[Table_Main] 证券研究报告 | 公司点评 重庆啤酒(600132.SH) 2024年03月31日 重庆啤酒（600132.SH）：Q4 业 买入（维持） 所属行业：食品饮料/非白酒 绩略低预期，高分红提振信心 当前价格(元)：64.47 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布2023年年度报告。2023年公司实现营业收入148.15亿元，同比  邮箱：xiongpeng＠tebon.com.cn +5.53%；归母净利润13.37亿元，同比+5.78%；扣非归母净利润13.14亿元，同 韦香怡 比+6.45%。其中，2023Q4实现营业收入17.86亿元，同比-3.76%；归母净利润 资格编号：S0120522080002 -0.07 亿元，同比-109.23%（22Q4 为 0.81 亿元）；扣非归母净利润-0.13 亿元， 邮箱：weixy＠tebon.com.cn 同比-117.73%（22Q4为0.73亿元）。 研究助理 高端化节奏略有放缓，销量增长为主要业绩贡献。（1）2023年全年公司量价齐升  趋势不改，但内部结构略有分化。整体来看，2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's core products, RC18 and RC48, are experiencing rapid sales growth, contributing to a 40.26% year-on-year increase in revenue to 1.083 billion yuan for the year 2023. However, the company reported a net loss of 1.543 billion yuan due to increased R&D and commercialization efforts [5][8] - The company plans to raise up to 2.55 billion yuan through a private placement to fund the research and development of innovative drugs, which will enhance its product pipeline and expedite clinical trials [5][8] - The report emphasizes the company's strong commercialization team, which has expanded to approximately 750 personnel covering over 2,200 hospitals, facilitating the market entry of its products [5][8] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.083 billion yuan, a 40.26% increase year-on-year. The net loss attributable to the parent company was 1.543 billion yuan [5][8] - The projected revenues for 2024, 2025, and 2026 are 1.685 billion yuan, 2.502 billion yuan, and 3.742 billion yuan, respectively [8][13] Product Development - The company has eight molecules in clinical development, with significant progress in various therapeutic areas including systemic lupus erythematosus (SLE), myasthenia gravis (MG), and oncology [5][6][8] - RC18 has received approval for treating moderate to severe SLE, and RC48 has been conditionally approved for gastric cancer and urothelial carcinoma [6][8] Market Strategy - The company is expanding its clinical trials internationally, with ongoing studies for multiple indications, including active lupus nephritis and primary Sjögren's syndrome [6][8] - The commercialization strategy includes a robust team that has successfully completed drug access for over 650 hospitals, enhancing market penetration [5][8]

[Table_Main] 证券研究报告 | 公司点评 恺英网络(002517.SZ) 2024年03月29日 恺英网络点评：增持、分红持续 买入（维持） 所属行业：传媒/游戏Ⅱ 提振信心，看好公司未来长期发 当前价格(元)：11.02 展 证券分析师 马笑 投资要点 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 事件：2024年3月27、28日，公司接连发布《关于实际控制人、董事长增持股  份计划实施完成的公告》和《关于收到实际控制人、董事长2023年度及2024年 市场表现 内现金分红提议的公告》。 恺英网络 沪深300 69% 实控人1亿增持计划已完成。2023年12月26日，恺英网络股份有限公司披露了  51% 实际控制人、董事长金锋先生拟增持公司股份的计划，金锋先生拟增持金额不低 34% 于10,000万元，实施期限为自增持计划披露之日起不超过 6个月。自2024年3 17% 月 7 日至 2024 年 3 月 27 日，金锋先生累计通过集中竞价方式增持公司股份 0% -17% 9,703,100股，占公司总股本的0.45%，累计增持金额约10999.96万 ...

