Investment Rating - The report maintains an "Overweight" rating for key companies in the construction sector, including China Railway, China State Construction, China Communications Construction, China Railway Construction, China National Materials, and China Steel International [1]. Core Insights - The construction industry is expected to show resilience under pressure, with a positive outlook for fundamental improvements and valuation recovery for state-owned enterprises throughout 2024 [2]. - Infrastructure investment remains stable, with a total of 22.8 trillion yuan completed in 2023, reflecting an 8.24% year-on-year growth, while new signed orders in the construction sector decreased by 2.8% [2][7]. - The report highlights the strong performance of state-owned enterprises compared to local and private enterprises, with state-owned enterprises showing significant revenue and profit growth [2][18]. Summary by Sections 1. Industry Data Overview for 2023 and Q1 2024 - Infrastructure investment grew by 5.9% in 2023, with a total of 22.8 trillion yuan, and Q1 2024 saw an 8.75% year-on-year increase [7][8]. - Real estate investment declined by 9.6% in 2023, with a total of 11.09 trillion yuan, while manufacturing investment increased by 6.5% [10][12]. 2. Operating Data of Listed Construction Companies - In 2023, 75 listed construction companies reported a total new signed order of 186.115 billion yuan, a 7.78% increase year-on-year [18]. - The revenue of listed construction companies reached 91,847.1 billion yuan in 2023, with a net profit of 2,039.8 billion yuan, reflecting growth rates of 6.7% and 8.8% respectively [2][18]. 3. Annual Report Summary for 2023 - State-owned enterprises showed a significant increase in revenue and profit, with a notable improvement in dividend payout ratios [2][18]. - The gross profit margin for listed construction companies was 10.93%, with a net profit margin of 2.77% in 2023 [2][18]. 4. Q1 2024 Report Summary - In Q1 2024, listed construction companies achieved a revenue of 20,626.8 billion yuan, a slight increase of 1.1%, while net profit decreased by 2.9% [2][18]. - The operating cash flow for listed construction companies showed a net outflow of 4,360.7 billion yuan, indicating increased cash flow pressure [2][18]. 5. Investment Strategy and Outlook - The report suggests focusing on state-owned enterprises with upward valuation potential and those benefiting from regional government bond support [2][18]. - Key recommendations include companies like China Railway, China State Construction, and China Communications Construction, which are expected to show stable growth [2][18].

证券研究报告 ＃industryId＃ 消费行业 tle＃ 2023Q4 美国美妆行业业绩综述： ＃investSuggestion＃ ＃ 关注市占率提升和业绩底部反转的标的 推荐 维持 ( ） ＃createTime1＃ 2024年5月4日 投资要点 ＃ 相关rel报ate告dReport＃ ＃sum主ma要ry＃受客单价增加驱动收入增长：2023Q4美妆企业平均收入86亿美元， 平均同比+19.3%，其中收入增速较快的美妆企业为e.l.f./Coty，收入增速 分别为+84.9%/+13.4%。2023Q4美妆企业毛利率（联合利华季度数据缺失） 《海外消费三重修复，底部布局 平均为65.4%，平均同比增加2.0个百分点，其中毛利率增幅优于行业平 零售及美妆》20221116 均的美妆企业为宝洁/e.l.f.，毛利率分别同比增加5.1/3.8个百分点。  高利润率产品收入增速放缓，行业利润承压：2023Q4美妆企业平均录得 净利润10.1亿美元，平均同比下降3.1%，增速高于行业平均的美妆企业 为e.l.f.，净利润同比增长40.7%。2023Q4美妆企业净利率平均录得11.1%， 海＃外em消ai费l ...

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a total revenue of 2050.18 billion yuan in 2023, representing a year-on-year increase of 7.82%. The net profit attributable to shareholders was 290.17 billion yuan, up 18.41% year-on-year. The gross profit margin improved to 30.57%, an increase of 4.53 percentage points [1][2] - The company is a leading player in the domestic air conditioning market, characterized by undervaluation and high dividend yield. The company is actively responding to the "old-for-new" replacement policy with a subsidy of 3 billion yuan, which is expected to boost future sales performance [1][2] Financial Performance Summary - In Q4 2023, the company achieved total revenue of 492.06 billion yuan, a year-on-year increase of 17.70%, and a net profit of 89.25 billion yuan, up 43.90% year-on-year. The gross profit margin for Q4 was 34.76%, an increase of 6.96 percentage points [1] - For Q1 2024, the company reported total revenue of 365.96 billion yuan, a year-on-year increase of 2.53%, and a net profit of 46.75 billion yuan, up 13.77% year-on-year. The gross profit margin was 29.45%, an increase of 2.04 percentage points [1] - The company plans to distribute a cash dividend of 23.80 yuan per 10 shares, with a cash dividend rate of 45.29% for 2023 [1] Revenue Breakdown - In 2023, the company's revenue from air conditioning, home appliances, industrial products, smart equipment, and green energy was 1512.17 billion yuan, 40.02 billion yuan, 100.03 billion yuan, 6.70 billion yuan, and 71.06 billion yuan, respectively, with year-on-year changes of +12.13%, -12.39%, +31.63%, +55.03%, and +51.16% [1] - For Q1 2024, the domestic and foreign sales of Gree air conditioners increased by 9.35% and 10.00% year-on-year, indicating stable growth in both domestic and international markets [1] Profitability and Forecast - The company’s profitability improved in Q1 2024, attributed to product mix optimization and cost management. The company’s contract liabilities at the end of Q1 were 204.91 billion yuan, a decrease of 34.93 billion yuan year-on-year, indicating support for future growth [1] - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 5.48 yuan, 5.97 yuan, and 6.40 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 7.7, 7.1, and 6.6 times [2][1]

