Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant revenue and profit growth in 2023, with total revenue reaching 62.295 billion yuan, a year-on-year increase of 33.69%, and net profit attributable to shareholders of 5.537 billion yuan, up 122.93% [5] - The company is expanding its market share through regional market development and product structure upgrades, achieving a smartphone shipment of 194 million units in 2023, a 24.2% increase from 2022 [6] - The company is focusing on technological innovation and product upgrades, enhancing user experience through AI and other advanced technologies [7] - The company has a strong commitment to shareholder returns, with cash dividends exceeding 4.839 billion yuan in 2023, representing a payout ratio of 87.4% [8] - The company is expected to continue its growth trajectory, with revenue forecasts for 2024 to 2026 adjusted to 76.297 billion yuan, 88.516 billion yuan, and 100.311 billion yuan respectively [8] Financial Performance Summary - In 2023, the company achieved a gross margin of 24.5% and a net margin of 9.0%, with significant improvements in profitability metrics [10] - The company’s earnings per share (EPS) for 2023 was 6.88 yuan, with projections for 2024, 2025, and 2026 at 8.14 yuan, 9.79 yuan, and 11.29 yuan respectively [10] - The company’s total assets were reported at 47.945 billion yuan, with a total market capitalization of approximately 120.057 billion yuan [9] Market Position and Strategy - The company holds a 14.0% share of the global smartphone market, ranking third among smartphone manufacturers, with a focus on emerging markets such as Africa and South Asia [6] - The company is enhancing its product offerings in the mid-to-high-end smartphone segment, which is expected to drive future growth [6] - The company is actively pursuing a diversified strategy, expanding into digital accessories and home appliances while strengthening its digital capabilities [7]

宏观专题 2. 科技创新是中美战略竞争的"主战场" 百年变局加速演进，在中美战略竞争加剧的背景下，美国对华科技遏制措施 不断升级，对华科技政策日趋强硬，科技领域成为中美战略竞争的"主战场"， 科技竞争也已经成为这场战略竞争的核心焦点之一。事实上，自奥巴马第二任期 以来，美国对华科技遏制逐渐发展为中美两国间的核心问题，这一趋势在特朗普 政府与拜登政府时期得到进一步加强： 1）奥巴马政府时期，美国进行了出口管制体系改革，放松了对盟友和其他 友好国家寻求的军事物品的出口管制，同时加强对最敏感的高科技材料的控制， 这一政策旨在"在更少、更关键的项目周围筑起高墙"（where higher walls are placed around fewer, more critical items.），这一策略侧重于保持军事与高科技 优势。但随着美国"重返亚太"，奥巴马政府主导的"亚太再平衡"战略在政治、 经济、科技、军事等诸多方面不断对华施压，2011 年，美国国会通过所谓的 "沃尔夫条款"，限制 NASA 与中国同行接触。2012 年，经过"双反"（反倾销 和反补贴）调查后，美国商务部最终裁定，中国晶体硅光伏电池及组件的生 ...

