Investment Rating - The investment rating for the company is "Add" [2] Core Views - The company achieved a revenue of 31.928 billion yuan in 2023, representing a year-on-year increase of 21.80%, and a net profit attributable to the parent company of 10.438 billion yuan, up 28.93% year-on-year [2] - In Q1 2024, the company reported a revenue of 15.338 billion yuan, a year-on-year increase of 20.94%, and a net profit of 6.262 billion yuan, up 29.95% year-on-year [2] - The blue flower series continues to gain market share, with its proportion reaching 46% in 2023, and the company is expanding its national presence [2][3] Summary by Sections Financial Performance - In Q4 2023, the company recorded a revenue of 5.184 billion yuan, a year-on-year increase of 27.38%, and a net profit of 1.007 billion yuan, up 1.96% year-on-year [2] - The net profit margin for 2023 increased by 1.64 percentage points to 32.76%, with a stable gross margin of 75.31% [3] - For Q1 2024, the net profit margin improved by 2.75 percentage points to 40.86%, driven by the increased share of the blue flower series [3] Revenue and Profit Forecast - The company aims for a revenue growth of around 20% for the full year of 2024, with projected revenues of 38.522 billion yuan, 45.608 billion yuan, and 53.630 billion yuan for 2024, 2025, and 2026 respectively [3][6] - The net profit attributable to the parent company is expected to be 13.175 billion yuan, 16.023 billion yuan, and 19.024 billion yuan for the same years [6] Market Expansion - The company continues to see strong growth in both high-end and mid-range liquor segments, with revenue growth of 22.56% and 20.15% respectively in 2023 [2] - The company’s revenue from provincial markets reached 12.08 billion yuan, up 20.41% year-on-year, while revenue from outside the province was 19.66 billion yuan, up 22.84% year-on-year [2]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 通信终端及配件 ＃investSuggestion＃ ＃ ＃d亿yCo联mpa网ny＃络 （ 300628 ） investSug 增持 ( 维ges持tionC）h 0000 经09 营明显改善，股＃ 权title＃ 激励强化增长信心 ange＃ ＃createTime1＃ 2024 年4月26 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2023年年报和2024年一季报。2023年公司实现营收43.48 日期 2024-04-25 亿元，同比-9.61%，归母净利润20.10元，同比-7.69%。2024Q1公司实现营 收盘价（元） 36.48 收11.64亿元，同比+30.95%；归母净利润5.69亿元，同比+34.45%。 总股本（百万股） 1,263.82 流通股本（百万股）  点评：1. 需求持续恢复，2024Q1营收及利润实现快速增长。2023年外部宏 723.00 观需求波动导致公司各业务条线出现波动，其中桌面通信终端收入同比下降 净资产（百万元） 8,125.73 总资产（百万元） 1 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 多元金融 ＃investSuggestion＃ ＃ ＃d 永yCo 安mp 期any＃货 （ 600927 ） investSu ggestion 000009风 险 管理拖累利 润＃t，itle境＃ 外业 务贡献增量 增持 ( 维持 ） Change ——永安期货 2023 年报及 2024 年一季报点评 ＃ ＃ createTime1＃ 2024年 4月 26日 公 相关报告 投资要点 司 《永安期货 2023 年三季报点 ＃⚫ sum永ma安ry＃期 货发布 2023 年报及 2024 年一季报，2023 年分别实现营业收入及 点 评：风险管理拖累业绩，看好衍 归母净利润238.23、7.29亿元，同比分别-31.5%、+8.3%，加权平均ROE 生品投行增长潜力》2023-10-27 评 同比+0.26pct 至 5.97%；2024 年一季度分别实现营业收入及归母净利润 《永安期货2023年中报点评： 报 投资收益提振业绩，期货龙头综 43.38、0.78亿元，同比分别-19.1%、-62.6%。 