Investment Rating - The report maintains an "Accumulate" rating for China Energy Engineering Corporation (601868) [2][4] Core Views - China Energy Engineering Corporation reported a robust growth in new contracts and net profit for Q1 2024, with a year-on-year increase of 32% in net profit and a 10.04% rise in revenue [3][5] - The company is experiencing strong growth in traditional energy, urban construction, and industrial manufacturing sectors, contributing to a 23.53% increase in new contract value [3][6] - The company’s gross profit margin improved to 10.71%, reflecting better project selection and an optimized business structure [7][8] Financial Performance - In Q1 2024, the company achieved a revenue of 974.04 billion yuan, a 10.04% increase year-on-year, and a net profit of 14.81 billion yuan, up 31.71% [5][6] - The new contract value reached 3677.56 billion yuan, with significant contributions from engineering construction and industrial manufacturing [3][6] - The gross profit margin for Q1 2024 was 10.71%, an increase of 0.65 percentage points year-on-year, while the net profit margin rose to 2.41%, up 0.32 percentage points [7][8] Business Segments - The engineering construction segment saw new contracts of 3151.68 billion yuan, a 10.38% increase, while industrial manufacturing contracts surged by 582.48% [3][6] - The company is focusing on diversifying its engineering construction business, with strong performance in traditional and renewable energy sectors [6][12] - The company is also advancing in new energy sectors, including storage and hydrogen energy, with significant project developments underway [12][13] Future Outlook - The report forecasts net profits of 88.24 billion yuan, 96.34 billion yuan, and 104.10 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 10.4, 9.5, and 8.8 [4][13] - The company is expected to continue benefiting from its integrated investment and operation model in the new energy sector, which is anticipated to enhance profitability [12][13]

增持 ( | --- | --- | |-----------------------------------------|-----------------| | | | | ＃市场数据 marketData ＃ 市场数据日期 | | | 收盘价（元） | 2024-04-29 6.69 | | 总股本（百万股） | 1434.64 | | 流通股本（百万股） | 1434.62 | | 净资产（百万元） | 8120.62 | | 总资产（百万元） | 27879.43 | | 每股净资产 元 | 5.66 | | ( ) | | 孟杰 郁晾 ＃dyCompany＃ 中钢国际 （ 000928 ） 002060 ＃title＃ 海外业务高增长，23 年拟分红率超 50% ＃createTime1＃2024 年 04 月 30 日 公司点评报告(带市场行情) 证券研究报告 ＃industryId＃ 国际工程承包 ＃investSuggestion＃ 公 司 点 评 报 告 ＃分析师： emailAuthor＃ mengjie@xyzq.com.cn S0190513080002 主要财务指标 请务必阅读正文 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company experienced a recovery in revenue growth in 2023, achieving an operating income of 3.075 billion yuan, a year-on-year increase of 10.69%. However, the net profit attributable to shareholders decreased by 26.17% to 1.168 billion yuan [4][8] - The company’s insulin product sales volume increased by 12.84% in 2023, with insulin analog sales growing over 60%. A strategic cooperation agreement with Nanjing Jianyou for the U.S. market is expected to further enhance revenue [4][8] - The first quarter of 2024 saw a decline in revenue and net profit, with operating income of 591 million yuan, down 11.12% year-on-year, and net profit of 215 million yuan, down 14.28% [9][12] Financial Summary - In 2023, the company reported a net asset of 7,425.88 million yuan and total assets of 7,897.95 million yuan. The earnings per share (EPS) for 2024-2026 are projected to be 0.60, 0.70, and 0.81 yuan, respectively [2][4][15] - The gross profit margin for 2023 was 80.08%, with a net profit margin of 37.98%. The company aims to maintain its leading position in the insulin market while expanding its international presence [12][15] - The company’s insulin products are expected to be selected in the national centralized procurement, with a significant portion of sales expected to come from these products, which accounted for 83.19% of total revenue in 2023 [9][11]

