公 司 点 评 报 告 | --- | --- | |--------------------|------------| | | | | 日期 | 2024-04-26 | | 收盘价（元） | 32.54 | | 总股本（百万股） | 400.01 | | 流通股本（百万股） | 77.93 | | 净资产（百万元） | 4699.38 | | 总资产（百万元） | 7085.07 | | 每股净资产（元） | 11.75 | 《【兴证轻工】慕思股份 2023Q3 点评：23Q3 收入符合预期，利 润保持高增长》2023-10-30 《【兴证轻工】慕思股份 2023H1 点评：23Q2 利润超预期，收入 增速环比改善》2023-08-25 《【兴证轻工】慕思股份 2022 年 报&2023Q1 点评：23Q1 业绩承 压，后续有望逐李改善》2023- 04-26 emailAuthor＃ | --- | |-----------------------| | | | | | 研究助理： | | | | 张毅 | | zhangyi22@xyzq.com.cn | ＃ investSug gestionCh ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has shown a steady improvement in profit margins due to cost reduction and efficiency enhancement measures, with a long-term positive outlook on profitability [6] - The revenue for 2023 was affected by weak demand in high-end consumer products, but a recovery is expected in 2024 through increased market share with existing clients and new customer acquisition [6] - The company has adjusted its profit forecasts, expecting net profits of 1.654 billion, 1.827 billion, and 2.010 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 15%, 10.5%, and 10% [6] Financial Summary - For 2023, the company reported revenues of 15.223 billion yuan, a decrease of 7% year-on-year, with a net profit of 1.438 billion yuan, down 3.3% [6] - The gross margin for 2023 was 26.2%, with a projected decline to 24.2% in 2024, followed by a slight recovery in subsequent years [5][6] - The company plans to maintain a dividend payout ratio of no less than 60% for 2024-2025, with a total dividend of 870 million yuan for 2023 [5]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 化学工程 ＃ investSuggestion＃ ＃ ＃d 中yCo 国mp 化any＃学 （ 601117 ） investSug 增持 ( 维ges持tion ）Ch ＃title＃ 23 年现金流获大幅改善，24 年经营计划指向高位发展 ange＃ ＃ createTime1＃ 2024 年 04 月 29 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃l sum中ma国ry＃化 学发布2023年年报：公司2023年实现营业收入1783.58亿元，同比 司 增长13.09%；实现归母净利润54.26亿元，同比增长0.20%；实现扣非后归 市场数据日期 2024-04-26 母净利润5.20亿元，同比增长3.86%。公司发布2024年一季报：公司2024 点 收盘价（元） 6.97 年一季度实现营业收入449.39亿元，同比增长5.51%；实现归母净利润12.16 评 总股本（百万股） 6109.47 亿元，同比增长9.50%；实现扣非后归母净利润11.51亿元，同比增长3.70%。 公司公告2023年现金分红10. ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 港口 ＃ investSuggestion＃ ＃ ＃dy 青Com 岛pan 港y＃ （ 601298 ） investSug 增持 ( 维gest持ion C） h 000 港00 口9 整合 效应持续 兑＃t 现itle＃ ， 业绩 实现稳健增长 ange＃ ＃ createTime1＃ 2024 年 04月 29 日 投资要点 公 ＃市m场a数rk据etD ata＃ ＃ 事su 件m ：ma 青ry＃ 岛 港发布 2023 年年报、2024年一季度报。2023 年：公司实现营业收入 司 日期 2024/04/26 181.73亿元，同比下滑 5.66%；归母净利润 49.23亿元，同比增长8.72%，2023年 点 收盘价（元） 8.24 基本EPS为 0.76元，同比增长8.57%；扣非后归母净利润47.93亿元，同比增长 评 总股本（百万股） 6491 10.55%。2023 年，公司拟每 10 股派发现金红利 2.927 元（含税），分红比例为 报 流通股本（百万股） 5392 39%，对应2024年4月26日收盘价， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company reported a revenue of 15.683 billion yuan in 2023, a year-on-year increase of 17.80%, and a net profit attributable to shareholders of 1.751 billion yuan, up 32.98% year-on-year. In Q4 alone, revenue reached 4.498 billion yuan, marking a 29.48% increase year-on-year, with net profit soaring by 645.38% to 508 million yuan [3][5]. - The company’s product segments showed varied performance, with revenue from high-quality float glass, energy-saving building glass, ultra-white photovoltaic