＃assAuthor＃ 公 司 点 评 报 告 公 司 研 究 | --- | --- | |--------------------|-------------------------------------| | | | | 日期 | 2024/4/30 | | 收盘价（元） | 26.66 | | 总股本（百万股） | 629 | | 流通股本（百万股） | | | | 625 | | 净资产（亿元） | 41.00 | | 总资产（亿元） | 65.27 | | 每股净资产（元） | 6.51 ，兴业证券经济与金融研究院整理 | 证券研究报告 ＃industryId＃ 中药 ＃investSuggestion＃ ＃分析师： emailAuthor＃ 孙媛媛 sunyuanyuan@xyzq.com.cn S0190515090001 董晓洁 dongxiaojie@xyzq.com.cn S0190522080005 ＃相关报告 relatedReport＃ 《江中药业：2023 年经营数据 良好，股权激励护航稳健增长》 增持 ( ＃ investSug gestionCh ange＃ 维持 ） | ...

Investment Rating - The report maintains a "Buy" rating for the company [2][13] Core Insights - The company has shown stable asset quality with a decrease in non-performing loan ratio to 0.92%, down 3 basis points from the previous period [22] - The net interest margin for Q1 2024 is reported at 2.02%, reflecting a decrease of 2 basis points from Q4 2023 and a year-on-year decline of 27 basis points [3][5] - The company has achieved a year-on-year loan growth of 7.8%, with new loans exceeding 300 billion yuan in Q1 2024 [9][11] Financial Performance - For Q1 2024, the company reported total revenue of 864 billion yuan, a decrease of 4.7% year-on-year, and a net profit attributable to shareholders of 381 billion yuan, down 2.0% year-on-year [10][21] - The earnings per share (EPS) for 2024 and 2025 have been adjusted to 5.89 yuan and 6.15 yuan respectively, with an estimated net asset value per share of 40.66 yuan by the end of 2024 [2][13] - The company’s total assets are projected to grow from 11,028.48 billion yuan in 2023 to 12,008.37 billion yuan in 2024 [7] Capital Adequacy - As of the end of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios stand at 14.07%, 16.30%, and 18.20% respectively, indicating a solid capital position [8][12]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Insights - The company achieved a revenue growth of 4.7% year-on-year in Q1 2024, with a net profit growth of 1.4% year-on-year. The breakdown shows a decline in net interest income by 4.5% due to a decrease in interest margins, while other non-interest income surged by 68.5% driven by significant bond investment gains [1][3][4] - Total assets increased by 3.2% year-on-year, with loans growing by 4.5%. The new credit issued in Q1 2024 amounted to 84 billion, with steady growth in corporate and retail loans [1][3] - The company continues to focus on enhancing its core capabilities in wealth management, asset management, and comprehensive financing, with retail managed assets reaching 4.39 trillion, an increase of 3.57% from the end of the previous year [1][3] Summary by Sections Financial Performance - In Q1 2024, the company reported total revenue of 53.8 billion, a year-on-year increase of 4.7%, and a net profit of 19.2 billion, a year-on-year increase of 0.2%. The cost-to-income ratio improved to 27.0%, down by 0.6 percentage points year-on-year [3][4] - The net interest margin for Q1 2024 was 1.70%, down by 17 basis points year-on-year, with expectations of marginal improvement in funding costs [2][3] Asset Quality - The non-performing loan ratio remained stable at 1.18%, with a coverage ratio of 208% [2][3] Capital Adequacy - As of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 9.69%, 11.44%, and 13.61%, respectively [2][4] Earnings Forecast - The expected EPS for 2024 and 2025 is projected to be 1.35 and 1.37, respectively, with an estimated book value per share of 13.28 by the end of 2024, resulting in a price-to-book ratio of 0.52 [4][5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][12]. Core Insights - The company has demonstrated robust growth in its core categories, with a focus on brand building and channel innovation. In 2023, the revenue from patches was CNY 2.047 billion, up 6.91% year-on-year, while tablet revenue surged by 34.66% to CNY 0.262 billion. Capsule revenue increased by 15.44% to CNY 0.712 billion, although ointment revenue declined by 7.93% to CNY 0.137 billion [3]. - The company is expected to achieve revenue of CNY 3.752 billion, CNY 4.244 billion, and CNY 4.791 billion for 2024-2026, reflecting year-on-year growth rates of 13.3%, 13.1%, and 12.9% respectively. The net profit attributable to shareholders is projected to be CNY 0.684 billion, CNY 0.813 billion, and CNY 0.948 billion, with growth rates of 20.3%, 18.9%, and 16.6% respectively [2][12]. Financial Performance Summary - In 2023, the company reported total revenue of CNY 3.311 billion, a year-on-year increase of 10.31%, and a net profit of CNY 0.568 billion, up 22.09%. The first quarter of 2024 saw revenue of CNY 0.909 billion, a 15.27% increase year-on-year, with net profit rising by 31.98% to CNY 0.190 billion [10][22]. - The company’s net profit margin for 2023 was 17.16%, an increase of 1.66 percentage points, driven by improved gross margins and efficiency in marketing and management [9][11]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.80 per share, totaling CNY 4.51 billion, which represents 79.41% of the net profit attributable to shareholders [16][20]. Market Data - As of April 30, 2024, the closing price was CNY 25.45, with a total share capital of 567.14 million shares and a net asset value of CNY 2.934 billion [8]. Future Outlook - The company aims to enhance shareholder returns through a structured dividend policy over the next three years, ensuring a stable and predictable return for investors [20][23].

