Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [2][5]. Core Insights - The company reported Q1 2024 earnings that exceeded expectations, with revenue of RMB 42.86 billion, a year-over-year increase of 47.6%, and a net profit of RMB 3.23 billion, reflecting a staggering year-over-year growth of 1752% [2][3]. - The company is actively expanding its overseas market presence, with a significant increase in export sales, which are expected to grow by over 50% this year [3]. - The company is accelerating its transformation towards electrification and intelligence, while also enhancing its marketing system to improve overall product competitiveness [2][3]. Summary by Sections Company Overview - The company operates primarily in the automotive industry, with a market capitalization of RMB 152.67 billion and a share price of RMB 24.75 as of April 24, 2024 [1]. - Major shareholders include Baoding Innovation Great Wall Asset Management Co., holding 59.87% of shares [1]. Financial Performance - Q1 2024 results showed a net profit of RMB 3.23 billion, with an EPS of RMB 0.38, marking a significant turnaround from previous losses [2][3]. - The company’s gross margin improved by 4 percentage points year-over-year, attributed to cost reductions in components and increased sales of high-margin products [2]. Sales and Market Expansion - In Q1 2024, the company sold 275,000 vehicles, a year-over-year increase of 25.1%, with exports contributing significantly to this growth [3]. - The company anticipates reaching export sales of 400,000 to 500,000 vehicles this year, representing a year-over-year increase of 27% to 58% [3]. Future Projections - Projected net profits for 2024, 2025, and 2026 are RMB 11.2 billion, RMB 13.8 billion, and RMB 16.6 billion, respectively, with corresponding EPS of RMB 1.31, RMB 1.62, and RMB 1.95 [2][4]. - The report indicates that the current A-share price corresponds to P/E ratios of 19, 15, and 13 for the years 2024, 2025, and 2026, respectively, while H-share P/E ratios are 7.7, 6.3, and 5.2 [2][4].

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年4月25日 华鲁恒升(600426.SH) Buy 买进 费倩然 H70507@capital.com.tw 目标价(元) 35.00 新产能投放，业绩超预期增长 事件：公司发布2024年一季报，2024Q1公司实现营收79.78亿元， 公司基本资讯 yoy+31.80%，qoq+0.81%；实现归母净利润10.65亿元，yoy+36.30%， 产业别 化工 qoq+64.24%，业绩高于我们预期。 A股价(2024/4/24) 28.34 上证指数(2024/4/24) 3044.82 结论与建议：2024Q1营收和业绩同比高增，主要受益于新产能投放推动 股价12个月高/低 35.03/23.32 各版块销量增长。原料端价格下降较多，公司毛利率得到修复。公司底部扩 总发行股数(百万) 2123.32 张，目前正处于产能投放期，叠加原材料价格回落带来的业绩修复，预计公 A股数(百万) 2115.41 司业绩将持续增长。荆州二期建设稳步推进，看好公司成长潜力，给予“买 A市值(亿元) 599.51 进”评级。 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月25日 爱美客（300896.SZ） BUY 买进 顾向君 H70420@capital.com.tw Q1稳健，产品管线持续扩充 目标价(元) 388 结论与建议： 公司基本资讯 产业别 医药生物 业绩概要： A股价(2024/4/24) 287.86 深证成指(2024/4/24) 9251.13 24Q1实现营收8.1亿，同比增28.2%，录得净利润5.3亿，同比增27.4%，扣非 股价12个月高/低 556.03/263.21 总发行股数(百万) 216.36 后润5.3亿，同比增36.5%，差值主要在于公允价值损益变动。业绩符合预期。 A股数(百万) 149.24 点评： A市值(亿元) 429.59 主要股东 简军(31.05%)  受益医美终端消费增长，一季度在高基数下公司经营稳健，收入规模持续扩张， 每股净值(元) 29.50 我们预计嗨体等当家产品影响力稳步提升，成为增长的重要支柱；濡白天使及系 股价/账面净值 9.76 一个月 三个月 一年 列产品进一步放量，在不同类型机构间快速渗 ...

