4 月 27 日，可靠股份发布了 2023 年年度报告。报告期内，公司实现营业收入 10.81 亿元，较上年同比下降 8.83%； 归属于母公司股东的净利润为 2018.49 万元，较上年的-4312.87 万元实现扭亏为盈；综合毛利率为 17.65%，较上年提 高 4.55 个百分点。 2023 年，可靠股份专注于一次性卫生用品设计、研发、生产和销售的可靠股份聚焦发展战略，坚持"自主品牌+ODM 双轮驱动"的发展模式，深耕成人失禁护理用品及养老服务业务,集中优势资源拓展自主品牌，凭借行业头部优势和品 牌影响力，公司自主品牌持续提高市场份额，整体保持了稳健发展态势。 风险提示：市场竞争风险，原材料价格波动风险，婴儿出生率下降风险，汇率波动风险，客户集中风险等。 大唐发电 2024 年 4 月 26 日晚间发布一季度报告称，一季度归属于母公司所有者的净利润 13.31 亿元，同比增长 872.26%；营业收入 307.37 亿元，同比增长 9.58%；基本每股收益 0.0505 元，上年同期基本每股收益-0.0121 元。 【公司跟踪】大金重工（002487.SZ）：公司与欧洲某海上风电开发商签署海风基础结构产 ...

Group 1 - The report indicates that the A-share market may have completed a second bottom, with pressures from earnings expected to dissipate, and positive policy expectations catalyzing a recovery in Chinese economic data and increased foreign investment in Chinese assets [24][3][17] - The report highlights that the recent performance of the Hang Seng Index and A-shares was driven by foreign capital, influenced by weakening economic data from developed economies and a depreciating yen, which has led to increased allocations to Chinese assets [3][24][23] - The report suggests that the macroeconomic environment in China is entering a recovery phase, with a moderate economic rebound and a low inflation environment, making it suitable for equity asset allocation [24][18] Group 2 - The report notes that the industrial profits of major enterprises in China showed a positive growth of 4.3% year-on-year in the first quarter, indicating a weak recovery trend in the economy [18][19] - It emphasizes that high-growth sectors such as TMT (Technology, Media, and Telecommunications) and cyclical recovery sectors are expected to perform well, while consumer and financial sectors may face continued pressure [19][24] - The report identifies specific sectors for investment opportunities, including resource sectors (copper, aluminum, gold, silver), TMT sectors (computing, media), and new productivity sectors (industrial machinery, robotics) [28][32][24] Group 3 - The report provides valuation metrics, indicating that the Shanghai Composite Index has a TTM price-to-earnings ratio of 13.34, which is at a historical low percentile, suggesting that A-shares are relatively undervalued [36][57] - It highlights that the market is currently experiencing a shift in risk appetite, with a potential increase in focus on high-growth sectors as market sentiment improves [3][24][17] - The report also mentions that the foreign capital inflow into the A-share market has reached historical highs, indicating strong interest from international investors [3][12][24]

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Views - The company reported a revenue of 808 million yuan in Q1 2024, representing a year-on-year increase of 28.24%, and a net profit of 527 million yuan, up 27.38% year-on-year, indicating that performance growth is in line with expectations [5][6] - The company is expected to benefit from a favorable industry environment characterized by increasing penetration rates, domestic production improvements, and upgraded consumption frequency [6][8] - The company has a rich pipeline and a comprehensive product matrix, positioning it well to leverage its core products for sustained growth in the face of stricter industry regulations [6][8] Financial Summary - The company’s main revenue for 2022 was 1,938.84 million yuan, which is projected to grow to 3,939.83 million yuan in 2024, reflecting a growth rate of 37% [5][9] - The net profit attributable to shareholders is expected to increase from 1,263.56 million yuan in 2022 to 2,520.89 million yuan in 2024, with an estimated growth rate of 36% [5][9] - Earnings per share (EPS) is projected to rise from 5.84 yuan in 2022 to 11.65 yuan in 2024 [5][9] Operating Analysis - The gross margin for Q1 2024 was 94.55%, slightly down from the previous year, while the net margin was 65.35%, indicating stability in profitability despite minor declines [6] - Management and sales expense ratios have improved significantly, with management expenses down by 3.91 percentage points year-on-year [6][8] - The company is increasing its R&D investment while effectively controlling sales and management costs, leading to an optimized expense structure [6][8] Earnings Forecast - Revenue forecasts for 2024, 2025, and 2026 are 3,939.83 million yuan, 5,088.20 million yuan, and 6,083.35 million yuan, respectively, with growth rates of 37%, 29%, and 20% [5][8] - The net profit forecasts for the same years are 2,520.89 million yuan, 3,211.95 million yuan, and 3,786.86 million yuan, respectively [5][8] - The company is expected to maintain a P/E ratio of 25x in 2024, with a target price range of 302.9 to 349.5 yuan based on a 24-year P/E valuation of 26-30 times [8]

