Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The company reported a revenue of 173.21 billion yuan in 2023, a year-on-year increase of 26.1%, while the net profit attributable to shareholders decreased by 15.1% to 7.02 billion yuan. The non-recurring net profit attributable to shareholders increased by 8.0% to 4.83 billion yuan [6][8] - The company is accelerating its transition to new energy and smart vehicles, with significant growth in overseas sales, surpassing 300,000 units for the first time in 2023 [7] - The earnings forecast for 2024-2026 has been adjusted, with expected net profits of 9.87 billion yuan, 12.62 billion yuan, and 15.85 billion yuan respectively, corresponding to P/E ratios of 20, 15, and 12 [7] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 53.71 billion yuan, with year-on-year and quarter-on-quarter growth of 41.9% and 8.4% respectively. The total vehicle sales for Q4 were 367,000 units, reflecting a year-on-year increase of 38.3% [6] - The average selling price (ASP) per vehicle in Q4 was approximately 146,000 yuan, with a year-on-year increase of 0.4 thousand yuan [6] - The company’s gross profit margin for 2023 was 18.7%, with a projected increase to 19.0% in 2024 [9] Market Position and Strategy - Great Wall Motors is focusing on the new energy off-road market, launching several new models and achieving significant order volumes shortly after their release [7] - The company has expanded its international presence, with products available in over 170 countries and regions, and has established more than 1,000 international sales channels [7] - The company plans to cover the A0 to C segment markets with new high-quality models in 2024, enhancing its product lineup [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's profits and dividends have decreased but are expected to recover in the future [1] - The company achieved a total revenue of 37.371 billion, a year-on-year increase of 19.45%, while the net profit attributable to shareholders was 4.26 billion, a year-on-year decrease of 38.53% [2][3] - The report anticipates that the company's revenue will gradually increase due to the release of new production capacity and changes in product prices [4] Financial Performance - In 2023, the company reported a comprehensive coal price of 699.15 yuan/ton, a decrease of 14.46% year-on-year, while the comprehensive cost was 421.74 yuan/ton, a decrease of 9.61% year-on-year [3] - The company plans to distribute dividends of 1.289 billion, with a dividend payout ratio of 30.25%, corresponding to a dividend yield of 3.79% [4] - The forecast for total revenue from 2024 to 2026 is 38.3 billion, 40 billion, and 40.8 billion respectively, with net profits of 4.5 billion, 4.7 billion, and 4.8 billion respectively [4][5] Production and Sales - The company's coal production and sales slightly declined in 2023, with production and sales volumes of 38.9837 million tons and 52.5053 million tons, down 3.92% and 2.55% year-on-year respectively [3] - The company plans to produce no less than 33 million tons of raw coal in 2024, supported by new mines coming online [3][4] Valuation Metrics - The report maintains that the earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 2.25, 2.36, and 2.44 yuan respectively, with corresponding price-to-earnings (PE) ratios of 7.61, 7.26, and 7.02 [4][5] - The projected dividend yield for 2024 is 7.9%, increasing to 8.3% in 2025 and 8.5% in 2026 [6]

Investment Rating - The report maintains an "Outperform" rating for the utility sector [2] Core Insights - The establishment of the first ESG equity investment theme fund on the Beijing Stock Exchange signifies a growing trend towards ESG investment, with a fund size of 300 million RMB aimed at investing in IPO companies and strategic placements [8][10] - The report highlights significant investments in renewable energy projects, with the National Energy Group announcing a total investment of 400 billion RMB across 80 key projects, including 61 renewable energy projects [9][10] - The report emphasizes the importance of enhancing sustainable information disclosure and the establishment of a comprehensive ESG reporting guideline to improve corporate governance and transparency [12][36] Summary by Sections Market Performance - The utility sector has shown a performance decline of 24% compared to the CSI 300 index over the specified period [2] Policy Dynamics - The implementation of the "National Standardization Development Outline" action plan by 18 departments aims to enhance standardization efforts from 2024 to 2025 [12] - The release of the "Action Plan" for carbon footprint management in Shanghai outlines 20 specific tasks to support carbon neutrality goals [12] - The revision of the "Hebei Province Electricity Regulations" reflects a commitment to green energy and the establishment of a new power system [13] ESG Product Tracking - As of March 29, 2024, a total of 3,914 ESG bonds have been issued in China, with a total outstanding amount of 5.82 trillion RMB, and 1,129 ESG bonds issued in the past year totaling 1.3695 trillion RMB [26][27] - The market currently has 521 ESG products with a total net value of 520.43 billion RMB, with environmental protection products making up the largest share at 43.57% [29][30] - The report notes that pure ESG products account for 63.42% of the 462 existing ESG financial products in the banking sector [32] ESG Expert Opinions - Experts emphasize the need for improved sustainable information disclosure and the establishment of international standards to facilitate better comparability among companies [36][37]

