证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 公用事业 ＃investSuggestion＃ ＃ ＃d中yCo国mpa核ny＃电 （ 601985 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ ange＃ 费用节约贡献利润增量，中核汇能拟发行权益性并表类 REITs ＃createTime1＃ 2024年4月28日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：中国核电公告2023年报及2024年一季报。2023年，公司实现营 收749.57亿元，同比（调整后）+5.15%；实现归母净利润106.24亿元， 日期 2024/4/26 同比（调整后）+17.91%；实现基本每股收益0.554元/股，同比（调整后） 收盘价（元） 9.28 +18.38%。2024年第一季度，公司实现营收179.88亿元，同比+0.53%； 总股本（百万股） 18,883.28 实现归母净利润30.59亿元，同比+1.18%。公司同时公告2023年度利润 流通股本（百万股） 18,883.28 分配方案，拟每股派发现金红利0.195元（含税），共 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 厨房小家电 ＃investSuggestion＃ ＃ ＃dyC苏om泊pan尔y＃ （ 002032 ） investSug 买入 ( 维ges持tionC）h 000009 Q1 外销延续快＃ 增title ，＃ 经营表现稳健 ange＃ ＃createTime1＃ 2024 年04 月28 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：公司发布2024年一季报。24Q1实现营收53.78亿元，同比+8.38%； 市场数据日期 2024-04-26 归母净利润4.70亿元，同比+7.23%；扣非归母净利润4.61 亿元，同比 收盘价（元） 58.26 +8.06%；毛利率为 24.42%,同比-0.8pct；归母净利率为 8.73%，同比 总股本（百万股） 806.71 -0.09pct；扣非归母净利率为8.57%，同比-0.03pct。 流通股本（百万股） 804.54  Q1内销平稳，外销快增。内销方面，据久谦数据统计，24Q1国内厨房 净资产（百万元） 6813.26 小家电线上全渠道销额同比-11.8%，行 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 汽车 ＃investSuggestion＃ ＃ ＃d中yCo国mpa汽ny＃研 （ 601965 ） investSug 增持 ( 首ges次tionC）h 601689 ＃title＃ 24Q1 业绩符合预期，看好公司智能网联业务发展 ange＃ ＃createTime1＃ 2024 年04 月28 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：公司发布2023年年报及2024年一季报。2023年公司实现营收40.07 亿元，同比+21.76%，归母净利润8.25亿元，同比+19.75%；2024Q1公司实 市场数据日期 2024-04-26 现营收8.61亿元，同比+21.83%，归母净利润1.64亿元，同比+15.24%。 收盘价（元） 19.60  2023年公司新能源及智能网联汽车开发和测评业务营收高增长，利润率持续 总股本（百万股） 1004.18 提升。2023年公司实现营收40.07亿元，同比+21.76%，收入增长主要由技术 服务业务增长驱动。2023年公司技术服务业务收入33.10亿元，同比+19 ...

行 业 研 证券研究报告 究 ＃industryId＃ 证券 ＃title＃ 证券业基本面梳理之十二： ＃ ＃inve推stSu荐ggest ion＃ ( 维持 ） 并购推动证券业供给侧改革加速 investS ugg es ti onChan ＃createTime1＃ 2024年 04月 27日 ge＃ 行 投资要点 ＃relatedReport＃ 相关报告 业 ＃summary＃ ⚫ 4月26日证券Ⅱ（申万）大涨6.04%，跑赢沪深300指数4.51个百分点。 《证券业基本面梳理之十一：资 点 本市场全面助力新质生产力发 ⚫ 国联证券收购民生证券取得超预期进展点燃券商板块并购重组交易热情。4月 评 展》2024-04-21 《证券业基本面梳理之十：新 25 日国联证券公告称正在筹划重大资产重组事项并于 4 月 26 日停牌，拟通 报 “国九条”出台，助力资本市场 过发行A股股份的方式收购民生证券控制权并募集配套资金，目前国联证券 健康发展》2024-04-13 告 已与国联集团等合计持有民生证券 108.7 亿股股份（占其总股本的 95.48%） 《证券业基本面梳理之九：强本 强基严监严管，推动资本市场 ...

