（分析师：孟斯硕 执业编码：S1480520070004 电话：010-66554041 分 析师：王洁婷 执业编码：S1480520070003 电话：021-25102900） 【东兴农林牧渔】隆平高科（000998.SZ）：23 年经营改善明显，两隆融合 有望充分发挥协同作用（20240509） 事件：公司公布 2023 年年报和 2024 年一季报，公司 2023 年全年实现营收 92.23 亿元，yoy22.45%，归母净利润 2 亿元，同比扭亏；2024 年 Q1 实现 营业收入 20.72 亿元，yoy16.56%，归母净利润 0.77 亿元，yoy-48.95%。 国内外业务共同发力，23 年业绩同比扭亏。23 年公司实现了隆平发展并表， "两隆"融合取得了重大突破，推动公司营收规模迈入新台阶。按区域来看， 公司国内业务营收贡献超 50 亿元，同比增长 44.70%；国外隆平发展并表， 贡献营收 38.86 亿元。按品种来看，23 年公司主力种子品种水稻种子和玉米 种子分别实现营收 17.77 亿元和 60.30 亿元，同比分别增长 36.50%和 16.87%。公司持续优化成本费用，公司各作 ...

公 司 研 究 + 分众传媒（002027.SZ）2023 年报 2024年5月10日 强烈推荐/维持 及 2024 年一季报点评：行业持续复 东 分众传媒 公司报告 兴 苏，有序扩张电梯电视媒体点位数 证 券 股 + 份 公司简介： 事件：分众传媒发布2023年报及2024年一季报：2023年公司实现营收119.04 有 分众传媒构建了国内最大的城市生活圈媒 亿元（yoy +26.3%），归母净利润48.27亿元（yoy +73.0%）；2024年一季 限 体网络。公司当前的主营业务为生活圈媒体 度，公司实现营业收入27.30亿元（yoy +6.01%），归母净利润10.40亿元（yoy 的开发和运营，主要产品为楼宇媒体（包含 公 +10.5%）。 电梯电视媒体和电梯海报媒体）、影院银幕 司 广告媒体和终端卖场媒体等，覆盖城市主流 证 点评： 消费人群的工作场景、生活场景、娱乐场景 券 互联网行业与日用消费品行业持续复苏。2023年，公司实现营收119.04亿元 和消费场景，并相互整合成为生活圈媒体网 研 （yoy +26.3%），其中：楼宇媒体实现营收111.19亿元（yoy +25.3%）；影 络。 资 ...

Group 1 - The company's gross margin in 2023 slightly decreased to 53.34% from 54.74% in 2022, with a notable increase in Q1 2024 to 51.51% compared to Q4 2023 [1] - The gross margin for the precision components of the valve drive group increased by 3.12 percentage points to 56.21% in 2023, while the valve group precision components reached 68.29%, up by 1.51 percentage points [1] - The decline in gross margin for other businesses, particularly in transmission and chassis components, significantly impacted the overall margin, dropping by 29.24 percentage points to 18.53% in 2023 [1] Group 2 - The company proposed a cash dividend of 4.00 yuan per 10 shares, representing 40.01% of the net profit attributable to shareholders for 2023 [2] - The company's cash reserves were solid, with a total of approximately 628 million yuan in cash and cash equivalents by the end of 2023 [2] Group 3 - The company is a leading global manufacturer of metal soft magnetic powder cores, with a focus on research, production, and sales of alloy soft magnetic powders and related inductive components [14] - The company has developed a comprehensive product line covering applications from power generation to load, indicating a strong competitive advantage in the metal magnetic materials sector [41] Group 4 - The alloy soft magnetic powder core business accounted for 88.59% of total revenue in 2023, with a gross margin increase of 1.24 percentage points to 38.96% [28] - The company launched new iron-silicon series magnetic powder cores in 2023, which received positive market feedback and are expected to enhance market share [28] Group 5 - The company is expanding its product offerings in the automotive sector, leveraging cold forming technology and broadening raw material types to include aluminum, copper, and titanium alloys [5] - The company is actively pursuing applications for precision cold-formed components in automotive heat pump systems and electric drive transmission systems, indicating potential for future growth [5]

