[Table_Main] 证券研究报告 | 行业点评 公用事业 2024年03月22日 公用事业 提升电力系统稳定调节能力，加快推动 氢能产业高质量发展 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 郭雪 资格编号：S0120522120001 事件： 3月18日，国家能源局印发《2024年能源工作指导意见》的通知（以下  邮箱：guoxue＠tebon.com.cn 简称《意见》），其中提出，提升电力系统稳定调节能力、大力推进非化石能源高质 量发展、深化能源利用方式变革、加快培育能源新业态新模式等内容。 联系人 能源结构持续优化，终端电力消费比重持续提高。《意见》提出，2024 年非化石  卢璇 能源发电装机占比提高到 55%左右；风电、太阳能发电量占全国发电量的比重达 邮箱：luxuan＠tebon.com.cn 到17%以上；天然气消费稳中有增，非化石能源占能源消费总量比重提高到18.9% 左右。 2023年全国清洁能源总装机规模达到 14.5亿千瓦，其中太阳能、风电总 市场表现 装机规模超10亿千瓦，占发电总装机近36%。我们预计随着新能源装机持续提升， 沪深 ...

[Table_Main] 证券研究报告 | 公司点评 华能国际(600011.SH) 2024年03月22日 华能国际（600011.SH）：煤电 增持（维持） 所属行业：公用事业/电力 盈利修复，风光投产加速 当前价格(元)：8.99 证券分析师 投资要点 郭雪 资格编号：S0120522120001 事件：公司发布 2023 年年报，2023年公司实现营业收入 2543.97 亿元，同比增  邮箱：guoxue＠tebon.com.cn 长3.11%；实现归母净利润 84.46 亿元，同比增长214.33%； 联系人 卢璇 上网电量稳定增长，成本下降增强盈利能力。2023年公司实现营业收入 邮箱：luxuan＠tebon.com.cn  2543.97 亿元，同比增长3.11%；实现归母净利润 84.46 亿元，同比增长 市场表现 214.33%，扣非归母净利润56.11亿元，同比增长159.56%。营业收入的增长主 要由于公司2023年完成境内上网电量4478.6亿千瓦时，同比+5.3%；同时得益 华能国际 沪深300 23% 于燃料成本的下降，公司23年燃料采购费用为1565.7亿元，较22年下降 ...

[Table_Main] 证券研究报告 | 公司点评 中国巨石(600176.SH) 2024年03月21日 买入（维持） 中国巨石（600176.SH）：周期底部渐行渐 所属行业：建筑材料/玻璃玻纤 近，龙头优势穿越周期 当前价格(元)：10.02 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024 年 3 月 19 日，公司发布 2023 年年度报告，2023 年公司实现营收约 邮箱：yanguang＠tebon.com.cn 148.76亿元，同比-26.33%，实现归母净利润约30.44亿元，同比-53.94%，实现 王逸枫 扣非归母净利润约18.98亿元，同比-56.64%；单季度来看，23Q4公司实现营收 资格编号：S0120524010004 约34.50亿元，同比-15.64%，环比-4.05%，实现归母净利润约3.71亿元，同比 邮箱：wangyf6＠tebon.com.cn -66.09%，环比-39.35%，实现扣非归母净利润约2.74亿元，同比-64.94%，环比 研究助理 -22.72%。公司每10股拟派发现金红利2.75元(含税)，合计分红11.01 ...

Investment Rating - The report initiates coverage on Lingyun Co., Ltd. (600480.SH) with an "Accumulate" rating [7][22]. Core Viewpoints - Lingyun Co., Ltd. is driven by dual engines of hot forming and battery shell production, with potential to enter the robotics field [5][30]. - The company has a solid leading position in the automotive pipeline business, providing stable cash flow [6][70]. - The lightweight business is set to grow, focusing on hot forming and aluminum alloy technologies, with significant project expansions [6][81]. - The company is actively engaging in the development of robotic force sensors, which are critical components for humanoid robots, indicating a forward-looking strategic layout [6][85]. Summary by Sections 1. Company Overview - Lingyun Co., Ltd. was established in 1995 and listed in 2003, primarily engaged in lightweight safety structural components, hot forming products, and automotive pipelines [5][34]. - The acquisition of German WAG in 2015 enhanced the company's capabilities in aluminum alloy lightweight technology and allowed entry into the high-end new energy battery shell market [5][81]. 2. Business Segments - The automotive metal and plastic components business has been increasing its revenue share, reaching 87.7% in 2022 [36][62]. - The company has a diverse product matrix, including high-strength lightweight safety systems and battery system components for new energy vehicles [36][62]. 3. Financial Performance - Revenue is projected to grow from 180.23 billion CNY in 2023 to 215.73 billion CNY in 2025, with net profit expected to rise from 6.06 billion CNY to 8.59 billion CNY in the same period [7][10]. - The company has shown a stable growth trend, with a compound annual growth rate (CAGR) of 12.4% from 2014 to 2022 [40]. 4. Strategic Initiatives - The company is focusing on the development of robotic force sensors, with a projected market size of 328 billion CNY by 2030 for the humanoid robot sector [6][88]. - Lingyun Co., Ltd. is collaborating with research institutions to innovate in the field of humanoid robot force sensing technology [6][85]. 5. Investment Recommendations - The report suggests that the company's performance is expected to improve significantly due to the growth in lightweight and robotics businesses, leading to an "Accumulate" rating [7][22].

