证券研究报告 公 2024年05月09日 司 报 告 华泰证券(601688) │ 行 业： 非银金融/证券Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 13.71元 - 投资收益承压拖累公司净利润表现 公 目标价格： 19.99元 司 季 华泰证券发布2024年一季报，公司累计实现营业收入61.1亿，同比-32%； 基本数据 报 归母净利润22.9亿，同比-29%；ROE 1.37%，较去年同期减少0.49pct。 点 总股本/流通股本(百万股) 9,029.38/1,719.05 ➢ 收费类业务：财富管理继续行业领先 评 流通A股市值(百万元) 99,823.34 1）公司2024Q1实现经纪业务收入13.6亿，同比-11%/环比+2%，占证券 每股净资产(元) 17.26 主营收入比重为24.2%，同比+6.6pct。涨乐财富通23年平均月活数906.43 资产负债率(%) 78.59 万，市场排名第一，凸显公司零售端龙头优势。 一年内最高/最低(元) 18.54/12.92 2）公司2024Q1实现资管业务收入11.1亿，同比+10%/环比-0.1%，占证 券主营收收入比重为19.7%。公司旗下华 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests a focus on monitoring the company's performance due to potential recovery in the industry [5]. Core Viewpoints - The company reported a significant decline in revenue and net profit for 2023 and Q1 2024, with revenues of 2.83 billion and 0.494 billion respectively, representing year-on-year decreases of 30.14% and 48.80% [2][3]. - The company is actively managing inventory, leading to a decrease in both revenue and profit, with Q4 2023 and Q1 2024 combined revenue of 1.181 billion, down 65.20% year-on-year [2]. - The performance of the company's product lines varies, with the "Jiugui" series showing relatively better results compared to others, and the company is expanding its dealer network [3]. - Profitability is under pressure, with a gross margin of 78.35% in 2023, down 1.28 percentage points year-on-year, and a net profit margin of 19.36%, down 6.53 percentage points [3]. - The company anticipates a gradual recovery in revenue and profit from 2024 to 2026, with projected revenues of 2.854 billion, 3.300 billion, and 3.783 billion respectively, indicating a compound annual growth rate (CAGR) of 11.85% [3][4]. Financial Summary - In 2023, the company achieved a revenue of 2.83 billion, a decrease of 30.14% from the previous year, and a net profit of 548 million, down 47.77% [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.69, 2.03, and 2.36 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 33.3, 27.8, and 23.9 [4][5]. - The company's gross margin is expected to decline further in Q1 2024 to 71.08%, down 10.46 percentage points year-on-year, while the net profit margin is projected at 14.86%, down 16.26 percentage points [3].

公 司 报 告│ 公 司 季 报 点 评 公司发布 2024 年第一季度报告，2024Q1 公司实现营收 8.53 亿元，同比增 长 11.34%；归母净利润为 1.76 亿元，同比增长 37.20%；扣非归母净利润 1.47 亿元，同比增长 23.47%。公司收入符合预期，净利率超预期。 2024Q1 公司毛利率为 44.05%，同比提升 3.43pct，销售费用率/管理费用 率/研发费用率分别为 17.02%/5.07%/1.05%，同比分别 2.18/-0.83/- 0.06pct。2024Q1 公司净利率同比提升 4.22pct 至 20.90%，展望未来，随 着降本增效措施持续推进，公司盈利水平有望持续提升。 | --- | --- | --- | --- | --- | --- | |----------------------------|--------|------------------------------|---------------------|---------------|--------| | | | | | | | | 营业收入（百万元） | 2691 | 3149 | ...