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside within the range of 5% to 15% [5][8][10]. Core Insights - The company has shown a recovery in titanium dioxide prices, leading to improved performance quarter by quarter. The sales volume of titanium dioxide increased significantly, contributing to revenue growth despite a decline in profit margins due to lower product prices [5][6][7]. - The company is positioned as a global leader in titanium dioxide production, with a comprehensive product portfolio that includes titanium dioxide, sponge titanium, and new energy materials, which are expected to drive future growth [5][7]. Summary by Sections Company Basic Information - Industry: Chemical - A-share price as of April 23, 2024: 19.40 - Market capitalization: 450.57 billion RMB - Major shareholder: Xu Gang (26.25%) - Earnings per share (EPS) forecast for 2024/2025/2026: 1.43, 1.35, 1.55 RMB [1][2][4]. Recent Ratings - Recent ratings indicate a "Trading Buy" with a target price of 22 RMB, reflecting a positive outlook based on recent performance and market conditions [2][5][8]. Product Mix - The product composition includes titanium dioxide (66.4%), iron-based products (9.6%), sponge titanium (8.5%), and new energy materials (4.1%) [2][5]. Earnings Forecast - The company is expected to achieve net profits of 37 billion RMB in 2024, 45 billion RMB in 2025, and 55 billion RMB in 2026, representing year-over-year growth of 14%, 22%, and 23% respectively [4][6]. Revenue and Profit Performance - In 2023, the company reported revenue of 267.65 billion RMB, a year-over-year increase of 11%, with a net profit of 32.26 billion RMB, down 5.64% from the previous year. The fourth quarter of 2023 showed a significant recovery in profits due to a low base effect from the previous year [5][6]. - The first quarter of 2024 saw revenue of 72.88 billion RMB, up 4.52% year-over-year, and a net profit of 9.51 billion RMB, reflecting a 64.15% increase year-over-year [5][6]. Market Position and Future Outlook - The company is leveraging its position in the titanium industry to expand into new energy materials, which are expected to contribute significantly to future earnings. The recovery in titanium dioxide prices and increased sales volume are anticipated to support ongoing performance improvements [5][7].

Compa n y U pda te Ch in a Re sea rch Dep t . 2024年4月24日 金山办公 (688111.SH) Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 350 一季度稳健增长，后续关注办公AI化进展 公司基本资讯 事件： 产业别 计算机 公司发布2024年一季报，Q1收入12.25亿元，同比+16.5%；归母净利润3.67 A股价(2024/4/23) 285.75 亿元，同比+37.3%，扣非净利润3.52亿元，同比+40.6%，业绩符合预期，维 上证指数(2024/4/23) 3021.98 持“买进”评级。 股价12个月高/低 529.63/198.5 总发行股数(百万) 461.82  个人业务维持高增长，费用管控良好带动盈利能力提升：分业务来看， A股数(百万) 461.82 一季度国内个人办公服务订阅收入7.34亿元，同比+24.8%，通过提升用 A市值(亿元) 1319.64 户粘性及付费转化率带动稳健增长；机构订阅收入2.42亿元，同比+13.6%， 主要股东 Kingsoft WPS 随着公司推出WPS 365办公 ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [2][6]. Core Insights - The company has demonstrated robust revenue growth, with Q1 2024 revenue reaching RMB 3.391 billion, a year-on-year increase of 34.4%. The net profit attributable to shareholders was RMB 590 million, up 18.2% year-on-year [3]. - The automation and information technology sectors are experiencing rapid growth, contributing significantly to the company's revenue. Despite a decline in gross margin by 7.58 percentage points to 32.68%, effective cost control measures have been implemented [3]. - The company has acquired a controlling stake in Turing Robotics, which showcased its products at the Hannover Industrial Fair, indicating a strategic move to enhance its capabilities in the industrial robotics sector [3]. - The demand for computing power is expected to rise due to the influence of AI and the digital economy, with the company actively participating in the construction of national computing hubs and data centers [4]. Financial Summary - The company's net profit is projected to grow from RMB 2.186 billion in 2022 to RMB 5.155 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 27.23% [5]. - Earnings per share (EPS) are expected to increase from RMB 0.91 in 2022 to RMB 2.14 in 2026, with a similar growth trajectory [5]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 41 in 2024 to 17 by 2026, indicating an improving valuation as earnings grow [5].