合实力领先》2023- ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Insights - The company reported a significant revenue increase of 88.10% year-on-year for Q1 2024, reaching 17.443 billion yuan, with a net profit of 1.626 billion yuan, up 210.30% year-on-year [1] - The global smartphone market is showing a clear recovery, with the company expanding its market share in emerging markets, particularly in India and Africa [1] - The company is actively investing in AI technology for its smartphones, which is expected to enhance product demand and user experience [1] - The company's net profit margin has improved significantly, with effective cost control measures leading to a net profit margin of 9.32%, up 3.67 percentage points year-on-year [1] Financial Performance Summary - For 2024, the company expects revenues of 75.838 billion yuan, a 21.7% increase year-on-year, and net profits of 6.517 billion yuan, a 17.7% increase year-on-year [2] - The projected PE ratios for 2024, 2025, and 2026 are 28.2, 23.4, and 20.2 respectively [2] - Key financial metrics for 2024 include a gross margin of 24.4% and a return on equity (ROE) of 29.5% [5][6]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 消费电子零部件及组装 ＃investSuggestion＃ ＃ ＃d 立yCo 讯mp 精any＃密 （ 002475 ） investSug 买入 ( 维ges持tion ）Ch 688772 ＃title＃ Q1 利润快速增长，通讯和汽车业务未来可期 ange＃ ＃ createTime1＃ 2024年 04月 25 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 公ma 告ry＃ ： 公司发布2023年报及2024年一季报，2023年公司实现营收2319.05 司 市场数据日期 2024-04-24 亿元，同比+8.35%，实现归母净利润109.53亿元，同比+19.53%，实现扣非 点 收盘价（元） 27.67 归母净利润 101.86 亿元，同比+20.65%。2023 年 Q4，公司实现营收 760.31 评 总股本（百万股） 7178.01 亿元，同比+10.55%，实现归母净利润35.78亿元，同比+29.52%，实现扣非 报 流通股本（百万股） 7162.44 归母净利润31.53亿元，同比 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 逆变器 ＃investSuggestion＃ ＃ ＃d德yCo业mpa股ny＃份 （ 605117 ） investSug 增持 ( 首ges次tionC）h 605 海11 外7 市场多点开花＃ ，tit 逆le＃ 变器营收持续增长 ange＃ ＃createTime1＃ 2024 年04 月25 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2023年年报及2024Q1业绩报。（1）公司2023全年实现营 市场数据日期 2024-04-24 业收入74.8亿元，同比+25.59%；归母净利润17.91亿元，同比+18.03%。（2） 收盘价（元） 89.36 2024Q1实现营业收入18.84亿元，同比-9.64%，环比+63.26%；归母净利润 总股本（百万股） 430.08 4.33亿元，同比-26.48%，环比+94.37%。公司Q1业绩环比大幅增长。 流通股本（百万股） 430.08  全球光伏及户储装机增长显著，公司逆变器营收持续增长。2023年全球光伏 净资产（百万元） 5723.52 装 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 钴 ＃investSuggestion＃ ＃ ＃d华yCo友mpa钴ny＃业 （ 603799 ） investSug 增持 ( 维ges持tionC）h 603799 ＃title＃ 锂电材料价格下滑拖累公司盈利，关注印尼项目进展 ange＃ ＃createTime1＃ 2024 年04 月25日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告和2024年一季报，2023年公司实现营 市场数据日期 2024-04-23 业收入663.04亿元，同比增长5.19％；实现归母净利润33.51亿元，同比下 收盘价（元） 28.27 降14.25%；实现扣非后归母净利润为30.93亿元，同比下降22.25%。公司拟 总股本（百万股） 1710.09 向全体股东每10股派发现金红利10元（含税）。2024年一季度公司实现营 流通股本（百万股） 1686.33 业收入149.63亿元，同比下降21.70%；实现归母净利润5.22亿元，同比下 净资产（百万元） 34910.4 降48.99%；实现扣非 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 轮胎轮毂 ＃investSuggestion＃ ＃ ＃d 玲yCo 珑mp 轮any＃胎 （ 601966 ） investSug 增持 ( 维ges持tion ）Ch ＃00tit0le0＃0 9 公司盈利能力显著回升，塞尔维亚基地将逐步放量 ange＃ ＃ createTime1＃ 2024年 04月 25日 公 投资要点 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 玲珑轮胎发布2023年报及2024年一季报，2023年全年公司实现营收 司 市场数据日期 2024-04-24 201.65 亿元，同比增长 18.58%；实现归母净利润 13.91 亿元，同比增长 点 收盘价（元） 23.75 376.88%；实现扣非归母净利润 12.95 亿元，同比增长 622.52%。