| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|-------|-------|-------|-------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 8048 | 8460 | 8923 | 9428 | | 同比增长 | 3.4% | 5.1% | 5.5% | 5.7% | | 归母净利润 ( 百万元 ) | 1083 | 1192 | 1312 | 1446 | | 同比增长 | 12.6% | 10.1% | 10.0% | 10.3% | | 毛利率 | 30.7% | 31.5% | 32.4% | 33.3% | | ROE | 13.6% | 13.0% | 13.5% | 13.9% | | 每股收益 ( 元 ) | 0.88 | 0.97 | 1.07 | 1.18 | | 市盈率 | ...

Investment Rating - The report maintains a "Buy" rating for the company [5][27]. Core Insights - The company achieved a revenue of 622.89 billion yuan in 2023, representing a year-on-year growth of 6.4%, and a net profit attributable to shareholders of 231.90 billion yuan, up 2.4% year-on-year [28]. - The company's net interest margin decreased by 5 basis points to 1.59% at the end of 2023, with a year-on-year decline of 16 basis points [16]. - The asset quality remains stable, with a non-performing loan ratio holding steady at 1.27% at the end of 2023, a decrease of 5 basis points year-on-year [4][14]. Summary by Sections Revenue and Profitability - The company's revenue growth rate is leading among state-owned banks, with net interest income increasing by 1.6% year-on-year, while non-interest income surged by 51.3% due to a low base from the previous year [13][15]. - The cost-to-income ratio for 2023 was 28.5%, a decrease of 0.4 percentage points year-on-year, and the credit cost was 0.57%, down 0.03 percentage points year-on-year [13]. Asset and Liability Management - Total assets increased by 12.2% year-on-year, with loans growing by 13.8% [3][26]. - Deposits also saw a robust growth of 13.4% year-on-year, indicating stable growth in liabilities [3][26]. Capital Adequacy - As of the end of 2023, the company's core Tier 1, Tier 1, and total capital adequacy ratios were 11.63%, 13.83%, and 17.74%, respectively [12][17].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 显示器件 ＃investSuggestion＃ ＃ ＃d京yCo东mpa方ny＃ A （ 000725 ） investSug 增持 ( 维ges持tionC）h 000725 面板价格持续上＃ 涨title＃ ，看好后市需求 ange＃ ＃createTime1＃ 2024 年04 月10 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2023年年报，2023年全年实现营业收入1745.43亿元，同 市场数据日期 2024-04-09 比下降2.17%；归母净利润25.47亿元，同比下降66.26%；扣非归母净利润 收盘价（元） 4.33 -6.33亿元，同比减亏15.96亿；发布利润分配预案，拟每10股派发红利0.3 总股本（百万股） 37652.53 元（含税），股利支付率达到44%较上年有所提高。第四季度营业收入480.28 流通股本（百万股） 37453.57 亿元，同比增长5.17%，环比增长3.65%；归母净利润15.25亿元，同比下降 净资产（百万元） 129428.31 32.50%，环比 ...

公 司 研 证券研究报告 究 ＃industryId＃ 磷肥及磷化工 ＃investSuggestion＃ ＃ ＃dyC 云om 天pan 化y＃ （ 600096 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 化肥销量增长，磷矿石价格坚挺下公司业绩显韧性 ange＃ ＃ createTime1＃ 2024年 4月 10日 投资要点 公 ＃市场ma数rk据et Data＃ ＃sum 事ma 件ry＃ ： 云天化发布2023年年报，报告期内实现营业收入690.60亿元，同 司 日期 20240409 比下降 8.30%；实现归属上市公司股东的净利润 45.22 亿元，同比下降 点 收盘价（元） 19.29 24.90%；实现归属于上市公司股东的扣除非经常性损益后的净利润 评 总股本（百万股） 1834.33 45.08亿元，同比下降 23.54%；实现每股收益 2.47元，每股经营性净现 报 流通股本（百万股） 1834.33 金流5.14元。 净资产（百万元） 18742.47 告 其中2023年Q4实现营业收入157.58亿元，同比下降16.42%，环比减少 总 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company achieved a revenue of 2.393 billion yuan in 2023, representing a year-on-year growth of 2.65%. However, the net profit attributable to shareholders decreased by 19.99% to 179 million yuan, while the non-recurring net profit increased by 20.21% to 148 million yuan [6][7]. - In Q4 2023, the company reported a revenue of 996 million yuan, a year-on-year increase of 0.87%, and a net profit of 167 million yuan, which is a significant year-on-year growth of 67.76% [6][7]. - The company is actively advancing its AI capabilities, launching new platforms and technologies to enhance its product offerings and improve operational efficiency [5][6]. Financial Summary - The company's gross margin for 2023 was 93.94%, an increase of 0.71 percentage points from the previous year, primarily due to the software sector's revenue share rising from 71.41% to 100% [4]. - Operating cash flow for the year was 241 million yuan, reflecting a year-on-year increase of 3.17% [4]. - The financial projections for 2024-2026 estimate net profits of 218 million yuan, 262 million yuan, and 314 million yuan, respectively, with corresponding growth rates of 22.1%, 20.2%, and 19.7% [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance relative to market indices [9][17]. Core Insights - The company has shown steady revenue growth, with 2023 revenue reaching 47.12 billion yuan, a year-on-year increase of 14.4%. The net profit attributable to shareholders was 4.45 billion yuan, up 15.2% year-on-year [4][9]. - The company is adjusting its channel structure to optimize efficiency, which has helped mitigate the impact of declining gross margins due to lower product prices during promotional periods [1][4]. - The company is a leader in the small kitchen appliance sector, with significant growth in both domestic and overseas markets. Domestic revenue increased by 10.27% to 43.42 billion yuan, while overseas revenue surged by 105.66% to 3.70 billion yuan [14]. Financial Performance Summary - For 2023, the company reported a gross margin of 36.61%, slightly up by 0.16 percentage points year-on-year. However, the gross margin for Q4 2023 was 31.83%, down 5.86 percentage points year-on-year [4][9]. - The company’s earnings per share (EPS) for 2023 was 2.84 yuan, with forecasts for 2024, 2025, and 2026 at 3.26, 3.67, and 4.10 yuan respectively [3][9]. - The report projects a revenue growth rate of 12.3% for 2024, 11.3% for 2025, and 10.9% for 2026, indicating a gradual decline in growth rates over the next few years [3][4]. Product and Market Performance - In 2023, the kitchen small appliance segment generated 36.44 billion yuan in revenue, a year-on-year increase of 8.35%. Key product categories such as pots and kettles saw significant growth [14]. - Online sales accounted for 38.66 billion yuan, growing by 9.88%, while offline sales reached 8.46 billion yuan, up 41.18% year-on-year, reflecting a robust performance in both channels [14].

