[Table_Main] 证券研究报告 | 公司点评 神火股份(000933.SZ) 2024年03月26日 神火股份（000933.SZ）：业绩符 买入（维持） 所属行业：有色金属/工业金属 合预期，维持优质盈利 当前价格(元)：20.04 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件：公司发布2023年年报。2023年公司实现营业收入376.3亿元，同比-11.89%；  邮箱：zhaikun＠tebon.com.cn 归母净利润59.1亿元，同比-22.07%；扣非后归母净利润58.2亿元，同比-25.16%。 薛磊 单季度来看，23Q4实现营业收入96.0亿元，同比-9.15%，环比+0.86%；归母净 资格编号：S0120524020001 利润 14.7 亿，同比-14.38%，环比-0.33%；扣非后归母净利润 14.4 亿元，同比 邮箱：xuelei＠tebon.com.cn -18.91%，环比+1.58%。 研究助理 财务方面：利息费用、所得税同比大幅下降。近年来，煤铝维持高景气，受益于 谢佶圆  优秀回款能力，现金流较为充沛，在无大额资本开支的背景下，资产 ...

Investment Rating - The report maintains a "Buy" rating for the company [13][18]. Core Views - The company achieved a revenue of 4.972 billion yuan in 2023, representing an increase of 8.02%, and a net profit attributable to shareholders of 659 million yuan, up by 15.67% [2]. - The company is positioned as a leading integrated fire safety provider, with a strong competitive edge in the market [13][20]. - The report highlights the company's robust growth in various business segments, including overseas markets, which saw significant revenue increases [12]. Financial Performance Summary - The company's revenue growth rates for 2023 Q1 to Q4 were 11.38%, 9.23%, 2.57%, and 10.79%, respectively, indicating stable growth [12]. - The net profit growth rates for the same quarters were 16.15%, 23.47%, 21.57%, and -0.08%, with a notable slowdown in Q4 [12]. - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, with a payout ratio of approximately 39.51% [2]. Business Segment Analysis - The general fire alarm business maintained stable growth, with the "Jiuyuan" brand revenue increasing by approximately 27% [12]. - The overseas business experienced rapid growth, with the Canadian brand Maple Armor's revenue increasing by about 60% and the Spanish brand Detnov by around 20% [12]. - The emergency lighting and intelligent evacuation business generated revenue of 1.112 billion yuan, up by 7.27% year-on-year [12]. Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 784 million yuan, 915 million yuan, and 1.079 billion yuan, respectively, with corresponding EPS of 1.03, 1.21, and 1.42 yuan [13]. - The company is expected to benefit from the increasing importance of fire safety, especially in the context of frequent fire incidents [13].

[Table_Main] 证券研究报告 | 公司点评 沪电股份(002463.SZ) 2024年03月26日 买入（维持） 沪电股份(002463.SZ)：Q1 继续高 所属行业：电子 成长，AI 算力&传输全面受益 当前价格(元)：30.22 证券分析师 投资要点 陈海进 资格编号：S0120521120001 事件：23 年实现营收 89.4 亿元，同比+7.2%；实现归母净利 15.1 亿元，同比  邮箱：chenhj3＠tebon.com.cn +11.1%；24Q1预计实现归母净利润4.6-5.2亿，同比增长130%-160%。 研究助理 陈妙杨 AI需求不断加速，助力公司多重压力下脱颖而出。2023年PCB行业需求疲软， 邮箱：chenmy＠tebon.com.cn  库存较高，价格竞争加剧，PCB行业产值下降约15%，均价下降约10%。同时公 司持股84%的胜伟策产生1.05亿亏损，核心产品P2pack 23Q4才量产。尽管如 市场表现 此，公司还是给出了亮眼成绩单，23 年 4 个季度归母净利分别同比增长 沪电股份 沪深300 -20%/+3%/+19%/27%，增速不断向上，24年Q1取 ...

