Investment Rating - The report maintains a "Buy" rating for the company [12][4]. Core Views - The company achieved a revenue of 1.029 billion yuan in 2023, representing a year-on-year increase of 35.04%, and a net profit attributable to shareholders of 86.68 million yuan, up 48.02% year-on-year [2]. - The growth in revenue is primarily driven by significant increases in the low-temperature flue gas waste heat recovery system and the newly developed steel slag treatment system [3]. - The company is expected to continue its growth trajectory with projected revenues of 1.294 billion yuan, 1.596 billion yuan, and 1.910 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 25.7%, 23.4%, and 19.6% [4]. Financial Performance Summary - The company reported a gross margin of 33.7% in 2023, slightly down from the previous year, with specific product lines showing varied performance in gross margins [3]. - The financial forecasts indicate a net profit of 127 million yuan in 2024, with a growth rate of 47.0%, and further increases to 150 million yuan and 187 million yuan in 2025 and 2026, respectively [4][22]. - The company’s total assets are projected to grow from 1.926 billion yuan in 2023 to 3.461 billion yuan by 2026, reflecting a strong asset base [22]. Business Segment Analysis - The revenue breakdown for different business segments in 2023 includes: dry slag removal system (290 million yuan, +28.1%), wet slag removal system (190 million yuan, +8.1%), low-temperature flue gas waste heat recovery system (250 million yuan, +100.1%), and full-load denitrification project (130 million yuan, -25.2%) [3]. - The newly developed steel slag treatment system generated 92 million yuan in revenue with a gross margin of 40.43%, which is higher than the overall company gross margin [3]. Market Context - The company is positioned to benefit from the increasing demand for flexible coal-fired power generation modifications, which is expected to drive growth in its energy-saving environmental treatment systems [16]. - The establishment of a hydrogen technology testing center indicates the company's strategic move into emerging energy sectors, aiming to capture opportunities in hydrogen equipment development [16].

事件：公司披露 2023 年年度报告，营收企稳，利润小幅下滑。公司 2023 年全年 营业收入 398.74 亿元，同比+0.81%；归母净利润 4.53 亿元，同比-6.94%；扣非 归母净利润 4.27 亿元，同比-6.5%。公司营收企稳，利润小幅下滑。 不锈钢项目建设稳步推进，预计公司未来不锈钢产销量将持续保持增长。公司年 加工 19.5 万吨超薄精密不锈钢板带项目 2023 年 12 月已投产；公司年加工 120 万吨高品质宽幅不锈钢板带项目（一期）预计 2024 年 10 月达到试生产阶段；年 加工 26 万吨精密不锈钢带（一期）预计 2024 年 5 月达到试生产阶段、二期预计 2025 年 5 月达到试生产阶段；泰国年产 26 万吨精密不锈钢板带已完成土地征地 工作。公司项目建设稳步推进，预计公司未来不锈钢产销量将持续保持增长。 盈利预测：预测公司 24-26 年营收分别为 457.77/540.35/625.35 亿元，归母净利 润分别为 5.48/7.15/8.55 亿元，PE 分别为 11.64/8.92/7.46。维持"买入"评级。 风险提示： （1）公司产线建设不及预期；（2）电池壳行 ...

[Table_Main] 证券研究报告 | 公司点评 长海股份(300196.SZ) 2024 年 04 月 17 日 买入（维持） 市场表现 -46% -34% -23% -11% 0% 11% 长海股份 沪深300 长海股份（300196.SZ）：23 年业绩承 压，新产能或投产在即，关注小而美弹性 投资建议：我们认为，本轮粗纱及电子纱价格提涨或标志着行业底部建立，价格能否 持续上涨、走出底部区间仍依赖于终端需求的持续修复，但行业至暗时刻已过，龙 头企业不管是估值还是经营底部安全边际或已建立。公司作为玻纤及制品一体布 局的细分行业龙头，24 年公司产能跨越式增长有望驱动公司进入内生成长阶段， 同时规模效应驱动吨成本降低，带来更高的业绩弹性。我们预计公司 24-26 年归 母净利润分别为 3.78、5.00 和 6.70 亿元，现价对应 PE 分别为 10.94、8.28 和 6.18 倍，维持"买入"评级。 [Table_Base] | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------ ...

