研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus20March2023TableSummaryTableofContents目录Focus行业和公司焦点今IndustryandCompanyFocus晨CMOC03993HK2022AnnualResultsInLine焦Research点洛阳钼业03993HK2022年年度业绩符合市场预期MorningLatestReports最新报告摘要CompanyEPSCodeTitleTPChgRatingChgNameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变FlashNoteTheCompanySignedaHugeNewOrderShowingStrongLKTech00558HKHK1190--Buy--NDemandofLarge-ScaleDie-CastingMachines证快讯公司新签大额订单显示大型压铸力劲科技告00558HKHK1190--买入--否券机需求旺盛研报SectorReportBi-WeeklyUpdateMachinerySalesofExcavatorsImprovedin--Outperform--N究Sector究FebruarytheManufacturingIndustryContinuedToImprove报研行业报告双周报2月挖掘机销量改善机械行业--跑赢大市--否告制造业持续向好券EquityResearchReport361DegreesChannelOptimizationtoSupport01361HKHK510Buy--YInternational证SalesGrowthin2023361度01361HK渠道优化助力2023年销售增长HK510买入--是PropertySectorReportPriceOutpaced--Outperform--NSectorVolumeinPropertyRecovery房地产行业行业报告房地产复苏价在量先--跑赢大市--否TypeofReportTitleIssueDate报告类型标题宏观以史为鉴美联储如何应对流动性危机2023年3月17日AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版Seethelastpagefordisclaimer1of10MorningResearchFocusHSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Mar22Jun22Sep22Dec22Mar23Mar22Jun22Sep22Dec22Mar23SourceBloombergSourceBloombergPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover1951859164164923544恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE661571206225042515342国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE3979804413497800033841600科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatMar16PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部的微信公众号公众号账号国泰君安国际研究部研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或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中文翻译TableFocuschi行业和公司焦点洛阳钼业03993HK2022年年度业绩符合市场预期分析员郭勇事件描述公司2022年财务年度结果主要指标表现如下货币单位百万人民币变动每股股息变动收入172990-05000851972股东盈利60671882每股盈利人民币02801667资料来源公司观点评论公司2022年年度业绩基本符合市场一致预期和我们的估计公司股东净利的增长主要是由于更高的金属价格公司2022年钼精矿产量同比减少78至15114吨钨精矿产量同比减少133至7509吨NPM的铜精矿产量同比减少35至22706吨Tenke的矿产铜产量同比增加216至254286吨矿产钴产量同比增长96至20286吨矿产品的产量基本符合公司的生产计划钼价在2022年上涨3920钨价同比上涨了1195铜价同比下降558至8797美元吨钴价同比上涨2631至3029美元磅投资建议公司的生产保持稳定公司拥有高质量的矿山资产为公司提供了坚实的盈利基础公司对高质量矿山资产的积极收购和扩建对公司的长远发展有利由于有利的基本面我们预计金属价格将维持在高位我们对公司的目标价是530港元投资评级为收集我们将会保持公司的投资评级TableLatestchi最新报告快讯力劲科技00558HK公司新签大额订单显示大型压铸机需求旺盛评级买入6-18m目标价HK1190分析员白舸报告日期2023-03-17报