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； ...

Investment Rating - The report maintains a "Buy" rating for the company珍酒李渡 (6979.HK) [4][6] Core Views - The company reported its first annual performance post-IPO, achieving a revenue of 7.03 billion CNY, a year-on-year increase of 20.1%, and a net profit of 2.33 billion CNY, a significant year-on-year growth of 126.0% [4][6] - The adjusted net profit reached 1.62 billion CNY, reflecting a year-on-year growth of 35.5% [4] - The second half of 2023 saw revenue of 3.51 billion CNY, up 25.6% year-on-year, and an adjusted net profit of 820 million CNY, up 52.0% year-on-year [4][5] Financial Performance - The company’s revenue for 2023 is projected to be 8.45 billion CNY in 2024, with a year-on-year growth rate of 20.1% [6][8] - The gross profit margin improved to 58.2% in the second half of 2023, an increase of 3.2 percentage points year-on-year [5][8] - The company’s net profit margin for 2023 is expected to be 33.1%, with a projected net profit of 2.04 billion CNY in 2024 [8][9] Brand Performance - In the second half of 2023, the brand珍酒 generated revenue of 2.28 billion CNY, while李渡 achieved 620 million CNY, marking year-on-year growth rates of 25.4% and 32.6% respectively [5] - The high-end product segment saw a revenue increase of 34.3%, indicating strong demand in premium categories [5] Market Position - The company’s market capitalization is currently 33.5 billion CNY, with an adjusted net profit corresponding to a PE ratio of 16.4x for 2024 [6][8] - The company has expanded its distribution channels, with the number of distributors and retail outlets increasing significantly by the end of 2023 [5][6]

[Table_Main] 证券研究报告 | 公司点评 安琪酵母(600298.SH) 2024年03月29日 安琪酵母（600298.SH）：业绩 买入（维持） 所属行业：食品饮料/调味发酵品Ⅱ 短期承压，等待经营拐点 当前价格(元)：28.74 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 年度公司实现营收 135.81 亿元，  邮箱：xiongpeng＠tebon.com.cn yoy+5.74%，实现归母净利润12.70亿元，yoy-3.86%，实现扣非归母净利润11.04 韦香怡 亿元，yoy-0.87%。单Q4，公司实现营收39.28亿元，yoy+1.76%，实现归母净 资格编号：S0120522080002 利润3.58亿元，yoy-15.48%，实现扣非归母净利润2.95亿元，yoy-3.84%。 邮箱：weixy＠tebon.com.cn 研究助理 收入承压，国内收入端有所拖累。分品类来看，全年酵母及深加工产品/制糖产品  /包装类产品/其他产品营收同比+5.38%/ -3.15%/-11.88%+26.4%；单 Q4 ...

[Table_Main] 证券研究报告 | 公司点评 金力永磁(300748.SZ) 2024年03月28日 金力永磁（300748.SZ）：23 年稀 买入（维持） 所属行业：有色金属/金属新材料 土价格下降导致业绩承压，未来 当前价格(元)：15.41 随公司规划产能放量有望迎来新 证券分析师 翟堃 一轮业绩成长周期 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 张崇欣 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 投资要点 研究助理 事件：公司发布2023年年度报告，业绩承压。公司2023年营业收入66.88亿元，  康宇豪 同比-6.66%；归母净利润5.64亿元，同比-19.78%；扣非归母净利润4.93亿元， 邮箱：kangyh＠tebon.com.cn 同比-27.68%。 市场表现 2023年稀土原材料价格大幅下降，对公司营收及毛利率产生不利影响。根据亚洲  金属网、中国稀土行业协会等公布数据， 2023 年金属镨钕 1-12 月平均价格为 金力永磁 沪深300 26% 65.14 万元/吨，较 2022 ...

[Table_Main] 证券研究报告 | 公司点评 科伦博泰生物-B(06990.HK) 2024年03月29日 科伦博泰生物-B(6990.HK)： 买入（维持） 所属行业：医疗保健业/药品及生物科技 Trop2 ADC 多项全球三期启 当前价格(港币)：155.00元 动，多个 ADC 进入临床 证券分析师 李霁阳 投资要点 资格编号：S0120523080003 邮箱：lijy7＠tebon.com.cn 业绩：公司2023年3月25日发布年报， 公司2023年收入15.4亿元，增幅达  研究助理 到 91.6%。这一增长主要得益于与默沙东签订的许可及合作协议导致的首付款和 里程碑款的增加。年度亏损减少至2023年的人民币5.74亿元，减少6.8%。研发 开支增加至人民币10.3亿元。Trop2 ADC，HER2 ADC已向CDE递交了NDA申 市场表现 请。公司与默沙东订立三项合作协议，其中SKB264已开展多项全球临床。 科伦博泰生物-B 恒生指数 SKB264 (MK-2870)-trop2 ADC：1）三阴性乳腺癌（TNBC）：CDE已受理既往 206%  171% 接受过至少2种系统治疗 ...