Investment Rating - The report maintains a "Buy" rating for the company with a target price of 85.68 CNY, based on a 28x PE for 2024 [6]. Core Insights - The company reported a revenue of 4.293 billion CNY for Q1 2024, representing a year-on-year growth of 7.16%. The net profit attributable to shareholders was 452 million CNY, up 16.78% year-on-year [3][4]. - The sales volume for Q1 2024 reached 866,800 kiloliters, an increase of 5.25% year-on-year, with an average price per ton of 4,952.17 CNY, reflecting a 1.82% increase [4]. - The company achieved a gross margin of 47.90%, up 2.74 percentage points year-on-year, and a net profit margin of 10.53%, an increase of 0.87 percentage points [5]. Financial Performance Summary - Revenue projections for 2024-2026 are 15.632 billion CNY, 16.461 billion CNY, and 17.229 billion CNY, with year-on-year growth rates of 5.52%, 5.30%, and 4.67% respectively [6]. - The net profit attributable to shareholders is forecasted to be 1.479 billion CNY, 1.594 billion CNY, and 1.708 billion CNY for the same period, with growth rates of 10.67%, 7.78%, and 7.12% respectively [6]. - The report indicates a three-year CAGR of 8.51% for EPS, which is expected to be 3.06 CNY, 3.29 CNY, and 3.53 CNY per share for 2024, 2025, and 2026 respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.39 yuan, based on a 20x PE for 2024 [14][13]. Core Insights - The company reported a revenue of 7.261 billion yuan in 2023, a year-on-year increase of 9.64%, and a net profit of 344 million yuan, reflecting a growth rate of 46.63% compared to 2022 [5][6]. - In Q1 2024, the company achieved a revenue of 1.695 billion yuan, a decline of 7.04% year-on-year, while net profit increased by 20.02% to 165 million yuan [5]. - The company focuses on its core business of duck neck products and aims to build a food ecosystem, with a total of 16,000 stores in mainland China by the end of 2023, marking a net increase of 874 stores [6][13]. Financial Performance Summary - Revenue projections for 2024-2026 are set at 8.036 billion, 8.905 billion, and 9.332 billion yuan, with corresponding growth rates of 10.66%, 10.82%, and 4.79% [13]. - The net profit forecasts for the same period are 787 million, 953 million, and 1.048 billion yuan, with growth rates of 128.68%, 21.01%, and 9.99% respectively [13]. - The company's gross margin for 2023 was 24.77%, a decrease of 0.80 percentage points, while the net margin improved to 4.37%, an increase of 1.44 percentage points year-on-year [13]. Market Position and Strategy - The company has seen strong performance in the northwest region, with a revenue increase of 106.52% in that area [6]. - Cost reduction and efficiency improvements are ongoing, with a focus on lean production to enhance profitability [6][13]. - The company aims to optimize production capacity and reduce costs further, which is expected to gradually release profit potential [13].

证券研究报告 公 2024年05月09日 司 报 告 永兴材料(002756) │ 行 业： 有色金属/能源金属 公 投资评级： 买入（维持） 司 当前价格： 47.61元 季 24Q1 碳酸锂吨净利逆势提升 目标价格： 54.04元 报 点 事件： 评 基本数据 1）公司发布 2023年年度报告，公司 2023年实现营业收入 121.89亿元， 总股本/流通股本(百万股) 539.10/386.40 同比下降 21.76%；归母净利润 34.07 亿元，同比下降 46.09%；扣非归母 流通A股市值(百万元) 18,396.53 净利润32.39亿元，同比下降47.66%。 2）公司发布2024年第一季度报告，公司2024 Q1实现营业收入23.00亿 每股净资产(元) 24.58 元，同比下降 31.07%；归母净利润 4.68亿元，同比下降 49.70%；扣非归 资产负债率(%) 14.99 母净利润3.08亿元，同比下降67.14%。 一年内最高/最低(元) 74.20/39.50 ➢ 2024Q1碳酸锂吨净利逆势提升 根据 iFinD，2023 年 99.5%电池级碳酸锂市场均价为 25.7 万元/ ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 6.67 CNY [19]. Core Insights - The company's revenue growth is marginally improving, primarily supported by non-interest income, with total revenue for Q1 2024 at 219.84 billion CNY, a year-on-year decrease of 3.41% [5][4]. - The net profit attributable to shareholders for Q1 2024 is 87.65 billion CNY, reflecting a year-on-year decline of 2.78% [5]. - The net interest margin for Q1 2024 is 1.48%, down 13 basis points from the previous year, indicating a slight narrowing of the margin due to asset-side pressures [16]. Financial Performance Summary - The company reported a total revenue of 875,734 million CNY in 2022, which decreased to 843,070 million CNY in 2023, with an estimated revenue of 838,948 million CNY for 2024 [21]. - The net profit attributable to shareholders was 361,132 million CNY in 2022, slightly increasing to 363,993 million CNY in 2023, with an estimated decline to 359,828 million CNY in 2024 [21]. - The earnings per share (EPS) for 2024 is projected to be 0.97 CNY, with a price-to-earnings (P/E) ratio of 5.55 [8]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remains stable at 1.36% as of Q1 2024, with a non-performing loan balance of 370.89 billion CNY, an increase of 4.92% from the beginning of the year [17]. - The provision coverage ratio is 216.31%, indicating strong risk mitigation capabilities [17]. - The core Tier 1 capital adequacy ratio stands at 13.78%, suggesting ample capital to support future lending [17].