glass, and other functional glass reaching 906.6 million, 278.1 million, 341.2 million, and 23.7 million yuan respectively. Notably, ultra-white photovoltaic glass revenue surged by 114.13% year-on-year [3][4]. - The company’s production capacity for ultra-white photovoltaic glass has significantly increased, with production volume reaching 199.5 million square meters, a year-on-year increase of 178.67%, and sales volume up 201.72% [3][4]. Financial Summary - The company achieved a comprehensive gross margin of 24.99% in 2023, an increase of 3.77 percentage points year-on-year, driven by lower raw material prices and improved business structure [4][5]. - The company’s financial forecasts for 2024-2026 project net profits of 1.817 billion, 2.129 billion, and 2.451 billion yuan respectively, with corresponding price-to-earnings ratios of 11.1, 9.4, and 8.2 times [5][6]. - The company’s total assets as of December 31, 2023, were 33.64979 billion yuan, with net assets of 13.96536 billion yuan [2][5].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 7.564 billion yuan in 2023, reflecting a year-over-year growth of 0.72%. The net profit attributable to shareholders was 656 million yuan, up 29.55% year-over-year [6][9]. - The company's brand operation business showed robust growth, achieving a revenue of 4.4 billion yuan in 2023, which is an increase of 18.91% year-over-year [4][7]. - The report highlights the successful commercialization of key products, including the Dicalcium series and others, which contributed significantly to revenue growth [8][9]. Financial Performance Summary - **2023 Financials**: - Revenue: 7,564 million yuan - Net Profit: 656 million yuan - Gross Margin: 30.0% - Return on Equity (ROE): 24.6% [3][9] - **2024 Projections**: - Expected Revenue: 8,700 million yuan (15.0% growth) - Expected Net Profit: 854 million yuan (30.1% growth) - Expected Gross Margin: 30.8% [3][4] Brand Performance - The Dicalcium series generated a revenue of 1.897 billion yuan in 2023, with a gross margin of 66.48% [7][8]. - The Hai Lu product line achieved a revenue of 640 million yuan, marking a significant growth of 49.88% year-over-year [7][8]. - The company is focusing on building a brand matrix in various health sectors, enhancing its competitive edge [8][9]. Market Position and Strategy - The company is positioned as a leading health brand commercialization platform, with successful product launches validating its business model [4][9]. - The report emphasizes the company's strategic partnerships with research institutions to develop innovative medical devices and drugs, which are expected to yield commercial benefits in the near future [8][9].

行 业 研 证券研究报告 究 ＃industryId＃ 交通运输 ＃title＃ 交通运输行业周报（2024.4.22-2024.4.28）—— 推荐 （维持） “五一”机票预订量猛增，圆通申通发布 24Q1 业绩 20＃ 24cr年eat 4eT月im 2e 81＃ 日 z 肖xS王S王wS重h i000aaa 春凯祎111n点 on 999gyg 环 000k公 ix y555ai j212ia司 y 2151o @ 重1000y @E 869u x 点000Pn y x000@ zS y000公q z预x 632. qcy 司.o c测z m oq m.（ .c co .n c元m n ./c股n ） 投 资要点 行 重点公司 21A 22A/ 评级 ＃⚫ sum推ma荐ry组＃合 ：圆通速递、嘉友国际、东航物流、中远海能、招商公路、皖通高速、 重点公司 E 评级 粤高速 A、春秋航空、华夏航空、韵达股份、吉祥航空、京沪高铁、德邦股份、 业 顺丰圆控通速股递 0.87 1.26增 持增 持 嘉友国际 增持 顺丰控股、中国国航、南方航空、中国东航、中谷物流。 周 申通快递 -0.59 0.19 增持 东航 ...

