公 司 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃investSuggestion＃ ＃ ＃dyC凯om莱pan英y＃ （002821.SZ ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 大订单交付顺利，各项业务保持向好趋势 ange＃ ＃createTime1＃ 2024年4 月 8日 投资要点 公 ＃市场ma数rk据etData＃ ＃summary＃  近日，凯莱英发布了2023年年报。2023年公司实现营业收入78.25亿元， 司 日期 2024-04-03 同比下降23.70%；实现归母净利润22.69亿元，同比下降31.28%；实现 点 收盘价（元） 85.09 扣非归母净利润21.04亿元，同比下降34.87%；实现经营现金流净额35.5 评 总股本（百万股） 369.47 亿元，同比增长8.00%。 报 流通股本（百万股） 328.24 告 净资产（百万元） 17479.72  点评：2023年，境内外生物医药融资环境持续低迷，公司顺利实现大订 总资产（百万元） 单交付后，剔除大订单业务实现稳健增长。其中，小分子商业化项目收 19 ...

Investment Rating - The report maintains an "Add" rating for China Eastern Airlines (600115) [1][2] Core Views - The company reported a narrowing loss with an annual revenue of 113.7 billion yuan, a year-on-year increase of 145.6%, and a net loss attributable to shareholders of 8.168 billion yuan, down from 37.356 billion yuan in the same period last year [1][2] - The operational metrics show a steady recovery in business volume, with available seat kilometers (ASK) recovering to 90.64% of the 2019 level, and passenger turnover (RPK) recovering to 82.20% of the 2019 level [1][2] - The report highlights that the increase in ticket prices has led to a rise in revenue per passenger kilometer, which is up 13.6% compared to 2019 [1][2] Financial Summary - For 2023, the company achieved an operating income of 113.741 billion yuan, with a year-on-year growth of 145.6% [3] - The forecast for net profit attributable to shareholders for 2024-2026 is 5.767 billion, 8.130 billion, and 10.055 billion yuan respectively, indicating a return to profitability [2][3] - The gross margin is projected to improve from 1.1% in 2023 to 14.2% by 2026, reflecting enhanced operational efficiency [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market by more than 15% over the next 12 months [5]. Core Insights - The company has shown strong growth in external sales, with a year-on-year increase of 68.79% in external revenue, while internal sales have declined by 16.68% [1]. - The company’s revenue for 2023 is reported at 96.13 billion yuan, a decrease of 5.54% year-on-year, with a net profit of 3.89 billion yuan, down 26.58% year-on-year [14]. - The company is expected to see a positive revenue growth in Q4, driven by external sales, while internal sales remain under pressure [1]. Revenue Breakdown - In 2023, the revenue from food processing machines, nutrition pots, Western small appliances, and cookware was 29.40, 36.97, 23.06, and 4.21 billion yuan respectively, with year-on-year changes of -10.18%, -0.24%, +2.60%, and -33.66% [1]. - Online and offline channel revenues for 2023 were 52.13 billion yuan and 44.00 billion yuan, reflecting a year-on-year change of -15.37% and +9.53% respectively [1]. - The company’s revenue from internal and external sales was 73.74 billion yuan and 22.39 billion yuan, with year-on-year changes of -16.68% and +68.79% respectively [1]. Profitability and Financial Metrics - The company’s gross profit margin for 2023 was 25.86%, a decrease of 3.23 percentage points year-on-year [14]. - The net profit margin for 2023 was 4.05%, down 1.16 percentage points year-on-year [14]. - The report projects earnings per share (EPS) for 2024-2026 to be 0.60, 0.68, and 0.75 yuan respectively, with corresponding dynamic PE ratios of 17.4, 15.3, and 13.9 [6]. Future Outlook - The company is expected to see a revenue increase of 8.9% in 2024, followed by 7.8% and 7.3% in 2025 and 2026 respectively [10]. - The report anticipates a slight improvement in profitability in Q4, primarily due to a low base effect and the disposal of joint ventures [1].