2024 年 04 月 23 日 顾向君 H70420@capitalcom.tw 目标价(元) 29 | --- | --- | --- | --- | |-----------------------|----------|---------------------------|-------------| | | | | | | | | | | | 公司基本资讯 | | | | | 产业别 | | | 农林牧渔 | | A 股价(2024/4/23) | | | 24.27 | | 深证成指 (2024/4/23) | | | 9239.14 | | 股价 12 个月高/低 | | | 27.44/19.97 | | 总发行股数 (百万) | | | 294.11 | | A 股数(百万 ) | | | 294.11 | | A 市值(亿元) | | | 71.38 | | 主要股东 | | 烟台中幸生物 科技有限公司 | (24.86%) | | | | | | | 每股净值 (元) | | | 7.60 | | 股价/账面净值 | | | 3.20 | | | 一个月 | 三个月 | 一年 | | ...

Compa n y U pda te Ch in a Re sea rch De p t . 2024年04月22日 兆易创新（603986.SH） Buy 买进 朱吉翔 H70138@capital.com.tw 1Q24业绩增速如期回升 目标价(元) 85 结论与建议： 公司基本资讯 1H24公司营收增长超过2成、扣非后净利润增长4成，业绩明显改善。预 产业别 电子 A股价(2024/4/19) 74.09 计存储行业2024年景气逐季提升，龙头企业业绩弹性将不断显现。 上证指数(2024/4/19) 3065.26 兆易创新作为国内存储领域的龙头，目前已经成为存储+MCU+传感器的平 股价12个月高/低 125.71/55.2 台型企业，长期有望持续受益于国内进口替代以及半导体需求的增长。目前 总发行股数(百万) 666.91 股价对应2026年PE23倍，目前行业景气谷底回升，给与“买进”评级。 A股数(百万) 664.49 A市值(亿元) 492.32  2023业绩承压， 2023年公司实现营收57.6亿元,YOY下降29.1%;实现 主要股东 朱一明(6.86%) 净利润1.6亿元,YOY下降 ...

C o m p a n y U p d a t e 产业别 化工 A 股价(2024/4/18) 103.46 上证指数(2024/4/18) 3074.22 股价 12 个月高/低 124.95/75.01 总发行股数(百万) 396.76 A 股数(百万) 394.80 A 市值(亿元) 408.46 主要股东 侯军呈(34.46%) 每股净值(元) 11.20 股价/账面净值 9.24 一个月 三个月 一年 股价涨跌(%) 7.0 12.0 -15.2 近期评等 出刊日期 2024-03-12 2023-10-24 2023-08-30 2023-07-13 2023-06-26 2023-04-21 前日收盘 99.30 93.00 99.30 105.35 105.93 118.06 评等 买进 买进 买进 买进 买进 买进 产品组合 护肤类 85.04% 美容类 12.54% 洗护类 2.42% 阿 2024 年 04 月 19 日 顾向君 H70420@capitalcom.tw 目标价(元) 119 机构投资者占流通 A 股比例 基金 7.2% 一般法人 21.4% 股价相对大盘走势 C h ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月15日 云天化（600096.SH） Buy 买进 费倩然 H70507@capital.com.tw 目标价(元) 23.8 业绩符合预期，毛利率同比修复 事件1：公司发布2024年一季报，报告期内公司实现营收138.57亿元， 公司基本资讯 yoy-12.77%；归母净利润14.59亿元，yoy-7.18%，符合预期。 产业别 化工 A股价(2024/4/12) 19.35 事件2：消息面，自4月12日起至8月31日，尿素出口法检放松。 上证指数(2024/4/12) 3019.47 股价12个月高/低 20.2/14.09 结论与建议：受产品价格下降影响，营收利润同比下降，但受益于原材料价 总发行股数(百万) 1834.33 格下降，毛利率同比提高。公司主营产品价格企稳，预计公司盈利有望持续 A股数(百万) 1834.33 修复。尿素法检放开后，尿素价格预计上涨，公司化肥板块盈利预计增厚。 A市值(亿元) 354.94 公司是国内磷化工龙头企业，以化肥产业为基础，依托自身的磷矿、煤矿资 主要股东 ...