[Table_Main] 证券研究报告|行业周报 建筑材料 2024年04月28日 建筑材料 周观点：Q1 基金建材持仓降至历史低 位，玻纤粗纱价格继续上涨 中性（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 闫广 资格编号：S0120521060002 周观点：近期基金公布一季报，从基金持股建材数量来看，基金重仓建材板块的 邮箱：yanguang＠tebon.com.cn 绝对数从23Q4的8.71亿股下降到24Q1的8.27亿股，而一季度末基金持仓建材 王逸枫 数量占比环比去年四季度末下降 0.04pct 至 0.69%。从建材持仓市值占比来看， 资格编号：S0120524010004 24Q1环比下降0.06pct至0.21%，持仓降至历史低位。根据卓创资讯统计，本周 邮箱：wangyf6＠tebon.com.cn 缠绕纱价格部分涨100-200元/吨不等，国内2400tex无碱缠绕直接纱主流报价平 均约 3588 元/吨，环比增长 5.13%，合股纱个别产品提涨明显，且货源紧俏度延 研究助理 续；同样，电子纱及电子布报价维稳、新价逐步落实，目前电子纱 G75 主流报价 约7 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][6]. Core Views - The company's waste disposal main business is steadily developing, while the lithium battery recycling business is under short-term pressure. The rubber regeneration sector shows promising potential [2][8]. - The company has successfully adjusted waste treatment fees for six projects, leading to increased revenue from waste disposal [18]. - The company is expected to see revenue growth from 34.65 billion yuan in 2024 to 39.97 billion yuan in 2026, with corresponding net profits increasing from 7.2 billion yuan to 8.59 billion yuan during the same period [2][3]. Financial Performance Summary - In 2023, the company achieved total revenue of 3,178 million yuan, a decrease of 5.14% year-on-year, and a net profit of 603 million yuan, down 17.13% year-on-year [24]. - The projected revenues for 2024, 2025, and 2026 are 3,465 million yuan, 3,701 million yuan, and 3,997 million yuan, respectively, with net profits expected to be 720 million yuan, 794 million yuan, and 859 million yuan [3][20]. - The gross profit margin is projected to improve from 37.3% in 2023 to 38.0% in 2026 [20]. Business Segment Performance - The waste incineration power generation projects have generated a cumulative power output of 2.922 billion kWh in 2023, with a cumulative waste input of 9.2369 million tons [1]. - The company processed 738,300 tons of kitchen waste in 2023, a 19.16% increase from the previous year, with revenue from this segment reaching 363 million yuan, up 11.63% year-on-year [1][2]. - The rubber regeneration segment reported a revenue increase of 506.68% in 2023, indicating significant growth potential as production capacity expands [26].

[Table_Main] 证券研究报告 | 行业点评 汽车 2024年04月27日 汽车以旧换新补贴实施细则发 汽车 布，有望促进更新替换需求 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  事件：4月26日，商务部、财政部等7部门联合发布《汽车以旧换新补贴实施细 邮箱：dengjq＠tebon.com.cn 则》，明确了补贴范围和标准。自《细则》印发之日至2024年12月31日期间， 赵悦媛 报废国三及以下排放标准燃油乘用车或2018年4月30日前注册登记的新能源乘 资格编号：S0120523100002 用车，并购买符合节能要求乘用车新车的个人消费者，可享受一次性定额补贴。其 邮箱：zhaoyy5＠tebon.com.cn 中，对报废上述两类旧车并购买符合条件的新能源乘用车的，补贴 1 万元；对报 赵启政 废国三及以下排放标准燃油乘用车并购买 2.0 升及以下排量燃油乘用车的，补贴 资格编号：S0120523120002 7000元。国三及以下排放标准燃油乘用车是指在2011年6月30日前注册登记的 邮箱：zhaoqz ...

[Table_Main] 证券研究报告 | 行业周报 公用事业 2024年04月27日 ESG 周报：金融监管总局印发《关于 公用事业 推动绿色保险高质量发展的指导意 优于大市（维持） 见》； 极端天气导致欧洲去年经济损 证券分析师 郭雪 失超百亿欧元 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn [ 投Tab 资le_ 要Su 点mm ：ar y] 研究助理  热点聚焦： 卢璇 邮箱：luxuan＠tebon.com.cn 国内：为充分发挥保险在促进经济社会发展全面绿色转型中的重要作用，近日金  刘正 融监管总局印发了《关于推动绿色保险高质量发展的指导意见》(以下简称《指导 邮箱：liuzheng3＠tebon.com.cn 意见》)。《指导意见》主要包括五个部分、二十四条举措。分别从总体要求、加 强重点领域绿色保险保障、加强保险资金绿色投资支持、加强绿色保险经营管理 市场表现 能力支撑以及工作保障等五个方面提出明确要求。 公用事业 沪深300 10%  国外：世界气象组织：极端天气导致欧洲去年经济损失超百亿欧元。当地时间 22 5% 日，世界气象组织与欧盟气候 ...