Investment Rating - The investment rating for Changan Automobile is not explicitly stated in the provided content, but it suggests continuous attention due to strong product capabilities and market potential in the new energy sector [2][7]. Core Insights - Changan Automobile reported a wholesale sales volume of 210,100 units in April 2024, representing a year-on-year increase of 15.47%, although it experienced a month-on-month decline of 18.88% [3][4]. - The company has shown significant growth in its new energy and overseas markets, with a 129.74% year-on-year increase in self-owned new energy vehicle sales in April, totaling 51,700 units [5][6]. - The collaboration with Huawei is progressing, with the target company registered and due diligence completed, aiming for a final agreement by August 31, 2024, which is expected to enhance the company's smart technology development [6][7]. Financial Performance and Projections - Revenue projections for Changan Automobile from 2024 to 2026 are estimated at 224.02 billion, 260.55 billion, and 319.17 billion yuan, with growth rates of 48.06%, 16.31%, and 22.50% respectively [7][8]. - The net profit attributable to the parent company is forecasted to be 9.60 billion, 12.52 billion, and 15.68 billion yuan for the same period, with corresponding growth rates of -15.23%, 30.36%, and 25.27% [7][8]. - Earnings per share (EPS) are projected to be 0.97, 1.26, and 1.58 yuan per share from 2024 to 2026, with a compound annual growth rate (CAGR) of 11.45% [7][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.78 yuan, based on a PE target of 28 times for 2024 [3]. Core Views - The company achieved a revenue of 3.05 billion yuan in Q1 2024, representing a year-on-year growth of 40.2%, and a net profit of 200 million yuan, up 34.7% year-on-year [1]. - The company is experiencing strong sales from key customers, with notable increases in vehicle sales from Chery (+63.8%), Li Auto (+52.9%), and Geely (+42.2%), although Tesla's sales decreased by 3.7% [1]. - The company is expanding its production capacity in Mexico to meet new project demands, which is expected to enhance its market share among North American clients [1]. - The gross margin improved to 20.1%, up 0.3 percentage points year-on-year, driven by economies of scale [1]. - The company has initiated a third employee stock ownership plan to incentivize core employees and ensure long-term stability [1]. - The company is a leading manufacturer of interior components, with ongoing global expansion and diversification of product lines [1]. Financial Summary - Revenue projections for 2024-2026 are 13.49 billion yuan, 17.20 billion yuan, and 20.85 billion yuan, with year-on-year growth rates of 27.6%, 27.5%, and 21.2% respectively [2]. - Net profit forecasts for the same period are 1.11 billion yuan, 1.48 billion yuan, and 1.88 billion yuan, with growth rates of 37.3%, 33.7%, and 26.9% respectively [2]. - Earnings per share (EPS) are projected to be 2.27 yuan, 3.03 yuan, and 3.85 yuan for 2024, 2025, and 2026, respectively [2]. - The company’s financial ratios indicate a PE of 19.2 for 2024, a PB of 3.8, and an EV/EBITDA of 13.3 [2].

