行 业 研 证券研究报告 究 ＃industryId＃ 房地产行业 ＃title＃ 房地产行业 2023 年报&2024 年一季报总结： ＃inve中stSu性ggest ion＃ （ 维＃持 ） 行业业绩依然承压，优质房企相对稳健 investS ugg esti onChan ＃createTime1＃ 2024年 5月 8日 行 ＃ 相r 关el 报ate 告dR eport＃ ge＃ 投资要点 业 《房地产行业2023年三季报总 ＃1、su m业m绩ary方＃面 ：业绩仍承压，但毛利率降幅收窄，资产减值规模趋于稳定。 跟 结：板块业绩整体承压，优质房 ⚫ 板块业绩依然受到毛利率下滑和减值的影响。2023年地产板块营业收入同比 企综合优势明显》2023-11-07 -2%，归母净利润亏损规模扩大至161亿元。2024Q1地产板块营收同比-12%， 踪 《房地产行业2023年半年报总 归母净利润同比-96%。业绩下滑主要因为：1）利润率仍然下降，2023年板块 结：行业业绩边际好转，优质房 报 整体毛利率 16.2%，较 2022 年下降 1.4 个百分点；2）资产减值规模仍然较 企未来可期》2023-0 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook based on its strategic focus on offshore wind energy and expected growth in profits [5]. Core Views - The company has successfully transitioned from onshore to offshore wind energy, achieving significant revenue in its offshore segment, with a reported revenue of 1.51 billion yuan and a sales volume of 121,600 tons in 2023 [4]. - The company is expected to benefit from the increasing domestic and international demand for offshore wind energy, with projected net profits of 1.36 billion yuan, 1.86 billion yuan, and 2.35 billion yuan for 2024, 2025, and 2026 respectively [5]. - The report highlights improvements in the company's existing business profitability, with a focus on enhancing quality and efficiency [4]. Financial Summary - For 2023, the company reported total revenue of 7.727 billion yuan, a year-on-year increase of 15%, and a net profit attributable to shareholders of 795 million yuan, reflecting a 27% increase [4]. - The gross margin for 2023 was 22.8%, up by 4 percentage points from the previous year, while the net profit margin was 10.1%, an increase of 1 percentage point [4]. - The first quarter of 2024 saw a decline in revenue to 1.054 billion yuan, down 23% year-on-year, with a net profit of 148 million yuan, a decrease of 25% [4]. - The company’s return on equity (ROE) is projected to improve from 8.9% in 2023 to 16.4% by 2026 [3][4].

公 司 研 证券研究报告 究 ＃industryId＃ 传媒 ＃ ＃d 万yCo 达mp 电any＃影 （ 002739.SZ ） investSug 增持 ( 维ges持tion C）h 0000 影09 院 主 业显著复苏 ＃ ，title＃ 股 东加 强内容赋能 ange＃ 2024年 5月 8日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 万达电影发布2023年报及2024年一季报。2023 年公司实现营业 司 收入146.20亿元，同比增长50.79%；归母净利润9.12亿元，扣非归母净 日期 2024-5-8 利润 7.19 亿元，实现扭亏为盈。公司2023年Q4 实现营业收入32.72 亿 点 收盘价（元） 13.89 元，同比增长65.68%；归母净利润亏损2.03亿元，扣非归母净利润亏损 3.85 亿元，亏损同比收窄。公司 2024 年 Q1 实现营业收入 38.21 亿元， 评 总股本（百万股） 2179.37 同比增长1.70%；归母净利润3.26亿元，同比增长3.25%；扣非归母净利 报 流通股本（百万股） 2107.84 润3.07亿元，同比下降1 ...