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [3][4]. Core Views - CCCC is recognized as a world-class leader in transportation construction, with 2023 performance significantly exceeding expectations and 2024 operational targets being raised. The company has shown stable long-term growth in net profit despite some volatility in recent years [3][9]. - The company aims for a new contract target growth of no less than 13.5% and revenue growth of no less than 8.2% for 2024, indicating strong operational confidence [3][22]. Summary by Sections Company Overview - CCCC is the largest port, highway, and bridge design and construction company globally, as well as the largest international engineering contractor in China. The company is controlled by the State-owned Assets Supervision and Administration Commission (SASAC) [9][12]. Performance and Growth - CCCC's revenue compound annual growth rate (CAGR) from 2018 to 2023 is 9.1%, with net profit CAGR at 3.9%. In 2023, the company achieved a revenue of 758.68 billion yuan, a year-on-year increase of 5.1%, and a net profit of 23.81 billion yuan, up 23.61% year-on-year [13][22]. - The company’s new contract structure shows a dominant focus on infrastructure construction, with 88.9% of new contracts in this sector, and a significant recovery in overseas orders, which grew by 47.5% in 2023 [13][24]. Market Stability and Growth Drivers - The report highlights stable demand in transportation and port dredging, with ongoing investment opportunities in highway construction despite a slowdown in overall growth rates. The company is well-positioned to benefit from urban renewal and overseas projects [25][30]. - CCCC's market share in road and bridge construction has improved, with a notable increase in new contracts despite industry-wide slowdowns [25][29]. Profitability and Financial Health - The report indicates a high certainty of enhanced profitability, with expectations for improved return on equity (ROE) and operating cash ratios due to increased contributions from overseas and urban projects [3][4]. - The company’s dividend payout ratio has improved, reaching 20% in 2023, which is expected to continue growing due to strong free cash flow [4][22]. Future Outlook - CCCC's strategic focus on major transportation and urban projects, along with its leadership in overseas construction, positions it well for future growth. The company is expected to maintain a robust performance trajectory supported by government infrastructure spending and urbanization trends [3][4][36].

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 宁波银行（002142） ＃title＃ ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） 业绩稳定，扩张强劲 ——宁波银行 2024年一季报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 4月 30日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 评 ＃⚫ sum利m息ar收y＃入 双位数增长，息差逆势提升。2024Q1 营收同比+5.8%，归母净 报 利润同比+6.3%，业绩增速放缓。收入方面，①利息净收入同比+12.2%， 告 其中贷款扩张强劲，贷款同比+24.8%，单季度息差测算环比+5bp。②手续 费净收入同比-22.8%。③其他非息收入同比+3.0%。成本方面，成本收入 ＃分em析a师ilA：ut hor＃ 比下行至31.5%，信用减值损失同比+5.5%，主要是其他债权投资多计提， ＃陈a绍ss兴Au thor＃ 信用成本稍有上行至1.20%。 SAC：S0190517070003 chenshaox@xyzq.com.cn ...

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 浙商银行（601916） 营收超预期增＃t长itle＃ ， 扩表放缓 ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） ——浙商银行 2024年一季报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 5月 1日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 ＃summary＃ ⚫ 营收超预期高增长，主要系投资收益贡献。2024Q1营收同比+16.6%，归 评 报 母净利润同比+5.1%，营收超预期高增长主要系投资收益驱动。收入方面， 告 ①利息净收入同比+0.6%，其中贷款增速放缓至11%，息差同比下行。② ＃分em析a师ilA：ut hor＃ 手续费收入同比-3.4%。②其他非息收入同比+67%，占比总营收由18%左 ＃陈a绍ss兴Au thor＃ 右大幅上行至28%，主要是投资收益贡献。2024Q1实现投资收益+公允价 SAC：S0190517070003 值变动损益45亿元，去年同期为18亿元。成本方面，成本收入比下行至 ...

