Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][8]. Core Views - The company reported a revenue of 416 million yuan in 2023, representing a year-on-year growth of 17.18%. However, the net profit attributable to shareholders decreased by 38.23% to 28 million yuan [5][8]. - The company has made progress in new product and industry promotion, with significant revenue growth in the semiconductor sector, which increased by 842.51% in 2023, indicating initial success in expanding into new industries [6][8]. - The overall gross margin for the company was 43.79%, a decrease of 3.92 percentage points year-on-year, primarily due to rising raw material costs and increased depreciation from new production lines [6][8]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 116 million yuan, a year-on-year increase of 9.5%, but the net profit dropped by 91.07% to 1 million yuan [5][6]. - For Q1 2024, the company reported a revenue of 105 million yuan, a year-on-year growth of 9.19%, while the net profit decreased by 10.05% to 12 million yuan [5][6]. - The company’s R&D expenses accounted for 12.6% of total expenses in 2023, reflecting a commitment to enhancing R&D capabilities [7][8]. Revenue and Profit Forecast - The company is projected to achieve revenues of 473 million yuan, 539 million yuan, and 623 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 13.7%, 13.9%, and 15.5% [8][10]. - The net profit attributable to shareholders is expected to be 41 million yuan, 52 million yuan, and 69 million yuan for the same years, with growth rates of 47.3%, 29.2%, and 31.5% [8][10].

Investment Rating - The report maintains a "Buy" rating for Yongtai Energy [2] Core Views - Yongtai Energy reported a total revenue of 30.12 billion yuan in 2023, a year-on-year decrease of 15.9%, while the net profit attributable to shareholders was 2.266 billion yuan, an increase of 18.67% year-on-year [3][4] - The company is experiencing a significant recovery in its power generation business, with a notable increase in net profit in Q4 2023, which reached 642 million yuan, up 74.5% year-on-year [4] - The company is advancing key projects, including coal mining and energy storage, which are expected to enhance future growth [4] Financial Performance Summary - In 2023, Yongtai Energy achieved a coal production of 12.97 million tons and a sales volume of 12.99 million tons, both up by 17.6% year-on-year [4] - The average selling price of coal was 872.5 yuan per ton, down 27.7% year-on-year, while the cost per ton was 390.42 yuan, down 13.6% year-on-year [4] - The company completed a power generation of 37.349 billion kWh in 2023, an increase of 4.2% year-on-year, with a significant reduction in power generation costs [4] - The projected net profits for 2024, 2025, and 2026 are 2.7 billion yuan, 3.0 billion yuan, and 3.1 billion yuan respectively, with corresponding EPS of 0.12, 0.13, and 0.14 yuan [5][7] Key Projects and Future Growth - The company is on track with its coal mining project in Shaanxi, which is expected to start production in Q3 2026 [4] - The energy storage production line is set to be completed by Q4 2024, which is anticipated to open a new growth avenue for the company [4]

[Table_Main] 证券研究报告 | 公司点评 光威复材(300699.SZ) 2024年04月29日 光威复材（300699.SZ）：24Q1 收入承 买入（维持） 压，碳梁业务海外新客户开始放量，股权 所属行业：国防军工/航空装备Ⅱ 当前价格(元)：26.26 激励考核目标优化 证券分析师 投资要点 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn  事件: 2024年4月28日公司发布2024年第一季度报告，24Q1公司实现营收约 王逸枫 5.12亿元，同比-8.11%，归母净利润约1.57亿元，同比-8.24%，扣非归母净利润 资格编号：S0120524010004 约1.26亿元，同比-19.58%。 邮箱：wangyf6＠tebon.com.cn 碳纤维价格下调致收入延续下降趋势，碳梁海外新客户发力。24Q1公司收入延续  研究助理 下降趋势，同比下降8.11%，分业务来看： 1）拓展纤维受降价影响明显，大合同执行稳步推进：24Q1 公司拓展纤维板块实 市场表现 现收入约3.16亿元，同比-7.12%，主要受通用高性能碳纤维价格下降和高强高模 ...