东 兴 证 券 股 份 有 限 公 司 新能源汽车热失控防护绝缘件相关产品为公司贡献了大部分收入。我们认为 这一技术路线确定性高，具备政策端、技术端和应用端的支持，公司是这一 细分领域市场的发现者、方向的引导者、技术的开创者。公司产品具有较强 的竞争优势，在全球知名新能源汽车品牌的电池电芯、电池模组、电池包及 整车的热失控防护系统中得到了广泛使用。公司产品主要应用于新能源汽车 领域，这一行业仍在成长之中，其制造标准、工艺流程等尚未完全统一，而 浙江荣泰以细分领域开拓者的身份占尽先机。据测算，2022 年浙江荣泰在新 能源汽车隔热绝缘领域市占率达 27%。公司近年来实现了快速增长。2021 年 —2023 年公司分别实现营业收入 5.22 亿元、6.67 亿元、8 亿元，CAGR 为 15.29%，对应归母净利润分别为 1.04 亿元、1.34 亿元、1.72 亿元，CAGR 为 18.26%。2023 年公司毛利率为 37.07%;净利率为 21.47%，均较此前实现了大 幅度增长。 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 （20240507） A 股新股日历（本周网上发行新股） *价格单位为元/股 ...

Investment Rating - The report gives a "Strong Buy" rating for Guanghui Energy [6]. Core Views - Guanghui Energy is the first private energy company in China to integrate "gas, coal, and oil" across upstream, midstream, and downstream operations, forming a comprehensive industrial structure that includes coal, gas, coal chemical, clean energy, and carbon capture and utilization [6][13]. - The company has shown a consistent increase in revenue, reaching a peak of 61.475 billion yuan in 2023, driven primarily by natural gas and coal businesses [6][21]. - The report highlights the company's significant cost advantages in coal sales, with a unit sales cost of 310.28 yuan/ton, which is notably lower than its peers [27][28]. Summary by Sections Company Overview - Guanghui Energy focuses on natural gas, coal, and coal chemical products, and has established itself as a major player in the energy sector since its inception in 1994 [3][13]. Revenue and Profitability - The company's main revenue sources are natural gas and coal, with 2023 revenues from these segments accounting for 64.58% and 24.79% of total revenue, respectively [21][24]. - In 2023, the company reported a net profit of 5.173 billion yuan, a decline of 54.37% year-on-year due to falling energy prices [16][21]. Cost Structure and Competitive Advantage - Guanghui Energy's coal sales cost is significantly lower than that of competitors, with a 2023 cost of 310.28 yuan/ton, down 2.42% from the previous year [27][28]. - The company has built its own logistics system to enhance efficiency and reduce costs, which strengthens its competitive position in the market [28][32]. Natural Gas Business Model - The natural gas segment operates on a "self-produced + trade" model, leveraging cost and price advantages to enhance profitability [40][41]. - The company has secured long-term contracts for LNG procurement, which helps maintain low costs and high profit margins [41][43]. Coal Chemical and Green Energy Projects - The coal chemical projects benefit from low production costs and are expected to grow in performance due to high oil prices [48][49]. - The company is also advancing in green energy initiatives, including carbon capture and utilization projects [6][48]. Dividend Policy - Guanghui Energy has a strong dividend payout history, with cash dividends totaling 13.17 billion yuan from 2021 to 2023, representing 87.90% of the net profit for 2023 [6][12].