Investment Rating - The report maintains a "Buy" rating for Huabei Mining (600985.SH) [1] Core Views - The company achieved an annual revenue of 73.387 billion, a year-on-year increase of 6.26%, while the net profit attributable to shareholders was 6.225 billion, a decrease of 11.21% year-on-year [3][4] - The coal business showed a decline in total coal production and sales, but the sales of coking coal increased by 3.8% year-on-year [3][4] - The company plans to enhance its cash dividend, proposing a dividend of 2.652 billion, a year-on-year increase of 1.79%, with a dividend payout ratio of 42.6% [4] Summary by Sections Market Performance - The stock price of Huabei Mining is currently at 16.38 RMB, with a market performance comparison against the CSI 300 index showing a relative decline [1][2] Financial Performance - In Q4 2023, the company reported a revenue of 17.897 billion, a year-on-year increase of 51.63%, but a net profit decrease of 34.93% year-on-year [3] - The average selling price of coal was 1,159.76 RMB/ton, with a slight decrease of 0.01% year-on-year, while the cost per ton was 592.35 RMB, an increase of 0.78% year-on-year [3] Coal Business - The total coal production for 2023 was 21.9734 million tons, a decrease of 4.06% year-on-year, while the total sales were 17.832 million tons, a decrease of 5.27% year-on-year [3] - The company has several projects in progress, including the Inner Mongolia Taohutu coal mine expected to be operational by the end of 2025, with a designed capacity of 8 million tons/year [4] Chemical Business - The coking coal segment faced price pressure, with an average selling price of 2,330.42 RMB/ton, a decrease of 19.66% year-on-year, leading to a net loss of 0.912 billion for the subsidiary [4] - The methanol segment saw production and sales increases of 40.16% and 43.37% year-on-year, respectively, but the average selling price decreased by 8.87% [4] Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 76.6 billion, 81.497 billion, and 86.863 billion, respectively, with net profits expected to be 6.4 billion, 6.531 billion, and 7.008 billion [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has demonstrated significant revenue growth, achieving an annual revenue of 59.275 billion yuan in 2023, a year-on-year increase of 17.83%. The net profit attributable to shareholders reached 2.328 billion yuan, up 86.57% year-on-year [5][6] - The company remains a leader in gold production in China, with a total gold output of 41.78 tons in 2023, reflecting an increase of 8.03% compared to the previous year [5][6] - The average gold price on the Shanghai Gold Exchange rose to 449.91 yuan per gram in 2023, a 14.71% increase year-on-year, and has further increased to 518.80 yuan per gram as of March 28, 2024, indicating a favorable market environment for the company [6] Summary by Sections Financial Performance - The company reported a total revenue of 59.275 billion yuan in 2023, with a net profit of 2.328 billion yuan, marking a significant increase in profitability [5][9] - The projected revenues for 2024, 2025, and 2026 are 67.571 billion yuan, 74.364 billion yuan, and 79.356 billion yuan respectively, with net profits expected to reach 3.841 billion yuan, 4.962 billion yuan, and 5.643 billion yuan [6][9] Production and Operations - The company has successfully increased its gold production, with notable contributions from various mines, including a 15.54% increase from Xihe and Zhongbao, and a 10.73% increase from Jinzou [5][6] - The company has made strategic acquisitions, including a 20.93% stake in Yintai Gold, enhancing its resource base and operational capacity [6] Market Outlook - The report anticipates a compound annual growth rate (CAGR) of 34.34% for net profit from 2023 to 2026, driven by high gold prices and increased production capacity [6][9] - The company is well-positioned to benefit from the ongoing bullish trend in gold prices, which is expected to continue due to favorable economic conditions [6]

| --- | --- | --- | |-----------------------------------------|--------------------------|----------------| | 雍禾医疗（ 增持（维持） | 2279.HK | ）：业绩承压延 | | 所属行业：医疗保健业 / 医疗保健设备和服 | | | | 务 当前价格 ( 港币 ) ： 1.15 元 | 续，关注龙头品牌长期价值 | | 投资要点 证券分析师 -86% -69% -51% -34% -17% 0% 17% 雍禾医疗 恒生指数 | --- | --- | --- | --- | --- | |-------------------------------------|-----------------|-------|-----------------|---------------| | -103% 2023-03 \n恒 生 指 数 对 比 | 2023-07 \n1M | | 2023-11 \n2M | 3M | | 绝对涨幅 (%) 相对涨幅 (%) | -46.70 -44.33 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 37.64 billion yuan in 2023, a year-on-year decrease of 5.6%, while the net profit attributable to the parent company was 6.25 billion yuan, an increase of 22.3% year-on-year [5] - The company's performance was slightly below expectations, primarily due to a 2.19 billion yuan asset impairment provision and a slight decrease in electricity prices [5][6] - The company achieved a stable growth in wind and solar power generation, with total electricity generation reaching 76.23 billion kWh, a year-on-year increase of 7.9% [5] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 37.64 billion yuan and a net profit of 6.25 billion yuan, with a non-recurring net profit of 6.24 billion yuan, reflecting an 8.7% year-on-year increase [5][6] - The average on-grid electricity price for the company was 443 yuan per MWh, a decrease of 25 yuan per MWh year-on-year [5] Capacity and Resource Reserves - As of the end of 2023, the company's installed capacity reached 35.6 GW, an increase of 4.5 GW year-on-year, with wind power capacity at 27.8 GW, up by 1.6 GW [6] - The company added 54 GW of new resource reserves in 2023, including 24.65 GW of wind power and 23.95 GW of solar power [6] Future Projections - The company is expected to achieve revenues of 39.88 billion yuan, 43.76 billion yuan, and 47.32 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 5.9%, 9.7%, and 8.1% [6][8] - The net profit projections for the same years are 7.79 billion yuan, 8.42 billion yuan, and 9.01 billion yuan, with growth rates of 24.7%, 8.0%, and 7.0% [6][8]