司总 评 | --- | --- | |-------------------------------------------|------------| | | | | ＃市场 ma 数 rk 据 etData ＃ 市场数据日期 | 2024-04-30 | | 收盘价（元） | 29.35 | | 总股本（百万股） | 599.83 | | | | | 流通股本（百万股） | 594.07 | | 净资产（百万元） | 3459.18 | | 总资产（百万元） | 7589.74 | | 每股净资产 (元) | 5.77 | S0190520010003 吉金 jijin@xyzq.com.cn S0190522030003 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|-------|-------|-------|-------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023 | 2024E ...

Investment Rating - The report maintains an investment suggestion for the real estate industry [2] Core Insights - The report emphasizes the need for policies to digest existing housing stock and optimize new housing supply, as highlighted in the recent Politburo meeting [3][4] - The overall transaction area for new and second-hand homes in 13 tracked cities was 2.49 million square meters, showing a week-on-week decrease of 11.8% but a year-on-year increase of 51.9% [3] - Year-to-date, the total transaction area for new and second-hand homes has decreased by 30.6% compared to the same period last year [3] Summary by Sections Market Overview - The report tracks 13 cities, with a total transaction area of 2.49 million square meters for the week, reflecting a week-on-week decline of 11.8% and a year-on-year increase of 51.9% [3] - The year-to-date transaction area for new and second-hand homes has decreased by 30.6%, with first, second, and third/fourth-tier cities showing declines of 20.9%, 32.6%, and 32.8% respectively [3] Policy Insights - The Politburo meeting on April 30 emphasized the need to prevent and resolve risks in key areas, advocating for city-specific policies and responsibilities among local governments, real estate companies, and financial institutions [3][4] - The Ministry of Natural Resources has issued guidelines for housing land supply, emphasizing a supply mechanism based on demand and halting new land sales in cities with a housing inventory turnover period exceeding 36 months [4] Company Announcements - Poly Developments reported a Q1 2024 revenue of 49.75 billion yuan, up 24.51% year-on-year, but a net profit decline of 18.28% [4] - China Merchants Shekou announced a Q1 2024 revenue of 23.75 billion yuan, up 58.22% year-on-year, with a net profit increase of 22.22% [4] - Vanke A reported a Q1 2024 revenue of 61.59 billion yuan, down 10.05% year-on-year, with a net loss of 360 million yuan [4] Investment Recommendations - The report suggests a positive outlook for quality real estate companies in the medium to long term, recommending Poly Developments, China Merchants Shekou, and others [4]

证券研究报告 ＃industryId＃ 家用电器 ＃title＃ ＃ 家电行业23 年报及24 年一季报总结：业绩扎实，分红普遍提升 ＃inve推stSu荐ggestion＃ (维持） investS uggesti onChan ＃createTime1＃ 2024 年05 月05 日 ge＃ 投资要点 重点公司 ＃summ家ar电y＃行业：经营改善趋势持续，红利资产优势突出。2023年家电行业营收同比+7.2%， 毛销差同比+1.0pct，归母净利润同比+15.0%，归母净利率同比+0.5pct。2023年家电 重点公司 评级 全行业分红率提升至54%，股息率为3.9%，位列申万31个一级行业第3名。从行业 属性看，行业业绩稳、低波动、高分红的优质资产属性突出，2023Q1以来家电板块 美的集团 增持 基金重仓比例持续提升并维持超配状态。  分板块看，白电&出口链表现亮眼。24Q1白电/厨电/小家电/黑电/照明电工/零部件行 海尔智家 买入 业营收同比+8.9%/+5.5%/+11.0%/+0.4%/+10.9%/+10.4%；毛销差同比+1.3pct/-0.7pct/-0. 石头科技 增持 4pct ...

