[Table_Main] 证券研究报告 | 公司点评 平煤股份(601666.SH) 2024年04月26日 平煤股份：业绩同比下滑，高 买入（维持） 所属行业：煤炭 股息凸显投资价值 当前价格(元)：13.20 证券分析师 翟堃 投资要点 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊  事件：公司发布2024年一季度业绩报告。公司2024年一季度实现营业收入82.44 资格编号：S0120524020001 亿，同比-4.5%；归母净利润 7.4 亿元，同比-35.4%；扣非后归母净利润 7.55 亿 邮箱：xuelei＠tebon.com.cn 元，同比-26.1%。 研究助理 煤炭业务：销量下滑拖累业绩，售价同比回升。2024年一季度，公司产销受十二  谢佶圆 矿事故影响出现下滑，原煤产量663万吨，同比-15%，商品煤销量691万吨，同 邮箱：xiejy＠tebon.com.cn 比-12.9%，其中自产煤销量588万吨，同比-16.9%。2024年一季度，公司商品煤 综合售价1156元/吨，同比+9.5%；综合成本834元/吨，同比+11.3%。 ...

[Table_Main] 证券研究报告 | 公司点评 伟星新材(002372.SZ) 2024年04月27日 买入（维持） 伟星新材（002372.SZ）：24Q1 收入增长 所属行业：建筑材料/装修建材 +毛利率同比改善，零售韧性持续显现 当前价格(元)：17.00 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 年一季度报告，24Q1 实现营收 9.97 亿 邮箱：yanguang＠tebon.com.cn 元，同比+11.19%，实现归母净利润约1.54亿元，同比-11.56%，实现扣非归母净 王逸枫 利润约1.42亿元，同比+37.61%。 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 24Q1 收入稳健增长，毛利率同比改善。24Q1 行业未见明显起色，地产销售与投资 研究助理 整体依旧承压，24 Q1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%。公司在需求疲软情况下依然实现收入逆势增长11.19%至 9.97亿元，我们认为或主要系公司积极 ...

[Table_Main] 证券研究报告 | 公司点评 中国汽研(601965.SH) 2024年04月26日 2023 年收入利润创新高，智能 买入（维持） 所属行业：汽车/汽车服务 网联业务稳中求进 当前价格(元)：19.60 证券分析师 投资要点 邓健全 资格编号：S0120523100001 事件：2024年4月25日，公司发布2023年年报&2024年一季报，收入利润均  邮箱：dengjq＠tebon.com.cn 创历史新高。2023年公司实现营业收入40.1亿元，同比+21.8%，实现归母净利 赵悦媛 润8.3亿元，同比+19.8%，实现扣非归母净利润7.5亿元，同比+15.8%；2024Q1 资格编号：S0120523100002 实现营业收入8.6亿元，同比+21.8%，实现归母净利润1.6亿元，同比+15.2%， 邮箱：zhaoyy5＠tebon.com.cn 实现扣非归母净利润1.5亿元，同比+14.1%。 赵启政 资格编号：S0120523120002 产品结构变化导致毛利率有所下降。2023 年公司实现综合毛利率 43.0%，同比-  邮箱：zhaoqz＠tebon.com.cn ...

Investment Rating - The report maintains a "Buy" rating for the company [19][24]. Core Views - The company is expected to experience rapid revenue growth driven by its aluminum alloy casting and wheel segments, with projected revenues of 28.68 billion, 34.63 billion, and 41.84 billion for 2024, 2025, and 2026 respectively [19][21]. - The net profit for the company is forecasted to reach 938 million, 1.14 billion, and 1.32 billion for the same years, indicating a strong growth trajectory [19][21]. - The company has secured multiple fixed-point projects that will gradually release sales, with total expected sales of approximately 19.4 billion from one project alone [22]. Financial Data Summary - **Stock Data**: Total shares outstanding are 626.02 million, with a market capitalization of 12,313.81 million [1]. - **Revenue and Profit Forecast**: The company’s revenue is projected to grow from 23.37 billion in 2023 to 41.84 billion by 2026, with a net profit increase from 606 million to 1.32 billion over the same period [1][19]. - **Earnings Per Share (EPS)**: The EPS is expected to rise from 0.97 in 2023 to 2.12 by 2026 [2][19]. - **Profitability Metrics**: The gross margin is forecasted to be around 10.5% to 10.9% from 2023 to 2026, while the net profit margin is expected to improve from 2.6% to 3.4% [2][19]. - **Valuation Ratios**: The P/E ratio is projected to decrease from 21.77 in 2023 to 9.30 by 2026, indicating an attractive valuation as earnings grow [2][19].