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported a revenue of 56.712 billion yuan in 2023, a year-on-year increase of 12.32%, and a net profit attributable to shareholders of 6.705 billion yuan, up 64.31% year-on-year. For Q1 2024, revenue was 14.108 billion yuan, a 6.43% increase year-on-year, with a net profit of 2.035 billion yuan, up 26.14% year-on-year [1][2]. - The increase in hydropower profits is driven by rising electricity prices, with expectations for profit growth as water levels improve. The company completed hydropower generation of 93.643 billion kWh in 2023, with a corresponding electricity price of 0.300 yuan/kWh, up 10.29% year-on-year [1]. - Thermal power performance has significantly improved due to lower coal prices and increased electricity demand, with net profits from thermal power reaching 1.429 billion yuan in 2023, compared to a loss of 1.659 billion yuan in the previous year [1]. - The company continues to expand its renewable energy assets, with significant increases in wind and solar generation, contributing to net profits of 738 million yuan from its subsidiary [1]. Financial Summary - Revenue for 2023 was 56.712 billion yuan, with projected revenues of 59.004 billion yuan in 2024, 64.196 billion yuan in 2025, and 70.146 billion yuan in 2026, reflecting year-on-year growth rates of 12.3%, 4.0%, 8.8%, and 9.3% respectively [2][5]. - The net profit attributable to shareholders for 2023 was 6.705 billion yuan, with projections of 7.920 billion yuan in 2024, 8.817 billion yuan in 2025, and 9.361 billion yuan in 2026, indicating growth rates of 64.3%, 18.1%, 11.3%, and 6.2% respectively [2][5]. - The gross margin for 2023 was 36.1%, expected to rise to 40.0% in 2024 and maintain around 41.6% in the following years [2][5]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 17.0 in 2023 to 12.1 by 2026, indicating an improving valuation [2][5].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 医药生物 ＃investSuggestion＃ ＃ ＃d 华yCo 兰mp 生any＃物 （ 002007.SZ ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃ title＃ 2023 年采浆大幅提升，2024 年 Q1 疫苗板块出现业绩波动 ange＃ ＃ createTime1＃ 2024年 5月 1日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum2m0a2ry3＃年 血制品稳健增长，采浆量大幅提升，疫苗制品板块增速亮眼。2023 司 日期 2024-04-30 年，公司实现营业收入 53.42 亿元，同比增长 18.26%；实现归母净利润 点 收盘价（元） 19.47 14.82亿元，同比增长37.66%；实现扣非归母净利润12.67亿元，同比增 评 总股本（百万股） 1,828.78 长41.77%；实现经营现金流净额13.46亿元，同比增长40.59%。1）血制 报 流通股本（百万股） 1,573.59 品板块：2023年公司采浆量为1342.32吨，较上年增长19.59 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 机械设备 ＃investSuggestion＃ ＃ ＃d 巨yCo 星mp 科any＃技 （ 002444 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 一季度业绩超预期，海外补库叠加份额提升驱动业绩高增 ange＃ ＃ createTime1＃ 2024年 5月 1日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ s公um司m发ar布y＃2 023年年报及2024年一季报：2023年公司营收109.30亿元，yoy-13.32%；归 司 母净利润16.92亿元，yoy+19.14%；扣非归母净利润16.97亿元，yoy+16.67%；整体毛 日期 2024-04-29 利率为31.80%，yoy+5.29pct。2024Q1营收33.06亿元，yoy+29.38%，qoq+42.52%；归 点 收盘价（元） 25.48 母净利润4.13亿元，yoy+36.70%，qoq+122.96%；扣非归母净利润4.31亿元，yoy+51.37%； 评 总股本（百万股） 1202.50 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 医药生物 ＃investSuggestion＃ ＃ ＃d 甘yCo 李mp 药any＃业 （ 6 03087.SH ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 2023年实现扭亏为盈，2024年集采续约有望增厚业绩 ange＃ ＃ createTime1＃ 2024年 4月 30日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum集ma采ry＃红 利推动国内制剂销量增长迅速，2023年业绩实现扭亏为盈。2023年， 司 日期 2024-04-29 公司实现营业收入26.08亿元，同比增长52.31%；实现归母净利润3.4亿元， 点 收盘价（元） 49.60 2022年同期为-4.4亿元；实现扣非归母净利润2.97亿元，2022年同期为-4.74 评 总股本（百万股） 594.16 亿元。 报 流通股本（百万股） 531.07 ⚫ 2024年一季度收入同比持平，关注2024年度集采续约涨价后业绩增厚。