证券研究报告 ＃industryId＃ 火电 ＃investSuggestion＃ ＃ ＃d浙yCo能mpa电ny＃力 （ 600023 ） investSug 增持 ( 维ges持tionC）h 000 表009 内煤电业绩如期＃ 释titl 放e＃ ，关注 24Q2 弹性 ange＃ ＃createTime1＃ 2024年5月14 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：浙能电力发布2023年报及2024年一季报，2023全年公司实现营业收 日期 2024/5/13 入959.75亿元，同比+19.68%，归母净利润65.20亿元，同比扭亏为盈，扣 收盘价（元） 6.39 非归母净利61.60亿元，同比扭亏为盈。2024一季度实现营业收入200.24亿 总股本（百万股） 13,409 元，同比+13.45%，归母净利18.15亿元，同比+79.62%。结合公司经营数据， 流通股本（百万股） 13,409 我们点评如下： 净资产（百万元） 69,578  控股火电：2024Q1控股煤电成本端延续下行，业绩弹性仍有望释放。公司 总资产（百万元） 147,697 全年完成上网 ...

Investment Rating - The report maintains a recommendation for investment in the sector of Hong Kong-listed regional banks [1]. Core Insights - The analysis of 19 Hong Kong-listed regional banks indicates a decline in revenue and profit for 2023, primarily due to interest income pressure, with an overall ROE of 5.75%, which is lower than the industry average of 8.93% [2][7]. - Credit expansion has slowed down, with total assets growing by 7.7% and loans by 6.3%, indicating a mismatch between deposit and loan growth rates [11]. - The net interest margin has narrowed to 1.71%, influenced by both asset and liability sides, with significant differentiation among sample banks [16]. - Asset quality remains stable, with a slight improvement in the overall non-performing and attention loan ratios, although there are notable disparities among banks [2][11]. Summary by Sections 1. Profitability - Sample banks experienced a revenue and net profit decline of -4.4% and -4.5% year-on-year, respectively, with a significant number of banks showing an ROE below 5% [2][7]. - The average net interest income decreased by 4.1%, while non-interest income showed mixed results, with fee income dropping by 17.3% [7]. 2. Scale - Total assets of sample banks increased by 7.7%, while loans grew by 6.3%, indicating a slowdown in credit expansion compared to the industry average of 10.6% [11]. - The loan structure shows a ratio of approximately 80% corporate loans to 20% retail loans, consistent with industry trends [11]. 3. Net Interest Margin - The average net interest margin for sample banks is 1.71%, down by 19 basis points year-on-year, with variations among banks due to differing asset-liability structures [16]. - Some banks, like Qingdao Bank and Tianjin Bank, saw an increase in their net interest margins due to improved asset-liability management [16]. 4. Asset Quality - The average non-performing loan ratio for sample banks is 1.79%, with a slight year-on-year decrease, while the attention loan ratio improved to 3.10% [2][11]. - There are significant differences in asset quality among banks, with some experiencing substantial improvements in non-performing loan ratios, while others faced increases [2][11].

行 业 研 证券研究报告 究 建筑装饰 ＃titl ＃ 跟踪：一季报关注点及后续展望 REITs 推荐 ( 维持 ） 2024年 05月 14日 投资要点 行 相关报告  REITs 一季报总览：大多数 2022 年及之前发行的 REITs 2024 年 Q1 核心业 业 《【兴证建筑】REITs跟踪： 绩指标同比有所下滑，保租房板块经营相对稳健。2023下半年以来新发REITs 生态改善，优选高性价比》 跟 2024-03-12 业绩目标完成度整体较好。 踪 《【兴证建筑】REITs观点：  分板块一季报关注点及后续展望：1）产业园：业绩及经营指标压力犹在，防 报 短期磨底仍有可能，关注投资 集中到期及超预期风险为主；2）仓储物流：业绩表现仍稳健，但经营数据指 告 机制相关政策加码空间》2023- 向运营风险，防风险为主，区域优先；3）消费基础设施：实体消费逐步恢复， 12-13 业绩及经营表现较好，等待二级市场回调机遇。4）保租房：经营情况均保持 《【兴证建筑】REITs观点： 三季报整体修复中分化持续， 稳定态势，偏市场化保租房在竞争加剧环境下主动运管能力彰显。5）能源： 消费基础设施或释放REIT ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 垂直应用软件 ＃investSuggestion＃ ＃ ＃d 恒yCo 生mp 电any＃子 （ 600570 ） investSug 增持 ( 维ges持tion ）Ch 600570 收 入 平稳增长 ，＃ 主title＃ 业 经营 利润良好 ange＃ ＃ createTime1＃ 2024 年 05月 14日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 2024 年 Q1 公司营业总收入 11.88 亿元，同比增长 5.13%；归母净利 司 市场数据日期 2024-05-13 润亏损 0.36 亿元，去年同期 2.22 亿元；扣非净利润 0.21 亿元，同比下降 点 收盘价（元） 20.83 71.28%。 评 总股本（百万股） 1894.14 报 流通股本（百万股） 1894.14 ⚫ 资管 IT 增速较高，财富 IT 短期承压。财富科技收入 2.24 亿元，同比下降 净资产（百万元） 7962.12 20.34%；资管科技收入 2.83 亿元，同比增长 13.64%；运营与机 ...

