S0190513080002 郁晾 yuliang23@xyzq.com.cn S0190523040003 mengjie@xyzq.com.cn 孟杰 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 鸿路钢构 （ 002541 ） 000009 ＃title＃ 营收同比增长+19%，智能化改造加速推进 ＃createTime1＃ 2024 年 03 月 31 日 事件 | --- | --- | |--------------------------------------------------------------------|----------------------------------------------------| | | | | 公司 2023 年实现营业收入 235.39 亿元，同比增长 18.60% | ，主要系钢结构销 | | 量增长驱动。 | | | 分季度来看，公司 Q1 、 Q2 、 Q3 、 Q4 分别实现营业收入 50.18 | 亿元、 60.54 亿 | | 元， 58.97 亿元， 65.71 亿元，同比分别 ...

行 业 研 证券研究报告 究 ＃industryId＃ 社服&零售&美护 ＃title＃ 金价新高带动黄金珠宝销售，清明出行预定数据火热 ＃inve推stSu荐ggest ion＃ ( 维持 ） ＃createTime1＃ 2024年 03月 31日 投资要点 行 公司 评级 ＃⚫ summ本ary期＃（ 2024.03.25-2024.03.29）观点：社服：今年春节旅游出行延续元旦高景气，随着3月天气 业 中国中免 增持 逐步转暖，清明预定数据显示旅游需求持续增长，短期关注具备数据催化的个股；同时积极寻找 锦江酒店 增持 此前调整后低估值、2024 年存在边际改善的板块龙头布局机会。核心标的：锦江酒店、米奥会 周 展、中国中免，建议关注：宋城演艺、天目湖、三特索道、九华旅游。教育&人服：教育需求刚 首旅酒店 增持 需、基本面稳健，政策边际转好，龙头公司采取积极的降本增效措施，叠加AI应用逐步落地， 报 科锐国际 增持 以及受海外龙头业绩好转影响，板块关注度提升；春节后商务活动活跃有望带动人服行业数据改 爱美客 增持 善。核心标的：行动教育、科锐国际，建议关注：学大教育、北京人力、华图山鼎。黄金珠宝： 珀莱 ...

公 司 点 评 报 告 mengjie@xyzq.com.cn 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 建筑装饰 ＃investSuggestion＃ ＃dyCompany＃ 北方国际 （ 000065 ） 000009 ＃title＃ 国际工程承包强势修复，一体化转型加速 ＃createTime1＃ 2024 年 03 月 31 日 ＃assAuthor＃ | --- | --- | |--------------------|------------| | | | | 市场数据日期 | 2024-03-29 | | 收盘价（元） | 10.88 | | | | | 总股本（百万股） | 1002.02 | | 流通股本（百万股） | 905.59 | | 净资产（百万元） | 8465.43 | | 总资产（百万元） | 23759.54 | | 每股净资产 (元) | 8.45 | S0190513080002 郁晾 yuliang23@xyzq.com.cn S0190523040003 | --- | --- | --- | --- | --- | |------------ ...

证券研究报告 ＃industryId＃ 交通运输 ＃investSuggestion＃ ＃d中yCo远mpa海ny＃能 （600026.SH） 增持 ( 维持） 000009 ＃title＃ 扣非归母净利润再创新高，分红水平持续提升 ＃createTime1＃ 2024年3月31 日 投资要点 ＃市场ma数rk据etData＃ ＃＃ssuummmmaarryy＃＃  中远海能2023年财报实现归母净利润33.51亿元，同比增长129.95%。中远海能发布 日期 2024-3-29 2023年全年财报，公司实现营业收入全年为220.91亿元，同比增长18.4%；实现归母 收盘价（元） 16.83 净利润为33.51亿元，同比增长129.95%；实现扣非归母净利润为41.34亿元，同比增 总股本（百万股） 4770.78 长197.31%。 流通股本（百万股） 3474.78  2023 年的国际油运市场在上行周期中稳步发展，运价表现强劲且波动剧烈，运价中 净资产（百万元） 34391.5 枢位于历史相对高位区间。原油轮方面，2023 年中国原油进口量创历史新高，大西 总资产（百万元） 72083.61 洋区 ...

