行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 银行理财公司评级办法征求意见，推动行业高质量发展 ＃inve推stSu荐ggest ion＃ ( i维 nv＃ e持 stS ） ugg esti ＃createTime1＃ 2024年 5月 28日 行 onChan ge＃ 投资要点 业 ＃ relatedReport＃ ＃summary＃ ⚫ 2024年5月24日，根据财联社等媒体报道，监管部门近期就银行理财公司评级 点 分析师： 办法向行业内征求意见。 评 ＃陈a绍ss兴Au thor＃ ⚫ 银行理财公司评级体系在 2022 年就已被提及，近年来保险资管公司和信托公司 报 SAC：S0190517070003 等金融机构的评级办法也已落地。（原）银保监会2022年8月发布了《理财公司 chenshaox@xyzq.com.cn 告 内部控制管理办法》，其中提及了“银保监会及其派出机构应当对理财公司内部控 制执行情况和有效性进行持续监管，逐步建立理财公司评价体系”。从其他金融机 王尘 构看，（原）银保监会在2021年和2023年分别发布了保险资管公司和信托公司评 SAC：S01 ...

发言本次电话会议仅服于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息 涉及外部嘉宾发言的商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位投资人大家晚上好欢迎大家参加新政海外新时代的港股核心资产系列电话会议能源业公用事业以及原材料页篇首先请海外仿佛零售原材料行业的负责人韩一嘉老师发言各位投资者大家晚上好我是韩一嘉欢迎进入我们本次第七场的港股核心资产系列电话会议那这场是能源公用事业和原材料 我这边负责讲解一下北控水务、光大环境、招金矿业、西部水泥另外由我们公用事业负责人李静云向大家汇报华润燃气和中国海洋石油那我先来讲一下北控和光大这两个公司我想投资者应该对他们越来越熟悉了是分别是水务和垃圾发电的全国龙头 自由现金流也正在转正或者说正的读数越来越高而且可预期的是现金流的改善幅度会非常的快那对应现金流的改善幅 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company is set to launch two major new products in June, which are expected to revolutionize traditional DCS technology: the first universal control system UCS and the first AI temporal model TPT [1][2]. - The company achieved a revenue of 8.62 billion yuan in 2023, representing a year-on-year growth of 30.13%, and a net profit of 1.102 billion yuan, up 38.08% year-on-year [2][4]. - The company is focusing on cost control and increasing R&D investment in DCS and AI upgrades, with R&D expenses rising by 31.13% to 908 million yuan in 2023 [2][4]. Financial Performance - Revenue projections for 2024-2026 are adjusted to 10.678 billion, 13.119 billion, and 16.011 billion yuan, respectively, with expected growth rates of 23.9%, 22.9%, and 22.0% [4][5]. - The net profit forecast for the same period is set at 1.232 billion, 1.502 billion, and 1.822 billion yuan, with growth rates of 11.8%, 21.9%, and 21.3% [4][5]. - The company's gross margin for 2023 was 33.19%, with a slight decrease attributed to the higher revenue share from lower-margin S2B business [2][4]. Market Expansion - The company is expanding both domestically and internationally, with significant revenue growth in various sectors: metallurgy (62.87%), energy (34.70%), petrochemicals (29.27%), and chemicals (23.70%) [2]. - The overseas market strategy has seen success, with nearly 1 billion yuan in new overseas contracts signed in 2023, and overseas revenue exceeding 343 million yuan, a year-on-year increase of 37.42% [2].

行 业 研 证券研究报告 究 ＃industryId＃ 快递 ＃title＃ 2024 年 4月快递月报 快递量价超预期，竞争重心从成本转向服务 ＃inve推stSu荐ggest ion＃ ( 维＃持 ） i un gv ge es st tS i ＃createTime1＃ 2024年 05月 24日 ＃relatedReport＃ o nChan 投资要点 相关报告 行 ge＃ ＃summary＃ 《【兴证交运】航运板块3月跟 ⚫ 事件：各快递公司公告2024年4月运营数据。 业 踪：需求偏弱，油轮3月运价承 1、快递行业：1）业务量：137亿件，同比+22.7%（前值为20.1%）、环比-1.1%。 点 压》2024-04-15 《【兴证交运】交通运输行业周 社零增速为+2.3%，网购实物商品零售额增速为-0.3%，电商渗透率为26.1%、同比 评 报（2024.4.8-2024.4.14）：“五 -0.7pct。2）单票收入：7.99元/件，同比-11.8%、环比-1.9%；3）收入：1094.4亿 一”出境游部分航线涨价超 报 200%，预计24Q1快递件量同比 元，同比+15.7%；4）CR8指数 ...

