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 ...

行 业 研 究 食品饮料行业：美降息预期加强， 2024年5月8日 看好/维持 利好白酒资产定价 东 食品饮料 行业报告 兴 证 事件： 5月3日美国公布4月非农新增就业数据。美国4月非农新增就业17.5 未来3-6个月行业大事： 券 万人，低于预期24.3万人，前值修正至31.5万人。4 月失业率升至 3.9%， 股 2024-05-20：顺鑫农业 股东大会召开 高于预期和前值 3.8%。劳动参与率 62.7%，与上月一致。非农整体数据略低 份 于市场预期，引发市场对于美国降息预期的猜想。 有 资料来源：iFinD、东兴证券研究所 限 此前我们在《食品饮料行业：见底了嘛》报告中详细的论述过美利率水平对食 行业基本资料 占比% 公 品饮料资产定价的影响，在美降息预期下，食品饮料资产定价有望继续冲高。 股票家数 127 2.76% 司 美债收益率是国内食品饮料估值的重要观察指标。我们发现在数据可观察期间 行业市值(亿元) 53512.44 6.21% 证 里，美股食品饮料的估值在2011年之前是业绩推动，即估值与美国10年期国 流通市值(亿元) 51086.14 7.4% 券 债收益率同向；2011年之后，美股 ...

Investment Rating - The report maintains a "Strong Buy" rating for Postal Savings Bank of China (601658.SH) [6][12]. Core Views - Postal Savings Bank achieved a revenue of 89.43 billion, a year-on-year increase of 1.4%, while net profit attributable to shareholders was 25.93 billion, a decrease of 1.3% year-on-year [1]. - The bank's revenue and net profit growth rates outperformed the average of state-owned banks, which saw declines of 2.2% and 2.03% respectively [1]. - The bank's net interest margin (NIM) for Q1 2024 was 1.92%, with a year-on-year decline of 17 basis points, which is less than the average decline of 22 basis points among state-owned banks [2]. Summary by Sections Financial Performance - Q1 2024 revenue and net profit growth were 1.4% and -1.3% respectively, with a year-on-year return on equity (ROE) of 12.36%, down 2.01 percentage points [1]. - The bank's non-performing loan (NPL) ratio stood at 0.84% at the end of Q1, with a provision coverage ratio of 326.9% [1][2]. Loan and Deposit Growth - As of the end of Q1, loans increased by 4.6% year-to-date and 11.8% year-on-year, while deposits grew by 4.8% year-to-date and 10.5% year-on-year [1][9]. - The structure of loans improved, with corporate loans increasing by 8.3% year-to-date and personal loans by 3.8% [1]. Interest Margin and Cost - The bank's NIM was 1.92%, with a decline of 9 basis points compared to the previous year [2][9]. - The bank is expected to see a faster improvement in deposit costs due to a higher proportion of deposits maturing within one year [2]. Asset Quality - The overall asset quality remained stable, with a marginal decrease in the NPL generation rate to 0.81% for Q1 2024, down 4 basis points from the previous year [2]. - The bank's provision coverage ratio remains strong compared to its peers, indicating a robust buffer against potential loan losses [2]. Growth Outlook - The report forecasts net profit growth rates of 0.9%, 3.5%, and 4.1% for 2024, 2025, and 2026 respectively, with corresponding book value per share (BVPS) estimates of 8.53, 9.17, and 9.83 yuan [6][12].

东兴晨报 P1 东兴晨报 P1 A 股港股市场 A 股新股日历（本周网上发行新股） 名称 价格 行业 发行日 2024 年 5 月 7 日星期二 分析师推荐 【东兴非金属材料】北新建材（000786.SZ）：嘉宝莉并表资产协同优化，央 企建材龙头逆势继续扩张（20240430） 公司 2024 一季度实现营业收入 59.44 亿元，同比增长 24.62%；归属于母公司 股东的净利润为 8.22 亿元，同比增长 38.11%；扣除非经常损益后的归属母公 司股东净利润为 7.91 亿元，同比增长 40.68%。 点评： 嘉宝莉并表和逆势扩张政策推进营业收入和利润高增长。公司在行业需求较 弱的情况下，营业收入和归母净利润增速保持持续向上和高增，主要原因是 公司收购的涂料龙头嘉宝莉 2024 年 2 月 29 日并表，2024 年一季度公司营业 收入和利润中多出了嘉宝莉的一个月的营业收入和利润；同时，公司作为石 膏板、防水材料和涂料的央企建材龙头，在以防水材料为代表的各种建材行 业景气度低迷，行业优胜劣汰加剧的情况下，利用自身的资金和资源优势， 轻装上阵。继续加大了市场的拓展，实施额度加账期的授信销售政策，加快 市场 ...

