公 司 点 评 报 告 ＃分析师： emailAuthor＃ ＃研究助理 assAuthor：＃ 投资要点 ＃summary＃ 事件：厦门国贸发布 2023 年报：2023 年公司实现营业收入 4682.47 亿元，同比减 少 10.29%（调整后）；归母净利润 19.15 亿元，同比减少 46.72%（调整后）；公司 已剥离房地产业务，剔除上年同期剩余地产项目利润影响，归母净利润同比下降 约 20%。2023 年基本 EPS 为 0.64 元/股（扣除永续债及利息影响）。2023 年公司 每 10 股拟派发现金红利 5 元，分红比例为 57.56%，对应 2024 年 4 月 24 日收盘 价 7.28 元，股息率为 6.87%。 ⚫ 2023 年公司经营货量部分下滑，拓展新能源、新材料等新兴业务：主要品类 | --- | --- | --- | --- | --- | |---------------------------------------|--------|------------|-----------------------------|-------| | ＄ 会计年度 zycwzb\| ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected outperformance relative to the market index by more than 15% [6][10] Core Views - The company achieved robust revenue growth in 2023, with total revenue reaching RMB 7.773 billion, a year-on-year increase of 12.16% [6] - Net profit attributable to the parent company surged by 256.63% year-on-year to RMB 720 million, driven by optimized retail channels and cost reduction efforts [6] - The company's gross margin improved to 32.02%, up by 2.28 percentage points compared to the previous year, reflecting enhanced profitability [6] - Retail channel performance accounted for 71% of total revenue, with significant growth in tile product sales volume, which increased by 23.64% year-on-year [6] - The company's cost control measures, including lean management, contributed to a 11.1% reduction in tile unit sales cost [6] Financial Performance Summary Revenue and Profit - Revenue is projected to grow steadily, with forecasts of RMB 8.559 billion, RMB 9.444 billion, and RMB 10.409 billion for 2024E, 2025E, and 2026E, respectively [2][6] - Net profit attributable to the parent company is expected to increase to RMB 793 million, RMB 910 million, and RMB 1.049 billion for 2024E, 2025E, and 2026E, respectively [2][6] Profitability Metrics - Gross margin is forecasted to remain stable at around 32% over the next three years [2][6] - ROE is expected to improve from 9.3% in 2023 to 11.4% by 2026, reflecting enhanced capital efficiency [2][6] Operational Efficiency - The company's asset turnover ratio is projected to increase from 61.4% in 2023 to 69.2% by 2026, indicating improved operational efficiency [7] - Inventory turnover ratio is expected to remain strong, with forecasts of 299.1%, 294.8%, and 295.7% for 2024E, 2025E, and 2026E, respectively [7] Valuation Metrics - The company's PE ratio is forecasted to decline from 11.8x in 2023 to 8.1x by 2026, reflecting an attractive valuation [2][6] - PB ratio is expected to decrease from 1.1x in 2023 to 0.9x by 2026, further supporting the investment case [7]

证券研究报告 ＃industryId＃ 电力设备 ＃title＃ 估值底部，景气改善在即 ＃inve推stSu荐ggestion＃ (维＃ 持） ——风电行业 2024 年 5 月策略 investS uggesti onChan ＃createTime1＃ 2024 年4月25 日 ge＃ 重点公司 投资要点 ＃sum装ma机ry＃：风电装机持续高增，行业未来景气度持续向好。据wind数据，2023 重点公司 评级 年全国风电新增装机75.7GW，同比增加101%，2024年1-3月份全国风电新 东方电缆 买入 增装机15.5GW，同比增长49%。风电下乡政策正式落地，为陆上风电提供增 泰胜风能 增持 长新动能，预计2024/2025年全国风电行业装机量分别为85/94GW，其中全 海力风电 增持 国海风新增装机预计分别为10/17GW。 金雷股份 增持  招标：2022年风电高招标量为2023年风电装机快速增长打下坚实基础，2023 来源：兴业证券经济与金融研究院整理 年风电招标有所下滑，随着新一轮建设周期开启，行业招标有望持续放量。 ＃ 相关rel报ate告dReport＃ 2024年Q1全国风电新 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][26]. Core Insights - The company reported a strong performance in Q1 2024, with revenue of 1.223 billion yuan, a year-on-year increase of 37.00%, and a net profit attributable to shareholders of 160 million yuan, up 43.10% year-on-year [8][17]. - The gross margin for Q1 2024 was 32.10%, a decrease of 2.47 percentage points year-on-year, attributed to changes in channel structure [5][9]. - The company is expected to maintain high revenue growth driven by product, channel, and system improvements, with projected revenues of 5.176 billion, 6.488 billion, and 8.116 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 25.8%, 25.4%, and 25.1% [6][26]. Summary by Sections Market Data - Closing price as of April 23, 2024: 77.62 yuan - Total shares outstanding: 196.06 million - Net assets: 1,637.03 million yuan - Total assets: 3,065.77 million yuan - Net asset per share: 8.35 yuan [3]. Financial Performance - Q1 2024 net profit margin was 13.05%, an increase of 0.56 percentage points year-on-year [5][9]. - The total expense ratio for Q1 2024 was 18.82%, down 2.39 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing respective declines [5][9]. - The company’s operating cash flow increased by 172.40% year-on-year, indicating high revenue quality [19]. Profit Forecast - The company expects significant growth in key products such as spicy konjac and quail eggs, with strong performance anticipated in channels like e-commerce and bulk sales [6][26]. - The projected net profit for 2024 is 661 million yuan, with a year-on-year growth of 30.7% [16][26].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 彩电 ＃investSuggestion＃ ＃ ＃d海yCo信mpa视ny＃像 （ 600060 ） investSug 增持 ( 维ges持tionC）h 600060 ＃title＃ Q1 营收稳健增长，静待拐点到来 ange＃ ＃createTime1＃ 2024 年04 月24日 投资要点 ＃市m场a数rk据etData＃ ＃ sum公ma司ry＃发布2024年一季报。2024Q1营收127.0亿元，同比+10.6%；归母净 市场数据日期 2024-04-22 利润4.7亿元，同比-24.8%；扣非归母净利润为3.8亿元，同比-21.9%； 收盘价（元） 26.97 毛利率为15.8%，同比-2.4pct；归母净利率为3.7%，同比-1.7pct。 总股本（百万股） 1305.40  结构优化升级，Q1营收稳增。国内市场，公司持续推进高端升级，据AVC 流通股本（百万股） 1289.08 数据，24Q1海信系彩电线上/线下销额分别同比+20.2%/+10.4%，线上/线 净资产（百万元） 19122.02 下均价分别同比+21.7%/ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [9]. Core Views - The company reported a revenue of 2.144 billion yuan in 2023, representing a year-on-year increase of 21.44%. The net profit attributable to shareholders was 280 million yuan, up 36.09% year-on-year. The gross margin was 37.60%, an increase of 1.85 percentage points [2][3]. - In Q4 2023, the company achieved a revenue of 798 million yuan, a year-on-year growth of 42.10%, while the net profit was 76 million yuan, an increase of 8.98% year-on-year. The gross margin for this quarter was 31.57%, down 7.68 percentage points [2]. - For Q1 2024, the company reported a revenue of 520 million yuan, a significant year-on-year increase of 49.06%, with a net profit of 51 million yuan, up 45.89% year-on-year. The gross margin was 37.47%, down 3.88 percentage points [2][3]. - The company has a cash dividend plan for 2023, proposing a distribution of 15 yuan per 10 shares, resulting in a cash dividend rate of 58.28% [2]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 2.144 billion yuan in 2023 to 4.965 billion yuan by 2026, with year-on-year growth rates of 21.4%, 43.3%, 29.3%, and 25.0% respectively [3]. - The net profit is expected to increase from 280 million yuan in 2023 to 577 million yuan in 2026, with growth rates of 36.1%, 32.4%, 28.0%, and 21.4% [3]. - The gross margin is forecasted to improve slightly from 37.6% in 2023 to 38.7% in 2026 [3]. Business Segments - The company’s various product lines, including electric scooters, electric balance bikes, and all-terrain vehicles, showed diverse performance, with electric bicycles experiencing a remarkable year-on-year growth of 111.11% in 2023 [2]. - Geographically, the company saw significant revenue growth in the U.S. market, with a year-on-year increase of 41.29% [2]. Future Outlook - The report indicates that the company has sufficient operational flexibility for future performance, supported by a rise in contract liabilities, which increased by 22 million yuan in Q1 2024 [2]. - The earnings per share (EPS) are projected to rise from 2.57 yuan in 2023 to 5.28 yuan by 2026, with corresponding price-to-earnings (PE) ratios decreasing from 29.7 to 14.4 over the same period [3].