2024年05月09日 公 司点评 公 买入 / 维持 司 三美股份(603379) 研 究 制冷剂行业发展进入新阶段，公司 24Q1 业绩同比大增 公司发布 2023 年年报和 2024 年一季报，2023 年公司实现营业收入 ◼ 走势比较 33.34亿元，同比下降30.12%，实现归母净利润2.80亿元，同比下降42.41 %。 2024年一季度，公司实现营业收入9.59亿元，同比提高23.28%；实现归 80% 母净利润1.54亿元，同比提高672.53%。公司拟每10股派发现金红利2.3 58% 元（含税）。 太 36% 制冷剂价格上涨，2024Q1业绩大幅改善。2023年公司实现营业收入 平 14% 33.34亿元，同比下降30.12%，实现归母净利润2.80亿元，同比下降42.41%。 洋 证 (3( 08 %% ))9/5/32 12/7/32 2/01/32 41/21/32 52/2/42 8/5/42 2 母02 净4 利年 润一季 1.5度 4亿， 元公 ，司 同实 比现 提营 高业收 672入 .539 %.59 。亿 20元 23， 年同 1比 0月提高 242 日3. ，28 生% ...

策 略 研 究 2024 年 05 月 10 日 投资策略 "无为无治"下的机与危 ◼ 上证综合指数走势（近三年） (24%) (18%) (12%) (6%) 0% 23/5/9 23/7/2123/10/2 23/12/1424/2/2524/5/8 (30%) 核心观点：在"无为无治"美联储的表态下，市场有望迎来月度级别 的宽松交易，港股上涨弹性更大，但需警惕三季度二次通胀带来的紧缩交 易回归。考虑到港股和 A 股在全球新兴市场中的估值优势，预计即使后续 仍有回踩，但指数已难创新低，牛市曙光已经初现。 5 月美联储会议"无为"的表态为近期受二次通胀预期打压的权益类 资产带来喘息的窗口期，预计权益资产在未来 1-2 个月表现较强，港股 有更大的上涨弹性。有"新美联储通讯社"之称的华尔街日报记者 Nick Timiraos 在 5 月会议前以"无为而治"来形容美联储的政策。会议 后市场定价美联储"无为"下的宽松，降息时间点前移，美元和美债利率 下行，港股领涨全球市场。 "无为"美联储将面临的不是"而治"而是二次通胀风险下的"无治"， 预计三季度再通胀交易将回归，后续美联储将被迫提高中性利率预估甚 至重启加息 ...

2024年05月10日 公 司点评 公 买入 / 维持 司 国网信通(600131) 研 究 目标价: 昨收盘:19.50 国网集团成员，电力数字化快速增长 事件：公司发布2023年年报，收入76.73亿元，同比增加0.76%； ◼ 走势比较 归母净利润8.28亿元，同比增加3.43%。 公司发布 2024 年一季报，收入 10.19 亿元，同比减少 22.98%； 20% 太 10% 归母净利润0.12亿元，同比减少83.22%。 平 0% 洋 (10%)01/5/32 22/7/32 3/01/32 51/21/32 62/2/42 9/5/42 电力数字化快速增长。2023年，公司电力数字化业务收入20.56 证 亿元，同比增长24.43%；企业数字化业务19.55亿元，同比减少4.58%； (20%) 券 云网基础设施收入 36.39 亿元，同比减少 6.56%。公司销售毛利率为 (30%) 21.56%，相对于去年同期提升了 0.96 个百分点；净利率为 10.79%， 股 国网信通 沪深300 相对于去年同期提升了0.26个百分点。 份 有 ◼ 股票数据 限 电子数字化需求持续。公司针对电网营销领 ...

