[Table_Main] 证券研究报告 | 公司首次覆盖 藏格矿业(000408.SZ) 2024年04月01日 藏格矿业（000408.SZ）：钾为基 买入（首次） 所属行业：有色金属/能源金属 石，锂为成长，铜为助力，共创 当前价格(元)：31.53 未来 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 投资要点 张崇欣 资格编号：S0120522100003 氯化钾供给偏紧需求有增量，未来氯化钾价格有望稳中有升，老挝钾盐项目建设 邮箱：zhangcx＠tebon.com.cn  未来将贡献增量。供给端：全球钾肥产量下滑；据USGS，全球钾肥产量从2021 研究助理 年的4630万吨，下降至2022年的4090万吨，再下降至2023年的3900万吨。 康宇豪 需求端：2022年全球钾肥消费量4181.20万吨，中国钾肥消费量达1025.5万吨， 邮箱：kangyh＠tebon.com.cn 全球第一。供紧需增情况下，氯化钾价格有望稳中有升。公司拥有察尔汗盐湖采 矿权面积724.35平方公里。氯化钾产量近年维持在100万吨以上，另外与老挝政 府签订 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Viewpoints - The "Star Flash" wireless short-range communication technology is highlighted as a new generation wireless interconnection technology that combines the advantages of Bluetooth and WiFi, featuring five core capabilities: data transmission, audio, positioning, perception, and networking [6][5] - The technology is expected to enable significant advancements in three key application areas: consumer electronics, smart home, and automotive electronics [6] Summary by Sections Market Performance - The "Star Flash" technology was showcased at the International Star Flash Wireless Short-Distance Communication Alliance Industry Summit, with 49 member units participating and 150 exhibits displayed [5] - The technology's low latency and high throughput capabilities enhance user experiences in gaming peripherals and low-power data transmission for smart devices [6] Product Launches - The integration of "Star Flash" into the HarmonyOS ecosystem has accelerated its commercial value, with products launched in consumer electronics (e.g., Huawei M-Pencil, FreeBuds Pro3), smart home (e.g., the world's first Star Flash TV), and automotive electronics (e.g., digital car keys) [6] Investment Recommendations - The report suggests focusing on companies with "Star Flash" technology product reserves and those in the IoT sector, specifically mentioning Chuangyao Technology, Tailin Microelectronics, Kangxi Communication, and Hengxuan Technology as potential investment opportunities [6]

[Table_Main] 证券研究报告 | 公司点评 高测股份(688556.SH) 2024 年 04 月 01 日 证券分析师 市场表现 -71% -57% -43% -29% -14% 0% 14% 2023-03 2023-07 2023-11 高测股份 沪深300 1.《高测股份（688556.SH）：预计业 绩高速增长，产能持续扩张业绩逐步 兑现》，2024.1.24 2.《高测股份（688556.SH）：业绩贴 近预告上限，设备+耗材+服务业绩持 续兑现》，2023.10.29 3.《高测股份（688556.SH）：Q3 业绩 持续高速增长》，2023.10.16 事件：公司发布 2023 年年报，2023 年公司实现营业收入 61.84 亿元，同比增长 73.19%；实现归母净利润 14.61 亿元，同比增长 85.28%。 盈利预测：考虑到 2024 年光伏行业需求或有所波动，预计公司 2024-2026 年归 母净利润分别为 12.57、15.76、19.04 亿元，维持"增持"评级。 请务必阅读正文之后的信息披露和法律声明 | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [2]. Core Insights - The report highlights three main reasons for optimism in the media industry: 1) Expected gradual recovery of fundamentals this year; 2) Clear growth expectations in AR/VR and AIGC sectors, making it an opportune time for investment; 3) Policy support for the development of the digital economy, cultural industry, and platform economy [7][9]. Summary by Sections 1. Key Insights, Investment Strategy, and Stock Portfolio - Recommended investment portfolio includes Tencent Holdings, NetEase, Kaiying Network, 37 Interactive Entertainment, Shenzhou Taiyue, G-bits, Yaoji Technology, Tom Cat, Kuaishou, Mango Super Media, Wuxin Media, Baidu Group, Meituan, and Focus Media [7]. - Investment themes focus on gaming, AI and VR, education, short dramas, film and animation, advertising, and data elements [7]. - Beneficiary stocks include Alibaba-SW, JD Group-SW, Pinduoduo, iQIYI, Yika, and others in both Hong Kong and A-share markets [7]. 2. Market Performance Analysis and Data Tracking - The media industry index (SW) experienced a decline of 9.52% in the week from March 25 to March 29, compared to a 0.21% decline in the CSI 300 index [10]. - The latest PE ratio for the media industry index is 37.21, with a five-year average of 35.36; the latest PB ratio is 2.31, with a five-year average of 2.35 [15]. 3. Key Events Commentary - The 2024 China Network Audio-Visual Conference was held in Chengdu, where the "China Network Audio-Visual Development Research Report (2024)" was released, indicating that the number of users in the network audio-visual sector reached 1.074 billion, with a usage rate of 98.3% [8]. - In March 2024, 107 domestic game licenses were issued, with expectations for continued issuance of over 100 licenses monthly [9].