Investment Rating - Buy rating maintained for Mindray Medical (300760) [2] Core Views - Mindray Medical is emerging as a global leader in the medical device industry, with a strong focus on international expansion and digital transformation [5] - The company is a pioneer in China's intelligent manufacturing, excelling in three core business areas: Life Information & Support, IVD, and Medical Imaging [5] - Mindray Medical is expected to achieve steady growth in 2024, driven by domestic hospital bidding recovery, international market penetration, and new infrastructure projects [5] Business Overview International Expansion - Mindray Medical has established a global presence, with products sold in over 190 countries and regions, and international sales accounting for 38.8% of total revenue in 2023 [11] - The company has a significant market opportunity internationally, with an addressable market exceeding 450 billion RMB, but current market share remains in the low single digits [11] - Mindray Medical has successfully penetrated high-end international markets, covering 660+ European teaching hospitals and all top 20 hospitals in the US [13] Core Business Areas Life Information & Support - Mindray Medical holds a leading position in the Life Information & Support segment, with multiple products ranking among the top globally [5] - The segment achieved revenue of 15.25 billion RMB in 2023, with a CAGR of 24% from 2018 to 2023 [38] IVD - IVD is the largest segment in both global and domestic medical device markets, with Mindray Medical building a comprehensive product portfolio across multiple technology platforms [5] - The company's IVD business achieved revenue of 12.42 billion RMB in 2023, with a CAGR of 22% from 2018 to 2023 [49] Medical Imaging - Mindray Medical's Medical Imaging business is moving towards high-end products, with significant breakthroughs in ultrasound technology [5] - The company has released several high-end ultrasound products, such as the Resona A20 and Recho R9, showcasing its R&D capabilities [5] Digital Transformation - Mindray Medical is undergoing a digital transformation, leveraging its "Three Rui" ecosystem to enhance global healthcare institutions' diagnostic capabilities [5] - The company's digital solutions, including Ruizhilien, Mindray Smart Lab, and Ruiying Cloud++, have been widely adopted in both domestic and international markets [24] Financial Analysis - Mindray Medical's revenue is expected to grow from 34.93 billion RMB in 2024E to 61.17 billion RMB in 2026E, with a CAGR of 20.3% [6] - The company's net profit is projected to increase from 11.58 billion RMB in 2024E to 20.31 billion RMB in 2026E, with a CAGR of 20.9% [6] - Gross margin is expected to remain stable, increasing slightly from 66.5% in 2024E to 67.2% in 2026E [6] Market Opportunities Domestic Market - The domestic medical device market is expected to benefit from new infrastructure projects, equipment updates, and critical care capacity building [27] - Mindray Medical estimates that the domestic market opportunity for its products exceeds 100 billion RMB, with current market share at only 20% [25] International Market - The international market presents a significant growth opportunity, with an addressable market exceeding 450 billion RMB [11] - Mindray Medical is well-positioned to capitalize on this opportunity, with a strong product portfolio and a growing presence in both developed and emerging markets [11]

本次电话会议仅服务于星叶证券客户会议音频及文字记录的内容版权为星叶证券所有内容必须经星叶证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权星叶证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位投资者下午好我是新政部收的分析师阮强今天下午跟大家分享一下我们最近的一个研究同业存单齐称策略研究 整个的我们的研究来看的话分为几部分首先从同业存单的市场概况来看其实这个市场在2014年以来是呈现一个加速扩张的一个过程2017年以后的话是呈现了一个平稳发展现在来看已经成为一个重要的固定收益投资标的 同业存单本身的话是有很多的优势的而且从现在同业存单一个存量的比较来看的话它的数量和规模都是位居前列的啊如果说我们看那个机构和发行期限的话啊发行人其实以像以股份行成商行啊国有行居多啊期限的话也是以啊比较长一点的这个一年期啊六个月期为主 从定价来看的话其实总体上还是对标这个同业银行 ...

