➢ 多数产品基数下降后增速加快，船舶、汽车出口强势，手机出口表现尚佳。出口大类中， 机电产品、高新技术产品、农产品出口增速均有改善。从主要产品看，4月船舶和汽车出 口表现强势。在去年同期基数保持稳定的情况下，今年4月船舶出口金额当月同比实现 91.3%的亮眼增速，较3月加快57.3个百分点。汽车出口金额则在去年同期基数大幅抬升的 情况下保持双位数高增，手机出口增速同样在基数抬升的情况下进一步加快。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 证券研究报告 HTTP://WWW.LONGONE.COM.CN 5/9 请务必仔细阅读正文后的所有说明和声明 ➢ 事件：5月9日，海关总署发布2024年4月外贸数据。2024年4月，以美元计价，出口当月 同比1.5%，前值-7.5%；进口当月同比8.4%，前值-1.9%；贸易差额2556.6亿美元，较去 年同期减少103亿美元。 1．出口增速好于预期和季节性……………………………………………………………………………………………………… 4 出口增速好于预期，且强于季节性。以美元计价，4 月出口当月同比 1.5%，较 3 月的7.5%明显改善。受基数 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [9] Core Views - The company has shown a slight slowdown in credit growth, with total assets increasing by 13.24% year-on-year to 47.6 trillion yuan as of the end of Q1, driven primarily by rapid growth in repurchase agreements [1][11] - Asset quality remains robust, with a non-performing loan (NPL) ratio of 1.36%, unchanged from the previous quarter, and a provision coverage ratio of 216.31%, reflecting an increase in provisioning efforts [2][11] - The company is expected to experience further slowdown in scale growth under a more balanced credit orientation, with net interest margin (NIM) anticipated to narrow but at a slower rate due to improved liability costs [3][27] Summary by Sections Credit Growth and Structure - As of the end of Q1, total loans (excluding accrued interest) grew by 11.60% year-on-year to 27.37 trillion yuan, indicating a slight decrease in growth rate compared to the previous quarter [1] - New corporate loans, personal loans, and bill discounts showed mixed results, with corporate loans slightly decreasing and personal loans increasing, reflecting ongoing consumer and housing demand [1][32] Asset Quality - The NPL ratio remains stable at 1.36%, with a provision coverage ratio of 216.31%, indicating strong asset quality management [2][11] - The company recorded a provision for asset impairment losses of 600.75 billion yuan in Q1, a year-on-year decrease of 7.61%, but the decline rate has narrowed compared to the second half of 2023 [2] Profitability Forecast - The company’s revenue for 2024-2026 is projected to be 8325, 8552, and 8992 billion yuan, with corresponding growth rates of -1.25%, 2.72%, and 5.15% [3][14] - Net profit attributable to shareholders is expected to be 3648, 3727, and 3889 billion yuan for the same period, with growth rates of 0.22%, 2.17%, and 4.35% [3][14] Interest Margin and Cost Management - The NIM for Q1 was reported at 1.48%, with a year-on-year decline of 22 basis points, but the rate of decline has significantly narrowed compared to previous quarters [27] - The company has managed to maintain a low cost-to-income ratio of 20.78%, reflecting effective cost control measures [2]

公 司 研 究 [Table_Reportdate] 2024年05月09日 [Table_invest] [安Tabl井e_N食ewT品itle] （603345）：主业经营稳健，盈 买入（维持） 公 利持续攀升 司 报告原因：业绩点评 ——公司简评报告 简 评 [Table_Authors] [table_main] 证券分析师 投资要点 姚星辰 S0630523010001 yxc@longone.com.cn 食 ➢ 事件：公司发布年报和一季度业绩。2023年公司实现营业收入140.45亿元（同比+15.29%）， 联系人 品 归母净利润14.78亿元（同比+34.24%）。2024Q1公司实现营业收入37.55亿元（同比 吴康辉 饮 +17.67%），归母净利润4.38亿元（同比+21.24%）。另外，公司年末拟每10股派息17.75 wkh@longone.com.cn 料 元，合计派息5.19亿元，全年分红比例达53.17%。 [Table_cominfo] 数据日期 2024/05/09 ➢ 2023年主业经营稳健，2024Q1火锅料表现亮眼。2023年公司火锅料营收分别为70.36亿 收盘价 ...

