证券研究报告 银行/非银金融 报告日期：2024 年4月 1日 券商行业并购预期提升 行业估值有望改善 ——金融行业周报 本周观点： 华龙证券研究所  上周（3月25日至3月29日）A股市场整体维持震荡，沪深300 投资评级：推荐（维持） 指数小幅下跌 0.21%，全年上涨 3.1%，非银金融指数上周下跌 2.5%，非银金融指数全年下跌3.48%，证券指数和保险指数上周 最近一年走势 分别下跌3.83%和上涨0.6%，全年分别下跌4.98%与上涨0.48%， 银行指数上周上涨0.91%，全年上涨10.6%。  银行：2023 年报业绩情况良好，板块估值提升预期增强。近期 已披露上市银行年报业绩情况显示，上市银行业绩表现良好，不 良率等风险指标均较为稳定，政策层面货币政策发力预期提升。 银行目前面临支持融资协调机制与实体经济相关压力，未来关注 银行板块年报业绩持续披露情况，以及政策与流动性层面对银行 的支持力度。关注标的：常熟银行(601128.SH)、浙商银行 (601916.SH)。 市场数据 2024年3月29日 行业,% 1m 3M YTD  券商:行业并购导向明确，集中度有望提升。券商行业并购重 ...

Investment Rating - The investment rating for the company is "Buy" with initial coverage [1]. Core Views - The company achieved a revenue of 21.91 billion yuan in 2023, representing a year-on-year increase of 46.7%, and a net profit attributable to shareholders of 1.55 billion yuan, up 30.6% year-on-year [1]. - The significant increase in orders is driving revenue growth, with new projects expected to inject long-term growth potential into the business [1]. - The company is accelerating its expansion into international markets, securing new projects with major clients in Europe, Asia, and the Americas [1]. Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported a revenue of 7.44 billion yuan, a year-on-year increase of 54.2%, and a net profit of 590 million yuan, up 19.1% year-on-year [1]. - The revenue growth is driven by a 46.1% increase in sales volume and an annualized sales amount of over 24.5 billion yuan from new project orders [1]. - The smart cockpit and intelligent driving segments generated revenues of 15.80 billion yuan and 4.49 billion yuan, respectively, with year-on-year growth rates of 34.4% and 74.4% [1]. Market Expansion - The company has made significant strides in international markets, including securing new projects with Volkswagen, Audi, and Stellantis in Europe, and establishing a new R&D center in Japan [1]. - A new factory in Mexico has been completed to meet product and service demands in North America [1]. Profitability Forecast - The company is expected to maintain high growth rates in net profit, with projections of 2.07 billion yuan, 2.79 billion yuan, and 3.48 billion yuan for 2024, 2025, and 2026, respectively [3]. - The projected P/E ratios for the next three years are 33.32, 24.79, and 19.88, indicating a favorable valuation trend [3].

证券研究报告 计算机报告日期：2024年 4月1 日 政策指引新起点，关注 AI 及低空经济细分赛道 ———计算机行业周报 华龙证券研究所 摘要：  近期，海外AI+音频类大模型及应用集中发布，在海外映射和国内“人 投资评级：推荐（维持） 工智能+”行动推动下，预期AI应用及多模态大模型将迎来密集催化。 此外，低空经济再迎政策利好，维持计算机行业“推荐”评级。 最近一年走势  AI+音乐\音频方面：2024年3月22日，SunoV3版本正式发布,SunoV3 能够在几秒钟内根据简短提示词制作完整的两分钟歌曲。2024年3月 29日，OpenAI发布了关于“语音引擎(VoiceEngine)”的模型的小规 模预览和技术分享，该模型能够通过文本输入和单个 15 秒的音频样 本来生成与原始声音非常相似的自然语音。我们认为国内多模态大模 型和AI应用落地仍存在算力方面限制，持续关注国内AI在软硬件两 个方向上的技术突破。个股方面建议关注浪潮信息（000977.SZ）、 相对沪深 300走势 2024/3/29（%） 神州数码（000034.SZ）、中科曙光（603019.SH）、海光信息 表现 1m 3m 12m ...

