Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.45 CNY based on a 12x PE for 2024 [5][8]. Core Views - The company achieved stable revenue growth, with a 20.22% year-on-year increase in revenue to 35.327 billion CNY and a 45.81% increase in net profit to 1.363 billion CNY for the year 2023 [2][5]. - The company is positioned as a leader in N-type technology, with significant advancements in HJT technology and a robust production capacity of 35GW by the end of 2023 [4][5]. - The report highlights the company's improved profitability due to increased self-supply of battery cells and stable growth in module shipments, particularly in overseas markets [3][4]. Financial Performance Summary - Revenue for 2023 was 35.327 billion CNY, with a growth rate of 20.22% compared to 2022 [6]. - The net profit for 2023 was 1.363 billion CNY, reflecting a 45.81% increase year-on-year [6]. - The company’s gross margin improved to 14.58%, up 3.89 percentage points from the previous year [3][6]. - The company expects revenue growth of 6.6%, 34.7%, and 25.9% for 2024, 2025, and 2026, respectively [5][6]. Production and Technology - The company has successfully implemented HJT technology, achieving a maximum module power of 741W and a conversion efficiency of 23.90% [4]. - The self-supply ratio of battery cells has increased, contributing to improved profitability [3][4]. - The company has made significant breakthroughs in the U.S. market, with module shipments reaching 1.44GW at an average selling price of 2.88 CNY/W, significantly higher than domestic prices [3][4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 35.76 CNY, maintaining the rating from previous assessments [7]. Core Insights - The company achieved a revenue of 14.939 billion CNY in 2023, marking a year-on-year increase of 21.21%, and a net profit attributable to shareholders of 2.007 billion CNY, up 21.78% year-on-year [1]. - The company has seen a significant increase in its market share, with a domestic market share exceeding 9%, up 0.2 percentage points year-on-year, and a record high in new orders of 14.1 GW in 2023 [2]. - The company's gross margin remains industry-leading at 17.03%, although the gross margin for wind turbine business decreased by 7.8 percentage points year-on-year due to a decline in product delivery prices [3]. - The company is advancing its "Dual Sea Strategy," with international revenue reaching 310 million CNY in 2023, indicating strong growth in overseas markets [4]. Financial Performance and Projections - The company forecasts revenues of 18.35 billion CNY, 22.85 billion CNY, and 27.8 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 22.8%, 24.5%, and 21.7% [5]. - The projected net profits for the same years are 2.395 billion CNY, 2.881 billion CNY, and 3.394 billion CNY, with growth rates of 19.4%, 20.3%, and 17.8% [5]. - The earnings per share (EPS) are expected to be 2.0 CNY, 2.4 CNY, and 2.8 CNY for 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 14, 12, and 10 [5]. Market Position and Strategy - The company has optimized its shipment structure, with revenue from wind turbines and components reaching 11.937 billion CNY in 2023, a year-on-year increase of 17.66% [3]. - The company has established a robust overseas marketing team of over 200 personnel to support its international business development [4]. - The company has developed a comprehensive range of offshore wind turbine products, positioning itself for future growth in the offshore wind market [4].

证券研究报告 公 2024年05月09日 司 报 告 阿特斯(688472) │ 行 业： 电力设备/光伏设备 公 投资评级： 买入（维持） 司 当前价格： 12.55元 业绩稳健增长，海外优质市场具备先发优势 年 目标价格： 17.46元 报 点 事件： 评 基本数据 2024年4月26日，公司发布2023年报及2024年一季度报告，2023年公 总股本/流通股本(百万股) 3,688.22/451.48 司实现营业收入513.10亿元，同比增长7.94%，实现归母净利润29.03亿 流通A股市值(百万元) 5,666.11 元，同比增长34.61%，实现销售毛利率13.97%，同比提升2.56pct，销售 每股净资产(元) 5.95 净利率5.63pct，同比提升1.11pct，盈利能力有所提升。 资产负债率(%) 67.46 2024Q1公司实现营业收入95.97亿元，同比减少18.88%，实现归母净利润 5.79亿元，同比减少36.98%，实现销售毛利率17.75%，同比/环比分别提 一年内最高/最低(元) 20.79/11.05 升 1.84pct/6.37pct，销售净利率 5.78%，同比下降 ...