证券研究报告 ＃industryId＃ 公用事业 ＃investSuggestion＃ ＃assAuthor＃ 司总 评 ＃相关rel报ate告dReport＃ 《【兴证公用 蔡屹】九丰能源 2023 年三季报点评：前三季度 归母净利润同比+20.22%，能服 及 特 气 业 务 发 展 迅 速 》 2023-10-25 《【兴证公用 蔡屹】九丰能源 2023 年半年报点评：能服及特 气业务带来利润增量，半年度拟 每股分红 0.3 元》2023-08-15 《【兴证公用 蔡屹】九丰能源 2022 年年报点评：归母净利润 增长 75.87%，"一主两翼"业务 发展格局形成》2023-03-08 shiyisu@xyzq.com.cn S0190523110001 公 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|-------|-------|-------|------------------------ ...

2023 年，公司应收账款 24.17 亿元，同比增长 27.78%，应收账款周转率 1.33 次， 同比减少 0.70 次；应收票据 0.34 亿元，同比减少 81.49%。公司存货 9.95 亿元， 同比增长 25.62%，存货周转率 2.42 次，同比减少 1.55 次。截至 2023 年末，公司 合同负债 0.27 亿元，同比增长 173.51%。 图 9、净利润及经营活动产生的现金流量净额 图 10、应收账款及存货周转率 资料来源：公司公告，兴业证券经济与金融研究院整理 资料来源：公司公告，兴业证券经济与金融研究院整理 请务必阅读正文之后的信息披露和重要声明 - 6 - 幅提升 2023 年公司向航天科技集团内部成员单位销售商品及提供劳务关联交易实际发 生金额为 16.82 亿元，同比减少 32.79%，完成度 44.26%，同比减少 36.46pct。2024 年公司向航天科技集团内部成员单位销售商品及提供劳务关联交易预计金额为 31.00 亿元，较 2023 年实际发生额增长 84.30%，相较于 2023 年预计发生额减少 18.42%。 2023 年，公司向前五名客户销售额 19.61 亿元 ...

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 宁波银行（002142） ＃title＃ ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） 分红小幅提升，零售增长亮眼 ——宁波银行 2023年报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 4月 10 日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 评 ＃⚫ sum营m收ar受y＃非 息增长提振，利润增速放缓。2023 年营收和归母净利润分别同比 报 +6.4%、+10.7%，Q4 单季度分别为+9.7%、+5.1%，利润增速放缓，主因 Q4 单季度贷款投放量较往年显著提升，加大拨备计提力度。收入方面：①利息 告 净收入同比+9.0%，Q4 单季度同比+4.1%，其中贷款扩张积极，增速提升至 ＃分em析a师ilA：ut hor＃ 20%，净息差环比-1bp，同比-14bp。②手续费净收入同比-22.8%，Q4单季度 ＃陈a绍ss兴Au thor＃ 同比-82.8%。③其他非息收入同比+15.7%，其中 Q4 单季度大幅提升，主要 SAC：S01 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 电力设备 ＃investSuggestion＃ ＃ ＃d 许yCo 继mp 电any＃气 （ 000400 ） investSug 增持 ( 维ges持tion ）Ch 000009 行业 需求向好 ＃ ，tit 多le＃ 业 务 稳步增长 ange＃ ＃ createTime1＃ 2024年 4月 11 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫s um 事ma 件ry＃ ： 公司发布2023年年报，报告期内公司实现营收170.61亿元，同比 司 日期 2024-04-10 +13.51%，实现归母净利润 10.05 亿元，同比+28.03%，略超市场预期。 点 收盘价（元） 24.77 分季度来看，23Q4公司实现营收63.97亿元，同比+10.26%，实现归母净 评 总股本（百万股） 1019 利润2.33亿元，同比增长109.93%。单季度毛利率为16.8%，同比+0.6pct， 报 流通股本（百万股） 1008 单季度净利率4.4%，同比+1.5pct。 告 净资产（百万元） 10705 ⚫ 智能变配电 ...