Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 9.6 yuan based on a projected 2025 performance, corresponding to a PE ratio of 20x [1][20]. Core Insights - The company, Xinhua Du, is a leading player in the liquor e-commerce sector, focusing on internet marketing after divesting its retail business in April 2022. In 2023, the internet marketing segment generated revenue of 2.824 billion yuan, a year-on-year increase of 27.75%, with a net profit of 217 million yuan, up 27.48% [1]. - The online liquor market is experiencing significant growth, with a market size exceeding 120 billion yuan in 2023, reflecting a 56.4% increase. The penetration rate for online liquor, particularly for baijiu, remains low, indicating substantial growth potential [1]. - The company has established deep partnerships with major liquor brands such as Luzhou Laojiao and Shanxi Fenjiu, securing official online sales rights and enhancing its competitive edge in the market [1]. - The company is capitalizing on the rapid growth of live-streaming e-commerce, particularly on platforms like Douyin, where sales of baijiu have surged, with growth rates of 82.42% and 290.8% on Douyin and Kuaishou, respectively [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.824 billion yuan, with projections for 2024, 2025, and 2026 at 3.884 billion, 4.910 billion, and 6.006 billion yuan, respectively [11]. - The net profit for 2023 is reported at 201 million yuan, with forecasts of 269 million, 344 million, and 424 million yuan for the following years [11]. - The earnings per share (EPS) are projected to be 0.28 yuan in 2023, increasing to 0.37 yuan in 2024, 0.48 yuan in 2025, and 0.59 yuan in 2026 [11]. Market Trends - The online liquor market is projected to continue its rapid growth, driven by the increasing penetration of e-commerce in the liquor sector, which is currently at a low single-digit percentage [1]. - The company is well-positioned to benefit from the trend of online sales, particularly as consumer preferences shift towards digital platforms for purchasing liquor [1]. Strategic Initiatives - The company is expanding its presence on live-streaming platforms and has developed a strong supply chain and logistics network across major regions in China [1]. - Future growth is expected to be supported by the company's established relationships with leading liquor brands and its ability to attract new partnerships [1].

2024年05月22日 公 司点评 公 买入 / 维持 司 江苏金租(600901) 研 究 目标价: 昨收盘:5.39 非银金融 多元金融 江苏金租 2023 年年报&24 年一季报点评：多业务板块增长，高盈利支撑 高分红 事件：江苏金租发布23年和24Q1财报，23年和24Q1公司实现营业 ◼ 走势比较 收入47.87、12.82亿元，同比+10.14%、+5.84%；实现归母净利润26.60、 太 7.12亿元，同比+10.30%、+4.68%；ROE（加权）为15.81%、3.87%，同比 平 30% -0.08pct、-0.30pct。截至24Q1，公司总资产1272.88亿元，较23年末 20% +6.14%。2023年度现金分红0.32元/股，股息支付率达51%。 洋 盈利能力较强，高水平分红超预期。2023年公司实现营业收入47.87 10% 证 亿元，比上年+10.14%，其中利息净收入为48.00亿元，同比+15.73%；实 0% 券 股 (10%)22/5/32 3/8/32 51/01/32 72/21/32 9/3/42 12/5/42 现 均归 净母 资净 产利 收润 益率26. ...

2024年05月22日 公 司点评 公 买入 / 维持 司 科达利(002850) 研 究 目标价: 昨收盘:99.32 科达利 2024Q1 业绩及美国建厂点评：业绩超预期，出海及机器 人业务带来第二增长曲线 事件：公司发布 2024 年一季报，2024 年 Q1 公司实现营业收入 25 ◼ 走势比较 亿，同比+7.84%，环比-8.55%；实现归母净利润3.09亿，同比+27.76%， 环比-23.97%；2）公司发布公告，拟与全资子公司匈牙利科达利共同出资 太 10% 在美国投资设立美国科达利，并投资建设美国新能源动力电池精密结构件 平 洋 (1( 84 %% ))22/5/32 3/8/32 51/01/32 72/21/32 9/3/42 12/5/42 生产基 净地 利。 润 大超预期，盈利水平强韧。2024年Q1公司毛利率/净利率 分别为22.2%/12.30%，同比持平/+1.9pct。公司毛利率保持稳定，净 (32%) 证 利率提升近2pct，超市场预期，我们认为净利率的主要原因在于：1） 券 (46%) 公司具备强大的成本控制能力，充分消化降价带来的影响；2）Q1 增 股 (60%) 值税 ...

