公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 电气设备 ＃ investSuggestion＃ ＃ ＃d 亿yCo 纬mp 锂any 能＃ （ 300014 ） investSug 增持 ( g维est持ion ）Ch 0 股00 权00 激9 励拖 累当期业 绩＃t ，itle＃ 动 力储 能业务高速增长 ange＃ ＃ createTime1＃ 2024 年 4 月 22 日 投资要点 公 ＃ 市场ma数rk据etD ata＃ ＃ ⚫ sum 事ma 件ry ：＃ 公司2023年实现收入487.84亿元，同比增加34.38%；实现归母净利 司 日期 2024-4-19 润40.50亿元，同比增长15.42%；扣非后净利润27.55亿元，同比增加2.23%。 点 收盘价（元） 35.00 公司 2023年Q4实现收入132.55亿元，同比增长10.27%；实现归母净利润 评 总股本（百万股） 2045.72 6.26亿，同比下降25.8%；扣非后净利润6.00亿，同比增长15.8%。2023年 公司主营业务收入中消费电池占比 17.14%，动力电池业务占比 49.16%，储 ...

光模块当前时点如何看？240422兴业原文 2024年04月22日22:30 发言人100:00 本次电话会议仅服务于兴业证券客户，会议音频及文字记录的内容版权为兴业证券所有，内容必须经兴 业证券审核后方可留存。未经允许和授权转载、转发此次会议内容均属侵权，兴业证券将保留追究其法 律责任的权利，电话会议所有参会人员不得泄露内幕信息以及未公开重要信息。涉及外部嘉宾发言 的，兴业证券不保证其发言内容的准确性与完整性。深业证券不承担外部嘉宾发言内容所引起的任何损 失及责任，不承担因转载、转发引起的任何损失及责任。市场有风险投资需谨慎，提醒投资者注意投资 风险，谨慎参考会议内容。 发言人200:59 今天整个板块大跌，其实跟大家交流下来的话，很多领导也比较担心。然后接下来短期整个板块的一个 股价走势，所以说又到了相对来说大家可能比较迷茫的时候，所以我们也再度发生。其实在今天早盘跌 跌超十个点的时候，我们其实也提示了各位领导去进行买入的一个配置。所以今天晚上的话我们再去阐 述一下我们的这个逻辑。 发言人2 02:09 已要关注公众号： 发言人202:57 但实际上来讲，我们认为AI产业目前在产业趋势上，并没有出现任何的 ...

此电话会议仅服于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位尊敬投资者大家晚上好我是新人宏观段超欢迎大家来参加我们今天晚上的电话会议今天也是我们第2024年以来的第56期宏观召唤电话会议在每个工作日的晚上我们想用15分钟的时间跟大家分享我们深度及时的宏观研究今天晚上的这个时间将会由我的同事 信用证券宏观团队的联系分析师王一军博士我们带来日本股市近30年谁是赢家的分享接下来时间就交给王一军博士有请 好的谢谢超哥各位投资者晚上好那我们今天呢可能想给大家汇报一个专题报告之前的时候我们在二月初的一篇专题报告里面就是日本股市近30年谁是赢家的报告里面实际上是以一个行业的视角去分析了过去30年我们看到的日本的 哪些行业出现了一些显著的超额收益那 ...