Investment Rating - The report maintains an "Accumulate" rating for Kingsoft Office (688111) [3] Core Views - The company achieved revenue of 1.225 billion yuan in Q1 2024, representing a year-on-year growth of 16.54%, and a net profit attributable to shareholders of 367 million yuan, up 37.31% year-on-year [1][3] - The revenue from personal office subscription services reached 734 million yuan, a year-on-year increase of 24.80%, while institutional subscription services generated 242 million yuan, growing 13.57% year-on-year [1] - The gross profit margin for Q1 was 84.80%, showing a slight decline of 2.02 percentage points year-on-year, but the net profit margin improved significantly to 29.82%, an increase of 4.57 percentage points year-on-year [3] Financial Summary - The company’s projected revenues for 2024-2026 are 5.587 billion yuan, 6.945 billion yuan, and 8.483 billion yuan, respectively, with year-on-year growth rates of 23%, 24%, and 22% [4] - The forecasted net profit attributable to shareholders for the same period is 1.663 billion yuan, 2.084 billion yuan, and 2.607 billion yuan, with growth rates of 26%, 25%, and 25% respectively [4] - The report indicates a significant scale effect, with a decrease in sales, management, and R&D expense ratios compared to the previous year [3]

Investment Rating - The report maintains a "Buy" rating for the company based on adjusted profit forecasts for 2024-2026 [2][4]. Core Insights - The company achieved a revenue of 1.918 billion yuan in 2023, representing a year-on-year growth of 1.62%. The net profit attributable to shareholders was 32 million yuan, up 42.98% year-on-year, while the net profit excluding non-recurring items reached 26 million yuan, marking a significant increase of 188.60% [5][13]. - In Q4 2023, the company reported a revenue of 741 million yuan, a decrease of 10.91% year-on-year, but the net profit attributable to shareholders increased by 85.87% to 31 million yuan, with a net profit excluding non-recurring items of 32 million yuan, up 257.34% [5][13]. - The gross margin stabilized and improved to 34%, an increase of 0.43 percentage points year-on-year. The total expenses for sales, management, and R&D accounted for 29.94% of revenue, reflecting a year-on-year increase of 1.85 percentage points [5][14]. Financial Performance Summary - The company's revenue is projected to grow from 1.918 billion yuan in 2023 to 2.594 billion yuan in 2026, with year-on-year growth rates of 6.2%, 15.3%, and 10.5% for the respective years [15]. - The net profit attributable to shareholders is expected to rise from 32 million yuan in 2023 to 149 million yuan in 2026, with growth rates of 99.8% and 42.1% in 2025 and 2026 respectively [15]. - The gross margin is anticipated to improve from 34% in 2023 to 38.6% in 2026, indicating a positive trend in profitability [15].

