公 司 研 证券研究报告 究 房屋建设 ＃investSuggestion＃ 中国建筑 （ 601668 ） 增持 ( 维持 ） ＃ i l ＃ 全年经营稳健+现金流高增，地产改善带动 H2 营收高增 ＃ ＃ 2024年 04月 19日 投资要点 公 市场数据  中国建 筑发布 2023 年年报：公司 2023 年实现营业收入 22655 亿元，同 司 市场数据日期 2024-04-18 比增长10.2%；实现归母净利润542.6亿元，同比增长6.5%；实现扣非后 点 收盘价（元） 5.38 归母净利润485亿元，同比增长7.3%。其中Q4实现营业收入5942.87亿 元，同比增长14.49%；实现归母净利润106.11亿元，同比增长43.12%。 评 总股本（百万股） 41619.95 报 流通股本（百万股） 41320.39  公司公告2023年拟每10股派发红利2.7145元，对应分红率为20.82%， 4月18日收盘价5.38元对应股息率约5.05%。 净资产（百万元） 427609.89 告 总资产（百万元） 2903322.52  房建结构优化+基建放量，支撑全年订单稳健增长。公司2023年 ...

Investment Rating - The report maintains a "Hold" rating for the company, indicating a cautious outlook due to fluctuating processing fees impacting profitability [6][11]. Core Insights - The company is expanding its production capacity in stainless steel and titanium alloy materials, with significant projects expected to reach trial production by mid-2024 [6][15]. - The financial forecast for the company shows a projected net profit of 587 million, 712 million, and 830 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.60, 1.94, and 2.26 yuan [6][8]. - The company experienced a slight decline in net profit in 2023, attributed to lower product prices and processing fees, but is expected to benefit from increased sales volume in the upcoming quarters [11][12]. Financial Summary - The company reported a revenue of 39.874 billion yuan in 2023, with a year-on-year growth of 0.8% [8][11]. - The projected revenue for 2024 is 46.234 billion yuan, reflecting a growth rate of 16.0% [8]. - The gross profit margin is expected to stabilize around 4.5% for the next few years, with a return on equity (ROE) projected to increase from 8.7% in 2023 to 12.4% by 2026 [8][10].

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company completed the acquisition of 51% equity in Harbin Electric Power Equipment, enhancing its nuclear power business layout [1][14] - The company's nuclear power products are in a leading position, with significant growth potential in the context of active nuclear power development [14] - The company's operating cash flow increased by 8.12% YoY, with ample cash on hand to support future development [14] Financial Performance - In 2023, the company achieved revenue of 5.32 billion yuan, a YoY increase of 16.69%, and net profit attributable to shareholders of 399 million yuan, a YoY increase of 4.75% [14] - The company's motor and service segment contributed 85.03% of total revenue, with a gross margin of 24.05%, up 4.93 percentage points YoY [14] - The nuclear power product segment achieved revenue of 686 million yuan, a YoY increase of 52.78%, with a gross margin of 20.39% [14] Future Projections - The company is expected to achieve net profit attributable to shareholders of 460 million yuan, 519 million yuan, and 582 million yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 15.2%, 12.9%, and 12.2% [14] - The PE ratios for 2024, 2025, and 2026 are projected to be 15.5x, 13.7x, and 12.3x, respectively [14] Industry and Market Data - The company's stock closed at 11.98 yuan on April 18, 2024, with a total market capitalization of 5.96 billion shares and a net asset value of 3.19 billion yuan [8] - The company's revenue growth rate is expected to be 5.3%, 11.8%, and 12.0% in 2024, 2025, and 2026, respectively [17]

证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃ ＃dyC七om一pan二y＃ （ 603712 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 中标多个军用通信新项目，中长期激励落地实施 ange＃ ＃createTime1＃ 2024 年04 月19 日 投资要点 ＃市场ma数rk据etData＃ ＃ sum 公ma 司ry 发＃ 布2023年年报：营收32.68亿元，同比减少19.11%；归母净利润4.40亿元， 日期 2024-04-17 同比减少43.25%；扣非后归母净利润3.90亿元，同比减少47.28%。 收盘价（元） 21.42  中标多个军用通信新项目产品：2023年，专用无线通信终端产品实现营收19.36亿元， 总股本（百万股） 772.00 同比减少15.63%，占营业总收入的59.24%，同比增加2.22pct，毛利率为49.82%， 同比减少1.13pct；系统集成产品实现营收12.04亿元，同比减少22.96%，占营业总 流通股本（百万股） 772.00 收入的36.83%，同比减少1.84p ...

