Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has strategically divested its loss-making KP Global business for $151 million, which is expected to enhance its financial structure and focus on the running market. The divestiture is anticipated to improve the company's profitability and cash flow, allowing for a stronger focus on its main brands, including Saucony and Hoka, which are expected to see more marketing and product line expansion [2][3] Financial Projections - The company forecasts net profits for 2024, 2025, and 2026 to be RMB 12.17 billion, RMB 13.38 billion, and RMB 15.81 billion respectively, with corresponding EPS of RMB 0.46, RMB 0.51, and RMB 0.60. The current stock price corresponds to PE ratios of 9.89, 8.99, and 7.61 for the same years [2][3][4] - Revenue projections for 2024, 2025, and 2026 are RMB 15.39 billion, RMB 15.83 billion, and RMB 17.78 billion, with growth rates of 7.31%, 2.81%, and 12.35% respectively [3][4] - The company's return on equity (ROE) is expected to improve from 11.62% in 2023 to 14.47% by 2026 [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The merger between Guolian Securities and Minsheng Securities is expected to enhance the combined company's net asset ranking to around 20th in the industry, with a projected net asset scale of 33.9 billion yuan post-merger [3] - The company plans to issue A-shares to acquire 100% of Minsheng Securities and raise up to 2 billion yuan in supporting funds to develop Minsheng's business [3] - The merger is anticipated to create synergies due to the complementary strengths of both companies, with Minsheng excelling in investment banking and Guolian in wealth management and asset securitization [3] Financial Performance Summary - The company is projected to achieve a net profit of 599.43 million yuan in 2024, a decrease of 10.71% year-on-year, followed by a recovery to 791.58 million yuan in 2025, representing a growth of 32.06% [4] - Revenue is expected to grow from 2.955 billion yuan in 2023 to 3.067 billion yuan in 2024, with a modest growth rate of 3.79% [5] - The price-to-book (PB) ratio is projected to be 1.53 in 2024 and 1.42 in 2025, indicating a favorable valuation trend [5]

长安汽车(000625) /乘用车 /公司点评 /2024.05.15 自主新能源持续创新，海外拓展稳步推进 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司公告2024年4月销量。4月销量21万辆，同比+15.47%， 1-4月 基本数据 2024-05-15 销量 90.2 万辆，同比+14.24%。自主品牌方面：4 月自主品牌新能源销量 5.2 收盘价(元) 14.27 流通股本(亿股) 98.56 万辆，同比+129.74%。1-4月自主品牌新能源销量18万辆，同比+68.63%。合 每股净资产(元) 7.38 资品牌方面：长安福特4月销量为1.9万辆，同比+32.92%，1-4月销量7.4万 总股本(亿股) 99.17 辆，同比+26.20%；长安马自达 4 月销量为 0.6 万辆，同比+51.96%， 1-4 月 最近12月市场表现 销量2.5万辆，同比+41.75%。 长安汽车 沪深300 ❖ 多款新车发布，助力销量持续增长： 2024年4月，公司发布阿维塔12 2024 上证指数 77% 款，发售价为 26.58 万元起；发布长安启源 A05/Q05 真香版，售价分别 7.89 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][16] Core Views - The company is expected to face short-term performance pressure but has long-term growth potential in the hydrogen energy business [3][5] - The company has made significant advancements in high-voltage ternary materials, which are being supplied for hybrid and low-altitude applications [6][22] - The lithium cobalt oxide industry is anticipated to see a demand peak in the second half of the year, with the company maintaining a leading market share [15] Financial Performance - In 2023, the company's revenue was 17.31 billion yuan, a year-on-year decrease of 39.79%, with a net profit of 527 million yuan, down 52.93% [5][17] - For Q1 2024, the company reported revenue of 3.30 billion yuan, a quarter-on-quarter decrease of 8.02% and a year-on-year decrease of 21.24% [5] - The company plans to distribute a cash dividend of 7.00 yuan per 10 shares, with a dividend payout ratio of 55.72% [5] Market Position and Growth Prospects - The company has a 40% market share in the lithium cobalt oxide sector, with sales of 34,600 tons in 2023, reflecting a year-on-year increase of 4.15% [15] - The new Ni6 series high-voltage ternary materials have begun mass production, targeting the growing hybrid vehicle market [6] - The company is also developing high-power, high-voltage ternary products for low-altitude flying vehicles and drones, with monthly production reaching hundreds of tons [6] Future Projections - The company is projected to achieve net profits of 572 million yuan, 690 million yuan, and 870 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 26.51, 21.98, and 17.44 [16][17]