2024年05月07日 公 司点评 公 买入 / 维持 司 龙佰集团(002601) 研 究 钛白粉价格维持较高水平带动公司业绩高增 公司发布 2023 年年报和 2024 年一季报，2023 年公司实现营业收入 ◼ 走势比较 267.65亿元，同比增长11%，实现归母净利润32.26亿元，同比下降5.64%。 2024年一季度，公司实现营业收入72.88亿元，同比增长4.52%；实现归 30% 母净利润9.51亿元，同比增长64.15%。 18% 价格持续回升带动公司业绩高增。2023 年公司实现营业收入 267.65 太 6% 亿元，同比增长11%，实现归母净利润32.26亿元，同比下降5.64%。2024 平 洋 (1( 86 %% ))82/4/32 9/7/32 91/9/32 03/11/32 01/2/42 22/4/42 年一季度，公司实现营业收入 72.88 亿元，同比增长 4.52%；实现归母净 利润 9.51 亿元，同比增长 64.15%。钛白粉价格持续回升是公司业绩高增 证 (30%) 的主要原因，2023年四季度，钛白粉上涨并维持在较高水平，2024年一 券 龙佰集团 沪深300 季 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [1][8]. Core Insights - The company's short-term performance has been negatively impacted by external factors and impairment provisions, but future growth remains promising [3][4]. - In 2023, the company achieved a revenue of 85.40 billion RMB, a year-on-year decrease of 44.82%, primarily due to reduced testing demand related to public health events [2][4]. - The company's net profit for 2023 was 6.43 billion RMB, down 76.64% year-on-year, with a non-recurring net profit of 3.65 billion RMB, reflecting an 86.53% decline [2][4]. - The company plans to distribute a cash dividend of 0.88 RMB per share to all shareholders, which represents 77.56% of the net profit attributable to shareholders [2][4]. Financial Performance Summary - The company’s revenue for 2024 is projected to be 95.17 billion RMB, with a year-on-year growth rate of 11% [4][5]. - The net profit for 2024 is expected to be 7.33 billion RMB, reflecting a growth rate of 14% [4][5]. - The company’s gross profit margin decreased by 6.65 percentage points to 36.48% in 2023, while the overall net profit margin dropped by 10.91 percentage points to 7.46% [2][4]. - The company’s accounts receivable decreased from 70.25 billion RMB in 2022 to 53.35 billion RMB in 2023, indicating improved cash collection trends [3][4]. Business Growth and Strategy - The company’s core business is showing signs of recovery, with regular medical diagnostic service revenue increasing by 15.35% year-on-year to 77.26 billion RMB in 2023 [2][4]. - Significant growth was observed in key disease areas, with diagnostic services for neurological and psychiatric diseases growing by 30.32%, infectious diseases by 49.74%, and cardiovascular and endocrine diseases by 28.78% [2][4]. - The company has established 49 medical laboratories in mainland China and Hong Kong, with a focus on high-end market development, as evidenced by a 4.73 percentage point increase in revenue from tertiary hospital clients [2][4].

Investment Rating - The report assigns a "Buy" rating to COFCO Capital, indicating an expected price increase of over 15% relative to the CSI 300 index in the next six months [1]. Core Insights - COFCO Capital's 2023 annual report shows a significant increase in operational quality and profitability, with total revenue reaching 22.282 billion yuan, a year-on-year increase of 19.76%, and net profit attributable to shareholders of 1.021 billion yuan, up 70.95% [1][5]. - The company has demonstrated strong performance in its life insurance business, with net profit of 525 million yuan and premium income of 16.169 billion yuan in 2023, maintaining a high solvency ratio [1]. - The futures business has shown positive development, with net profit of 238 million yuan and a return on equity (ROE) of 6.8% [1]. - The trust business is undergoing a transformation, with significant growth in asset management products, particularly in fixed-income and equity products [1]. Summary by Sections Financial Performance - In 2023, COFCO Capital achieved total revenue of 22.282 billion yuan, a 19.76% increase year-on-year, and net profit of 1.021 billion yuan, reflecting a 70.95% growth [1][5]. - Forecasted revenues for 2024-2026 are 34.54 billion yuan, 43.95 billion yuan, and 51.41 billion yuan, respectively, with net profits projected at 1.238 billion yuan, 1.631 billion yuan, and 1.987 billion yuan [5]. Business Segments - Life Insurance: The segment reported a net profit of 525 million yuan and premium income of 16.169 billion yuan, with a solvency ratio of 273.13% [1]. - Futures: The business achieved a net profit of 238 million yuan, with a stable average daily trading volume and significant growth in international brokerage [1]. - Trust: The trust business has accelerated its transformation, with total assets reaching 119.7 billion yuan, focusing on various asset management products [1].

