Investment Rating - The report assigns a "Buy" rating for the company, predicting steady growth in performance due to the gradual implementation of projects [2]. Core Views - The company is a leading supplier of electronic bulk gases in China, with an increasingly complete helium supply chain. It aims to provide comprehensive solutions for the electronic semiconductor industry [2]. - The company reported a revenue of 1.835 billion in 2023, a year-on-year increase of 19.20%, and a net profit attributable to shareholders of 320 million, up 35.73% year-on-year. For Q1 2024, revenue was 461 million, a year-on-year increase of 11.33%, but net profit decreased by 10.18% [11]. - The company is actively expanding its electronic bulk gas projects and has seen growth in helium sales, although profits were pressured by declining helium prices in Q1 2024 [11]. Financial Summary - Revenue projections for 2024-2026 are 2.26 billion, 2.858 billion, and 3.655 billion, respectively, with corresponding growth rates of 23.11%, 26.49%, and 27.88% [14]. - The net profit attributable to shareholders is projected to be 350 million, 467 million, and 610 million for 2024-2026, with growth rates of 9.44%, 33.44%, and 30.67% respectively [14]. - The company’s diluted earnings per share (EPS) are expected to be 0.27, 0.35, and 0.46 for 2024-2026, with a price-to-earnings (PE) ratio decreasing from 35.27 in 2024 to 20.23 in 2026 [14].

请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 授资策略 12 流动性与仓位周观察- 4月第三期 上周 ETF 份下降 5.4 亿份,宽基指数沪深 300ETF 流入资金最多,行业中证券 ETF 流入资金最 多。 图表17: 上周 ETF 份额下降 5.4 亿份 1份領变动 股票型ETF份額(亿份,右轴) 600 16000 500 14000 400 12000 300 10000 200 8000 100 6000 0 4000 -100 2000 -200 -300 0 020-01 2020-03 2022-09 2020-05 2020-09 2021-03 2022-05 2023-03 2023-05 2024-03 2020-07 2021-01 2021-05 2021-09 2022-01 2022-03 2022-07 2022-11 2023-01 2023-09 2024-01 2020-11 2021-07 2021-11 2023-07 2023-11 资料来源：WIND，太平洋证券整理 图表18: 上周宽基 ETF 净流入前 10 (亿元) 45 40 35 30 2 ...

Investment Rating - The report maintains a "Buy" rating for Yangnong Chemical (600486) [1][2][6] Core Views - The company's performance met expectations, with a revenue of 11.478 billion yuan in 2023, representing a year-on-year increase of 27.41%, while the net profit attributable to shareholders was 1.565 billion yuan, a decrease of 12.77% [1][2] - The company is the only domestic enterprise among the top 10 global agrochemical companies, with a rich product matrix and a strong position in the pyrethroid pesticide industry [1][2] - The demand for pesticides remains stable, and the industry profitability is expected to gradually recover, supported by the company's ongoing projects and capacity expansion [1][2] Financial Summary - The projected net profit for 2023-2025 is 1.728 billion yuan, 2.020 billion yuan, and 2.155 billion yuan, respectively, with corresponding EPS of 4.25, 4.97, and 5.30 yuan [2][3] - The current stock price corresponds to a PE ratio of 12.05, 10.31, and 9.67 for the years 2023, 2024, and 2025, respectively [2][3] - Revenue is expected to grow at rates of 18.64%, 13.68%, and 8.38% for the years 2024, 2025, and 2026 [3][4] Project Developments - The company is advancing multiple projects, including the construction of new production capacities for various pesticides, which are expected to enhance its production capabilities and optimize product structure [2][4] - The ongoing projects are anticipated to significantly increase the production capacity of active ingredients, further solidifying the company's leading position in the pyrethroid industry [1][2]