[Table_Main] 证券研究报告 | 公司点评 恒生电子(600570.SH) 2024年03月26日 恒生电子（600570.SH）：2023 年年 买入（维持） 报点评：聚焦核心产品线人效提升， 所属行业：计算机/软件开发 当前价格(元)：23.93 看好公司稳健增长潜力 证券分析师 钱劲宇 资格编号：S0120523090002 投资要点 邮箱：qianjy5＠tebon.com.cn 市场表现 事件：恒生电子发布 2023 年年报，全年实现营业收入 72.81亿元（+11.98%）；  归母净利润14.24亿元（+30.50%）；扣非归母净利润14.48亿元（+26.51%）。单 恒生电子 沪深300 Q4 看，公司营收 29.1 亿（+5%），归母净利润 8.2 亿（-24%），扣非净利润 9.1 29% 14% 亿（+12%）。 0% -14% 公司23年聚焦核心产品线，收入稳健增长且人效提升。公司将资源进一步聚焦到 -29%  -43% 核心产品线、对于项目化程度较高的业务逐步成立子公司独立运作。23年主营业 -57% 务毛利率74.85%，较上年提升1.3pct。全年费用同比增长8. ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company reported a revenue of 186.3 billion yuan for 2023, a year-on-year increase of 7.68%, and a net profit attributable to shareholders of 8.25 billion yuan, up 35.98% year-on-year. The growth in revenue and profit is attributed to the resolution of equity issues and improved logistics in Africa, which significantly boosted copper and cobalt sales [4][5]. - The company successfully completed two major world-class projects, TFM and KFM, which contributed to a substantial increase in copper and cobalt production. The TFM project began production in October 2023, with an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt [4][5]. - The company is now among the top ten copper producers globally and remains the largest cobalt producer in the world, with significant production increases reported from its operations in the Democratic Republic of Congo [5][6]. Financial Performance - In Q4 2023, the company achieved a revenue of 54.59 billion yuan, a quarter-on-quarter increase of 21.43%, and a net profit of 5.81 billion yuan, reflecting a remarkable quarter-on-quarter growth of 233.72% and a year-on-year increase of 663.01% [4]. - The company plans to expand its production capacity in Africa and aims to achieve over 520,000 tons of copper and 60,000 tons of cobalt in 2024 [4][5]. - The company announced a dividend proposal with a payout ratio of approximately 40%, amounting to an estimated total dividend distribution of around 3.3 billion yuan [5]. Production and Sales - The company reported a significant increase in production, with copper output from its Congo operations reaching 394,000 tons, a year-on-year increase of 55%, and cobalt output reaching 55,000 tons, a year-on-year increase of 174% [5]. - The average price for cobalt in 2023 was 273,800 yuan per ton, down 36% year-on-year, while the average price for copper was 68,400 yuan per ton, up 1.3% year-on-year [5]. Earnings Forecast - The company forecasts net profits of 10.71 billion yuan, 11.66 billion yuan, and 12.25 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 29.8%, 8.9%, and 5.0% [5][6].

[Table_Main] 证券研究报告 | 行业周报 房地产 2024年03月26日 多地新房二手房成交环比改善，国常会 房地产 明确优化地产政策 优于大市（维持） 房地产行业周报（2024.3.18-3.22） 证券分析师 [Table_Summary] 投资要点： 金文曦 资格编号：S0120522100001 邮箱：jinwx＠tebon.com.cn  市场回顾 2024.3.18-3.22，上证综指数下跌-0.22%，沪深300指数下跌-0.7%，房地产板块下 研究助理 跌-1.33%，房地产板块跑输上证综指1.11个百分点，跑输沪深300指数0.63个百分 蔡萌萌 点。年初至今，上证综指上涨 2.46%，沪深 300 指数上涨 3.32%，房地产板块下跌 邮箱：caimm＠tebon.com.cn -7.92%，房地产板块跑输上证综指 10.38 个百分点，跑输沪深 300 指数 11.24 个百 分点。 市场表现 上周，重点关注的A股地产股中国创高新、迪马股份、京投发展涨幅居前，招商积余、 格力地产、中洲控股跌幅较大；重点关注的 H 股地产股中建发国际集团、港龙中国 房地产 沪深300 7% ...

[Table_Main] 证券研究报告 | 公司首次覆盖 伯特利(603596.SH) 2024年03月26日 伯特利（603596.SH）：制动领 买入（首次） 所属行业：汽车/汽车零部件 域国产龙头，多产品协同打开新 当前价格(元)：58.14 空间 证券分析师 邓健全 投资要点 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 公司专注制动领域，积极拓展能力边界，业绩稳健增长。公司以汽车盘式制动器、 赵悦媛  制动卡钳等机械制动产品起家，把握汽车行业智能化、电动化的发展趋势，逐步开 资格编号：S0120523100002 发ABS、EPB、ESC、WCBS等智能电控产品。目前公司技术能力广受认可，已 邮箱：zhaoyy5＠tebon.com.cn 进入通用汽车、沃尔沃、福特汽车、比亚迪、理想、蔚来、小鹏、赛力斯等客户供 赵启政 应体系。目前公司业绩整体保持稳健增长态势，根据公司2023年年度业绩预增公 资格编号：S0120523120002 告，公司预计2023年度实现营业收入74.50亿元-78.57亿元，同比增长34.50%- 邮箱：zhaoqz＠tebon.c ...