行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 关注上市银行分红提升趋势 ＃ ——银行业周报（2024.03.25-2024.03.29） ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 3月 31日 onChan ge＃ 投资要点 行 ＃ 相关rel 报ate 告dR eport＃ ＃⚫ sum本m周ar（y＃3. 25-3.29）银行板块整体上涨 0.97%，跑赢沪深 300指数 1.19个百分 业 点，表现居前的为：常熟银行(5.47%)、成都银行(4.53%)、渝农商行 (3.79%)。 周 ⚫ 上市银行 2023 年报逐步披露，业绩增速略有放缓，资产质量保持稳定，重 报 点关注分红率提升趋势。截至 2024 年 3 月末，6 家国有大型银行+7 家股份 ＃分析em师ail：Au thor＃ 行（招行、兴业、中信、民生、光大、平安、浙商）已披露 2023 年年报。 陈绍兴 整体业绩方面，2023 年 13 家银行营收同比-0.9%，归母净利润同比+1.5%， SAC:S0190517070 ...

Investment Rating - The report maintains a "Buy" rating for the company [12][28]. Core Insights - The company's total assets increased by 10.8% year-on-year, with loans growing by 12.6% [10][15]. - The company has focused on increasing credit in key areas such as green finance, inclusive finance, advanced manufacturing, and strategic emerging industries, with inclusive finance loans growing by 29.4% and green credit by 41.2% [10][15]. - The report indicates a slight decline in net interest income due to a decrease in interest margins, while non-interest income saw a significant increase of 53.1% year-on-year [20][25]. Financial Performance Summary - Total revenue for 2023 was 769.736 billion yuan, a decrease of 1.8% year-on-year, while net profit attributable to shareholders was 332.653 billion yuan, an increase of 2.4% [20][25]. - The company's net interest margin decreased to 1.70%, down 31 basis points year-on-year, with loan yield declining by 35 basis points [21][26]. - The report projects EPS for 2024 and 2025 to be 1.35 yuan and 1.37 yuan, respectively, with a projected PB of 0.54 times by the end of 2024 [12][28].

行 业 研 证券研究报告 究 ＃industryId＃ 非银 ＃title＃ 兴证非银周报（240325-240329）： ＃inve推stSu荐ggest ion＃ （ 维＃ 持 ） 非银 23 年报业绩确认，关注并购重组机会 investS ugg es ti ＃createTime1＃ onChan 2024年 3月 31日 ge＃ 重点公司 投资要点 行 周度回顾： 重点公司 评级 本周保险Ⅱ(申万)上涨0.6%，跑赢沪深300指数0.82pct；10年期国债到期收益率下行0.65BP 业 至2.29%。随着年报不利预期等负面因素逐步出清，板块估值修复。本周证券II（申万）下 南华期货 增持 跌3.83%，跑输沪深300指数3.62pct，板块PB估值下调至1.22倍。 周 中国太保 买入 保险行业： 报 本周上市险企均已披露2023年度业绩，整体看23年负债端人身险价值高增，财产险规模 中国平安 增持 稳健但成本压力抬升；资产端投资收益因权益市场震荡承压，拖累净利润。负债端看，人身 新华保险 增持 险得益于队伍质态提升、储蓄需求因定价利率切换短期集中释放，新单实现较快增长，带动 价值普遍实现两位数增 ...