Investment Rating - The report maintains a "Strongly Recommend" rating for Huace Media (300133 SZ) with projected PE ratios of 34X, 31X, and 28X for 2024-2026 respectively [8][11] Core Views - Huace Media's main business remains stable with coordinated development across the entire industry chain [2][6] - The company achieved revenue of 2 267 billion yuan in 2023 (yoy -8 39%) with net profit attributable to parent company of 382 million yuan (yoy -5 08%) [17] - TV drama production and distribution business grew steadily accounting for 70 10% of total revenue [7] Financial Performance Revenue Breakdown - TV drama production and distribution: 1 590 billion yuan (yoy +3 68%) [7] - TV drama copyright distribution: 407 million yuan (yoy +19 33%) [7] - Box office revenue: 31 million yuan (yoy +38 74%) [7] - Film revenue: 81 million yuan (yoy -80 59%) [7] - Advertising revenue: 32 million yuan (yoy -48 66%) [7] - Brokerage business: 116 million yuan (yoy -26 42%) [7] - Music business: 22 million yuan (yoy +41 14%) [7] Profitability - Gross margin: 28 50% (yoy -5 16 percentage points) [18] - Net profit margin: 16 85% (yoy +0 57 percentage points) [18] - Sales expense ratio: 7 63% (yoy -3 64 percentage points) [18] - Management expense ratio: 7 54% (yoy +0 07 percentage points) [18] Business Development - Broadcasted 7 TV dramas and 4 movies in 2023 [7] - Signed pre-sale TV drama projects worth 1 981 billion yuan with cumulative pre-sales of 3 798 billion yuan [7] - Acquired Senlian Film increasing copyright library to 50 000 hours [7] - Invested in major films including "The Wandering Earth 2" and "Boonie Bears: Guardian Code" [8] - Established AIGC Application Research Institute with over 20 experts [8] Future Projections - Expected revenue growth: 13 2% in 2024 13 2% in 2025 and 14 9% in 2026 [24] - Projected net profit attributable to parent company: 476 million yuan in 2024 520 million yuan in 2025 and 574 million yuan in 2026 [24] - Anticipated EPS: 0 25 yuan in 2024 0 27 yuan in 2025 and 0 30 yuan in 2026 [24] Industry Position - Leading enterprise in TV drama production with diversified business including artist management film advertising and animation [9] - Comprehensive industry chain layout covering animation music copyright operation and international new media [8]

公 司 研 究 圆通速递（600233.SH）：单票利润 2024年4月30日 强烈推荐/维持 稳健，成本持续优化 东 圆通速递 公司报告 兴 证 事件：公司发布年报与一季报，2023年公司实现营收576.8亿，同比增长7.7%， 公司简介： 券 归母净利润37.2亿，同比下降5.0%。一季度单季实现营收154.3亿，同比增 圆通速递是一家集快递物流、科技、航空、 股 长19.5%，归母净利润9.4亿，同比增长4.1%。 金融、商贸等为一体的综合性国际供应链集 份 成商。截至 2023 年底，圆通速递拥有两家 有 23Q4市场份额微增，24Q1份额维持稳定：公司2023年实现业务量212.0亿 上市公司，全网拥有分公司 5100 多家，服 限 件，其中去年四季度和今年一季度分别完成61.9亿和55.7亿件。市场份额方 务网点和终端门店8万多个，各类集运中心 公 面，23Q4市场份额15.9%，较22Q4提升0.2pct。24Q1（考虑邮政局口径调 133个，员工45万余人，服务网络已经实现 全国 31 个省（区、市）县级以上城市的全 司 整后）的市场份额为15.0%，与23Q1持平。行业价格竞争较为激烈，低价 ...