公 司 研 究 [Table_Reportdate] 2024年05月09日 [Table_invest] [长Tabl安e_N汽ewT车itle] （000625）：4月新能源、出 买入（维持） 公 口销量高增延续，与华为合作进展顺利 报告原因：事件点评 司 ——公司简评报告 简 评 [证Ta券b分le析_A师u thors] [table_main] 投资要点 黄涵虚 S0630522060001 hhx@longone.com.cn Ø 事件：长安汽车发布2024年4月产销快报。公司4月汽车批发销量为21.01万辆，同环比分 汽 联系人 别+15.47%/-18.88%，2024年M1-4累计批发销量90.22万辆，累计同比+14.24%。其中， 车 陈芯楠 cxn@longone.com.cn 自主乘用车4月批发销量为12.31万辆，同环比分别+9.66%/-21.52%，2024年M1-4累计批 发销量为56.04万辆，同比+10.26%；长安福特4月批发销量为1.86万辆，同环比分别 [数Ta据b日le_期co minfo] 2024/05/08 +32.92%/-13.33%，2024年M1-4 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [2][41]. Core Insights - The company achieved a revenue of 41.487 billion yuan in 2023, representing a year-on-year increase of 12.00%, and a net profit attributable to shareholders of 4.789 billion yuan, up 54.71% year-on-year [2][5]. - The company benefits from significant cost advantages in raw materials, with the average price of ethane in the US at approximately $182.4 per ton in 2023, down 48.79% year-on-year [2][13]. - The company is undergoing continuous upgrades in its industrial chain, with new production facilities for various chemicals and materials coming online, contributing to a substantial increase in production and sales [2][36]. - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on high-performance catalysts and new energy materials, which is expected to support its growth trajectory [2][41]. Summary by Sections Company Growth - The company is on a high-quality growth trajectory, with a net profit margin improvement from 15.39% in 2020 to 11.59% in Q1 2024, indicating a positive trend in profitability [5][41]. Cost Improvement - The company has seen a significant reduction in raw material costs, with ethane prices continuing to decline into 2024, which is expected to further enhance profitability [2][13][23]. Demand Outlook - The report anticipates an increase in downstream demand, supported by the company's strategic investments and product expansions [2][36]. Industrial Upgrade - The company has completed the construction of several new production facilities, enhancing its competitive position in high-performance materials and new energy materials [2][36][41].

[Table_Report] [晨会纪要 Table_NewTitle] 20240509 [table_main] 重点推荐 ➢ 2. 益丰药房（603939）：区域聚焦稳健扩张，2024Q1业绩向好——公司简评报告 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 2. 财经新闻. 4. 市场数据. 请务必仔细阅读正文后的所有说明和声明 晨会纪要 证书编号：S0630522120001，wkx@longone.com.cn 聚焦优势区域，提速加密下沉市场。1）门店数超 1.4 万家。截至 2024Q1，公司门店总 数 14109 家，其中直营、加盟门店分别为 9470、4639 家。新开店方面，2023 年新增门店 3388 家，其中直营 1802 家（自建 1471，并购 331 家），加盟 1586 家；2024Q1 新增门店 642 家，其中直营 357 家（自建 351 家，收购 6 家）、加盟 285 家。2）新店筹备提速。公 司积极利用数字化赋能提升新店效率，2023 年直营新店平均筹备周期 40 天，较 2022 年缩 短 9 ...