[Table_Main] 证券研究报告 | 行业月报 煤炭开采 2024年04月17日 煤炭行业月报：供给维持弱势， 煤炭 需求震荡筑底 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 3月供给延续回落，进口同比基本持平。1）国内生产：3月，全国原煤产量3.99  邮箱：zhaikun＠tebon.com.cn 亿吨，同比下降4.2%；日均产量1331万吨，同比下降1.10%。1-3月份，全国累 薛磊 计原煤产量 11.06 亿吨，同比下降 4.1%。2）进口方面：3 月，国内煤炭进口量 资格编号：S0120524020001 4138万吨，同比增长0.5%，环比增长22.6%；1-3月累计进口1.16亿吨，同比 邮箱：xuelei＠tebon.com.cn 增长13.9%。3）总供应量：3月供给合计4.41亿吨，同比减少3.86%。3月供给 延续回落，往后看供给仍不乐观：1）国内方面：安全形势严峻，政策思路向保供 研究助理 和安全生产兼具转变，供给弹性或将弱化；2）进口方面：3月底海内外煤炭价格 倒挂，进口窗口有望关闭，后续 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong revenue growth, with Q1 2024 revenue reaching 1.259 billion yuan, a year-on-year increase of 22.86%, and net profit growing by 111.26% to 170 million yuan [5] - The company is benefiting from a recovery in demand for consumer electronics and domestic substitution trends, with traditional business segments expected to maintain stable growth [6] - New business areas such as automotive electronics and energy storage are experiencing rapid growth, contributing significantly to overall revenue [7] Summary by Sections Market Performance - The company's stock has seen a relative decline of 34% from April 2023 to August 2023, with a comparison to the CSI 300 index showing a negative absolute return [4] Financial Performance - In Q1 2024, the company achieved a gross profit of 465 million yuan, a 41.05% increase year-on-year, with a gross margin of 36.95% [5] - The company’s R&D expenses reached approximately 107 million yuan in Q1 2024, reflecting a 19.92% increase, indicating a strong commitment to innovation [5] Business Segments - Revenue from signal processing products was 537 million yuan, up 27.87% year-on-year, while power management products saw a slight decline of 0.07% to 410 million yuan [6] - The automotive electronics and energy storage sectors generated 190 million yuan in revenue, a significant increase of 93.42% year-on-year, highlighting the company's strategic expansion into new markets [7] Future Projections - The company’s revenue forecasts for 2024-2026 have been adjusted to 6.118 billion yuan, 7.392 billion yuan, and 8.795 billion yuan respectively, with net profit projections of 877 million yuan, 1.034 billion yuan, and 1.275 billion yuan [8]

| --- | --- | |-------------------------------------------------------|------------------------------| | 迈威生物（ 买入（维持） | 688062.SH) ： ADC | | 所属行业：医药生物 / 化学制药 当前价格 ( 元 ) ： 31.2 | 多个数据发布，国内类似药商业 | | 证券分析师 | 化顺利推进 | | | | 业绩：公司 2024 年 4 月 9 日发布年报，2023 年度营业收入 1.28 亿元，技术服务 收入 8559.53 万元，药品销售收入 4209 万元，研发投入为 8.36 亿元，归母净亏 损为 10.53 亿元，主要原因是君迈康与迈利舒上市时间较短，且公司一直保持较 高的研发投入。公司拥有 10 个创新药，4 个生物类似药在临床，已上市品种 3 个， NDA 阶段 1 个，III 期阶段品种 3 个。公司具备抗体、ADC 及重组蛋白药物的研 发和产业化能力。截至 23 年底公司在职员工 1491 人，其中技术研发人员 398 名。 9MW2821（Nectin-4 ADC ...

[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 ...