Industry Investment Rating - The report maintains an "Overweight" rating for the aluminum sector, with key companies such as Chalco, Yunnan Aluminum, Shenhuo Group, and Tianshan Aluminum all rated as "Overweight" [1][3] Core Views - In 2023, the aluminum sector experienced a year-on-year decline in profits due to high base effects, but a recovery was observed in Q1 2024, with a slight quarter-on-quarter decline [1] - Aluminum prices in 2023 showed a trend of being low in the first half and high in the second half, leading to a year-on-year decline in revenue and net profit for aluminum companies [1] - In Q1 2024, aluminum prices fluctuated, with a recovery in sector performance, as revenue and net profit changes were -6.5% and +9.5% year-on-year, respectively [1] - The electrolytic aluminum sector saw a decline in performance in 2023 due to lower volumes and prices, but a recovery in Q1 2024 driven by improved profitability [2] - Aluminum processing companies faced pressure in 2023 due to increased competition and lower processing fees, but performance improved in Q1 2024 due to stable processing fees and increased demand [2] Sector Performance and Outlook Aluminum Sector Performance - In 2023, the non-ferrous metals sector (Shenwan classification) rose by 3.6%, underperforming the Shanghai Composite Index by 6.7 percentage points, with the aluminum sector rising by 6.2% [7] - In Q1 2024, the non-ferrous metals sector rose by 14.9%, outperforming the Shanghai Composite Index by 9.3 percentage points, with the aluminum sector rising by 11.0% [7] - Key performers in 2023 included Haomei New Materials (+78.8%) and Chalco (+26.2%), while in Q1 2024, Chalco (+31.2%) and Shenhuo Group (+18.5%) led the gains [7][9] Aluminum Price Trends - Aluminum prices in 2023 were volatile, with a recovery in Q1 2024 driven by factors such as central bank reserve requirement cuts, seasonal demand, and supply disruptions [10] - In 2023, aluminum prices were supported by low inventory, strong consumption, and macroeconomic factors, with prices stabilizing in Q4 after a V-shaped recovery [10] - In Q1 2024, aluminum prices initially fell due to seasonal demand weakness but later rose due to supply-side disruptions and demand recovery [10] Demand and Supply Dynamics - In 2023, electrolytic aluminum demand grew steadily, driven by policies supporting property completions, photovoltaic module production, and new energy vehicle sales [12] - In Q1 2024, despite a decline in property completions, demand for aluminum in photovoltaics and new energy vehicles recovered, with apparent consumption growing by 9.3% year-on-year [12] - Supply growth slowed in 2023 due to power restrictions in Yunnan, with domestic electrolytic aluminum production reaching 41.51 million tons, a year-on-year increase of 3.59% [15] - In Q1 2024, Yunnan's production resumed earlier than expected, with domestic electrolytic aluminum production reaching 10.48 million tons, a year-on-year increase of 5.6% [15] Cost and Profitability - The cost of electrolytic aluminum production has risen significantly since 2017, driven by increases in energy and raw material costs, with the average cost per ton rising by approximately 3,500 yuan [2] - In 2023, the average profit per ton for electrolytic aluminum companies such as Chalco, Yunnan Aluminum, Shenhuo Group, and Tianshan Aluminum declined year-on-year but showed a quarterly recovery trend [2] - In Q1 2024, the average profit per ton for the electrolytic aluminum industry was 1,684 yuan, a year-on-year increase of 1,007 yuan but a quarter-on-quarter decline of 477 yuan [2] Dividend Trends - With the slowdown in capacity expansion, electrolytic aluminum companies have increased their dividend payout ratios, with Chalco, Yunnan Aluminum, Shenhuo Group, and Tianshan Aluminum all raising their dividend payouts in 2023 [26][27] Investment Recommendations - The report recommends focusing on companies such as Chalco, Yunnan Aluminum, Shenhuo Group, and Tianshan Aluminum, as their high profitability is expected to continue due to limited capacity growth and steady demand [41] - The report also highlights the potential for increased dividends as balance sheets improve, with companies like Tianshan Aluminum and Nanshan Aluminum already implementing higher dividend payouts [26][27] - Additionally, the report suggests that the recovery in petroleum coke prices and the subsequent increase in prebaked anode prices could benefit companies like Suzhou Dongshan Precision Manufacturing [41]

