Investment Rating - The investment rating for the company is "Buy" with a target price of 70.20 CNY, maintaining the rating from previous assessments [21][20]. Core Insights - The company reported significant growth in 2023, achieving an operating revenue of 1.1 billion CNY, a year-on-year increase of 195%, and a net profit attributable to shareholders of 140 million CNY, up 5500% [2][7]. - In Q1 2024, the company achieved an operating revenue of 300 million CNY, a year-on-year increase of 24% and a quarter-on-quarter increase of 4%. However, the net profit attributable to shareholders decreased by 43% year-on-year but increased by 818% quarter-on-quarter [2][3]. - The company has successfully launched new projects that have increased the sales volume of resource products, although it faces challenges from intense industry competition, declining sales prices, and rising operational costs [3][7]. Financial Data and Valuation - The projected operating revenues for 2024, 2025, and 2026 are 1.519 billion CNY, 2.515 billion CNY, and 3.291 billion CNY, respectively, with growth rates of 41.87%, 65.55%, and 30.86% [5]. - The net profit attributable to shareholders is expected to be 245 million CNY in 2024, 441 million CNY in 2025, and 592 million CNY in 2026, with corresponding growth rates of 76.71%, 80.30%, and 34.22% [5][20]. - The company’s earnings per share (EPS) are projected to be 1.76 CNY in 2024, 3.16 CNY in 2025, and 4.25 CNY in 2026, indicating a compound annual growth rate (CAGR) of 62% over three years [20]. Industry Position and Technological Development - The company is focused on technological innovation and has made progress in the industrialization of waste plastic recycling projects, which are expected to address significant industry pain points and have high commercial value [8][19]. - The company is actively advancing a 200,000 tons/year mixed waste plastic resource utilization demonstration project and has received feasibility recognition for its innovative technologies [8][19].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 16.16 HKD based on a 23x PE ratio for 2024 [6][16]. Core Views - The company is deeply integrated with the aviation industry, and the recovery of passenger volumes since 2024 has led to a significant release of revenue potential, indicating a clear upward trend in profitability [2][4]. - The company holds a dominant position in the global GDS market with a 95% market share in China, benefiting from high barriers to entry and a strong competitive advantage [3][4]. - The company is expected to benefit from the increasing penetration of air travel and the digital transformation of the industry, with diversified business lines enhancing its revenue potential [5][17]. Summary by Sections Company Overview - The company is the only GDS supplier in China, with a market share of 95%, and has been a pioneer in aviation information services for over 40 years [21][25]. - It has a strong shareholder structure, with significant stakes held by state-owned enterprises and major airlines, ensuring deep ties with the aviation sector [25][26]. Financial Analysis - The company’s revenue for 2023 was 69.84 billion CNY, a year-on-year increase of 34.04%, and its net profit reached 13.99 billion CNY, up 123.10% from the previous year [34][36]. - The revenue is expected to grow to 87.75 billion CNY in 2024, with a compound annual growth rate of 16.92% from 2024 to 2026 [6][16]. Business Segments - The core business includes aviation information technology services (AIT), settlement and clearing services, and data network services, which are primarily driven by passenger travel volume and sales channel flow [28][29]. - The company is also expanding into system integration services and other diversified business lines, which are expected to contribute to revenue growth [5][17]. Profitability and Valuation - The report forecasts a net profit of 19.04 billion CNY for 2024, reflecting a growth rate of 36.08% [6][16]. - The company’s valuation is supported by a strong recovery in its core business and a favorable market outlook for the aviation industry [2][4].

证券研究报告 公 2024年04月30日 司 报 告 联影医疗(688271) │ 行 业： 医药生物/医疗器械 公 投资评级： 买入（维持） 司 年 高端产品持续突破，海外业务高速增长 当前价格： 132.56元 报 目标价格： 159.71元 点 事件： 评 基本数据 公司发布2023年年报和2024年一季报。2023年公司实现营业收入114.11 总股本/流通股本(百万股) 824.16/592.23 亿元，同比增长23.52%；归母净利润19.74亿元，同比增长19.21%；扣 非归母净利润16.65亿元，同比增长25.38%。2024Q1实现营收23.50亿 流通A股市值(百万元) 78,506.03 元，同比增长6.22%；归母净利润3.63亿元，同比增长10.20%；扣非归 每股净资产(元) 23.33 母净利润3.00亿元，同比增长8.52%。业绩符合市场预期。 资产负债率(%) 23.98  持续突破创新边界，中高端新品持续放量 一年内最高/最低(元) 159.32/101.36 2023年公司研发投入19.19亿元，同比增长30.84%；研发投入占营业收 入比例为16.81%；共计20余 ...