1） 净资产（百万元） 10842.59 2024年一季度：公司实现营业 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company reported a revenue of 44.983 billion yuan in 2023, a year-on-year decrease of 5.17%, while the net profit attributable to shareholders was 1.625 billion yuan, an increase of 9.58%. The market share of express delivery volume was 14.3%, down by 1.6 percentage points year-on-year [5][6]. - In Q1 2024, the company achieved a revenue of 11.156 billion yuan, a year-on-year increase of 6.5%, and a net profit of 412 million yuan, up 15.02% year-on-year [5]. - The company has shown significant improvement in cost control, with a reduction in single-ticket transfer and transportation costs, indicating a stable decline in core operating costs [5][6]. Financial Summary - The company’s financial indicators for 2023 and projections for 2024-2026 are as follows: - Revenue (million yuan): 44,983 in 2023, projected to be 53,516 in 2024, 60,030 in 2025, and 65,938 in 2026 [7]. - Net profit (million yuan): 1,625 in 2023, projected to be 2,170 in 2024, 2,598 in 2025, and 3,154 in 2026 [7]. - Gross margin: 9.6% in 2023, expected to increase to 10.7% by 2026 [7]. - Return on equity (ROE): 8.5% in 2023, projected to reach 12.5% by 2026 [7]. - The company’s earnings per share (EPS) is projected to grow from 0.56 yuan in 2023 to 1.09 yuan in 2026 [7][8]. Market Position and Outlook - The express delivery industry is expected to grow, with the total industry volume projected to increase from 1,320.7 billion pieces in 2023 to 2,025.9 billion pieces by 2026, reflecting a compound annual growth rate [8]. - The company’s market share is projected to stabilize and slightly improve, with expectations of benefiting from the overall industry recovery and demand for cost-effective delivery services [5][6][8].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company's home textile business showed a steady recovery in 2023, achieving revenue of 4.27 billion yuan, a year-on-year increase of 3.4%, with a net profit of 530 million yuan, up 10.25% year-on-year [1] - The U.S. furniture business faced challenges, with revenue of 1.05 billion yuan, a year-on-year decline of 11.61%, and a net profit of 39 million yuan, down 59.5% [1] - The company is expected to maintain a dividend of 4 yuan per 10 shares for 2023, with a payout ratio of 58.3% [1] Financial Performance Summary - In 2023, the company reported total revenue of 5.315 billion yuan, with a net profit attributable to shareholders of 572 million yuan, reflecting a slight increase of 0.03% and a decrease of 1.4% year-on-year, respectively [6] - The gross margin for 2023 was 47.3%, with a projected increase to 47.8% in 2024 [6] - The company’s return on equity (ROE) was 13.5% in 2023, expected to remain stable in the following years [6] Operational Metrics - The company’s accounts receivable turnover days, inventory turnover days, and accounts payable turnover days for 2023 were 36, 191, and 79 days, respectively [5] - In Q1 2024, the company achieved a gross margin of 43.55%, with a net profit margin of 8.23%, reflecting a decrease compared to the previous year [14] - The company’s sales expense ratio increased to 21.75% in Q1 2024, while the management expense ratio rose to 9.26% [14] Future Projections - The company is projected to achieve net profits of 601 million yuan, 671 million yuan, and 733 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 4.9%, 11.7%, and 9.3% [14] - The price-to-earnings (PE) ratios for the upcoming years are expected to be 12.5X, 11.1X, and 10.2X for 2024, 2025, and 2026, respectively [14]