研 穿 S0190520080007 王恬恬 ＃分e析 证券研究报告 ＃industryId＃ 电子 ＃investSuggestion＃ m师ail：Author＃ 产品价格下滑叠加资产并购影响，盈利能力短期波动。公司全年毛利率为 姚康 20.70%，同比提升 2.55pct，主要因为稼动率上升，且显卡等高毛利产品占比提 升。23Q4 毛利率 17.18%，同比减少 3.90pct、环比降低 6.76pct，我们判断主要 因为 1）行业竞争激烈，Q4 部分产品价格下滑；2）并购 PSL 过程中涉及评估 资产，将部分利润以资产增值形式计入。Q1 毛利率 19.49%，环比提升 2.31pct， 盈利能力逐步修复。 1、公司发布 2023 年年报，全年实现营业收入 79.31 亿元，同比增长 0.6%；归 母净利润 6.71 亿元，同比下滑 15.1%。其中 2023Q4 营业收入 21.88 亿元，同比 增长 14.0%；归母净利润 0.86 亿元，同比下滑 43.2%。 ＃相关rel报ate告dReport＃ 《【兴证电子】胜宏科技深度： 主业利润率迎来拐点，HDI、封 装 基 板 打 开 成 长 空 间 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected EPS of 1.05, 1.16, and 1.28 for 2024-2026, corresponding to PE ratios of 6.6, 6.0, and 5.4 respectively [4][11]. Core Views - The company reported a revenue of 74.193 billion yuan in 2023, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 2.939 billion yuan, up 2.92% year-on-year. The non-recurring net profit increased by 10.35% year-on-year to 2.713 billion yuan [4][5]. - The company plans to distribute a cash dividend of 849 million yuan, with a dividend payout ratio of 30.22%, and a TTM dividend yield of 5.36% as of April 19 [4][11]. - The construction business, design services, infrastructure operations, and digital information segments generated revenues of 61.36 billion yuan, 2.565 billion yuan, 5.972 billion yuan, and 317 million yuan respectively, with year-on-year changes of +3.11%, -3.85%, +20.85%, and +2.07% [4][6]. - The overall gross margin for 2023 was 10.28%, a decrease of 2.69 percentage points year-on-year, primarily due to rising subcontracting costs affecting the design and infrastructure operations segments [8][9]. - The company achieved a net profit margin of 4.28%, with a slight decline of 0.31 percentage points year-on-year, attributed to increased investment income from joint ventures and a decrease in non-current asset disposal income [9][10]. - The company’s operating cash flow per share was 1.01 yuan, a decrease of 0.18 yuan year-on-year, mainly due to increased expenditures on goods and services [10][11]. - The company is positioned as a high-dividend yield value stock, with over 70% of its revenue coming from the Yangtze River Delta region, which is expected to see solid investment growth [11]. Financial Summary - In 2023, the company signed new orders totaling 95.38 billion yuan, a year-on-year increase of 14.11%, with significant contributions from construction and operational segments [5][6]. - The projected revenues for 2024-2026 are 82.284 billion yuan, 90.928 billion yuan, and 100.118 billion yuan, with corresponding year-on-year growth rates of 10.9%, 10.5%, and 10.1% respectively [3][12]. - The gross margin is expected to improve gradually, reaching 10.5%, 10.6%, and 10.7% for 2024-2026 [3][12]. - The return on equity (ROE) is projected to increase from 10.2% in 2023 to 10.9% in 2026 [3][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [6][15]. Core Insights - The company reported a revenue of 11.382 billion yuan for 2023, reflecting a year-on-year growth of 11.5%. However, the net profit attributable to shareholders decreased by 11.5% to 738 million yuan. The adjusted net profit, excluding non-recurring items, increased by 78.08% to 821 million yuan [5][11]. - The gross margin for 2023 was 19.19%, an increase of 2.34 percentage points year-on-year, while the net profit margin was 6.48%, down by 1.69 percentage points [5]. - The company plans not to distribute cash dividends or issue bonus shares in 2023 [5]. Financial Performance Summary - For Q1 2024, the company achieved a revenue of 2.626 billion yuan, up 7.31% year-on-year, with a net profit of 208 million yuan, representing a 28.88% increase [5]. - The projected earnings per share (EPS) for 2024-2026 are 0.94, 1.09, and 1.26 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 11.7, 10.1, and 8.8 [11][14]. - The company’s revenue is expected to grow to 12.772 billion yuan in 2024, with a projected net profit of 1.005 billion yuan, marking a significant recovery from the previous year [4][11]. Market Data - As of April 19, 2024, the closing price of the company's stock was 11.04 yuan, with a total share capital of 1,065.44 million shares and a net asset value of 4,606.39 million yuan [3].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [13]. Core Views - The company achieved a revenue of 4.33 billion yuan in 2023, representing a year-on-year growth of 27.4%. The net profit attributable to shareholders was 429 million yuan, up 60.7% year-on-year. The gross profit margin improved to 36.8%, an increase of 4.3 percentage points [13][7]. - The report highlights that the company's self-owned brand sales channels have been optimized, leading to a significant improvement in profitability. The direct sales channel's revenue has notably increased, contributing to higher gross margins [13][12]. Financial Summary - **Revenue Forecast**: Projected revenues for 2024, 2025, and 2026 are 5.40 billion yuan, 6.25 billion yuan, and 7.20 billion yuan, respectively, with year-on-year growth rates of 24.9%, 15.7%, and 15.1% [3][7]. - **Net Profit Forecast**: Expected net profits for the same years are 581 million yuan, 727 million yuan, and 860 million yuan, with growth rates of 35.4%, 25.3%, and 18.2% [3][7]. - **Profitability Ratios**: The gross margin is projected to increase to 37.8% in 2024 and further to 38.4% in 2025, while the return on equity (ROE) is expected to rise to 13.9% in 2024 and 15.1% in 2025 [3][7]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 1.45 yuan in 2024, 1.82 yuan in 2025, and 2.15 yuan in 2026 [3][7]. Market Performance - The company's stock closed at 53.30 yuan on April 19, 2024, with a market capitalization reflecting a strong performance in the pet food industry [13]. - The report notes that the company's direct sales revenue reached 1.24 billion yuan in 2023, a year-on-year increase of 57.0%, with a gross margin of 50.1% [13][12]. Product Segmentation - In 2023, the company's pet snacks revenue was 2.17 billion yuan, up 10.9% year-on-year, while the pet staple food revenue surged to 2.09 billion yuan, marking a 50.4% increase [13][12]. - The report also indicates that the company's domestic revenue was 2.86 billion yuan, a 39.4% increase year-on-year, while international revenue was 1.46 billion yuan, up 9.0% [13][12]. Sales Channel Analysis - The report highlights that the company's sales through direct channels have significantly increased, contributing to higher profitability. The gross margin for direct sales was reported at 50.1% [13][12]. - The company has also seen a notable increase in sales through e-commerce platforms, with a GMV of 1.88 billion yuan in 2023, reflecting a year-on-year growth of 31.2% [13][12].