Investment Rating - The report maintains a "Recommend" rating for Eastern Airlines Logistics [2][3]. Core Views - The company experienced a revenue decline of 12.1% in 2023, with total revenue reaching 20.62 billion yuan and a net profit of 2.49 billion yuan, down 31.6% year-on-year. However, Q1 2024 showed a revenue increase of 14.2% year-on-year, amounting to 5.92 billion yuan, despite a net profit decline of 22.6% [2]. - The decline in immediate freight rates is identified as the primary reason for the profit drop in the air express business. Despite an increase in operational capacity and improved aircraft utilization, the revenue from the air express segment fell by 31.4% due to significant drops in market rates [2][3]. - The cross-border e-commerce sector has shown strong growth, contributing to a 16.7% increase in comprehensive logistics solutions revenue, which reached 9.13 billion yuan in 2023. The cross-border e-commerce solutions alone generated 4.698 billion yuan, up 71.7% year-on-year [2][3]. Financial Performance Summary - In 2023, the company handled 2.403 million tons of cargo, a 9.0% increase from the previous year, with a gross margin improvement to 40.5% [3]. - The company has completed its fleet restructuring, now operating a fleet of 14 B777 freighters with an average age of 3.5 years, which is expected to enhance operational safety and reduce costs [3]. - The financial forecasts predict net profits of 2.92 billion yuan, 3.59 billion yuan, and 4.20 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.84 yuan, 2.26 yuan, and 2.65 yuan [3][8]. Market Data - The stock price range over the past 52 weeks is between 18.93 yuan and 11.08 yuan, with a total market capitalization of 30.052 billion yuan [5]. - The company is expected to have a PE ratio of 10.3, 8.4, and 7.2 for the years 2024, 2025, and 2026 respectively [8]. Company Overview - Eastern Airlines Logistics Co., Ltd. focuses on comprehensive air logistics services, including air express, ground services, and comprehensive logistics solutions, aiming to provide one-stop logistics solutions tailored to customer needs [4].

Investment Rating - The report assigns a "Buy" rating to the company, Zhejiang Rongtai Electric Equipment Co., Ltd. [32] Core Insights - Zhejiang Rongtai is a leader in the mica insulation materials market, specializing in high-temperature resistant composite materials for various applications, including new energy vehicles [2][3] - The company has achieved significant growth in revenue and profit, with a compound annual growth rate (CAGR) of 15.29% in revenue and 18.26% in net profit from 2021 to 2023 [30][57] - The company's products are widely used in the new energy vehicle sector, contributing to a market share of 27% in the thermal insulation field for new energy vehicles in 2022 [30] Summary by Sections 1. Company Overview - Zhejiang Rongtai was established in 2003 and has evolved from producing household appliance insulation products to specializing in fire-resistant insulation components for new energy vehicles since 2013 [16] - The company has established partnerships with major automotive manufacturers such as Tesla, Volkswagen, and BMW, and has a stable business relationship with CATL, a leading battery manufacturer [3][30] 2. Product Leadership and Performance Growth - The company has developed innovative products, including a new raw material formula and an integrated molding process that enhances the mechanical strength and fire insulation performance of mica products [6][30] - Revenue from new energy vehicle thermal runaway protection insulation components has increased significantly, accounting for 72% of total revenue in 2023 [57] 3. Industry Outlook - The global mica materials market is projected to grow at a CAGR of 18% from 2023 to 2027, with the fire-resistant insulation materials segment expected to reach a market size of 355.64 billion yuan by 2027 [63] - The new energy vehicle market continues to expand, providing a robust growth opportunity for mica insulation products, especially as safety standards evolve [31][55] 4. Competitive Advantages - The company holds a strong competitive position due to its early entry into the market, diverse customer base, and innovative product offerings [30][31] - Zhejiang Rongtai's products have performance metrics that exceed current industry standards, providing a safety margin that enhances their market appeal [9][10]