Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant improvement in production and cost reduction, leading to increased profits. In 2024, the company achieved a total revenue of 9.026 billion yuan, a year-on-year increase of 25%, and a net profit attributable to the parent company of 1.764 billion yuan, up 119.46% year-on-year [10] - The company's gold production has consistently increased, with a projected output of 16.70 tons in 2025, supported by internal exploration and external resource integration [10] - The rising gold prices are expected to continue benefiting the company's performance, with domestic gold prices rising approximately 17.5% since the beginning of 2025 [10] Financial Data Summary - Total shares outstanding: 1,869.56 million [9] - Total market capitalization: 42.813 billion yuan [9] - Revenue forecast for 2025-2027: 11.4 billion, 12.6 billion, and 13.8 billion yuan respectively [10] - Net profit forecast for 2025-2027: 2.623 billion, 3.121 billion, and 3.523 billion yuan respectively [10] - Gross margin is expected to improve from 43.8% in 2024 to 51.7% in 2027 [11] - The company’s cash flow from operations reached 3.268 billion yuan in 2024, with a projected increase in subsequent years [11]

证券研究报告 | 行业深度 计算机 行业投资评级 | 优于大市（维持） 2025年3月31日 IDC：供需格局改善，AIDC开启行业新周期 证券分析师 姓名：陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 证券分析师 姓名：李佩京 资格编号：S0120524090004 邮箱：lipj＠tebon.com.cn 研究助理 姓名：王思 邮箱：wangsi＠tebon.com.cn 0 核心逻辑 请务必阅读正文之后的信息披露及法律声明。 1 IDC向AIDC演进，智算需求或推动行业景气度回暖。数据中心作为人工智能、云计算等新一代信息通信技术的重要载体，已经成为新型数字基础设施的算力底座，具有空前重要的战略 地位，堪称"数字经济发动机"。我国数据中心市场规模稳定攀升，2023年全国在用算力中心机架总规模超810万标准机架，同比增长25%，算力总规模达230EFLOPS，位居全球第二。 近些年，我国数据中心的快速供给也致使行业经历了短期的供给过剩。当前，在生成式AI浪潮下，智算需求的爆发或推动我国IDC行业景气度再次回升。 20-23年：新基建强供给&互联网监管弱需求， ...

Macroeconomic Insights - The macroeconomic environment is showing signs of recovery, with strong industrial production growth and continued high manufacturing investment, offsetting the negative impact of declining real estate investment[2] - The economy is entering a "dragon in the field" phase, indicating a systemic change in mid-term macro logic, suggesting it is time to adjust expectations[11] - Key factors influencing asset allocation include the emergence of AI applications, the unsustainability of high interest rates and a strong dollar, and the gradual reduction of negative impacts from real estate[11] Sector-Specific Recommendations - **Zhuoyue New Energy (688196.SH)**: The company is a pioneer in biodiesel production, with a production capacity of approximately 500,000 tons by June 2024, and is expected to maintain a tight supply-demand balance in the biodiesel market[14] - **Tongkun Co., Ltd. (601233.SH)**: The company is experiencing a supply-demand turning point with inventory at a low level, and is expected to benefit from a favorable long-term supply-demand structure[18] - **New Fengming (603225.SH)**: The company is positioned to benefit from a supply-demand turning point in polyester filament, with inventory levels remaining low and expected demand growth[21] Financial Performance Highlights - **China Mobile (600941.SH)**: The company reported a revenue of RMB 4,837 billion in the personal market, with a mobile ARPU of RMB 48.5, reflecting a slight decline of 1.62% year-on-year[24] - **Shandong Gold (600547.SH)**: The company's gold production increased by 10.51% to 46.17 tons in 2024, driven by improved mining capabilities and higher gold prices, with an average price of RMB 557.19 per gram, up 23.8% year-on-year[30] - **China Coal Energy (601898.SH)**: The company reported a coal production of 137.57 million tons in 2024, with a gross profit margin of 49.9%[32] Risks and Considerations - Potential risks include policy support falling short of expectations, economic recovery not progressing as anticipated, and fluctuations in raw material prices impacting profitability[8] - The company’s performance may be affected by uncertainties in U.S. tariff policies and domestic price pressures, particularly in sectors closely tied to domestic demand[12]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant decline in revenue and profit for 2024, with operating income of 3.251 billion yuan, down 37.79% year-on-year, and a net profit of 2.580 billion yuan, down 24.56% year-on-year [5][6] - The investment income from the company's subsidiary, Giant Dragon Copper Industry, accounted for 74.72% of the net profit, with a total investment income of 1.928 billion yuan, an increase of 48.72% year-on-year [5] - The company is actively expanding its potassium salt production and has achieved a production target of 1.073 million tons, exceeding its goal [5] - The lithium segment is progressing with projects in Tibet, with significant lithium reserves and production plans in place [5] Financial Summary - The company’s total revenue for 2024 is projected to be 3.251 billion yuan, with a year-on-year decrease of 37.79% [6] - The net profit for 2024 is expected to be 2.580 billion yuan, reflecting a year-on-year decline of 24.56% [6] - Forecasted revenues for 2025 and 2026 are 3.036 billion yuan and 4.248 billion yuan, respectively, with net profits of 3.052 billion yuan and 5.415 billion yuan [7] - The company’s gross margin is expected to improve from 44.9% in 2024 to 49.6% in 2025 [7] Market Performance - The company’s stock has shown a relative performance against the CSI 300 index, with absolute gains of 9.78%, 16.42%, and 28.35% over 1, 2, and 3 months, respectively [4]

