[Table_Main] 证券研究报告 | 公司点评 英科再生(688087.SH) 2024 年 04 月 17 日 所属行业：基础化工/塑料 当前价格(元)：25.45 增持（维持） -46% -34% -23% -11% 0% 11% 英科再生 沪深300 -57% | --- | --- | --- | --- | |------------------------------------|----------------|---------------|------------| | 2023-04 \n沪深 300 对比 | 2023-08 \n1M | 2023-12 \n2M | 3M | | 绝对涨幅 | | | | | (%) 相对涨幅 | 0.24 1.89 | 21.95 17.60 | 0.28 -6.74 | | (%) 资料来源：德邦研究所，聚源数据 | | | | 相关研究 投资要点 请务必阅读正文之后的信息披露和法律声明 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------- ...

Investment Rating - Buy (Maintained) [2] Core Views - The company, Jingcheng Co Ltd (688099 SH), has shown a steady recovery from the industry downturn, with revenue increasing for three consecutive quarters in 2023 and a significant year-on-year growth of 33 12% in Q1 2024 [4] - Despite a decline in net profit in 2023, the company achieved a 42 82% quarter-on-quarter increase in Q4 2023, indicating a turnaround in profitability [4] - The company has maintained high R&D investment during the industry downturn, leading to the successful launch of new products such as 8K ultra-high-definition SoC chips and next-generation T-series chips [5] - The company has expanded its product matrix and accumulated a stable customer base, including major players like ZTE, Alibaba, Google, and BMW [5] - The company expects further revenue growth in 2024, supported by its stock incentive plan and continuous product innovation [4] Financial Performance and Forecast - In 2023, the company reported revenue of 5 371 billion yuan, a year-on-year decrease of 3 14%, and net profit of 498 million yuan, a year-on-year decrease of 31 46% [4] - For Q1 2024, the company expects revenue of 1 378 billion yuan, a year-on-year increase of 33 12%, and net profit of 125 million yuan, a year-on-year increase of 310 68% [4] - The company's gross margin in 2023 was 36 41%, slightly down by 0 69 percentage points due to rising raw material costs [4] - The company forecasts revenue of 6 525 billion yuan, 8 018 billion yuan, and 10 037 billion yuan for 2024, 2025, and 2026, respectively, with net profit expected to reach 753 million yuan, 1 111 billion yuan, and 1 493 billion yuan in the same periods [5] - The company's PE ratio is projected to be 29x, 20x, and 15x for 2024, 2025, and 2026, respectively [5] Product and Market Development - The company has successfully launched several new products, including 8K ultra-high-definition SoC chips, next-generation T-series chips, and second-generation Wi-Fi Bluetooth chips, which have been commercialized and adopted by major clients [5] - The company's automotive electronics chips have been mass-produced and adopted by leading car manufacturers such as BMW, Lincoln, and Zeekr [5] - The company has established a strong presence in both domestic and international markets, with its products widely used by major operators and enterprises, including China Mobile, Xiaomi, and Samsung [5] R&D and Innovation - The company increased its R&D personnel by 99 in 2023, with R&D expenses reaching 1 283 billion yuan, an increase of 97 million yuan compared to 2022 [5] - The company's R&D efforts have resulted in significant technological advancements, including the adoption of 12nm FinFET technology in its T-series chips and the development of Wi-Fi 6 2T2R and BT 5 4 chips [5] Stock Incentive Plan - The company implemented two stock incentive plans in 2023, with expected payments of 99 05 million yuan, 47 44 million yuan, 17 45 million yuan, and 3 30 million yuan for 2024, 2025, 2026, and 2027, respectively, reflecting confidence in future performance [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a revenue of 14.213 billion yuan in 2023, representing a year-on-year increase of 7.66%, and a net profit attributable to shareholders of 645 million yuan, up 83.02% year-on-year [6][9] - The company continues to experience a trend of volume and price increases, with beer business revenue reaching 13.098 billion yuan, a 7.5% increase year-on-year, and sales volume of 3.9424 million tons, up 4.6% year-on-year [6] - The U8 product line has shown strong growth, with sales increasing by 36.9% year-on-year, solidifying its strategic position in the mid-to-high-end product segment [6][7] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 1.797 billion yuan, a decrease of 4.41% year-on-year, but the net profit improved to 311 million yuan from a loss of 320 million yuan in the same period last year [6] - The company’s gross margin increased by 0.2 percentage points to 37.63% due to cost control measures, including a 14.3% reduction in labor costs [6][9] Product and Market Analysis - The revenue from mid-to-high-end products reached 8.679 billion yuan, a 13.3% increase year-on-year, while revenue from regular products decreased by 2.3% to 4.420 billion yuan [6] - The company’s internal management optimization has led to a steady improvement in profitability, with a net profit margin increase of 1.87 percentage points to 4.54% [6][9] Future Outlook - The company is expected to achieve revenues of 15.32 billion yuan, 16.36 billion yuan, and 17.32 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 927 million yuan, 1.204 billion yuan, and 1.485 billion yuan [7][9] - The report anticipates continued growth in the U8 product line and an increase in the proportion of mid-to-high-end products, supported by ongoing internal reforms [7]

