Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 24.558 billion yuan for 2023, representing a year-on-year increase of 15.04%, and a net profit attributable to shareholders of 2.921 billion yuan, up 13.51% year-on-year. For Q1 2024, the revenue was 6.440 billion yuan, a 13.40% increase year-on-year, with a net profit of 648 million yuan, up 7.73% year-on-year [4][5] - The gross profit margin for the year improved to 27.89%, an increase of 1.81 percentage points year-on-year. The gross profit margin for the refrigeration and air conditioning parts business was 28.20%, up 2.04 percentage points, while the automotive parts business had a gross profit margin of 27.43%, up 1.51 percentage points [4] - The company is expanding its business layout and accelerating its globalization efforts, with plans to complete the second phase of its factory in Vietnam in 2024 and expand production lines in Mexico and Thailand. In the automotive parts sector, the company is focusing on key projects with global clients and advancing the construction of production bases in Mexico, Poland, and various locations in China [4] Financial Summary - For 2024-2026, the company is expected to achieve net profits of 3.546 billion yuan, 4.204 billion yuan, and 4.929 billion yuan, respectively, with corresponding P/E ratios of 23.06, 19.45, and 16.59 [4][5] - The total revenue forecast for 2024 is 29.163 billion yuan, with a growth rate of 18.75%, and for 2025, it is projected to be 34.415 billion yuan, with a growth rate of 18.01% [5][6] - The company’s EPS is expected to increase from 0.81 yuan in 2023 to 0.95 yuan in 2024, and further to 1.13 yuan in 2025 [5][6]

前景向好,港股&中概领跑全球 假期大类资产复盘 ■ 证券研究报告 整体:中国相关>日元>亚太股票>美股>大宗/欧股 中国相关:政策利好下,恒科/恒指/金龙/A50/上涨 6.8/4.7/3.7/2.2%全球领跑; 港股行业:政策利好的地产上涨 7.8%领跑,可选/信息上涨 5.2/5.1%紧随其后。 国内:政治局传递多项利好信号,各地地产政策不断出炉 投资策略报告 / 2024.05.04 核心观点 五一大类资产表现(4.29-5.3):中国相关资产表现强势 美债:2Y/10Y 下降 14/16BP,其中议息会议后下降 22/18BP(降息预期抬升)。 大宗: 金/铜/油涨跌幅为-1.4/-1.7/-5.1%。 4月政治局会议传递多项信号:1)确定三中时间:决定了 7月召开三中全会, 主题为"进一步全面深化改革、推进中国式现代化"。2》地产表述有所变化: 重视消化存量房产+优化增量住房。3)财政加码:表示保持必要财政支出强 度,及早发行并用好超长期特别国债,加快使用专项债。4)货币宽松:灵活 运用利率和存款准备金率等政策工具,降低社会综合融资成,后续存在降息降 准等政策支持可能。5)产业加注科技:强调培育壮大 ...

相关报告 1. 《美国就业为何仍超预期 -- 3月关 国非农数据解读》 2024-04-06 2. 《就业市场逐步降温 -- 2月美国非 农数据解读》 2024-03-09 3. 《就业市场强势不减 -- 1月美国非 农数据解读》 2024-02-03 :: 降息最早或在三季度。非农数据公布后,市场对美联储利率路径整体下移, 首次降息时点预期在9月。同时,美股三大指数均有上涨,美元指数走低,十 年期美债收益率有所下降。本月非农就业数据显示,新增就业人数低于预期, 前值不断下修,失业率有所反弹,平均时薪增速持续下降,反映就业市场强劲 势头有所减弱。我们认为,目前通胀压力仍然高于美联储预期水平,失业率并 未大幅反弹,短期内美联储或倾向于维持高利率水平。不过,劳动力市场整体 扩张步伐正在减速,登加时薪增速放缓有望带动服务项通胀回落,随着高利率 对经济各部门的影响或将逐步显现,首次降息或在三季度进行。 强劲就业正在松动 or 劳动参与率持平,失业率小幅反弹。4月劳动参与率录得 62.7%,与上月 持平,较疫情前2020年1月 63.3%的水平仍低0.4个百分点。4月失业率略有 反弹至 3.9%,较上个月上升 0.1个 ...