Group 1: Economic Insights - The automotive trade-in program is expected to boost consumption by approximately CNY 251 billion to CNY 464.5 billion, accounting for 1.3%-2.5% of the total retail sales of consumer goods above the limit in 2024[1] - In Q1 2024, the US GDP growth rate was 1.6%, lower than the Federal Reserve's GDPNow model prediction of 2.7% and analyst expectations of 2.5%[2] - Domestic industrial profits have significantly declined, with a year-on-year growth of only 4.3% in the first three months, indicating weak demand and price pressures[25] Group 2: Market Trends - Foreign capital inflow into the stock market reached a record high on a single day, driven primarily by trading institutions, reflecting optimism about future economic recovery[1] - The first quarter of 2024 saw a notable increase in service consumption, contributing 1.78% to GDP growth, indicating a shift towards stronger service sector performance[59] - The automotive trade-in program includes subsidies of CNY 7,000 for scrapping fuel vehicles and CNY 10,000 for switching to new energy vehicles, funded by a 60:40 ratio between central and local governments[45] Group 3: Fiscal and Monetary Policy - March fiscal revenue showed weakness, with VAT declining by 7.1% year-on-year, while non-tax revenue remained under pressure due to various tax reduction policies[33] - The central bank's recent policies support a maximum loan issuance ratio of 100% for traditional and new energy vehicles, facilitating the trade-in program[45] - The issuance of special bonds is expected to accelerate in Q2 2024, following a slow start in local bond issuance due to previous debt issuance affecting project planning[4]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported a slight decrease in revenue for 2023, with a total of 23.46 billion yuan, down 0.5% year-on-year, while net profit increased by 5.6% to 7.64 billion yuan [3] - In Q1 2024, the company achieved a revenue of 4.42 billion yuan, reflecting a year-on-year growth of 3.6%, and net profit rose by 17.3% to 1.07 billion yuan [3] - The increase in electricity prices has helped stabilize revenue despite a decrease in power generation due to lower water levels [3][4] - The company expects revenue growth of 7.0%, 14.0%, and 5.6% for the years 2024, 2025, and 2026, respectively, with net profit growth of 9.0%, 16.1%, and 3.8% for the same years [4] Financial Summary - The company’s total assets are valued at 196.68 billion yuan, with a market capitalization of 174.06 billion yuan [5] - The earnings per share (EPS) for 2023 is 0.40 yuan, projected to increase to 0.46 yuan in 2024 and 0.54 yuan in 2025 [6] - The gross profit margin for 2023 is reported at 56.4%, with expectations to rise to 57.6% in 2024 [6] - The net profit margin for 2023 stands at 35.1%, projected to increase to 35.8% in 2024 [6] Market Performance - The company’s stock has shown an absolute increase of 10.89% over the last three months, outperforming the market [2]

Investment Rating - The report maintains a "Buy" rating for Mango Excellent Media (300413.SZ) [1] Core Views - The advertising revenue has stabilized, and the platform has significant potential for international expansion [1][5] - The company achieved total revenue of 14.628 billion yuan in 2023, a year-on-year increase of 4.66%, with a net profit of 3.556 billion yuan, reflecting a substantial year-on-year growth of 90.73% [2][5] - The company is expected to maintain growth in its core business, with a rich content pipeline and a recovery in advertising revenue [5] Summary by Sections Market Performance - The stock has shown a relative decline of 46% compared to the CSI 300 index as of April 2023, with absolute performance of -4.60% in August 2023 [2] Financial Performance - In Q1 2024, the company reported revenue of 3.324 billion yuan, a year-on-year increase of 7.21%, while net profit was 472 million yuan, down 13.85% year-on-year due to changes in corporate income tax policy [2][5] - The company expects revenues of 16.222 billion yuan, 17.693 billion yuan, and 19.009 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 2.003 billion yuan, 2.300 billion yuan, and 2.557 billion yuan [5][7] Content and Programming - The company has a robust lineup of content, with over 80 films and series planned for 2024, including popular titles and a focus on short dramas [3][4] - The "Big Mango Plan" aims to produce 200 vertical screen short dramas in 2024, enhancing the company's content offerings [3] Membership and Advertising - Membership revenue reached 4.315 billion yuan in 2023, a year-on-year increase of 10.23%, with a total of 66.53 million effective members [4] - Advertising revenue was 3.532 billion yuan in 2023, down 11.57% year-on-year, but showed signs of recovery with a 15.95% increase in Q4 [4] International Expansion - The Mango TV international app has been downloaded over 140 million times and is set to expand its user base globally, particularly in Southeast Asia [5] - The company has initiated a "User Doubling Plan" to enhance international content distribution and user experience [5] Profitability and Valuation - The report forecasts a decline in net profit for 2024 primarily due to tax impacts, but operational performance remains strong [5] - The company is expected to maintain a gross margin of 34.6% in 2024, with a net profit margin of 12% [7]

