Investment Rating - Buy (Maintained) [1] Core Views - The company achieved a revenue of RMB 14.602 billion in 2023, a year-on-year increase of 25.56%, with net profit attributable to shareholders of RMB 491 million, up 80.44% YoY, and non-GAAP net profit of RMB 403 million, up 169.43% YoY [3] - In Q1 2024, the company achieved revenue of RMB 2.569 billion, a year-on-year increase of 29.93%, with net profit attributable to shareholders of RMB 62 million, up 203.18% YoY, and non-GAAP net profit of RMB 47 million, up 748.12% YoY [3] - The EV charging network business turned profitable in 2023, with revenue of RMB 6.041 billion, a year-on-year increase of 32.21%, and gross profit of RMB 1.33 billion, up 52.57% YoY [3] - The microgrid business is growing rapidly, with over 400 new projects in 2023, covering more than 100 cities [3] - The "Intelligent Manufacturing + Integrated Services" business achieved revenue of RMB 8.561 billion in 2023, a year-on-year increase of 21.25%, with gross profit of RMB 2.081 billion, up 22.25% YoY [3] - The company's new energy power generation bidding and contract amounts both increased by more than 50% in 2023 [3] - The company has launched a new round of equity incentives and employee stock ownership plans, with performance requirements for revenue and net profit growth from 2025 to 2027 [3] Financial Highlights - The company's total share capital is 1.0559 billion shares, with a circulating A-share capital of 1.02795 billion shares [2] - The company's asset-liability ratio is 66.88%, with a price-to-book ratio of 3.39x and a weighted return on equity of 0.93% [2] - The company's 12-month high and low stock prices are RMB 24.67 and RMB 15.10, respectively [2] - The company's revenue is expected to grow to RMB 18.75 billion in 2024, RMB 23.329 billion in 2025, and RMB 28.884 billion in 2026 [5] - Net profit attributable to shareholders is expected to reach RMB 796 million in 2024, RMB 1.173 billion in 2025, and RMB 1.38 billion in 2026 [5] - EPS is expected to be RMB 0.75 in 2024, RMB 1.11 in 2025, and RMB 1.31 in 2026 [5] - The company's P/E ratio is expected to be 28x in 2024, 19x in 2025, and 16x in 2026 [5] Business Segments - The EV charging network business has a market share of approximately 26% in public charging piles, ranking first in China [3] - The company's charging volume reached 9.3 billion kWh in 2023, a year-on-year increase of 59%, ranking first in China [3] - The company's self-developed energy storage PCS has been widely used in various scenarios, with approximately 400 energy storage box transformers shipped in 2023 [3] - The company's prefabricated cabin products and new energy small box transformers have been continuously winning bids for China Huaneng Group projects [3]

行 业 研 究 [Table_Reportdate] 2024年05月13日 [table_invest] [4Ta月ble_抖New音Title美] 妆同比双位数增长 标配 行 ——美容护理行业周报(2024/5/06-2024/5/10) 业 [table_main] 周 [证Ta券b分le析_A师u thors] 投资要点： 报 任晓帆 S0630522070001 rxf@longone.com.cn ➢ 市场表现：（1）美容护理板块：本周沪深300指数上涨1.72%，申万美容护理指数上涨 [table_stockTrend] 2.58%，行业跑赢大盘0.86pcts，涨幅在全部申万一级行业中第13位。（2）个股方面：本 12% 美 周板块涨幅前五的个股分别为青松股份（12.87%）、洁雅股份（11.81%）、福瑞达（10.77%）、 2% 容 水羊股份（6.58%）、倍加洁（6.33%）；本周板块跌幅前五的个股分别为*ST美谷（-8.85%）、 -8% 护 名臣健康（-2.26%）、中顺洁柔（-1.57%）、豪悦护理（-1.51%）、稳健医疗（-0.13%）. -17% 理 -27% ➢ 重要公告及 ...

