公 司 研 究 证券研究报告 ＃industryId＃ 轻工制造 | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------|----------------------------------------------|----------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][17]. Core Views - The company reported Q1 2024 revenue of 79.77 billion yuan, a year-on-year decrease of 10.4% and a quarter-on-quarter decrease of 24.9%. However, the net profit attributable to shareholders was 10.51 billion yuan, representing a year-on-year increase of 7.0% and a quarter-on-quarter decrease of 19.0% [6][8]. - The company's gross profit margin for Q1 2024 was 26.4%, with a slight increase of 0.75 percentage points quarter-on-quarter, while the net profit margin was 13.2%, up by 1.0 percentage points quarter-on-quarter, indicating stable profitability [9][17]. - The company has maintained a strong market position, achieving a global market share of 38.4% in January-February 2024, an increase of 4.8 percentage points year-on-year, and a share of 26.3% in overseas markets, surpassing LG Energy to become the leading battery supplier in these markets [14][16]. Financial Summary - The company’s total assets are 731.29 billion yuan, with net assets of 207.73 billion yuan. The total number of shares is approximately 4.40 billion [3]. - The company’s R&D expenses for Q1 2024 reached 4.34 billion yuan, reflecting a commitment to innovation and product development [11][17]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 48.20 billion, 55.83 billion, and 66.86 billion yuan, respectively, with corresponding price-to-earnings ratios of 17.8, 15.4, and 12.9 times based on the closing price of 195.56 yuan on April 18, 2024 [17][19].

Industry Investment Rating - The report maintains a **"推荐" (recommend)** rating for the insurance industry, indicating a positive outlook despite challenges in the investment side [2] Core Views - The insurance industry in 2023 saw strong growth in the liability side, driven by robust premium sales and value growth, while the asset side faced pressure due to declining interest rates, equity market volatility, and new accounting standards [7] - The life insurance sector experienced high growth in New Business Value (NBV), with significant contributions from both volume and value improvements, while the property insurance sector saw steady premium growth but rising costs [16] - Investment returns were under pressure, with a notable increase in bond allocations across the industry, reflecting a cautious approach amid market uncertainties [42] Liability Side: Life Insurance - **NBV Growth**: Life insurance NBV saw significant growth, with PICC Life leading at +69.6% YoY, followed by New China Life at +65.1% and Sunshine Life at +44.2% [7] - **Agent Quality Improvement**: Despite a shrinking agent force, the quality of agents improved significantly, with China Life's monthly per capita first-year premiums increasing by 28.6% and Ping An's agent productivity rising by 89.5% [18] - **Bank Insurance Channel**: The bank insurance channel contributed significantly to NBV, with Ping An, CPIC, and PICC Life seeing their bank insurance NBV shares rise by 2.2pct, 7.6pct, and 6.8pct, respectively [25] Liability Side: Property Insurance - **Premium Growth**: Property insurance premiums grew steadily, with CPIC Property leading at +11.4% YoY, followed by PICC Property at +6.3% and Ping An Property at +1.4% [13] - **Cost Pressure**: The combined ratio (COR) for property insurance rose, with Ping An Property reaching 100.7%, up by 1.1pct YoY, driven by increased claims due to natural disasters [13] - **Non-Auto Business**: Non-auto insurance, particularly agricultural and liability insurance, showed strong growth, with CPIC Property's agricultural insurance premiums up by 28.8% YoY [32] Asset Side: Investment Performance - **Investment Returns**: Total investment returns for the five major listed insurers fell by 15.2% YoY, with only Ping An achieving positive growth (+32.8%) due to reduced losses from fair value changes [42] - **Bond Allocation**: Insurers significantly increased their bond allocations, with CPIC and New China Life leading the shift, reflecting a more conservative investment strategy amid market volatility [42] - **FVOCI Gains**: Gains from financial assets classified as FVOCI (Fair Value through Other Comprehensive Income) increased, with Ping An's FVOCI debt instruments showing a gain of RMB 90.3 billion [44] Outlook - The report suggests that the liability side will face pressure due to high base effects and regulatory policies, but opportunities may arise from strong demand for savings-type insurance products and improved product value rates in the bank insurance channel [2] - On the asset side, the focus is on the potential for improved equity investments as the economy stabilizes, with low valuations in the insurance sector presenting high-beta opportunities [2]

