证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 底盘与发动机系统 ＃investSuggestion＃ ＃ ＃d拓yCo普mpa集ny＃团 （ 601689 ） investSug 增持 ( 维ges持tionC）h 601689 ＃title＃ 全年业绩稳健增长，Tier0.5 战略持续加深 ange＃ ＃createTime1＃ 2024 年04 月23 日 投资要点 ＃市场ma数rk据etData＃ ＃sum国ma内ry核＃心新势力客户放量，公司2023Q4业绩同环比实现稳速增长。2023年公司 营收197.0亿元，同比+23.2%；归母净利润21.5亿元，同比+26.5%；主要受到 市场数据日期 2024-04-22 内饰功能件和底盘系统业务的增长驱动，两业务收入同比分别+20.4%/+37.7%。 收盘价（元） 51.50 公司2023Q4营收55.5亿元，同环比分别+13.5%/+11.2%；归母净利润5.5亿元， 同环比分别+12.6%/+10.1%。2023Q4业绩实现平稳增长，主要驱动因素来自新势 总股本（百万股） 1162.78 力和自主品牌，具体来看：Q4特斯拉上海工厂 ...

＃assAuthor＃ | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------|------------|-------------------------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | | 17311 17920 21504 24730 | | | 同比增长 | -39.8% | 3.5% | 20.0% | 15.0% | | 归母净利润 ( 百万元 ) | | | 527 727 894 1178 | | | 同比增长 | -52.9% | 37.8% | 23.0% | 31.7% | | 毛利率 | 8.0% | 8.2% | 8.7% | 9.3% | | ROE | 6.1% | 8.1% | 9.3% | 11.2% | | 每股收益 ( 元 ) | | | 1.25 1.73 2.12 2.80 | | | 市盈率 ...

证券研究报告 ＃industryId＃ 公 司 研 究 公司点评报告(带市场行情) | --- | --- | --- | --- | --- | |---------------------------------------|-------|-------------------------|----------------|--------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 15354 17696 18906 19780 | | | | 同比增长 | 6.3% | 15.3% | 6.8% | 4.6% | | 归母净利润 ( 百万元 ) | | -437 1091 1303 1143 | | | | 同比增长 | — | — | 19.4% | -12.3% | | 毛利率 | 4.8% | 12.8% | 13.5% | 12.3% | | ROE | -5.7% | 12.4% | 13.1% | 10.5% | | 每股收益 ( 元 ) | | -0.53 1.32 1.5 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 软饮料 ＃investSuggestion＃ ＃ ＃d 东yCo 鹏mp 饮any＃料 （ 605499 ） investSug 增持 ( 维ges持tion ）Ch 000009 业 绩表现靓 丽＃ ，title＃ 新 品持 续放量 ange＃ ＃ createTime1＃ 2024年 4月 23日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司公告 2024 年一季报，24Q1 营业总收入/归母净利润/扣非归母净 司 日期 2024-04-22 利润分别为34.82/6.64/6.24亿元，同比+39.80%/+33.51%/+37.76%。 点 收盘价（元） 195.60 ⚫ Q1 延续强劲增长，新品表现强劲。24Q1 东鹏特饮收入 31.01 亿元，同比 评 总股本（百万股） 400.01 +30.11%，收入占比89.16%，延续强劲增长势头，拳头产品500ml金瓶大单 报 流通股本（百万股） 159.27 品拉动增长；其他饮料收入 3.77 亿元，同比+257.01%，收入 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company has experienced rapid growth in innovative business areas, particularly through AI empowerment, which enhances quality and efficiency. The introduction of state-owned capital is expected to provide long-term competitive advantages [2]. - The company has adjusted its marketing strategy to focus on high-quality clients, resulting in a decrease in revenue but an increase in gross margin [4]. - The company reported a revenue of 10.818 billion yuan in 2023, a year-on-year decrease of 26.59%, while the net profit attributable to shareholders increased by 136.10% to 192 million yuan [4]. Financial Summary - The company forecasts net profits for 2024-2026 to be 230 million, 248 million, and 280 million yuan, respectively, with corresponding PE ratios of 30.4, 28.1, and 24.9 [3][7]. - The gross margin for the year was 6.33%, an increase of 2 percentage points year-on-year, while the sales expense ratio and management expense ratio also saw increases [4][7]. - The company’s total assets were reported at 83.9738 billion yuan, with net assets of 50.6435 billion yuan [6][8].