证券研究报告 公 2024年05月09日 司 报 告 新华保险(601336) │ 行 业： 非银金融/保险Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 31.93元 - NBV 增速领先同业，投资波动影响净利润表现 公 目标价格： 51.40元 司 季 事件： 基本数据 报 点 公司发布2024年一季报，新准则下公司实现归母净利润49.42亿元，同比 总股本/流通股本(百万股) 3,119.55/3,119.55 评 -28.6%。公司NBV同比+51%，延续高增。 流通A股市值(百万元) 65,920.74 每股净资产(元) 30.13 ➢ 价值率改善带动NBV高增，个险渠道表现更优 资产负债率(%) 93.42 1）2024Q1公司NBV同比+51%，主要系业务结构优化带动价值率改善。公司 一年内最高/最低(元) 49.11/27.35 实现长险首年期交保费89.61亿元，同比-4.2%，其中十年期及以上长险首 年期交保费同比+83.9%，公司的业务结构有所改善。 股价相对走势 2）2024Q1公司实现长险首年保费109.10亿元，同比-45.0%，主要系银保渠 新华保险 沪深300 道表现疲软。分 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2][5]. Core Views - The report highlights key stock recommendations across various sectors, including Haier Smart Home in home appliances, Sun Paper in light industry, Taiji Group in pharmaceuticals, Lao Baigan Liquor in food, Juzibio in trading, Shandong Pharmaceutical Glass in building materials, and Hai Da Group in agriculture [2][5]. Summary by Relevant Sections Home Appliances - Haier Smart Home's Q1 2024 performance exceeded expectations, benefiting from the old-for-new policy and improvements in its premium brand Casarte and overseas markets. The company is expected to maintain rapid growth in domestic sales, with projected EPS of 2.0 CNY and 2.3 CNY for 2024 and 2025, respectively, and is rated "Buy" [5][13]. Light Industry - Sun Paper is expected to maintain a weak balance in the cultural paper market, with stable prices and quality. The company's integrated operations and cost management are anticipated to enhance profitability, with projected EPS of 1.36 CNY and 1.52 CNY for 2024 and 2025, respectively, rated "Buy" [6][13]. Pharmaceuticals - Taiji Group, a leader in OTC traditional Chinese medicine, focuses on modern manufacturing and specialty drugs. The company is expected to benefit from an aging population and favorable policies, with projected EPS of 1.98 CNY and 2.52 CNY for 2024 and 2025, respectively, rated "Buy" [7][13]. Food - Lao Baigan Liquor is positioned well in the growing regional market, with strong performance in Q1 2024. The company is expanding its brand nationally, with projected EPS of 0.98 CNY and 1.23 CNY for 2024 and 2025, respectively, rated "Buy" [8][13]. Trading - Juzibio is focusing on skin solutions and expanding its product lines. The company is expected to see growth from new product launches, with projected EPS of 1.77 CNY and 2.27 CNY for 2024 and 2025, respectively, rated "Buy" [9][13]. Building Materials - Shandong Pharmaceutical Glass is expected to see continued growth in borosilicate glass demand and profitability. The projected EPS is 1.53 CNY and 1.85 CNY for 2024 and 2025, respectively, rated "Buy" [10][13]. Agriculture - Hai Da Group reported strong Q1 2024 profits, with expectations for growth in feed sales and pig farming. The projected EPS is 2.43 CNY and 3.08 CNY for 2024 and 2025, respectively, rated "Buy" [11][13].

证券研究报告 公 2024年05月09日 司 报 告 亚钾国际(000893) │ 行 业： 基础化工/农化制品 公 投资评级： 买入（维持） 司 当前价格： 18.66元 24Q1 业绩低于预期，看好公司中长期成长路径 年 目标价格： 23.40元 报 点 事件： 评 基本数据 4月29日，公司发布2023年年报，2023年公司实现营业收入38.98亿元， 总股本/流通股本(百万股) 928.85/811.84 同比增长12%；实现归母净利润12.35亿元，同比下滑39%，扣非后归母净 流通A股市值(百万元) 15,148.90 利润12.74亿元，同比下滑37%；实现基本每股收益1.35元/股。 每股净资产(元) 12.15 同天，公司发布2024年一季报，2024年Q1公司实现营业收入6.33亿元， 资产负债率(%) 22.70 同比下滑26%，环比下滑37%；归母净利润0.81亿元，同比下滑76%，环比 一年内最高/最低(元) 30.80/16.99 下滑66%；销售净利率11.46%，同比下滑27.69pct，环比下滑10.84pct。  量价齐跌叠加费用率抬升，公司24Q1业绩低于预期 股价相对 ...

Investment Rating - The investment rating for Zhongman Petroleum (603619) is "Buy" (maintained) with a target price of 32.40 CNY [15]. Core Views - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 3.7 billion CNY, up 17% year-on-year, and net profit of 810 million CNY, up 68% year-on-year [1][9]. - The first quarter of 2024 saw a decline in revenue to 810 million CNY, down 11% year-on-year, and a net profit of 170 million CNY, down 20% year-on-year [1]. - The acquisition of the Jiange block has been consolidated into the financials, expanding the company's overseas oil and gas operations [2][21]. - The company’s oil production from the Wensu project reached approximately 580,000 tons in 2023, a 34% increase year-on-year, while total oil production from the Jiange block was 100,000 tons, bringing the total to 680,000 tons [9]. - The report anticipates revenue growth for 2024-2026, with projected revenues of 4.7 billion CNY, 5.5 billion CNY, and 6.3 billion CNY, corresponding to growth rates of 25%, 18%, and 15% respectively [16]. Financial Summary - In 2023, the company achieved a revenue of 3.732 billion CNY, with a growth rate of 16.67% compared to 2022 [29]. - The net profit for 2023 was 810 million CNY, reflecting a growth rate of 67.88% [29]. - The earnings per share (EPS) for 2023 was 2.02 CNY, with a projected EPS of 3.24 CNY for 2024 [29]. - The company’s total assets increased from 7.776 billion CNY in 2022 to 9.132 billion CNY in 2023 [31].

