2024年05月09日 公 司点评 公 买入 / 维持 司 中国长城(000066) 研 究 目标价: 昨收盘:9.46 业绩恢复增长，静待行业信创市场成长 事件：公司发布2023年年报，收入134.20亿元，同比减少4.33%； ◼ 走势比较 归母净利润-9.77亿元，同比减少895.98%。 公司发布 2024 年一季报，收入 26.63 亿元，同比增加 21.13%； 40% 太 24% 归母净利润-2.50亿元，同比增加18.15%。 平 8% 洋 证 (2( 48 %% ))9/5/32 12/7/32 2/01/32 41/21/32 52/2/42 8/5/42 少3.业 85务 %;保 系持 统平 装稳 备。 收2 入023 43年 .0， 0公 亿司 元计 ，算 同产 比业 减收 少入 5.8 02 7. %8 。6 公亿 司元 整，同 体毛比减 利 券 率为21.62%，相对于去年同期下降了3.59个百分点。 (40%) 股 中国长城 沪深300 加强技术研发能力。2023年，公司研发费用率为10.15%，相对于 份 去年同期提升了 0.73 个百分点。公司成功推出新一代高性能自主服 有 ...

太平洋证券股份有限公司证券研究报告 | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|------------------------------------------------|--------------------------| | | | | | | | | | | | | | | | | | | | 生产加快扩张创新高，外需仍为重要支撑 — 4月PM I | 数据点评 | | | | | | | | | | | | | 报告日期： 2 0 2 4年4月3 0日 | | | | | | | | | | | | | | 证券分析师：徐超 | 研究助理：万琦 | | | | | | 电话： 18311057693 | 电话： 18702133638 | | | | | | E-MALL ： xuchao@tpyzq.com | E-MALL ： wanq@tpyzq.com | | | | | | | | 执业资格证书编码：S1190521050001 一般证券业务登记编码：S1190122070011 Con ...

2024年05月08日 公 司点评 公 买入 / 维持 司 用友网络(600588) 研 究 目标价: 昨收盘:11.58 业绩恢复增长，创新业务增长明显 事件：公司发布2023年年报，收入97.96亿元，同比增加5.77%； ◼ 走势比较 归母净利润-9.67亿元，同比减少541.28%。 公司发布 2024 年一季报，收入 17.49 亿元，同比增加 18.61%； 10% 太 平 (1( 84 %% ))8/5/32 02/7/32 1/01/32 31/21/32 42/2/42 7/5/42 归母净 利润-4.53亿元，同比减少14.17%。 洋 行业化组织模式升级，费用率提升明显。2023年，公司销售毛利 (32%) 证 率为 50.73%，相对于去年同期下降了 5.64 个百分点；销售费用率为 (46%) 券 27.43%，相对于去年同期提升了5.08个百分点；管理费用率为11.08%， (60%) 相对于去年同期下降了 0.09 个百分点；研发费用率 21.06%，相对于 股 用友网络 沪深300 去年同期提升了3.52个百分点。 份 有 ◼ 股票数据 限 中型客户云收入增长态势明显。2023 ...

2024年05月09日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 赛诺菲 siRNA 疗法在华申报上市，用于治疗血友病 ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)8/5/32 02/7/32 1/01/32 31/21/32 42/2/42 7/5/42 涨跌幅20 居24 申年 万5月 318 个日 子，医 行药 业板 第块 6涨 名跌 。幅 各- 医0. 药43 子%， 行跑 业赢 中沪 ，深 体3 外00 诊指 断数 (+0 1. .3 76 5p %c )t 、， 平 (14%) 其他生物制品(+0.79%)、血液制品（+0.70%）表现居前，医疗设备(-1.45%)、 洋 (22%) 疫苗(-1.19%)、医院(-1.15%)表现居后。个股方面，日涨幅榜前3位分别 为共同药业(+20.01%)、戴维医疗(+19.97%)、冠昊生物(+19.96%)；跌幅 证 (30%) 榜前3位为宝莱特（-8.40%）、羚锐制药(-6.21%)、ST长康(-5.06%)。 券 医药 沪深300 股 行业要闻： ◼ 子行业评级 份 5 月 7 日，CDE 官网公示，赛诺菲和 Genz ...