2024 年 04 月 24 日 | --- | --- | --- | --- | --- | |-------|------------------|---------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | ◼ 10% | | 上证综合指数走势（近三年） | 整体估值小幅下降，行业表现分化，红利表现居前。上周宽基指数表 现分化，红利表现最优，微盘股表现最弱。整体看，市场估值小幅下降， 当前各宽基指数估值分化，大类行业整体估值位于历史低位，估值修复仍 | | | (6%) 2% | 24/2/10 | 24/4/23 | 有较大空间；从 PE、PB 偏离度的角度看，当前各 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][11]. Core Views - The company reported a total revenue of 14.61 billion, a decrease of 33.8% year-on-year, and a net profit of 617 million, down 30.6% year-on-year for the full year 2023. However, for Q1 2024, the revenue increased by 31.7% year-on-year to 3.88 billion, while net profit decreased by 24.7% year-on-year to 170 million [2]. - The company is transitioning from a comprehensive third-party logistics provider to a "global comprehensive logistics solution provider" [2]. - The establishment of a new company in Xinjiang aims to develop a logistics hub in Northwest China, and the company is actively entering the bulk commodity import logistics business [2]. - Internationally, the company has set up operations in South Africa, Tanzania, Nigeria, and Thailand, enhancing its end-to-end service capabilities [2]. - The gross profit for 2023 was 1.96 billion, with a comprehensive gross margin of 13.4%. The main business segments contributed as follows: air freight gross profit of 783 million (40%), sea freight gross profit of 510 million (26%), cross-border e-commerce gross profit of 224 million (11.4%), and special logistics gross profit of 187 million (9.5%) [2]. - Despite a 6% increase in sea freight container volume, sea freight revenue decreased by 56% due to a 68% decline in SCFI and CCFI averages [2]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 146.08 billion, with a projected revenue growth rate of 3.9% for 2024. The net profit for 2023 was 6.17 billion, with an expected growth rate of 18.9% for 2024 [14]. - The diluted earnings per share (EPS) for 2023 was 0.47, with projections of 0.56 for 2024 and 0.59 for 2025 [14]. Business Strategy - The company is expanding its overseas self-operated network to over 70 cities and regions, which is expected to balance import and export business volumes and improve profit margins [3]. - The company is also focusing on developing its bulk commodity logistics business, which is anticipated to enhance its overall service offerings [2]. Market Outlook - The overall external trade environment is expected to remain stable, which may positively impact the company's performance in the coming months [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [10][12]. Core Insights - The company reported a significant increase in revenue and profit for Q1 2024, achieving an operating income of 1.814 billion yuan, a year-on-year growth of 122%, and a net profit attributable to shareholders of 154 million yuan, up 297% year-on-year [2][10]. - The company has a record high order backlog of 6.8 billion yuan as of March 31, 2024, with expectations for continued strong performance in the upcoming quarters due to seasonal demand [12][10]. - The report projects substantial growth in net profit for 2024-2026, estimating net profits of 769 million yuan, 948 million yuan, and 1.164 billion yuan respectively, with corresponding EPS of 5.66, 6.98, and 8.57 [12][10]. Financial Summary - Revenue projections for 2024E, 2025E, and 2026E are 6.39 billion yuan, 9.22 billion yuan, and 11.58 billion yuan respectively, with growth rates of 44.31%, 25.52%, and 20.26% [3][12]. - The net profit growth rates for the same years are projected at 122.80%, 23.28%, and 22.77% [3][12]. - The company’s PE ratio is expected to decrease from 33.14 in 2024E to 9.83 in 2026E, indicating improving valuation over time [3][12].

