公 司 研 究 | --- | --- | --- | --- | --- | |---------------------------------------|---------|----------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 3124 3643 4150 4638 | | | | 同比增长 | -11.8% | 16.6% | 13.9% | 11.8% | | 归母净利润 ( 百万元 ) | | -371 280 338 400 | | | | 同比增长 | -281.1% | 175.5% | 20.6% | 18.4% | | 毛利率 | 60.2% | 60.3% | 60.8% | 61.3% | | ROE | -3.9% | 2.9% | 3.4% | 3.8% | | 每股收益 ( 元 ) | | -0.31 0.24 0.29 0.34 | | | | 市盈率 | | -18.5 24.5 20.3 1 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 轻工制造 ＃investSuggestion＃ ＃d 欧yCo 派mp 家any＃居 （ 603833 ） ＃ 000009 investSug ＃title＃ 增持 ( 维ges持tion C）h 行业下行期收入承压，分红率有所提升 ange＃ 公 ＃ createTime1＃ 2024年 4月 25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。①2023年公司实现营业收入/归母净利润/扣非归 评 日期 2024-04-25 母净利润分别为 227.82/30.36/27.46 亿元，同比+1.35%/+12.92%/+5.91%。② 报 收盘价（元） 60.01 23Q4 公司实现营业收入/归母净利润/扣非归母净利润分别为 62.18/7.26/5.45 总股本（百万股） 609.15 亿元，同比+0.11%/+4%/-18.84%，扣非净利润下滑主要与信用减值计提有关 告 流通股本（百万股） 609.15 （23 年信用减值合计 2.4 亿，其中 1.1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a corresponding price-to-book (PB) ratio of 0.73 [1][6]. Core Insights - The company achieved a revenue of 21.7 billion and a net profit attributable to shareholders of 11.7 billion in 2023, reflecting year-on-year growth of 7.2% and 16.2% respectively [3][4]. - For Q1 2024, the company reported a revenue of 5.64 billion and a net profit of 2.85 billion, showing year-on-year growth of 6.3% and 12.8% respectively [3][4]. - The growth in revenue and profit is primarily driven by rapid scale expansion and impairment savings, although the growth rate has slowed due to declining interest margins [4]. Summary by Sections Performance Overview - In 2023, the company's revenue and net profit grew by 7.2% and 16.2% respectively, with Q4 2023 showing a slower growth of 0.1% in revenue and 6.8% in net profit [4]. - For Q1 2024, net interest income increased by 8.0% year-on-year, while fee income rose by 15.8% due to a low base from the previous year [4][5]. Asset Expansion - Total assets grew by 18.9% in 2023 and 19.6% in Q1 2024, with loans increasing by 28.9% and 27.4% respectively [4][5]. - The company’s loan distribution in 2023 was 88% for corporate loans and 12% for retail loans, with significant contributions from public sector financial loans and manufacturing loans [4]. Interest Margin and Asset Quality - The net interest margin for 2023 was 1.81%, a decrease of 23 basis points year-on-year, influenced by a reduction in loan yields [2][4]. - The company achieved a non-performing loan (NPL) ratio of 0.66% in Q1 2024, the lowest in recent years, with a provision coverage ratio of 504% [5]. Capital Adequacy - As of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 8.45%, 9.19%, and 13.07% respectively [5][6]. - The company is currently in a convertible bond conversion period, which is expected to further strengthen its core capital [5]. Earnings Forecast - The report slightly adjusts the earnings per share (EPS) for 2024 and 2025 to 3.23 and 3.60 respectively, with an estimated net asset value per share of 19.43 by the end of 2024 [6][8].

行 业 研 证券研究报告 究 ＃industryId＃ 国防军工 ＃title＃ 2024Q1 公募基金军工股持仓分析： 配置比例环比降低，主动宽基低配加大 ＃ ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ＃createTime1＃ 2024年 04月 25日 ugg esti onChan 行 ＃relatedReport＃ ge＃ 相关报告 投资要点 业 《兴证军工观察：中上游需求逐 ＃⚫ sum对maAry＃股 191 个主要军工标的进行统计，剔除被动指数基金后，5969 只主动公募基金 季向好，聚焦新兴领域战略能 点 2024Q1前十大重仓股中军工股市值605.44亿元，占比3.20%，环比减少0.82个百分 力》2024-04-15 评 《兴证军工观察：中上游需求温 点；其中1175只在前十大重仓股中有军工股，在5969只产品的占比为19.69%，环比 和复苏，新质战斗力成长加速》 减少4.46pct。 报 2024-04-01 ⚫ 截至2024Q1，A股总市值83.56万亿元中，191个军工股市值2.54万亿元，占比3.04%， 告 环比减少0.19个百分点。2020 ...

行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 禁止手工补息对银行影响几何 ＃inve推stSu荐ggest ion＃ ( i维 nv＃ e持 stS ） ugg esti ＃createTime1＃ 2024年 4月 25日 行 onChan ge＃ 投资要点 业 ＃ relatedReport＃ ＃summary＃ ⚫ 根据澎湃新闻等多个媒体报道，市场利率定价自律机制于4月8日下发《关于禁 点 分析师： 止通过手工补息高息揽储维护存款市场竞争秩序的倡议》，明确手工补息是对业务 评 ＃陈a绍ss兴Au thor＃ 操作失误的勘误环节，银行禁止通过事前承诺、到账手工补付息等方式，变相突 报 SAC：S0190517070003 破存款利率授权要求或自律上限，银行应立即开展自查，最迟在2024年4月底前 chenshaox@xyzq.com.cn 完成整改。 告 ⚫ 商业银行息差收窄的背景下，近年来政策层面通过优化存款利率自律上限、推进 王尘 存款利率市场化机制等方式降低银行负债成本，但商业银行实操过程中可能存在 SAC：S0190520060001 通过“手工补息”等方式给予部分 ...

