[Table_Main] 证券研究报告 | 公司点评 三环集团(300408.SZ) 2024年04月30日 三环集团（300408.SZ）：业绩符合预 买入（维持） 期，MLCC 有望驱动新一轮成长 所属行业：电子/元件 当前价格(元)：27.99 2023 年度报告&2024 年第一季度报告点评 证券分析师 投资要点 陈蓉芳 资格编号：S0120522060001 事件：4 月 27 日，三环集团发布 2023 年度报告和 2024 年第一季度报告。1） 邮箱：chenrf＠tebon.com.cn 2023全年：公司实现营收57.27亿元，同比增长11.21%；实现归母净利润15.81 研究助理 亿元，同比增长 5.07%；实现扣非后归母净利润 12.21 亿元，同比增长0.05%。 2）2024年Q1：公司实现单季度营收15.64亿元，同比增长31.49%；实现单季 张威震 度归母净利润4.33亿元，同比增长35.31%；实现单季度扣非后归母净利润3.78 邮箱：zhangwz5＠tebon.com.cn 亿元，同比增长57.40%。 市场表现 收入稳定增长，业绩符合预期，盈利能力边际改善。得益于电子 ...

[Table_Main] 证券研究报告 | 行业周报 房地产 2024年04月30日 多地新房二手成交持续改善，成都全面 房地产 取消限购 优于大市（维持） 房地产行业周报（2024.4.22-4.26） 证券分析师 [Table_Summary] 投资要点： 金文曦 资格编号：S0120522100001 邮箱：jinwx＠tebon.com.cn  市场回顾 2024.4.22-4.26，上证综指数上涨0.76%，沪深300指数上涨1.20%，房地产板块上 研究助理 涨3.10%，房地产板块跑赢上证综指2.33个百分点，跑赢沪深300指数1.89个百分 蔡萌萌 点。年初至今，上证综指上涨 3.82%，沪深 300 指数上涨 4.46%，房地产板块下跌 邮箱：caimm＠tebon.com.cn 17.08%，房地产板块跑输上证综指20.90个百分点，跑输沪深300指数21.54个百 分点。 市场表现 上周，重点关注的A股地产股中海南高速、南国置业、空港股份涨幅居前，中迪投资、 金科股份、广汇物流跌幅较大；重点关注的 H 股地产股中旭辉控股集团、新城发展 房地产 沪深300 17% 涨幅居前；重点关注的港 ...

[Table_Main] 证券研究报告 | 行业周报 房地产 2024年04月30日 多地新房二手成交持续改善，成都全面 房地产 取消限购 优于大市（维持） 房地产行业周报（2024.4.22-4.26） 证券分析师 [Table_Summary] 投资要点： 金文曦 资格编号：S0120522100001 邮箱：jinwx＠tebon.com.cn  市场回顾 2024.4.22-4.26，上证综指数上涨0.76%，沪深300指数上涨1.20%，房地产板块上 研究助理 涨3.10%，房地产板块跑赢上证综指2.33个百分点，跑赢沪深300指数1.89个百分 蔡萌萌 点。年初至今，上证综指上涨 3.82%，沪深 300 指数上涨 4.46%，房地产板块下跌 邮箱：caimm＠tebon.com.cn 17.08%，房地产板块跑输上证综指20.90个百分点，跑输沪深300指数21.54个百 分点。 市场表现 上周，重点关注的A股地产股中海南高速、南国置业、空港股份涨幅居前，中迪投资、 金科股份、广汇物流跌幅较大；重点关注的 H 股地产股中旭辉控股集团、新城发展 房地产 沪深300 17% 涨幅居前；重点关注的港 ...