5[Table_Main] 证券研究报告 | 公司点评 藏格矿业(000408.SZ) 2025 年 03 月 31 日 所属行业：有色金属/能源金属 当前价格(元)：35.81 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 市场表现 -34% -23% -11% 0% 11% 23% 34% 2024-04 2024-08 2024-12 藏格矿业 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | 9.78 | 16.42 | 28.35 | | 相对涨幅(%) | 11.11 | 13.85 | 30.45 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 买入（维持） 1.《藏格矿业（000408.SZ）：巨龙铜 业投资收益大幅增长；结则茶卡与龙 木错盐湖项目进展顺利》，2024.10.25 2.《铜行业跟踪：24Q3 降息影响定价， ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a total operating revenue of 54.45 billion yuan in 2024, representing a year-on-year growth of 27.61%. The total profit reached 5.972 billion yuan, an increase of 7.74% year-on-year, while the net profit attributable to the parent company was 4.412 billion yuan, up 11.52% year-on-year [7] - The production of electrolytic aluminum saw a significant increase, with a total output of 2.9383 million tons in 2024, marking a year-on-year growth of 22.45%, setting a historical high for the company [7] - The average price of electrolytic aluminum in 2024 was approximately 19,921.61 yuan per ton, reflecting a year-on-year increase of about 6.5%, contributing to the company's performance improvement [7] - The company anticipates continued growth in electrolytic aluminum production in 2025, with production targets set at approximately 3.01 million tons for electrolytic aluminum and 1.41 million tons for alumina [7] - The report forecasts total operating revenues of 57.4 billion yuan, 58.78 billion yuan, and 60.38 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 6.8 billion yuan, 7.3 billion yuan, and 8.07 billion yuan for the same years [7] Financial Data Summary - The company reported a total market capitalization of 60.24 billion yuan and a total asset value of 41.90 billion yuan [6] - The earnings per share (EPS) for 2024 is projected at 1.27 yuan, with expectations to rise to 1.96 yuan in 2025 and 2.11 yuan in 2026 [8] - The gross profit margin is expected to improve from 13.2% in 2024 to 19.8% by 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a total operating revenue of 54.45 billion yuan in 2024, representing a year-on-year increase of 27.61%. The total profit reached 5.972 billion yuan, up 7.74% year-on-year, and the net profit attributable to the parent company was 4.412 billion yuan, an increase of 11.52% year-on-year [7] - The production of electrolytic aluminum increased significantly, with a historical high of 2.9383 million tons in 2024, a year-on-year growth of 22.45%. The average price of electrolytic aluminum in 2024 was approximately 19,921.61 yuan per ton, up about 6.5% from 2023 [7] - The company is expected to continue its upward production trend in 2025, with production targets set at approximately 3.01 million tons of electrolytic aluminum and 141,000 tons of alumina [7] - The decline in alumina costs is anticipated to enhance electrolytic aluminum profits, with the average price of alumina as of March 25, 2025, being 3,160.00 yuan per ton, down about 43.6% from the beginning of the year [7] - The company forecasts total operating revenues of 57.4 billion yuan, 58.8 billion yuan, and 60.4 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 6.8 billion yuan, 7.3 billion yuan, and 8.0 billion yuan for the same years [7] Financial Data Summary - Total shares outstanding: 3,467.96 million shares [6] - Market capitalization: 60,238.42 million yuan [6] - Revenue forecast for 2024: 54,450 million yuan, with a year-on-year growth of 27.6% [8] - Net profit forecast for 2024: 4,412 million yuan, with a year-on-year growth of 11.5% [8] - Earnings per share (EPS) for 2024: 1.27 yuan [8] - Gross margin for 2024: 13.2% [8] - Return on equity (ROE) for 2024: 15.6% [8]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [2] Core Insights - The report highlights the ongoing growth in the weight loss sector, emphasizing companies such as Innovent Biologics, Boryung Pharmaceutical, and Ascletis Pharma [5][10] - A new guideline for obesity treatment was released by the National Health Commission, which includes various treatment methods and lists five approved weight loss drugs [7][10] - The report notes that the pharmaceutical sector has shown resilience, with the Shenwan Pharmaceutical Index outperforming the CSI 300 Index in recent weeks [16][34] Summary by Sections 1. Weight Loss Sector - The weight loss market remains robust, with a focus