[Table_Main] 证券研究报告|行业周报 农林牧渔 2024年4月15日 农林牧渔 终端需求不佳，猪价震荡走低 优于大市（维持） 证券分析师 [Table_Summary] 投资要点： 赵雅斐 资格编号：S0120523070006  生猪：终端需求不佳，猪价震荡走低。1）屠企压价叠加大肥出栏增加，猪价窄幅 邮箱：zhaoyf＠tebon.com.cn 下调。当前下游白条走货不畅，屠企亏损持续、收购积极性不佳，下压猪价心态较 市场表现 强，叠加养殖户大肥出栏积极性较强，猪价震荡走低。4月12日猪价15.18元/公 斤，周环比-0.26%。2）下游消费不佳，屠企宰量下滑。随气温升高，白条走货情 沪深300 况不佳，屠企亏损加剧、主动减量收猪，宰量下滑。4月12日涌益样本屠企屠宰 4% 0% 量12.81万头，周环比-0.70%。3）肥标价差缩窄，生猪均重延续上涨。截至4月 -4% 10日全国15省份规模猪企出栏进度为30.86%（涌益调研），部分区域企业仍有 -7% 压栏操作。近期多地气温升高，市场对大猪需求下降，肥标价差缩窄，散户中大猪 -11% -15% 和前期二育群体出栏积极性提升，生猪交易均重 ...

[Table_Main] 证券研究报告 | 宏观点评 宏观点评 核心观点：3 月中国出口金额（美元计价）同比-7.5%，进口同比-1.9%，主因基 数影响及闰年扰动。基数效应方面，春节错位+订单回补导致 2023 年 3 月出口创 新高；闰年工作日扰动下，2024 年较去年 3 月少了两个工作日。我们通过季度比 较和两年平均计算得出，2024 年 1-3 月（美元计价）进口同比+1.5%，前值为 +0.8%，出口同比+1.5%，前值为-1.2%；通过两年平均计算，2024 年 3 月（美 元计价）进口同比-2.0%，与前值持平，出口同比+1.7%，前值为+1.4%。两种方 法所得结论均验证出口延续改善态势，进口略有下降或与前值持平，因此无需过 度担忧 3 月出口数据。对于后续进出口，我们认为全球央行货币政策紧缩周期接 近尾声，新兴市场提前降息，美国补库前景渐强，高利率对外需掣肘逐步缓解。 新旧动能加速转换，建议关注外贸背后中间品贸易强链延链的支撑逻辑：（1）新 旧动能切换过程中，中间品贸易有望推动我国制造业转型升级，成为外贸动能增 长点；（2）地缘政治危机下，中间品贸易有望增强产业链和供应链韧性，对于应 对" ...

[Table_Main] 证券研究报告 | 行业周报 电气设备 2024年4月15日 电气设备 3 月新能源车市场持续向好，插电式混 合动力汽车产销增长强劲 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 彭广春  3 月新能源车市场持续向好，插电式混合动力汽车产销增长强劲。中汽协数据显 资格编号：S0120522070001 示，3月新能源汽车产量为86.3万辆，同比上升28.1%；销量为88.3万辆，同比 邮箱：penggc＠tebon.com.cn 上升35.3%。分车型看，纯电动汽车产销分别完成54.6万辆和56.6万辆，同比分 别上升7.0%和15.5%；插电式混合动力汽车产销分别完成31.7万辆和31.7万辆， 赵皓 同比分别增长94.6%和95.1%。春节后，企业生产经营活动加快，制造业景气面明 资格编号：S0120524030004 显扩大、重返扩张区间，市场预期继续向好。一季度，汽车行业经济运行起步平稳， 邮箱：zhaohao3＠tebon.com.cn 实现良好开局。 研究助理  公共充电桩数量保持增长，3月新增8.3万台。3月新增公共充电桩8.3万 ...