Investment Rating - The investment rating for the company is "Add" [2][3]. Core Views - The company reported a revenue of 23.3 billion and a net profit attributable to shareholders of 6.978 billion for 2023, representing a year-on-year decrease of 7.3% and 12.0% respectively. In Q4 alone, the revenue and net profit were 5.286 billion and 1.168 billion, showing a quarter-on-quarter increase of 10.7% and a decrease of 8.2% [3]. - The company's fee-based businesses faced pressure, while investment income saw significant growth, stabilizing overall performance. The revenue from fee-based and capital-based businesses was 14.512 billion and 7.415 billion, with year-on-year changes of -11.3% and +18.6% respectively [3]. - The brokerage business is adapting to market conditions, and the public fund business remains resilient. The net income from brokerage, investment banking, and asset management was 5.810 billion, 566 million, and 7.728 billion, with year-on-year changes of -9.0%, -7.2%, and -13.6% respectively [3]. - The company experienced a remarkable increase in investment income, primarily driven by the expansion of financial assets. The net interest income and investment income were 3.136 billion and 4.279 billion, with year-on-year changes of -23.5% and +98.7% respectively [3]. - The asset management business shows strong resilience, and the acquisition of a stake in Huiri Group is expected to enhance comprehensive asset management capabilities. The forecasted net profit attributable to shareholders for 2024 and 2025 is 8.546 billion and 9.279 billion, representing year-on-year growth of 22.5% and 8.6% respectively [3]. Summary by Sections Financial Performance - The company achieved a total revenue of 23.3 billion in 2023, down from 25.132 billion in 2022. The net profit attributable to shareholders decreased to 6.978 billion from 7.929 billion in 2022 [4]. - The company's operating expenses included management fees of 13.885 billion, which increased by 0.5% year-on-year [3][4]. Business Segments - The net income from brokerage services was 5.810 billion, while investment banking and asset management generated 566 million and 7.728 billion respectively [3]. - The company’s investment income surged to 5.301 billion, reflecting a strong performance in fixed-income assets [3]. Future Outlook - The company is expected to see a recovery in public fund performance, with projected net profits of 8.546 billion and 9.279 billion for 2024 and 2025 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings growth [2][8]. Core Insights - The company is expected to achieve a net profit of 392 million, 486 million, and 606 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14.0, 11.3, and 9.0 times [2][11]. - The company reported a revenue of 2.606 billion yuan in 2023, a decrease of 3.30% year-on-year, while the net profit increased by 25.90% to 315 million yuan [8][11]. - The company has increased its production capacity for organic silicone sealants by 30,000 tons per year, bringing total production capacity to 210,000 tons per year, with future expansions expected to reach 260,000 tons per year [10]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 3.370 billion, 4.169 billion, and 5.177 billion yuan, respectively, with year-on-year growth rates of 29.3%, 23.7%, and 24.2% [11]. - The company's net profit is projected to grow at rates of 24.5%, 23.9%, and 24.6% for the same years, reaching 392 million, 486 million, and 606 million yuan [11]. - The gross margin is expected to be 25.1%, 24.5%, and 23.9% over the next three years, indicating a slight decline [11].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Views - The company's asset quality remains stable, with a continuous decline in non-performing loan generation rate for three consecutive years. As of the end of 2023, the loan non-performing rate decreased by 20 basis points to 1.48%, achieving a dual decline in non-performing amount/rate for five consecutive quarters. The non-performing loan generation rate is 1.58%, down 43 basis points year-on-year [5][6]. - The dividend payout ratio remains relatively stable, with a per-share dividend of 0.216 yuan in 2023, compared to 0.214 yuan in 2022, maintaining a cash dividend ratio of 30.02% [6]. - The company has adjusted its earnings per share (EPS) forecasts slightly for 2024 and 2025 to 0.82 yuan and 0.83 yuan, respectively, with an estimated net asset value per share of 12.69 yuan by the end of 2024. Based on the closing price on March 28, 2024, the corresponding price-to-book (PB) ratio for the end of 2024 is 0.32 times [6]. Summary by Sections Performance Overview - The company shows signs of recovery, with a revenue decline of 1.2% and a net profit growth of 1.6% for the full year of 2023. The revenue decline has narrowed compared to the first three quarters, and profit has achieved positive growth. In Q4, revenue increased by 1.9% year-on-year, and net profit growth surged to 50.6% [4][3]. - Net interest income decreased by 4.7% year-on-year, with a loan growth rate of 6.2%, indicating steady expansion. The annual interest margin is 1.46%, down 2 basis points quarter-on-quarter and 14 basis points year-on-year [4][3]. Asset Quality and Risk Management - The company has increased efforts in disposing of existing non-performing assets over the past three years, leading to a gradual clearance of the existing burden and a continued decline in newly generated non-performing loans [5][6]. - The provision coverage ratio has increased to 150%, while the loan-to-deposit ratio has decreased by 10 basis points to 2.22% [5][6]. Strategic Development - The company has achieved stable asset growth, with total assets increasing by 5.8% year-on-year and loan growth of 6.2% as of the end of 2023. The growth rates for corporate and retail loans are 9.1% and 1.5%, respectively [2][4]. - The company has implemented a new strategy for integrated development around strategic customers, conducting 101 customer business conferences throughout the year and increasing the number of corporate clients in chain financing by 19,000 [2][4].