Group 1 - The overall valuation of the market has declined, with broad-based indices experiencing a drop, while dividend stocks have performed the best. Growth stocks have seen a significant decline, and the current market valuation is generally below the 50% percentile, indicating potential for valuation recovery [5][32][41]. - The report highlights that the current market ERP has slightly increased but remains above one standard deviation, suggesting a high probability of A-share allocation [5][75]. - The report indicates that various industries are currently concentrated in the third and fourth quadrants of valuation, with overall industry valuations being relatively cheap [27][33]. Group 2 - The report provides a detailed analysis of profit expectations across different sectors, with notable changes in expected growth rates for 2023E, 2024E, and 2025E. For instance, the agriculture sector is expected to see a significant decline of 127.3% in 2023E, while the real estate sector shows an extraordinary increase of 1497.6% in 2024E [10]. - The report identifies that industries such as non-bank financials, construction materials, and certain raw materials are currently at high historical percentiles in terms of PB-ROE, indicating potential overvaluation [15][73]. - The report notes that popular concepts such as advanced packaging and central state-owned enterprises are at high historical valuation percentiles, while other popular concepts are at lower historical percentiles [21][32]. Group 3 - The report emphasizes that the performance of various sectors has varied, with non-ferrous metals, home appliances, and oil and petrochemicals showing the highest gains, while electronics, computers, and media have performed the weakest [32][59]. - The report indicates that the relative PE and PB of the ChiNext Index compared to the CSI 300 have slightly decreased, reflecting changes in market sentiment [63]. - The report suggests that the current valuation of consumer, manufacturing, and technology sectors is generally below the 50% historical percentile, while the technology sector, particularly in computing, media, and electronics, is relatively high [73].

Investment Rating - The report maintains a "Buy" rating for the company with a target price based on the last closing price of 29.52 [1][4]. Core Insights - The company achieved a revenue of 119.62 billion yuan in 2023, representing a year-on-year growth of 3.23%, while the net profit attributable to shareholders was 1.17 billion yuan, up 16.66% year-on-year [3][4]. - The strategic business revenue continues to increase, with significant growth in cloud computing and digital transformation, which generated 6.93 billion yuan, a year-on-year increase of 37.98% [3][4]. - The company has made substantial advancements in domestic computing power, focusing on the "Kunpeng + Ascend" ecosystem, and has launched new AI server products tailored for various applications [3][4]. Financial Performance Summary - Revenue projections for 2024-2026 are estimated at 125.94 billion yuan, 132.82 billion yuan, and 140.37 billion yuan, respectively [4][5]. - The net profit attributable to shareholders is projected to be 1.40 billion yuan, 1.69 billion yuan, and 1.94 billion yuan for the same period [4][5]. - The earnings per share (EPS) are expected to be 2.10 yuan, 2.52 yuan, and 2.90 yuan for 2024, 2025, and 2026, respectively [4][5].

公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------|-------|--------|----------------|--------|--------|--------|--------|--------| | 资产负债表（百万） 利润表（百万） | | | | | | | | | | | | | | 2022A | 2023A | 2024E | 2025E | 2026E | | 2022A | 2023A | 2024E | 2025E | 2026E | | 货币资金 | 1,548 | 1,461 | 2,238 | 3,292 | 4,208 | 营业收入 | 3,780 | 3,999 | 4,460 | 4,912 | 5,353 | | 应收和预付款项 | 495 | 585 | 624 | 690 | 756 | 营业成本 | 1,766 | 1,976 | 2 ...

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 [5][6]. Core Views - The company experienced a year-on-year decline in performance for 2023, with revenue of 28.105 billion yuan, down 7.28%, and a net profit of 1.379 billion yuan, down 76.44% [1][2]. - The company is focusing on transformation and upgrading through new materials, with significant investments in high-end new materials and renewable energy sectors [2][4]. - The company is expected to see a gradual recovery in profitability in the second half of the year, supported by its cost advantages in the phosphate and electronic chemicals sectors [1][2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 28.105 billion yuan, with a projected revenue growth of 5.67% in 2024, reaching approximately 29.698 billion yuan [3][4]. - The net profit for 2023 was 1.379 billion yuan, with an expected recovery to 1.768 billion yuan in 2024, reflecting a growth rate of 28.24% [3][4]. - The earnings per share (EPS) are projected to increase from 1.25 yuan in 2023 to 1.60 yuan in 2024 [3][4]. Strategic Initiatives - The company is advancing projects in the electronic chemicals sector, including the expansion of electronic-grade sulfuric acid and ammonia production, which are expected to contribute to new profit growth [2][4]. - In the renewable energy and high-end materials sectors, the company has successfully launched several projects, including a 50,000-ton photovoltaic adhesive and a 300,000-ton battery-grade phosphoric acid project [2][4]. Market Outlook - The report anticipates a gradual recovery in the company's profitability, driven by stable downstream demand in the agricultural chemicals sector and less cyclical impacts in the specialty chemicals industry [1][2]. - The company is well-positioned to leverage its integrated supply chain advantages and resource capabilities to enhance its market competitiveness [1][2].

2024年04月02日 公 司点评 公 买入 / 维持 司 恩华药业(002262) 研 究 昨收盘:22.19 恩华药业：麻醉镇痛产品放量，驱动业绩稳健增长  走势比较 事件：2024年3月29日，公司发布 2023年年度报告：全年实现营 业收入50.42亿元，同比增长17.28%；归母净利润10.37亿元，同比增长 30% 15.12%；扣非归母净利润 10.13 亿元，同比增长 16.11%；基本每股收益 太 18% 1.03元，同比增长15.73%。 平 其中，公司第四季度实现营业收入13.86亿元，同比增长17.58%；归 6% 洋 证 (6%)3/4/32 41/6/32 52/8/32 5/11/32 61/1/42 82/3/42 母 下净 滑利 0.润 42%1. 。51 亿元，同比下滑4.76%；扣非归母净利润 1.27亿元，同比 (18%) 券 (30%) 麻醉线稳定增长，商业板块快速增长。（1）麻醉线业务：院内诊疗复 股 苏叠加管制类麻醉镇痛产品（羟考酮、瑞芬太尼、舒芬太尼和阿芬太尼等） 份 恩华药业 沪深300 快速放量，2023 年麻醉线实现营业收入 27.02 亿元，同比增长 ...

