公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 邮储银行（601658） 营收维持正增长，＃t存itle＃款 成本持续改善 ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） ——邮储银行 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 ＃⚫ sum业m绩ar保y＃持 稳定。公司 2024 年一季度营收同比+1.4%，归母净利润同比- 评 1.3%。拆分来看，①净利息收入同比+3.1%，主要得益于规模稳步增长以 报 及资产负债结构优化；②手续费净收入同比-18.2%，主要是受“报行合一” 告 政策影响，代理保险业务收入下降导致；③其他非息收入同比+16.7%，债 ＃分em析a师ilA：ut hor＃ 券投资收益较高增长对营收有所支撑。成本方面，2024年一季度成本收入 ＃陈a绍ss兴Au thor＃ 比 59.3%，同比上升 3.4pct，与存款增长较快以及加大科技投入有关；资 SAC：S0190517070003 产减值损失 ...

公 司 点 评 报 告 公 司 研 究 | --- | --- | |--------------------|------------| | | | | 日期 | 2024-04-29 | | 收盘价（元） | 15.38 | | 总股本（百万股） | 436.55 | | 流通股本（百万股） | 432.18 | | 净资产（百万元） | 3347.72 | | 总资产（百万元） | 5697.75 | | 每股净资产（元） | 7.67 | ＃相关报告 relatedReport＃ 《志邦家居 2023 年半年度报告 点评：23Q2 业绩稳步提升，整 装业务保持高增》2023-08-31 《志邦家居 2022 年报&2023 年 一季报点评：23Q1 业绩超预期， 降本增效持续释放盈利空间》 2023-05-02 《志邦家居 2022 年业绩快报点 评：业绩符合预期，降本增效持 续释放盈利空间》2023-03-13 ＃分析师： emailAuthor＃ | --- | |-------------------------------| | | | 侯宜芳 | | houyifang@xyzq.com.c ...