证券研究报告 公 2024年04月30日 司 报 告 比亚迪(002594) │ 行 业： 汽车/乘用车 公 投资评级： 买入（维持） 司 当前价格： 221.38元 季 一季度业绩稳步增长，看好远期盈利提升潜力 目标价格： 267.55元 报 点 事件： 评 4月29日，公司发布2024年一季报：2024年一季度公司实现营业收入1249.44 基本数据 亿元，同比增长3.97%；归母净利润45.69亿元，同比增长10.62%。 总股本/流通股本(百万股) 2,911.14/2,262.26 ➢ 受车型降价影响ASP有所下滑，营收整体保持稳定 流通A股市值(百万元) 257,744.33 公司2024年一季度实现营业收入1249.44亿元，同比增长3.97%；其中比亚迪 每股净资产(元) 49.15 电子营收364.8亿元，同比增长38.3%；扣除比亚迪电子部分后营收884.63亿 元，同比下滑 5.69%；一季度公司实现销量 62.63 万辆，同比增长 13.4%，折 资产负债率(%) 77.86 合单车收入 14.1 万元，同环比分别下滑 2.86/0.93 万元，主要系一季度公司 一年内最高/最低(元) ...

Investment Rating - The investment rating for the company is to maintain attention due to its position as a leader in traditional Chinese medicine innovation [4]. Core Views - The company reported a revenue of 10.318 billion yuan in 2023, a year-over-year decrease of 17.67%, and a net profit attributable to shareholders of 1.352 billion yuan, down 42.76% year-over-year [2]. - The respiratory product line faced significant declines due to high inventory levels and a high base effect from 2022, while non-respiratory products showed steady growth [2][3]. - The company continues to invest in innovative traditional Chinese medicine research, with a total R&D expenditure of 935 million yuan in 2023, representing 9.06% of revenue [3]. Financial Summary - Revenue projections for 2024-2026 are 11.386 billion yuan, 12.541 billion yuan, and 13.717 billion yuan, with corresponding growth rates of 10.35%, 10.14%, and 9.38% [4]. - Net profit forecasts for the same period are 1.532 billion yuan, 1.759 billion yuan, and 1.990 billion yuan, with growth rates of 13.27%, 14.83%, and 13.10% [4]. - The company’s earnings per share (EPS) are projected to be 0.92 yuan, 1.05 yuan, and 1.19 yuan, with price-to-earnings (P/E) ratios of 21, 18, and 16 respectively [4][5].

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of 36.32 CNY, based on a 16x PE for 2024 [6][4]. Core Insights - The company reported Q1 2024 revenue of 30.578 billion CNY, a year-on-year increase of 4.93%, and a net profit attributable to shareholders of 2.741 billion CNY, up 3.74% year-on-year [1]. - The gross margin for Q1 2024 was 42.02%, a decrease of 2.47 percentage points year-on-year, but an increase of 0.49 percentage points compared to the full year of 2023 [2]. - The company continues to invest in R&D, particularly in artificial intelligence, establishing multiple product lines and laboratories to support the development of intelligent computing solutions [2]. Financial Performance - The company’s revenue projections for 2024-2026 are 133.93 billion CNY, 146.00 billion CNY, and 159.21 billion CNY, with year-on-year growth rates of 7.79%, 9.02%, and 9.04% respectively [4]. - The net profit attributable to shareholders is expected to be 10.870 billion CNY, 12.699 billion CNY, and 14.842 billion CNY for the same period, with growth rates of 16.56%, 16.83%, and 16.87% respectively [4]. - The company’s EPS is projected to be 2.27 CNY, 2.65 CNY, and 3.10 CNY for 2024, 2025, and 2026, respectively, indicating a 3-year CAGR of 16.75% [4]. Business Segments - The first curve, "Connectivity," shows steady growth, while the second curve, "Computing Power," is accelerating its expansion [3]. - The company ranks second globally in the shipment of 5G base stations and core networks for four consecutive years [3]. - The consumer business continues to lead globally in market share for mobile internet products, specifically 5G FWA and MBB [3].