Investment Rating - The report rates the chemical new materials industry as "Outperform the Market" [2] Core Insights - The report highlights the increasing investment in new energy materials, particularly in the electric vehicle sector, with Dow's announcement to build a carbonate solvent plant in the U.S. to meet the growing demand [24] - The semiconductor materials sector is experiencing rapid domestic production acceleration, with a focus on key players benefiting from industry growth [25] - The report emphasizes the importance of high-performance materials in driving industry upgrades and innovations, suggesting a robust growth outlook for the new materials sector [25] Market Overview - The Wind New Materials Index closed at 3067.58 points, down 1.66% week-on-week. The semiconductor materials index fell by 7.12% to 4731.23 points, while the display device materials index rose by 0.78% to 1037.82 points [9][30] - The organic silicon materials index decreased by 3.51% to 5571.54 points, and the lithium battery index saw a slight increase of 0.05% to 1800.59 points [9][30] Recent Industry Developments - Dow announced plans to invest in a new plant for carbonate solvents to cater to the electric vehicle and energy storage markets, marking its entry into the new energy battery materials sector [24] - Hefei Weimai Semiconductor's high-end photoresist project has commenced, with an investment of 300 million yuan aimed at becoming the largest domestic production base for high-end semiconductor photoresist materials [25] - The report notes significant investments in coal-based new materials projects in Xinjiang, with a focus on producing MMA (methyl methacrylate) [27] - The establishment of JSR's semiconductor headquarters in Shanghai is progressing, with the facility expected to focus on photoresist business [28]

[Table_Main] 证券研究报告 | 公司点评 石头科技(688169.SH) 2024年03月30日 买入（维持） 石头科技：内外并拓表现靓丽，盈利 所属行业：家用电器/小家电 能力明显提振 当前价格(元)：342.57 证券分析师 投资要点 贺虹萍 资格编号：S0120523020003 2024年3月28号公司发布2023年年度报告。2023年公司实现营业总收入86.54  邮箱：hehp3＠tebon.com.cn 亿元，同比+30.55%，归母净利润 20.51 亿元，同比+73.32%，扣非归母净利润 纪向阳 18.26亿元，同比+52.46%。单季度来看，23Q4公司实现营业总收入29.65亿元， 资格编号：S0120523120001 同比+32.60%，归母净利润6.91亿元，同比+110.33%，扣非归母净利润5.72亿 邮箱：jixy3＠tebon.com.cn 元，同比+68.62%。利润分配：公司拟向全体股东每股派发现金红利4.68元（含 宋雨桐 税），加上23年半年度现金红利及23年实施的回购，合计分红比例为40.85%； 资格编号： S0120523090003 拟以资本 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 42.67 billion yuan in 2023, a year-on-year decrease of 11.96%, and a net profit attributable to shareholders of 3.96 billion yuan, down 13.41% year-on-year. However, the net profit excluding non-recurring items increased by 9.69% year-on-year to 3.93 billion yuan. The gross margin for electrolytic aluminum products was 17.85%, an increase of 0.67 percentage points year-on-year, attributed to a decline in raw material prices [4][5] - In Q4 2023, the company achieved a revenue of 12.9 billion yuan, a year-on-year increase of 18.27% and a quarter-on-quarter increase of 6.76%. The net profit for the quarter was 1.45 billion yuan, up 80.25% year-on-year and 46.54% quarter-on-quarter. The company plans to distribute a cash dividend of 798 million yuan, with a payout ratio of 20.16% [4][5] - The average aluminum price in the Chinese market for Q4 2023 was 18,966 yuan per ton, showing a recovery trend throughout the year. The average price for the entire year was 18,700 yuan per ton, down 6.2% year-on-year. The decline in raw material prices, such as alumina and prebaked anodes, contributed to the expansion of profit margins for electrolytic aluminum [4][5] Summary by Sections Financial Performance - The company produced 1.4283 million tons of alumina, 783,500 tons of carbon products, and 2.3995 million tons of primary aluminum in 2023. The sales volume of aluminum liquid and ingots reached 1.3 million tons, with aluminum alloy sales at 1.23 million tons, marking a historical high [4][5] - The revenue projections for 2024-2026 are adjusted to 48.7 billion yuan, 52.4 billion yuan, and 56.1 billion yuan, respectively, with net profits of 4.93 billion yuan, 5.15 billion yuan, and 5.53 billion yuan, reflecting year-on-year growth rates of 24.7%, 4.5%, and 7.2% [5][6] Market Outlook - The company is expected to see continuous improvement in performance due to the recovery of electrolytic aluminum production capacity and stable profit margins. The complete green aluminum industry chain from bauxite to end products helps in controlling upstream raw material costs [5][6]