on companies like Innovent Biologics, Boryung Pharmaceutical, and Ascletis Pharma [5][10] - The National Health Commission's 2024 Obesity Diagnosis and Treatment Guidelines detail various treatment methods and list five approved weight loss medications [7][10] 2. Market Performance Review - For the week of March 24-28, 2025, the Shenwan Pharmaceutical Index increased by 0.98%, outperforming the CSI 300 Index by 0.97% [16] - Year-to-date, the Shenwan Pharmaceutical Index has risen by 3.53%, also outperforming the CSI 300 Index [16] 3. Key Company Updates - Innovent Biologics has submitted an NDA for its drug, with expected approvals for weight loss and type 2 diabetes indications in 2025 [11] - Boryung Pharmaceutical's BGM0504 has shown promising results in clinical trials, with significant weight loss percentages reported [12] - Ascletis Pharma's ASC47 has demonstrated unique properties in targeting fat tissue, with favorable clinical trial results [14] - Federated Pharmaceuticals has entered a licensing agreement with Novo Nordisk for its drug UBT251, which includes substantial potential milestone payments [15]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 139.12 billion yuan for 2024, a year-on-year decrease of 7.29%, and a net profit attributable to shareholders of 14.43 billion yuan, down 28.39% year-on-year [5] - The coal business showed strong performance with self-produced coal sales increasing by 6.68% year-on-year, while the average selling price of coal decreased by 16.31% [5] - The company plans to produce 155-160 million tons of coal in 2025, aiming for a 3% reduction in sales cost per ton compared to the previous year [5] Financial Performance - In Q4 2024, the company achieved a revenue of 32.49 billion yuan, a year-on-year increase of 128.2%, but a quarter-on-quarter decrease of 5.33% [5] - The average selling price of coal in Q4 was 637.79 yuan per ton, down 4.56% year-on-year [5] - The company plans to distribute a cash dividend of 0.54 yuan per share for 2024, with a total cash dividend of 0.77 yuan per share, representing 53.59% of the net profit for the year [5] Revenue and Profit Forecast - The company expects revenues of 125.8 billion yuan, 128.8 billion yuan, and 130.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 9.5 billion yuan, 11.5 billion yuan, and 12.8 billion yuan [5][6] - The projected P/E ratios for 2025, 2026, and 2027 are 14.39, 11.87, and 10.71 respectively [5][6] Market Comparison - The company's stock has shown a relative performance against the CSI 300 index, with a year-to-date decline of 34% [3][4] - The report indicates that the company's performance is expected to outperform the market in the coming months [2]

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Views - The report highlights the impact of the 25% tariff on imported cars and key components imposed by the Trump administration, which is expected to raise car prices and suppress consumer demand, potentially leading to layoffs in the automotive industry [4]. - Geopolitical tensions and tariffs have strengthened the safe-haven sentiment for gold, resulting in a significant increase in gold prices [4]. - The report notes a divergence in domestic metal prices, with copper prices declining due to weakened downstream consumption and high price suppression [4]. - The report emphasizes the potential for a long-term bull market in precious metals, particularly gold, as the Federal Reserve enters a rate-cutting cycle [4]. Summary by Sections 1. Industry Data Review - Precious Metals: Gold prices increased, with the Shanghai Gold Exchange closing at 721 CNY per gram, reflecting a weekly change of 2.0% and a yearly change of 39.0% [11]. - Industrial Metals: Prices are mixed, with copper prices down by 0.2% on the SHFE and 0.3% on the LME [34][35]. - Rare Earths and Tungsten: Prices for praseodymium and neodymium oxides have decreased, while tungsten concentrate prices have increased [4]. - Energy Metals: Lithium carbonate prices have fallen, while cobalt prices have risen [4]. 2. Market Performance - The report indicates a significant drop in automotive manufacturer stock prices following the tariff announcement, with General Motors and Ford both declining over 3% [4]. - The report also notes that Tesla's stock rose due to its localized production strategy [4]. 3. Investment Recommendations - Precious Metals: The report recommends investing in companies like Shandong Gold, Zhongjin Gold, and Yulong Co., as the actual interest rates decline, enhancing gold's investment value [4]. - Industrial Metals: The report suggests that aluminum-related stocks such as Shenhuo Co. and Tianshan Aluminum are likely to benefit from policy-driven economic improvements [4]. - New Materials: The report expresses optimism about sectors related to artificial intelligence materials and smart automotive components, recommending companies like Huada New Materials and Platinum New Materials [5].