行 业 研 证券研究报告 究 ＃industryId＃ 化工 ＃title＃ 盈利底部标志明显，在建工程增速同比放缓 ＃inve推stSu荐ggest ion＃ ( 维＃持 ） ——基础化工行业 2023 年年报及 2024年一季报总结 investS 行 ugg esti ＃createTime1＃ 2024年 5月 14日 onChan 业 ge＃ 投资要点 投 ＃⚫ sum2m0a2r3y＃年 以来，基础化工产品价格回落，基础化工企业营收同比下滑，盈利能力同比大 幅下降。进入2023年以来，受供给增加、需求边际走弱、上游原料价格下跌等因素影 资 响，化工品价格整体震荡回落至底部区域：2023年全年CCPI均值4680，较2022年 策 ＃＃分e析rme 师laail：tAeu dtRhoerp＃o rt＃ 下降 12.9%。2023 年基础化工行业样本公司实现营业收入 23985.15 亿元，同比下降 7.29%，实现营业利润 1623.78 亿元，同比下降 47.70%，实现归属上市公司股东的净 略 张志扬 利润1272.12亿元，同比下降48.10%，行业整体净利率为5.30%，同比下降4.17pc ...

行 业 研 证券研究报告 究 ＃industryId＃ 社服&零售&美护 ＃title＃ “五一”假期海南离岛免税实现销售 5.47 亿元，池黄高铁开通在即 ＃inve推stSu荐ggest ion＃ ( 维持 ） ＃createTime1＃ 2024年 05月 14 日 投资要点 行 公司 评级 ＃⚫s umm本ary＃期 （2024.05.06-2024.05.10）观点：社服：五一假期旅游出行延续高景气， 业 中国中免 增持 地产政策持续放松强化市场对顺周期的信心，随着年报季报披露完毕和一 锦江酒店 增持 季度高基数后走弱基数效应，看好二季度行业修复机会。核心标的：锦江 周 首旅酒店 增持 酒店、米奥会展、中国中免，建议关注：丽江股份、三特索道、九华旅游。 报 科锐国际 增持 教育&人服：教育需求刚需、基本面稳健，政策边际转好，龙头公司采取 爱美客 增持 积极的降本增效措施，叠加 AI 应用逐步落地，以及受海外龙头业绩好转 珀莱雅 增持 影响，板块关注度提升；春节后商务活动活跃有望带动人服行业数据改善。 贝泰妮 增持 核心标的：行动教育、科锐国际，建议关注：学大教育、北京人力。黄金 锦波生物 增持 珠宝 ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company is a leader in the fintech sector with strong profitability and a dominant position in the securities service app market [4] - The company's SaaS platform, iFinD, is expected to grow significantly due to its cost-effectiveness and AI capabilities [4] - The company is a pioneer in AI+finance applications, with its HithinkGPT model positioning it for future growth in the smart investment advisory market [5] Financial Performance - The company reported revenues of 3.51 billion, 3.56 billion, and 3.56 billion yuan for 2021, 2022, and 2023, respectively, with slight year-over-year growth [4] - Gross margins remained high at 91.42%, 89.61%, and 89.09% for 2021, 2022, and 2023, respectively [4] - Net profit margins were 54.45%, 47.52%, and 39.35% for the same periods [4] Business Segments - The company's core business segments include value-added telecom services, software sales and maintenance, advertising, and internet promotion services [4] - Value-added telecom services accounted for 46.11%, 43.22%, and 42.89% of total revenue in 2021, 2022, and 2023, respectively [20] - Advertising and internet promotion services contributed 36.58%, 42.89%, and 38.13% of revenue during the same periods [20] AI and Fintech Applications - The company launched HithinkGPT, a financial dialogue model, which is expected to drive growth in AI+finance applications [5] - HithinkGPT supports five versions with parameters ranging from 7 billion to 130 billion, offering API integration and private deployment options [46] - The company's AI applications include smart investment advisory products for C-end users and smart investment research products for B-end users [5] Market Position and Competitive Advantage - The company has a strong market position with 623 million registered users and over 30 million monthly active users for its app [4] - The company's iFinD platform is expected to gain market share due to its high cost-performance ratio and AI capabilities [4] - The company's financial data terminal, iFinD, is priced competitively at 5,000-10,000 yuan per account, making it attractive in a cost-sensitive market [39] Growth Prospects - The company is expected to achieve net profits of 1.685 billion, 2.132 billion, and 2.371 billion yuan for 2024, 2025, and 2026, respectively, representing year-over-year growth of 20.2%, 26.5%, and 11.2% [5] - The company's growth is driven by its AI+finance applications, the expansion of its iFinD platform, and the potential of its fund distribution business [64] Industry Trends - The financial information software service market in China is expected to grow from 7.4 billion yuan in 2021 to 27.3 billion yuan in 2026, with a compound annual growth rate of 30% [60] - The institutional financial software service market is projected to grow from 3.9 billion yuan in 2021 to 6.1 billion yuan in 2026, with a compound annual growth rate of 9.5% [61]

