证券研究报告 【长城公用&电新】本周（4.15-4.19） 研究汇总和数据跟踪 评级（强于大市） 长城证券产业金融研究院 分析师：于夕朦S1070520030003 联系人：何郭香池S1070121120062 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company has faced challenges in 2023 due to weak downstream demand and intense price competition in the PCB industry, resulting in a slight revenue increase of 0.11% year-on-year, but a significant decline in net profit by 59.82% [2][6]. - In Q1 2024, the company showed signs of recovery with a revenue increase of 10.92% year-on-year and a remarkable net profit growth of 230.82% [2][6]. - The company is advancing its FCBGA packaging substrate project, with cumulative investments exceeding 2.6 billion yuan, and is expected to enter mass production in Q2 2024 [2][6]. - The company is focusing on two main business lines: traditional PCB and semiconductor sectors, enhancing its R&D investments to maintain a competitive edge [2][6]. Financial Summary - In 2023, the company reported revenues of 5.36 billion yuan and a net profit of 211 million yuan, with projections for 2024 showing revenues of 6.38 billion yuan and a net profit of 328 million yuan [1][6]. - The company's return on equity (ROE) is projected to improve from 2.0% in 2023 to 4.2% in 2024, with earnings per share (EPS) expected to rise from 0.13 yuan to 0.19 yuan [1][8]. - The report forecasts net profits for 2024-2026 to be 328 million, 509 million, and 738 million yuan respectively, with corresponding price-to-earnings (P/E) ratios decreasing from 59 to 26 [6][8].

证券研究报告 | 公司动态点评 2024 年 04月 25日 浙江龙盛（600352.SH） 染料价格底部盘整，公司染料行业地位依旧，关注房产业务进展 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 21,226 15,303 18,597 20,957 22,615 股票信息 增长率yoy（%） 27.4 -27.9 21.52 12.69 7.91 归母净利润（百万元） 3,003 1,534 1,906 2,315 2,570 行业 基础化工 增长率yoy（%） -11.0 -48.9 24.2 21.5 11.0 2024年4月24日收盘价（元） 8.99 ROE（%） 9.6 4.9 5.7 6.7 7.0 总市值（百万元） 29,247.45 EPS最新摊薄（元） 0.92 0.47 0.59 0.71 0.79 流通市值（百万元） 29,247.45 P/E（倍） 9.7 19.1 15.3 12.6 11.4 总股本（百万股） 3,253.33 P/B（倍） 0.9 0.9 0.9 0.8 0.8 流通股本（百万股） 3,253.33 ...

执业证书编号：S1070520030003 邮箱：yuximeng@cgws.com 证券研究报告 | 公司动态点评 2024 年 04 月 25 日 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 3,310 | 4,200 | 5,198 | 6,282 | 7,822 | 股票信息 | | | 增长率 yoy （ % ） | 23.0 | 26.9 | 23.75 | 20.86 | 24.52 | | | | 归母净利润（百万元） | 664 | 982 | 1,173 | 1,423 | 1,754 | 行业 | 电力设备及新能源 | | 增长率 y ...

证券研究报告 | 公司动态点评 2024 年 04月 25日 远兴能源（000683.SZ） 阿拉善项目二期启动建设，公司纯碱产能稳步爬坡 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 10,987 12,044 15,424 16,968 18,874 股票信息 增长率yoy（%） -9.5 9.6 28.1 10.0 11.2 归母净利润（百万元） 2,660 1,410 2,716 2,981 3,210 行业 基础化工 增长率yoy（%） -46.2 -47.0 92.7 9.8 7.7 2024年4月24日收盘价（元） 6.65 ROE（%） 19.1 12.0 18.2 16.2 15.6 总市值（百万元） 24,809.90 EPS最新摊薄（元） 0.71 0.38 0.73 0.80 0.86 流通市值（百万元） 21,828.76 P/E（倍） 8.8 16.6 8.6 7.8 7.3 总股本（百万股） 3,730.81 P/B（倍） 1.9 1.7 1.5 1.3 1.2 流通股本（百万股） 3,282.52 资料来源：公司财报 ...

证券研究报告 | 公司动态点评 2024 年 04 月 25 日 乐心医疗（300562.SZ） 2024Q1 业绩亮眼，战略升级卓有成效 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 1,065 | 884 | 1,112 | 1,360 | 1,601 | 股票信息 | | | 增长率 yoy （ % ） | -41.5 | -17.0 | 25.8 | 22.3 | 17.7 | 行业 | 医药 | | 归母净利润（百万元） | -32 | 34 | 64 | 97 | 134 | | ...