Investment Rating - The report maintains a "Buy" rating for the company, citing its "product + service" dual-drive strategy and significant resource advantages [9] Core Views - The company's ICL business achieved a 17% year-over-year growth in 2023, with the proportion of revenue from tertiary hospitals reaching a new high [3] - The company's diagnostic service business achieved a revenue of 5.187 billion yuan in 2023, an 11.91% year-over-year increase, with ICL revenue reaching 4.718 billion yuan, a 16.73% increase [19] - The company's IVD product business achieved a revenue of 8.686 billion yuan in 2023, with channel product revenue growing by 5.32% to 8.283 billion yuan, and self-developed product revenue reaching 403 million yuan [20] - The company's profitability declined in 2023, with a 5.87 percentage point decrease in gross margin to 31.29%, and a 4.85 percentage point decrease in net profit margin to 4.34% [20] - The company's accounts receivable decreased by 1.902 billion yuan in 2023, and operating cash flow increased by 17.20% to 1.921 billion yuan [5][7] - The company's revenue in Q1 2024 was 2.973 billion yuan, a year-over-year decrease of 8.01%, with ICL revenue growing by 10.41% to 1.071 billion yuan [7] Business Performance - The company's new testing projects in 2023 reached 1,023, with special inspection revenue reaching 2.049 billion yuan, accounting for 39.50% of traditional diagnostic revenue [2] - The company's infectious disease projects grew by 142% year-over-year, neuroimmunology projects grew by 102%, and hematology projects grew by 69% [2] - The company added 238 new tertiary hospital customers in 2023, with tertiary hospital revenue accounting for 32.8% of total revenue [2] - The company added 46 new共建 laboratories in 2023, bringing the total to nearly 700, with business revenue growing by 26% [4] - The company added 27 new precision centers in 2023, bringing the total to 70, with 31 achieving profitability and business revenue growing by 34% [4] Financial Projections - The company's revenue is expected to grow to 14.543 billion yuan in 2024, 16.092 billion yuan in 2025, and 17.832 billion yuan in 2026, with year-over-year growth rates of 8.47%, 10.65%, and 10.82% respectively [10] - The company's net profit attributable to the parent company is expected to grow to 610 million yuan in 2024, 843 million yuan in 2025, and 1.015 billion yuan in 2026, with year-over-year growth rates of 98.29%, 38.29%, and 20.36% respectively [10] - The company's diluted EPS is expected to be 0.97 yuan in 2024, 1.34 yuan in 2025, and 1.62 yuan in 2026 [10] - The company's PE ratio is expected to be 15.57 in 2024, 11.26 in 2025, and 9.35 in 2026 [10] Industry Outlook - The diagnostic industry still has significant growth potential, and the company's dual-drive strategy of "product + service" is expected to continue to generate significant resource advantages [9]

2024年05月07日 公 司点评 公 买入 / 维持 司 巨化股份(600160) 研 究 否极泰来，公司业绩有望跟随制冷剂行业景气回升 公司发布 2023 年年报和 2024 年一季报，2023 年公司实现营业收入 ◼ 走势比较 206.55亿元，同比下降3.88%，实现归母净利润9.44亿元，同比下降60.37%。 2024年一季度，公司实现营业收入54.7亿元，同比提高19.52%；实现归 50% 母净利润3.10亿元，同比提高103.35%。公司拟每10股派发现金红利1.2 36% 元（含税）。 太 22% 2024 年以来制冷剂行业景气度显著回升带动公司业绩大幅增长。 平 8% 2023年公司实现营业收入206.55亿元，同比下降3.88%，实现归母净利润 洋 证 (2( 06 %% ))62/4/32 8/7/32 91/9/32 1/21/32 21/2/42 52/4/42 9.44 亿元，同比下降 60.37%。2024 年一季度，公司实现营业收入 54.7 亿 元，同比提高 19.52%；实现归母净利润 3.10 亿元，同比提高 103.35%。 券 巨化股份 沪深300 2024 年以 ...

2024年05月10日 公 司点评 公 买入 / 首次 司 苏州银行(002966) 研 究 目标价: 昨收盘:7.43 苏州银行 2023 年年报&2024 年一季报点评：营收增速边际改善， 异地扩张持续推进 事件：苏州银行发布23年及24Q1财报，23年实现营业收入/归母净 ◼ 走势比较 利润 118.66/46.01 亿元，同比+0.88%/+17.41%；24Q1 实现营业收入/归 母净利润32.25/14.55亿元，同比+2.11%/+12.29%。23年/24Q1加权ROE 太 10% 为 12.00%/3.32%，同比+0.48pct/+0.13pct。截至 24Q1 末，公司不良率 2% 0.84%，与23年末持平；拨备覆盖率491.66%，较23年末-31.11pct。 平 洋 (6%)01/5/32 22/7/32 3/01/32 51/21/32 62/2/42 9/5/42 +2.11营 %，收 营增 收速 增边 速际 边提 际升 上，中 行收 ；有 归所 母承 净压 利。 润23 同年 比、 分24 别Q1 +营 17收 .4同 1%比 、分 +1别 2.+ 20 9. %8 ，8 ...

2024 年 05 月 09 日 公司点评 增持/首次 昨收盘:13.99 割草机行业需求恢复，产能扩张驱动长期增长 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|----------------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------------------- ...