[Table_Main] 证券研究报告 | 公司点评 泸州老窖(000568.SZ) 2024年04月28日 泸州老窖（000568）2023 年报及 2024 买入（维持） 一季报点评：业绩良好兑现，公司经营全 所属行业：食品饮料/白酒Ⅱ 当前价格(元)：186.42 方面提升 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 收入略超预期，业绩符合预期，Q3末预收款充足。 2023年，公司实现收入/业绩  邮箱：xiongpeng＠tebon.com.cn 302.33/132.46亿元，同比+20.34%/+27.79%，收入业绩符合预期，2023年稳健收 沈嘉雯 官。2024Q1，公司实现收入/业绩91.88/45.74亿元，同比+20.74%/+23.20%，一季 资格编号：S0120524040003 度经营业绩平稳落地，为全年业绩稳健增长打下基础。Q1末合同负债25.35亿元， 邮箱：shenjw3＠tebon.com.cn 同比+46.88%，一季度末预收款充足，为二季度业绩稳健增长打下基础，销售收现 研究助理 106.41亿元，同比+32.31%，整体经营质量较高。 中高 ...

[Table_Main] 证券研究报告 | 公司点评 安井食品(603345.SH) 2024年04月28日 买入（维持） 安井食品（603345.SH）：Q1 主 所属行业：食品饮料/食品加工 业稳健增长，净利率再创新高 当前价格(元)：83.99 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布2023年年度与2024年第一季度业绩报告。公司2023年实现营  邮箱：xiongpeng＠tebon.com.cn 收140.45亿元，同比+15.29%；归母净利润14.78亿元，同比+34.24%；扣非归 韦香怡 母净利润13.65亿元，同比+36.80%。其中，2023Q4实现营收37.74亿元，同比 资格编号：S0120522080002 -6.27%；归母净利润3.56亿元，同比-13.41%；扣非归母净利润3.38亿元，同比 邮箱：weixy＠tebon.com.cn -13.93%。2024Q1实现营收37.55亿元，同比+17.67%；归母净利润4.38亿元， 同比+21.24%；扣非归母净利润4.20亿元，同比+21.56%。 市场表现 主业营收稳健增长，核 ...

张崇欣 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 市场表现 -26% -17% -9% 0% 9% 华钰矿业 沪深300 盈利预测。我们预计公司 2024-2026 年实现营收分别为 19.4/24.6/24.6 亿元；实 现归母净利 2.7/3.7/3.7 亿元；实现 EPS 分别为 0.35/0.47/0.47 元。截至 2024 年 4 月 26 日收盘对应 2024-2026 年 PE 分别为 27.5x、20.4x、20.3x，维持"买入" 评级。 2023 年塔铝金业产量放量不及预期，投产后费用增加。塔铝金业项目 5000 吨/ 天采选生产、环保及生产辅助保障系统经过一年多的生产和调试，已达到采选 5000 吨/天的设计生产规模。采选矿石量方面，2023 年计划 139.7 万吨，采矿量 实际完成 138.48 万吨，完成率 99.10%；入选矿石量实际完成 124.19 万吨，完成 率 88.90%。金属量方面，计划金 1502.13 公斤，实际完成 1001.21 公斤，完成 率 66.7 ...

[Table_Main] 证券研究报告 | 公司点评 明泰铝业(601677.SH) 2024 年 04 月 28 日 证券分析师 翟堃 -43% -34% -26% -17% -9% 0% 9% 17% 26% 明泰铝业 沪深300 2023-04 2023-08 2023-12 1.《明泰铝业（601677.SH）：Q3 业绩 受加工费下行影响，环比走弱》， 2023.10.27 投资要点 2024Q1 产销实现增长，加工费位于底部，盈利或进入改善通道。据公司经营快 报，2023 年 1-3 月累计实现铝板带箔销量 33.99 万吨，同比增加 16.0%，实现铝 型材销量 0.41 万吨，同比增加 5.1%。2024Q1 季度 1060 压花板(河南)平均加工 费报 650 元/吨，同比大幅下降 43.5%，环比持平；2024Q1 季度 8011 食品箔坯 料（河南）平均加工费报 700 元/吨，同比大幅下降 48.1%，环比持平。公司产品 销售采取"铝锭价格+加工费"的定价原则，利润主要来源于加工费，2024Q1 公 司以量补价，业绩实现同环比改善。 盈利预测。根据加工费以及公司远期产销量目标，我们预计 ...