证券研究报告 | 行业月报 2024 年 04月 22日 电力设备及新能源 3 月新车型竞争加剧，动力电池需求有所复苏 新能源车市场整体需求旺盛，产销增长趋势向好。2024 年 3 月，国内狭 强于大市（维持评级） 义乘用车市场呈现积极增长态势。3月零售销量达到169.0万辆，同比增 长6.2%，环比增长53.1%。累计至一季度，总销量达到483.2万辆，同比 行业走势 增长 13.2%，显示出市场活力充沛，消费者购车热情持续高涨。 电力设备及新能源 沪深300 3月，我国新能源汽车零售数量达到71.2万辆，同比增长30.1%，环比增 5% 长 83.3%。累计至一季度，总销量达到 177.2 万辆，同比增长 34.5%，市 -1% -6% 场需求旺盛，积极增长。 -12% 图表1：2024年3月及第一季度乘用车及新能源车零售销量（万辆） -18% -24% 600.00 -29% -35% 500.00 2023-04 2023-08 2023-12 2024-04 作者 400.00 分析师 梅芸 300.00 执业证书编号：S1070522100001 200.00 邮箱：meiyun@cgws.com ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [3][15]. Core Views - The company is expected to benefit significantly from the reduction in anti-dumping tax rates, leading to a substantial increase in profits year-on-year. The Moroccan project is also viewed positively for its potential contributions to future earnings [1][5]. Financial Performance Summary - **Revenue**: The company's revenue is projected to grow from 7,842 million yuan in 2023 to 9,674 million yuan in 2024, reflecting a year-on-year growth rate of 23.4% [2][11]. - **Net Profit**: The net profit attributable to shareholders is expected to rise from 1,369 million yuan in 2023 to 2,143 million yuan in 2024, marking a significant year-on-year increase of 56.6% [2][11]. - **Earnings Per Share (EPS)**: The EPS is forecasted to increase from 1.85 yuan in 2023 to 2.90 yuan in 2024 [2][11]. - **Return on Equity (ROE)**: The ROE is anticipated to improve from 11.6% in 2023 to 15.7% in 2024 [2][11]. Operational Highlights - The company reported a tire production of 8.08 million units in Q1 2024, a year-on-year increase of 28%, with significant growth in both semi-steel and all-steel tire segments [4]. - The sales volume for tires reached 7.61 million units in Q1 2024, reflecting a year-on-year growth of 15.7% [4]. - The reduction in anti-dumping tax rates for the company's Thai factory has significantly enhanced profitability, with the tax rate dropping from 17.06% to 1.24% [4]. Project Developments - The company is accelerating its Moroccan project, which is expected to contribute positively to its earnings as it approaches production ramp-up [5][8]. - The Moroccan project, with a planned annual capacity of 12 million high-performance tires, is set to commence production soon, further enhancing the company's market position [8]. Market Positioning - The company is focusing on high-end market segments and has established partnerships with several major automotive manufacturers, including Volkswagen and Audi, to supply high-performance tires [8]. - The strategic shift towards high-end tire production is expected to strengthen the company's competitive edge in the market [8].

证券研究报告 | 公司动态点评 2024 年 04月 24日 山西焦煤（000983.SZ） 煤价下跌盈利能力下降，高股息投资性价比凸显 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 65,183 55,523 54,921 57,108 58,692 股票信息 增长率yoy（%） 20.3 -14.8 -1.1 4.0 2.8 归母净利润（百万元） 10,754 6,771 6,812 6,944 7,226 行业 煤炭 增长率yoy（%） 110.8 -37.0 0.6 1.9 4.1 2024年4月23日收盘价（元） 10.59 ROE（%） 30.7 17.5 16.2 15.6 14.8 总市值（百万元） 60,120.50 EPS最新摊薄（元） 1.89 1.19 1.20 1.22 1.27 流通市值（百万元） 49,139.83 P/E（倍） 5.6 8.9 8.8 8.7 8.3 总股本（百万股） 5,677.10 P/B（倍） 1.8 1.6 1.5 1.4 1.3 流通股本（百万股） 4,640.21 资料来源：公司财报，长城 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is focusing on upgrading its product structure, which is expected to enhance profitability. The exit from low-margin products and the emphasis on high-margin specialty chemicals and functional materials are seen as key growth drivers [2][8]. - The company has a significant production capacity of nearly 300,000 tons per year, providing a competitive advantage [2]. Financial Summary - The company's revenue for 2023 is projected to be 1.894 billion, a decrease of 13.2% year-on-year, with a net profit of 325 million, down 31.9% [4][30]. - Revenue forecasts for 2024, 2025, and 2026 are 2.244 billion, 2.762 billion, and 3.126 billion respectively, with expected growth rates of 18.5%, 23.1%, and 13.2% [8]. - The net profit for the same years is projected to be 397 million, 484 million, and 542 million, with growth rates of 22.2%, 21.9%, and 12.1% [8]. Cash Flow and Financial Ratios - The net cash flow from operating activities for 2023 is 321 million, a decline of 33.32% year-on-year [5]. - The company's cash and cash equivalents at the end of the period are 682 million, an increase of 7.77% year-on-year [5]. - The report indicates a decrease in accounts receivable turnover from 9.73 times to 8.06 times, while inventory turnover decreased from 6.79 times to 6.29 times [5]. Project Developments - The company is actively advancing project construction, with the opening of the new high-end functional materials project expected to contribute positively to future performance [26].