Industry Investment Rating - The report maintains a neutral stance on the US real estate market, suggesting that the market is likely to experience a moderate recovery in 2024 with a slight decline in mortgage rates [1] Core Views - The US real estate market is currently experiencing a contraction in volume but stable prices due to high mortgage rates, which constrain both supply and demand [1] - The market's future performance is highly dependent on the trajectory of mortgage rates, with potential scenarios ranging from continued contraction to a significant rebound depending on the extent of rate cuts [1][7][8] Supply Side Analysis Short-term Supply Dynamics - The supply of existing homes is constrained by the "lock-in effect" of high mortgage rates, with inventory levels remaining low [1][11] - As of February 2024, the inventory cycle for existing homes is 2.9 months, while new homes have an 8.4-month inventory cycle [1] - A reduction in mortgage rates could lead to a release of locked-in supply, particularly for existing homes [1][11] Long-term Supply Constraints - The US housing market has been undersupplied since 2012, with a shortage of approximately 3.8 million homes as of 2020 [1] - Long-term supply constraints are driven by land availability, regulatory approvals, and an aging housing stock, with nearly half of existing homes built before 1980 [1][28][32] Demand Side Analysis Short-term Demand Dynamics - High mortgage rates have pushed affordability metrics, such as the price-to-income ratio, to historically high levels, suppressing demand [1][6] - A reduction in mortgage rates could alleviate affordability pressures and stimulate demand, even if home prices rise slightly [1][6] Medium-term Demand Support - Demographic factors, such as the growing population of millennials and baby boomers, provide a solid foundation for housing demand [1][41][46] - The US household balance sheet remains healthy, with a relatively low debt-to-income ratio, reducing the risk of a demand collapse [1][50] Market Scenarios Scenario 1: High Mortgage Rates Persist - If mortgage rates remain above 6.5%, the market is likely to continue experiencing volume contraction with stable or slightly declining prices [7][8] Scenario 2: Moderate Decline in Mortgage Rates - A moderate decline in mortgage rates (to 6.0%-6.5%) could lead to a mild recovery in both volume and prices, with new and existing home sales increasing slightly [7][8] Scenario 3: Significant Decline in Mortgage Rates - A significant decline in mortgage rates (below 6%) could trigger a strong rebound in both volume and prices, with existing homes likely outperforming new homes [7][8] Long-term Market Cycle - The US real estate market follows an 18-year cycle, with the current cycle beginning in 2012 and expected to peak around 2026 [60][62] - The market is currently in the latter stages of the upward phase, with prices having risen significantly since 2020 [62]

| --- | --- | --- | --- | --- | |---------------------------------------|--------|--------|-------------------------|--------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | | 3625 4238 4758 5317 | | | 同比增长 | 15.90% | 16.90% | 12.28% | 11.74% | | 归母净利润 ( 百万元 ) | | | 280 341 409 481 | | | 同比增长 | 31.04% | 21.81% | 19.65% | 17.82% | | 毛利率 | 37.53% | 38.37% | 38.87% | 39.11% | | ROE | 8.37% | 9.79% | 10.78% | 11.65% | | 每股收益 ( 元 ) | | | 0.68 0.83 0.99 1.17 | | | 市盈率 | | | 25.88 21 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [12][17]. Core Insights - The company reported strong financial performance for 2023, achieving revenue of 3,907 million yuan and a net profit of 558 million yuan, representing year-on-year growth of 7.67% and 14.21% respectively [12]. - In Q4 2023, the company saw significant growth with revenue of 1,002 million yuan and a net profit of 26 million yuan, reflecting year-on-year increases of 23.77% and 181.50% respectively [12]. - The company declared a dividend of 4.5 yuan per 10 shares, with a payout ratio of 94.3%, resulting in a dividend yield of 4.0% based on the closing price on April 17, 2024 [12]. Financial Performance Summary - Revenue and Profit Forecasts: The company is projected to achieve revenues of 4,524 million yuan, 5,224 million yuan, and 6,032 million yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 673 million yuan, 782 million yuan, and 900 million yuan [12][11]. - Profitability Metrics: The gross margin for 2023 was reported at 40.92%, an increase of 1.91 percentage points year-on-year, with net profit margins also improving [12]. - Cash Flow Quality: The company maintained a net cash ratio of 1.23, indicating good operational cash flow quality [12]. Business Segment Performance - Revenue by Segment: In 2023, the company generated revenue of 1,600 million yuan from buttons, 2,143 million yuan from zippers, and 116 million yuan from other apparel accessories, with respective year-on-year growth rates of 8.95%, 6.82%, and 8.79% [12]. - Sales Volume: The company sold 5.01 billion meters of zippers and 8.91 billion pieces of buttons, with year-on-year increases of 5.67% and 4.63% respectively [12]. Market Position and Strategy - Competitive Advantage: The company is expected to enhance its competitive position through improved product and customer structures, with the webbing business anticipated to become a second growth driver [12]. - Capacity Expansion: The company is strategically expanding its production capacity both domestically and internationally, with new facilities in Vietnam expected to enhance service levels and customer trust [12].