证券研究报告 ＃industryId＃ 钢铁 ＃title＃ 钢价延续反弹态势 ＃inve推stSu荐ggestion＃ 维持＃ （ ） investSu ggestion ＃createTime1＃ 2024 年04 月28 日 Change ＃ 相关公司 投资要点 ＃summary＃ 相关公司 评级  发改委加快推进超长特别国债措施落地，钢价稳中偏强 宝钢股份 增持 本期钢价稳中偏强。近期受需求持续改善以及钢厂亏损面积逐步收窄影响，市场悲观情绪 华菱钢铁 增持 得到有效遏制。当前即将步入5月，节前下游备货需求意愿提升，带动本期库存端持续去 南钢股份 增持 化，钢厂生产动力增强，五大成材品种周度产量环比上升3.52万吨，钢材厂库和社库分别 河钢资源 增持 下降30万吨和64万吨。需求方面，百年建筑网数据显示目前工地资金到位率季节性恢复， 久立特材 增持 对需求起到一定支撑。宏观政策方面，周内发改委再次强调加快推进超长期特别国债等举 措落地，后续基建领域实物量需求存在发力可能。就铁矿石而言，近期矿价反弹力度明显 甬金股份 增持 强于成材，主要原因在于钢厂盈利改善推动铁水产量回升，铁矿石估值得以修复。考虑到 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 382.30 CNY as of April 26, 2024 [1][3] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue reaching 1.841 billion CNY, a YoY increase of 58.69%, and net profit attributable to shareholders of 399 million CNY, a YoY increase of 95.23% [2] - The company's gross margin improved significantly in Q1 2024, reaching 56.49%, a YoY increase of 6.65 percentage points, driven by product and channel structure optimization, scale effects, and cost reduction capabilities [2] - The company's overseas sales growth was strong in Q1 2024, particularly in North America, where both online and offline channels expanded rapidly, while Europe and Asia-Pacific regions also showed high growth [2] - The company's domestic sales also grew rapidly, with online sales of扫地机 and洗地机 increasing by 29.88% and 11.45% YoY, respectively, in Q1 2024, supported by a robust product matrix and strong product capabilities [2] - The company's profitability is expected to continue improving, with EPS forecasts of 20.04 CNY, 23.57 CNY, and 27.79 CNY for 2024, 2025, and 2026, respectively, and a dynamic PE ratio of 19.1x, 16.2x, and 13.8x as of April 26, 2024 [2][3] Financial Performance Summary - The company's revenue in 2023 was 8.654 billion CNY, with a YoY growth of 30.5%, and is expected to reach 11.190 billion CNY, 13.226 billion CNY, and 15.526 billion CNY in 2024, 2025, and 2026, respectively, with YoY growth rates of 29.3%, 18.2%, and 17.4% [2][4] - Net profit attributable to shareholders in 2023 was 2.051 billion CNY, with a YoY growth of 73.3%, and is expected to reach 2.634 billion CNY, 3.099 billion CNY, and 3.653 billion CNY in 2024, 2025, and 2026, respectively, with YoY growth rates of 28.4%, 17.7%, and 17.9% [2][4] - The company's gross margin remained stable at around 55% from 2023 to 2026, with a slight improvement to 56.0% in 2024 [2][4] - ROE is expected to increase from 18.0% in 2023 to 19.7% in 2024 and remain stable at around 19.7%-19.8% in 2025 and 2026 [2][4] Market and Industry Outlook - The company is well-positioned to benefit from the recovery of domestic demand and the structural upgrade红利 in overseas markets, as it is a leading global brand in the扫地机 industry [2] - The company's strong product capabilities, brand strength, and cost control capabilities, combined with accelerated expansion in new channels and markets in Europe and the US, are expected to drive further growth in both domestic and international market share [2]

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" suggestion for investment [6]. Core Views - The company reported a revenue of 5.485 billion yuan, a net profit attributable to shareholders of 380 million yuan, and a net profit excluding non-recurring items of 328 million yuan for Q1 2024, representing year-on-year growth of 12.37%, 13.87%, and 11.10% respectively [4][6]. - The revenue growth in Q1 2024 fell short of the annual guidance of 18%, primarily due to slower growth in traditional office supplies and a temporary slowdown in the KOLIP business, while writing tools and student stationery performed well [4][6]. - The gross margin improved year-on-year, with the overall gross margin at 20.17% and net margin at 6.92%, reflecting a slight increase of 0.49 percentage points and 0.09 percentage points respectively [4][6]. Summary by Sections Revenue Performance - Traditional core business saw online growth outperforming offline, with writing tools and student stationery showing strong revenue and profit performance. In Q1 2024, the growth rates for writing tools, student stationery, and office supplies were 15.74%, 17.12%, and 6.41% respectively [4]. - The KOLIP business generated revenue of 2.95 billion yuan in Q1 2024, with a year-on-year growth of 11.59%, although the growth rate has slowed due to short-term demand pressures [4]. Retail Business - The retail segment, particularly the Jiumu miscellaneous store, maintained profitability with a revenue increase of 25.05%, driven by store expansion [5]. - As of Q1 2024, the company operated 678 retail stores nationwide, with a 27% increase in store count [5]. Financial Projections - The company adjusted its earnings forecast, projecting revenues of 27.554 billion yuan and 31.408 billion yuan for 2024 and 2025, respectively, with corresponding net profits of 1.757 billion yuan and 1.987 billion yuan [6][7]. - The projected PE ratios for 2024 and 2025 are 18.0 and 15.9 times, respectively [6].