Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Views - The company achieved a revenue of 15.683 billion yuan in 2023, representing a year-on-year increase of 17.8%, and a net profit of 1.751 billion yuan, up 32.98% [5][10]. - The company is actively expanding its photovoltaic glass production capacity, with a total of 8,200 tons/day by the end of 2023, and plans for further expansion in Malaysia [7][10]. - The company has introduced its fifth employee stock ownership plan, enhancing employee motivation and aligning their interests with the company's growth [8][10]. Financial Performance - In Q1 2024, the company reported a revenue of 3.857 billion yuan, a 23.2% increase, and a net profit of 442 million yuan, up 292.3% [5][10]. - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling approximately 883 million yuan, with a payout ratio of 50.44% [5][10]. - The gross profit margin for Q1 2024 was 26.09%, with a net profit margin of 12.18%, reflecting stable profitability despite raw material price fluctuations [6][10]. Market Position and Outlook - The company is positioned to benefit from the recovery in the real estate sector, with a 17% year-on-year increase in real estate completions in 2023, supporting glass demand [6][10]. - The report forecasts the company's earnings for 2024-2026 to be 2.167 billion, 2.420 billion, and 2.633 billion yuan, respectively, with corresponding EPS of 0.81, 0.90, and 0.98 yuan [8][10]. - The company is expected to maintain stable profitability in the float glass industry while expanding into new growth areas such as photovoltaic and electronic glass [8][10].

[Table_Main] 证券研究报告 | 宏观点评 | --- | --- | --- | --- | --- | |------------|-------|-------|------------------------|-------| | 宏观点评 | | | | | | | | | 央行采访释放出哪些信息 | | | 证券分析师 | | | | | 研究助理 [Table_Summary] 投资要点： 央行采访释放出的五重信息：我们认为，央行负责人本次表述中释放出央行或比市 场对经济更乐观、长期国债收益率下行或是由于供求关系、央行或认同后续通胀上 升有望带动长债收益率回升、利率风险可能在于长债收益率回升后的市场衍生风 险、作为货币政策工具储备的"央行购债"或将双向操作五重信息。 其二，对于今年以来长债收益率的下行，央行认为或是由于供求关系导致的。央行 负责人表示"长期国债收益率主要反映长期经济增长和通胀的预期，但同时也会受 到供求关系等其他因素的扰动"，或指向央行认为今年以来长债收益率下行可能是 供求关系导致的。从发行情况来看，今年以来国债发行力度并不低，反而持续高于 2019 年以来同期，但地方 ...

[Table_Main] 证券研究报告 | 公司点评 中煤能源(601898.SH) 2024年04月25日 中煤能源：产销下滑拖累业绩， 买入（维持） 所属行业：煤炭 产业布局成长可期 当前价格(元)：11.24 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件：公司发布2024年度一季度业绩报告。公司一季度实现营业收入453.95亿，  邮箱：zhaikun＠tebon.com.cn 同比-23.27%；归母净利润 49.7 亿元，同比-30.55%；扣非归母净利润 48.92 亿 薛磊 元，同比-31.42%。 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 煤炭业务：商品煤产销下滑，价格回落。2024年一季度，公司商品煤产量/销量为  研究助理 3273/6387万吨，同比-1.71%/-14.58%，其中自产商品煤销量 3231万吨，同比- 0.8%；贸易煤销量 2973 万吨，同比-24.37%。2024 年一季度，公司自产煤售价 谢佶圆 为 598元/吨，同比-10.88%；吨煤成本 290.97元，同比+6.76%；吨煤毛利 3 ...

Investment Rating - The coal industry is rated as "Outperforming the Market" [2][21]. Core Viewpoints - In Q1 2024, the coal sector showed significant excess returns, outperforming the Shanghai Composite Index with a rise of 10.46% compared to the index's 2.23%, resulting in an excess return of 8.24 percentage points [8][10]. - The coal sector's holdings in public funds remain low at 1.44%, with a slight increase in the allocation but an expanded underweight position [10][21]. - Long-term holding of coal stocks has proven to be significantly rewarding, with an average compound return of 9.4% since listing, and an expected average dividend yield of 6.5% as of April 24, 2024 [5][18][20]. Summary by Sections 1. Fund Holdings Overview - The coal industry demonstrated notable excess returns in Q1 2024, ranking third among Shenwan's primary industries with a 10.46% increase [8]. - The coal sector's holdings accounted for 1.44% of public fund assets, with a slight increase of 0.08 percentage points from the previous quarter [10]. - Shaanxi Coal and New Hope Energy saw the most significant increases in public fund holdings, with New Hope Energy experiencing a substantial increase of 2.35 million shares [15]. 2. Dividend Yield and Long-term Returns - The coal sector maintains a high dividend yield, with many companies reducing capital expenditures while still providing substantial cash dividends, leading to a decrease in overall debt [18]. - The average compound return for coal stocks, including capital gains and dividends, is 9.4%, with reinvested dividends yielding an average of 10.1% [20]. 3. Investment Recommendations - The report suggests three investment directions: 1. High-quality dividend stocks, such as Shaanxi Coal and Shanxi Coal International, which have strong long-term dividend capabilities [21]. 2. Dual-coke elasticity stocks, with recommendations for companies like Lu'an Energy and Pingmei Shenma Group, expected to rebound [21]. 3. Companies with production capacity releases, such as Huahua Energy and Guanghui Energy, which are anticipated to have stronger performance in the next cycle [21].