公 司 点 评 报 告 公 司 研 究 | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-04-22 | | 收盘价（元） | 7.15 | | 总股本（百万股） | 1989.20 | | 流通股本（百万股） | 1989.20 | | 净资产（百万元） | 11733.17 | | 总资产（百万元） | 18862.59 | | 每股净资产（元） | 5.90 | 证券研究报告 ＃industryId＃ 传媒 ＃investSuggestion＃ 《【兴证传媒】皖新传媒（601801）： 经营业绩稳健增长，"AI+教育"深 入探索》 2023-10-29 《【兴证传媒】皖新传媒（601801）： 主营业务多点开花，业务扩张动能 充足》 2023-08-26 《【兴证传媒】皖新传媒（601801）： 数智化出版发力文化创新，现代化 物流打造行业标杆》 2023-05-10 ＃分析师： emailAuthor＃ 杨尚东 增持 ( 主要财务指标 ⚫ 经营业绩稳中 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [4][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 72.251 billion yuan, up 79.47% year-on-year, and net profit at 9.44 billion yuan, up 162.69% year-on-year [6][7]. - For Q1 2024, the company achieved revenue of 12.614 billion yuan, a slight increase of 0.26% year-on-year, and net profit of 2.096 billion yuan, up 39.05% year-on-year [6][7]. - The company has been focusing on the renewable energy sector, particularly in solar inverters and energy storage systems, maintaining its position as a market leader with 130 GW of solar inverter shipments in 2023 [10][9]. Financial Performance Summary - **2023 Financials**: - Revenue: 72.251 billion yuan, +79.47% YoY - Net Profit: 9.44 billion yuan, +162.69% YoY - Gross Margin: 30.36%, +5.81 percentage points YoY - Net Margin: 13.3%, +4.14 percentage points YoY [6][8][9]. - **2024 Projections**: - Expected Revenue: 83.118 billion yuan, +15.0% YoY - Expected Net Profit: 10.818 billion yuan, +14.6% YoY - Projected PE Ratios: 18.6 for 2024, 16.3 for 2025, and 13.9 for 2026 [2][3][11]. Market Strategy and Innovation - The company is enhancing its global service network and has established over 20 subsidiaries across six major service regions worldwide, focusing on Europe, America, and Australia [9][10]. - Continuous investment in R&D is aimed at improving product innovation, particularly in power electronics and grid support technologies, ensuring a competitive edge in the market [9][10].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company achieved a revenue of 31.605 billion yuan in 2023, representing a year-on-year growth of 37.11%, and a net profit attributable to shareholders of 939 million yuan, up 201.28% year-on-year [3] - The company is experiencing high growth in its power, energy storage, and overseas business segments, with significant revenue increases noted [3] - The company is actively deepening its global industrial layout, establishing production bases in multiple regions, and has formed a global capacity of 150GWh [3] - The outlook for 2024-2026 suggests continued optimization of customer structure and potential rapid growth in shipments and profit recovery, with projected net profits of 969 million yuan, 1.427 billion yuan, and 1.747 billion yuan respectively [3] Financial Summary - In 2023, the company reported a gross margin of 16.9%, which is expected to improve to 19.3% by 2026 [2][3] - The return on equity (ROE) for 2023 was 3.7%, projected to rise to 6.2% by 2026 [2][3] - The earnings per share (EPS) for 2023 was 0.53 yuan, with forecasts of 0.54 yuan, 0.80 yuan, and 0.98 yuan for the years 2024, 2025, and 2026 respectively [2][3]

公 司 研 究 增持 ( ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-04-23 | | 收盘价（元） | 10.08 | | 总股本（百万股） | 1114.15 | | 流通股本（百万股） | 679.17 | | 净资产（百万元） | 4316.25 | | 总资产（百万元） | 11907.21 | | 每股净资产（元） | 3.87 | 《【兴证电新】普利特跟踪报告： 乘储能东风，做"新材料+新能 源"领跑者》 王帅 lifengyjy@xyzq.com.cn S0190524030001 请务必阅读正文之后的信息披露和重要声明 投资要点 ⚫ 23Q4 营收 22.12 亿元，同比-10.7%，环比-9.7%，归母净利润 0.66 亿元， 同比+34.4%，环比-67%；毛利率 14.5%，环比-5.5pct，归母净利率 3.0%， 环比-5.2pct，23Q4 毛利率和归母净利 ...

颜晓晴 盈利预测与评级：我们调整盈利预测，预计 2024-2026 年 EPS 为 0.84/0.92/1.00 元，4 月 23 日收盘价对应动态 PE 分别为 19.1/17.5/16.0，维持"增持"评级。 zhouqing@xyzq.com.cn S0190521020002 苏子杰 suzijie@xyzq.com.cn S0190522070005 王雨晴 wangyuqing@xyzq.com.cn S0190523070007 周庆 风险提示：地产销售复苏不及预期、原材料成本上涨、行业竞争加剧 投资要点 ＃summary＃ 事件：公司发布 2023 年年报。2023 年公司实现营收 21.39 亿元，同比-6.03%； 归母净利润 2.47 亿元，同比-21.39%；扣非归母净利润 2.68 亿元，同比-3.40%； 毛利率 47.63%，同比+2.63pct：归母净利率 11.56%，同比-2.26pct；扣非归母 净利率 12.53%，同比+0.36pct。2023Q4 公司实现营收 5.69 亿元，同比-10.45%； 归母净利润 0.25 亿元，同比-74.24%；扣非归母净利润 0. ...