证券研究报告 公 2024年05月09日 司 报 告 江苏银行(600919) │ 行 业： 银行/城商行Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 8.00元 - 整体延续以量补价，拨备计提维持高位 公 目标价格： 10.31元 司 事件： 年 基本数据 江苏银行公布23年报&24年一季报，23年分别实现营收、归母净利润742.93 报 点 亿元、287.50 亿元，同比分别+5.28%、+13.25%，增速较前三季度分别- 总股本/流通股本(百万股) 18,351.32/18,269. 72 评 3.88PCT、-11.96PCT。24Q1分别实现营收、归母净利润209.99亿元、90.42 流通A股市值(百万元) 146,888.57 亿元，同比分别+11.72%、+10.02%，增速较23年分别+6.45PCT、-3.23PCT。 ➢ 整体延续以量补价，息差略有承压 每股净资产(元) 12.00 23年全年利息净收入同比+0.73%，增速较前三季度-6.38PCT。从业绩归因 资产负债率(%) 92.66 来看，23 年全年江苏银行生息资产规模扩张与净息差的贡献度分别为 一年内最高/最低(元) ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 102.76 CNY, based on a 28x PE for 2024 [7][8]. Core Insights - The company reported a revenue of 10.15 billion CNY in Q1 2024, a year-on-year decrease of 5.19%, while net profit attributable to shareholders was 1.597 billion CNY, an increase of 10.06% [4]. - The sales performance of the Qingdao brand and products priced in the mid-to-high-end segment showed better results compared to other brands and products [5]. - The company experienced a slight increase in ton price, which contributed to profit growth despite a decrease in sales volume [6]. Financial Performance Summary - For Q1 2024, the company achieved a sales volume of 2.184 million kiloliters, down 7.58% year-on-year, with a ton price of 4,647.44 CNY, up 2.58% year-on-year [6]. - The gross margin for Q1 2024 was 40.44%, an increase of 2.12 percentage points year-on-year, while the net profit margin was 15.74%, up 2.18 percentage points year-on-year [6]. - The company forecasts revenues of 35.771 billion CNY, 37.598 billion CNY, and 39.420 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 5.005 billion CNY, 5.819 billion CNY, and 6.579 billion CNY [7][8].

分析师声明 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------|----------|----------|----------------------------------------------------| | 投资建议的评级标准 | | 评级 | 说明 | | 报告中投资建议所涉及的评级分为股票评级和行业评级 | | 买入 | 相对同期相关证券市场代表指数涨幅 20% 以上 | | （另有说明的除外）。评级标准为报告发布日后 6 到 12 个 月内的相对市场表现，也即：以报告发布日后的 6 到 12 | | 增持 | 相对同期相关证券市场代表指数涨幅介于 5%~20% 之间 | | 个月内的公司股价（或行业指数）相对同期相关证券市场 | 股票评级 | 持有 | 相对同期相关证券市场代表指数涨幅介于 -10%~5% 之间 | | 代表性指数的涨跌幅作为基准。其中 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 41.89 CNY [21]. Core Views - The company's performance is under short-term pressure, with adverse factors still needing to be digested [2]. - Credit growth is supported by corporate lending, but the net interest margin is under increasing pressure [2]. - The asset quality remains slightly volatile, primarily due to ongoing pressure from retail non-performing loans [3]. Financial Performance Summary - As of Q1 2024, the non-performing loan ratio, attention rate, and overdue rate for the company are 0.92%, 1.14%, and 1.31%, respectively, showing slight fluctuations compared to the end of 2023 [3]. - The company disposed of non-performing loans amounting to 15.288 billion CNY in Q1 2024, a year-on-year increase of 11.89% [3]. - The company’s revenue for Q1 2024 was 86.417 billion CNY, a decrease of 4.65% year-on-year, while the net profit attributable to shareholders was 38.077 billion CNY, down 1.96% year-on-year [8][19]. Earnings Forecast and Valuation - The projected operating revenues for 2024, 2025, and 2026 are 344.095 billion CNY, 366.768 billion CNY, and 391.290 billion CNY, with year-on-year growth rates of 1.47%, 6.59%, and 6.69%, respectively [20]. - The net profit attributable to shareholders is expected to be 155.167 billion CNY, 164.650 billion CNY, and 176.221 billion CNY for the same years, with growth rates of 5.84%, 6.11%, and 7.03% [20]. - The company maintains a high provision coverage ratio of 436.82% as of Q1 2024, indicating sufficient risk compensation capacity [3].