证券研究报告 公 2024年05月08日 司 报 告 广深铁路(601333) │ 行 业： 交通运输/铁路公路 公 投资评级： 增持（维持） 司 当前价格： 3.34元 季 一季度业绩超预期，盈利能力持续提升 目标价格： 4.00元 报 点 事件： 评 基本数据 2024 年一季度，公司实现营业收入 66.00 亿元，同比增长 7.39%；实现归 总股本/流通股本(百万股) 7,083.54/7,083.54 母净利润5.47亿元，同比增长34.99%；实现扣非归母净利润5.41亿元， 流通A股市值(百万元) 18,878.47 同比增长35.05%。 每股净资产(元) 3.81 ➢ 24Q1公司客/货运量同比增长49.4%/7.5% 资产负债率(%) 28.18 一年内最高/最低(元) 4.29/2.45 受益于客运出行需求持续释放，2024年1-3月公司累计客运发送量1803.63 万人，同比 2023 年增长 49.38%，其中城际列车/直通车/其他车分别发送 股价相对走势 旅客652.24/32.62/1118.78万人，同比增长45.30%/130.79%/50.30%，直 广深铁路 沪深300 ...

证券研究报告 业务规模不断扩大，大湾区枢纽能力提升 核心运营指标较疫情前大幅增长，业务规模不断扩大 2024Q1，公司营业总成本 10.4 亿元，同比-1%。其中主营成本 8.9 亿元， 同比-0.6%，销售/管理/财务费用率分别为 0.3%/2.8%/8.0%,分别同比持平 /-0.8pct/-1.1pct，合计期间费用率 11.1%、同比-1.8pct,此外，计提坏账 损失有所减少。成本优化的同时，公司产能利用率在全国领先；截至 2023 年底，机场高峰小时容量达 65 架次，位列国内双跑道运行机场第 1 位。 盈利预测、估值与评级 2024 年 05 月 08 日 股价相对走势 -30% -20% -10% 0% 2023/5 2023/9 2024/1 2024/5 深圳机场 沪深300 交通运输/航空机场 增持（维持） 7.02 元 8.14 元 深圳机场(000089) 4 月 27 日，公司发布 2024 年一季报。报告期内公司实现营业收入 11.3 亿 元，较上年同期增长 24.45%；归属于上市公司股东的净利润为 0.95 亿元， 上年同期亏损 1.1 亿元。 成本管控有效，双跑道产能利用领 ...

证券研究报告 公 司 报 告│ 公 司 年 报 点 评 产能扩张持续推进，阳极产品开始提价 索通发展发布 2023 年年报，公司实现营业总收入 153.11 亿元、同比下降 21.08%，归母净利润-7.23 亿元、同比由盈转亏，基本 EPS-1.4 元。 2023 年，公司主要产品预焙阳极价格持续回落，预焙阳极 12 月月均价格 指数较 1 月月均价格下跌 38.01%。公司主要原材料石油焦价格持续回落， 石油焦 12 月月均价格指数较 1 月月均价格下降 48.06%。由于生产成本滞 后于原材料及产品价格变动，导致公司预焙阳极毛利率大幅下滑 12.4 个百 分点至 1.41%。价格下跌导致公司计提存货减值准备 0.74 亿元，由于公司 收购的欣源股份纳入合并报表范围，导致公司计提商誉减值 7.46 亿元。 2023 年，公司预焙阳极产量 296.09 万吨，同比增长 10.32%；运行产能 282 万吨。根据公司生产指引，2024 年预焙阳极产量将增至 330 万吨，运行产 能增至 346 万吨。公司主要在建项目顺利推进，山东创新二期项目、内蒙 欣源新建 4 万吨石墨化项目、嘉峪关盛源首期一步 2.5 万 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.03 CNY per share [1][8]. Core Insights - The company's main business, focusing on pump products, has shown stable growth with a projected revenue increase of approximately 12.60% year-on-year for 2023, achieving a three-year CAGR of 13.78% [5]. - The environmental protection business is gradually reducing losses, with measures taken to streamline operations and improve profitability [6][7]. - The first quarter of 2024 showed significant improvement in the profit statement, with a notable reduction in asset impairment losses and increased investment income [7]. Financial Performance Summary - In 2023, the company achieved a revenue of 54.33 billion CNY, a year-on-year increase of 3.22%, and a net profit of 2.01 billion CNY, up 73.63% [4]. - For Q1 2024, the company reported a revenue of 10.34 billion CNY, a 5.56% increase year-on-year, and a net profit of 0.89 billion CNY, reflecting a 123.57% growth [4]. - The projected revenues for 2024-2026 are 60.58 billion CNY, 68.57 billion CNY, and 77.05 billion CNY, with corresponding year-on-year growth rates of 11.49%, 13.19%, and 12.38% [8][9]. Valuation Metrics - The report estimates the company's earnings per share (EPS) for 2024-2026 to be 0.20 CNY, 0.31 CNY, and 0.36 CNY, with a three-year CAGR of 50.97% [8]. - The price-to-earnings (P/E) ratio is projected at 20 times for 2024, indicating a favorable valuation compared to peers [8].