证券研究报告 ＃industryId＃ 交通运输 ＃title＃ 航运板块 2024 年一季报总结：油轮 2024Q1 维持稳中向好 ＃ ＃inve推stSu荐ggestion＃ (维持） 趋势 investS uggesti ＃createTime1＃ 2024 年5月5日 onChan ge＃ 投资要点 ＃summary＃  油轮板块2024年Q1维持稳中向好趋势。季度运价表现来看，2023Q1-Q4 ＃分a析ss师Au：thor＃ vlcc均价TCE分别为54777/44644/29044/44361美元/天，2024年Q1，vlcc 运价为44156美元/天，同比下滑19.39%。成品油MR船在2023年均价为 张晓云 26948美元/天，同比下降15.19%。2024年Q1，MR船运价均值为35025 zhangxiaoyun@xyzq.com.cn 美元/天，同比上涨20.18%。受益运价高景气，油轮公司2024年一季度业 S0190514070002 绩持续向好。中远海能2024年Q1财报，公司实现归母净利润为12.36亿 元，同比上涨12.77%。招商轮船2024年Q1归母净利润增长了22. ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company achieved a revenue of 10.098 billion yuan in 2023, representing a year-on-year increase of 28.07%, with a net profit of 3.136 billion yuan, up 25.30% year-on-year [2][3]. - In Q4 2023, the revenue was 1.735 billion yuan, a year-on-year increase of 26.76%, and the net profit was 500 million yuan, up 18.75% year-on-year [2]. - For Q1 2024, the company reported a revenue of 4.671 billion yuan, a year-on-year increase of 22.84%, and a net profit of 1.533 billion yuan, up 22.12% year-on-year [2][3]. Financial Performance Summary - The company's revenue and net profit forecasts for 2024-2026 are as follows: - 2024: Revenue of approximately 12.429 billion yuan, net profit of approximately 3.853 billion yuan - 2025: Revenue of approximately 15.027 billion yuan, net profit of approximately 4.607 billion yuan - 2026: Revenue of approximately 18.071 billion yuan, net profit of approximately 5.467 billion yuan [4][5]. - The gross margin for 2023 was 78.34%, with a net profit margin of 31.06% [3][4]. - The company aims to challenge a revenue target of 15 billion yuan by 2025, indicating strong growth potential [3][4]. Product and Regional Performance - In 2023, the revenue breakdown by product category showed significant growth, with the V series brands continuing to gain momentum [2][3]. - Revenue from different regions in 2023 indicated strong performance, particularly in areas like Huai'an and Nanjing, with year-on-year growth rates of 25.84% and 21.17%, respectively [2][3].

Investment Rating - The report maintains an "Add" rating for the company, indicating a positive outlook for investment in the stock [1]. Core Insights - The company, as a leading player in the pig farming sector, demonstrates significant cost advantages and steady growth in output. The expected EPS for 2024-2026 is projected at 2.17, 3.55, and 3.77 CNY, with corresponding PE ratios of 20.1, 12.3, and 11.6 times based on the closing price on April 30, 2024 [1][2]. Financial Performance - In 2023, the company achieved a revenue of 110.86 billion CNY, a year-on-year decrease of 11.19%, and a net profit attributable to shareholders of -4.26 billion CNY, marking a shift from profit to loss. For Q1 2024, revenue was 26.27 billion CNY, up 8.57% year-on-year, but the net profit was -2.38 billion CNY, down 98.56% year-on-year [2][3]. - The company’s pig output in 2023 was 63.82 million heads, an increase of 4.27% year-on-year, with a sales price of approximately 14.5 CNY/kg, down 18.8% year-on-year. In Q1 2024, the output was 16.01 million heads, up 15.64% year-on-year, with a sales price of about 14.0 CNY/kg, down 4.8% year-on-year [2][3]. Cost Management - The company has successfully reduced its total cost to around 15 CNY/kg in 2023, down from 15.7 CNY/kg in 2022. In Q1 2024, costs increased slightly due to external factors but improved to 15.1 CNY/kg by March. The average cost target for 2024 is set at 14.5 CNY/kg, with expected contributions from feed prices and management improvements [2][3]. Production Capacity and Efficiency - As of Q1 2024, the company’s fixed assets were valued at 110.79 billion CNY, with a slight decrease of 1.22% quarter-on-quarter. The breeding sow inventory is expected to reach 3.18-3.20 million heads by the end of April 2024, with an annual survival rate of 85% and an average daily weight gain of approximately 800g. The target for total output in 2024 is set between 66-72 million heads [3][4]. Slaughtering Segment - In 2023, the company slaughtered 13.26 million pigs, an increase of 80% year-on-year, generating revenue of 21.86 billion CNY, up 48.54% year-on-year. The utilization rate of slaughtering capacity improved from 25% in 2022 to 46% in 2023. In Q1 2024, the company slaughtered 2.94 million pigs, up 18% year-on-year [3][4].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 生猪养殖 ＃investSuggestion＃ ＃ ＃d 温yCo 氏mp 股any＃份 （ 300498 ） investSug 增持 (维持) gestionCh 300）4 98 ＃title＃ 成本优化显著，Q1 大幅减亏 ange＃ ＃ crea teTime1＃ 2024年 05月 05日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司2023全年实现营收为899.2亿元，同比+7.4%，实现归母净利 司 市场数据日期 2024-04-30 润-63.9亿元，由盈转亏；单季度来看，2024Q1公司实现营收218.5亿元， 点 收盘价（元） 19.18 同比+9.4% ，实现归母净利润-12.4亿元，同比大幅减亏。 评 总股本（百万股） 6652.03 报 流通股本（百万股） 5445.28 ⚫ 生猪出栏量快速提升，成本端改善明显：公司2023年共出栏生猪2626.2 净资产（百万元） 31932.82 万头，同比+46.65%，销售均价14.8元/kg，同比-22.26%， ...