2024Q1 公 评 总股本（百万股） 1473.52 司实现营收50.45亿元，同比增长15.04%，环比下降10.48%；实现归母净利 报 流通股本（百万股） 1473.52 润4.41亿元，同比增长106.32%，环比增长2.31% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3]. Core Insights - The company reported a Q1 2024 revenue of 134.495 billion yuan, a year-on-year increase of 3.65%, and a net profit attributable to shareholders of 8.597 billion yuan, up 7.68% year-on-year [1][3]. - The traditional business is expanding steadily, while the digital transformation strategy is contributing to high growth rates. Service revenue increased by 5.0% year-on-year to 124.347 billion yuan, driven by both traditional and digital businesses [1]. - The company is focusing on optimizing cost structures to enhance profitability, with a sales expense ratio down by 0.40 percentage points to 10.53% and a management expense ratio down by 0.51 percentage points to 7.37% [1]. - The company is committed to increasing shareholder returns, with a dividend payout ratio exceeding 70% and a three-year compound annual growth rate of 31% for dividends per share [1]. - Profit forecasts have been adjusted, with expected net profits for 2024-2026 at 33.406 billion, 36.218 billion, and 39.252 billion yuan, respectively, corresponding to PE ratios of 16.7, 15.4, and 14.2 times [1][4]. Summary by Sections Financial Performance - Q1 2024 revenue: 134.495 billion yuan, +3.65% YoY - Q1 2024 net profit: 8.597 billion yuan, +7.68% YoY - Q1 2024 net profit excluding non-recurring items: 9.160 billion yuan, +5.40% YoY [1]. Business Segments - Mobile business: Net increase of 3.88 million users to 412 million, with 5G users increasing by 10.06 million to 329 million, achieving a penetration rate of approximately 79.9% [1]. - Fixed-line and home business: Net increase of 2.06 million broadband users to 192 million, with revenue growth of 10.4% YoY [1]. - Industrial digitalization: Revenue increased by 10.6% YoY to 38.679 billion yuan [1]. Cost Management and R&D - Continued focus on cost reduction and efficiency improvements, with significant increases in R&D investment, up 13.8% YoY to 1.571 billion yuan [1]. - The company is enhancing its digital capabilities through investments in AI and cloud technologies [1]. Shareholder Returns - The company has increased its dividend payout ratio to over 70%, with plans to raise it to above 75% in the future [1]. - The company aims for sustainable growth in revenue and net profit, indicating strong long-term investment potential [1].

行 业 研 证券研究报告 究 ＃industryId＃ 非银金融 ＃title＃ 非银持仓环比下降，关注高股息和政策利好标的 ＃inve推stSu荐ggest ion＃ ( i维 nv＃ e持 stS ） ——2024 Q1 公募基金持仓点评 ugg esti ＃createTime1＃ 2024年 04月 23日 onChan 行 ge＃ 投资要点＃ ＃relatedReport＃ summary＃ 业 相关报告 事件 点 《非银持仓环比回落，重视底部 ⚫ 公募基金披露2024年一季度重仓持股情况。 评 配置机会——2023Q4 公募基金 点评 持仓点评》2024-01-24 报 《非银持仓触底回升，龙头配置 ⚫ 公募基金持仓非银板块市值环比显著下跌。2024Q1主动型基金重仓非银板块 告 价值凸显——2023Q3 公募基金 市值为116.30亿元，环比-46.5%，占公募基金持股市值比重为0.67%，环比-0.52pct； 持仓点评》2023-10-27 保险、券商、多元板块持仓市值分别为23.33、88.80、4.17亿元，环比分别-57.6%、 -44.3%、+54.8%，板块内占比分别为 20.1% ...