Investment Rating - The report maintains a "Buy" rating for key companies such as 恒瑞医药 (Hengrui Medicine) and 爱尔眼科 (Aier Eye Hospital), while recommending "Overweight" for companies like 百济神州-U (BeiGene) and 科伦药业 (Kelun Pharmaceutical) [1][2][3]. Core Insights - The overall performance of the pharmaceutical sector in 2023 was stable, with a recovery trend observed in Q1 2024. The sector's revenue grew by 6.71% year-on-year in 2023, while net profit attributable to shareholders increased by 1.69% [7][10]. - In Q1 2024, the sector's revenue showed a modest growth of 1.32%, but net profit declined by 0.17%, indicating a mixed performance [7][10]. - The pharmaceutical sector demonstrated strong resilience, with most companies meeting expectations despite the challenges posed by the pandemic [1][7]. Summary by Sections 1. Overall Sector Performance - The pharmaceutical sector's performance in 2023 was generally stable, with a recovery noted in Q1 2024. The revenue growth for 2023 was 6.71%, and net profit growth was 1.69% [7][10]. - The Q1 2024 results showed a revenue increase of 1.32% but a slight decline in net profit by 0.17%, reflecting a mixed recovery [7][10]. 2. Industry Comparison - The pharmaceutical sector's profit growth was suppressed in 2023 due to high base effects from COVID-19-related business, ranking 23rd among various industries in terms of profit growth [17][20]. - In Q1 2024, the sector's profit growth ranked 16th, indicating a slight improvement compared to the previous year [20]. 3. Company Performance - Key companies such as 恒瑞医药 (Hengrui Medicine) and 迈瑞医疗 (Mindray) showed strong performance, with net profit growth rates of 1.69% and 2.28% respectively in Q1 2024 [1][7][27]. - The report highlights a significant differentiation in performance among sub-industries within the pharmaceutical sector, with traditional Chinese medicine and medical services showing stronger growth compared to biopharmaceuticals and chemical preparations [1][33]. 4. Investment Strategy - The report emphasizes innovation, consumer upgrades, and high-end manufacturing as core investment themes. The market for innovative drugs and medical devices is expected to continue growing, presenting substantial opportunities [1][20]. - The report suggests gradually increasing exposure to the pharmaceutical sector, given the improving market conditions and the potential for high-quality development driven by an enhanced medical environment [1][20].

行 业 研 证券研究报告 究 ＃industryId＃ 食品饮料 ＃title＃ 食品板块 23 年报&24Q1 季报总结： 基本面企稳，景气赛道贡献持续 ＃ ＃inve推stSu荐ggest ion＃ ( 维持 ） investS 行 ugg esti ＃createTime1＃ 2024年 5月 8 日 onChan 业 ge＃ 投资要点 投 ＃relatedReport＃ 相关报告 ＃食s品um板ma块ry业＃ 绩概览：需求维持弱复苏，零食、饮料赛道维持较高景气度，成本红利 资 《食品饮料行业2024年度策略 下盈利能力季度间出现改善。2023年营业收入同降0.44%，归母净利润同增6.34%， 策 报告：需求修复为主线，配置价 收入在需求弱复苏下表现平淡，利润在部分原料成本红利、结构变化下快于收入。 值已凸显》 略 《食品饮料行业2023年中期策 剔除春节备货错期干扰，23Q4+24Q1收入同降8.02%，归母净利润同增26.44 %， 略：复苏渐进，价值坚守》 收入在居民渠道比价竞争加剧、餐饮弱复苏背景下增长承压，毛利率提升、费投效 报 率提升为板块盈利改善主因。 告 ＃分e析m师ail：Au th ...

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [2][3]. Core Insights - The company completed the acquisition of Tongfang Computer, enhancing its hardware and software integration capabilities within the Huawei ecosystem. This strategic move aims to develop integrated intelligent computing solutions for both B-end and C-end markets [1]. - In 2023, the company reported a revenue of 17.581 billion yuan, a year-on-year decline of 8.0%, and a net profit attributable to shareholders of 534 million yuan, down 45.1%. However, in Q1 2024, revenue increased by 29.65% year-on-year to 5.449 billion yuan, although the net profit was a loss of 277 million yuan [3][4]. - The consulting and solutions segment showed growth, with a revenue of 1.319 billion yuan in 2023, up 24.08% year-on-year. However, the general technical services segment saw a decline of 16.43% [3]. Financial Summary - For the fiscal year 2023, the company achieved a gross margin of 19.3%, which is a decrease of 2.00 percentage points year-on-year. The overall expense ratio was 16.65%, slightly down by 0.03 percentage points [2][4]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 657 million yuan, 788 million yuan, and 945 million yuan, respectively, indicating a recovery trend [3][4]. - The company's earnings per share (EPS) for 2023 was 0.56 yuan, with projections of 0.69 yuan for 2024, 0.83 yuan for 2025, and 0.99 yuan for 2026 [2][4].

海 外 研 证券研究报告 究 食品饮料行业 ＃investSuggestion＃ ＃ 日本食品饮料发展启示录之出海专题（二）: investSug 推荐 （ 维ges持tion ）Ch 日本头部啤＃ 酒tit企le＃ 业 出海路径 ange＃ ＃ createTime1＃ 2024年 5月 3日 ＃relatedReport＃ 投资要点 行 ＃ 相m 关a 报rk 告etD ata＃ ＃summary＃ ⚫ 朝日啤酒 业 《日本食饮行业深度报告—— 1994-2009年朝日初步布局海外市场。1994年朝日进军中国市场，合资成立杭州西湖 日本食品饮料行业发展启示录》 跟 啤酒朝日有限公司、福建泉州清源啤酒朝日有限公司；1998 年成立美国朝日啤酒公 20221206 司，以“日本第一啤酒品牌”广告语进行宣传；2004年投资韩国乐天集团酒类销售公司， 踪 出海专题报告《龟甲万：利润端 成立乐天朝日酒类有限公司。 多重优化》20240408 报 《日本食饮行业深度报告—— 2009-2011年朝日密集开展对大洋洲饮料公司、酒企的收购。2009年收购澳大利亚饮 告 新型酒饮逆势增长，出海拓展新 料公司史威士全部股份， ...