公 司 研 究 增持 ( 公 司 点 评 报 告 ＃分析师： emailAuthor＃ shikang@xyzq.com.cn S1220517040001 李博彦 liboyan@xyzq.com.cn S0190519080005 xudongxiao@xyzq.com.cn 国内外业务双轮驱动，提质增效继续发力 投资要点 ＃⚫summary 2023 ＃年，公司实现营业收入 5.44 亿元，同比增长 49.93%，主要是国际国内业务总量 持续保持稳定增长；归母净利润 0.90 亿元，同比增长 349.61%；扣非归母净利润 0.86 亿元，同比增长 463.78%；基本每股收益 0.35 元/股，同比增长 337.50%。2024Q1， 公司实现营业收入 1.61 亿元，同比增长 41.76%，环比增长 11.35%；归母净利润 0.32 亿元，同比增长 153.27%，环比增长 52.74%；扣非归母净利润 0.31 亿元，同比增长 174.20%，环比增长 45.93%。 ⚫ 分行业看，2023 年，航空实现营业收入 4.84 亿元，同比增长 50.86%，占总营收比例 89.13%，毛利率 35. ...

| --- | --- | |--------------------|-------------------------------------| | | | | 日期 | 2024-04-23 | | 收盘价（元） | 21.27 | | 总股本（百万股） | 398.60 | | 流通股本（百万股） | | | 净资产（百万元） | 393.64 | | 总资产（百万元） | 1771.58 | | 每股净资产（元） | 1974.36 | | 来源： WIND | 4.44 ，兴业证券经济与金融研究院整理 | 公 司 点 评 报 告 投资要点 ＃summary＃ 近日，艾德生物发布了 2023 年年报。报告期内，公司实现营业收入 10.44 亿元，同比增长 23.91%；实现归母净利润 2.61 亿元，同比下降 0.86%； 实现扣非归母净利润 2.39 亿元，同比增长 52.21%；实现经营现金流净额 2.99 亿元，同比增长 100.43%。 《艾德生物(300685)院内复苏 态势显著，海外市场维持高增 长》2023-08-03 东楠 证券研究报告 ＃industryId＃ 医药生物 ＃inve ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company reported a revenue of 4.507 billion yuan in 2023, a year-on-year increase of 1.58%, and a net profit attributable to shareholders of 741 million yuan, up 18.37% year-on-year [3] - New business segments, including cloud security and data security, contributed significantly to revenue growth, with new business revenue reaching 2.142 billion yuan, a 13.82% increase, accounting for 47.54% of total revenue [3][4] - The company has strengthened collaboration with China Mobile, signing 62 strategic cooperation agreements, which has begun to yield results in customer acquisition [4] Financial Summary - In 2023, the company achieved a gross margin of 57.8% and a return on equity (ROE) of 6.2% [5] - The company expects net profits to grow to 927 million yuan in 2024, representing a 25.1% year-on-year increase, with projected revenues of 5.439 billion yuan, a 20.7% increase [5] - The company has improved its cash flow management, with a significant increase in cash reserves, enhancing its ability to withstand external risks [3][4]

Investment Rating - The report maintains an "Accumulate" rating for the company Mona Lisa (002918) [2] Core Views - The company's profitability has improved, and its channel structure continues to optimize [2] - In 2023, the company reported revenue of 5.921 billion yuan, a year-on-year decrease of 4.94%, while net profit attributable to shareholders was 266 million yuan, an increase of 169.93% [2][4] - The company has seen a decline in revenue from strategic engineering business by 20.21%, impacting overall revenue [2] - The report highlights that the company’s sales volume slightly increased by 0.46% despite a national decline in ceramic tile production by 8.0% [2] Financial Summary - Revenue for 2023 was 5,921 million yuan, with a projected revenue of 5,928 million yuan for 2024, indicating a slight growth of 0.1% [4] - The net profit for 2023 was 266 million yuan, with forecasts of 359 million yuan, 406 million yuan, and 456 million yuan for 2024, 2025, and 2026 respectively, showing significant growth rates of 169.9%, 34.9%, and 13.1% [4][6] - The gross margin for 2023 was 29.5%, with expectations of 30.4% in 2024 [4][6] - The report indicates a decrease in operating costs by 12.16% year-on-year, contributing to improved profitability [2] Product Performance - The company’s various product lines, including porcelain glazed tiles and ceramic thin plates, showed mixed revenue performance, with some products experiencing significant declines [2] - The revenue from porcelain glazed tiles was 4.524 billion yuan, with a year-on-year increase of 1.63% [2] Market Position - The company is expected to maintain or improve its market share due to its slight increase in sales volume against a backdrop of declining industry production [2]

增持 ( | --- | --- | --- | --- | --- | |----------------------------------|-------|---------------------------|-------|-------| | 会计年度 2023 2024E 2025E 2026E | | | | | | 营业收入(百万元 | | ) 9063 10059 11135 12351 | | | | 同比增长 1.6% | | 11.0% | 10.7% | 10.9% | | 归母净利润 | | (百万元) 689 782 914 1014 | | | | 同比增长 54.7% | | 13.4% | 16.9% | 10.9% | | 毛利率 18.4% | | 18.2% | 18.4% | 18.3% | | ROE 21.5% | | 22.6% | 23.8% | 24.2% | | 每股收益(元 | | ) 0.82 0.93 1.09 1.21 | | | | 市盈率 12.0 10.6 9.1 8.2 | | | | | | --- | --- | --- | |-- ...