Group 1 - The report indicates a slight decline in manufacturing PMI in April, suggesting that supply is stronger than demand, with a decrease of 0.4 percentage points compared to the previous month [24] - The manufacturing sector shows strong growth in new momentum, particularly in industries such as railway, shipbuilding, aerospace, and electronics [24] - The non-manufacturing sector experienced a slight decline in service industry sentiment, while construction showed a slight acceleration [24] Group 2 - The report highlights that the real estate and interest rate policies may exceed expectations, with potential measures to relax purchase restrictions and lower transaction costs [26] - The focus of the new land supply policy is on accelerating the de-stocking of existing residential properties and controlling new land supply [30][31] - The report notes that the demand side policies are being relaxed, which may stabilize the real estate market [35] Group 3 - The semiconductor industry is showing signs of recovery, with a projected year-on-year growth in 2024, driven by demand from mobile phones, PCs, and AI-related products [59] - The report emphasizes that the semiconductor sales have been increasing, with a 15.76% year-on-year growth in January and February 2024 [77] - The report suggests that the semiconductor sector is expected to benefit from AI-driven innovations and domestic supply chain replacements [78] Group 4 - The report suggests that the healthcare sector, particularly medical devices, is poised for growth due to strong performance from leading companies and supportive government policies [75] - The report indicates that the pharmaceutical sector is expected to see a turning point, with various positive changes anticipated in the near future [57] - The report highlights the potential for growth in the medical device industry, particularly in imaging and laboratory equipment [75] Group 5 - The report indicates that the consumer electronics market is gradually recovering, with a projected slight growth in 2024 [61] - The report notes that the demand for consumer electronics is expected to increase due to the rise of AI and other technological products [63] - The report suggests that the panel industry is also experiencing a recovery, with prices expected to continue to rise [64]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's 2023 performance slightly underperformed expectations, leading to a downward adjustment in profit forecasts for 2024 and 2025, with the addition of a forecast for 2026. The expected net profits for 2024, 2025, and 2026 are projected to be 1.74 billion, 2.13 billion, and 2.59 billion yuan respectively, with corresponding EPS of 1.72, 2.11, and 2.56 yuan, and PE ratios of 26.39, 21.57, and 17.77 times [7][8] Financial Performance Summary - In 2023, the company achieved revenue of 22.59 billion yuan and a net profit of 1.41 billion yuan, representing year-on-year growth of 13.6% and 11.9% respectively. The fourth quarter saw revenue of 6.70 billion yuan and a net profit of 413 million yuan, with year-on-year changes of 2.5% and -5.8% [8] - For Q1 2024, the company reported revenue of 5.97 billion yuan and a net profit of 407 million yuan, showing year-on-year increases of 13.4% and 20.9% [8] Expansion Strategy - The company has a total of 13,920 stores across ten provinces as of Q1 2024, with plans to add 4,000 new stores in 2024, including 1,800 self-built, 700 through acquisitions, and 1,500 franchises [8] - The company aims to strengthen its presence in central and eastern China while expanding nationwide, leveraging regional brand effects and scale advantages [8] Revenue Structure - Retail revenue grew steadily, while wholesale business saw rapid growth. In 2023, retail revenue was 20.19 billion yuan with a gross margin of 39.6%, and wholesale revenue was 1.89 billion yuan with a gross margin of 9.4% [8] - The company’s product categories include traditional Chinese medicine and Western medicine, with respective revenues of 17.10 billion yuan and 2.18 billion yuan, reflecting growth rates of 15.9% and 23.3% [8] Profitability - The company's gross margin for 2023 was 38.2%, with a net margin of 7.0%. The first quarter of 2024 saw a gross margin of 39.3% and a net margin of 7.5% [9] - The company’s expense ratios for sales, management, and finance were 24.3%, 4.3%, and 0.4% respectively, indicating effective cost management [9]

Group 1 - The core viewpoint of the report highlights that Hongwei Technology (688711) is experiencing short-term pressure on its Q1 2024 performance, but long-term growth is expected to be driven by the photovoltaic and automotive sectors [4][25][26] - In 2023, the company's revenue from industrial control reached 589 million yuan, a year-on-year increase of 15.19%, while revenue from new energy generation (photovoltaic) surged to 560 million yuan, up 106.15%, and revenue from new energy vehicles reached 332 million yuan, increasing by 149.65% [4] - The company has successfully developed and certified automotive-grade power semiconductor devices, which are expected to contribute significantly to sales growth in 2024 [4][5] Group 2 - The report indicates that the company's production capacity is steadily increasing, with significant investments in new projects that are expected to improve future revenue [5][7] - The company achieved a revenue of 2.46 billion yuan in Q1 2024, a year-on-year decrease of 25.59%, primarily due to fluctuations in downstream demand and increased equipment depreciation [25][26] - Research and development efforts remain strong, with a focus on high-end fields such as SiC, and the company has made significant advancements in IGBT and FRD products [28] Group 3 - The report projects that the company's net profit for 2024, 2025, and 2026 will be 115 million yuan, 186 million yuan, and 235 million yuan respectively, reflecting a downward adjustment from previous forecasts [7] - The report also emphasizes that the company's new technology introductions are expected to drive sales volume and increase the proportion of N-type products in the photovoltaic sector [29][30] - The company aims to achieve a total output of 3,000 tons of photovoltaic silver paste in 2024, with a significant increase in the proportion of N-type products [29]

究 行 业 研 机 械 设 备 [相关研究 table_product] [Table_Reportdate] 2024年05月08日 行 业 简 评 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn [table_stockTrend] -35% -26% -18% -9% -1% 8% 16% 23-05 23-08 23-11 24-02 申万行业指数:机械设备(0764) 沪深300 [table_invest] 超配 [Table_NewTitle 工具企业经营改善，关注海外去库进程 ] ——机械设备行业简评 [table_main] 投资要点： ➢ 工具市场整体需求稳步发展，受短期供求影响，库存周期呈现波动。广义的工具行业主要 覆盖手工具、动力工具、OPE户外动力设备等。据弗若斯特沙利文，2020年，受供应链波 动、线下渠道经营的影响，欧美等地工具制造及销售有所滞后。2021年递延需求陆续释放， 叠加消费者对家用专业工具重视度提升，当年全球工具市场规模同比+10.8%。小高峰后， 欧美通胀在一段时期内对消费者行为造成影响，行业进 ...