证券研究报告 ＃industryId＃ 房地产 ＃title＃ 新房二手房周报：全国商品房销售累计降幅收窄， ＃inve中stSu性ggestion＃ (维持) 郑州发布配售型保住房征求意见稿 2024年 4月21日 ＃ 相r 关el 报ate 告dReport＃ 投资要点 我们跟踪13个城市新房+二手房合计成交面积：本周成交面积276万方，环比 《房地产行业2024年投资策略 报告：新格局、新模式》 +9.7%，同比仍下滑。2024年年初以来，新房二手房整体成交面积同比-31.5%， 2023-12-05 其中，一/二/三四线新房二手房整体成交面积累计同比-21.6%/-33.4%/-34%。注： ＃emailAuthor＃ 13城为有周频新房二手房数据更新的北京、深圳、杭州、南京、成都、青岛、 分析师： 苏州、厦门、南宁、扬州、金华、江门、佛山。（数据口径：本周为4月12 靳璐瑜 日至4月18日， 2024年4月以来为4月1日至4月18日，2024年年初以来 jinluyu@xyzq.com.cn 为1月1日至4月18日，下文同。） S0190520080003 全国商品房销售累计降幅收窄。销售方面，20 ...

证券研究报告 ＃industryId＃ 汽车 ＃title＃ 周动态：特斯拉全系降价1.4 万元，理想汽车发布L6 ＃ ＃inve推stSu荐ggestion＃ 维持 ( investS） uggesti onChan ＃createTime1＃ 2024 年04 月21 日 ge＃ 重点公司 重点指数周表现（2024.4.15-2024.4.19） 指数 周涨跌幅（%） 周成交额（亿元） 年初至今涨跌幅（%） 重点公司 评级 上证综指 1.5% 21493 4.6% 长城汽车 增持 创业板指 -0.4% 10315 -1.1% 银轮股份 增持 SW汽车 0.1% 2688 4.7% SW乘用车 -0.2% 724 13.5% 拓普集团 增持 SW商用车 2.5% 234 25.4% 爱柯迪 增持 SW零部件 0.1% 1588 -1.1% 福耀玻璃 买入 SW汽车服务 -5.8% 44 -17.5% 科博达 增持 资料来源：iFinD，兴业证券经济与金融研究院整理 投资要点 来源：兴业证券经济与金融研究院 ＃ 相关rel报ate告dReport＃ ＃＃ssuumm本mma期arryy板＃＃块： 本期涨跌幅 ...

行 业 研 证券研究报告 究 ＃industryId＃ 农林牧渔 ＃title＃ 2024 年 4 月 USDA 农产品供需报告:数据平 淡，关注南美大豆上市情况 ＃inve推stSu荐ggest ion＃ (维 持 ） ＃createTime1＃ 2024年 04月 18 日 行 投资要点 业 ＃ 相关rel 报ate 告dR eport＃ ＃summary＃ ⚫ 事件：美国农业部发布 2024 年 4 月农产品供需报告，对 23/24 年度全球 点 《【兴证农业】2024年3月宠物 主要农产品供需形势做出月度调整。供给方面，本月报告调增23/24年度 品牌电商数据跟踪:三大平台宠 评 物类目销量同比负增长 》2024- 全球小麦产量66万吨、大米产量14万吨，调减23/24年度全球玉米产量 报 04-16 238万吨、大豆产量12万吨、棉花产量4万包；需求方面，本月报告上调 《【兴证农业】周报：产能去化 告 收窄，猪价区间震荡》2024-04- 23/24年度全球小麦消费112万吨，下调全球玉米消费47万吨、大豆消费 14 82万吨、大米消费152万吨、棉花消费12万包。本次调整之后，23/24年 《【兴 ...

