance Summary - In 2023, the company achieved operating revenue of 4.872 billion, a year-on-year decrease of 8.2%. The net profit attributable to shareholders was -229 million, a decrease of 556.29% year-on-year. The non-recurring net profit was -245 million, down 963.37% year-on-year. In Q1 2024, the operating revenue was 877 million, a decline of 35.08% year-on-year, with a net profit of -19 million, down 182.83% year-on-year, and a non-recurring net profit of -22 million, down 192.01% year-on-year [2][12]. Business Development Summary - The company has made significant progress in the automotive new materials sector, focusing on innovative and environmentally friendly XPO artificial leather surface materials. Collaborations with international suppliers are ongoing to promote applications in automotive interiors. In 2023, the company received certification and orders from a new energy vehicle manufacturer, achieving bulk supply [6][21]. - The company's photovoltaic film production capacity is steadily increasing, with projects in Zhejiang and Vietnam progressing. The Zhejiang project has been commissioned, while the Vietnam project is expected to be operational by Q3 2024. New battery component packaging solutions have been introduced, enhancing product offerings for the N-type photovoltaic market [21]. Market Comparison - The company's stock performance has shown a significant decline compared to the CSI 300 index, with absolute declines of -17.14% over 1 month, -22.05% over 2 months, and -1.53% over 3 months, alongside relative declines of -18.89%, -24.90%, and -10.10% respectively [5].

[Table_Main] 证券研究报告 | 公司点评 长安汽车(000625.SZ) 2024年05月09日 长安汽车(000625.SZ)：4 月汽车 买入（维持） 所属行业：汽车/乘用车 销量同比提升，与华为合作项目 当前价格(元)：14.98 稳步推进 证券分析师 邓健全 资格编号：S0120523100001 投资要点 邮箱：dengjq＠tebon.com.cn 赵悦媛 事件：长安汽车公布 4 月销量。4 月，长安汽车实现汽车销量 21.0 万辆，同比 资格编号：S0120523100002  +15.5%，环比-18.9%。其中，长安自主品牌销量17.3万辆，同比+12.5%，环比 邮箱：zhaoyy5＠tebon.com.cn -21.8%；自主乘用车销量12.3万辆，同比+9.7%，环比-21.5%。此外，4月自主 赵启政 品牌海外销量3.2万辆，同比+92.7%，环比-4.9%；自主品牌新能源销量5.2万辆， 资格编号：S0120523120002 同比+129.7%，环比-2.5%。2024年1-4月，长安汽车累计实现汽车销量90.2万 邮箱：zhaoqz＠tebon.com.cn 辆， ...

[Table_Main] 证券研究报告 | 公司点评 中来股份(300393.SZ) 2024 年 05 月 08 日 证券分析师 彭广春 资格编号：S0120522070001 邮箱：penggc＠tebon.com.cn 研究助理 沪深300对比 绝对涨幅(%) 相对涨幅(%) 资料来源：德邦研究所，聚源数据 相关研究 投资要点 | --- | --- | |-------------------------------|----------------| | 中来股份： 买入（维持） | 业绩承压，静待 | | | | | 所属行业：电力设备 / 光伏设备 | | | 当前价格 ( 元 ) ： 7.41 | 国资控股赋能 | 市场表现 -57% -46% -34% -23% -11% 0% 11% 23% 2023-05 2023-09 2024-01 2024-05 中来股份 沪深300 | --- | --- | --- | |--------|--------|--------| | 1M | 2M | 3M | | -14.83 | -17.48 | -11.79 | | -16.58 | -2 ...

买入（维持） 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 陈瑜熙 资格编号：S0120524010003 邮箱：chenyx5＠tebon.com.cn 市场表现 1.《正帆科技（688596.SH）：预计利 润增长超预期，新签订单大幅增长》， 2024.1.23 2.《正帆科技（688596.SH）：业绩表 现优异，订单大幅增长》，2023.10.29 3.《正帆科技（688596.SH）：上半年 业绩表现优异，订单大幅增长奠定持 续高增基础》，2023.8.25 集成电路、光伏业务驱动，公司订单饱满。2023 年公司营收快速增长，其中电子 工艺设备营收 29.00 亿元，同比增长 52.76%；生物制药设备营收 2.90 亿元，同 比下滑 15.68%；气体和先进材料营收 4.19 亿元，同比增长 72.95%；MRO 业务 营收 2.2 亿元，同比增长 3.75%。从下游应用来看，集成电路业务营收 14.75 亿 元，同比增长 37.02%；太阳能光伏业务营收 14.42 亿元，同比增长 82.43%；泛 半导体业务营收 2.61 亿元，同比增长 0.36%；生 ...

