[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 ...

Investment Rating - The report gives a "Buy" rating for the company, Debang Lighting (603303.SH) [2]. Core Views - Debang Lighting is positioned as a leader in general lighting and is expanding into the automotive lighting sector, which is expected to contribute to its growth [2][4]. - The company achieved a revenue of 4.697 billion yuan in 2023, a year-on-year increase of 0.86%, and a net profit of 376 million yuan, up 10.31% year-on-year [2][36]. - The automotive lighting business generated revenue of 624 million yuan in 2023, reflecting a significant growth of 43.74% year-on-year [2][4]. Summary by Sections 1. General Lighting Leader and Expansion into Automotive Lighting - Debang Lighting was established in 1996, initially focusing on general lighting and later entering the automotive lighting market in 2018 [20][25]. - The company has developed a strategy centered on "automotive controllers + automotive lighting," and has established partnerships with major companies such as Panasonic and Marelli [4][26]. 2. General Lighting Industry Integration and Competitive Advantages - The general lighting industry in China is entering a consolidation phase, with the company expected to gain market share due to its supply chain and manufacturing advantages [3][59]. - In 2022, China accounted for 75% of global LED lighting product exports, indicating a strong competitive position for domestic companies [3][46]. 3. Focus on Automotive Business and Growth Potential - The automotive lighting sector is experiencing rapid growth, with the company securing new projects and partnerships with brands like Porsche and Toyota [4][27]. - The report forecasts net profits for the company to reach 454 million yuan, 562 million yuan, and 689 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 12.95, 10.46, and 8.54 [4][36]. 4. Financial Performance and Projections - The company’s revenue from general lighting was 3.862 billion yuan in 2023, maintaining over 80% of total revenue, while automotive lighting revenue increased to 624 million yuan, accounting for 13.3% of total revenue [35][36]. - The gross margin for the company in 2023 was 19.4%, with a net margin of 8.1% [38][39].

[Table_Main] 证券研究报告 | 行业点评 建筑材料 2024年04月13日 建筑材料 玻纤行业至暗时刻已过，龙头安全边际 或已建立 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  粗纱价格：粗纱全品类 3月底实现普涨，涨价趋势延续至 4月。1）3月 15日前 邮箱：yanguang＠tebon.com.cn 后合股纱涨价现行：部分合股纱产品价格上调 200-300 元/吨不等，其中山东玻纤 王逸枫 2400tex板材纱报3500-3600元/吨左右，环比上涨约100-200元/吨，板材纱和毡 资格编号：S0120524010004 用纱率先实现价格调涨或主要系此类中低端产品由于前期价格调整幅度较大，供给 邮箱：wangyf6＠tebon.com.cn 收缩明显；2）3月最后一周粗纱主流产品价格普涨：中国巨石直接纱复价200-400 元/吨、丝饼纱复价 300-600 元/吨，山东玻纤直接纱上调 300-400 元/吨、合股纱 研究助理 上调300-500元/吨，长海股份不同品种产品价格上调300-500元/吨。根据卓 ...

[Table_Main] 证券研究报告 | 行业点评 煤炭开采 2024年04月12日 煤炭行业点评：山西省煤炭资源 煤炭开采 税上调落地，焦煤价格支撑更强 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 翟堃 资格编号：s0120523050002  事件：2023年12月18日，山西司法厅发布《山西省关于资源税具体适用税率等 邮箱：zhaikun＠tebon.com.cn 有关事项的决定（修正草案）》公开征求意见的公告。2024年3月28日，法案落 薛磊 地，山西省人民代表大会常务委员会通过《关于资源税具体适用税率等有关事项的 资格编号：S0120524020001 决定》，将“煤”税目原矿税率由8%调整为10%，选矿税率由6.5%调整为9%， 邮箱：xuelei＠tebon.com.cn 自4月1日起施行。 研究助理  内蒙、山西、宁夏资源税排在全国前列。根据我们梳理全国各省的煤炭资源税，2024 年内蒙古、山西、宁夏三省原矿税率10%、选矿9%，陕西榆林市原矿税率10%、 谢佶圆 选矿9.5%。 邮箱：xiejy＠tebon.com.cn  税率上调明显支撑焦 ...