证券研究报告 分析师：邓文慧 执业证书编号：S0590522060001 邮箱：dengwh@glsc.com.cn 分析师：曹晶 执业证书编号：S0590523080001 邮箱：caojing@glsc.com.cn 旅行复苏提振业绩，酒店盈利能力回升 ➢ ADR 驱动 RevPAR 继续增长，拓店聚焦标准品牌结构优化 ➢ 盈利预测、估值与评级 | --- | --- | |----------------------------|-------------------| | 基本数据 | | | 总股本/流通股本(百万股 ) | 1,116.60/1,116.60 | | 流通 A 股市值(百万元 ) | 17,452.51 | | 每股净资产(元 ) | 10.08 | | 资产负债率 (%) | 55.56 | | 一年内最高/最低 (元) | 21.58/13.21 | 请务必阅读报告末页的重要声明 公司报告│公司季报点评 分析师声明 | --- | --- | --- | --- | |------------------------------------------------------- ...

公 司 报 告│ 公 司 年 报 点 评 ➢ 持续受益新业务放量，机器人有望打开长期空间 2 请务必阅读报告末页的重要声明 本报告署名分析师在此声明：我们具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，本报告所表述的所有观点均准确地反映了我们 对标的证券和发行人的个人看法。我们所得报酬的任何部分不曾与，不与，也将不会与本报告中的具体投资建议或观点有直接或间接联系。 评级说明 除非另有规定，本报告中的所有材料版权均属国联证券股份有限公司（已获中国证监会许可的证券投资咨询业务资格）及其附属机构（以下统称"国联证券"）。 未经国联证券事先书面授权，不得以任何方式修改、发送或者复制本报告及其所包含的材料、内容。所有本报告中使用的商标、服务标识及标记均为国联证 券的商标、服务标识及标记。 凌云股份(600480) 凌云股份 2023 年及 2024 年一季报点评： 新业务拓展顺利，2024Q1 业绩超预期 事件： 4 月 29 日公司发布 2023 年报和 2024 年一季报，2023 年公司实现营收 187 亿元，同比+12.1%，实现归母净利润 6.3 亿元，同比+85.4%，实现扣非归 母净利润 ...

证券研究报告 公 2024年04月30日 司 报 告 赛轮轮胎(601058) │ 行 业： 汽车/汽车零部件 公 投资评级： 增持（维持） 司 当前价格： 15.81元 业绩高增，产品结构优化+全球化布局优势明显 年 目标价格： 18.20元 报 点 事件： 评 基本数据 2023年公司实现营业总收入259.8亿元，同比+19%；归母净利润30.9亿元， 总股本/流通股本(百万股) 3,288.10/3,288.10 同比+132%；基本每股收益1.01元。其中23Q4实现营收69.7亿元，同比+34%， 流通A股市值(百万元) 51,984.87 环比-6%；归母净利润10.7亿元，同比+299%，环比+9%。 每股净资产(元) 5.24 2024Q1公司实现营业总收入73.0亿元，同比+36%，环比+5%；归母净利润10.3 资产负债率(%) 49.28 亿元，同比+191%，环比-3%。 一年内最高/最低(元) 17.75/9.41  外需高景气叠加内需改善，公司23年和24Q1净利实现高增 23年公司净利高增，主要系国内轮胎需求恢复明显，国外经销商去库存的影响 股价相对走势 也在 23H2 逐步消 ...

9 请务必阅读报告末页的重要声明 投资策略│策略专题 1、行业开始新一轮成长，营收连续四个季度达到或则接近历史同期水平； 特别声明 证券研究报告 【国联研究】2024 年 5 月金股组合 1、河北本部需回暖，2024Q1 收入回款表现亮眼；2、武陵酒招商进展有序 推进；3、费用率持续改善，盈利能力提升。 1、盈利能力快速提升的中药 OTC 龙头；2、疾病谱改变有望推动中医药放 量；3、公司启动混改赋能新增长。 投 资 策 略│ 策 略 专 题 ➢ 老白干酒(600559.SH) 1、水产养殖景气度回升；2、猪价回暖带动生猪业务扭亏；3、饲料主业结 构改善带动盈利能力增强。 ➢ 比亚迪(002594.SZ) ➢ 中航沈飞(600760.SH ) ➢ 阳光电源(300274.SZ ) ➢ 广深铁路(601333.SH ) ➢ 中际旭创(300308.SZ ) ➢ 晶晨股份(688099.SH ) ➢ 中控技术(688777.SH ) 风险提示：经济复苏不及预期、市场竞争加剧、原材料价格波动等风险。 作者 联系人：付祺泰 | --- | --- | |----------|-------| | | | | 相关报告 ...