酒店餐饮 / 行业点评报告 / 2024.05.14 酒店餐饮年报及一季报总结：酒店业绩分化，餐饮相对韧性 证券研究报告 投资评级:看好(维持) 核心观点 最近12月市场表现 ❖ 酒店、餐饮公司 2023年报&2024一季报基本披露完毕：1）酒店：营收 主要驱动因素从 2023年的 RevPAR高增叠加规模扩张，转向 2024Q1 的拓店 酒店餐饮 沪深300 增长。供给回流、去年高基数下，行业大盘相对承压，以商旅需求为主的酒店 7% 品牌 RevPAR 弱增长；受益于休闲需求的酒店品牌 RevPAR 同比增长幅度仍 -3% 相对积极。业绩端表现相对分化，新开直营店影响首旅酒店、君亭酒店利润弹 -12% 性，锦江酒店受海外利息费用影响，扣非净利相对承压。2）餐饮：主要餐饮 -22% 公司营收增长符合预期，龙头餐饮品牌同店表现相对韧性，但受新开店爬坡以 -31% 及产品折扣活动力度加大影响，导致利润端有所波动。 -41% ❖ 酒店板块：商旅需求相对承压，新开店带动营收增长。2024Q1商旅需求 增长相对承压，商旅型需求为主的龙头酒店集团营收主要由规模增长带动， 分析师 刘洋 RevPAR 增长相对乏力；君亭酒店 ...

本次会议紧面向财通证券的受邀嘉宾在任何情况下财通证券研究人员及演讲嘉宾所表述的意见并不构成对任何人的投资建议 投资者应充分了解各类投资风险自主做出决策并自行承担投资风险未经财通证券及演讲嘉宾书面授权许可任何机构和个人不得以任何形式转发复制引用会议的内容与观点包括不得制作镜像及指向链接不得传播音频视频图片文字等内容如有上述行为财通证券保留追究相关方法律责任的权利 各位投资人大家晚上好我是财通金融建材的研究员陈凌云然后今天呢也是非常荣幸能够跟大家在一起分享我们消费建材吸血东建系列的最后一篇报告也就是床垫行业 那这篇报告也是一样分为三个部分第一个部分就是我会简单梳理一下美国的这个床垫行业它的这样一个发展历程然后第二部分的话是介绍一下几个龙头的床垫品牌的这样一个核心竞争优势以及过去 第三个部分就是回到我们国内的床垫行业,以海外为经验,看看未来的床垫行业会怎么样发展 那首先呢我简单介绍一下美国床垫行业的一个发展的历程那其实从美国经验来看总结来说就是床垫行业产品是基础渠道是支撑关键总的来说可以分为几个阶段那首先床垫呢它其实起源比较早在国外美国的话是1865年就已经成立了那当时18 70年的时候席梦斯是发明了首个弹簧床垫材 ...

电力设备 / 行业投资策略周报 /2024.05.14 西门子能源上调预期，锂电出清进行中 证券研究报告 投资评级:看好(维持) 周观点 最近12月市场表现 核心观点 电力设备 沪深300 ❖ 光储：硅料价格下跌趋势持续，已经全线跌破整体生产成本水平，库存压力 上证指数 1% 有增难减。4月组件招标定标价格继续小幅度下降，组件定标量环比继续提升， -8% 对国内装机需求保持乐观。协鑫颗粒硅市占率已达 20%，预计今年 n 型市占 -16% 率达25%。 -24% -33% ❖ 锂电：工信部政策引导低端产能退出，行业扩产大幅减速，不少细分环节去 -41% 年底预测产能增速 30%，近期已经调整到 10%；铁锂加工费可能涨价、石油 焦预焙阳极上涨，建议继续关注电池及各环节龙头。消费电池迭代较为明显， 关注消费电池公司。 分析师 张一弛 SAC证书编号：S0160522110002 zhangyc02@ctsec.com ❖ 风电：年报一季报景气拐头，海南、广东及浙江各类催化梯次释放。建议重 点关注海风海缆管桩，陆风头部主机零部件，及碳纤或减震相关主题性机会。 相关报告 ❖ 电力设备：西门子调高24年指引，叠加变压 ...