证券研究报告 建筑装饰 报告日期：2024年04月 01日 主业质效提升，业绩稳健增长 ——中国中铁（601390.SH）2023 年报点评报告 华龙证券研究所 事件： 2024年3月29日，公司发布2023年年报：2023年，公司实现营 投资评级：增持（首次覆盖） 业收入 1.26万亿元，同比增长 9.5%；实现归母净利润 34.83 亿元，同 最近一年走势 比增长7.07%。 观点：  综合基建龙头，业绩增长符合预期。报告期内，基础设施建设仍为 公司最大收入来源，其中铁路、公路、市政及其他业务同比分别增 长 25.25%、3.3%、6.83%，基建板块整体实现营收 1.09 万亿元， 同比增长 10.58%。同时，公司开展基建项目管理效益提升行动， 报告期内基建业务毛利率同增 0.44pct 至 8.86%，带动公司收入增 长9.5%至 1.26万亿元。设计咨询、装备制造、地产开发实现收入 分别为182.56/273.77/509.14亿元，同比分别-1.94%、5.95%、-4.76%。 市场数据 报告期内铜、钼等金属价格处于相对高位，资源利用板块实现收入 83.67亿元，同增11.49%，毛利率为5 ...

证券研究报告 y 通信 报告日期：2024 年3月 31 日 我国 5G-A 加速推进，关注 1.6T 光模块进展 ———通信行业周报 华龙证券研究所 摘要：  周要闻： 投资评级：推荐（维持） （1）3月28日，中国移动集团以“万兆元年，定义数智新时代” 为题召开了5G-A发布会。中国移动作为全球最大的5G网络运营 最近一年走势 商，将会持续拓展业务和能力边界，在2024年为300+国内城市 提供5G-A移动网络覆盖，更好服务社会民生。中国移动在会上 宣布“5G-A点亮中国行动计划”，启动了首批100个城市的5G-A 示范厅发布，招募友好用户优先体验5G-A。 （2）为加速5G-A终端普及，中国移动计划年内推动产业链推出 超20款5G-A终端，发展5G-A终端用户超2000万，并向用户提 供更高速率、分层分级的保障体验，满足特定业务形态、特定客 群需求的通信服务需求，提供多量纲计费模式。 相对沪深300走势（%）2024/3/29 表现 1m 3m 12m （3）3 月 26 日，光迅科技联合思科成功推出 1.6T OSFP-XD 硅 通信（申万） 15.6 13.3 4.8 光模块。 沪深300 3.9 ...

Investment Rating - The investment rating for the company is "Buy" with initial coverage [4]. Core Views - The company's net profit attributable to shareholders increased significantly by 52.04% year-on-year, driven by new business initiatives and overseas expansion [4]. - The gross margin improved to 27.54%, up by 5.71 percentage points year-on-year, while the net margin reached 8.01%, an increase of 2.28 percentage points [4]. - The company has established over 30 primary business airports and more than 350 secondary outlets globally, achieving comprehensive coverage from regional centers to major cities [3][4]. Financial Performance Summary - The company reported a total revenue of 47,074.85 million yuan in 2023, reflecting a year-on-year growth of 13.08% [5]. - The gross profit margin for 2023 was 27.54%, with a projected increase to 28.00% in 2024 [5][7]. - The net profit attributable to shareholders for 2023 was 3,506.01 million yuan, with expectations of reaching 4,575.30 million yuan in 2024, indicating a growth rate of 30.50% [5][7]. Revenue and Profit Forecast - Revenue projections for 2024 to 2026 are 56,019.08 million yuan, 68,903.46 million yuan, and 86,129.33 million yuan, representing growth rates of 19%, 23%, and 25% respectively [4][5]. - The net profit forecast for the same period is 4,575.30 million yuan, 5,498.20 million yuan, and 6,708.40 million yuan, with growth rates of 30.50%, 20.17%, and 22.01% respectively [4][5].

证券研究报告 建筑装饰 报告日期：2024年03月 30日 盈利能力提升业绩超预期，提质增效资产质量持续优化 ——中国交建（601800.SH）2023 年报点评报告 华龙证券研究所 事件： 2024年3月29日，公司发布2023年年报：2023年，公司实现营 投资评级：增持（首次覆盖） 业收入 7586.76亿元，同比增长 5.1%；实现归母净利润 238.12 亿元， 最近一年走势 同比大幅增长23.61%。 观点：  盈利能力显著提升，境外业务表现亮眼，公司业绩再创新高。报告 期内，公司业务规模稳步增长，境外业务收入同比高增 17.78%， 带动公司实现营收 7586.76亿元，同增5.1%，再创新高。同时，公 司严控项目规模、聚焦项目质量，整体经营质效显著提高，毛利率 增加0.88pct，实现归母净利润238.12亿元，同比增长23.61%。年 内，因应收账款及长期应收款损失减少，公司信用减值损失68.93 亿元，同减25.34%，实现扣费归母净利216.55亿元，同增58.18%。 市场数据  投资类项目结构不断优化，现金流及估值提升空间大。报告期内， 公司加强对投资类项目管控，重点压降投资总量 ...