证券研究报告 公 2024年05月09日 司 报 告 伯特利(603596) │ 行 业： 汽车/汽车零部件 公 投资评级： 买入（维持） 司 2024 年一季度报告点评： 当前价格： 56.13元 季 报 智能电控加速，产品升级有望持续兑现业绩 目标价格： 82.03元 点 事件： 评 基本数据 公司发布2024年一季报。2024Q1实现营收18.60亿元，同比增长24.0%， 总股本/流通股本(百万股) 433.25/432.30 归母净利润2.10亿元，同比增长21.8%，扣非后归母为1.92亿元，同比增 流通A股市值(百万元) 24,265.17 长21.3%。 每股净资产(元) 13.65 ➢ 产品销量数量稳步向上，营收有望持续提升 资产负债率(%) 42.52 公司2024Q1实现营收18.60亿元，同比增长24.0%。公司主要产品盘式制 一年内最高/最低(元) 97.86/47.11 动 器 / 轻 量 化 / 智 能 电 控 / 机 械 转 向 2024Q1 销 量 分 别 为 68.5/278.5/92.3/73.9万套，各类产品销量保持较快增长。2024Q1公司新 股价相对走势 增定点项目 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.66 yuan based on a 20x PE for 2024 [4][7]. Core Insights - The company has shown strong revenue growth, with 2023 revenue at 2.924 billion yuan, a 43.5% increase year-on-year, and a net profit of 1.086 billion yuan, up 27.67% [2][4]. - The performance of the "Zhengtu" IP continues to expand, with new game releases contributing positively to revenue [2][3]. - The integration of AI technology in gaming is expected to enhance efficiency and innovation in game development [3][4]. Financial Performance Summary - 2023 revenue reached 2.924 billion yuan, with a year-on-year growth of 43.5% [5]. - The net profit for 2023 was 1.086 billion yuan, reflecting a 27.67% increase [5]. - The first quarter of 2024 saw revenue of 696 million yuan, a 37.21% increase year-on-year, and a net profit of 352 million yuan, up 43.97% [2][5]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 3.537 billion yuan, 4.068 billion yuan, and 4.596 billion yuan, respectively, with growth rates of 21%, 15%, and 13% [4][5]. - Net profit forecasts for the same years are 1.545 billion yuan, 1.703 billion yuan, and 1.907 billion yuan, with growth rates of 42%, 10%, and 12% [4][5]. - The EPS is expected to be 0.78 yuan, 0.86 yuan, and 0.97 yuan for 2024, 2025, and 2026, respectively [4][5].

证券研究报告 行 2024年05月09日 业 报 投资建议： 强于大市（维持） 告 房地产 上次建议： 强于大市 │ 行 业 相对大盘走势 4 月数据点评：销售降幅收窄，拿地持续优化 点 房地产 沪深300 评 10% 研 ➢ 行业事件： 究 -7% 中指院统计，2024年1-4月，TOP100房企销售总额为12464亿元，同比下 降47.7%；销售面积7048万平方米，同比下降48.9%；权益拿地金额为2852 -23% 亿元，同比下降2.6%；权益拿地面积为4527万平方米，同比增长22.3%； -40% 权益新增货值7335亿元，同比增长10.5%。 2023/5 2023/9 2024/1 2024/5 ➢ 销售：降幅略有收窄，市场缓慢修复 2024年1-4月，TOP100房企销售总额为12464亿元，同比下降47.7%；销 作者 售面积 7048 万平方米，同比下降 48.9%。TOP100 房企房企权益销售额为 分析师：杨灵修 8703 亿元，同比下降 48.2%，权益销售面积为 5065 万平方米，同比下降 执业证书编号：S0590523010002 49.3%。整体来看，销售金额和面积降幅较3 ...