数据来源:WIND,对通证券研究所 图 11 下 前 周新房销售面积2 2018 == - 2020 - 2021 1000 2022 2023 2024 800 600 400 200 月一日 期前第 期前第 期前第2 期前第 新京第 期前第 0 2019 2020 2021 2022 2023 2024 数据来源:WIND,对通证券研究所 节前一周二手房销售处同期次低,同比高于新房。从走势上看,二手房销售与新 房类似,五一当天,每日销售面积开始出现回落。从节前销售情况看,节前一周, 二手房累计销售面积处 2019年以来同期次低。从节内销售情况看,五一当周(前 2 日)二手房销售面积创2019年以来同期新低。分城市层级看,节前一周,一线 城市的单城日均销售面积最高,二线城市次之,而三四线城市则表现乏力。 三四线是二手房销售的主要拖累。节前一周累计，16 城二手房销售面积为 146.2 万平米,为2019年以来同期次低,同比增速为-6%。北京、深圳2个一线城市累 计销售面积为 44.8万平米,同比增速为 16.1%;5个二线城市累计销售面积为 74 万平米,为 2019年以来同期次高,同比增速为 4.7%;9 ...

明阳智能(601615) /风电设备 /公司点评 /2024.05.04 扭亏为盈，能源电站贡献新增量 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件:公司发布 2024 年一季报，实现营业总收入 50.75 亿元，同比+86.62%； 基本数据 2024-04-30 实现归母净利润 3.04 亿元，同比+233.83%；实现销售毛利率 20.62%，同比 收盘价(元) 9.81 流通股本(亿股) 22.64 +7.25pct；实现销售净利率6.19%，同比+14.64pct。 每股净资产(元) 11.94 ❖ 布局风光储氢一体化，滚动开发贡献利润增量：公司通过持续加大对光伏产 总股本(亿股) 22.72 业、电力电子储能产业和氢能产业的投入，以实现平衡可再生能源的间歇性和 最近12月市场表现 不稳定性，从而提高能源整体利用效率和电网的稳定性，从而提升自身新能源 电站的开发和运营能力，从而进一步提高公司自建自营新能源电站的收益能 明阳智能 沪深300 上证指数 力。截至 2023 年末，公司在运营的新能源电站装机容量 2.56GW，相比去年 2% 同期增长70.47%；在建装机容量3.30GW，同比 ...