买入（维持） 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 王逸枫 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 研究助理 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | -23% 2023-04 \n沪深 300 对比 | 2023-08 \n1M | 2023-12 \n2M | 3M | | 绝对涨幅 (%) | 2.38 | -2.08 | 8.55 | | 相对涨幅 (%) | 3.04 | -2.99 | 1.09 | | 资料来源：德邦研究所，聚源数据 | | | | | | | | | 1.《【德邦建材】兔宝宝（002043.SZ）： 业绩符合预期，渠道发力+经营改善有 望持续兑现》，2024.1.30 2.《兔宝宝（002043.SZ）：扩渠道、控 风 险 ， 经 营 质 量 持 续 提 升 》， 2023.10.27 3.《兔宝宝（ ...

所属行业：机械设备/专用设备 当前价格(元)：58.35 买入（维持） 陈蓉芳 -43% -34% -26% -17% -9% 0% 9% 17% 26% 2023-04 2023-08 2023-12 2024-04 芯碁微装 沪深300 相关研究 芯碁微装(688630.SH)：24Q1 营 收增长，泛半导体业务持续拓展 事件：4 月 23 日，芯碁微装发布 2023 年年报和 2024 年一季度报告。2023 年公 司实现营收 8.29 亿元，同比增长 27.07%；归母净利润为 1.79 亿元，同比增长 31.28%。2024 年第一季度公司实现营收 1.98 亿元，同比增长 26.26%；实现归 母净利润 0.40 亿元，同比增长 18.66%。 PCB 领域市占率不断提升，PCB 产业转移带来新的需求增量。公司直接成像设备 市场占有率不断提升，实现了 PCB 前 100 强客户全覆盖，深化与深南电路、生益 电子等客户合作，国际头部厂商鹏鼎控股订单良好，持续攻占高端市场。另外 PCB 产业向东南亚转移的趋势也将持续激发对 PCB 直写光刻设备的需求，当前公司产 品技术节点、品质要求均已达到全球领先水 ...

2024年4月24日 证券研究报告 | 行业深度 大交易频频，叶酸受体（FRα）ADC 有什么魅力？ ---靶点图鉴系列报告 证券分析师 姓名：李霁阳 资格编号：S0120523080003 邮箱：lijy7＠tebon.com.cn 0 FRα ADC获FDA完全批准，并购大交易引关注 ...

证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 张威震 邮箱：zhangwz5＠tebon.com.cn 相关研究 事件：4 月 23 日，洁美科技发布 2024 年一季度报告。2024 年 Q1，公司实现营 收 3.63 亿元，同比增长 17.87%；实现归母净利润 5331 万元，同比增长 69.19%； 实现扣非后归母净利润 5274 万元，同比增长 70.39%。 投资建议：我们调整公司 2024 至 2026 年营业收入预测至 21.12 亿元/28.74 亿元 /37.89 亿元，调整公司归母净利润预测至 3.64 亿元/5.15 亿元/6.98 亿元，以 4 月 23 日收盘价计算，对应 2024 至 2026 远期 PE 分别为 23.53 倍/16.62 倍/12.28 倍，维持"买入"评级。 [Table_Finance] 主要财务数据及预测 2 / 4 请务必阅读正文之后的信息披露和法律声明 公司点评 洁美科技（002859.SZ） 陈蓉芳，电子组长，南开大学本科，香港中文大学硕士，电子板块全覆盖，对于汽车电子、消费电子 ...

1. 产品更新换代不及预期 2. 行业出现新进入者，竞争加剧，转而侵蚀毛利率新产品渗透率不及预期 3. 新产品渗透率不及预期 请务必阅读正文后的信息披露和法律声明 19 / 21 公司首次覆盖 思维列控（603508.SH） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------------------------|-------|------------------------|-------|-------------------------|-------|-------| | 财务报表分析和预测 \n主要财务指标 | 2023A | 2024E | 2025E | 2026E | 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | | 每股指标 ( 元 ) | | | | | 营业总收入 | | 1,180 1,339 1,486 1,652 | | | | 每股收益 | | | ...

Investment Rating - The report maintains a "Buy" rating for Zhongtai Co., Ltd. (300435.SZ) [3] Core Views - The overseas market remains buoyant, and the company is expected to achieve significant growth in performance throughout 2024 [2][6] - The company reported a Q1 2024 revenue of 816 million yuan, a year-on-year decrease of 14.24%, while the net profit attributable to shareholders was 70 million yuan, a year-on-year increase of 0.51% [2] - The company secured new orders worth 1.818 billion yuan in 2023, with overseas orders increasing by 335%, accounting for over 30% of new contracts [6][7] Summary by Sections Market Performance - The company’s stock price is currently at 13.67 yuan, with a 52-week price range of 10.78-15.25 yuan [3][12] - The absolute growth rates for the stock compared to the CSI 300 index show a decline of 34% as of April 2023 [5] Financial Data and Forecast - The company is projected to achieve revenues of 3.597 billion yuan, 4.007 billion yuan, and 4.388 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 18%, 11.4%, and 9.5% [8][12] - The net profit attributable to shareholders is expected to be 452 million yuan, 552 million yuan, and 630 million yuan for the same years, with growth rates of 29%, 22.2%, and 14.2% [8][12] Business Opportunities - The company is positioned to benefit from a new wave of equipment upgrades in the domestic market, driven by government policies promoting energy-efficient and environmentally friendly equipment [7] - The gas operation segment is improving, with a significant project in Shandong generating revenue of 48.24 million yuan in 2023 [8]