告摘要力劲科技公司与客户新签巨额订单我们预计将为公司带来超过10亿港元收入文灿股份宣布与公司深圳子公司签订设备采购框架协议将采购38台大型压铸机包括9000T三台7000T一台6000T四台4500T八台3500T六台2800T十一台2200T五台文灿股份预计所有设备将在2年内完成交付我们预计这38台大型包括超大型压铸机将在未来两年为公司贡献超过10亿港元收入按照大型压铸机超过30毛利率超大型压铸机超过40毛利率测算我们预计该订单将为公司贡献超过35亿港元的毛利2023财年上半年公司大型压铸机营收占压铸机板块整体营收的比例超过70我们认为未来随着大型压铸机业务持续保持增长公司整体毛利率将持续提升中国新能源车企和零部件厂商积极采用一体压铸方案大型压铸机需求持续旺盛此次文灿股份的大额订单显示了中国新能源车企对一体压铸零件的强劲需求一体压铸方案引发了车身制造工艺的革新中国新能源车在新技术方案上的追求更加积极目前一体压铸应用范围逐步从前底板后底板扩展到电池包减震塔副车架等随着单辆新能源汽车对压铸件数量的需求越来越多叠加一体压铸方案渗透率的提升中国市场对大型压铸机的需求持续强劲公司传统业务或将跟随经济复苏而复苏公司业绩有望改善公司传统业务如注塑机小型压铸机的营收和毛利在2022年经历了较为显著的下滑但随着中国宏观政策调整制造业资本支出上升整体下游需求将逐渐改善注塑机和小型压铸机业务在2023年的营收和毛利或将提升进一步改善公司业绩Seethelastpagefordisclaimer6of10MorningResearchFocus投资建议我们认为力劲科技长期增长逻辑坚实短期业绩有望持续改善维持公司评级为买入维持目标价为1190港元我们预测2023-2025财年EPS为0437港元0596港元0773港元我们的目标价对应273倍200倍154倍的2023-2025财年市盈率行业报告机械行业双周报2月挖掘机销量改善制造业持续向好评级跑赢大市6-18m目标价na分析员白舸报告日期2023-03-17报告摘要中国2月制造业PMI确定上升趋势制造业供需同步扩张我们认为工业自动化设备或将进入上行周期我们看好机床行业注塑机行业压铸机行业的机会2月挖机销量改善工程机械全年有望复苏据中国工程机械工业协会对挖掘机主要制造企业统计2月销售挖机21450台同比-124环比1054低于此前中国行业杂志工程机械的预期春节和疫情影响释放后国内开工率逐步回升下游需求增加我们预计2023年地产复苏有望带动工程机械内销PET复合铜箔具备优势我们认为其有望降低锂电池成本PET复合铜箔凭借安全性与长寿命两大优势有望降低锂电成本当前PET复合铜箔产业化进程加快我们认为复合铜箔产业趋势明确市场空间巨大设备龙头将持续受益于产业发展风险因素经济复苏不及预期361度01361HK渠道优化助力2023年销售增长评级买入6-18m目标价HK510分析员汤瀚森报告日期2023-03-17报告摘要上调目标价至510港元及维持买入的投资评级我们预测公司2023-2025年股东净利润分别为人民币928亿元1133亿元1322亿元考虑到公司的渠道升级计划以及对2023年销售复苏的积极展望我们上调目标价至510港元并维持买入评级对应2023-2025年市盈率分别为100倍82倍70倍我们预计公司童装业务将继续保持高增长公司2022年业绩符合我们的预期361度童装和电商业务收入分别同比增长303和373我们预计未来童装业务收入将维持相对较高增速公司预计2023年主品牌和童装门店规模分别为5400-5600家和2200-2400家受益于产品竞争力和品牌形象提升我们预计公司将增加一二线城市门店数量我们预计2023年以来的销售复苏势头将持续截至3月中旬361度主品牌童装和电商零售流水同比增长分别超1020和30零售折扣率恢复至70-72折相当于疫情前90水平公司有信心在2023年实现收入高双位数的同比增长2023年是公司成立二十周年也是亚运会年我们预计公司作为亚运会官方合作伙伴将借势提高市场份额及其品牌影响力催化剂1重启派息计划2适时启动DTC转型战略3港股通带来流动性风险1中国体育鞋服市场增速放缓2原材料涨价3线下客流低于预期Seethelastpagefordisclaimer7of10MorningResearchFocus行业报告房地产行业房地产复苏价在量先评级跑赢大市6-18m目标价na分析员詹春立报告日期2023-03-17报告摘要我们认为最近房价的反弹明显强过销量的复苏在2023年1月份房价有所小幅复苏之后我们目前在更多的城市都看到了更强的房价反弹的表现在2023年2月份新建商品住宅和二手住宅销售价格环比上涨的城市分别达到了55个和40个显示出全国范围内房价明显复苏的信号与其他普通商品不同我们常常会看到房价变动领先于销量的情形主要原因是地产库存并不构成分析房价的重要变量我们认为房价的修复将成为今年剩余时间房地产销量企稳的先行要素只有当地产商可以从其土地储备中赚到钱的时候房地产的基本面才会迎来全面修复包括土地投资新开工以及房地产销量两会期间政策基调保持正面我们也看到地方层面密集出台放松政策在2023年政府工作报告中关于房住不炒并没有出现在表述之中我们认为这预示着仍然偏正面的房地产基调也预示国内房地产松绑政策会继续持续除了来自中央政府仍然正面的政策基调以外最近我们还看到几乎每日都有调控放松的地方性政策出台例如长沙福建省河南省以及深圳等地方我们认为密集的政策出台会