[Table_Main] 证券研究报告 | 公司点评 联美控股(600167.SH) 2024 年 04 月 30 日 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 卢璇 邮箱：luxuan＠tebon.com.cn 市场表现 联美控股（600167.SH）：供暖面 积稳定增长，分红比例超 52% 高分红的优质公用事业资产，在手现金达 80 亿，积极布局氢能+储能。截至 2024Q1，公司在手现金达 80 亿，占到总资产的 45%。2023 年公司计划分红 4.52 亿元，占归母净利润的 52.6%，连续四年分红比例超 50%，股息率为 3.37%（以 4 月 29 日收盘价计）。除深耕主业外，公司进一步深化与爱德曼的战略合作，致 力于电解水制氢及氢热电联产的商业化应用，并围绕着氢能产业链上的关键节点， 积极布局。储能领域，公司积极探索分布式储电系统在大型公共建筑及产业园区 的应用，并快速推进冰蓄冷业务在南方市场的落地，着眼长期发展。 | --- | --- | --- | --- | --- | --- | --- | --- | |------------- ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 457% [4][6] - The revenue for 2023 reached 3.706 billion yuan, representing a year-on-year increase of 77.67% [4][6] - The company plans to distribute a cash dividend of 119 million yuan for 2023, with a payout ratio of 12.32% [4] Financial Performance Summary - In 2023, the company reported a net profit of 969 million yuan, with a substantial increase in production across its main products, including zinc, iron, lead, and tin [5][6] - The company’s main products saw significant sales growth: zinc concentrate sales increased by 20.5%, lead concentrate by 158.16%, and tin concentrate by 192.41% [5] - The company’s gross profit margin for 2023 was 52.9%, with projections for 2024-2026 indicating stable margins around 52.2% to 55.5% [11][12] Earnings Forecast - The company is expected to achieve revenues of 5.364 billion yuan in 2024, with net profits projected at 1.770 billion yuan, reflecting a year-on-year growth of 82.6% [6][11] - The price-to-earnings (P/E) ratios for 2024-2026 are forecasted to be 14.12x, 12.50x, and 11.80x respectively [6][11]

[Table_Main] 证券研究报告 | 公司点评 伯特利(603596.SH) 2024年04月30日 伯特利（603596.SH）：业绩稳 买入（维持） 所属行业：汽车/汽车零部件 健增长，新增定点项目充裕 当前价格(元)：55.61 证券分析师 投资要点 邓健全 资格编号：S0120523100001 事件：公司发布2024年一季报，2024年第一季度营收为18.60亿元，同比增长  邮箱：dengjq＠tebon.com.cn 24.04%；归母净利润为2.10亿元，同比增长21.85%；扣非后归母净利润为1.92 赵悦媛 亿元，同比增长18.55%。 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 毛利率有所下降，公司积极优化费用。2024 年一季度公司毛利率为 20.75%，同  赵启政 比下降 0.75pct，环比下降 2.34pct；净利率为 11.31%，同比下降 0.36pct，环比 资格编号：S0120523120002 下降 1.47pct。公司积极优化费用，2024 年一季度公司费用率为 8.84%，同比下 邮箱：zhaoqz＠tebon ...

[Table_Main] 证券研究报告 | 行业周报 电气设备 2024年04月30日 电气设备 能源法（草案）发布，强调完善可再 生能源电力消纳保障机制 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ary ] 彭广春 资格编号：S0120522070001 能源法（草案）发布，强调完善可再生能源电力消纳保障机制。近日，十四届全  邮箱：penggc＠tebon.com.cn 国人大常委会第九次会议对《中华人民共和国能源法（草案）》进行了审议，并向 社会公布，4 月 26-5 月 25 日期间，公开征求意见。根据草案：1）能源工作要遵 市场表现 循“四个革命，一个合作”原则；2）从“能耗双控”向“碳排放双控”转变； 3）国家支持优先开发可再生能源；4）制定非化石能源发展目标，并监控开发情 10% 况；5）确定“可再生能源消费最低比重目标”；6）国家完善可再生能源电力消纳 保障机制，并监测、考核；7）鼓励和扶持农村能源发展。 -10%2023/3 2023/6 2023/92023/122024/3 -30%  电力设备投资建议：电力设备领域建议关注以下几条投资主线：1）当前国内 ...