巨星科技(002444) /通用设备 /公司点评 /2024.05.03 渠道去库影响结束，Q1 业绩超预期 证券研究报告 投资评级:增持(维持) 核心观点  事件：公司发布2024年度一季报。公司24Q1实现营业收入33.06亿元， 基本数据 2024-04-30 同比+29.38%；归母净利润4.13亿元，同比+36.70%，扣非净利润4.31亿元， 收盘价(元) 25.36 流通股本(亿股) 11.51 同比+51.37%。 每股净资产(元) 12.69 总股本(亿股) 12.03  系统故障影响结束，叠加补库订单兑现，收入大幅转正。公司收入端大 最近12月市场表现 幅转正，预计系：1）渠道主动去库结束，订单回暖逐步体现至收入；2）23Q4 受黑客及客户年末控制库存影响的订单延期至Q1交付。 巨星科技 沪深300 50%  成本端及汇率优化，盈利能力稳步增长。公司 Q1 净利率 12.94%，同比 36% +1.08pct，毛利率 31.38%，同比+2.13pct，预计系汇率及产能优化带来。公司 22% 销售、管理、研发、财务费用分别为6.79%/6.56%/2.06%/1.46%，分别同比-0 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total operating revenue of 8.242 billion yuan for Q1 2024, a year-on-year decrease of 0.40%, and a net profit attributable to shareholders of 636 million yuan, down 17.20% year-on-year [2] - The gross profit margin was 18.03%, a decrease of 0.3 percentage points year-on-year, while the net profit margin was 7.67%, down 1.93 percentage points year-on-year [2] - The company has a substantial order backlog in its marine projects, with approximately 11.5 billion yuan in hand as of March 31, 2024, driven by high domestic and international demand [2] - The company is focusing on core technology innovation in its communication segment, developing high-density optical fibers for data centers and other specialized products [2] - The company is expanding its new energy layout, ranking sixth globally in the shipment of energy storage systems in 2023, and has established a portfolio of photovoltaic power stations with a total capacity of 390.26 MW [2] Financial Summary - The company is expected to achieve operating revenues of 51.14 billion yuan, 55.53 billion yuan, and 59.97 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.944 billion yuan, 4.631 billion yuan, and 5.161 billion yuan for the same years [2][5] - The projected PE ratios for 2024, 2025, and 2026 are 10.87, 9.26, and 8.31 respectively [2][5] - The company’s return on equity (ROE) is expected to be 10.77%, 11.32%, and 11.29% for 2024, 2025, and 2026 respectively [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10][13]. Core Views - The company is expected to achieve revenues of 40.19 billion, 46.55 billion, and 52.13 billion for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 14.86%, 15.83%, and 11.97% [10]. - The net profit attributable to the parent company is projected to be 3.03 billion, 3.66 billion, and 4.66 billion for the same years, reflecting significant growth rates of 315.31%, 20.72%, and 27.27% [10]. - Corresponding price-to-earnings (PE) ratios are expected to be 20, 17, and 13 for the years 2024, 2025, and 2026 respectively [10]. Financial Performance Summary - In 2023, the company achieved a revenue of 34.99 billion, representing a year-on-year increase of 20.22%, while the net profit was 0.73 billion, down 49.21% year-on-year [22]. - For Q4 2023, the revenue was 9.17 billion, with a year-on-year growth of 6.67%, but the net profit was negative at -0.85 billion, a decline of 297.22% year-on-year [22]. - In Q1 2024, the revenue reached 9.16 billion, showing a year-on-year increase of 15.31%, and the net profit was 0.77 billion, up 53.96% year-on-year [22]. Financial Metrics - The gross margin for 2023 was 31.4%, with a slight decrease from 2022 [4]. - The net profit margin for 2023 was 2.0%, down from -9.4% in Q4 2023, but improved to 8.3% in Q1 2024 [4]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.79, with a PE ratio of 20 [16].

明阳智能(601615) /风电设备 /公司点评 /2024.05.03 业绩阶段性波动，风机大型化持续推进 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件:公司发布2023年报，2023年全年公司实现营业总收入278.59亿元，同 基本数据 2024-04-30 比-9.39%；实现归母净利润 3.72 亿元，同比-89.22%；毛利率 11.20%，同比- 收盘价(元) 9.81 流通股本(亿股) 22.64 8.79pct；实现销售净利率1.36%，同比-9.86pct。 每股净资产(元) 11.94 总股本(亿股) 22.72 最近12月市场表现 ❖ 现金股利跃升，强化股东回报：公司 2023 年度拟向全体股东每 10 股派发现 金红利3.0410元（含税）。公司当前的总股本为22.7亿股，合计拟派发现金红 明阳智能 沪深300 利 6.56 亿元（含税）。本年度现金分红占归属于母公司股东的净利润比例为 上证指数 2% 176.25%。 -9% -21% ❖ 持续推进风机大型化、轻量化：2023年公司实现风机对外销售9.69GW，同比 -32% 增长32.66%；对应实现风机及相关配件销售2 ...

投资评级:增持(维持) 核心观点 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 全年毛利率同比显著改善，持续优化品牌结构 -39% -30% -21% -12% -3% 6% 广汇汽车 沪深300 上证指数 相关报告 1. 《Q1 毛利率显著改善，发力高端品 牌和新能源网络》 2023-05-03 ❖ 全年毛利率同比显著改善，费用控制良好：公司 2023 年毛利率 8.29%， 同比+1.81pct。其中整车销售、维修服务、佣金代理、汽车租赁、其他业务的 毛利率分别为 1.65%、31.34%、83.00%、59.27%、52.93%，同比分别+1.21pct、 -0.38pct、+6.86pct、+2.45pct、-4.59pct。公司 2023 年的销售费用率和管理费用 率分别为 3.50%和 1.63%，同比分别-0.33pct 和-0.15pct。其中销售费用率下降 主要系公司控制费用支出，广宣费、车辆使用费及差旅费等费用同比下降所 致。管理费用率同比下降主要系公司控制费用支出，职工薪酬及劳务费、租赁 物管费、业务招待费、车辆使用费等费用同比下降所致。 ❖ ...