[Table_Main] 证券研究报告 | 行业周报 煤炭开采 2024年3月31日 煤炭周报：煤价震荡偏弱，静待 煤炭 需求复苏 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 翟堃  动力煤窄幅震荡，静待需求复苏。 A）价格及事件回顾：本周秦皇岛港动力煤 资格编号：s0120523050002 Q5500价格下跌至 831 元/吨（环比-0.48%）。供应端，主产区个别前期停产煤矿 邮箱：zhaikun＠tebon.com.cn 复产，整体供应小幅提升。坑口方面，坑口销售情绪有所回暖，矿端库存小幅释 薛磊 放。港口方面，坑口部分价格探涨，港口发运成本偏高，贸易商观望情绪延续， 资格编号：S0120524020001 港口多数维持刚需拉运。下游方面，电厂机组即将进入分段检修，终端日耗延续 邮箱：xuelei＠tebon.com.cn 回落，整体库存仍处于偏高水平，暂无补库压力。B）价格短期观点：我们判断 煤价快速下跌告一段落，未来有望先震荡、后反弹。i）“金三银四”非电旺季来 研究助理 临：两会提出拟安排地方政府专项债3.9万亿，同比多增1000亿元，随着资金陆 续到位 ...

[Table_Main] 证券研究报告 | 行业周报 机械设备 2024年03月31日 机械设备 机械周报：政策支持大规模设备更 新，关注新质生产力发展 优于大市 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 俞能飞 资格编号：S0120522120003 ① 通用设备：政策支持下有望开启新一轮大规模设备更新。 邮箱：yunf＠tebon.com.cn 卢大炜 资格编号：S0120523010002 事件：根据国家统计局数据，3月份，制造业PMI为50.8%，环比提升1.7pct，重 邮箱：ludw＠tebon.com.cn 返扩张区间，主要系随着企业加快复工复产，市场活跃度提升。 唐保威 资格编号：S0120523050003 政策支持下，有望开启新一轮大规模设备更新。国务院印发《推动大规模设备更新 邮箱：tangbw＠tebon.com.cn 和消费品以旧换新行动方案》。要统筹扩大内需和深化供给侧结构性改革，实施设 备更新、消费品以旧换新、回收循环利用、标准提升四大行动，大力促进先进设备 生产应用，推动先进产能比重持续提升。 市场表现 机械设备 沪深300 《行动方案》提出，到2027 ...

[Table_Main] 证券研究报告|行业周报 化工 2024年4月1日 中石化与道达尔合作建 23 万吨生物航煤 化工 工厂，金陵石化百亿高端日化品项目开工 优于大市（维持） 化工行业周报（20240325-20240331） 证券分析师 [Table_Summary] 投资要点： 李骥 资格编号：S0120521020005 本周板块行情：本周，上证综合指数下跌 0.23%，创业板指数下跌 2.73%，沪深  邮箱：liji3＠tebon.com.cn 300下跌0.21%，中信基础化工指数下跌0.03%，申万化工指数上涨0.32%。 市场表现  化工各子行业板块涨跌幅：本周，化工板块涨幅前五的子行业分别为轮胎 (3.03%)、其他化学原料(2.49%)、钛白粉(1.92%)、绵纶(1.13%)、复合肥 沪深300 (0.97%)；化工板块跌幅前五的子行业分别为涂料油墨颜料(-5.33%)、涤纶(- 15% 4.76%)、电子化学品(-4.64%)、有机硅(-3.51%)、膜材料(-3.46%)。 10% 5% 本周行业主要动态： 0%  -5%  中石化与道达尔合作建 23 万吨生物航煤工厂。 ...