＃assAuthor＃ | --- | --- | |--------------------------------|-------------------------------------| | | | | 日期 | 2024-04-19 | | 收盘价（元） | 27.98 | | 总股本（百万股） | 544.98 | | | | | 流通股本（百万股） | 447.12 | | 净资产（百万元） | 3,003.92 | | 总资产（百万元） | 4,412.05 | | 每股净资产（元） 来源： WIND | 5.51 ，兴业证券经济与金融研究院整理 | 章林 ＃dyCompany＃ 华测导航 （ 300627 ） 000009 ＃title＃ 业绩符合预期，有望深度受益低空经济 ＃createTime1＃ 2024 年 04 月 20 日 | --- | --- | --- | --- | --- | --- | |------------------------------------------------|----------------------------------------- ...

公 司 点 评 报 告 | --- | --- | |--------------------|-------------------------------------| | | | | ＃市场数据 日期 | 2024-4-19 | | 收盘价（元） | 19.33 | | 总股本（百万股） | 507.26 | | 流通股本（百万股） | 507.26 | | 净资产（百万元） | 3547.06 | | 总资产（百万元） | 4662.09 | | 每股净资产（元） | | | 来源： WIND | 6.99 ，兴业证券经济与金融研究院整理 | 相关报告 《金徽酒年报点评：产品结构持 续提升，省内深耕省外拓展》 20240317 《金徽酒三季报点评：销售延续 亮眼表现，区域深耕持续深化》 20231017 《金徽酒中报点评：利润超预 期 ， 省 外 开 拓 稳 中 有 进 》 20230819 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ⚫ 风险提示：宏观经济不及预期；人才流失风险；市场竞争风险。 ⚫ 盈利能力表现稳健，合同负债维持高位。24Q1 净利率同比提升 0.11 ...

证券研究报告 ＃industryId＃ 汽车 ＃title＃ ＃ 2024 年第十八届北京车展前瞻 ＃inve推stSu荐ggestion＃ (维持） investS uggesti ＃createTime1＃ 2024 年04 月21 日 onChan 投资要点 ge＃ ＃ 相关rel报ate告dReport＃ ＃ sum 2m 0a 2r 4y＃年第十八届北京车展将于4月25日开幕，多款新车发布以及新技术亮相。 《【兴证汽车】FSD进展超预期， 今年北京车展将以“新时代、新汽车”为主题，集中展示全球汽车产业的创新发 智能驾驶拐点将至》2024-04-17 展成果，预计展览面积超23万平方米。本届车展共吸引来自全球各地的1500余 《【兴证汽车】周动态：14部门 家汽车制造商、零部件供应商和相关企业参展。本届车展主要看点一方面为重点 联合发布《推动消费品以旧换新 车型的亮相和发布，另一方面各参展企业或发布更多关于高阶智驾、高性能充电、 行动方案》， 特斯拉FSD自动 前沿电池技术、智能底盘等领域的最新进展。作为世界顶级车展之一，本届北京 驾驶月度订阅费从199美元降 车展多款重磅新车发布，预计将开展20余 ...