证券研究报告 公司点评 神州泰岳(300002.SZ) 传媒｜ 游戏Ⅱ 深耕 SLG 游戏出海，业绩持 续高增、24Q1 盈利超预期 2024年 04月 26日 预测指标 2022A 2023 A 2024E 2025E 2026E 评级 买入 主营收入(百万元) 4,806.01 5,962.24 6,876.63 7,765.25 8,653.96 归母净利润(百万元) 541.89 887. 18 995.08 1,103.64 1,199.73 评级变动 维持 每股收益（元） 0.28 0.45 0.51 0.56 0.61 交易数据 每股净资产（元） 2.47 2.94 3.41 3.93 4.49 当前价格（元） 9.61 P/E 34.78 21.24 18.94 17.08 15.71 52周价格区间（元） 8.16-15.51 P/B 3.90 3.27 2.82 2.45 2.14 总市值（百万） 18846.10 资料来源：iFinD，财信证券 流通市值（百万） 17482.46 总股本（万股） 196109.20 投资要点： 流通股（万股） 181919.50  事件：公司发布 20 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6][28]. Core Views - The company achieved a revenue of 1.226 billion yuan in 2023, representing a year-on-year increase of 4.46% [1]. - The net profit attributable to shareholders reached 107 million yuan, up 39.87% year-on-year, while the net profit excluding non-recurring items was 86 million yuan, reflecting a 58.20% increase [1]. - The fourth quarter of 2023 saw a revenue of 322 million yuan, down 12.31% year-on-year, with a net profit of 23 million yuan, a decrease of 8.48% year-on-year, but a significant increase of 63.52% in net profit excluding non-recurring items [1]. - The company is positioned as a leader in MOPA laser technology and is actively expanding its business in the optical equipment sector [28]. Financial Summary - The company's revenue for 2024 is projected to be 1.541 billion yuan, with net profits expected to reach 201 million yuan, corresponding to an EPS of 2.11 yuan [28]. - For 2025 and 2026, the projected net profits are 277 million yuan and 362 million yuan, with EPS of 2.91 yuan and 3.81 yuan respectively [28]. - The P/E ratios for 2024, 2025, and 2026 are estimated to be 20.18, 14.65, and 11.20 respectively [28]. Business Performance - The company's gross margin for 2023 was 41.11%, an increase of 5.48 percentage points year-on-year, with a Q4 gross margin of 45.76% [19]. - The revenue from laser products grew by 11.63% year-on-year to 666 million yuan, while the revenue from laser/optical intelligent equipment decreased by 8.11% to 436 million yuan [19]. - The company is expanding its lithium battery laser business and has developed a second-generation perovskite laser cutting equipment that has received orders from industry clients [20].

证券研究报告 汽车｜ 摩托车及其他 成本端和渠道端双优势，新业务快速拓展 涨跌幅比较 | --- | --- | --- | --- | --- | |--------------|---------|---------|---------|---------| | -39% 2023-04 | 2023-07 | 2023-10 | 2024-01 | 2024-04 | | % | | 1M | 3M | 12M | | 涛涛车业 | | 24.21 | 29.12 | 58.29 | | 摩托车及其他 | | 5.30 | 24.46 | -12.99 | | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 预测指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 主营收入 ( 亿元 ) | 17.66 | 21.44 | 30.80 | 38.31 | 46.04 | | 归母净利润 ( 亿元 ) | 2.0 ...

市场有风险，投资需谨慎。投资者不应将本报告作为投资决策的唯一参考因素，亦不应认为本报告可以取代自己 的判断。在决定投资前，如有需要，投资者务必向专业人士咨询并谨慎决策。 本报告版权仅为本公司所有，未经书面许可，任何机构和个人（包括本公司客户及员工）不得以任何形式复制、 发表、引用或传播。 本报告由财信证券研究发展中心对许可范围内人员统一发送，任何人不得在公众媒体或其它渠道对外公开发布。 任何机构和个人（包括本公司内部客户及员工）对外散发本报告的，则该机构和个人独自为此发送行为负责，本 公司保留对该机构和个人追究相应法律责任的权利。 财信证券研究发展中心 网址：stock.hnchasing.com 地址：湖南省长沙市芙蓉中路二段 80 号顺天国际财富中心 28 层 邮编：410005 电话：0731-84403360 传真：0731-84403438 此报告仅供内部客户参考 -4- 请务必阅读正文之后的免责条款部分 2024 年 04 月 24 日 评级 增持 | --- | --- | |-----------------------|--------------| | 评级变动 交易数据 | 首次 | | ...