行 业 研 究 [Table_Reportdate] 2024年05月13日 [table_invest] [ 4Ta月ble_ CNe PwT Iit温le] 和上行，关注淡季需求表现 超配 行 ——食品饮料行业周报（2024/5/6-2024/5/12） 业 周 [table_main] [证Ta券b分le析_A师uthors] 投资要点： 报 姚星辰 S0630523010001 yxc@longone.com.cn  二级市场表现：上周食品饮料板块上涨1.72%，与沪深300指数持平，在31个申万一级板 联系人 块中排名第18位。子板块方面，上周啤酒板块上涨4.15%，相对表现较优。个股方面，上 食 陈涛 cht@longone.com.cn 周涨幅前五为新乳业、金达威、会稽山、华统股份、千禾味业，分别上涨10.3%、9.6%、 品 联系人 9.4%、9.3%、9.3%。跌幅前五为青海春天、加加食品、中葡股份、*ST西发、兰州黄河， 饮 吴康辉 分别下跌22.5%、22.0%、7.5%、7.0%、6.3%。 料 wkh@longone.com.cn  4月CPI温和上行，非食品价格走强。2024年 ...

行 业 研 究 [Table_Reportdate] 2024年05月13日 [table_invest] [存Tabl储e_N合ewT约itle] 涨价预期上调，苹果发布M4芯 标配 行 片加码AI PC 业 周 ——电子行业周报2024/5/6-2024/5/12 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 方霁 S0630523060001 fangji@longone.com.cn 电 ➢ 电子板块观点：存储芯片价格季度涨幅预期上调，各大厂接近满产，HBM或面临供不应 子 [table_stockTrend] 求；苹果首发M4芯片，AI PC领域布局迎来硬件强援；阿里云通义千问2.5在中文语境下 20% 15% 性能赶超GPT-4-Turbo，国内大模型发展迅速。当前电子行业供需处于底部平衡回暖阶 10% 段，行业估值处于历史低位，建议关注AI芯片及光模块、周期筑底、国产替代、IOT四大 5% 0% 投资主线。 -5% -10% ➢ 存储芯片价格涨幅预期上调，各大厂接近满产，HBM或面临供不应求。TrendForce上修 -15% 220 22 -1 320 ...

[Table_Reportdate] 2024年05月13日 [Table_Authors] 证券分析师 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 联系人 付天赋 ftfu@longone.com.cn | --- | --- | --- | |-------------------------------------|------------------|-------| | | | | | [Table_cominfo] 数据日期 收盘价 | 2024/05/10 24.74 | | | 总股本 ( 万股 ) | 48,001 | | | 流通 A 股 /B 股 ( 万股 ) | 27,943/0 | | | 资产负债率 (%) | 12.17% | | | 市净率 ( 倍 ) | 1.78 | | | 净资产收益率 ( 加权 ) | 2.99 | | | 12 个月内最高 / 最低价 | 47.88/20.52 | | 美畅股份 沪深300 ➢ 金刚线龙头企业，盈利能力持续领先。公司成立于2015年，专注于电镀金刚线及其他金刚 石超硬工具的研发、生产及销售， ...

行 业 研 究 [Table_Reportdate] 2024年5月13日 [table_invest] [一Tabl季e_N报ewT收itle]官，出口链和港股运动鞋服延续 标配 行 高景气度 业 周 ——纺织服饰行业周报（2024/5/6-2024/5/12） 报 [table_main] [证Ta券b分le析_A师uthors] 投资要点： 谢建斌 S0630522020001 xjb@longone.com.cn 纺 联系人  本周观点：一季报收官，出口链和港股运动延续高景气度。分板块看，1）纺织制造，Nike、 织 龚理 Adidas、Lululemon最新一期季报显示，库存清理良好，全年预计前低后高的业绩趋势， 服 gongli@longone.com.cn 带动纺织制造板块逐季改善，一季度我国纺织品/服装/鞋类/箱包出口额同比 饰 +2.6%/+1.4%/+9.5%/+5.6%，华利集团/伟星股份表现亮眼（业绩同比+64%/+45%）。2） [table_stockTrend] 港股运动鞋服，安踏国际/李宁/特步国际/361度一季度流水增长分别为安踏品牌中单、FILA 品牌高单/李宁大货低单/ ...