Investment Rating - The report maintains an "Add" rating for the company [2][8]. Core Insights - The company achieved a revenue of 3.891 billion yuan in 2023, representing a year-on-year increase of 17.76%, but reported a net profit attributable to shareholders of -401 million yuan, marking a shift to negative profitability [3][11]. - In Q1 2024, the company generated a revenue of 1.082 billion yuan, up 20.82% year-on-year, with a net profit of -3.57 million yuan, which is a significant improvement of 96.63% compared to the previous year [3][11]. - The company’s pig slaughtering volume increased by 63.7% year-on-year to approximately 1.52 million heads in 2023, with an average selling price of 14.4 yuan/kg, down 20.3% year-on-year [6][8]. Summary by Sections Financial Performance - The company’s total revenue for 2023 was 3.891 billion yuan, with a year-on-year growth of 17.8% projected for 2024 [11]. - The net profit for 2024 is expected to recover to 379 million yuan, reflecting a year-on-year growth of 131.9% [11]. - The gross margin for 2023 was 4.4%, with expectations to rise to 15.1% in 2024 [11]. Production and Cost Management - The company’s total cost of production decreased to approximately 16.2 yuan/kg in 2023, down by 0.5 yuan/kg year-on-year [6]. - In Q1 2024, the total cost further declined to around 14.5 yuan/kg, indicating continuous improvement in cost management [6]. - The company’s breeding capacity is set to increase, with the number of breeding sows expected to reach nearly 130,000 by the end of 2024 [7]. Future Outlook - The company is projected to achieve a slaughter volume of 2.5 million heads in 2024 and 3.5 million heads in 2025 [8]. - Earnings per share (EPS) are forecasted to be 0.72 yuan in 2024, 1.68 yuan in 2025, and 1.74 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 49.9, 21.5, and 20.8 [8][11].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a revenue of 26.85 billion yuan in 2023, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 4.56 billion yuan, up 14.4% year-on-year [2] - The coal segment saw a revenue increase of 7.69% to 9.48 billion yuan, with a gross margin of 55.38%, up 3.93 percentage points year-on-year [2] - The electrolytic aluminum segment experienced a revenue decline of 4.3% to 14.578 billion yuan, with a gross margin of 15.9%, down 4.32 percentage points year-on-year [2] - The power segment achieved a revenue of 2.785 billion yuan, a year-on-year increase of 1.2%, with a gross margin of 34.6%, down 2.1 percentage points year-on-year [2] - The company plans to increase coal production capacity to 48 million tons and aims for significant growth in renewable energy and electrolytic aluminum production by 2025 [2] Financial Summary - For 2023, the company achieved a revenue of 26.846 billion yuan, with projected revenues of 29.176 billion yuan in 2024, 32.816 billion yuan in 2025, and 37.694 billion yuan in 2026 [2] - The net profit attributable to shareholders is expected to grow from 4.56 billion yuan in 2023 to 4.952 billion yuan in 2024, 5.311 billion yuan in 2025, and 5.640 billion yuan in 2026 [2] - The company's gross margin is projected to decline from 14.4% in 2023 to 6.2% by 2026 [2] - The return on equity (ROE) is expected to remain strong, with values of 31.8% in 2023, 32.6% in 2024, and gradually decreasing to 29.7% by 2026 [2] - Earnings per share (EPS) are projected to be 2.03 yuan in 2023, increasing to 2.52 yuan by 2026 [2]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 啤酒 ＃investSuggestion＃ ＃ ＃d 重yCo 庆mp 啤any＃酒 （ 600132 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ Q1 利润略超预期，量价节奏稳健 ange＃ ＃ createTime1＃ 2024年 4月 30 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ 事s 件um ：ma 重ry 庆＃ 啤酒发布2024年一季报，24Q1实现营收42.93亿元，同比+7.16%， 司 日期 2024-4-29 归母净利润4.52亿元，同比+16.78%，扣非后归母净利润4.46亿元，同比+16.91%。 点 收盘价（元） 68.05 乐堡、重庆稳健增长，疆外乌苏降幅收窄 评 总股本（百万股） 483.97 报 流通股本（百万股） 483.97 24Q1啤酒业务营收41.78亿元，同比+6.59%，其中销量86.68万吨，同比+5.25%， 告 净资产（百万元） 2592.04 销量实现稳健增长，吨价同比+1.28%至 4820 元/吨，结构升级韧性 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][10] Core Views - The company reported a revenue of 924 million yuan for 2023, representing a year-on-year growth of 21.26%, and a net profit attributable to shareholders of 134 million yuan, up 35.18% [2][3] - In Q1 2024, the company achieved a revenue of 272 million yuan, a significant increase of 48.54% year-on-year, with a net profit of 49.59 million yuan, up 155.22% [2][3] - The company is expanding its production capacity in an orderly manner, leading to sustained revenue growth [3] - The gross profit margin for 2023 was 27.62%, an increase of 2.42 percentage points year-on-year, with margins reaching 30.50% in Q4 2023 and 30.68% in Q1 2024 [4] - The company is implementing a "dual-wing strategy" focusing on both flat panel display and semiconductor chip sectors, with ongoing technology development and product introduction [5][10] Financial Summary - The company forecasts revenues of 1.132 billion yuan, 1.373 billion yuan, and 1.679 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 22.5%, 21.3%, and 22.3% [7][10] - The projected net profits for 2024, 2025, and 2026 are 180 million yuan, 229 million yuan, and 284 million yuan, with growth rates of 34.8%, 26.8%, and 24.0% respectively [7][10] - The company's return on equity (ROE) is expected to improve from 9.7% in 2023 to 14.9% by 2026 [7][10]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 通信 ＃investSuggestion＃ ＃ ＃d 中yCo 兴mp 通any＃讯 （ 000063 ） investSug 增持 ( 维ges持tion ）Ch 000 收00 入9 稳健 增长，第 二＃ 曲tit 线le＃ 业 务 打开成长天花板 ange＃ ＃ createTime1＃ 2024年 04月 29日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2024年一季报。2024年第一季度，公司实现营业收入305.8 司 日期 2024-04-29 亿元，同比增长4.9%；归母净利润27.4亿元，同比增长3.7%；扣非归母净 点 收盘价（元） 28.88 利润26.5亿元，同比增长7.9%；经营性现金流净额达29.8亿元，同比增长 评 总股本（百万股） 4,783.25 28.3%。 报 流通股本（百万股） 4,027.02 ⚫ 点评：1、政企、消费者、海外运营商业务带动收入增长，业绩稳健增长：2024 净资产（百万元） 70,867.09 年第一季度，受益于政企和消 ...