加强市场关于房地产市场进一步放松的预期我们推荐土储优质的领先房地产企业以及具有园区主题的企业我们建议投资人在最近板块回撤后收集房地产板块尤其是在一些企业发布盈利预警之后在优质房企中考虑到稳健的运营和财务上的优势我们推荐龙湖集团00960HK金地集团600383SH保利发展600048SH和万科企业02202HK同时我们也推荐园区公司中新集团601512SH其在利好产业政策下具备更好的增长前景风险1重新放开前融行业杠杆上行以及2购房需求下行以史为鉴美联储如何应对流动性危机宏观组周浩孙英超报告日期2023-03-19报告摘要截至3月15日美联储当周的资产负债表规模出现了自本轮加息周期以来的首次明显上升当周美联储的资产负债表规模上升了大约3000亿美元伴随着银行业风险的进一步加剧美联储的再度扩表也值得关注事实上美联储有非常多的常规与非常规流动性危机管理工具我们梳理了目前可以动用的各种流动性管理手段与此同时也整理出未来可能被动用的各种新手段包括暂停缩表无限量购债收益率曲线控制甚至通过财政部直接注资来救助金融机构从此前英国央行处理养老金危机的经验来看控制长短收益率曲线能够较好地控制按市值计价的风险换言之如果本轮欧美银行业危机仅仅是关乎流动性那么各种花式放水足够帮助美联储应对本轮危机与此同时美联储仍然可以通过加息等各种方式来应对通胀问题当然市场真正的担心仍然是美国经济会因为本轮银行业危机而出现明显的下行风险颇为讽刺的是在硅谷银行爆雷前投资者更为关心的是美国经济的上行风险美国经济是否会被本轮银行业危机拖累仍然需要更多的数据来印证但可以确定的是投资者对于未来的悲观预期开始上升而这也是边际上最大的变化Seethelastpagefordisclaimer8of10MorningResearchFocusResearchDepartment研究部NoahHudsonHeadofResearch主管noahhudsongtjascomhk8675523976684HaoZhou周浩ChiefEconomist首席经济学家haozhougtjascomhk85225097582BillySun孙英超Macro宏观billysungtjascomhk85225092603JakeWang汪昌江Strategy策略changjiangwanggtjascomhk8675523976675AndyHuang黄凯鸿Strategy策略kaihonghuanggtjascomhk8675523976702EvanLi李少金Strategy策略evanligtjascomhk85225095375GaryWong黄家玮ConstructionEngineering建筑工程garywonggtjascomhk85225092616KevinGuo郭勇NonferrousMetals有色金属yongguogtjascomhk8675523976671RichardCao曹柱Banking银行zhucaogtjascomhk8675523976870GinYu余劲同Telecommunications通信ginyugtjascomhk8675523976686JackLiu柳晨Electronics电子chenliugtjascomhk85225092149PeterShao邵俊樨EnergyOperations能源运营petershaogtjascomhk85225095464TeddyLin林荣叶MediaCulture传播文化含体育rongyelingtjascomhk8675523976692ChunliZhan詹春立Property房地产jameszhangtjascomhk85225097745AndyChen陈思超FoodBeverages食品饮料含化妆品andychengtjascomhk85225092665AlexBai白舸Machinery机械gebaigtjascomhk85225097202IvanWu吴凱翔Automobiles汽车ivanwugtjascomhk85225092649HansenTang汤瀚森TextilesApparel纺织服装hansentanggtjascomhk8675523976884FrancoLi李炜Non-BankFinance非银行金融francoligtjascomhk85225097204EsabellaZhao赵舒蔓ComprehensiveSupport综合支持shumanzhaogtjascomhk8675523976681PennyPan潘凌蕾ComprehensiveSupport综合支持pennypangtjascomhk85225092632Seethelastpagefordisclaimer9of10MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDONGGUANRURALCOMMERCIALBANK09889HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-HSHARES06030HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKCNOOC00883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer10of10