[Table_Main] 证券研究报告 | 行业周报 电气设备 2024年04月30日 电气设备 能源法（草案）发布，强调完善可再 生能源电力消纳保障机制 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ary ] 彭广春 资格编号：S0120522070001 能源法（草案）发布，强调完善可再生能源电力消纳保障机制。近日，十四届全  邮箱：penggc＠tebon.com.cn 国人大常委会第九次会议对《中华人民共和国能源法（草案）》进行了审议，并向 社会公布，4 月 26-5 月 25 日期间，公开征求意见。根据草案：1）能源工作要遵 市场表现 循“四个革命，一个合作”原则；2）从“能耗双控”向“碳排放双控”转变； 3）国家支持优先开发可再生能源；4）制定非化石能源发展目标，并监控开发情 10% 况；5）确定“可再生能源消费最低比重目标”；6）国家完善可再生能源电力消纳 保障机制，并监测、考核；7）鼓励和扶持农村能源发展。 -10%2023/3 2023/6 2023/92023/122024/3 -30%  电力设备投资建议：电力设备领域建议关注以下几条投资主线：1）当前国内 ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Film (601595.SH) [2] Core Views - The company reported a revenue of 795 million yuan in 2023, an increase of 85.07% year-on-year, and a net profit of 127 million yuan, marking a return to profitability [5] - In Q1 2024, the revenue was 210 million yuan, up 18.26% year-on-year, with a net profit of 46.11 million yuan, reflecting a growth of 28.18% [5] - The company plans to distribute a cash dividend of 1.14 yuan per 10 shares for 2023, with a payout ratio of 40.24% [5] - The commercialization of IP has begun to take shape, with licensing and other revenues exceeding 100 million yuan [5] - The company has engaged in various IP licensing collaborations, generating significant online engagement [5] - Future focus includes expanding into the gaming sector through licensing and joint development [5] - The company is also developing cultural and creative products, with strong sales of related merchandise [5] - Upcoming projects include new seasons and films based on existing IPs, indicating a robust content pipeline [5] - The report highlights advancements in AI-generated video content, which may enhance the company's animation capabilities [5] Financial Summary - For 2024-2026, projected revenues are 1.11 billion yuan, 1.33 billion yuan, and 1.51 billion yuan, representing year-on-year growth rates of 39.4%, 19.9%, and 13.4% respectively [6] - Net profit forecasts for the same period are 260 million yuan, 354 million yuan, and 438 million yuan, with growth rates of 104.5%, 36.3%, and 23.9% respectively [6] - The gross margin is expected to improve from 33.8% in 2024 to 39.3% in 2026 [9] - The company's total assets are projected to grow from 2.97 billion yuan in 2023 to 3.90 billion yuan in 2026 [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a closing price of 10.16 yuan on April 29, 2024, corresponding to PE ratios of 12.6, 11.3, and 10.1 for the years 2024-2026 [4]. Core Insights - The company achieved significant growth in 2023, with total revenue of 18.7 billion yuan, a year-on-year increase of 12.1%, and a net profit attributable to shareholders of 630 million yuan, up 85.4% year-on-year. In Q1 2024, revenue reached 4.3 billion yuan, reflecting an 8.5% year-on-year growth, while net profit surged by 163.4% to 220 million yuan [3][11]. - The company is focusing on lightweight and robotics businesses, which are expected to drive further growth in performance. Revenue projections for 2024-2026 are 20.3 billion, 22.2 billion, and 24.2 billion yuan, with corresponding net profits of 760 million, 850 million, and 950 million yuan [4][11]. Financial Performance Summary - In 2023, the company reported a gross margin of 16.3%, an increase of 1.6 percentage points year-on-year, and a net profit margin of 3.4%, up 1.4 percentage points year-on-year. In Q1 2024, the gross margin improved to 18.0%, a 2.7 percentage point increase year-on-year, with a net profit margin of 5.2%, up 3.0 percentage points year-on-year [18]. - The company has a strong market position, with over 85% of its products in key areas such as body safety structural parts, new energy battery shells, and automotive pipelines, maintaining a high market share with major clients like Mercedes-Benz, BMW, and General Motors [11][26]. Strategic Developments - The company is making strategic advancements in emerging industries, particularly in the sensor business, by collaborating with Huagong Technology to establish a smart manufacturing company. It is also leading a project with the Chinese Academy of Sciences to develop key technologies for humanoid robots [26].