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable (603606) with a target price based on the last closing price of 45.50 [1][2] Core Views - Dongfang Cable's Q1 2024 performance met expectations, with stable development in both marine and land businesses, maintaining a high level of profitability [1][2] - The company reported Q1 2024 revenue of 1.31 billion yuan, a year-on-year decrease of 8.86%, while net profit attributable to shareholders was 263 million yuan, an increase of 2.95% year-on-year [2] - The overall gross margin for Q1 2024 was 22.23%, down 8.72 percentage points year-on-year, primarily due to high-margin products delivered in the same period last year [2] - The company has a robust order backlog, with significant contributions from high-voltage and umbilical cables [2] Financial Summary - Revenue projections for 2024-2026 are 9.632 billion yuan, 12.110 billion yuan, and 14.717 billion yuan, with year-on-year growth rates of 31.77%, 25.72%, and 21.52% respectively [3] - Net profit forecasts for the same period are 1.351 billion yuan, 1.687 billion yuan, and 2.237 billion yuan, with growth rates of 35.11%, 24.87%, and 32.56% respectively [3] - The diluted earnings per share (EPS) are projected to be 1.96 yuan, 2.45 yuan, and 3.25 yuan for 2024, 2025, and 2026 respectively [3]

Investment Rating - The report assigns an "Accumulate" rating for Zijin Bank, with a target price based on the last closing price of 2.67 [1]. Core Views - The report highlights that Zijin Bank's 2023 annual report shows a stable profitability with a slight decline in revenue but an increase in net profit. The bank's focus on agricultural and small micro-businesses has led to significant growth in these areas [7][9]. - The bank's total assets reached 2476.64 billion, with a year-on-year increase of 10.21%. Deposits and loans also saw substantial growth, indicating a robust financial position [7][9]. - The risk control capabilities of the bank have been enhanced through the use of big data technology, resulting in a non-performing loan ratio of 1.16% and a provision coverage ratio of 247.25% [7][9]. Summary by Relevant Sections Financial Performance - In 2023, Zijin Bank achieved operating income of 44.20 billion, a decrease of 1.93% year-on-year, while net profit attributable to shareholders was 16.19 billion, an increase of 1.16% [7][9]. - The bank's return on equity (ROE) was 9.10%, down by 0.54 percentage points year-on-year [7]. Business Growth - The balance of agricultural and small micro-loans reached 1092.54 billion, an increase of 153.12 billion from the beginning of the year, accounting for 61.59% of the total loan portfolio, up by 3.03 percentage points [7]. - The number of small micro-enterprise loan accounts increased to 27,664, with a year-on-year growth of 14.75% [7]. Asset and Liability Management - Total assets at the end of 2023 were 2476.64 billion, with an increase of 229.42 billion year-on-year [7]. - The deposit balance was 1967.74 billion, up by 208.62 billion, and the loan balance was 1772.22 billion, an increase of 169.26 billion [7]. Risk Management - The bank has established a comprehensive risk control system, leveraging big data technology to enhance its risk management capabilities [7]. - The non-performing loan ratio was reported at 1.16%, a decrease of 4 basis points year-on-year, while the provision coverage ratio improved by 0.59 percentage points to 247.25% [7].

中科星图(688568) 目标价: 昨收盘:53.00 ◼ 股票数据 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 低空经济技术不断突破。公司自 2020 年开始部署低空经济领域， 前期已具备低空通航产品及项目基础，相关的业务布局涵盖了低空服 务基础平台产品研发、低空服务全套解决方案研发、围绕低空进行相 关产业生态建设等主要方向，面向低空物流、通航运输、城市管理、 公共服务等领域应用场景提供综合解决方案。 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 | --- | --- | --- | --- | --- | |--------------------|--------|---------------------------------|--------|--------| | 营业收入（百万元） | | 2515.60 3773.39 5471.42 7933.56 | | | | 营业收入增长率 (%) | 59.54% | 50.00% | 45.00% | 45.00% | | 归母净利（百万元） | | 3 ...