Investment Rating - The report maintains an "Overweight" rating for key companies in the securities industry, including Huatai Securities, CITIC Securities, Zheshang Securities, Dongfang Caifu, Guolian Securities, all rated as "Buy" [2]. Core Insights - Market capitalization management is defined as a strategic management model that integrates a listed company's operational development with capital market operations, aiming to enhance the company's market value through effective information transmission [3][7]. - The necessity for listed securities companies to engage in market capitalization management is underscored by three main factors: the emphasis from the State-owned Assets Supervision and Administration Commission (SASAC), the need to maintain reasonable valuation levels for financing capabilities, and the increasing competition for liquidity among listed companies due to the rise in the number of listed securities firms [3][9][11]. - The report emphasizes the importance of establishing a performance evaluation system for market capitalization management, focusing on relative valuation metrics, stock liquidity, and analyst coverage [3][21]. Summary by Sections Definition of Market Capitalization Management - Market capitalization management combines a company's operational development with capital market operations, aiming to reflect the company's intrinsic value in its stock price [7]. Necessity of Market Capitalization Management for Listed Securities Companies - SASAC has increasingly emphasized the importance of market capitalization management, integrating it into performance evaluations for central enterprises [9][10]. - Maintaining a reasonable valuation is crucial for financing capabilities, with approximately 30% of listed securities companies currently having a price-to-book (PB) ratio below 1 [11][12]. - The number of listed securities companies has increased significantly, leading to intensified competition for liquidity [18][19]. Evaluation System for Securities Companies' Market Capitalization Management - The evaluation system includes three dimensions: relative valuation (PB), stock liquidity (turnover rates), and analyst coverage [21][22]. - The report highlights that absolute valuation differences are not a reliable measure of market capitalization management success, suggesting a focus on relative valuation among peer companies [22]. Recommendations for Market Capitalization Management - Securities companies should focus on fee-based business growth narratives to expand valuation space and diversify their equity structure by introducing strategic investors [4]. - High-quality information disclosure and investor communication are essential to enhance company value perception [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][12]. Core Insights - The company reported a revenue of 2.143 billion yuan in 2023, a decrease of 7.04% year-on-year, with a net profit attributable to shareholders of 217 million yuan, down 17.20% year-on-year. However, the fourth quarter showed a revenue of 560 million yuan, a significant year-on-year increase of 27.91% [3]. - In Q1 2024, the company achieved a revenue of 480 million yuan, a year-on-year growth of 1.66%, and a net profit of 50 million yuan, up 21.23% year-on-year [3]. - The company’s gross margin improved to 24.36% in 2023, an increase of 3.99 percentage points, and further increased to 25.88% in Q1 2024 [3]. - The advertising business is expanding globally, with over 800 million commercial conversions and coverage in over 200 countries, leveraging AI technology to enhance performance [3]. Financial Summary - The company’s projected revenues for 2024-2026 are 2.579 billion yuan, 2.856 billion yuan, and 3.100 billion yuan, respectively, with corresponding net profits of 285 million yuan, 347 million yuan, and 430 million yuan [2][3]. - The projected PE ratios for 2024-2026 are 28.4, 23.3, and 18.8 times, respectively, indicating a favorable valuation trend [3]. - The company plans to distribute a cash dividend of 1.10 yuan per 10 shares for 2023 [3].

Company Overview - The company's closing price on 2023-05-17 was 7.67 yuan, with a total share capital of 3,299.30 million shares and a circulating share capital of 3,229.17 million shares [1] - The company's net assets were 20,385.43 million yuan, with total assets of 47,035.11 million yuan and net assets per share of 6.18 yuan [1] Financial Performance - In 2023, the company achieved operating revenue of 18,727 million yuan, a year-on-year increase of 7.16%, reaching 98.52% of the annual operating revenue target [2][5] - Net profit attributable to the parent company was 525 million yuan, a year-on-year decrease of 14.35%, with a net profit margin of 3.15%, down 0.59 percentage points year-on-year [2][5] - Basic earnings per share were 0.18 yuan/share, a year-on-year decrease of 21.33%, and the weighted average return on equity was 2.98%, down 1.50 percentage points year-on-year [2][5] - In Q1 2024, the company achieved operating revenue of 3,814 million yuan, a year-on-year decrease of 14.50%, and net profit attributable to the parent company was 143 million yuan, a year-on-year decrease of 21.43% [2][5] Business Segments - In 2023, the company's aerospace product revenue was 14,349 million yuan, a year-on-year increase of 15.46%, accounting for 76.62% of total revenue, up 5.51 percentage points year-on-year [2][8] - Civil product revenue was 4,230 million yuan, a year-on-year decrease of 12.86%, accounting for 22.59% of total revenue, down 5.19 percentage points year-on-year [2][8] - Other business revenue was 148 million yuan, a year-on-year decrease of 23.61%, accounting for 0.79% of total revenue, down 0.32 percentage points year-on-year [2][8] Cash Flow and Profit Distribution - In 2023, the net cash flow from operating activities was -1,020 million yuan, an increase of 357 million yuan compared to the previous year [2] - The net cash flow from investment activities was -1,683 million yuan, a decrease of 798 million yuan compared to 2022 [2] - The net cash flow from financing activities was 2,345 million yuan, a year-on-year decrease of 54.08% [2] - The 2023 profit distribution plan is to distribute a cash dividend of 0.48 yuan per 10 shares (including tax), totaling 158 million yuan [2][5] Subsidiary Performance - Subsidiary Aerospace Feihong achieved operating revenue of 1,102 million yuan, a year-on-year increase of 125.70%, with a net profit of 77 million yuan, a year-on-year increase of 2,800.87% [15] - Subsidiary Aerospace Changzheng achieved operating revenue of 3,758 million yuan, a year-on-year increase of 25.53%, with a net profit of 102 million yuan, a year-on-year decrease of 10.26% [14] Profit Forecast and Investment Rating - The company is expected to achieve net profit attributable to the parent company of 617/749/885 million yuan in 2024-2026, with corresponding P/E ratios of 41.0/33.8/28.6 times (based on the closing price on May 17, 2024) [16] - The company is given an "Overweight" rating [16]

Summary of Conference Call Company or Industry Involved - The conference call pertains to Xin Ye Securities and its clients Core Points and Arguments - The content of the conference call is protected by copyright, and any reproduction or distribution without permission is considered infringement [1] - Participants are reminded not to disclose insider information or any material non-public information [1] Other Important but Possibly Overlooked Content - The call serves as an audio and text record for Xin Ye Securities clients, emphasizing the importance of confidentiality and legal rights [1]