Investment Rating - The investment rating for Baosteel Co., Ltd. is "Accumulate" [1] Core Views - The company demonstrated strong resilience in its operations despite the challenging environment in the steel industry, with a slight decline in revenue and net profit for 2023 [1][4] - The company is actively upgrading its product structure and expanding its market reach, particularly in high-value products for the automotive sector [2][3] - Cost reduction measures have been effective, with significant savings achieved in logistics and raw material costs [2][3] Summary by Sections Financial Performance - In 2023, Baosteel achieved revenue of 344.5 billion yuan, a year-on-year decrease of 6.33%, and a net profit of 11.94 billion yuan, down 1.99% year-on-year [1][4] - For Q4 2023, revenue was 89.48 billion yuan, showing a slight year-on-year decrease of 0.05% but a quarter-on-quarter increase of 5.08% [1] - In Q1 2024, revenue reached 80.81 billion yuan, up 2.81% year-on-year but down 9.69% quarter-on-quarter, with a net profit of 1.93 billion yuan, an increase of 4.39% year-on-year [1] Product and Market Development - The company sold 51.9 million tons of steel in 2023, a year-on-year increase of 4.2%, with a focus on high-end products such as non-oriented silicon steel for electric vehicles [2][3] - The "1+1+N" product strategy led to a sales volume of 27.92 million tons, a 10% increase year-on-year [2] - Baosteel signed export contracts for 5.837 million tons of steel, achieving a historical high in export orders, particularly in high-value automotive steel products [2] Cost Management - The company successfully reduced costs by 5.01 billion yuan in 2023, exceeding its annual target [2][3] - In Q1 2024, Baosteel achieved a cost reduction of 2.24 billion yuan, continuing its focus on efficiency improvements [3] Future Outlook - For 2024, Baosteel aims for a sales volume of 52.22 million tons and total revenue of 330.2 billion yuan, with a focus on maintaining its leading position in the industry [4] - The company projects net profits of 12.87 billion yuan in 2024, with a steady growth forecast for the following years [4][5]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 通信 ＃investSuggestion＃ ＃ ＃d中yCo天mpa科ny＃技 （ 600522 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 24Q1 业绩受公允价值变动损益影响，海洋业务在手订单充裕 ange＃ ＃createTime1＃ 2024 年05 月07 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃ 事件：公司发布23年年报&24年一季报，23年全年度实现营收450.65亿元（同 日期 2024/05/06 比+11.91%），归母净利润31.17亿元（同比-3.03%）；24Q1单季度实现营收82.42 收盘价（元） 13.91 亿元（同比-0.40%），归母净利润6.36亿元（同比-17.20%）。 总股本（百万股） 3412.95 点评：23年海洋业务承压，新能源和电力业务高速增长。23年海洋业务承压，主 流通股本（百万股） 3412.95 因国内海上风电项目交付节奏影响；公司23年海洋业务收入37.40亿元，同比下 净资产（百万元） 33781.92 滑48. ...

行 业 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃title＃ 一季报延续稳健增长，板块性价比正持续提升 ＃ —— 兴证医药2024年05月投资月报 ＃inve推stSu荐ggest ion＃ investSuggesti （维持） 行 onCha nge＃ ＃createTime1＃ 2024年 5月 7日 业 投 投资要点 重点公司 评级 资 ⚫ 2024年 04月大盘上涨，沪深 300指数全月上涨 1.89%，中信医药指数全 月 恒瑞医药 买入 月上涨2.66%，跑赢沪深300指数。 度 百济神州 增持 ⚫ 2024 年一季报收官，2023 年医药板块归母净利润及扣非归母净利润同比 报 科伦药业 增持 小幅增长，2024 年一季度板块营业收入同比增长 1.32%，归母净利润同 告 爱尔眼科 买入 比下降 0.17%，扣非归母净利润同比增长 2.28%。总结来看，2024Q1 医 迈瑞医疗 买入 药板块业绩保持稳健增长，板块仍受到基数、行业大环境、部分细分领 智飞生物 增持 域景气度等多重因素影响，多数公司业绩符合预期，部分公司基本面已 率先走出拐点，业绩实现超预期。展望后续季度，我们预 ...