2024年04月07日 行 业周报 看好 / 维持 行 生物医药Ⅱ 业 研 究 医药 创新支持政策多地开花，创新药械春天正在开启  走势比较 报告摘要 10% 本周我们梳理北京、广州、珠海等多地出台的医药创新支持政策。 0% 太 (10%)7/4/32 81/6/32 92/8/32 9/11/32 02/1/42 1/4/42 医药创新相关支持政策及出台背景 平 (20%) 2023年5月12日，习总书记在河北石家庄市考察时强调，生物 洋 (30%) 医药产业是关系国计民生和国家安全的战略性新兴产业。 证 (40%) 2024年2月5日，国家医保局起草了《关于建立新上市化学药品 券 医药 沪深300 首发价格形成机制鼓励高质量创新的通知（征求意见稿）》，有望开 股  子行业评级 启高质量创新药自主定价的大门，长期利好创新药品生产企业。 份 有 化学制药 无评级 北京、广州、珠海三地支持医药创新的政策有哪些亮点？ 限 生物医药Ⅱ 无评级 《北京市医疗保障局等 9 部门北京市支持创新医药高质量发展 公 ...

2024年04月01日 公 司点评 公 买入 / 维持 司 常熟银行(601128) 研 究 目标价: 昨收盘:7.03 常熟银行 2023 年年报点评：异地扩张推进，息差韧性充足 事件：常熟银行发布2023年年度报告，报告期内公司实现营业收入 ◼ 走势比较 98.70亿元，同比+12.05%；实现归母净利润32.82亿元，同比+19.60%； ROE（加权）为13.69%，同比+0.63pct。截至报告期末，公司不良率0.75%， 10% 同比-6BP；拨备覆盖率537.88%，同比+1.11pct。 太 2% 业绩增速保持领先，经营计划彰显信心。2023 年公司营收、归母净 平 (6%)13/3/32 11/6/32 22/8/32 2/11/32 31/1/42 52/3/42 利 银润 行同 中比 处分 于别 首位+12 ；. 其05 中%、 利+ 息19 净.6 收0% 入，均 、非实 息现 收两 入位 分数 别增 为长， 85增 .0速 1、在 1已 3.披 69露 亿年 元报 ， 洋 (14%) 同比分别+11.69%、+14.34%，利息净收入增长主要受规模扩张支撑，非息 证 (22%) 收入 ...

2024年04月02日 公 司点评 公 增持 / 下调 司 重庆啤酒(600132) 研 究 目标价: 69.00 昨收盘:64.47 四季度结构升级略有放缓，期待 2024 年“嘉速扬帆” 事件：重庆啤酒发布 2023 年年报，2023 年实现营收 148.15 亿元， ◼ 走势比较 同比+5.53%，归母净利润13.37亿元，同比+5.78%，扣非归母净利润13.14 亿元，同比+6.45%。2023Q4 实现营收 17.86 亿元，同比-3.76%，归母净 10% 利润-0.07亿元，去年同期为0.81亿元，扣非归母净利润为-0.13亿元， 太 平 (1( 84 %% ))3/4/32 41/6/32 52/8/32 5/11/32 61/1/42 82/3/42 去年同 主期 流为 价格0. 带73 销亿 量元 增。 速 较快，四季度结构升级略有放缓。2023 年公司 业绩稳定增长，符合前期业绩快报预期，2023Q4 业绩承压主要由于吨价 洋 (32%) 下滑。拆分量价来看，2023年公司销量/吨价分别为299.75万千升/4817.8 证 (46%) 元，同比+4.93%/+0.49%。2023Q4 ...

长虹美菱：2023Q4 业绩表现亮眼，洗衣机和海外业务收入持续高增 公司点评 | --- | --- | --- | --- | --- | |--------------------|---------|--------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 24,248 | 27,718 | 30,902 | 34,054 | | 营业收入增长率 (%) | 19.95% | 14.31% | 11.49% | 10.20% | | 归母净利（百万元） | 741 | 910 | 1,071 | 1,212 | | 净利润增长率 (%) | 203.04% | 22.79% | 17.67% | 13.18% | | 摊薄每股收益（元） | 0.72 | 0.88 | 1.04 | 1.18 | | 市盈率（PE） | 7.82 | 10.52 | 8.94 | 7.90 | 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 投资评级说明 1、行业评级 2、公司评级 太平洋研究院 请务必阅读正文之后 ...

2024 年 4 月 01 日 公司点评 买入/维持 黑猫股份(002068) 普通炭黑龙头地位稳固，导电剂打造第二成长曲线 | --- | --- | --- | --- | --- | |-------|-------------------------------------------------|----------|------------------------|------------------------------------------------------------------------------------------------------| | | | | | | | | ◼ 走势比较 | | | 事件：公司发布 2023 年年报，期内实现营业收入 94.51 亿元，同 | | | 20% | | | 比 -4.47% ，归母净利润 -2.43 亿元，同比 -2,806.85%；2023Q4 单季度 | | | (8%) 6% 23/4/3 23/6/14 23/8/25 23/11/5 | 24/1/16 | 24/3/28 | 实现营业收入 26.85 亿元，环比 ...