Investment Rating - The report maintains a "Strong Buy" rating for Longping High-Tech [2][3] Core Views - The company showed significant operational improvement in 2023, achieving a revenue of 9.223 billion yuan, a year-on-year increase of 22.45%, and a net profit of 200 million yuan, marking a turnaround from losses [2] - The integration of Longping Development is expected to fully leverage synergies, enhancing the company's growth potential [3] - The company’s domestic business contributed over 5 billion yuan in revenue, growing by 44.70% year-on-year, while the international segment contributed 3.886 billion yuan [2] - The main seed varieties, rice and corn, generated revenues of 1.777 billion yuan and 6.030 billion yuan respectively, with year-on-year growth of 36.50% and 16.87% [2] - The company is well-positioned in the Brazilian market, holding the third-largest market share for corn seeds [2][3] Financial Summary - In 2023, the company reported total revenue of 9.223 billion yuan, with a projected revenue growth rate of 18.37% for 2024 [4] - The forecasted net profit for 2024-2026 is expected to be 524 million yuan, 766 million yuan, and 1.021 billion yuan respectively, with corresponding EPS of 0.40, 0.58, and 0.78 yuan [3][4] - The company’s PE ratio is projected to decrease from 31 in 2024 to 16 in 2026, indicating improving valuation metrics [3][4] Business Overview - Longping High-Tech is an international seed company named after the "father of hybrid rice," Yuan Longping, with operations in seed production and agricultural services [5] - The company is a leader in various seed categories, including rice, corn, and vegetables, and is rapidly developing in other categories like wheat and cotton [5]

Investment Rating - The report maintains a "Recommended" rating for the company, Bull Group (603195.SH) [7][27]. Core Views - The company reported strong performance in 2023 with revenue of 15.69 billion yuan, a year-on-year increase of 11.5%, and a net profit of 3.87 billion yuan, up 21.4% [21][27]. - The new energy business has shown rapid growth, with revenue reaching 380 million yuan, a significant increase of 148.6% year-on-year [21][27]. - The company is focusing on channel development and product enhancement to strengthen its high-end brand image [21][27]. Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 4.09 billion yuan, up 13.3% year-on-year, and a net profit of 1.06 billion yuan, an increase of 27.8% [21][27]. - For Q1 2024, revenue was 3.80 billion yuan, reflecting a 14.1% year-on-year growth, with a net profit of 930 million yuan, up 26.3% [21][27]. Business Segments - **Smart Electrical Lighting Business**: Revenue reached 7.90 billion yuan, a 15.4% increase year-on-year. The company is enhancing product design and channel transformation to drive sales [21][27]. - **New Energy Business**: Revenue surged to 380 million yuan, with significant advancements in product and channel development, including a robust online presence and extensive offline network [21][27]. - **Electrical Connection Business**: Revenue was 7.39 billion yuan, a stable growth of 4.8%. The company is expanding into Southeast Asian markets and enhancing its product offerings [21][27]. Profitability and Forecast - The company's gross margin improved to 43.2% in 2023, up 5.2 percentage points year-on-year, driven by lower raw material costs and efficient procurement strategies [21][27]. - The report forecasts net profits for 2024-2026 to be 4.40 billion, 4.89 billion, and 5.61 billion yuan respectively, with corresponding EPS of 4.9, 5.5, and 6.3 yuan [27][28].

1. 中国物流与采购联合会：中国物流与采购联合会今天(8 日)公布 4 月份 中国电商物流指数。电商物流指数连续两个月环比上涨，其中，农村电商物 流业务量同比增长较快。4 月份中国电商物流指数为 113.2 点，环比提高 0.7 点，自 2019 年 12 月以来首次突破 113 点。分项指数中，总业务量指数、物 流时效指数、履约率指数、满意率指数、人员指数、实载率指数均较上月有 所提高。（资料来源：iFinD） 东兴晨报 P5 公司盈利预测及投资评级：我们看好公司作为生猪龙头企业的核心成本优势，公司业绩有望随猪周期回暖持续 改善。我们预计，公司 24-26 年归母净利分别为 67.70、262.16 和 165.54 亿元，EPS 为 1.27、4.79 和 3.03 元，PE 为 35、9 和 15 倍，维持"强烈推荐"评级。 【东兴化工】扬农化工（600486.SH）：周期底部业绩短期承压，新项目有序推进驱动成长（20240506） 扬农化工发布 2024 年 1 季报：公司 1 季度实现营业收入 31.76 亿元，YoY-29.43%，归母净利润 4.29 亿元， YoY-43.11%。 行业市场低迷 ...