证券研究报告 食品饮料 报告日期：2024年 04月 01日 零食板块涨幅居前，关注业绩催化因素 ———食品饮料行业周报 摘要： 华龙证券研究所  3月底以来进入年报密集披露期，分化行情延续，头部企业凭借突 出的品牌力和渠道优势，具备较强韧性，短期建议关注年报和一季报 业绩确定性较强的行业龙头。我们认为食品饮料具备较好的中长期配 投资评级：推荐（维持） 置价值，维持“推荐”评级。  白酒：上周（03 月 25 日-03 月 29 日）白酒板块涨跌幅-0.31%， 最近一年走势 今世缘（+1.16%）、岩石股份（+0.82%）、泸州老窖（+0.79%）涨幅 居前。2024年春节白酒动销好于预期，叠加3月糖酒会反馈来看，批 价稳健，库存相对健康，信心逐渐恢复。步入二季度白酒消费淡季， 持续关注商务场景复苏态势，短期来看，建议关注2023年年报和2024 年一季报具备业绩确定性的标的。中长期来看，居民收入水平和消费 信心仍是影响板块景气度的关键因素。建议关注高端白酒贵州茅台 (600519.SH)、五粮液（000858.SZ）、泸州老窖（000568.SZ）；次高 端价格带动销表现较好的山西汾酒(600809. ...

证券研究报告 y 社会服务 报告日期：2024 年 4月1 日 假日情绪/场景驱动，出行意愿积极 ——社服行业周报 核心观点： 华龙证券研究所  社会服务板块本周小幅收跌。本周（2024.3.25-2024.3.29）社 投资评级：推荐（维持） 会服务指数小幅收跌，跑输沪深300指数。社会服务指数跌幅 -2.22%，跑输沪深 300 指数 1.51pct。其中，中小板指跌幅 -2.17%，上证综指跌幅-1.99%，深证成指跌幅-2.26%，沪深300 最近一年走势 指数跌幅-0.71%，创业板指跌幅-3.59%，中证 500 指数跌幅 -1.81%。年初至今，社服板块下跌-3.40%，跑输沪深300指数 4.93pct，在申万31个一级子行业中涨跌幅排名第8位。  携程发布318 成绩单 错峰出境游暴增 230%。3、4月份是旅游 业相对淡季，在春季赏花、天水麻辣烫等热点带动下，近期旅 游市场呈现火热景象。近一个月内，携程平台上机票搜索热度 同比增长了近四成，且单程机票均价下降了15%以上。刚刚落 幕的 2024“携程 318 全球旅行划算节”也为旅行商家在相对 淡季提供了一份确定增长的机会。本周，携程公 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9][10]. Core Views - The company has achieved significant growth, with a 2023 revenue of 2.065 billion yuan, representing a year-on-year increase of 41.26%. The net profit attributable to shareholders reached 209.58 million yuan, up 68.17% year-on-year [9][10]. - The company focuses on high-quality protein health snacks, particularly fish and poultry products, and has successfully implemented a multi-channel development strategy that has led to brand upgrades and substantial revenue growth over three years [9][10]. - The company is expected to maintain high growth in 2024, continuing to focus on developing major products and enhancing its core competitiveness across various aspects such as product quality, channels, and branding [9][10]. Financial Forecasts - The forecasted financial metrics for the company are as follows: - Revenue (million yuan): 2023A: 2,065.21, 2024E: 2,684.77, 2025E: 3,436.50, 2026E: 4,329.99 - Revenue Growth Rate (%): 2023A: 41.26, 2024E: 30.00, 2025E: 28.00, 2026E: 26.00 - Net Profit (million yuan): 2023A: 209.58, 2024E: 266.10, 2025E: 341.12, 2026E: 401.96 - Net Profit Growth Rate (%): 2023A: 68.17, 2024E: 26.97, 2025E: 28.20, 2026E: 17.83 - Earnings Per Share (EPS, yuan): 2023A: 0.46, 2024E: 0.59, 2025E: 0.76, 2026E: 0.89 - Price-to-Earnings Ratio (P/E): 2023E: 25.61, 2024E: 24.07, 2025E: 18.78, 2026E: 15.94 [3][10][11].

Investment Rating - The report initiates coverage with a "Buy" rating for Chifeng Gold (600988.SH) [2][3]. Core Views - The company is expected to benefit from rising gold prices and cost control measures, leading to strong performance in 2023 with a revenue of CNY 7.22 billion, a year-on-year increase of 15.23%, and a net profit of CNY 804 million, up 78.21% [3]. - The gold price is anticipated to continue its upward trend in 2024, supported by increased global demand and geopolitical risks, which will further enhance the company's performance [3]. Financial Performance Summary - **2023 Financials**: - Revenue: CNY 7,220.95 million, up 15.23% - Net Profit: CNY 803.93 million, up 78.21% - Gross Margin: Increased by 8.05 percentage points to 35.69% [4][5]. - **2024-2026 Forecasts**: - Revenue projections: CNY 8,819.42 million (2024E), CNY 9,946.27 million (2025E), CNY 11,207.23 million (2026E) - Net Profit projections: CNY 1,174.57 million (2024E), CNY 1,331.57 million (2025E), CNY 1,560.38 million (2026E) - Corresponding P/E ratios: 23.16 (2024E), 20.43 (2025E), 17.43 (2026E) [4][5]. - **Key Ratios**: - ROE: Expected to rise from 13.07% in 2023 to 15.99% in 2024 - EPS: Projected to increase from CNY 0.48 in 2023 to CNY 0.71 in 2024 [4][5]. Market Outlook - The report highlights that the company has added 996,000 tons of geological gold resources in 2023, and new production capacity from ongoing projects is expected to come online in 2024, positioning the company to capitalize on the anticipated rise in gold prices [3].

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].