[Table_Main] 证券研究报告 | 行业点评 房地产 2024年05月08日 消化存量和优化增量住房，构建 房地产 房地产发展新模式 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 金文曦 资格编号：S0120522100001  事件：2024年4月30日，中共中央政治局召开会议。会议强调要持续防范化解重 邮箱：jinwx＠tebon.com.cn 点领域风险。继续坚持因城施策，压实地方政府、房地产企业、金融机构各方责任， 切实做好保交房工作，保障购房人合法权益。强调统筹研究消化存量房产，优化增 研究助理 量住房的政策措施，构建房地产发展新模式，促进房地产高质量发展。 消化存量房产优化增量住房，后续支持政策或将跟进优化。政治局会议从存量和增  量角度，提出“统筹研究消化存量房产和优化增量住房的政策措施”。对消化存量， 市场表现 截至2024年5月5日，超50城推出住房“以旧换新”政策，郑州、上海、深圳 房地产 沪深300 等重点城市均在其中。通过“以旧换新、卖旧买新”政策，打通一二手置换通道， 15% 实现存量房产去化。4月 30日，北京发布《关于优化调整本市 ...

[Table_Main] 证券研究报告 | 公司点评 爱旭股份(600732.SH) 2024年05月08日 爱旭股份：业绩承压，静待 BC 买入（维持） 所属行业：电力设备/光伏设备 类产品放量 当前价格(元)：12.17 投资要点 证券分析师 彭广春 事件：2023年公司实现营业收入 271.7亿元，同比减少 22.54%，实现归属上市 资格编号：S0120522070001  公司股东净利润7.57亿元，同比减少67.54%，实现扣非净利润3.23亿元，同比 邮箱：penggc＠tebon.com.cn 减少 85.11%。2024Q1 公司实现营业收入 25.14 亿元，同比下降 67.55%，实现 研究助理 归属上市公司股东净利润-0.91亿元，同比减少113%，实现扣非净利润-7.59亿元， 同比减少215.54%。 市场表现  产业链价格波动及供需格局变化影响公司盈利能力。2023 年下半年以来，随着行 业短期大量产能的投产以及不同质量水平的产品集中进入市场，行业供需格局发 爱旭股份 沪深300 生显著恶化，全产业链产能阶段性过剩问题愈发凸显，各环节产品价格波动下行 51% 趋势显著加大。电 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company achieved a revenue of 22.589 billion yuan in 2023, representing a year-on-year growth of 19.66%. The net profit attributable to shareholders was 1.850 billion yuan, up 17.20% year-on-year [5]. - The company's photovoltaic materials business demonstrates strong competitive advantages, with significant growth in sales volume and stable profitability. In 2023, the sales volume of photovoltaic films reached 2.249 billion square meters, a year-on-year increase of 70.22%, generating revenue of 20.481 billion yuan, up 21.53% [5]. - The company is expanding its overseas production capacity for photovoltaic backsheets, which ranked second globally in sales volume in 2023, with a sales volume of 151 million square meters, a year-on-year increase of 22.7% [5]. - The electronic materials business is steadily developing, with a sales volume of 11.5 million square meters of photosensitive dry film, a year-on-year increase of 4.52%, despite a decline in revenue [5]. - The company’s functional film products are entering a rapid growth phase, with aluminum-plastic film sales increasing by 67.82% year-on-year [6]. - The company is expected to achieve net profits of 2.646 billion yuan, 3.141 billion yuan, and 3.665 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19X, 16X, and 14X [5]. Financial Summary - In 2023, the company reported total revenue of 22.589 billion yuan and a net profit of 1.850 billion yuan [8]. - The projected revenue for 2024 is 27.019 billion yuan, with a net profit forecast of 2.646 billion yuan [8]. - The company’s gross margin is expected to be around 15.5% in 2024, with a net profit margin of 9.8% [8].