[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 ...

[Table_Main] 证券研究报告 | 公司点评 康诺亚-B(02162.HK) 2024年03月29日 买入（维持） 康诺亚-B（2162.HK）：管线进展顺 所属行业：医疗保健业/药品及生物科技 利，CLND18.2 ADC 进入全球三期 当前价格(港币)：33.90元 投资要点 证券分析师 李霁阳 业绩：2024年3月26日，公司发布2023年度业绩，实现收入3.5亿人民币，主 资格编号：S0120523080003  要收入来自与阿斯利康的授权合作；年度研发支出增长至5.9亿人民币；截止2023 邮箱：lijy7＠tebon.com.cn 年底，公司定期存款、现金及银行理财产品约27亿；公司已建立一体化的药物开 发平台，具备商业化大规模生产能力。核心产品CM310推进顺利，开发多个大适 应症。公司10款候选药物已处于临床研发/IND申报阶段。 CM310（IL-4Rα抗体）：1）成人中重度特应性皮炎（AD）获得上市申请获CDE 市场表现  受理，并被纳入优先审评审批程序；2）2024年2月，启动青少年中重度AD Ⅲ 康诺亚-B 恒生指数 期临床研究，目前正在进行患者入组。3）慢性鼻窦炎伴鼻息肉 ...

Investment Rating - Buy (maintained) [1] Core Viewpoints - The company achieved a revenue of 6,302 million yuan in 2023, a year-on-year increase of 78.05%, and a net profit attributable to the parent company of 1,256 million yuan, a year-on-year increase of 76.10% [4] - The company signed sales orders of 13,094 million yuan in 2023, a year-on-year increase of 77.57%, and had orders on hand of 13,204 million yuan at the end of 2023, a year-on-year increase of 80.33% [4] - The company's TOPCon 0BB welding process has been mass-produced, which is expected to support high order growth in 2024 [4] - The company is expected to achieve net profits of 1,861 million yuan, 2,475 million yuan, and 2,953 million yuan in 2024, 2025, and 2026, respectively [5] Market Performance - The company's stock price has shown significant growth compared to the CSI 300 index, with absolute gains of 24.87%, 30.76%, and 14.55% over the past 1, 2, and 3 months, respectively [2] Financial Performance and Forecast - The company's revenue is expected to grow from 6,302 million yuan in 2023 to 15,535 million yuan in 2026, with a compound annual growth rate (CAGR) of 22.4% [6] - Net profit is forecasted to increase from 1,256 million yuan in 2023 to 2,953 million yuan in 2026, with a CAGR of 19.3% [6] - The company's gross margin is expected to remain stable at around 36% from 2023 to 2026 [6] - The company's ROE (Return on Equity) is projected to be 34.3% in 2023, gradually declining to 27.0% by 2026 [6] Industry and Product Development - The company has made significant progress in semiconductor equipment, including the development of a 12-inch wafer dicing machine and silver paste die bonder [4] - The company has successfully developed a thick copper wire bonding head suitable for automotive-grade IGBT modules, meeting 90% of the market's copper wire bonding needs [4] - The company has also developed a high-precision, high-speed inspection device compatible with gold, copper, and aluminum wires, with a precision of ±3 microns and a UPH (Units Per Hour) of 30K [4] Valuation Metrics - The company's P/E ratio is expected to decrease from 16.19 in 2024 to 8.00 in 2026, indicating potential undervaluation [7] - The P/B ratio is projected to decline from 5.55 in 2024 to 2.16 in 2026, reflecting a potential improvement in valuation [7] - The EV/EBITDA ratio is forecasted to decrease from 12.82 in 2024 to 5.78 in 2026, suggesting a more attractive valuation over time [7]