[Table_Main] 证券研究报告|行业周报 建筑材料 2024年03月31日 建筑材料 周观点：关注低空经济发展为碳纤维 带来新增量 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  周观点：3 月 27 日四部门发布《通用航空装备创新应用实施方案（2024-2030 邮箱：yanguang＠tebon.com.cn 年）》，其中提到2027年实现新型通用航空装备在城市空运、物流配送、应急救援 王逸枫 等领域商业应用，2030 年形成万亿市场规模。碳纤维是 eVTOL 主要机身结构材 资格编号：S0120524010004 料，满足轻量化和高强度要求。当前主流设计方案均采用碳纤维作为机身结构材 邮箱：wangyf6＠tebon.com.cn 料，复材使用量上超 90%为碳纤维，而 23 年大小丝束价格多次阶梯式下调，下 游产业验证有望打开，为上游碳纤维带来增量贡献。我们测算，当前订单量有望 研究助理 拉动千吨碳纤需求（本周发布的深度报告《碳纤维新领域，低空经济蓄势腾 飞》），看好低空经济等新兴领域为碳纤维带来的增量需求，建议 ...

[Table_Main] 证券研究报告 | 行业点评 2024年03月31日 行业点评 vivo 第三代折叠屏手机发布，华为 P70 上市在即，手机产业链再迎高光时刻 证券分析师 陈蓉芳 [Table_Summary] 投资要点： 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn  vivo发布第三代折叠旗舰手机Fold3系列，端侧AI深度融合大屏强化商务属性。 3月26日，vivo发布新一代折叠旗舰智能手机vivo X Fold3系列（以下简称Fold3 研究助理 系列）。Fold3系列是 vivo 发布的第三代折叠屏手机，共包括 Fold3和Fold3 Pro 张威震 两个版本，Fold3 重量仅 219g，比主流厂商的折叠屏旗舰手机更轻，且接近主流 邮箱：zhangwz5＠tebon.com.cn 直板旗舰手机重量（iPhone 15 Pro Max重量221g，Pro重量187g），折叠后厚度 仅10.2mm，单边厚度低至4.65mm。1）硬件方面，Fold3系列均配备8.03英寸 相关研究 主屏和 6.53英寸副屏，采用 AMOLED材质，刷新率为 120Hz。 ...

[Table_Main] 证券研究报告 | 行业周报 商贸零售 2024年04月01日 商社周报 0330：港股商社公司 商贸零售 23 年收入多数实现增长，酒店 优于大市（维持） 证券分析师 旅游板块整体表现靠前 赵雅楠 资格编号：S0120523070002 [Table_Summary] 投资要点： 邮箱：zhaoyn＠tebon.com.cn 李旭东 本周专题—港股商社公司23年收入多数实现增长，酒店旅游板块整体表现靠前。 资格编号：S0120524020002  邮箱：lixd＠tebon.com.cn 收入方面，酒店旅游免税/餐饮板块收入增速整体表现靠前。我们选取已经披露23 易丁依  年业绩的港股商社公司，划分为餐饮、教育人服、酒店旅游免税、医美美护、零售 资格编号：S0120523070004 五个板块，共计 28 家公司。所选公司中，23 年收入下滑的仅有海伦司/卓越教育 邮箱：yidy＠tebon.com.cn 集团/同道猎聘/四环医药4家，其余皆实现增长。从单个公司来看，收入增速前三 张望 的为科笛-B/携程集团-S/同程旅行，分别为1111%/122%/81%。从板块来看，整体 资 ...

[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].