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 钛白粉 ＃ ＃d龙yCo佰mp集any团＃ （ 002601 ） ＃ investSuggestion 增 ＃持 ( i 维nve 持stS )u ggestionChange 000 钛00 矿9 高景 气、钛白粉 延＃ 续tit 修le＃ 复 ，业 绩实现同比高增 ＃ ＃ createTime1＃ 2024年 04月 24日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ ⚫ sum事ma件ry＃： 龙佰集团发布 2023年年报和 2024年一季报，2023年公司内实现营业收入 267.94亿元，同比增长 10.92%；实现归母净利润 32.26亿元，同比下滑 5.64%，按 司 市场数据日期 2024-04-23 最新23.86亿股的总股本计，实现摊薄每股收益1.35元，每股经营性净现金流1.43 收盘价（元） 19.40 点 元。 其中 2023Q4 单季度实现营业收入 65.11 亿元，同比增长 6.89%，环比下滑 总股本（百万股） 2386.29 7.28%；实现归母净利润10.84亿元，同比增长340.6%， ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 调味品 ＃investSuggestion＃ ＃ ＃d中yCo炬mpa高ny＃新 （ 600872 ） investSug 增持 ( 维ges持tionC）h 000009 改革初显成效＃ ，tit 盈le＃ 利提升超预期 ange＃ ＃createTime1＃ 2024年4月 24日 投资要点 公 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃公司公告24Q1季报，24Q1公司实现营收/归母净利润/扣非归母净利润 司 14.85/2.39/2.37亿元，同比+8.64%/+59.70%/+63.91%，24Q1美味鲜实现营收/归母净 日期 2024-4-23 利润14.61/2.44亿元，同比+10.20%/+59.75%，收入符合预期，利润超预期。24Q1基 点 收盘价（元） 27.55 本EPS为0.31元。 评 总股本（百万股） 785.38  开门红达成，渠道改革初见效用。24Q1收入同比+8.64%，美味鲜收入同比+10.20%， 酱油/鸡精鸡粉/食用油/其他同比+13.44%/+16.83%/-5.5 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market conditions [2]. Core Insights - The company reported a revenue of 263.71 billion yuan for Q1 2024, reflecting a year-on-year increase of 5.17%. The net profit attributable to shareholders was 29.61 billion yuan, up 5.49% year-on-year, while the net profit excluding non-recurring items reached 26.10 billion yuan, marking an 8.40% increase [1]. - The CHBN business continues to show diversified and stable growth, with user numbers consistently increasing. The main business revenue rose by 4.5% year-on-year to 219.3 billion yuan as of March 31, 2024. The mobile business customer base grew by 4.63 million to 996 million, with a 5G package penetration rate of 80.2% [1]. - The company is enhancing its dividend payout ratio, with a dividend payout rate of 71% for 2023, and plans to increase it to over 75% in the next three years, reflecting a strong investment value [1]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 1,099.91 billion yuan, with a year-on-year growth rate of 9.0%. The net profit attributable to shareholders is expected to be 141.45 billion yuan, representing a growth of 7.4% [9]. - The gross profit margin is forecasted to remain stable at around 28.1% for the next few years, with a return on equity (ROE) of 10.1% [9]. - The earnings per share (EPS) is projected to increase from 6.16 yuan in 2023 to 7.57 yuan by 2026, indicating a positive trend in profitability [9].

分析师： 研究助理： 许梓豪 请务必阅读正文之后的信息披露和重要声明 3、盈利预测与投资建议：预计公司 2024-2026 年实现归母净利润 4.26、6.08、 7.94 亿元，对应 4 月 24 日收盘价的 PE 24、17 和 13 倍，维持"增持"评级。 风险提示：行业竞争加剧；原材料价格波动风险；下游需求恢复不及预期。 2024 年 04 月 24 日 请务必阅读正文之后的信息披露和重要声明 - 2 - 使用本研究报告的风险提示及法律声明 | --- | --- | --- | |------------------------------------------|-----------------------------------------|------------------------------------------| | | 上 海 北 京 深 圳 | | | 地址：上海浦东新区长柳路36号兴业证券大厦 | 地址：北京市朝阳区建国门大街甲6号SK大厦 | 地址：深圳市福田区皇岗路5001号深业上城T2 | | 15层 | 32层01-08单元 | 座52楼 | | 邮编：200135 ...