行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 货币政策延续逆周期，关注 3月社融趋势 ＃ ——银行业周报（2024.04.01-2024.04.05） ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 4月 7日 onChan ge＃ 投资要点 行 ＃ 相关rel 报ate 告dR eport＃ ＃⚫ sum本m周ar（y＃4. 01-4.05）银行板块整体上涨 0.54%，跑输沪深 300指数 0.32个百分 业 点，表现居前的为：江阴银行(4.05%)、齐鲁银行(3.73%)、青岛银行 关注上市银行分红提升趋势 ——银行业周报（2024.03.25- (2.79%)。 周 2024.03.29） ⚫ 中国人民银行货币政策委员会召开 2024 年第一季度例会。重点内容包括： 报 1）货币政策方面，会议指出“精准有效实施稳健的货币政策，更加注重做好 逆周期调节”，删除了“跨周期的提法”；延续“推动企业融资和居民信贷成本 ＃分e析m师ail：Au thor＃ 稳中有降”的表述，同时提出“在经济回升过 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 锂 ＃investSuggestion＃ ＃ ＃d天yCo齐mpa锂ny＃业 （ 002466 ） investSug 增持 ( 维ges持tionC）h 002466 ＃title＃ 锂价下滑叠加投资收益减少，公司业绩承压 ange＃ ＃createTime1＃ 2024 年04 月07 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告，2023年公司实现营业收入405.03亿 市场数据日期 2024-04-03 元，同比增长0.13%；实现归母净利润72.97亿元，同比下降69.75%；实现 收盘价（元） 51.01 扣非后归母净利润为71.77亿元，同比下降68.88%。公司拟向全体股东每10 总股本（百万股） 1641.22 股派发现金红利13.5元（含税）。 流通股本（百万股） 1476.29 净资产（百万元） 51519.66  锂价下滑叠加投资收益减少，2023年公司盈利回落。2023年公司实现归母 总资产（百万元） 73228.46 净利润72.97亿元，同比下降69. ...

行 业 研 证券研究报告 究 ＃industryId＃ 电子 ＃title＃ 三星电子 Q1 业绩超预期，重视 AI 落地终端 ＃ ＃inve推stSu荐ggest ion＃ (维持) 趋势 investSugg estion Chan ＃createTime1＃ 2024年 04月 07 日 ge＃ 行 重点公司 投资要点 业 重点公司 评级 ＃ ⚫ sum 联ma 想ry 计＃ 划 于4月18日推出“真AI PC”新品，首发市场为中国，推出时程比预期快至少 周 沪电股份 增持 一个季度。4月3日，AI大模型折叠屏手机vivo X Fold3系列全面开售，首销数据公 广钢气体 增持 布，其销量一分钟飙升至上代vivo X Fold2的800%。AI投资热潮下，各大科技巨头 报 立讯精密 买入 积极将AI大模型应用在手机、PC、可穿戴设备等终端，AI PC、AI 手机、智能眼镜 传音控股 增持 和边缘侧AI渗透有望加速，推荐电芯龙头珠海冠宇、深耕智能物联领域的海康威视， 北方华创 增持 建议关注通富微电、莱宝高科。4月1日，OpenAI宣布，将允许用户直接使用ChatGPT， 澜起科技 增持 而无需注册该项服 ...

行 业 研 证券研究报告 究 ＃industryId＃ 计算机 ＃title＃ 政策与产业共振，信创景气提升 ＃inve推stSu荐gges tion＃ ( 维＃ 持 ） （3.31-4.6） investS ugg esti ＃createTime1＃ 2024 年4月 7日 onCha nge＃ 行 ＃relatedReport＃ 相关报告 投资要点 业 ＃summary＃ 【兴证计算机】低空经济迎政策 ⚫ 3月31日-4月6日（以下简称“本期”）计算机（中信）指数下跌2.75%，跑 周 催化，万亿赛道徐徐展开（3.24- 报 3.30） 输创业板指数 3.97 个百分点，跑输上证指数 3.67 个百分点，位列全行业第 【兴证计算机】GTC 大会全景 30名。 展示，见证 AI 变革时刻（3.17- 3.23） ⚫ 核心观点：加仓核心成长龙头，适度参与主题类投资。 【兴证计算机】网络安全：政策 防御式进攻是最优解。伴随着业绩的密集披露，市场关注具备全年高增长潜 红利不断，估值具备性价比 （3.10-3.16） 力的公司，并欲在一季报中寻求印证。考虑到财报季的风险偏好波动的可能， ＃分析em师ail：Au ...

