Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 7.88 for A-shares and HKD 5.10 for H-shares [2][7]. Core Insights - The company reported a strong performance in Q1 2024, with a net profit of RMB 1.008 billion, a year-on-year increase of 63.9%, driven by higher delivery of train sets [5][11]. - The railway equipment revenue saw significant growth, particularly in the train set segment, which increased by 113% year-on-year [5]. - The gross margin improved to 24.9%, up 3.4 percentage points year-on-year, attributed to a higher proportion of high-margin railway equipment sales [5][11]. Financial Performance Summary - **Revenue**: - 2022: RMB 222.939 billion - 2023: RMB 234.262 billion - 2024E: RMB 240.868 billion - 2025E: RMB 248.796 billion - Growth rates: -1.2% (2022A to 2023A), 5.1% (2023A to 2024E), 2.8% (2024E to 2025E) [4][8]. - **Net Profit**: - 2022: RMB 11.653 billion - 2023: RMB 11.712 billion - 2024E: RMB 12.598 billion - 2025E: RMB 13.428 billion - Growth rates: 13.1% (2022A to 2023A), 0.5% (2023A to 2024E), 7.6% (2024E to 2025E) [4][8]. - **Earnings Per Share (EPS)**: - 2024E: RMB 0.44 - 2025E: RMB 0.47 - Adjusted EPS forecast for 2024 increased by 15% [7][10]. - **Valuation Metrics**: - A-shares trading at 16x/15x P/E for 2024E/2025E - H-shares trading at 9x/8x P/E for 2024E/2025E [7][14]. Development Trends - The demand for train sets is expected to continue to rise, supported by increased railway passenger traffic and ongoing bidding for new train sets [6]. - Maintenance revenue for train sets is projected to grow as more vehicles enter advanced maintenance stages [6].

证券研究报告 2024.04.10 公司研报 九洲药业 CDMO 稳健增长，原料药板块承压 吴婉桦 分析员 张琎 分析员 医药 医药 SAC 执证编号：S0080522120002 SAC 执证编号：S0080517040001 wanhua.wu@cicc.com.cn SFC CE Ref：BHM689 jin.zhang@cicc.com.cn 维 持跑赢行业 业绩回顾 股票代码 股票评级 目标价 2023年业绩低于我们预期 603456.SH → 跑赢行业 人民币21.60 公司公布2023年业绩：收入55.23亿元，同比增长1.4%；归母净利润 10.33亿元，同比增长12.2%；扣非净利润10.24亿元，同比增长10.5%。 股票代码 603456.SH 低于我们预期，主要因原料药行业竞争加剧及市场产品结构调整。 最新收盘价 人民币 16.64 发展趋势 52周最高价/最低价 人民币 36.36~15.49 总市值(亿) 人民币 149.7 CDMO项目管线日益丰富，保持稳健增长。2023年，公司CDMO实现营 业收入40.79亿元，同比+19.4%，毛利率40.3%，同比提升0.6ppt。截至 ...

证券研究报告 2024.03.31 公用事业、节能环保 风光公用环保周报：1-2 月国内光伏装机超 预期，煤价下行提振火电盈利 陈显帆 分析员 刘佳妮 分析员 马妍 分析员 SAC 执证编号：S0080521050004 SAC 执证编号：S0080520070002 SAC 执证编号：S0080521070002 SFC CE Ref：BRO897 SFC CE Ref：BNJ556 SFC CE Ref：BST413 xianfan.chen@cicc.com.cn jiani.liu@cicc.com.cn yan6.ma@cicc.com.cn 行业动态 纵轴：相对值（%） 沪深300 中金公用事业 中金节能环保 行业近况 126 2024年3月25日至3月29日，光伏/风电/电力/环保板块分别-1.84%/ 113 -1.65%/+1.43%/+0.67%。 100 87 评论 74 光伏：1-2月国内光伏装机超预期，本周产业链价格保持分化。2024年1-2 61 2023-04 2023-07 2023-09 2023-12 2024-03 月国内新增光伏装机36.72GW，同比+80.3%，其中 ...

Investment Rating - The report assigns an **Outperform** rating to the stock with a target price of **RMB 25.00** [1] Core Views - The company's core profit for 2023 met expectations, with a core profit of **RMB 6.4 billion**, up **5% YoY** [3] - The company's domestic platform trading gas sales volume increased by **110% YoY** to **3.11 billion cubic meters** in 2023, driven by lower gas prices and expanded customer coverage [4] - The company is close to net cash, with a stable dividend policy, promising **RMB 0.91/1.03/1.14 per share** for 2023-2025 [4] - The company's valuation is expected to rise due to increased domestic platform trading gas sales and improved operations in the city gas business [5] Financial Performance - Revenue for 2023 was **RMB 143.8 billion**, down **7% YoY**, while net profit attributable to shareholders was **RMB 7.1 billion**, up **21% YoY** [3] - The company's natural gas sales volume in 2022 was **38.7 billion cubic meters**, up **6.8% YoY**, with platform trading gas sales volume increasing by **44% YoY** to **5.1 billion cubic meters** [3] - The company's core profit in 2022 was **RMB 3.8 billion**, with platform trading gas contributing **RMB 3.4 billion**, up **56% YoY** [3] Profit Forecast and Valuation - The 2024 net profit forecast is revised down by **21.4%** to **RMB 6.08 billion**, with a 2025 forecast of **RMB 6.7 billion** [5] - The current stock price implies a **9.8x/8.9x P/E** for 2024/2025, with a target price implying a **12.7x/11.6x P/E** and a **30.6% upside** [5] Industry and Peer Comparison - The company's valuation is compared to peers in the gas and energy sector, with a **2024E P/E of 9.8x** and a **2025E P/E of 8.9x**, which is competitive within the industry [12]

Group 1 - The investment rating for the company is "Outperform" with a target price of HKD 81.90, indicating a potential upside of 64.3% from the current price of HKD 49.85 [1][8]. - The report highlights that the company's mobile optical module shipments reached 52.067 million units in February, representing a year-on-year growth of 72.1% and a month-on-month decline of 16.4% [5][7]. - The automotive-related products saw a shipment of 7.085 million units in February, reflecting a year-on-year decline of 1.5% and a month-on-month decline of 35.2% due to the impact of the Chinese New Year holiday [5][7]. Group 2 - The report projects the company's revenue to grow from HKD 33.197 billion in 2022 to HKD 38.914 billion by 2025, with a compound annual growth rate (CAGR) of approximately 4.1% [1][8]. - The net profit attributable to the parent company is expected to recover significantly from HKD 1.186 billion in 2023 to HKD 2.834 billion in 2025, indicating a growth rate of 21.5% in 2025 [1][8]. - The company maintains a strong market position in the mobile optical industry, benefiting from a comprehensive customer base and competitive product offerings, particularly in the Android segment [7][8].