[Table_Main] 证券研究报告 | 公司点评 长电科技(600584.SH) 2024年04月26日 长电科技(600584.SH)：Q1 营收 买入（维持） 所属行业：电子/半导体 同比增长，持续加强产业布局 当前价格(元)：25.17 证券分析师 投资要点 陈蓉芳 资格编号：S0120522060001 事件：4月24日长电发布发布2024年一季度报告，2024年第一季度公司实现营  邮箱：chenrf＠tebon.com.cn 收 68.42 亿元，同比增长 16.75%，环比下滑 25.88%；实现归母净利润 1.35 亿 陈瑜熙 元，同比增长23.01%，环比下滑72.29%；实现扣非归母净利润1.08亿元，同比 资格编号：S0120524010003 增长91.33%，环比下滑81.30%。 邮箱：chenyx5＠tebon.com.cn 市场表现 收购晟碟半导体，加速产业布局。3月4日，长电管理公司与SANDISK签署股权  收购协议，长电管理公司拟收购晟碟半导体 80%股权。晟碟半导体主要从事先进 长电科技 沪深300 闪存存储产品的研发、封装和测试，本次交易将扩大长电在存储及运算 ...

大家好我是泽邦之观公务业务部的李国航欢迎大家收看今日万达的再次解盘下面请大家跟我看一下今天的市场走势基本上昨天由于央行提示这种长端利率风险的这种情绪继续发酵所以昨天有一个比较大的回调但是回调也只于一天 从今天的利率走势来看除了超商期的国债其余的期限基本都是还在收益率下行中等期限下行的比较多在当前资金面众策面以及基本面都没有大的改变之前整体上还属于一个债券市场的一个牛市的一个行情中然后我们再看一下今天的一个二级市场成交情况目前来看 全市场基本上成交的收益率还普遍在4以下算上公务和非公开基本上成交在3以上的债券是比较少的主要还是集中在3以下如果我们把焦点集中在短期的公务债来看今天的成交还基本都维持在2.5以下总体上当前还是处于一个债券的资产荒行情中 下面跟大家分享一下我对近期债券市场的一些看法首先还是看之前比较火热的市场关注较高的30年国债我是从基本面的角度来看这件事从去年的年底以来我们的宏观经济修复是比较缓慢的虽然我们GDP的实际增速在保持5%附近基本上完成了政府设定的目标但是由于我们这个通缩压力比较大导致民意增长面临一个更大的压力 基本上从去年年底以来 我们的GDP的一个民意增速只在4%附近 要比实际增速低很 ...

Investment Rating - The report maintains an "Outperform" rating for the AI PC sector in 2024 [1]. Core Insights - The AI PC market is poised for significant growth, transitioning from "AI Ready" to "AI On," with a projected penetration rate in China rising from 8.1% in 2023 to 54.7% in 2024, indicating a transformative phase for personal AI assistants [5][29]. - Major processor manufacturers, including Intel, AMD, and Qualcomm, have launched new AI PC processors, marking a critical moment for the industry as these products are expected to drive demand and innovation [27][29]. - The report highlights the potential for the AI PC to enhance productivity through features like natural language interaction and integrated AI capabilities, which are becoming standard in new models [16][19]. Summary by Sections 1. What is AI PC? - AI PCs are evolving from basic functionalities like video conferencing and smart assistants to fully-fledged personal AI assistants, characterized by natural language interaction and embedded large models [11][16]. - The ideal AI PC will feature a combination of NPU, CPU, and GPU to support complex AI tasks and enhance user experience [23][24]. 2. Milestones in AI PC Development - The end of 2023 marks a pivotal moment for AI PC development, with multiple new processors being released, setting the stage for a significant market shift in 2024 [5][29]. - The report notes a recovery in global PC shipments in Q1 2024, suggesting a favorable environment for AI PC adoption as consumers look to upgrade [32]. 3. AI PC Industry Chain - The AI PC industry chain is expected to benefit significantly, with opportunities arising in the complete machine assembly, cooling components, and IC design sectors [6][34]. - The report identifies key players in the supply chain, including Lenovo, Wistron, and various component manufacturers, as potential beneficiaries of the AI PC trend [6][34]. 4. Market Potential and Pricing - The AI PC market is projected to grow rapidly, with an expected increase in average prices due to enhanced features and capabilities, potentially exceeding 100 billion yuan in market size by 2027 [34][36]. - The report anticipates that by 2027, 60% of PCs will incorporate AI functionalities, reflecting a significant shift in consumer preferences and technological advancements [34][36].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 170.87 billion yuan in 2023, a year-on-year increase of 2.41%, while the net profit attributable to shareholders decreased by 39.67% to 21.24 billion yuan [5] - The coal business showed a growth in production and sales volume, with self-produced coal output increasing by 4.1% to 163.72 million tons in 2023 [5] - The company plans to distribute a cash dividend of 13.15 yuan per 10 shares, resulting in a dividend payout ratio of 60.03% and a dividend yield of 5.21% based on the closing price on April 25 [6] - The company expects net profits for 2024-2026 to be 21.56 billion, 22.42 billion, and 23.40 billion yuan respectively, with corresponding P/E ratios of 11.3, 10.8, and 10.3 [5][8] Financial Performance Summary - In 2023, the company achieved a gross profit of 62.5 billion yuan from its coal business, with a gross margin of 38%, a decrease of 7.06 percentage points year-on-year [5] - The company’s total assets were reported at 201.97 billion yuan, with a debt-to-asset ratio of 34.01% as of the end of Q1 2024 [6][8] - The company’s operating income for Q1 2024 was 40.45 billion yuan, a decrease of 9.73% year-on-year, while the net profit attributable to shareholders was 4.65 billion yuan, down 32.69% [5] Production and Sales Data - In 2023, the company’s self-produced coal sales volume reached 16.37 million tons, an increase of 5.3% year-on-year, while trade coal sales rose by 29% to 8.95 million tons [5] - For Q1 2024, the company reported a coal production of 4.15 million tons, a year-on-year increase of 1.49%, and sales volume of 6.15 million tons, up 9.16% [5]