Investment Rating - The report maintains a "Buy" rating for Xinji Energy (601918 SH) [4][10] Core Views - Xinji Energy achieved steady growth in 2023 with a 7 01% YoY increase in revenue and 1 57% YoY growth in net profit attributable to shareholders [13] - The company's power business showed stable profitability with a 22 8% gross margin in 2023, up 0 12 percentage points YoY [1] - Coal business faced cost pressures but achieved a 90 5% coal washing rate, the highest in six years [3] - Future growth is expected from the company's power projects under construction, with a total installed capacity of 5960MW and equity capacity of 3874MW [14] Financial Performance Power Business - In 2023, Xinji Energy generated 103 93 billion kWh of electricity, a 2 67% YoY decrease, with 98 72 billion kWh sold to the grid, down 2 78% YoY [1] - The average selling price of electricity was 0 4109 yuan/kWh, up 0 65% YoY, while the cost per kWh decreased by 0 41% to 0 3172 yuan/kWh [1] - The gross profit per kWh increased by 4 42% to 0 0937 yuan/kWh [1] Coal Business - In 2023, the company produced 21 40 million tons of raw coal, down 3 76% YoY, and sold 19 69 million tons of commercial coal, up 8 70% YoY [3] - The average selling price of commercial coal was 446 4 yuan/ton, up 3 39% YoY, while the cost per ton increased by 15 50% to 234 6 yuan/ton [3] - The gross profit per ton of commercial coal decreased by 7 36% to 211 8 yuan/ton [3] Future Outlook - The company's coal-power synergy is expected to deepen, with self-produced coal covering 52%, 85%, and 100% of power plant coal consumption in 2025, 2026, and 2027, respectively [14] - Net profit attributable to shareholders is forecasted to grow to 2 44 billion yuan in 2024, 2 63 billion yuan in 2025, and 3 15 billion yuan in 2026 [4] - The PE ratio is projected to be 8 5x, 7 9x, and 6 6x for 2024, 2025, and 2026, respectively [4] Financial Metrics - The company's gross margin was 39 7% in 2023, with a net profit margin of 18 7% and ROE of 15 6% [6] - EPS is expected to increase from 0 81 yuan in 2023 to 1 22 yuan in 2026 [6] - Operating cash flow per share is projected to grow from 1 47 yuan in 2023 to 3 14 yuan in 2026 [6]

Investment Rating - The report maintains a "Buy" rating for Jinbo Bio, indicating a strong investment opportunity in the collagen sector with expected revenue growth and profitability improvements [4][10]. Core Insights - Jinbo Bio achieved significant revenue growth in 2023, with total revenue reaching 680 million yuan, a year-on-year increase of 122.7%. The gross margin was reported at 93.18%, up by 4.89 percentage points, primarily driven by the sales of collagen injection products and medical dressings [2][18]. - The company has established a strategic partnership with L'Oréal, enhancing its position in the international supply chain for collagen raw materials, which is expected to further boost its market influence [2][4]. - Future revenue projections for Jinbo Bio are optimistic, with expected revenues of 1.178 billion yuan in 2024, 1.626 billion yuan in 2025, and 2.067 billion yuan in 2026, reflecting growth rates of 61%, 40%, and 29% respectively [4][12]. Financial Performance Summary - In 2023, Jinbo Bio's net profit reached 300 million yuan, a year-on-year increase of 174.6%, with a net profit margin of 38.42% [18]. - The company reported a strong performance in Q4 2023, with revenue of 263 million yuan, up 89.68% year-on-year, and a net profit of 108 million yuan, reflecting a robust growth trajectory [18]. - The gross margin for Q4 2023 was 90.54%, indicating sustained high profitability levels [18]. Research and Development - Jinbo Bio has significantly increased its R&D investment, with R&D expenses rising by 87.12% year-on-year. The company is focusing on systemic innovation in functional proteins and has made progress in clinical trials for various collagen products [11][12]. - The company is actively pursuing multiple R&D projects, including new collagen materials and broad-spectrum antiviral drugs, with some projects already entering clinical stages [11][12].