证券研究报告 晨会纪要 晨会纪要 2024 年 04 月 26 日 | --- | --- | --- | --- | --- | |------------|-------|-------|---------|--------| | | | | | | | 市场数据 | | | | | | 指数名称 | | 收盘 | | 涨跌 % | | 上证指数 | | | 3052.90 | 0.27 | | 深证成指 | | | 9264.48 | 0.14 | | 创业板指 | | | 1764.73 | -0.04 | | 科创 50 | | | 733.34 | -0.72 | | 北证 50 | | | 801.21 | -0.86 | | 沪深 300 | | | 3530.28 | 0.25 | | --- | --- | --- | --- | --- | |------------|--------------------|----------------------|-----------|-----------| | 类别 | 总市值 \n（亿 元） | 流通市 \n值（亿 元） | 市盈率 PE ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price range of 10.05 to 13.4 CNY for 2024, based on a PE ratio of 15-20 times [6][10]. Core Insights - The company achieved stable revenue growth in 2023, with a total revenue of 21.33 billion CNY, representing a year-on-year increase of 9.10%. The net profit attributable to shareholders was 2.69 billion CNY, up 18.16% year-on-year [13][21]. - The company has a strong order intake, securing new orders worth 2.916 billion CNY in 2023, a 21% increase year-on-year. Key segments include nuclear energy, metallurgy, and energy equipment [5][15]. - The company is expanding into nuclear chemical and nuclear power applications, as well as military products and high-pressure hydrogen valves, indicating a diversified growth strategy [6][15]. Financial Performance - In 2023, the company reported a gross margin of 31.69%, an increase of 1.84 percentage points year-on-year, and a net margin of 12.60%, up 0.97 percentage points [21][30]. - The company’s revenue projections for 2024-2026 are 26.10 billion CNY, 31.62 billion CNY, and 38.00 billion CNY, respectively, with net profits expected to reach 3.39 billion CNY, 4.22 billion CNY, and 5.08 billion CNY [6][16]. Product and Segment Analysis - Revenue from key products such as flanges and forgings, butterfly valves, and ball valves has shown consistent growth, contributing significantly to overall revenue [4][14]. - The nuclear power segment is highlighted as a growth driver, with the company being a leading supplier in the domestic market, maintaining a high bid win rate of over 90% [15][30]. Cost and Efficiency Metrics - The company’s expense ratio increased slightly to 16.47% in 2023, compared to 15.64% in the previous year, with sales, management, and R&D expenses showing varied trends [21][30]. - Key performance indicators per employee improved, with revenue per employee at 1.3578 million CNY and profit per employee at 171,100 CNY, reflecting operational efficiency [21].

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company reported a significant year-on-year revenue growth of 60.27%, reaching 4.351 billion yuan in 2023, with a net profit of 1.762 billion yuan, up 47.03% [4][6] - The company has successfully delivered five new data centers in 2023, contributing approximately 30,000 cabinets, with a total of 76,000 cabinets delivered by the end of 2023, marking a 65.22% increase from the previous year [5][6] - The company is expanding its AIDC business, aiming to create a complete intelligent computing ecosystem, which includes various revenue streams such as liquid-cooled computing centers and computing module sales [5][6] - The company has a stable dividend policy, with a total cash dividend of approximately 890 million yuan for 2023, representing about 50% of the net profit [5][6] Financial Summary - The company's main revenue is projected to grow from 4.351 billion yuan in 2023 to 5.964 billion yuan in 2024, and further to 10.011 billion yuan by 2026 [4][7] - The net profit is expected to increase from 1.762 billion yuan in 2023 to 2.374 billion yuan in 2024, reaching 4.103 billion yuan by 2026 [4][7] - The earnings per share (EPS) is forecasted to rise from 1.02 yuan in 2023 to 1.38 yuan in 2024, and to 2.38 yuan by 2026 [4][7] - The price-to-earnings (P/E) ratio is projected to decrease from 29.33 in 2023 to 21.77 in 2024, and further down to 12.59 by 2026 [4][7]