行 业 研 究 [Table_Reportdate] 2024年04月22日 [table_invest] [政Tabl策e_N优ewT化itle] 助推资本市场发展，新能源车 超配 行 险新规有望改善盈利能力 业 周 ——非银金融行业周报（20240415-20240421） 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 陶圣禹 S0630523100002 tsy@longone.com.cn 非 ➢ 行情回顾：上周非银指数上涨3%，相较沪深300超涨1.1pp，其中券商与保险指数呈现同 银 [table_stockTrend] 步上涨态势，分别为2.11%和5.19%，保险指数超额明显。市场数据方面，上周市场股基 18% 金 日均成交额10691亿元，环比上一周增长11.6%；两融余额1.53万亿元，环比上一周小幅降 10% 融 低0.6%；股票质押市值2.56万亿元，环比上一周降低1.8%。 2% -6% ➢ 券商：公募费改正式落地，对港合作深化，资本市场助推新质生产力发展。1）证监会于 -15% 4月19日正式出台公募交易费用管理规定，明确除被动股票型产品交易 ...

[Table_Report] 2. [Table_Reportdate] 2024年04月22日 [晨Tabl会e_N纪ewT要itle] 20240422 [证Ta券b分le析_A师u：thors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人： 陈涛 cht@longone.com.cn 1.政策取向与市场理解之间的共振与反向运动——宏观周观点（20240415-20240421） 2.萤石网络（688475.SH）：丰富智能家居产品矩阵，云平台业务快速增长——公司简评报告 [table_main] 重点推荐 财经要闻 1.央行行长潘功胜出席第49届国际货币与金融委员会会议。 2.证监会发布《资本市场服务科技企业高水平发展的十六项措施》。 3.十部门联合印发《关于进一步支持境外机构投资境内科技型企业的若干政策措施》。 4.公募基金行业费率改革第二阶段举措全部落地。 5.上海发布新一轮1万元新能源车置换补贴政策。 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 正文目录 1. 重点推荐 1.1. 政 策 取 向 与 ...

宏观周报 宏观周报 欧洲央行管委西姆库斯称，在 6 月行动之后，预计存在 7 月降息机会；进一步降息轨 迹将取决于 7 月份决策；2024 年降息多于 3 次的可能性超过 50%；美国和欧元区是独立的 司法管辖区；美国和欧元区相互依存关系在于经济方面；今年和明年欧洲央行利率都会下 降；以色列和伊朗冲突升级等地缘政治冲击可能会取消 6 月份降息决定。 8.行业周观点汇总 | --- | --- | --- | --- | |-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Insights - The company achieved a revenue of 4.84 billion yuan in 2023, representing a year-on-year increase of 12.39%, and a net profit attributable to shareholders of 563 million yuan, up 68.80% year-on-year [10] - The smart camera business remains a core strength, with revenue of 2.99 billion yuan in 2023, a growth of 2.99% year-on-year, and a gross margin increase of 7.62 percentage points to 38.59% [10] - The IoT cloud platform business saw revenue growth of 27.79% year-on-year, reaching 856 million yuan, with a gross margin of 76.09% [10] - The company is expanding both domestic and international channels, with overseas business contributing 31.40% to total revenue [10] - The company’s gross margin improved by 6.43 percentage points to 42.85% in 2023, driven by supply chain management and reduced raw material costs [10] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 1.24 billion yuan, a year-on-year increase of 14.61%, and a net profit of 125 million yuan, up 37.38% year-on-year [10] - The total assets and net assets as of the end of 2023 increased by 14.05% and 8.31% respectively [11] - The company’s operating cash flow increased by 31.95% year-on-year [11] Product Development - The company continues to maintain its leading position in home cameras, with the brand ranking first on Tmall for eight consecutive years [10] - New product launches in the cleaning robot segment target both consumer and commercial markets [10] Future Projections - The report adjusts the net profit forecasts for 2024 and 2025 to 714 million yuan and 870 million yuan respectively, with an introduction of a 2026 forecast of 1.02 billion yuan [10] - Expected EPS for 2024, 2025, and 2026 are projected at 1.00 yuan, 1.27 yuan, and 1.55 yuan respectively, with corresponding P/E ratios of 44.71X, 35.20X, and 28.90X [12]

3月轮胎供需两旺，4月有望持续高景气 轮胎行业月报（2024年3月） 证券分析师：吴骏燕 执业证书编号：S0630517120001 证券分析师：谢建斌 执业证书编号：S0630522020001 联系人：马小萱 联系方式：mxxuan@longone.com.cn 联系人：张晶磊 联系方式：zjlei@longone.com.cn 2024年04月19日 一、原料成本端：成本支撑较 强 二、生产端：开工持续高位运行 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company has demonstrated robust performance with rapid profit growth and continuous improvement in cash flow. In 2023, the company achieved revenue of 6.461 billion yuan, a year-on-year increase of 1.75%, and a net profit attributable to shareholders of 287 million yuan, up 28.02% year-on-year [3]. - The company is expected to continue its growth trajectory, with projected revenues of 7.465 billion yuan, 8.161 billion yuan, and 8.852 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 379 million yuan, 443 million yuan, and 505 million yuan for the same years [4]. Summary by Sections Financial Performance - In 2023, the company reported a net cash flow from operating activities of 791 million yuan, reflecting a year-on-year growth of 33.82% due to favorable sales collections and reduced advance payments [3]. - The fourth quarter of 2023 saw a revenue of 1.638 billion yuan, a decrease of 1.57% year-on-year, but a significant increase in net profit attributable to shareholders by 344.08% to 41 million yuan [3]. Revenue Breakdown - The pharmaceutical manufacturing segment generated revenue of 844 million yuan in 2023, a growth of 6.74%, primarily driven by the rapid expansion of the traditional Chinese medicine (TCM) segment [10]. - The medical services segment experienced a revenue of 1.788 billion yuan, a decline of 3.90% year-on-year, attributed to regional medical capacity expansion and macroeconomic factors affecting patient visits [9]. Future Projections - The company anticipates continued revenue growth, with expected earnings per share (EPS) of 0.19 yuan, 0.23 yuan, and 0.26 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 19.0, 16.2, and 14.2 [4][12].