公 司 研 证券研究报告 究 ＃industryId＃ 白酒 ＃investSuggestion＃ ＃ ＃d 古yCo 井mp 贡any＃酒 （ 000596 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 顺利跨越 200 亿，利润率提升持续兑现 ange＃ ＃ createTime1＃ 2024年 4月 27 日 公 投资要点 ＃市场ma数rk据et Data＃ ＃事s件um：ma公ry司＃ 2023年营收202.54亿元，同比+21.18%，归母净利润45.89亿元， 司 日期 2024/4/26 同比+46.01%；其中23Q4营收43.01亿元，同比+8.92%，归母净利润7.77亿 点 收盘价（元） 264.50 元，同比+49.20%。24Q1实现营收82.86亿元，同比+25.85%，归母净利润20.66 评 总股本（百万股） 528.60 亿元，同比+31.61%。 报 流通股本（百万股） 408.60 顺利跨越200亿，净利率提升逻辑自2022年以来持续兑现 净资产（百万元） 23574.41 告 中国酒业从价格上涨逻辑进入到全要素竞争逻辑，以渠 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to market indices [2][11]. Core Insights - The company reported a revenue of 62.33 billion yuan for 2023, representing a year-on-year growth of 7.12%. The net profit attributable to shareholders was 4.47 billion yuan, a significant increase of 212.50% year-on-year [13]. - In Q1 2024, the company achieved a revenue of 13.81 billion yuan, reflecting a year-on-year growth of 15.60%, with a net profit of 1.24 billion yuan, up 34.61% year-on-year [13]. - The company is benefiting from a high-end brand strategy and continuous optimization of its product and channel layout, leading to improved profitability and a strong growth outlook [6][8]. Financial Summary - Key financial metrics for 2023 include: - Revenue: 62.33 billion yuan - Net profit: 4.47 billion yuan - Gross margin: 42.18% - Net profit margin: 7.17% [13] - Forecasted financial performance for 2024-2026: - Revenue is expected to grow to 68.57 billion yuan in 2024, 75.27 billion yuan in 2025, and 82.36 billion yuan in 2026, with respective year-on-year growth rates of 10.0%, 9.8%, and 9.4% [8]. - Net profit is projected to reach 630 million yuan in 2024, 717 million yuan in 2025, and 812 million yuan in 2026, with growth rates of 40.9%, 13.8%, and 13.3% respectively [8]. - The company's earnings per share (EPS) are forecasted to be 0.74 yuan in 2024, 0.85 yuan in 2025, and 0.96 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 8.6, 7.5, and 6.6 [8][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [20][22]. Core Insights - The company's main business continues to improve, with a focus on the growth of its non-heat-treated aluminum products and new material projects [5][22]. - The company reported a revenue of 23.365 billion yuan in 2023, a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 606 million yuan, up 22.98% year-on-year [12][19]. - The report highlights the successful development and patenting of non-heat-treated materials, which have reduced costs by 15%-20% and are expected to drive growth in the automotive lightweighting market [5][22]. Financial Performance Summary - The company is projected to achieve revenues of 25.927 billion yuan in 2024, with a year-on-year growth of 11.0%, and a net profit of 865 million yuan, reflecting a significant increase of 42.9% [6][22]. - The gross profit margin is expected to remain stable around 10.5% to 10.1% over the next few years, with a return on equity (ROE) projected to increase from 9.1% in 2023 to 12.4% by 2026 [6][22]. - Earnings per share (EPS) are forecasted to grow from 0.97 yuan in 2023 to 1.86 yuan in 2026, indicating strong profitability growth [6][22]. Business Segment Analysis - The casting aluminum alloy segment is expected to see increased sales volume, with a reported 11.49% year-on-year growth in 2023, achieving a sales volume of 933,200 tons [11][22]. - The aluminum wheel segment also showed robust growth, with sales increasing by 21.28% year-on-year, reaching 21.2 million units sold in 2023 [11][22]. - The functional intermediate alloy segment is gradually expanding, with a slight increase in sales volume and a stable profit margin, indicating a balanced growth across all business areas [11][22]. Future Growth Drivers - The company is set to benefit from the rapid adoption of integrated die-casting technology in the electric vehicle sector, which is expected to enhance demand for its non-heat-treated alloys [5][22]. - The lithium battery materials project is anticipated to create a new growth avenue, with an initial capacity of 34,000 tons planned, contributing to the company's diversification strategy [13][22]. - Overall, the combination of traditional business growth and new material projects positions the company well for future performance improvements [22].