[Table_Main] 证券研究报告 | 行业周报 食品饮料 2024年03月24日 消费类社零数据回暖，国家层 食品饮料 面明确预制菜范围 优于大市（维持） 证券分析师 食品饮料行业周报 20240318-20240322 熊鹏 [Table_Summary] 投资要点： 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 白酒：消费类社零数据回暖，糖酒会反馈酒企分化中有亮点。本周白酒板块下跌  0.73%，跌幅与沪深300指数基本持平。本周公布社零数据，2024年1-2月份， 研究助理 社会消费品零售总额81307亿元，同比增长5.5%（市场预期+5.4%），小幅超预 期，餐饮收入同比增长12.5%，烟酒同比增长13.7%，餐饮和烟酒消费继续上行。 市场表现 中国酒业协会公布的数据显示，2023年，全国白酒行业实现总产量629万千升， 食品饮料 沪深300 同比下降 5.1%；完成销售收入 7563 亿元，同比增加 9.7%；实现利润总额 2328 6% 亿元，同比增长7.5%。疫情影响淡化后行业收入增速提升，预计未来行业总产量 0% 基本平稳，收入和利润有望平 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in revenue for 2023, achieving HKD 7.368 billion, a 101.04% increase from HKD 3.665 billion in 2022. However, net profit slightly decreased to HKD 497 million from HKD 515 million in 2022, primarily due to a fine impacting investment income [5][6] - The company is expected to benefit from rising uranium prices, with projections for uranium prices to stabilize around USD 80 per lbU3O8 from 2024 to 2026. The forecasted production for the company's mining rights is expected to increase from 1,385 tons in 2024 to 1,703 tons in 2026 [8][9] Summary by Sections Financial Performance - The company achieved a net profit of HKD 497 million in 2023, with a revenue increase of 101.80% year-on-year. The expected revenues for 2024, 2025, and 2026 are HKD 9.973 billion, HKD 10.625 billion, and HKD 11.273 billion respectively [9][15] - The average selling price of uranium was USD 64.42 per lbU3O8, while the average cost was USD 64.90 per lbU3O8, resulting in a gross loss of HKD 12 million from self-produced uranium sales [5][6] Production and Sales - The company sold 1,299 tons of self-produced uranium in 2023, a slight decrease of 1.7% from 2022, while international trade sales increased significantly to 5,670 tons from 3,055 tons in 2022, resulting in a revenue of HKD 5.672 billion [5][6] - The company holds 697 tons of uranium with a weighted average cost of USD 49.61 per lbU3O8 and has signed contracts for an additional 3,303 tons at a weighted average price of USD 56.78 per lbU3O8 [5][6] Investment and Cash Flow - The company reported an increase in operating cash flow to HKD 1.242 billion in 2023, with a net cash flow returning to positive at HKD 955 million [7][9] - The total equity resource amount at the end of 2023 was 39,000 tons of uranium, with a production capacity of 1,277 tons [6][9] Future Outlook - The company anticipates a continued increase in revenue and net profit, with projected net profits of HKD 977 million in 2024, HKD 1.037 billion in 2025, and HKD 1.122 billion in 2026, reflecting growth rates of 96.56%, 6.14%, and 8.22% respectively [8][9]

薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn 当前美联储已经开始强调经济软着陆的诉求，通胀目标被相对弱化，在此背景下， 预计短端美债，美股中小盘、黄金、以铜为代表的工业金属表现会相对较好，近期 黄金与铜携手上涨的部分原因可能也是市场提前交易了鸽派预期。 | --- | --- | |---------------------|-------| | | | | 1. 全球股票市场表现 | | | 1.1. 涨跌幅 | | | 1.2. 估值. | | | 2. 重要数据发布前瞻 | | | 3. 流动性 . | | | 4. 风险提示. | | 图表目录 3 / 11 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------- ...