Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][4][17]. Core Insights - The company holds the first domestically produced shingles vaccine, which presents a significant market potential due to the high burden of shingles disease in China, with over 1.5 million new cases annually [1][6]. - The competitive landscape for shingles vaccines in China is favorable, with the company being the only domestic producer currently in the market, while the global market is dominated by GSK's Shingrix vaccine [1][2][6]. - The company's shingles vaccine has a competitive edge in terms of safety, fewer doses required, and cost-effectiveness, targeting a price-sensitive demographic [2][6]. Summary by Sections Market Potential - Shingles disease has a substantial burden, with an incidence rate of 6-12 per 1,000 individuals aged 60 and above, leading to a potential vaccination population of over 600 million in China [1][6]. - The company’s shingles vaccine was approved in January 2023, priced at 1,369 yuan per dose, requiring only one dose compared to two for Shingrix, which is priced at 1,598 yuan [1][2]. Financial Performance and Projections - In 2023, the company achieved revenue of 1.825 billion yuan, a 70.3% increase year-on-year, primarily driven by the rapid uptake of the shingles vaccine [11][20]. - The report forecasts revenues of 2.56 billion, 3.1 billion, and 3.65 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 40.2%, 21.4%, and 17.6% [4][17]. - Net profits are projected to reach 750 million, 890 million, and 1.04 billion yuan for the same years, with growth rates of 49.4%, 18.6%, and 16.7% [4][17]. Competitive Analysis - The company’s shingles vaccine is expected to compete effectively against GSK's Shingrix, with a market strategy that targets different segments, focusing on price-sensitive consumers [2][6]. - The report highlights that the company’s vaccine is currently the only domestically produced option, which positions it favorably in a market that is still developing [1][2]. Valuation Metrics - The current price-to-earnings (PE) ratios are projected at 25, 21, and 18 for the years 2024, 2025, and 2026, respectively, indicating a premium valuation compared to peers [4][17]. - The report includes a comparative analysis with similar companies, noting that while the company’s valuation is higher, its unique market position and growth potential justify this premium [4][18].

图 9：公司 1500 Nm3/h 碱性电解槽产品正式下线 请务必仔细阅读正文之后的免责声明 第 11 页/ 共 20 页 源引金融活水 泽润中华大地 资料来源：公司公告，公司官网，华源证券研究 公司积极利用产业资源与业内合作，拓展氢能技术实力。公司利用国资背景，积极开 展业内产业合作，与中国能建、康明斯、一汽无锡泵所、上汽大通无锡分公司、同惠研究 院、威孚集团、先导智能、毅合捷、玉柴芯蓝、中科院上海高等研究院等公司和单位开展 业务合作，在技术、市场等方面共同发力氢能领域。市场端公司也取得突破，2023 年 12 月 12 日，中能建 2023 年制氢设备集中采购中，公司成功入围中标候选人。此次招标共招 标 100 套 1000 标方碱性电解槽和 15 套 PEM 电解槽，也意味着公司产品已经获得市场认 可。 表 6：公司与业内在氢能领域合作情况 | --- | --- | --- | |------------|------------------------------------------|-------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4] Core Views - The company is expected to achieve a significant increase in net profit for Q1 2024, with estimates ranging from 710 to 920 million yuan, representing a year-on-year growth of 129% to 196% [3] - The strong performance is attributed to favorable water inflow, increased electricity demand, and a decline in coal prices, which have positively impacted both hydropower and thermal power generation [3][4] - The company has a diversified energy portfolio, with hydropower, thermal power, wind, and solar contributing to its overall performance, and it is well-positioned for continued growth in 2024 [4] Summary by Sections Performance Overview - The company reported a cumulative power generation of 10.8 billion kWh from January to March 2024, a 42% increase year-on-year, driven by