[Table_Message]2 024-05- 19 行业周 报 行 看好/维持 业 农林牧渔 研 究 [Table_Title] 农林牧渔 报 告 周报（第 20 期）：猪价现趋势性上涨，重视养殖板块的周期性投资机会 ◼ 走势对比 [一 T、 a市 bl场 e回 _顾 Su mmary] 农业指数上涨，板块整体表现明显强于大市。1、上周，申万农业 9% 指数上涨1.28%，同期，上证综指下跌0.01%，深成指下跌 3% 太 0.22%，农业板块整体表现强于大市；2、细分来看，除了种植和渔 平 (( 82 %% ))62/21/22 62/2/32 62/4/32 62/6/32 62/8/32 62/01/32 业以外，其他二级子行业指数上涨，其中动保、饲料涨幅居前； 洋 3、前10大涨幅个股主要集中在动保板块，前10大跌幅个股集中 (14%) 证 在渔业板块。涨幅前3名个股依次为朗源股份、傲农生物和普莱 (20%) 券 柯。 股 农林牧渔 沪深300 份 [ ◼T ab子le行_I业nd评us级tr yList] 二、核心观点 有 评级及策略：猪价近期企稳，出现趋势性上涨。华南暴雨过后，养 动物保健Ⅱ ...

太平洋证券股份有限公司证券研究报告 执业资格证书编码：S1190521050001 证券研究报告 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 证券研究报告 01 战后日本财政：从预算平衡到灵活调整 ➢ 经济腾飞时期（1955-1971），财政收支同步增长，债务负 担进一步减弱。 • 战后十年，日本经济步入全面复兴。在政府增长优先、贸易立国经济战略的 指引下，日本设备投资、对外出口及国内消费均实现迅速增长，带动整体经 济的繁荣（该阶段日本GDP增长率中枢接近10%，历经4次景气）。这也在快 速增长的财政收支规模上得到了体现：1955至1971年一般账户的财政收入增 长近八倍，而得益于税收收入的强力支持，财政支出也同步飞速上行，尤其 是公共投资支出。平衡预算原则下债务负担率整体则呈下行走势。 0 0 100 200 300 400 500 600 700 -10 0 10 20 30 40 50 19551956195719581959196019611962196319641965196619671968196919701971 私人资本投资增长率 (%) 人均国民总支出（实际）（千日元），右 证 ...

[Table_Message]2 024-05- 19 行业周 报 行 看好/维持 业 农林牧渔 研 究 [Table_Title] 农林牧渔 报 告 周报（第 20 期）：猪价现趋势性上涨，重视养殖板块的周期性投资机会 ◼ 走势对比 [一 T、 a市 bl场 e回 _顾 Su mmary] 农业指数上涨，板块整体表现明显强于大市。1、上周，申万农业 9% 指数上涨1.28%，同期，上证综指下跌0.01%，深成指下跌 3% 太 0.22%，农业板块整体表现强于大市；2、细分来看，除了种植和渔 平 (( 82 %% ))62/21/22 62/2/32 62/4/32 62/6/32 62/8/32 62/01/32 业以外，其他二级子行业指数上涨，其中动保、饲料涨幅居前； 洋 3、前10大涨幅个股主要集中在动保板块，前10大跌幅个股集中 (14%) 证 在渔业板块。涨幅前3名个股依次为朗源股份、傲农生物和普莱 (20%) 券 柯。 股 农林牧渔 沪深300 份 [ ◼T ab子le行_I业nd评us级tr yList] 二、核心观点 有 评级及策略：猪价近期企稳，出现趋势性上涨。华南暴雨过后，养 动物保健Ⅱ ...