[Table_Main] 证券研究报告 | 行业深度 建筑材料 2024年03月28日 建筑材料 碳纤维新领域，低空经济蓄势腾飞 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 低空经济政策东风已至，万亿级市场蓄势待发。低空经济定义指以距正下方地平  邮箱：yanguang＠tebon.com.cn 面垂直距离在1000米以内的空域（实际需要可延伸至3000米）为依托的经济活 王逸枫 动，包括民用有人驾驶、无人驾驶航空器，以及载人、载货及其他作业等多场景低 资格编号：S0120524010004 空飞行活动，和辐射带动的相关领域。1）中央政策东风已至：23年12月中央经 邮箱：wangyf6＠tebon.com.cn 济工作会议首提低空经济，低空经济被列为战略性新兴产业，24年3月政府工作 报告提及打造低空经济等新增长引擎，低空经济战略高度上升；23年12月中国民 研究助理 航局发布《国家空域基础分类方法》，新增G、W类非管制空域，释放空域资源， 助力低空经济走向规范发展。2）各地方政府积极响应加码政策：24年全国26个 省份政府 ...

[Table_Main] 证券研究报告 | 公司点评 中复神鹰(688295.SH) 2024年03月28日 买入（维持） 中复神鹰（688295.SH）：周期底部龙头优 所属行业：基础化工/化学纤维 势扩大，关注新需求、新增量 当前价格(元)：27.67 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件: 2024年3月27日公司发布2023年年度报告，公司2023年公司实现营收  邮箱：yanguang＠tebon.com.cn 约 22.59亿元，同比+13.25%，实现归母净利润约 3.18 亿元，同比-47.45%，实 王逸枫 现扣非归母净利润约2.38亿元，同比-57.90%。单季度来看，23Q4公司实现营收 资格编号：S0120524010004 约6.51亿元，同比+19.88%（增速提升26.11pct），环比+17.68%，实现归母净利 邮箱：wangyf6＠tebon.com.cn 润约0.25亿元，同比-86.35%（增速下降21.77pct），环比-65.67%，实现扣非归 研究助理 母净利润约-0.25亿元，同比-115.73%（增速下降49.58pct） ...

[Table_Main] 证券研究报告 | 公司点评 青岛啤酒(600600.SH) 2024年03月27日 买入（维持） 青岛啤酒（600600.SH）：结构升级 所属行业：食品饮料/非白酒 趋势不改，关注旺季销量表现 当前价格(元)：83.76 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 年公司实现营收 339.37 亿元，同比  邮箱：xiongpeng＠tebon.com.cn +5.49%；归母净利润42.68亿元，同比+15.02%；扣非归母净利润37.21亿元， 韦香怡 同比+15.94%。其中，2023Q4单季度实现营收29.58亿元，同比-3.37%；归母净 资格编号：S0120522080002 利润-6.40亿元，同比-15.01%；扣非归母净利润-8.76亿元，同比-34.53%。 邮箱：weixy＠tebon.com.cn 研究助理 全年销量略有下滑，中高档产品拉动吨价上行。（1）销量方面，23年全年公司实  现啤酒销量800.7万吨，同比-0.8%。其中，青岛主品牌销量456万吨，同比+2.7%； 中高端销 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [6][13]. Core Views - The company reported a slight increase in revenue for 2023, achieving 1.51 billion yuan, a year-on-year growth of 0.37%, but the net profit attributable to shareholders decreased by 28.51% to 203 million yuan [4][6]. - The company has made significant advancements in technology and product offerings, including the development of a helium discharge ionization detector and the launch of new products such as explosion-proof gas chromatographs [5][14]. - The company is expected to benefit from the recovery of downstream demand as the economy continues to recover, which may lead to improved performance in the coming years [5][15]. Financial Performance Summary - In Q4 2023, the company achieved revenue of 563 million yuan, a year-on-year increase of 19.33%, and a net profit of 81 million yuan, up 50.61% year-on-year [4]. - The company’s revenue projections for 2024-2026 are 1.625 billion yuan, 1.854 billion yuan, and 2.103 billion yuan, representing year-on-year growth rates of 7.6%, 14.1%, and 13.4% respectively [6][17]. - The net profit forecasts for the same period are 225 million yuan, 279 million yuan, and 324 million yuan, with corresponding growth rates of 11%, 24%, and 16% [6][17]. Business Segment Performance - The ecological environment monitoring system, industrial process analysis system, and other businesses generated revenues of 1.21 billion yuan, 240 million yuan, and 58 million yuan respectively, with year-on-year changes of -5.53%, +42.16%, and +6.95% [14]. - The overall gross margin for the company was 41.41%, a decrease of 5.1 percentage points year-on-year, primarily due to weak market demand and increased competition [14]. Market Outlook - The government has emphasized the need to enhance carbon emission statistics and verification capabilities, which is expected to drive growth in the carbon measurement sector [15]. - The company has formed strategic partnerships with several power generation groups to advance carbon emission measurement and monitoring, positioning itself to benefit from the expansion of the carbon market [15].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook compared to the market [7][12]. Core Views - The company is positioned as a leading domestic CNC machine tool manufacturer, with accelerated development in overseas markets [3][19]. - The company achieved a revenue of 3.32 billion yuan in 2023, reflecting a year-on-year growth of 4.59%, while the net profit reached 609 million yuan, up 17.06% year-on-year [15][16]. - The report highlights the company's focus on product innovation and market expansion, particularly in the high-end CNC machine tool sector [18][19]. Financial Performance Summary - In 2023, the company reported revenues of 3.32 billion yuan, with a net profit of 609 million yuan, and a cash dividend distribution of 141 million yuan to shareholders [3][15]. - The revenue breakdown by product shows that the CNC gantry machining center generated 1.70 billion yuan, accounting for 51.21% of total revenue, with a gross margin of 31.21% [3][4]. - The company’s gross profit margin improved to 29.94% in 2023, an increase of 2.63 percentage points year-on-year, while the net profit margin rose to 18.34%, up 1.95 percentage points year-on-year [4][15]. Market Outlook - The CNC machine tool industry is expected to benefit from macroeconomic support and favorable policies aimed at promoting industrial development, which will create new market opportunities [19]. - The company is actively enhancing its production capacity and expanding its product range to meet the growing demand in both domestic and international markets [18][19].