a cold wave and a low base from the previous year [3] - Hydropower generation reached 3.465 billion kWh, up 176% year-on-year, while thermal power generation increased by 12.5% to 6.1 billion kWh [3] Market Conditions - The report highlights that the current low coal prices and high water levels in key reservoirs provide a solid foundation for Q2 performance [3] - As of April 12, 2024, the water level at the main reservoir was 380 meters, compared to 368 meters the previous year, indicating favorable conditions for hydropower generation [3] Regulatory Environment - Recent policies from the Hubei Provincial Development and Reform Commission aim to reduce electricity costs for industrial and commercial users, which may impact electricity pricing but are expected to have limited short-term effects on the company's performance due to its conservative approach to new energy development [4] Financial Projections - The company is projected to achieve net profits of 1.81 billion, 2.89 billion, and 3.44 billion yuan for the years 2023 to 2025, with corresponding PE ratios of 13 and 11 for 2024 and 2025 [4] - The intrinsic value of the company is estimated at 47 billion yuan, considering its diverse energy sources and additional business segments [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this context [5][8][22]. Core Views - The company is recognized as one of the leading players in the domestic blood products industry, with strong long-term growth certainty. It has a total of 38 plasma collection stations, and the plasma collection volume is expected to exceed 1,000 tons in 2023, positioning the company among the top tier in the industry [5][10]. - The blood products industry is experiencing significant asset restructuring, leading to an expected increase in industry concentration. The report anticipates that mergers and acquisitions will continue to be frequent in the coming years [5][10]. - The company has signed a strategic cooperation agreement with Xinjiang Deyuan, which is expected to enhance its plasma collection capacity significantly [6][10]. - The company is projected to achieve revenues of 2.33 billion, 2.92 billion, and 3.37 billion yuan for the years 2023, 2024, and 2025, respectively, with corresponding net profits of 610 million, 770 million, and 920 million yuan [8][19][21]. Summary by Sections Section 1: Control and Empowerment - The company became controlled by Shaanxi Coal and Chemical Industry Group in early 2023, which is expected to provide substantial empowerment opportunities for the company moving forward [5][15][22]. - The company’s revenue for 2023 is projected at 2.33 billion yuan, reflecting a decline of 3.2% year-on-year, while net profit is expected to grow by 4.2% to 610 million yuan [15][21]. Section 2: Profit Forecast and Valuation - The company is expected to see revenue growth rates of -3.2%, 25.4%, and 15.2% for the years 2023, 2024, and 2025, respectively, with net profit growth rates of 3.2%, 27.1%, and 19.6% [8][19][21]. - The current price-to-earnings (PE) ratios are projected to be 36, 29, and 24 for the years 2023, 2024, and 2025, respectively, indicating a competitive valuation compared to peer companies [8][22].

计算机|软件开发 买入（维持） ——业绩符合预期分红率提升 油色谱进入新标准更换周期 ➢ 毛利率维持较高水平，费用率水平控制良好。公司全年销售毛利率水平为 60.76%，同比 23 下 降 2.38pct，主要由软件及环保业务毛利率小幅导致，但仍保持在较高水平。费用率水平控制良 好，销售 / 管 理 / 研 发 / 财务费用率分别为 14.66%/9.80%/14.52%/-0.96% ，同比 +0.61/-1.82/-2.43/-0.30pct，总期间费用率下降 3.94pct，费用率改善对公司业绩有较大帮助。 ➢ 新产品竞争力提升，油色谱业务增长加速。2023 年公司电力仪器业务实现营收 0.67 亿元，同 比增长 41.4%，增速较前几年大幅提升，主要得益于公司自主研发的新一代油色谱产品投放后 市场竞争力提升。毛利率达到 41.73%，同比提升 11.35pct，对利润端贡献开始显现。此外在 中国电科院针对单乙炔产品检测结果，仅 4 个厂家拿到 A+评分，行业集中度有望大幅提升。后 续我国直流特高压建设有望保持较高强度，高标准油色谱的需求增加，公司有望持续受益。 | --- | --- | |----- ...