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group with a target price of HKD 3.99, based on the company's competitive advantages in property insurance and significant improvements in life and health insurance value rates [6][5]. Core Insights - The company reported an insurance service revenue of CNY 126.17 billion for Q1 2024, a year-on-year increase of 7.7%, while the net profit attributable to shareholders was CNY 8.96 billion, down 23.5% year-on-year [2][5]. - The property insurance segment showed a slight increase in premium income, with a year-on-year growth of 3.8% to CNY 173.98 billion, although the growth rate was slightly below the industry average [3]. - The life insurance segment experienced a significant increase in new business value (NBV), up 81.6% year-on-year, driven by a low base and improved value rate [4]. - The health insurance segment also performed well, with a net profit of CNY 1.52 billion, reflecting a year-on-year increase of 48.7% [4]. Financial Performance Summary - The total investment income for Q1 2024 was estimated at CNY 11.9 billion, a decrease of 39.1% year-on-year, primarily due to increased market volatility affecting investment returns [5]. - The report forecasts net profits for 2024, 2025, and 2026 to be CNY 28.41 billion, CNY 32.00 billion, and CNY 34.89 billion respectively, with growth rates of 27%, 13%, and 9% [5][6]. - The company's total assets are projected to grow from CNY 1.70 trillion in 2024 to CNY 1.83 trillion by 2026, indicating a steady growth trajectory [10].

证券研究报告 公 2024年05月08日 司 报 告 中国外运(601598) │ 行 业： 交通运输/物流 公 投资评级： 买入（维持） 司 当前价格： 5.81元 2024 年一季报点评：货量增速亮眼，利润同比承压 季 目标价格： 7.20元 报 点 事件： 评 基本数据 2024年4月29日，公司发布2024年一季度报告。2024年一季度，公司实 总股本/流通股本(百万股) 7,294.22/7,294.22 现营业收入242.9亿元，同比+8.1%；归母净利8.0亿元，同比-16.1%。 流通A股市值(百万元) 30,536.88  代理货量增速亮眼，政府补贴同比增加 每股净资产(元) 5.30 2024年一季度，公司代理及相关各主要业务货量均实现同比20%以上增长； 资产负债率(%) 48.43 获得与收益相关的政府补助合计4.8亿元，同比+4.6%。分业务看， 一年内最高/最低(元) 6.80/4.36 1）海运代理业务量322.6万TEU，同比+21.2%。同期中国集装箱出口运价 综合指数CCFI同比+18.1。因此预计公司海运货代业务收入或同比正增长。 股价相对走势 2）铁路代理业务量13万 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.87 CNY per share [6][8]. Core Insights - The company benefited from rising copper prices, leading to improved profitability in Q1 2024, with a net profit of 1.097 billion CNY, a year-on-year increase of 7.39% [5][6]. - The company reported a total revenue of 137.45 billion CNY in 2023, a year-on-year growth of 12.81%, although the net profit decreased by 35.49% to 2.699 billion CNY [2][6]. Financial Performance - In 2023, the company produced 1.7563 million tons of cathode copper, a year-on-year increase of 7.83%, accounting for 13.52% of the domestic total production [3]. - The company plans to produce 1.73 million tons of cathode copper in 2024, alongside other production targets for various metals [3][4]. - The company’s self-sufficient copper concentrate production increased significantly by 239.34% in 2023, reaching 175,100 tons [4]. Profitability and Forecast - The report forecasts the company's net profit for 2024-2026 to be 3.974 billion CNY, 4.349 billion CNY, and 4.658 billion CNY respectively, with corresponding EPS of 0.31 CNY, 0.34 CNY, and 0.37 CNY [6][11]. - The company’s sales gross margin and net margin for Q1 2024 were reported at 8.32% and 4.19%, respectively, both showing year-on-year improvements [5][6]. Market Conditions - Global supply disruptions in copper mining are expected to widen the supply-demand gap in 2024, supporting an upward trend in copper prices [5]. - As of April 30, 2024, the LME copper futures price was 10,071 USD per ton, reflecting a 17.9% increase since the beginning of the year [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 11.02 CNY, based on the current price of 8.83 CNY [2]. Core Views - The company reported significant growth in copper and cobalt production and sales in Q1 2024, with expectations for continued volume and price increases throughout the year [3][4]. - The company is optimistic about future copper price trends, supported by a widening supply-demand gap in 2024, which is expected to enhance profit