证券研究报告 公 2024年05月08日 司 报 告 东方证券(600958) │ 行 业： 非银金融/证券Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 8.32元 - 费类业务随市波动，投资业务有所承压 公 目标价格： 11.61元 司 季 东方证券发布2024年一季报，公司累计实现营业收入36.1亿，同比-18.6%； 基本数据 报 归母净利润8.9亿，同比-38%；ROE 1.11%，较去年同期减少0.76pct。 点 总股本/流通股本(百万股) 8,496.65/8,463.16 ➢ 收费类业务：财富及资管业务收入随市波动 评 流通A股市值(百万元) 61,867.49 1）公司 1Q24 累计实现经纪业务手续费净收入 4.9 亿，同比-30%/环比- 22%，经纪业务收入占证券主营收入比重19.8%，同比-0.4pct/环比-11pct。 每股净资产(元) 8.84 资产负债率(%) 77.32 2）公司1Q24累计实现资管业务收入3.6亿，同比-39%/环比-12%，资管 收入占证券主营收入比重14.7%，同比-2.4pct/环比-5.6pct。预计主因公募 一年内最高/最低(元) 11.99 ...

Summary of Conference Call Company or Industry Involved - The conference call is associated with Guolian Securities Research Institute, specifically for whitelist clients [1] Core Points and Arguments - The meeting serves as a platform for information sharing but does not constitute investment advice [1] - Participants are advised to make independent investment decisions and bear their own investment risks [1] - Guolian Securities disclaims any responsibility for losses incurred by participants due to the use of the meeting content [1] Other Important but Possibly Overlooked Content - The call emphasizes the importance of self-reliance in investment decisions among participants [1]

证券研究报告 公 2024年05月08日 司 报 告 今世缘(603369) │ 行 业： 食品饮料/白酒Ⅱ 公 投资评级： 买入（维持） 司 季 年报及一季报点评：收入利润符合预期，省内重点市场逐步突破 当前价格： 58.17元 目标价格： 75.25元 报 点 事件： 评 公司发布2023年报及2024年一季报，2023年/2024Q1公司分别实现收入 基本数据 100.98/46.71 亿元，分别同比增长 28.07%/22.84%；分别实现归母净利润 总股本/流通股本(百万股) 1,254.50/1,254.50 31.36/15.33亿元，分别同比增长25.30%/22.12%。 流通A股市值(百万元) 72,974.26 ➢ 收入利润符合预期，顺利实现开门红 每股净资产(元) 11.81 2023 年/2024Q1 公司分别实现收入 100.98/46.71 亿元，分别同比增长 28.07%/22.84%；分别实现归母净利润 31.36/15.33 亿元，分别同比增长 资产负债率(%) 33.82 25.30%/22.12%。2023Q4+2024Q1实现收入64.05亿元，同比增长23.88%， ...

证券研究报告 公 2024年05月08日 司 报 告 白云机场(600004) │ 行 业： 交通运输/航空机场 公 投资评级： 增持（维持） 司 当前价格： 10.31元 产能扩容强化枢纽，降本增效改善盈利 年 目标价格： 12.32元 报 点 事件： 评 基本数据 2024年4月26日，公司发布2023年年度报告。报告期内公司实现营业收 总股本/流通股本(百万股) 2,366.72/2,366.72 入64.3 亿元，较上年同期+62%；归属于上市公司股东的净利润为 4.42 亿 流通A股市值(百万元) 24,400.87 元，上年同期亏损10.71亿元，同比扭亏15.13亿元。 每股净资产(元) 7.52 其中，航空性收入24.92亿元，同比+102.2%；非航收入39.38亿元，同比 资产负债率(%) 32.36 +43.8%，非航收入中的租赁特许综合收入 13.35 亿元、同比+23.9%、占总 一年内最高/最低(元) 15.30/8.99 收入比重20.8%。  高峰小时扩容释放产能，国内旅客量与货运业务超过疫情前 股价相对走势 2023年，白云机场完成旅客吞吐量6317万人次，同增142%、恢 ...