Investment Rating - The report maintains a "Buy" rating for Baowu Magnesium Industry (002182.SZ) [3][7]. Core Views - The magnesium industry faced weak supply and demand in 2023, but the company's sales volume of magnesium products is expected to improve in the future [3][5]. - In 2023, the company's revenue was 7.651 billion yuan, a year-on-year decrease of 15.96%, and the net profit attributable to the parent company was 306 million yuan, down 49.82% year-on-year. However, in Q1 2024, revenue increased by 10.03% year-on-year to 1.863 billion yuan, and net profit rose by 19.94% to 60.72 million yuan [4][5]. Summary by Sections Market Performance - Baowu Magnesium's stock performance has been significantly lower than the market, with a 34% decline compared to the CSI 300 index [3]. Financial Performance - In 2023, the company reported a revenue of 7.651 billion yuan and a net profit of 306 million yuan. The forecast for 2024 shows expected revenues of 9.126 billion yuan and a net profit of 417 million yuan [4][10]. Industry Overview - The global magnesium market experienced a significant downturn in 2023, with production down by 9.9% to 1 million tons and consumption down by 8.7% to approximately 1.05 million tons. The average price of magnesium ingots in China fell by 27.23% to 23,699.21 yuan per ton [5][6]. Demand Expansion - The company is actively expanding its demand in various sectors, including automotive die-casting, construction templates, low-altitude economy, and magnesium-based hydrogen storage materials [6][7]. Profit Forecast - The revenue projections for Baowu Magnesium for 2024 to 2026 are 9.126 billion yuan, 12.414 billion yuan, and 16.394 billion yuan, respectively, with net profits expected to be 417 million yuan, 707 million yuan, and 959 million yuan [7][10].

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [1] Core Views - The food and beverage sector has seen significant institutional allocation, with a total market value of heavy holdings reaching CNY 384.998 billion in Q1 2024, reflecting a 2.67% increase quarter-on-quarter [2][16] - The report highlights a clear preference for leading companies in the sector, particularly in the liquor segment, where major brands like Kweichow Moutai and Wuliangye are favored [2][4] Summary by Sections Market Performance - The food and beverage index increased by 0.23% in Q1 2024, underperforming the CSI 300 index by 8.17 percentage points, ranking 14th among 31 first-level sub-industries [10][13] Institutional Holdings - The food and beverage sector's heavy holding ratio remains the highest among all industries at 14.14%, with a significant increase in the allocation to liquor stocks [16][17] - The top four heavy holdings in Q1 2024 include Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, with Kweichow Moutai's holding ratio rising to 5.43% [19][29] Sub-Sector Analysis - The liquor segment has seen a notable increase in heavy holdings, with the ratio rising to 12.54% and the overweight ratio to 8.13% in Q1 2024 [21][22] - The beer segment has reversed a three-quarter decline, with heavy holdings increasing to 0.43% [22] - The snack segment shows a positive trend, with leading companies like Jianzi Foods and Yanjinpuzi seeing increased institutional interest [22][24] Individual Stock Holdings - Despite a general trend of reduced holdings, the overall market value of heavy holdings in the food and beverage sector has increased, driven by larger companies [27] - The top ten heavy holdings in Q1 2024 are dominated by liquor stocks, with Kweichow Moutai, Wuliangye, and Luzhou Laojiao leading the list [28][29]