证券研究报告 ＃industryId＃ 检测服务 ＃investSuggestion＃ 分析师： 丁志刚 | --- | --- | |--------------------------------|--------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-04-30 | | 收盘价（元） | 13.90 | | 总股本（百万股） | 508.55 | | 流通股本（百万股） | 505.15 | | | | | 净资产（百万元） | 2,560.91 | | 总资产（百万元） | 4,840.32 | | 每股净资产（元） 来源： WIND | 5.04 ，兴业证券经济与金融研究院整理 | ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|-------- ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company reported a significant increase in performance, with Q1 2024 revenue growing by 12.0% year-on-year and net profit attributable to shareholders increasing by 19.8%, leading to a return on equity (ROE) of 14.74% [3][4]. - Loan growth remains robust, with a year-on-year increase of 15.1% in Q1 2024, supported by a total of 12.8 billion yuan in new loans [4]. - The net interest margin showed a quarter-on-quarter recovery, reaching 2.83%, despite a year-on-year decline of 19 basis points [4]. - Asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 539% [4]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 2.7 billion yuan and a net profit of 952 million yuan, reflecting a year-on-year growth of 12.0% and 19.8% respectively [3][4]. - The cost-to-income ratio improved to 35.3%, while credit impairment losses increased by 21.1% [4]. Loan and Deposit Growth - New loans totaled 12.8 billion yuan in Q1 2024, with corporate loans growing by 13.3% and retail loans by 12.4% [4]. - Deposits increased by 18.1% year-on-year, with approximately 35 billion yuan in new deposits primarily from savings [4]. Interest Margin and Cost Management - The net interest margin for Q1 2024 was 2.83%, with a notable quarter-on-quarter increase attributed to the repricing of existing mortgage loans [4]. - The company is actively managing its deposit structure to optimize funding costs [4]. Asset Quality and Capital Adequacy - The non-performing loan ratio increased slightly by 1 basis point to 0.76%, while the provision coverage ratio improved to 539% [4]. - As of the end of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 10.15%, 10.21%, and 13.51% respectively [2][4]. Earnings Forecast - The earnings per share (EPS) estimates for 2024 and 2025 have been adjusted to 1.42 yuan and 1.64 yuan, respectively, with an expected book value per share of 10.24 yuan by the end of 2024 [2][4].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 轻工制造 ＃investSuggestion＃ ＃d 顾yCo 家mp 家any＃居 （ 603816 ） ＃ 000009 investSug ＃title＃ 增持 ( 维ges持tion C)h 收入符合预期，外销增速靓丽 ange＃ 公 ＃ createTime1＃ 2024年 4月 30日 司 投资要点 点 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年报及 2024年一季报。①2024Q1营业收入/归母净利 评 日期 2024-04-30 润/扣非净利润分别为43.50/4.20/3.76亿元，同比+10.04%/+5.02%/+10.29%， 报 收盘价（元） 33.39 收入增速受剥离天禧派以及转产至美国的床垫产能仍处于产能爬坡期影响， 总股本（百万股） 821.89 归母增速慢于扣非主要受政府补助减少影响。②23 年营业收入/归母净利润/ 告 流通股本（百万股） 821.89 扣非净利润分别为192.12/20.06/17.81亿元，同比+6.67%/+10.70%/+ ...

Investment Rating - The report maintains a "Buy" rating for the company [3][28]. Core Views - The company has shown a rapid growth in scale, with total assets increasing by 10.8% year-on-year as of the end of Q1 2024, and loans growing by 12.3% year-on-year [1][7]. - Asset quality is improving, with a non-performing loan ratio decreasing by 3 basis points to 1.24% and a provision coverage ratio increasing by 8 percentage points to 200% [2][19]. - Revenue and profit have slightly declined, with Q1 2024 revenue down 3.0% year-on-year and net profit down 2.9% year-on-year, primarily due to a decrease in net interest income and fee-based income [4][18]. Summary by Sections Scale and Growth - Total assets as of Q1 2024 increased by 10.8% year-on-year, with loans up 12.3% year-on-year and deposits up 10.0% year-on-year [1][7]. Asset Quality - The non-performing loan ratio improved to 1.24%, with a provision coverage ratio of 200% [2][19]. Profitability - Q1 2024 revenue was 160.8 billion yuan, down 3.0% year-on-year, and net profit was 56 billion yuan, down 2.9% year-on-year [17][18]. - Net interest income decreased by 3.9% year-on-year, and fee-based income fell by 4.6% year-on-year [4][18]. Earnings Forecast - EPS is projected to be 0.79 yuan for 2024 and 0.80 yuan for 2025, with a projected PB of 0.54 times by the end of 2024 [3][28].