[Table_Main] 证券研究报告 | 行业点评 电子 2024年03月27日 地平线拟赴港上市，国产自动驾驶 电子 芯希望 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈蓉芳 资格编号：S0120522060001 事件：3月26日，自动驾驶芯片头部企业地平线向港交所递交招股书；此前，3月  邮箱：chenrf＠tebon.com.cn 22 日，黑芝麻智能亦再次向港交所提交了主板上市申请；至此，地平线、黑芝麻 智能两大国产自动驾驶芯片企业均有望上市获得进一步成长。 市场表现 2021-2023年，地平线营收持续高速增长，毛利率水平稳定在70%左右，2023年  电子 沪深300 同比减亏。营收方面，2021年、2022年、2023年公司分别创造营收4.67、9.06、 15% 7% 15.52 亿元；2022 年及 2023 年分别同比增长 94.1%及 71.3%。分业务来看，公 0% 司营收主要由汽车产品解决方案和非车解决方案构成，汽车解决方案主要由产品解 -7% -15% 决方案和授权及服务构成。2021-2023年，汽车产品解决方案下的产品解决方案分 ...

[Table_Main] 证券研究报告 | 公司点评 紫金矿业(601899.SH) 2024年03月26日 紫金矿业（601899.SH）：铜产 买入（维持） 所属行业：有色金属/工业金属 量突破百万大关，旗舰矿山蓄势 当前价格(元)：15.53 投资要点 证券分析师 翟堃 事件：公司发布2023年年度报告。公司全年实现营收2934亿元，同比+8.54%； 资格编号：s0120523050002  实现归母净利211亿元，同比+5.38%；实现扣非归母净利216亿元，同比+10.68%； 邮箱：zhaikun＠tebon.com.cn 经营性净现金流 369 亿元，同比增长 28.5%。全年矿产品毛利率为49.09%，同 张崇欣 比下降5.20个百分点，公司全年铜C1成本和黄金AISC成本均位于全球前20% 资格编号：S0120522100003 分位，矿产品毛利率下降主要原因是成本上升，包含人民币汇率贬值因素、入选品 邮箱：zhangcx＠tebon.com.cn 位下降、燃料、电力成本及生产辅料等价格上涨、采剥运输距离增加，以及低品位 研究助理 矿山产量提升拉高平均成本等原因；全年综合毛利率为 15. ...