建筑装饰 / 行业投资策略周报 / 2024.05.13 投资评级:看好(维持) -30% -24% -18% -12% -6% 1% 建筑装饰 沪深300 上证指数 相关报告 1. 《国内拐点尚需等待，海外需求相对 景气》 2024-05-05 2. 《靠前发力改善需求，长三角一体化 发展或加快》 2024-05-04 3. 《Q1 基建稳健增长，央企市占率继 续提升》 2024-04-23 证券研究报告 ❖ 专项债发行后续发力值得期待。地方政府新增专项债发行情况来看，截止 2024 年 5 月 12 日，年内新增地方政府专项债 8145.75 亿元，2023 及 2022 年 同期分别为 1.64/1.57 万亿元，节奏上相对有所放缓；从专项债投向情况来看， 2024 年至今投向广义基建/狭义基建的资金分别为 3950/2595 亿元，占比总发 行比例分别为 39%/26%，较 2023 年全年占比变动-9.05pct/0.07pct。过去几年， 新增专项债发行多在 9 月前后达到全年额度的 90%，再考虑到前期项目审核 结果即将反馈，二季度专项债发行有望提速，叠加特别国债支持的项目或逐渐 落地施工，从而 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [23][25]. Core Insights - The company has successfully expanded its overseas business and joint ventures, adding 82 new outlets in 2023, bringing the total to 274 [2][3]. - The company is entering the Korean market, expecting to generate benefits starting in 2024 [3]. - The joint ventures with Zhejiang Dongyang City Investment and Jiangxi Guixi State Control have a strategic cooperation amount of 1.5 billion yuan, with 14 outlets already operational [3]. - The company has seen a significant increase in equipment leasing, with 16,000 units leased, a year-on-year increase of 51.22%, and total assets exceeding 2.3 billion yuan [3]. Financial Performance - In 2023, the company achieved a revenue of 4.444 billion yuan, a year-on-year increase of 35.55%, and a net profit of 801 million yuan, up 25.19% [9][19]. - The quarterly revenue for 2023 was 843 million yuan in Q1, 1.096 billion yuan in Q2, 1.276 billion yuan in Q3, and 1.229 billion yuan in Q4, with respective year-on-year growth rates of 31.2%, 37.1%, 44.7%, and 28.7% [15][21]. - The average rental rate for high-altitude work platforms was 85.3%, an increase of 4.17% year-on-year [21]. Future Projections - The company is projected to achieve net profits of 985 million yuan, 1.226 billion yuan, and 1.511 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 22.94%, 24.51%, and 23.28% [22][25]. - Earnings per share (EPS) are expected to be 0.50 yuan, 0.62 yuan, and 0.77 yuan for the same years [22][25]. Operational Efficiency - The company reported a gross margin of 46.50% in 2023, a decrease of 3.76 percentage points, while the expense ratio was effectively controlled at 25.82% [31]. - The operating cash flow for 2023 was 1.945 billion yuan, an increase of 540 million yuan from the previous year [31].

基础化工 / 行业投资策略周报 /2024.05.13 化工行业周报 证券研究报告 投资评级:看好(维持) 金禾实业回购完毕，豆粕价格大幅上涨 最近12月市场表现 核心观点 ❖ 本周行情：本周市场综合指数整体上行，上证综指报收 3154.55，本周上涨 基础化工 沪深300 上证指数 1.60%，深证指数本周上涨 1.50%，A 股指数上涨 1.60%；其中化工板块上涨 2% 3.59%。 -5% -11% ❖ 化工公司行情：本周涨幅前五的股票为：美农生物（63.05%）、百合花 -17% （61.05%）、七彩化学（51.16%）、蔚蓝生物（47.08%）、星湖科技（41.52%）。 -24% 本周跌幅前五的股票为：先锋新材（-36.28%）、新纶新材（-22.65%）、永悦科 -30% 技（-22.59%）、亿利洁能（-22.44%）、*ST榕泰（-14.86%）。 ❖ 化工品行情：本周涨幅前五的化工品为：TMA 华东、乌洛托品、醋酸仲丁 分析师 毕春晖 酯、草酸、异丁醇；本周跌幅前五的化工品为：甲酸、苯胺、混炼胶沉淀混炼 SAC证书编号：S0160522070001 bich@ctsec.com 胶华东 ...