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [5] Core Views - Tianshan Aluminum achieved a revenue of 28.97 billion yuan in 2023, a year-on-year increase of 12.22%, but the net profit attributable to shareholders decreased by 16.80% to 2.21 billion yuan [5] - The company has strengthened its full industry chain layout, showcasing cost advantages, particularly in the production of aluminum ingots and aluminum foil [5][6] - The average aluminum price in China for 2023 was 18,700 yuan per ton, reflecting a year-on-year decline of 6.2% despite a recovery trend [5] - The company plans to distribute a cash dividend of 694 million yuan for 2023, with a payout ratio of 31.5% [5] Financial Performance Summary - In Q4 2023, Tianshan Aluminum reported a revenue of 6.63 billion yuan, a year-on-year increase of 19.90%, but a quarter-on-quarter decrease of 12.1% [5] - The gross margin for self-produced aluminum ingots was 20.78%, down 2.16 percentage points year-on-year due to falling aluminum prices and rising raw material costs [5] - The production volume of self-produced aluminum ingots reached 1.1655 million tons, a year-on-year increase of 0.64%, with a capacity utilization rate of 97.1% [5] Production and Capacity Expansion - The aluminum foil production line has a planned capacity of 300,000 tons, with the first phase of 150,000 tons nearing full-scale production [6] - The company has secured exclusive purchasing rights for bauxite from a local mining company in Guinea, with a production capacity of approximately 6 million tons per year [6] - Tianshan Aluminum is also planning to invest 1.556 billion USD in Indonesia to build a 2 million ton alumina production line [6] Earnings Forecast - The forecasted net profits for Tianshan Aluminum for 2024, 2025, and 2026 are 3.21 billion yuan, 3.55 billion yuan, and 3.70 billion yuan, respectively, with growth rates of 45.6%, 10.6%, and 4.3% [5][19] - The price-to-earnings ratio (P/E) for the years 2024, 2025, and 2026 is projected to be 10.07x, 9.10x, and 8.73x, respectively [5][19]

[Table_Main] 证券研究报告 | 行业点评 有色金属 2024年04月13日 有色金属 锡：需求增长明显，供给扰动仍存 优于大市（上调） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 翟堃 资格编号：s0120523050002  事件。近期锡价表现强势，4月10日国内锡价突破25万。 邮箱：zhaikun＠tebon.com.cn 张崇欣  供给稳定但未来仍存扰动。从国内的精锡生产情况来看，1-3 月国内精锡产量约 资格编号：S0120522100003 42406吨，同比上升约6.3%。进口方面，当前缅甸矿山停产并未对我国锡矿进口 邮箱：zhangcx＠tebon.com.cn 带来重大影响，1-2月我国对缅甸的锡矿进口约25937.06吨，同比提升约7.5%。 高嘉麒 但另一方面，未来缅甸方面锡矿供给尚不明朗。根据Mysteel调研显示，缅甸佤邦 资格编号：S0120523070003 工业矿产管理局于2024年4月7日正式签署发布《关于除曼相矿区外其他矿区、 邮箱：gaojq＠tebon.com.cn 矿点需要申请报备复工复产的通知》。而缅甸地区的锡矿主要产自佤邦曼相 ...

证券研究报告 | 宏观点评 相关研究 CPI：3 月 CPI 同比上升 0.1%，涨幅大幅回落；环比下降 1.0%，结束连续三个月 的环比上升。3 月 CPI 同比 0.1%，前值 0.7%，环比-1.0%，前值 1.0%。具体来 看，食品项同比-2.7%，前值-0.9%；非食品项同比 0.7%，前值 1.1%；消费品项 同比-0.4%，前值-0.1%；服务项同比 0.8%，前值 1.9%。环比方面，食品项环比3.2%，前值 3.3%；非食品项环比-0.5%，前值 0.5%；消费品项环比-0.9%，前值 1.1%；服务项环比-1.1%，前值 1.0%。扣除食品和能源的核心 CPI 同比 0.6%，前 值 1.2%，环比-0.6%，前值 0.5%。 猪肉方面，CPI 猪肉项同比由 2 月的上涨 0.2%转为下跌 2.4%，环比由 2 月的上 涨 7.2%转为下跌 6.7%。春节过后猪肉价格季节性回落，3 月猪肉价格同环比由升 转降。从供给端来看，截止 2 月，能繁母猪存栏连续第 8 个月下降，供给去化持续 推进，但存栏量仍在 4000 万头以上，猪肉平均批发价后续或仍在 20-21 元/公斤 之间波动，但考虑到 ...