Investment Rating - The report maintains an "Accumulate" rating for the company Haiguang Information (688041) [2] Core Views - The company achieved a revenue of 6.01 billion yuan in 2023, representing a year-on-year growth of 17.3%, and a net profit attributable to shareholders of 1.26 billion yuan, up 57.17% year-on-year [2][3] - The gross margin improved to 59.67%, an increase of 7.25 percentage points year-on-year, driven by enhanced profitability [2] - Significant investment in research and development, with R&D expenses increasing by 40.95% year-on-year [2] Financial Performance Summary - In Q4 2023, the company reported revenue of 2.069 billion yuan, a year-on-year increase of 58.52%, and a net profit of 362 million yuan, up 138.74% year-on-year [2] - The high-end processor business generated revenue of 6.012 billion yuan, reflecting a growth of 18.67% year-on-year [2] - The company’s operating cash flow for 2023 was 814 million yuan, an increase of 857 million yuan year-on-year, attributed to higher customer sales receipts and increased interest income [2] Earnings Forecast - The report adjusts the earnings forecast for the company, projecting net profits for 2024, 2025, and 2026 to be 1.831 billion yuan, 2.474 billion yuan, and 3.296 billion yuan respectively [3][4] - The gross margin is expected to remain stable, with projections of 60.1% for 2025 and 60.0% for 2026 [4] - The report anticipates a significant increase in earnings per share, forecasting 0.79 yuan for 2024 and 1.06 yuan for 2025 [4]

本次电话会议仅服务于星业证券客户会议音频及文字记录的内容版权为星业证券所有内容必须经星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星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 最近的各位投资者大家晚上好我是信息业证券的宏观分析师卓红那今天的话呢我来跟各位领导分享一下我们对于最近商品和美元走势后续的一个看法我们看到的话呢三月份以来在这个地缘冲突升级以及美国整体的一个经济数据持续超预期的一个背景之下的话呢全球整个一大类资产的话又呈现出了比较罕见的美元和商品同桥的这样的一个格局 这种格局之下的话呢说明整个最近的全球的这样的一个流动性变化并不是对整个商品定价带来核心主导因素的这样的一个影响的一个原因而最近一周的话呢伴随着这个区域性的这样的一个紧张局势出现了一些缓和的这样的一个信号原油价格开始触顶快速的这样的一个回落美元指数的话呢稍有一些缓和 黄金的话呢相 ...

证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃ ＃d航yCo天mpa电ny＃器 （ 002025 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 盈利能力显著提升，多点布局新兴产业 ange＃ ＃createTime1＃ 2024 年04 月18 日 投资要点 ＃市场ma数rk据etData＃ ＃ sum 公ma 司ry＃ 发布2023年年报：公司发布2023年年报，实现营收62.10亿元，同比 日期 2024-04-16 增长3.16%；归母净利润7.50亿元，同比增长35.11%；扣非后归母净利润 6.92亿元，同比增长37.22%；基本每股收益1.65元/股，同比增长34.15%； 收盘价（元） 38.04 加权平均净资产收益率12.57%，同比增加2.49pct。 总股本（百万股） 456.87  2024年度预算：2023年公司计划完成营业收入72亿元，实际实现62.10亿 元，完成率为86.25%，2022年完成率为104.70%。2024年公司计划完成营 流通股本（百万股） 452.56 业收入65亿元，较 ...