Investment Rating - The report maintains a "Buy" rating for the company [30][42]. Core Insights - The company reported a strong performance in Q1 2024, with total revenue and net profit reaching 464.85 billion and 240.65 billion yuan, respectively, representing year-on-year growth of 18.04% and 15.73% [11][12]. - The gross margin for Q1 was 92.61%, slightly up by 0.02 percentage points year-on-year, driven by price increases and growth in non-standard products, although channel structure changes had a negative impact [5][13]. - The company aims for a revenue growth rate of around 15% for 2024, supported by product structure optimization, new product launches, and increased direct sales [14][28]. Financial Performance Summary - Q1 2024 revenue from Moutai liquor was 397.07 billion yuan, up 17.75% year-on-year, attributed to sales volume growth, product structure optimization, and a price increase of 20% in November 2023 [42]. - The company expects revenues for 2024-2026 to be 1,744.55 billion, 2,012.63 billion, and 2,297.39 billion yuan, with corresponding net profits of 881.37 billion, 1,035.42 billion, and 1,198.88 billion yuan, reflecting growth rates of 15.87%, 15.37%, and 14.15% respectively [30][29]. - The Q1 net profit margin was 51.77%, down 1.04 percentage points year-on-year, influenced by an increase in tax and fees [5][13].

公 司 研 证券研究报告 究 ＃industryId＃ 白酒 ＃investSuggestion＃ ＃ ＃d 洋yCo 河mp 股any＃份 （ 002304 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 销售节奏仍稳健，盈利阶段性承压 ange＃ ＃ createTime1＃ 2024年 4月 27 日 公 投资要点 ＃市场ma数rk据et Data＃ ⚫ 事件：2023 年营收 331.26 亿元，同比+10.04%，归母净利润 100.16 亿 司 ＃summary＃ 日期 2024/4/26 元，同比+6.80%，扣非后归母净利润98.43亿元，同比+6.10%。其中23Q4 点 收盘价（元） 100.09 实现营收 28.43 亿元，同比-21.51%，归母及扣非后归母净利润分别为- 评 总股本（百万股） 1506.45 1.88亿元、-3.22亿元，此前22Q4归母及扣非后归母净利润分别为3.06 报 流通股本（百万股） 1502.16 亿元、4.33亿元。24Q1实现营收162.55亿元，同比+8.03%，归母净利润 净资产（百万元） 57990.0 ...

证券研究报告 ＃industryId＃ 光学元件 ＃investSuggestion＃ ( ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | |--------------------|------------| | | | | 市场数据日期 | 2024-04-26 | | 收盘价（元） | 72.96 | | 总股本（百万股） | 111.17 | | 流通股本（百万股） | 110.45 | | 净资产（百万元） | 1862.17 | | 总资产（百万元） | 2103.34 | | 每股净资产（元） | 16.75 | ＃分析师： 姚康 yaokang@xyzq.com.cn S0190520080007 姚丹丹 yaodandan@xyzq.com.cn S0190519120001 ⚫ 自动驾驶市场规模持续扩大，激光雷达业务持续向好。根据 QYR，2022 年 全球 ADAS 车载摄像头镜头市场销售额为 8.5 亿美元，预计 2029 年达到 31 亿美元，市场规模持续扩大，公司车载镜头前片销量保持稳健增长。自动驾 驶市场空间广阔，据沙利文咨询公司，预 ...