证券研究报告 公 2024年05月08日 司 报 告 招商蛇口(001979) │ 行 业： 房地产/房地产开发 公 投资评级： 买入（维持） 司 当前价格： 8.65元 季 一季报点评：业绩高增，拿地积极 目标价格： 14.39元 报 点 事件： 评 基本数据 4 月 30 日公司发布 2024 年一季度报告。一季度实现营业收入 237.47 亿 总股本/流通股本(百万股) 9,060.84/8,322.56 元，同比增长 58.22%；实现归母净利润 3.32亿元，同比增长 22.22%；实 流通A股市值(百万元) 71,990.14 现扣非归母净利润2.92亿元，同比增长8%；毛利率14.50%，同比增长1.88 每股净资产(元) 10.89 个百分点。 资产负债率(%) 67.71 ➢ 营收与利润高增，毛利率逐步修复 一年内最高/最低(元) 15.16/7.45 公司2024年一季度实现营收237.47亿元，同比高增58.22%，主要系房地 产开发业务结转规模增加所致。实现归母净利润 3.32 亿元，同比增长 股价相对走势 22.22%，增速低于营收主要是结转项目中公司权益占比下降导致，少数股 招商蛇 ...

Investment Rating - The investment rating for the company is to "continue to pay attention" [6]. Core Views - The company's performance is under short-term pressure due to declining prices of anode materials and losses in non-core businesses [3]. - The company has seen a significant increase in sales volume for its anode materials and polarizers, maintaining a leading market share [4]. - The company is focusing on its core business by divesting non-core and inefficient assets [5]. Financial Performance Summary - In 2023, the company achieved revenue of 19.07 billion yuan, a year-on-year decrease of 12.13%, and a net profit of 0.765 billion yuan, down 71.56% [2]. - For Q1 2024, the company reported revenue of 3.752 billion yuan, a decline of 15.67%, with a net loss of 0.073 billion yuan, a decrease of 112.80% year-on-year [2]. - The gross margin for 2023 was 16.22%, down 7.81 percentage points, and the net margin was 4.01%, down 9.01 percentage points [3]. Sales and Market Position - The sales volume of anode materials reached 264,400 tons in 2023, an increase of 44.55%, with market share further enhanced [4]. - The company’s polarizer sales were 140 million square meters, up 10.18%, maintaining a 33% market share in the large-size polarizer segment, which is the highest globally [4]. Strategic Focus - The company has successfully completed the divestiture of its electrolyte and photovoltaic businesses, allowing it to concentrate on its core operations [5]. - The divestiture includes the transfer of 51% of the equity in the electrolyte business and 90.035% of the equity in the photovoltaic business [5]. Earnings Forecast and Valuation - Revenue projections for 2024-2026 are 21.149 billion yuan, 24.142 billion yuan, and 27.532 billion yuan, with year-on-year growth rates of 10.90%, 14.16%, and 14.04% respectively [6]. - The net profit forecasts for the same period are 1.165 billion yuan, 1.491 billion yuan, and 1.743 billion yuan, with growth rates of 52.27%, 27.90%, and 16.90% respectively [6]. - The estimated EPS for 2024-2026 is 0.52 yuan, 0.66 yuan, and 0.77 yuan per share, with a three-year CAGR of 31.6% [6].

➢ 产品降价业绩短期承压，2024Q1 同比扭亏为盈 请务必阅读报告末页的重要声明 版权声明 2024 年 05 月 08 日 一般声明 负极持续放量，2024Q1 同比扭亏为盈 2023 年公司毛利率为 15.46%，同比下降 4.04pct;净利率为 0.21%,同比下 降 6.60pct；23 年负极市场竞争加剧，受产品降价影响以及石墨化加工费 价格变化相对滞后，公司 2023 年盈利能力承压；相比 23 年前三季度亏损 的状态，2023Q4 盈利能力逐渐修复，全年实现正向盈利。2024Q1 公司毛利 率为 17.40%，同比提升 9.55pct，净利率为 3.84%，同比提升 17.63pct， 同比扭亏为盈。 ➢ 磁电装备业务进展顺利，有望贡献新的业绩增量 我们预计公司 2024-2026 年营业收入分别为 59.32/73.25/90.86 亿元，同 比增速分别为 20.88%/23.49%/24.03%，归母净利润分别为 3.68/5.73/9.17 亿元，对应增速分别为 781.64%/55.88%/60.03% ， EPS 分别为 0.51/0.79/1.27 元/股，对应 PE 分别为 2 ...