公用事业|电力 公司深度 2024年3月27日 湖北能源 (000883.SZ) 买入 ——水火共振业绩大幅向好 央企改革估值有望提振 （首次覆盖） 投资要点： 证券分析师  三峡集团旗下区域性综合能源平台，湖北省能源保障核心平台。公司实控人为三峡集团，三峡 刘晓宁 S1350523120003 系合计持有45.99%股权，第二大股东为湖北省国资委（持股27.55%）。目前公司业务覆盖 liuxiaoning@huayuanstock.com 电力、燃气、煤炭贸易等能源板块，其中电力业务贡献主要业绩。截至2023年6月底，公司 合计装机1275万千瓦，其中水电、火电、风电、光伏分别为466、463、112、234万千瓦。 联系人 同时，公司拥有华中地区最大的煤炭中转、交易平台——荆州煤炭铁水联运储配基地一期工 刘晓宁 S1350523120003 程，以及覆盖湖北全省1/3的天然气销售体量，为湖北省能源保障核心平台。 liuxiaoning@huayuanstock.com  水电：公司最核心资产，现金流价值亟待重估。公司拥有清江全流域开发权，占公司水电权益 市场表现： 装机80%。清江流域为长江一级支流 ...

联系人 相关研究 买入（维持） ——来水偏枯拖累业绩 现金流价值持续凸显 ➢ 受来水严重偏枯影响，公司 2023 年上半年盈利可比口径历史同期最低，下半年显著改善，但是难以弥 补缺口。受来水严重偏枯影响，公司 2023 年全年水电发电量 61.26 亿千瓦时，同比减少 30.76%，处 于近年来最低水平。整体水情前低后高态势明显，公司上半年归母净利润仅为 0.32 亿元，为 2015 年以 来最低，下半年归母净利润 2.32 亿元，高于 2022 年同期的 0.98 亿元以及 2021 年同期的 1.21 亿元。 公用事业|电力 股票数据： 2024 年 4 月 01 日 收盘价（元） 15.74 一年内最高/最低（元） 16.59/12.76 总市值（亿元） 67 基础数据： 2023 年 12 月 31 日 总股本 (亿股) 4.28 总资产（亿元） 159.99 净资产（亿元） 38.17 每股净资产（元） 8.93 市净率 PB 1.76 证券分析师 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 研究支持 刘晓宁 S1350523120003 liux ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near future [75]. Core Insights - The company is positioned as a leader in the blood glucose monitoring market, with its Continuous Glucose Monitoring (CGM) system expected to drive significant growth. The domestic CGM business is rapidly expanding, and there is substantial potential in overseas markets, particularly in Europe and the United States [5][36][40]. - The traditional blood glucose monitoring (BGM) business remains a solid foundation for the company, with a stable growth forecast [43]. - Revenue projections for 2023-2025 are optimistic, with expected growth rates of 47.7%, 14.1%, and 15.6% respectively, driven by the CGM product line and traditional BGM sales [74][88]. Summary by Sections Investment Logic - Domestic CGM business is experiencing rapid growth due to strong performance, high cost-effectiveness, and synergy with BGM channels [5]. - The company is set to enter the overseas CGM market, with significant potential in the $10 billion market, particularly in the U.S. expected by 2025 [5][40]. - The BGM business is expected to maintain steady growth, reinforcing the company's leading position in the market [5]. Key Assumptions - The CGM business is projected to achieve revenues of 80 million, 300 million, and 600 million yuan from 2023 to 2025, respectively [74]. - The blood lipid testing and glycosylated hemoglobin systems are expected to grow at rates of 18% and 20% respectively during the same period [74]. Financial Performance - As of Q3 2023, the company reported revenues of 3.035 billion yuan, a year-over-year increase of 6.46%, with a five-year CAGR of 22% [24]. - The net profit attributable to the parent company was 318 million yuan, reflecting a year-over-year decrease of 17.5% due to various factors including subsidiary losses [24]. - The company’s gross margin was reported at 53.04% as of Q3 2023, showing a significant decline compared to previous periods [27]. Market Position - The company has established itself as a leading player in the traditional blood glucose monitoring market, with a market share exceeding 50% in retail [43]. - The CGM market share has increased from 9.5% in 2015 to 21.4% in 2020, indicating a growing acceptance of this technology [36]. Competitive Advantage - The company’s CGM products are noted for their accuracy and cost-effectiveness, providing a competitive edge in the market [39]. - The company has a strong distribution network and brand recognition, which are expected to facilitate the promotion of CGM products [39]. Future Outlook - The company is expected to maintain a stable growth trajectory in its traditional BGM business while capitalizing on the emerging CGM market [50]. - The anticipated entry into the U.S. market is expected to further enhance growth prospects, with a focus on leveraging existing channels and product quality [40][41].