[Table_Main] 证券研究报告 | 公司点评 中国核电(601985.SH) 2024年04月27日 中国核电（601985.SH）： 核 买入（维持） 所属行业：公用事业/电力 电、新能源稳定发电， 业绩稳步 当前价格(元)：9.28 增长符合预期 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 投资要点 卢璇 邮箱：luxuan＠tebon.com.cn  事件：公司发布2023年年报及24年一季报， 2023年公司实现营业收入749.57 亿元，与上年同期（调整后）相比，同比增加 5.15%，实现归母净利润 106.24 刘正 亿元，与上年同期（调整后）相比，同比增加 17.91%；扣非归母净利润 103.96 邮箱：liuzheng3＠tebon.com.cn 亿元，与上年同期（调整后）相比，同比增加 15.06%。2024 年一季度公司实现 市场表现 营业收入 179.88 亿元，与上年同期（调整后）相比，同比增加 0.53%，实现归 中国核电 沪深300 母净利润 30.59亿元，与上年同期（调整后）相比，同比增加 1.18 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance in the market [2][4]. Core Insights - The company achieved a revenue of 917 million yuan in Q1 2024, representing a year-on-year growth of 10.27%. The net profit attributable to the parent company was 79 million yuan, up by 1.68%, while the net profit excluding non-recurring items was 67 million yuan, increasing by 7.79% [2][4][11]. - The report highlights the importance of fire safety in the context of frequent fire incidents, positioning the company as a leading player in integrated fire safety solutions with strong competitive advantages [4]. - The company is projected to achieve net profits of 784 million yuan, 915 million yuan, and 1.079 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.03, 1.21, and 1.42 yuan [4]. Financial Performance and Forecast - In Q1 2024, the company's gross margin was approximately 41.28%, an increase of 2.44 percentage points year-on-year, attributed to various cost control measures and the use of self-developed chips [11]. - The overall expense ratio for the company in Q1 2024 was 30.53%, reflecting an increase of 1.65 percentage points year-on-year, primarily due to stock option expenses and rising labor costs [11]. - The company reported a cash flow from operating activities of 231 million yuan in Q1 2024, with a cash balance of 2.513 billion yuan and a debt-to-asset ratio of 20.7%, indicating a strong financial position [11]. Business Segments and Growth Drivers - The traditional fire alarm business showed stable growth, with the "Jiuyuan" brand experiencing a notable increase in revenue. The overseas business also maintained rapid growth, with orders from France's Finsecur and Canada's Maple Armor brands increasing by over 20% year-on-year [11]. - The company is actively pursuing acquisitions to enter the consumer market for standalone detectors, which presents significant growth potential in the overseas market [11].

[Table_Main] 证券研究报告 | 公司点评 北新建材(000786.SZ) 2024年04月27日 买入（维持） 北新建材（000786.SZ）：24Q1 业绩逆势 所属行业：建筑材料/装修建材 高增，主业基础夯实，两翼加速腾飞 当前价格(元)：30.08 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024年4月26日，公司发布2024年第一季度报告，24Q1公司实现营收约 邮箱：yanguang＠tebon.com.cn 59.44 亿元，同比+24.62%，实现归母净利润约 8.22 亿元，同比+38.11%，实现 王逸枫 扣非归母净利润约7.91亿元，同比+40.68%。 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 销量增长带动收入逆势高增，毛利率同比改善。24Q1房地产基本面中销售与投资  研究助理 整体依旧承压，根据国家统计局，24 年1-3月全国房地产开发投资同比下降9.5%， 地产销售/新开工同比分别下降19.4%/27.8%。行业承压但公司逆势实现收入同比 增长24.62%至59.44亿元，主要系石膏板等产 ...

资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 卢璇 邮箱：luxuan＠tebon.com.cn 市场表现 事件：公司发布 2023 年年报及 2024 年一季报，2023 年公司实现营收 74.96 亿元，同比增长 22.86%；实现归母净利润 6.55 亿元，同比增长 53.73%；实现扣 非后归母净利润 5.66 亿元，同比增长 50.49%。其中，2023Q4 公司实现营业收 入为 19.2 亿，同比增长 6.39%；实现归母净利 0.9 亿，同比下降 6.99%；实现扣 非后归母净利润 0.32 亿元，同比下降 65.51%。2024Q1 实现营收 16.35 亿元， 同比增长 4.46%；实现归母净利润 1.22 亿元，同比增长 13.78%；实现扣非后归 母净利润 0.94 亿元，同比减少 3.69%。 -40% -20% 0% 20% 40% 冰轮环境 沪深300 相关研究 高毛利产品占比提升，盈利能力改善。分行业看，2023 年公司设备销售/工程施工 分别实现收入 65.28/4.94 亿元，yoy+34.32%、-16.56%；其中工业产品销 ...