行 业 研 究 [Table_Reportdate] 2024年04月18日 [table_invest] [3Ta月ble_社New零Title受] 季节扰动，未来仍具增长韧性 超配 行 ——3月社零报告专题 业 [table_main] 深 [证Ta券b分le析_A师u thors] 投资要点： 姚星辰 S0630523010001 度 yxc@longone.com.cn 证券分析师 ➢ 淡季效应下，3月社零表现较为平淡。2024年3月社会消费品零售总额39020亿元，同比增 任晓帆 S0630522070001 长3.1%，低于wind一致预期（+4.8%）；增速较上月下降2.4pct，主因为淡季效应叠加高 商 rxf@longone.com.cn 基数。1）分区域来看，在农村居民收入较快增长、县域商业体系建设不断完善带动下， 联系人 贸 3月乡村增速略快于城镇。3月城镇社零同比增速为3.0%（环比-2.5pct），乡村社零同比增 吴康辉 零 wkh@longone.com.cn 速达3.8%（环比-2.0pct）2）分渠道来看，线上消费保持两位数增长，线下复苏稳健。① 售 联系人 线上表现较好，维持 ...

于 2021 年启动建设，近年来推进缓慢，此次这些项目被列为重点建设项目并明确建设起止 年限为 2025 年，凸显广东省大力支持海风发展、推进海风建设的决心，省内海风建设有望 加速。广东省揭阳市发布 2023~2030 年储能规划，明确 2024 年并网 2.191GW、开工 4.4GW， "十五五"规划并网 8.49GW，部分项目与广东省重点建设项目不重叠，有望扩大广东地区 海风建设规模，贡献增量预期。整体来看，广东省从省级计划，到揭阳市、阳江市、江门市 等市级重点建设项目，均明确提出建设项目规模及建设起止年限，为"十四五"广东省内海 风新增装机规模提供支撑，也为"十五五"海风建设打下基础，海风高景气发展有望延续。 1.国家主席习近平在北京钓鱼台国宾馆会见德国总理朔尔茨 国家金融监管总局、工信部、国家发改委联合发布《关于深化制造业金融服务助力推进 新型工业化的通知》，要求把金融支持制造业高质量发展摆在更加突出位置，以深化金融供 给侧结构性改革为主线，完善制造业金融政策体系和市场体系，推动银行保险机构协同发力， 聚焦推进新型工业化重点任务，持续加大金融支持力度，优化金融服务模式，增强金融专业 化能力，推动金融 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing strong performance and brand upgrades as key reasons [4][9]. Core Insights - The company has shown impressive financial results, with a total revenue of 43.27 billion yuan in 2023, representing a year-on-year increase of 27.36%. The net profit attributable to the parent company reached 4.29 billion yuan, up 60.68% year-on-year [22]. - The company's gross margin for 2023 was 36.84%, an increase of 4.25 percentage points compared to the previous year, while the net margin was 9.95%, up 2.13 percentage points [8][9]. - The self-owned brand business is growing rapidly, with a significant increase in high-end product offerings, which is expected to enhance profitability further [9][10]. Revenue and Profitability - In 2023, the company achieved revenues of 21.66 billion yuan from snacks, 20.87 billion yuan from staple foods, and 0.57 billion yuan from health products, with year-on-year growth rates of 10.86%, 50.35%, and 54.40% respectively [10]. - The self-owned brand business generated 27.45 billion yuan in revenue, a year-on-year increase of 34.15%, while the ODM/OEM business brought in 14.07 billion yuan, up 18.01% [10]. Future Projections - The company forecasts net profits of 6.03 billion yuan, 7.48 billion yuan, and 9.04 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.51 yuan, 1.87 yuan, and 2.26 yuan [9][36]. - The report anticipates a continued upward trend in profitability driven by the increasing share of self-owned brands and the expansion of high-end products [9][10]. Market Position and Strategy - The company is actively expanding its online and offline channels, with direct sales channels experiencing a growth rate of 57.02% year-on-year [6]. - The strategic focus on high-end product promotion and leveraging new media platforms for marketing is expected to sustain rapid growth in sales [6][9].

公 司 研 究 [Table_Reportdate] 2024年04月16日 [Table_invest] [宁Tabl德e_N时ewT代itle] （300750）：2024Q1盈利好于 买入（维持） 公 预期，行业龙头稳固 报告原因：业绩点评 司 ——公司简评报告 简 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 事件：公司2024Q1盈利能力好于预期。4月15日，公司披露2024年一季报。2024Q1公司 电 联系人 实现营业收入797.71亿元，同比下降10.41%，环比下降24.91%；实现归母净利润105.10 力 张帆远 设 zfy@longone.com.cn 亿元，同比增长7.00%，环比下降19.00%；实现扣非净利润92.47亿元，同比增长18.56%， 环比下降29.47%。公司2024Q1毛利率达26.42%，同比增加5.15pct，环比增加0.76pct； 备 [数Ta据b日le_期c ominfo] 2024/04/16 净利率达14.03%，同比增加 ...