elasticity [5]. - Cobalt prices have reached historical lows, but the company's cobalt gross margin remains stable, with expectations for demand growth driven by policies supporting new energy vehicles [6]. Financial Performance - In Q1 2024, the company achieved operating revenue of 46.121 billion CNY, a year-on-year increase of 4.15%. The net profit attributable to shareholders was 2.072 billion CNY, up 553.28% year-on-year, while the net profit excluding non-recurring items reached 2.091 billion CNY, reflecting a staggering increase of 3082.87% [3]. - The production volumes for copper and cobalt in Q1 2024 were 147,500 tons and 25,200 tons, respectively, representing year-on-year increases of 122.9% and 392.2%. Sales volumes for copper and cobalt were 125,500 tons and 24,300 tons, showing year-on-year growth of 4361% and 2387% [4]. - The company expects net profits for 2024-2026 to be 10.101 billion CNY, 11.524 billion CNY, and 12.604 billion CNY, respectively, with year-on-year growth rates of 22.44%, 14.09%, and 9.37% [7]. Valuation and Estimates - The company is projected to have an EPS of 0.47 CNY, 0.53 CNY, and 0.58 CNY for 2024, 2025, and 2026, respectively [7]. - The estimated P/E ratio for 2024 is 23.56, leading to a target price of 11.02 CNY, maintaining a "Buy" rating based on significant expected growth in copper production and favorable market conditions [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.01 yuan, based on a PE ratio of 21.58 for 2024 [7][5]. Core Insights - The company reported a revenue of 61.264 billion yuan in 2023, a year-on-year increase of 7.20%, and a net profit attributable to shareholders of 2.978 billion yuan, up 57.11% year-on-year [1]. - In Q1 2024, the company produced 4,465 kg of mined gold, an increase of 365 kg year-on-year, while copper production saw a slight decline [2]. - The acquisition of the Shaling Gold Mine is expected to significantly boost gold production starting in 2025, with projected outputs of 1.39 tons in 2025, increasing to 11.08 tons at full capacity [3]. - Gold and copper prices are in an upward cycle, with gold prices rising 23% year-on-year and copper prices up 22% as of April 30, 2024 [4]. Financial Performance Summary - The company achieved a revenue of 61.264 billion yuan in 2023, with a projected revenue of 62.318 billion yuan for 2024, reflecting a growth rate of 1.72% [6]. - The net profit attributable to shareholders is expected to grow from 2.978 billion yuan in 2023 to 3.596 billion yuan in 2024, representing a growth rate of 20.77% [6]. - The earnings per share (EPS) are projected to increase from 0.61 yuan in 2023 to 0.74 yuan in 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.85 CNY, based on a 17x PE for 2024 [6][8]. Core Insights - The company reported a significant improvement in profitability, with total revenue reaching 3.706 billion CNY, a year-on-year increase of 77.67%, and a net profit of 969 million CNY, up 457.41% year-on-year [2][4]. - The production of lead, zinc, and tin has increased, with zinc concentrate production at 55,000 tons (up 33% YoY), lead concentrate at 14,200 tons (up 204% YoY), and tin concentrate at 7,800 tons (up 155% YoY) [3][4]. - The company has improved its gross margin to 52.88%, an increase of 8.41 percentage points, and its net margin to 25.72%, up 17.39 percentage points [4][6]. Financial Performance - The company's operating income for 2023 was 3.706 billion CNY, with a growth rate of 77.67% compared to 2022 [7]. - The net profit for 2023 was 969 million CNY, reflecting a growth rate of 457.41% [7]. - The earnings per share (EPS) for 2023 was 0.53 CNY, with projections for 2024-2026 EPS at 0.93, 1.06, and 1.12 CNY respectively [6][7]. Market Position and Future Outlook - The company has increased its market share in tin production to 8.7%, ranking second in the domestic market, driven by improvements in ore recovery rates and ore grades [5][6]. - Future production growth is anticipated with the commissioning of the second phase of the Qianjinda mining area and the resumption of operations at Tibet Bosheng Mining [5][6].