[Table_Main] 证券研究报告 | 公司点评 中煤能源(601898.SH) 2023年3月21日 中煤能源：以量补价业绩稳健， 买入（维持） 所属行业：煤炭 产业协同稳步推进 当前价格(元)：11.81 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件：公司发布2023年度业绩报告。公司全年实现营业收入1929.69亿，同比-  邮箱：zhaikun＠tebon.com.cn 12.52%；归母净利润195.34亿元，同比+6.98%；扣非归母净利润193.64亿元， 薛磊 同比+6.8%；单季度来看，Q4公司实现营业收入 367.6 亿元，同比-18.73%，环 资格编号：S0120524020001 比-21.54%；归母净利润28.46亿，同比+261.66%，环比-41.36%；扣非归母净利 邮箱：xuelei＠tebon.com.cn 润27.95亿元，同比+249.55%,环比-41.99%。 研究助理 煤炭业务：商品煤产销大幅提升，Q4成本同比下行。1）2023年，受益于大海则 谢佶圆  矿顺利投产，公司商品煤产量/销量为 13422/28494 万吨，同比 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the stable development of the company's coking business despite a decline in prices, with significant expansion in the chemical sector [3][4] - The company achieved a total revenue of 46.066 billion, a year-on-year increase of 6.8%, but net profit decreased by 53.6% to 861 million [2][3] - The chemical business revenue surpassed the coking business for the first time, indicating a core growth area for future development [3] Financial Performance Summary - The company reported a revenue of 180.77 billion from its coking business, a year-on-year increase of 10.4%, while the gross profit decreased by 33.7% due to the downturn in the real estate market [3] - The average coking price for the year was 2201.4 yuan/ton, down 27.6% year-on-year [3] - The chemical business generated revenue of 186.81 billion, up 21.1% year-on-year, with a gross profit increase of 26.8% [3] - The company expects total revenues of 528 billion, 590 billion, and 676 billion for 2024, 2025, and 2026 respectively, with net profits projected at 11 billion, 12 billion, and 15 billion [4][6] Business Segment Analysis - Coking Business: Revenue for H2 2023 was 104.82 billion, a year-on-year increase of 47.5%, with a significant increase in production capacity from ongoing projects [3] - Chemical Business: The company is expanding its production capacity and has achieved cost optimization, which is expected to continue benefiting margins [3] - Hydrogen Energy: The company has become the largest hydrogen energy producer in the Beijing-Tianjin-Hebei region and is positioned to benefit from industry growth [3] Market Performance - The company's stock price has fluctuated between 3.010 and 3.740 HKD over the past 52 weeks, with a total market capitalization of 13.49358 billion HKD [5]

[Table_Main] 证券研究报告 | 公司点评 康方生物(09926.HK) 2024年03月21日 康方生物(9926.HK)：管线矩阵 买入（维持） 所属行业：医疗保健业/药品及生物科技 丰富，多个产品将获批，收入有 当前价格(港币)：50.70元 望继续高增 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：2024年3月19日，康方生物发布2023年度，总收入为45.26亿元，同比  增长 440%。2023 年产品销售额 16.31 亿元（同比增长 48%），公司确认的年度 技术授权和技术合作收入约人民币 29.23 亿元，主要来自 Summit 支付的依沃西 (AK112, PD-1/VEGF) 授权许可首付款。由于上述原因，2023年盈利19.42亿元。 公司全年研发总投入 12.54 亿元人民币，2023年末，公司现金储备约 49亿元人 市场表现 民币。截至2023年12月31日，公司雇员数2778名，研发人员320人，临床人 员 679人，销售 788人。截至 2023年，公司已有 3个新药获批上市，6个新药 康方 ...

[Table_Main] 证券研究报告 | 策略点评 2024 年 03 月 20 日 | --- | --- | --- | --- | --- | |------------|-------|-------|-------|---------------------------------------------------------| | 策略点评 | 3 | | | 月美联储会议前瞻：焦点——点阵图 \n——精卫填"海"系列（四） | | 证券分析师 | | | | | | | | | | | 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn [Table_Summary] 投资要点： 背景：美东时间 3 月 20 日（北京时间 3 月 21 日凌晨），美联储将公布最新的利率 决议，目前市场唯一的共识是 3 月维持利率不变。本次决议的关注重点是声明中 点阵图的变化、声明与鲍威尔发布会对经济的判断，以及后续降息的相关指引。 回顾：非农、通胀等经济数据超预期，1 月会议以来降息预期不断回落。1 月美联 储会议后，鲍威尔的鹰派发言给市场泼冷水；2 月初发布的 1 ...