行 业 研 究 [Table_Reportdate] 2024年05月13日 [table_invest] [板Tabl块e_N持ewT续itle] 回暖，精选优质个股 超配 行 ——医药生物行业周报（2024/05/06-2024/05/12） 业 [table_main] 周 [证Ta券b分le析_A师u thors] 投资要点： 报 杜永宏 S0630522040001 dyh@longone.com.cn ➢ 市场表现： 证券分析师 伍可心 S0630522120001 医 上周（5月06日至5月10日）医药生物板块整体上涨2.61%，在申万31个行业中排第12 wkx@longone.com.cn 药 联系人 位，跑赢沪深300指数0.89个百分点。年初至今，医药生物板块整体下跌7.43%，在申万31 生 林子超 个行业中排名第24位，跑输沪深300指数14.28个百分点。当前，医药生物板块PE估值为 物 lzc@longone.com.cn 27.9倍，处于历史中低位水平，相对于沪深300的估值溢价为137%。上周子板块均上涨， 联系人 涨幅前三的是医药商业、化学制药、医疗器械，分别上涨3.51% ...

Investment Rating - The report maintains an "Increase" investment rating for the company [2][6] Core Views - The company demonstrated good operational resilience with excellent asset quality, as evidenced by a non-performing loan ratio of 0.84% and a provision coverage ratio of 326.87% [3][5] - The company's Q1 2024 revenue reached 89.43 billion yuan, a year-on-year increase of 1.44%, while net profit attributable to shareholders was 25.93 billion yuan, down 1.35% year-on-year [3][4] - The bank's net interest income grew by 3.13% year-on-year, driven by stable asset scale expansion and a slowdown in net interest margin decline [4][6] Summary by Sections Financial Performance - Q1 2024 total assets reached 16.33 trillion yuan, an 11.12% year-on-year increase, with total loans growing by 11.80% to 8.52 trillion yuan [4] - Retail loans accounted for 45.81% of new loans, while corporate loans made up 71.79% of the new loan structure [4] - The bank's management expenses increased by 7.61% year-on-year, outpacing revenue growth due to rising operational costs [3][4] Asset Quality - The non-performing loan ratio stood at 0.84%, with overdue loan and attention loan ratios at 0.99% and 0.71%, respectively, reflecting industry trends [5][6] - The bank's provision coverage ratio decreased by 20.70 percentage points to 326.87%, primarily due to reduced provisioning efforts [6] Profitability Forecast - The report adjusts the profit forecast for 2024-2026, estimating revenues of 354.3 billion, 376.2 billion, and 396.9 billion yuan, respectively, with net profits of 87.6 billion, 90.6 billion, and 92.9 billion yuan [6][7] - The projected return on equity (ROE) for 2024-2026 is 8.73%, 8.40%, and 8.14%, respectively, indicating a slight decline [7][8] Valuation Metrics - The estimated price-to-book (PB) ratios for 2024-2026 are 0.58, 0.54, and 0.51, respectively, based on the closing price of 5.00 yuan on May 10 [6][7] - The report highlights that the bank's historical burden is low, with a solid customer base and robust risk management practices [6][8]

行 业 研 究 [Table_Reportdate] 2024年05月13日 [table_invest] [工Tabl具e_N、ewT纺itle] 织设备龙头业绩向好，关注下 超配 行 游需求改善 业 周 ——机械设备行业周报（20230506-20230512） 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 王敏君 S0630522040002 wmj@longone.com.cn 机 ➢ 工具行业：下游头部渠道商库存明显改善。家居建材卖场、大众市场零售商等在下游渠道 联系人 械 梁帅奇 中话语权突出，其经营情况是跟踪工具需求的重要风向标。据家得宝公开材料，2020-2022 设 lsqi@longone.com.cn 财年公司收入分别同比+20%/14%/4%，阶段性销售的超预期增长对需求有所透支。2023 备 财年，公司全年致力于改善库存。截至2023财年末，公司认为库存水平符合预期。2024财 [table_stockTrend] 16% 年，公司将继续进行渠道建设，计划新开约12家门店。劳氏方面，2023年假日季的销售及 8% 盈利均有提升，存货金额同比下降 ...

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