Investment Rating - The report maintains a "Buy" rating for Hubei Energy [2][3][6] Core Views - The company is focusing on its core business by transferring its stake in Changjiang Securities, which is expected to generate a one-time investment gain of 4.343 billion yuan [2] - The transaction is seen as a strategic move to optimize the company's asset layout and enhance its core competitiveness [2] - The company has a strong financial position with a debt-to-asset ratio of 56% and no perpetual bonds, indicating a solid standing within the power industry [2] - The report highlights the strategic value of the company's non-electricity assets, including coal trading and natural gas sales, which are expected to contribute positively to future performance [2][3] Financial Summary - As of March 29, 2024, the company's stock closed at 5.57 yuan, with a market capitalization of 36.322 billion yuan [1] - The company plans to achieve net profits of 1.811 billion yuan, 2.891 billion yuan, and 3.439 billion yuan for the years 2023, 2024, and 2025 respectively [3][4] - The report projects a significant increase in revenue for 2024, with total revenue expected to reach 24.463 billion yuan, reflecting a year-on-year growth of 29.4% [4] - The company's earnings per share are forecasted to be 0.44 yuan for 2024 and 0.53 yuan for 2025, indicating a positive growth trajectory [4] Asset Valuation - The intrinsic value of the company is estimated at 427 billion yuan, derived from its various segments including hydropower, thermal power, and renewable energy [3] - The report emphasizes that the market has not fully recognized the cash flow potential of the company's hydropower assets, which are expected to provide substantial returns [3] - The valuation of the company's non-electricity assets, such as coal and natural gas, is considered strategically significant and is expected to enhance overall company value [2][3]

Investment Rating - Buy (First Coverage) [21] Core Views - The company has transitioned from traditional ink manufacturing to the education sector, focusing on modern education and AI chip investments [2][11] - The company holds a 7.8% stake in Zhonghao Xinying, a domestic AI chip unicorn, which is undervalued and has significant potential for revaluation [21][22] - The education sector, particularly vocational schools and retake programs, is expected to drive steady growth, with the company's business model being highly replicable [29][84] Business Overview - The company, originally named Suzhou Kingswood Printing Ink Co., Ltd., transitioned from ink manufacturing to education in 2017 by acquiring Longmen Education [2][11] - The education business includes vocational schools, full-time retake schools, and vocational skills training services [2][11] - The company's education business has been impacted by public events and education policies but is expected to return to normal growth from 2024 [29][84] Financial Performance - The company's revenue for 2023 is expected to be 737 million yuan, with a year-on-year decrease of 7.3% [23] - Net profit attributable to the parent company is expected to be 130 million yuan in 2023, with a year-on-year increase of 75.7% [23] - The company's EPS for 2023-2025 is forecasted to be 0.40, 0.52, and 0.69 yuan, respectively [22] AI Chip Investment - Zhonghao Xinying, in which the company holds a 7.8% stake, is a domestic AI chip unicorn with significant potential for revaluation [21][22] - Zhonghao Xinying's "Chana TM" AI training chip has a single-chip computing power of 204TFLOPS (FP16)/396TOPS (INT8), comparable to Google's TPUv4 and TPUv5p [19][80] - The company's stake in Zhonghao Xinying could be worth approximately 3.9 billion yuan, based on a PS valuation of 99x and a 2024 revenue target of 500 million yuan [22][82] Education Sector Growth - The company's education business is expected to grow steadily, with revenue from vocational schools and retake programs projected to increase by 29%, 32%, and 30% from 2023 to 2025 [17] - The company's vocational schools and retake programs have a high college entrance exam pass rate, ensuring sustainable student enrollment [29][84] - The company's education business model is highly replicable, with a focus on "middle-tier students" and a strong emphasis on management and teaching quality [104] Valuation and Comparison - The company's current PE ratios for 2023-2025 are 26x, 20x, and 15x, respectively, which are lower than the average PE ratios of comparable education companies [22][138] - The company's valuation is discounted compared to its peers, and the potential revaluation of its stake in Zhonghao Xinying could significantly increase its market value [22][82]