Investment Rating - The report maintains a rating of "Accumulate" for Wuxi Bank, indicating a positive outlook for the stock with expected growth relative to the market index [3][11]. Core Insights - Wuxi Bank's 2023 annual report shows a steady growth in revenue, achieving an operating income of 4.538 billion yuan, a year-on-year increase of 1.28%. The net profit attributable to shareholders reached 2.200 billion yuan, up 9.96% year-on-year [1][6]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.79%, a decrease of 2 basis points from the previous year. The provision coverage ratio stands at 522.57%, indicating a robust risk management framework [1][6]. - The growth in inclusive loans is notable, increasing by 4.759 billion yuan, or 25.15% year-on-year, reflecting the bank's commitment to supporting small and micro enterprises [1][6]. Financial Performance Summary - For 2023, Wuxi Bank reported: - Operating income: 45.38 billion yuan, up 1.28% year-on-year - Net profit: 22.00 billion yuan, up 9.96% year-on-year - Return on equity (ROE): 11.48%, down 1.53 percentage points year-on-year - Non-performing loan ratio: 0.79%, down 2 basis points year-on-year - Provision coverage ratio: 522.57%, down 30.17 percentage points year-on-year [1][6]. - Forecasts for 2024-2026 project operating income to reach 46.39 billion yuan, 48.42 billion yuan, and 50.61 billion yuan, respectively, with net profits of 23.75 billion yuan, 25.21 billion yuan, and 26.95 billion yuan [1][6].

Investment Rating - The report maintains a "Buy" rating for Jiangyin Bank [1] Core Views - Jiangyin Bank's 2023 annual report shows significant growth in investment income, with a focus on enhancing marketing and service quality [1][7] - The bank achieved a revenue of 3.865 billion yuan in 2023, representing a year-on-year growth of 2.25%, while net profit attributable to shareholders reached 1.888 billion yuan, up 16.83% year-on-year [7] - The bank's return on equity (ROE) was 12.55%, an increase of 0.68 percentage points compared to the previous year [7] Financial Summary - **Revenue (million yuan)**: - 2023: 3,864.96 - 2024E: 4,166.28 - 2025E: 4,380.68 - 2026E: 4,628.68 [2] - **Revenue Growth Rate (%)**: - 2023: 2.25% - 2024E: 7.80% - 2025E: 5.15% - 2026E: 5.66% [2] - **Net Profit (million yuan)**: - 2023: 1,888.09 - 2024E: 2,056.49 - 2025E: 2,313.74 - 2026E: 2,522.80 [2] - **Net Profit Growth Rate (%)**: - 2023: 24.93% - 2024E: 8.69% - 2025E: 12.51% - 2026E: 9.04% [2] - **Book Value Per Share (BVPS)**: - 2023: 7.27 - 2024E: 8.18 - 2025E: 9.34 - 2026E: 10.67 [2] - **Price-to-Book Ratio (PB)**: - 2023: 0.54 - 2024E: 0.48 - 2025E: 0.42 - 2026E: 0.37 [2]

新国都(300130) 目标价: 昨收盘:21.86 (30%) (10%) 10% 30% 50% 70% 23/5/5 23/7/1623/9/2623/12/724/2/1724/4/29 新国都 沪深300 相关研究报告 事件：公司发布 2023 年年报，收入 38.01 亿元，同比减少 11.94%； 归母净利润 7.55 亿元，同比增加 1588.44%。 公司发布 2024 年一季报，收入 7.83 亿元，同比减少 22.74%；归 风险提示：收单业务竞争加剧；AI 应用不及预期；行业竞争加剧。 | --- | --- | --- | --- | --- | |--------------------|---------|---------------------------------|-------------------------------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 3801.26 4371.45 5070.89 5932.94 | | | | 营业收入增长率 (%) | -11.94% ...