证券研究报告 请务必阅读正文之后的免责声明部分 [证券研究报告] 公司的投资评级如下: 买入：未来六个月的投资收益相对沪深 300指数涨幅 10%以上。 持有：未来六个月的投资收益相对沪深 300指数涨幅-10%~10%之间。 卖出:未来六个月的投资收益相对沪深 300指数跌幅 10%以上。 增持:未来六个月行业增长水平高于同期沪深300指数。 中性:未来六个月行业增长水平与同期沪深300指数相若。 减持：未来六个月行业增长水平低于同期沪深300指数。 研究团队介绍汇总: 中航证券宏观团队：立足国内，放眼国际，全面覆盖国内外宏观经济、政策研究。以自上而下的宏观视角，诠释经济运行趋势与规律，以把银流动性变化为 核心，指导大类资产配置。 销售团队: | --- | --- | --- | |---------|--------------------------------------|-------| | | | | | | | | | 李裕淇, | , liyuq@avicsec.com, S0640119010012 | | | 李友琳, | , liyoul@avicsec.com, S064052105 ...

Investment Rating - The report assigns a "Buy" rating to the company, CIMC Enric (3899.HK) [1]. Core Insights - CIMC Enric is a leading player in clean energy and chemical tank equipment, with a well-established global presence and a combination of growth and dividend value [1]. - The company's revenue for 2023 reached 23.63 billion yuan, a year-on-year increase of 20.5%, with a net profit attributable to shareholders of 1.11 billion yuan, up 5.6% year-on-year [1][10]. - The clean energy segment contributed over 60% of the company's revenue in 2023, covering natural gas, petroleum gas, and hydrogen industries [1][10]. - The company has a balanced revenue contribution from domestic and overseas markets, with 51.5% from domestic and 48.5% from overseas in 2023 [1]. Summary by Sections Clean Energy - The clean energy segment is expected to benefit from the rising demand in the global natural gas industry, with a projected revenue of 14.91 billion yuan in 2023, reflecting a year-on-year growth of 40.8% and a gross margin of 12.8% [1][18]. - The company has established a comprehensive industrial chain for onshore clean energy, with major products including LNG, LPG, and CNG equipment, leading the domestic market in production and sales [1][20]. - The offshore clean energy business saw a revenue increase of 74% in 2023, reaching 2.2 billion yuan, driven by the growing demand for clean energy vessels [1][18]. Chemical Environment - The chemical environment segment generated 4.41 billion yuan in revenue in 2023, a decrease of approximately 17% due to market conditions [2]. - The company is focusing on expanding its after-market services and medical equipment sectors, which have shown promising growth [2]. Liquid Food - The liquid food segment achieved a revenue of 4.29 billion yuan in 2023, up 18.6% year-on-year, with significant progress in overseas beer projects and new business areas such as spirits and biopharmaceuticals [2][10]. - The company has a strong global customer base and has completed its capacity layout, positioning itself well to benefit from the beverage industry's growth [2]. Financial Forecast - The company is expected to see a steady increase in net profit, with projections of 1.36 billion yuan, 1.63 billion yuan, and 1.81 billion yuan for 2024, 2025, and 2026 respectively [3][4]. - The current stock price corresponds to a PE ratio of 11, 9, and 8 for the years 2024 to 2026, indicating a favorable valuation [3][4]. Dividend Policy - The company has maintained a dividend payout ratio above 38% since 2019, reaching a new high of approximately 49% in 2023, with a dividend yield of 3.7% [12][10].

退出领涨行业,消费行业尤其是白酒后来居上。因此,从时间维 酒的投资机会。 2024年05月25 F 证券研究报告|策略研究|策略点评 地产行情结束了吗? 报告摘要 核心观点: 本次政策组合拳是 430 政治局会议精神中关于地产"去库存"的落 地,再次确认了政策已经转向,中央层面将"去库存"定为了地产 政策下一阶段的新主线。政府收购存量房并推进保租房建设的模式 在中央层面正式确定,可阶段性消化存量房地产库存,通过外力打 破房地产市场此前的负反馈预期，预计未来房价有望企稳。此外， 该模式此前已有地方率先试点积累经验，后续推广速度或快于市场 预期。 � | --- | |-------------------------------------------------------------| | | | 但仍需注意地产相关表述依旧在 430 政治局会议的防风险部分,"我 | | 国房地产市场供求关系迎来新变化"再次确认,因此本次政策目的 | | 或在于打破此前的负反馈，并非 2016年的涨价去库存，更不是扩 | | 大需求拉动地产投资。因此本次的房地产政策转向可能带来的投资 | | 机会将更类似与 2022 年以 ...

Investment Rating - The investment rating for the company "值得买" (300785) is "Buy" with a target price of 22.07 CNY [6][21]. Core Views - The report emphasizes the company's focus on "consumer content + consumer data" as its core strategy, leveraging AI to enhance its main site transformation and improve the "AIGC + e-commerce" content ecosystem, which is expected to boost content creation capacity, user growth, and engagement. The company's overseas expansion is anticipated to accelerate, positively impacting its performance and valuation. The projected net profits for 2024-2026 are 1.05 billion, 1.43 billion, and 1.81 billion CNY, with corresponding EPS of 0.53, 0.72, and 0.91 CNY, leading to PE ratios of 39, 29, and 23 respectively [6][21]. Financial Performance - In 2023, the company achieved a revenue of 1.45 billion CNY, an increase of 18.17% year-on-year, while the net profit attributable to shareholders was 0.75 billion CNY, a decrease of 11.92% year-on-year. The gross margin was 48.37%, down 5.61 percentage points year-on-year, and the net margin was 5.47%, down 1.40 percentage points year-on-year [21][29]. - The quarterly performance for Q4 2023 showed a revenue of 0.493 billion CNY, up 19.22% year-on-year, with a net profit of 0.061 billion CNY, an increase of 3.62% year-on-year [21][29]. Business Development - The company is actively expanding its overseas market presence, particularly in Southeast Asia, and has established a research and development center in Chengdu to support this initiative. The report highlights the growth potential from innovative business segments, which accounted for 34.26% of total revenue in 2023, up from 27.77% in 2022 [15][26]. - The company has launched several AI-driven features in its "什么值得买" app, including an AI review bot and personalized shopping assistant, aimed at enhancing user experience and engagement [24][26]. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections for 2024-2026 at 1.73 billion, 1.94 billion, and 2.11 billion CNY, reflecting growth rates of 19.07%, 12.43%, and 8.50% respectively [29]. The net profit attributable to shareholders is projected to grow significantly, indicating a strong recovery and growth potential in the coming years [29].

⚫ 1 ⚫ ⚫ ⚫ ⚫ 1.95% ” 数据来源：iFinD，中航证券研究所 相对上证综 指收益 -6.28% -23.20% -6.45% 4.88% 44.11% 6.37% -10.18% -2.40% 数据来源：iFinD，中航证券研究所 资料来源：iFinD，中航证券研究所 ...

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⚫ 1 ⚫ ⚫ ⚫ ⚫ 1.95% ” 数据来源：iFinD，中航证券研究所 相对上证综 指收益 -6.28% -23.20% -6.45% 4.88% 44.11% 6.37% -10.18% -2.40% 数据来源：iFinD，中航证券研究所 资料来源：iFinD，中航证券研究所 ...

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300 30% 20% 10% 0% -10% -20% -30% 23-05 23-07 23-10 23-12 24-03 24-05 ...

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