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank of China (601658) with a target price based on the last closing price of 5.06 [1]. Core Insights - The bank demonstrated strong revenue resilience with a 2023 revenue of 342.51 billion yuan, a year-on-year increase of 2.25%, and a Q1 2024 revenue of 89.43 billion yuan, up 1.44% year-on-year [2][4]. - The bank's net interest margin remains competitive at 1.92%, despite a slight decrease of 9 basis points from the end of 2023 [2]. - The bank's asset quality is strong, with a non-performing loan ratio of 0.84% as of Q1 2024, and a provision coverage ratio of 326.87% [2]. Summary by Sections Financial Performance - In 2023, the bank achieved a net profit of 86.27 billion yuan, reflecting a year-on-year growth of 1.23%. For Q1 2024, the net profit was 25.93 billion yuan, showing a decline of 1.35% year-on-year [2][4]. - The bank's total assets reached 15.73 trillion yuan in 2023, a year-on-year increase of 11.80%, with customer loans totaling 8.15 trillion yuan, up 13.02% [2]. Revenue and Profitability - The bank's interest income for Q1 2024 was 71.57 billion yuan, a year-on-year increase of 3.13%, contributing significantly to revenue growth [2]. - The average yield on customer loans was 4.13%, while the interest rate on customer deposits was 1.53%, resulting in a net interest margin of 2.01% [2]. Growth Projections - Revenue projections for 2024-2026 are 348.67 billion yuan, 366.36 billion yuan, and 390.51 billion yuan, respectively, with corresponding net profits of 87.58 billion yuan, 91.09 billion yuan, and 96.19 billion yuan [2][4]. - The book value per share (BVPS) is expected to grow from 10.61 yuan in 2024 to 12.76 yuan in 2026, with price-to-book (PB) ratios decreasing from 0.48 to 0.40 [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue turned positive year-on-year in Q1 2024, with a net profit decline narrowing, indicating stable operational performance [3] - The asset-liability structure continues to optimize, with total assets and liabilities showing steady growth [3] - The company has a stable asset quality with enhanced risk resistance capabilities, as indicated by the non-performing loan ratio remaining steady [3] Financial Performance Summary - For 2023, the company reported operating revenue and net profit of 210.83 billion and 77.12 billion yuan, respectively, with year-on-year changes of -5.19% and -15.61% [3] - In Q1 2024, operating revenue and net profit were 57.75 billion and 24.34 billion yuan, showing year-on-year changes of +4.22% and -3.10% [3] - The weighted ROE for 2023 and Q1 2024 was 10.64% and 3.37%, with year-on-year declines of 3.21 percentage points and 0.36 percentage points [3] - The company plans to distribute a cash dividend of 10.40 yuan per 10 shares, resulting in a cash dividend rate of 29.64% [3] Asset and Liability Structure - Total assets and liabilities for 2023 were 10,158.3 billion and 9,350.6 billion yuan, reflecting year-on-year increases of 9.62% and 9.89% [3] - As of Q1 2024, total assets and liabilities reached 10,257.3 billion and 9,424.1 billion yuan [3] - The company reported a significant increase in corporate loans, with a year-end increase of 217.15 billion yuan and an average new loan interest rate of 4.10% [3] Asset Quality and Risk Management - The non-performing loan ratio remained at 1.07% as of the end of 2023 and Q1 2024, indicating stable asset quality [3] - The provision coverage ratio improved to 245.51% in Q1 2024, up by 0.30 percentage points from the end of 2023 [3] - The company made a provision for potential risks amounting to 16.06 billion yuan in Q1 2024, strengthening its performance foundation [3] Future Earnings Forecast - Projected operating revenues for 2024, 2025, and 2026 are 212.89 billion, 218.94 billion, and 228.28 billion yuan, respectively [5] - Expected net profits for the same years are 77.96 billion, 79.81 billion, and 83.30 billion yuan [5] - The book value per share (BVPS) is forecasted to be 37.63, 41.15, and 44.71 yuan, with corresponding price-to-book (PB) ratios of 0.47, 0.43, and 0.40 [5]

2024年05月22日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 礼来替尔泊肽注射液在华获批上市，用于治疗糖尿病 ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)22/5/32 3/8/32 51/01/32 72/21/32 9/3/42 12/5/42 0.492 p0 c2 t4 ，涨年 跌5 幅月 居申21 万日 3， 1医 个药 子行板 业块 第涨跌 20幅 名-0 。. 各89 医%， 药跑 子输 行沪 业深 中，30 线0 下指 药数 平 (14%) 店(+1.69%)、医疗设备(-0.46%)、体外诊断（-0.70%）表现居前，疫苗(- 洋 (22%) 2.06%)、医院(-1.63%)、医疗研发外包(-1.47%)表现居后。个股方面，日 涨幅榜前 3 位分别为诺泰生物(+5.45%)、ST 景峰(+5.00%)、ST 南卫 证 (30%) (+4.99%)；跌幅榜前3位为梓橦宫（-7.64%）、华兰疫苗(-7.63%)、振东 券 医药 沪深300 制药(-5.48%)。 股 ◼ 子行业评级 份 行业要闻： 5 月 21 日，中国国家药监局（NMPA）官网最新公示， ...

2024年05月22日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 礼来替尔泊肽注射液在华获批上市，用于治疗糖尿病 ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)22/5/32 3/8/32 51/01/32 72/21/32 9/3/42 12/5/42 0.492 p0 c2 t4 ，涨年 跌5 幅月 居申21 万日 3， 1医 个药 子行板 业块 第涨跌 20幅 名-0 。. 各89 医%， 药跑 子输 行沪 业深 中，30 线0 下指 药数 平 (14%) 店(+1.69%)、医疗设备(-0.46%)、体外诊断（-0.70%）表现居前，疫苗(- 洋 (22%) 2.06%)、医院(-1.63%)、医疗研发外包(-1.47%)表现居后。个股方面，日 涨幅榜前 3 位分别为诺泰生物(+5.45%)、ST 景峰(+5.00%)、ST 南卫 证 (30%) (+4.99%)；跌幅榜前3位为梓橦宫（-7.64%）、华兰疫苗(-7.63%)、振东 券 医药 沪深300 制药(-5.48%)。 股 ◼ 子行业评级 份 行业要闻： 5 月 21 日，中国国家药监局（NMPA）官网最新公示， ...