2024年04月25日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 赛诺菲 BTK 抑制剂 Rilzabrutinib 达 3 期主要终点 ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)42/4/32 6/7/32 71/9/32 92/11/32 01/2/42 32/4/42 0.352 p0 c2 t4 ，涨年 跌4 幅月 居申24 万日 3， 1医 个药 子行板 业块 第涨跌 25幅 名+ 。0. 各09 医%， 药跑 子输 行沪 业深 中，30 体0 外指 诊数 平 (14%) 断(+1.23%)、医疗耗材(+0.99%)、医药流通（+0.95%）表现居前，疫苗(- 洋 (22%) 1.63%)、医疗研发外包(-1.08%)、医院(-0.57%)表现居后。个股方面，日 涨幅榜前 3 位分别为新天地(+8.92%)、京新药业(+8.91%)、安杰思 证 (30%) (+8.76%)；跌幅榜前3位为金凯生科（-8.83%）、普瑞眼科(-7.83%)、三 券 医药 沪深300 生国健(-5.78%)。 股 ◼ 子行业评级 份 行业要闻： 4月23日，赛诺菲宣布其潜在“first ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 19.65 [7]. Core Views - The company reported Q1 2024 results that met expectations, with revenue of 451 million yuan, a year-on-year increase of 9.40%, and a net profit attributable to shareholders of 127 million yuan, up 7.59% year-on-year [1]. - The power equipment business continues to grow steadily, achieving revenue of 392 million yuan in Q1 2024, a year-on-year increase of 14.63% [1]. - The report anticipates stable growth in the company's performance due to accelerating overseas demand and steady domestic grid investment [1]. Summary by Sections Financial Performance - Q1 2024 gross margin was 52.39%, up 0.94 percentage points year-on-year, while net margin was 28.56%, down 0.66 percentage points year-on-year [1]. - The company’s operating expenses have been optimized, with sales, management, R&D, and financial expense ratios at 8.40%, 6.71%, 3.32%, and -0.74% respectively, showing year-on-year decreases [1]. Future Projections - Revenue projections for 2024-2026 are 2.356 billion yuan, 2.807 billion yuan, and 3.322 billion yuan, representing year-on-year growth rates of 20.14%, 19.12%, and 18.35% respectively [13]. - Net profit projections for the same period are 671 million yuan, 827 million yuan, and 991 million yuan, with growth rates of 23.65%, 23.37%, and 19.82% respectively [13]. - The report forecasts diluted EPS of 0.75 yuan, 0.92 yuan, and 1.11 yuan for 2024, 2025, and 2026 [13]. Business Segments - The power equipment business is expected to maintain a high gross margin in Q1 2024, with a positive outlook for future growth driven by improved product structure and increased overseas business [1]. - The company’s maintenance business, which saw a revenue decline in 2023, is projected to recover in 2024 as market acceptance increases [1].

2024年04月22日 行 业周报 看好 / 维持 行 电力设备及新能源 业 研 究 电力设备及新能源 新能源周报（第 84 期）：重视中下游创新，重视光伏战略性机会 ◼ 走势比较 报告摘要 10% 0% ⚫ 行业整体策略：重视电动车中下游创新，重视光伏战略性机会 太 (10%)12/4/32 2/7/32 21/9/32 32/11/32 3/2/42 51/4/42 从渗透率的提升看，电动车的需求持续好于预期，其中终端的创新是 平 (20%) 推动力和投资机会所在。光伏中周期底部逐步明晰，迎来战略性布局 机会。重视结构性机会中的弹性，如电网等。 洋 (30%) 新能源汽车产业链核心观点： 证 (40%) 1）我国近期新能源汽车渗透率突破 50%。4 月 1-14 日，新能源车市 券 电 沪力 深设 300备及新能源 场零售26 万辆，同比+32%，环比+2%；销量渗透率超 50%。我们预 股 计，随着主流车企新车型的持续推出（如理想L6）及降价的落地，全 ◼ 子行业评级 份 年销量有望超1200万辆。 有 电站设备Ⅱ 无评级 2）重视龙头在产业周期低谷的拓展。a）宁德时代与下游开展战略合 限 电气设备 无 ...

公 司 研 究 2024 年 04 月 24 日 公司点评 买入/维持 甘源食品：业绩符合预期， 一季度开门红表现亮眼 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...