Investment Rating - The report gives an "Accumulate" rating for the company [4]. Core Views - The company has established a strong market position in the sweet milk beverage sector, focusing on product innovation and nationwide expansion, with a significant increase in revenue and profit forecasts for the coming years [5][16]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the dairy beverage sector for over 20 years, achieving a market share of 10.47% in the neutral dairy beverage segment, ranking first among competitors [11][16]. - The management structure is stable, with a concentrated ownership of 60.47% held by the founders, which promotes long-term development [16][25]. 2. Financial Performance - Revenue is projected to grow from 1.57 billion to 1.94 billion yuan from 2024 to 2026, with year-on-year growth rates of 11.18%, 12.18%, and 10.21% respectively [5][15]. - The net profit attributable to shareholders is expected to increase from 268 million to 337 million yuan during the same period, with growth rates of 12.90%, 13.19%, and 11.21% [5][15]. 3. Product and Market Strategy - The company focuses on classic sweet milk products, continuously innovating to expand its product matrix, including new flavors and healthier options [30][32]. - The company has a robust distribution network covering 30 provinces, with a compound annual growth rate (CAGR) of approximately 11% in the number of distributors over the past five years [3][46]. 4. Marketing and Branding - The company has invested significantly in marketing and brand building, enhancing its national influence through advertising and public relations efforts [3][16]. - The marketing management system is comprehensive, combining traditional and specialized channels to maximize sales coverage [35][51]. 5. Production Capacity - By the end of 2023, the company's production capacity reached 357,500 tons, with plans to expand to 588,600 tons by 2029 [3][46]. - The company is reducing its reliance on outsourced processing, which helps in cost reduction and efficiency improvement [3][46].

＃assAuthor＃ | --- | --- | |---------------------------|------------| | | | | ＃市场数据 市场数据日期 | 2024-05-13 | | 收盘价（元） | 52.24 | | 总股本（百万股） | 217.39 | | 流通股本（百万股） | 88.81 | | 净资产（百万元） | 5,454.07 | | 总资产（百万元） | 7,980.85 | | 每股净资产 ( 元 ) | 25.09 | 杨志芳 王帅 证券研究报告 ＃industryId＃ 电气设备 ＃investSuggestion＃ ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | --- | --- | --- | |---------------------------------------|---------|-----------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收 ...

Investment Rating - The report assigns a rating of "Increase Holding" for the company [1] Core Views - The company, First Entrepreneurship, reported a revenue of 2.489 billion and a net profit of 331 million for 2023, reflecting a year-on-year decrease of 4.7% and 17.5% respectively. In Q1 2024, the revenue and net profit were 673 million and 143 million, showing a year-on-year change of -2.7% and +1.6% [1] - The company's weighted average ROE decreased by 0.51 percentage points to 2.3% in 2023, while Q1 2024 remained stable year-on-year. The operating leverage for Q1 2024, excluding client funds, was 2.36 times, down 9.3% from the beginning of 2023 [1] - The performance of the company's capital business is crucial, with a rigid cost structure. In 2023, the company achieved fee income of 1.525 billion, down 14.1%, while income from capital market recovery increased by 32.3% to 831 million. In Q1 2024, the company reported fee and capital income of 381 million and 271 million, down 0.9% and 4.8% year-on-year [1] - The brokerage business showed resilience, while asset management business stood out. In 2023, net income from brokerage, investment banking, and asset management was 351 million, 190 million, and 905 million, down 8.6%, 31.8%, and 12.1% respectively. In Q1 2024, these figures were 84 million, 65 million, and 226 million, with year-on-year changes of -4.8%, +41.6%, and -1.8% [1] - Interest income declined, with bond assets being the main allocation direction. In 2023, net interest income and investment income were 79 million and 753 million, down 62.3% and up 79.3% year-on-year. As of March 2024, the amount of funds lent increased by 11% to 6.8 billion compared to the beginning of 2023 [1] - The company is viewed as a distinctive small and medium-sized brokerage, with expectations for it to leverage its unique advantages to realize profits. The forecasted net profit for 2024 and 2025 is 341 million and 407 million, representing year-on-year growth of 3.0% and 19.5% respectively. The closing price on May 10, 2024, corresponds to PB ratios of 1.58 and 1.54 [1] Summary by Sections - **Revenue and Profit Forecasts**: The company is projected to achieve revenues of 2.432 billion in 2024 and 2.833 billion in 2025, with net profits of 341 million and 407 million respectively [2] - **Income Breakdown**: The net income from fees and commissions is expected to decline to 1.467 billion in 2024, while asset management income is projected to increase to 990 million [2] - **Expense Management**: Operating expenses are forecasted to be 2.081 billion in 2024, with management expenses slightly decreasing to 2.048 billion [2]