Investment Rating - The report maintains an "Overweight" rating for the Japanese food and beverage industry [3]. Core Insights - The Japanese alcoholic beverage industry can be divided into three phases: 1963-1994 saw growth driven by post-war economic expansion; 1995-2002 experienced stabilization and rational consumption; from 2003 to present, the market has contracted due to aging population and health trends, alongside the rise of new alcoholic beverages [1][3]. Summary by Sections 1. Changes in Alcoholic Beverage Consumption - From 1980 to 1990, Japan's annual alcohol consumption surged from 6.66 billion liters to 9.04 billion liters due to economic prosperity [10]. - Post-1990, the economic bubble burst led to a decline in consumption, with 2020 consumption at 7.828 billion liters, down 18.21% from 1994 [13]. 2. Industry Trends - The alcoholic beverage market has seen a shift towards low-alcohol and innovative flavored beverages, with the share of high-alcohol beverages dropping from 46.2% in 1963 to 26.1% in 2023, while low-alcohol and innovative beverages rose from 53.8% to 73.8% [4][27]. - The RTD (Ready-to-Drink) segment has shown resilience and growth amidst overall market contraction [16]. 3. Structural Changes in the Industry - Beer consumption peaked in the mid-1990s, with a decline attributed to demographic shifts and health consciousness [18][21]. - Sake revenue grew at a CAGR of 8.59% from 1963 to 1975, but faced challenges from product homogenization and competition from shochu [24]. - Shochu sales surged by 45% in 1984, driven by its cost-effectiveness and appeal to younger consumers [3][26]. 4. International Expansion and Profitability - Major beer companies like Asahi, Sapporo, and Kirin have expanded overseas, with Asahi's European revenue growing from JPY 411.1 billion in 2020 to JPY 687.6 billion in 2023, a CAGR of 18.7% [5]. - From 2010 to 2023, Asahi's overseas revenue share increased from 6.6% to 51.1%, with overseas operating profit margins surpassing domestic margins [5][30]. 5. Japanese Whisky Market - Japanese whisky exports grew from JPY 1.7 billion in 2000 to JPY 50.1 billion in 2023, with a CAGR of 15.64% [3][30]. - The "Highball Revival Plan" launched by Suntory in 2008 targeted younger consumers, boosting sales and enhancing the global reputation of Japanese whisky [3][30].

行 业 研 证券研究报告 究 ＃industryId＃ ＃title＃ 采矿业景气拉动民爆需求，规模民爆企业发展提速 ＃inve推stSu荐ggest ion＃ ( 维＃持 ） investS ugg esti ＃createTime1＃ 2024年 4月 29日 onChan 行 ＃ 相关rel 报ate 告dR eport＃ ge＃ 投资要点 ＃summary＃ 业 ⚫ 民爆行业的安全属性较强，上游主要原料为硝酸铵，下游主要应用于矿山 点 开采领域。民爆行业主要涉及民用爆破器材的生产、销售和使用，包括工 评 业炸药、工业雷管、工业索类等，这些产品的生产需要严格的质量控制和 报 安全生产措施，以确保产品的稳定性和安全性。从产业链来看，民爆的上 游化学原料主要为硝酸铵，下游则广泛应用于矿山开采、基础设施建设等 告 ＃分e析m师ail：Au thor＃ 领域，其中矿山开采为主要的应用领域。 张志扬 ⚫ 采矿业固定资产投资完成额稳步提升，以煤炭、有色金属为代表的下游行 zhangzhiyang@xyzq.com.cn 业发展向好，有效提振民爆产品需求。2017年以来，我国采矿业固定资产 S019052001000 ...

公 司 研 究 ＃分析师： emailAuthor＃ | --- | --- | --- | --- | --- | |---------------------------------------|---------|-------------------------|--------|--------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 3499 4097 4716 5315 | | | | 同比增长 | 20.22% | 17.09% | 15.10% | 12.72% | | 归母净利润 ( 百万元 ) | | 73 287 366 433 | | | | 同比增长 | -49.21% | 292.92% | 27.68% | 18.06% | | 毛利率 | 31.39% | 32.62% | 32.90% | 33.09% | | ROE | 2.95% | 10.76% | 12.07% | 12.48% | | 每股收益 ( 元 ) | | 0.43 1.69 2.16 2 ...