Investment Rating - The report assigns a "Buy" rating to Datang Power (601991 SH) for the first time [1] Core Views - Datang Power achieved a turnaround in 2023 with revenue of 122 404 billion yuan, up 4 77% YoY, and net profit attributable to shareholders of 1 365 billion yuan, compared to a loss of 410 million yuan in 2022 [1] - Q4 2023 saw revenue of 31 785 billion yuan, up 7 46% YoY, but a net loss of 1 470 billion yuan due to asset impairment losses of 1 356 billion yuan [1] - Coal power segment still has room for recovery, with coal power fuel costs decreasing by 27 21 yuan/MWh YoY [1] - New energy projects under construction and approved reached 12 8GW, with a strong project pipeline [1] Business Performance - In 2023, coal power, gas power, wind power, solar power, and hydro power segments reported profits of -133 million yuan, 392 million yuan, 2 556 billion yuan, 480 million yuan, and 1 383 billion yuan respectively [1] - Electricity sales reached 259 4 billion kWh, up 5 06% YoY, with thermal power, wind power, hydro power, and solar power sales growing by 6 21%, 16 53%, -10 30%, and 60 79% respectively [1] - Average on-grid tariff increased by 5 62 yuan/MWh to 466 41 yuan/MWh [1] Financial Projections - Revenue is expected to grow to 1 240 341 billion yuan in 2024, 1 269 916 billion yuan in 2025, and 1 304 175 billion yuan in 2026 [2] - Net profit attributable to shareholders is projected to reach 4 111 billion yuan in 2024, 5 064 billion yuan in 2025, and 6 010 billion yuan in 2026 [2] - ROE is forecasted to improve from 1 85% in 2023 to 5 28% in 2024, 6 14% in 2025, and 6 86% in 2026 [2] Valuation Metrics - P/E ratio is expected to decline from -185 71 in 2023 to 12 88 in 2024, 10 45 in 2025, and 8 81 in 2026 [2] - P/B ratio is projected to decrease from 0 72 in 2023 to 0 68 in 2024, 0 64 in 2025, and 0 60 in 2026 [2]

Market Overview - The market experienced a decline, with major indices such as the Shanghai Composite Index falling by 1.26%, the Shenzhen Component Index by 2.4%, and the ChiNext Index by 2.81% [5][24]. - Notable declines were observed in computing power concept stocks and Xiaomi automotive concept stocks, with several stocks dropping over 10% [2][4]. Sector Analysis - Sectors that saw gains included NMN, banking, and food, while sectors such as Xiaomi automotive, computing leasing, photolithography, and data security faced significant losses [4]. - The NMN concept stocks showed resilience, with companies like Yabent Chemical and Jindawei reaching their daily limit up [12]. Investment Insights - The report highlights the upcoming first China Embodied Intelligence Conference (CEAI 2024) and other related events aimed at promoting academic and industrial collaboration in the field of embodied intelligence and humanoid robotics [8]. - The report suggests that advancements in AI technology will enhance the general and intelligent levels of humanoid robots, accelerating their commercialization process, benefiting core component manufacturers with technological advantages [8]. Key News - The report mentions that Geely Auto has completed the world's first autonomous drifting test using its self-developed AI digital chassis, indicating a significant advancement in the autonomous driving sector [16]. - China FAW has begun recruiting for positions related to flying cars, signaling a strategic move towards low-altitude economy development, with projections indicating a compound annual growth rate of 12.4% for the global eVTOL market from 2022 to 2032 [16].

| --- | --- | --- | --- | --- | --- | |-----------------|----------|---------------|-------|----------|----------------------------| | 名称 | 板数 | 洲飲網 | | 首次涨停 | 上涨速维 | | 市场焦点股 | | | | | | | 立航科技 603261 | 18天10板 | 10.01% 09: 32 | | | 军工+低空经济 | | 宁科生物 600165 | 7连板 | 10.00% | | 09: 35 | 长链二元酸用于食品保鲜 | | 华生科技 605180 | 6连板 | 9.98% | | 09: 25 | 汽车+纺织 | | 第力 | | | | | | | 浪潮信息 000977 | 首板 | 10.00% 10: 40 | | | 服务器 | | 设计总院 | 首板 | 9.99% | | 13: 32 | 算力 | | 603357 统一股份 | 首板 | 10.01% 13: 40 | | | 光伏+液冷IDC | | 600506 城地 ...