Investment Rating - The report maintains a "Recommended" investment rating for the insurance industry [1] Core Insights - The report highlights that the premium income of listed insurance companies for the first quarter of 2024 shows a positive trend in life insurance and a recovery point for property insurance [1] - Life insurance premiums for January to March 2024 show a mixed performance, with China Life and Ping An Life reporting positive growth, while others like New China Life and PICC Life experienced declines [1] - Property insurance premiums have generally increased, with notable growth in companies like ZhongAn Online and PICC Property, indicating a recovery in the market [1] Summary by Sections Life Insurance - For the cumulative premium income from January to March 2024, China Life reported a growth of 3.2%, while Ping An Life saw a modest increase of 0.9%. Other companies like PICC Life and New China Life reported declines of -8.2% and -11.7% respectively [2] - In March 2024, all listed life insurance companies except New China Life achieved positive year-on-year growth, with PICC Life leading at +34.8% [1][2] - The report anticipates that new business growth may slow down in the second quarter due to regulatory impacts and pricing adjustments, but renewal business growth will remain a stabilizing factor for premium income [1] Property Insurance - The cumulative premium income for property insurance from January to March 2024 showed growth across all companies, with ZhongAn Online leading at +18.1% [2] - March 2024 saw a significant rebound in year-on-year growth rates for property insurance, with ZhongAn Online at +22.3% and PICC Property at +12.7% [1][2] - The report suggests that the recovery in auto insurance premiums is expected to continue alongside the increase in new car sales, while non-auto business also shows improvement due to various positive factors [1] Future Outlook - The report indicates that while new business and value growth pressures may increase due to high base effects and regulatory policies, there are potential opportunities from strong demand for savings-type insurance products and improved product value rates post-regulatory changes [1] - The asset side is highlighted as a focus area, with expectations of continued improvement in insurance capital investments due to economic stabilization and favorable market conditions for quality companies [1]

公 司 研 证券研究报告 究 ＃industryId＃ 传媒 ＃ ＃d 光yCo 线mp 传any＃媒 （ 300251.SZ ） investSug 增持 ( 维ges持tion C）h 0000 主09 投 作 品量质双升 ＃ ，title＃ 影 片产 品大年可期 ange＃ 2024 年 04月 22日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 光线传媒发布 2023年报及 2024年一季报。2023 年，公司实现营 司 业收入15.46亿元，同比增长104.74%；归母净利润4.18亿元，扣非归母 日期 2024-4-19 净利润3.88亿元，同比扭亏为盈。其中，2023年第四季度，公司实现营 点 收盘价（元） 9.90 业收入 6.06 亿元，同比增长 771.36%；归母净利润 0.49 亿元，扣非归母 净利润0.39亿元，同比扭亏为盈。2024年第一季度，公司实现营业收入 评 总股本（百万股） 2933.61 10.70亿元，同比增长159.33%；归母净利润4.25亿元，同比增长248.01%； 报 流通股本（百万股） 2787.22 扣非归母净利润4.1 ...

司总 评 公 | --- | --- | |-------------------------------------------|------------| | | | | | | | ＃市场 ma 数 rk 据 etData ＃ 市场数据日期 | 2024-04-19 | | 收盘价（元） | 9.23 | | 总股本（百万股） | 481.78 | | | | | 流通股本（百万股） | 463.71 | | 净资产（百万元） | 3797.75 | | 总资产（百万元） | 6441.85 | | 每股净资产(元 ) | 7.54 | | --- | --- | --- | --- | |----------------------------------------------------------------------|----------|--------|----------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Insights - The company achieved an annual revenue of 89.34 billion yuan in 2023, representing a year-on-year growth of 7.42%, with a net profit attributable to shareholders of 14.11 billion yuan, up 9.89% year-on-year [5][8]. - In Q4 2023, the company reported a revenue of 28.07 billion yuan, a year-on-year increase of 19.71%, and a net profit of 5.26 billion yuan, growing 31.51% year-on-year [5]. - For Q1 2024, the company recorded a revenue of 17.82 billion yuan, a 9.98% increase year-on-year, and a net profit of 1.92 billion yuan, up 5.78% year-on-year [5]. Financial Performance - The company's revenue growth is supported by its EBG, overseas business, and innovative sectors, with EBG revenue growing by 8.12% year-on-year [5][6]. - The gross margin for 2023 was 44.44%, an increase of 2.15 percentage points compared to the previous year, indicating a recovery to pre-2022 levels [6]. - The company expects to maintain a personnel growth rate of under 5% in 2024, with overall expense ratios remaining stable [6]. Future Projections - The company has adjusted its net profit forecasts for 2024-2026 to 16.74 billion, 20.55 billion, and 23.71 billion yuan, respectively, with corresponding PE ratios of 18.3, 14.9, and 12.9 times based on the current stock price [7][8]. - Revenue projections for 2024, 2025, and 2026 are 99.43 billion, 113.32 billion, and 129.68 billion yuan, with expected year-on-year growth rates of 11.3%, 14.0%, and 14.4% respectively [8].