[Table_Main] 证券研究报告 | 行业点评 电子 2024年04月11日 电子 24Q1 全球 PC 出货回暖，AI PC 或掀起新一轮换机热潮 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈蓉芳 资格编号：S0120522060001  事件：据IDC发布数据，PC市场在经历两年下滑之后，于2024年Q1恢复增长， 邮箱：chenrf＠tebon.com.cn 出货量达5980万台，同比增长1.5%。 市场表现  2024Q1全球PC出货量恢复至疫情前水平，联想领跑蝉联冠军，笔记本回暖相对 明显。据IDC数据，经历了至2023Q4连续8个季度的同比下滑后，PC出货量于 电子 沪深300 2024Q1终于迎来同比增长至5980万台，释放了PC出货量或触底回升的信号。 7% 0% 2024Q1全球PC出货量恢复至疫情前水平，与2019Q1的6050万台持平；其中 -7% 联想夺得2024年第一季度出货量冠军，出货量1370万台，市场份额23.0%；惠 -15% -22% 普排名第二，出货 1200 万台，市场份额 20.1%；戴尔位居第三，出货量 930 万 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2] Core Views - The company is expected to achieve revenues of 29.443 billion, 31.632 billion, and 33.002 billion yuan for the years 2024 to 2026, with growth rates of 10.8%, 7.4%, and 4.3% respectively. The net profit attributable to the parent company is projected to be 1.508 billion, 1.764 billion, and 2.027 billion yuan for the same years, with growth rates of 15.5%, 17%, and 14.9% respectively. The corresponding PE ratios are 11.2X, 9.6X, and 8.3X [2] Financial Performance Summary - In 2023, the company achieved an operating income of 26.566 billion yuan, a year-on-year increase of 10.91%, and a net profit attributable to the parent company of 1.306 billion yuan, up 19.82% year-on-year. The basic earnings per share were 2.11 yuan [19][22] - The LNG business generated revenue of 14.69 billion yuan in 2023, with a year-on-year growth of 18.64% and a gross margin of 7.28% [22] - The special gas segment saw rapid growth, with revenue reaching 160 million yuan in 2023, driven by a significant increase in sales volume [10][22] Revenue and Profitability Forecast - The forecast for operating income and net profit for the years 2024 to 2026 indicates a steady growth trajectory, with operating income expected to reach 29.443 billion yuan in 2025 and 33.002 billion yuan in 2026 [15][22] - The gross margin is projected to improve from 7.8% in 2023 to 9.0% by 2026, reflecting enhanced profitability [15][22] Market Position and Strategy - The company has established a dual-resource pool strategy, which is expected to enhance its market position and operational stability [22] - The energy service business is anticipated to play a stabilizing role in the company's overall profitability, with high gross margins expected to further improve the profit structure [23]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [12][14]. Core Insights - The company has experienced a slight decline in revenue, with a 2.73% year-over-year decrease, attributed to market demand fluctuations [17]. - The company is focusing on enhancing its product matrix and deepening its engagement in the end market, which includes significant advancements in R&D and product innovation [4][5]. - Financial forecasts for 2024-2026 predict revenue growth of 25.3%, 19.5%, and 17.7% respectively, alongside net profit growth of 26.2%, 25.8%, and 26.2% [18]. Financial Overview - Total revenue for 2023 was 1,026 million, with a projected increase to 1,286 million in 2024 [2]. - The net profit for 2023 was 166 million, with expectations of rising to 210 million in 2024 [2]. - The company's gross margin for 2023 was 29.3%, with projections for gradual improvement in subsequent years [11]. Product and Market Analysis - The company has seen a decrease in revenue from CNC tool products, which accounted for 56.36% of total revenue in 2023, down 9.98% year-over-year [24]. - Conversely, revenue from hard alloy products increased by 9.98%, making up 43.40% of total revenue [24]. - The overseas market showed strong growth, with a 31.44% increase in revenue, highlighting successful international expansion efforts [24].