[Table_Main] 证券研究报告 | 行业周报 机械设备 2024年04月15日 机械周报：政策支持下有望开启 机械设备 新一轮大规模设备更新 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 俞能飞 资格编号：S0120522120003  ①通用板块：关注Q2制造业景气度变化，政策支持下有望开启新一轮大规模设备 邮箱：yunf＠tebon.com.cn 更新。 师浩云 资格编号：S0120524030007 政策支持下，有望开启新一轮大规模设备更新。工业和信息化部、国家发展改革 邮箱：shihy＠tebon.com.cn 委、财政部、中国人民银行、税务总局、市场监管总局、金融监管总局等七部门近 卢大炜 日联合印发《推动工业领域设备更新实施方案》。 资格编号：S0120523010002 邮箱：ludw＠tebon.com.cn 《实施方案》提出，到2027年，工业领域设备投资规模较2023年增长25%以上， 唐保威 规模以上工业企业数字化研发设计工具普及率、关键工序数控化率分别超过90%、 资格编号：S0120523050003 75%，工业大省大市和重点园区规上 ...

法律声明 单月出口回落不必过虑，系高基数影响，一季度出口增速转正。以美元计价， 3 月中国出口同比增速-7.5%，较 1 月和 2 月的高增速回落较多，但我们认为同比 增速受到 2023 年高基数影响较多，从出口金额来看，3 月出口金额的反弹强度仅 次于 2023 年的高点；从整体一季度出口情况来看，2024Q1 出口金额同比增速达 1.5%，为 2023 年以来的首次增速转正；从 3 月制造业 PMI 出口新订单和财新 PMI 超出荣枯线水平来看，3 月出口并不弱。 图 4：出口金额反弹仅次于 2023 年高点（亿美元） 0 500 1000 1500 2000 2500 3000 3500 4000 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2020 2021 2022 2023 2024 资料来源：wind，德邦研究所 资料来源：日本工作机械工业会官网，德邦研究所 图表目录 | --- | --- | --- | --- | |----------------------------------------------------------------------- ...

[Table_Main] 证券研究报告 | 行业周报 汽车 2024年04月15日 以旧换新方案推出，汽车后市值 汽车 得期待 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  以旧换新方案推出，有效促进汽车更新替换需求。商务部等14部门联合发布《推 邮箱：dengjq＠tebon.com.cn 动消费品以旧换新行动方案》，通过加大政策引导支持力度，力争到 2025 年，实 赵悦媛 现国三及以下排放标准乘用车加快淘汰，报废汽车回收量较2023年增长50%。到 资格编号：S0120523100002 2027年，报废汽车回收量较2023年增加一倍，二手车交易量较2023年增长45%。 邮箱：zhaoyy5＠tebon.com.cn 报废量：2024年有望达到近1000万辆，2027年预计达到1500万辆。部分车主 赵启政 更换新车，对车市拉动效果明显。二手车销量：我们预计2024年二手车交易量有 资格编号：S0120523120002 望突破 2000 万；根据《推动消费品以旧换新行动方案》指引，2027 年二手车交 邮箱：z ...

[Table_Main] 证券研究报告 | 行业周报 家用电器 2024年04月15日 家用电器 “以旧换新”行动方案落地，关注新 一轮政策催化 ——24W15 周观点 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 贺虹萍 “以旧换新”行动方案落地，关注新一轮政策催化 资格编号：S0120523020003  邮箱：hehp3＠tebon.com.cn 3月 13日，国务院印发《推动大规模设备更新和消费品以旧换新行动方案》，坚持 纪向阳 中央财政和地方政府联动支持消费品以旧换新，鼓励有条件的地方统筹使用中央财 资格编号：S0120523120001 政安排的现代商贸流通体系相关资金等，支持家电等领域耐用消费品以旧换新。 邮箱：jixy3＠tebon.com.cn 4 月 12 日，商务部等 14 部门印发的《推动消费品以旧换新行动方案》对外发布， 宋雨桐 组织在全国范围内开展汽车、家电以旧换新和家装厨卫“焕新”。《行动方案》提 资格编号： S0120523090003 出，通过加大政策引导支持力度，力争到 2025 年，高效节能家电市场占有率进一 邮箱：songyt＠t ...