[Table_Main] 证券研究报告 | 公司点评 中集集团(000039.SZ) 2024年03月29日 中集集团：23 年业绩承压，24 年 买入（维持） 所属行业：机械设备/通用设备 有望反转 当前价格(元)：9.57 证券分析师 投资要点 俞能飞 资格编号：S0120522120003 公司发布2023年报，全年业绩同比-86.91%。2023全年公司实现营业收入1278  邮箱：yunf＠tebon.com.cn 亿元，同比下降9.70%，实现归母净利润4.21亿元，同比-86.91%；扣非归母净 研究助理 利润 6.65 亿元，同比-84.47%。非经常性损失较大，主要系 2023 年外汇套期保 值业务亏损较大所致。公司 2023 年销售/管理/研发/财务费用率分别为 曹钰涵 2.16%/5.09%/1.90%/1.18%，同比+0.43pct/+0.14pct/+0.16pct/+1.2pct，财务费 邮箱：caoyh＠tebon.com.cn 用同比上升，主要是由于2023年美元贷款利率上升导致利息支出同比增加，且去 年同期美元汇率波动产生大额汇兑收益。23Q4 公司实现营收 327 亿， ...

[Table_Main] 证券研究报告 | 公司点评 中国中免(601888.SH) 2024年03月29日 买入（维持） 中国中免(601888.SH)：23 年加大分 所属行业：商贸零售/旅游零售Ⅱ 红比例，24 年有望稳定高质增长 当前价格(元)：85.42 证券分析师 投资要点 赵雅楠 资格编号：S0120523070002 收入利润符合预期。2023 年实现收入 675.40 亿元/同比+24.08%，归母净利润  邮箱：zhaoyn＠tebon.com.cn 67.14 亿元/同比+33.46%，扣非归母净利润 66.52 亿元/同比+35.71%；其中 研究助理 2023Q4 收入 167.03 亿元，归母净利润 15.07 亿元，扣非归母净利润 14.61 亿 元。整体符合此前业绩快报。拟向全体股东每股派发现金红利 1.65 元（含税）， 合计派发现金红利34.14亿元，年内公司现金分红比例为 50.85%。 市场表现 国内消费环境复苏，低基数下免税业务高增。分业务看，免税收入 442.31 亿元/  中国中免 沪深300 同比+69.91%，毛利率 39.49%/同比+0.08pct；有 ...

[Table_Main] 证券研究报告 | 行业点评 汽车 2024年03月29日 小米 SU7 正式上市，27 分钟大 汽车 定破 5 万 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  3 月 28 日，小米 SU7 正式上市。SU7 定位中大型车，长*宽*高分别为 邮箱：dengjq＠tebon.com.cn 4997*1963*1440/1455mm，轴距为3000mm。主要分为三款配置（不含创始版）， 赵悦媛 售价21.59~29.99万元。（1）SU7 后驱长续航智驾版：售价21.59万元。续航方 资格编号：S0120523100002 面，电池容量73.6kWh，CLTC续航700km；动力性能方面，零百加速5.28s；智 邮箱：zhaoyy5＠tebon.com.cn 能驾驶方面，搭载Pro 智驾版本。（2）SU7 Pro 后驱超长续航高阶智驾版：售价 赵启政 24.59万元。续航方面，电池容量94.3kWh，CLTC续航830km；动力性能方面， 资格编号：S0120523120002 零百加速5.7s； ...