行 业 研 证券研究报告 究 ＃industryId＃ 煤炭开采 ＃title＃ 煤炭行业周报（03.31-04.06）—— 需求有望修复，关注季报行情 ＃ ＃inve推stSu荐ggest ion＃ （ 维持 ） investS ugg esti ＃createTime1＃ 2024年 04月 07日 onChan ge＃ 投资要点 行 重点公司 评级 ＃ ⚫ su动mm力ary煤＃ ：坑口煤价企稳，日耗小幅下滑 业 陕西煤业 买入 动力煤港口价格：4月 3日，秦皇岛动力煤平仓价为 829元/吨，相比 3月 29 周 中国神华 增持 日减少11元/吨；2024年4月，动力煤长协价（Q5500）为 701元/吨，同比下 滑3.0%，环比下滑1.0%。 报 兖矿能源 增持 产地坑口价：4月 3日，山西大同 Q5500坑口含税价 670元/吨，相比 3月 29 淮北矿业 增持 日减少6元/吨；鄂尔多斯Q5500坑口含税价614元/吨，相比3月29日下降1 潞安环能 增持 元/吨；陕西榆林Q5800坑口含税价694元/吨，相比3月29日增加4元/吨。 晋控煤业 增持 库存：北港：3月 29日，北方港口煤炭库存 23 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 高速公路 ＃ investSuggestion＃ ＃ ＃d 宁yCo 沪mpa 高ny＃速 （ 600377 ） investSug 增持 ( 维gest持ion C） h 000 业00 绩9 分 红双升， 收＃ 购title＃ 南 部 通道拓展主业 ange＃ ＃ createTime1＃ 2024 年 4 月 2 日 投资要点 公 ＃市m场a数rk据etD ata＃ ＃事su件mm：a宁ry＃沪 高速发布 2023年报：2023年公司实现营业收入 151.92亿元，同比增 司 长 14.61%；归母净利润 44.13亿元，同比增长18.51%，2023年基本EPS为0.876 日期 2024/4/1 点 收盘价（元） 11.30 元/股；扣非后归母净利润 41.75亿元，同比增长 21.93%。2023年公司每10股拟 派发现金红利4.7元，分红比例为54%，对应2024年 4月 1日收盘价11.30元， 评 总股本（百万股） 5038 股息率为4.16%。 报 流通股本（百万股） 3802 点评： 净资产（百万元） 339 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the adjusted earnings forecast for 2024-2026 [17][38] Core Views - The company exceeded its full-year targets in 2023, with Q4 revenue accelerating significantly [3][21] - The company's profitability improved due to stable gross margins and reduced expense ratios [4] - The company aims for a 15% revenue growth in 2024, driven by product structure optimization and increased direct sales [5] - The company's financial indicators performed well, with a significant increase in operating cash flow in 2023 [32] Financial Performance - In 2023, the company's total revenue was 1505.60 billion yuan, a year-on-year increase of 18.04%, with net profit attributable to the parent company reaching 747.34 billion yuan, up 19.16% year-on-year [13] - The gross profit margin in 2023 was 91.96%, a slight increase of 0.10 percentage points year-on-year, with Q4 gross profit margin reaching 92.56%, up 0.71 percentage points year-on-year [4] - The company's ROE in 2023 was 34.65%, with a net profit margin attributable to the parent company of 49.64%, up 0.47 percentage points year-on-year [4][16] Product and Channel Performance - In 2023, Moutai liquor revenue was 1265.89 billion yuan, a year-on-year increase of 17.39%, while series liquor revenue was 206.30 billion yuan, up 29.43% year-on-year [3] - The growth in Moutai liquor was driven by a 11.1% increase in sales volume and a 5.7% increase in average price per ton due to product structure optimization and price adjustments [3] - The growth in series liquor was driven by the strong performance of Moutai 1935, which became a 10-billion-yuan product within two years of its launch [3] - Direct sales revenue in 2023 was 672.33 billion yuan, a year-on-year increase of 36.16%, accounting for 45.67% of total revenue, up 5.77 percentage points year-on-year [31][35] Future Outlook - The company expects revenue growth of 15.87%, 15.37%, and 14.15% for 2024, 2025, and 2026, respectively, with net profit attributable to the parent company growing by 17.93%, 17.48%, and 15.79% during the same period [17][38] - The company plans to continue optimizing its product structure, launching new products, and increasing the proportion of direct sales to drive revenue growth [5]