| --- | --- | |--------------------|--------------------------------| | | | | 市场数据日期 | 2024-05-13 | | 收盘价（元） | 39.39 | | 总股本（百万股） | 171.20 | | 流通股本（百万股） | 169.67 | | 净资产（百万元） | 1511.31 | | 总资产（百万元） | | | 每股净资产 ( 元 ) | 1793.59 8.83 | | 来源： WIND | ，兴业证券经济与金融研究院整理 | 孙乾 投资要点 ＃summary＃ ⚫ 事件：2024 年一季度，公司实现营业总收入 1.38 亿元，同比增加 5.34%；实 现归母净利润 0.16 亿元，同比下降 26.78%；实现扣非净利润 0.12 亿元，同 比下降 28.34%。 ⚫ 信创持续推进，资管业务积极拓展。信创方面，2023 年公司中标某头部券商 第三代核心系统建设项目，目前持续推进过程中；完成东吴证券 A5 全面信 创化，并与 3 家战略合作客户签署 A5 升级合同；2024 年 5 月，海通证券 新一代 A5 场外交 ...

Investment Rating - The report gives the company a "Buy" rating, indicating an expected stock price increase of more than 15% relative to the relevant market index [69] Core Views - The company has successfully implemented a system reform, upgrading its products, channels, and supply chain, which has significantly enhanced its competitive advantages [89] - The company's revenue and profit have shown a growth trend, with a 20.22% year-on-year increase in revenue in 2023, reaching 3.499 billion yuan [100] - The company's frozen baked goods business accounts for 60% of its revenue, with a compound annual growth rate (CAGR) of 35.42% over the past six years, leading all product categories [104] Product Development - The company has a strong R&D capability, with a 4.2% R&D expense ratio in 2023, higher than its peers [26] - The company has a flexible R&D mechanism, with over 50 product groups focusing on detailed product categories, which has improved the quality and speed of product innovation [28] - The company has launched several successful products, including tart shells, donuts, and mochi, with some products achieving sales of over 100 million yuan [4] Channel Strategy - The company has optimized its dealer management system, increasing the average size of individual dealers from 460,000 yuan in 2017 to 780,000 yuan in 2019 [17] - The company has integrated its sales teams, improving efficiency and achieving a 10% increase in average salesperson productivity [21] - The company has successfully expanded its large B2B customer base, with Walmart contributing 27% of its revenue in 2023 [10] Supply Chain and Capacity - The company has established five major production bases nationwide, with a total planned capacity of 440,000 tons by 2027 [34] - The company has improved its supply chain efficiency through digital transformation, including the implementation of a supply chain management system and a cold chain logistics platform [24] - The company's logistics costs are higher than its peers, with a logistics expense ratio of 8.01% in 2023, compared to 3.15% for its competitor Anjoy Foods [63] Industry Overview - The company is a leader in the frozen baked goods industry, with a market share of 15.5% in 2021, ranking first in the industry [82] - The frozen baked goods market in China has been growing rapidly, with the company well-positioned to benefit from this trend [96] Financial Performance - The company's revenue is expected to grow to 4.097 billion yuan in 2024, with a year-on-year increase of 17.09% [68] - The company's net profit attributable to the parent company is expected to reach 287 million yuan in 2024, a year-on-year increase of 292.92% [68] - The company's gross margin is expected to improve, reaching 32.62% in 2024, up from 31.39% in 2023 [68]

Investment Rating - The report gives a "增持" (Overweight) rating to the company, indicating a positive outlook for its stock performance [4] Core Views - The company's revenue in 2023 was 13.42 billion yuan, a decrease of 4.33% year-over-year, with a net loss of 977 million yuan compared to a profit of 120 million yuan in the previous year [1] - In Q1 2024, the company's revenue showed recovery, increasing by 21.13% year-over-year to 2.663 billion yuan, with a net loss of 250 million yuan, an improvement from a loss of 305 million yuan in the same period last year [4] - The company's gross margin in 2023 was 21.62%, down by 3.60 percentage points year-over-year, while operating cash flow improved significantly to 437 million yuan from a negative 402 million yuan in 2022 [1] - The company's computing industry business generated 8.286 billion yuan in revenue in 2023, a decrease of 3.85% year-over-year, while its system equipment business revenue was 4.3 billion yuan, down by 5.07% [1] - Feiteng, a subsidiary, achieved revenue of over 1.9 billion yuan in 2023, an 18% year-over-year increase, with cumulative chip sales reaching 7.5 million units [2] Financial Projections - The company's revenue is projected to grow to 16.005 billion yuan in 2024, 18.973 billion yuan in 2025, and 22.465 billion yuan in 2026, with year-over-year growth rates of 19.3%, 18.5%, and 18.4% respectively [3] - Net profit attributable to shareholders is expected to turn positive in 2024 at 124 million yuan, increasing to 243 million yuan in 2025 and 419 million yuan in 2026 [3] - Gross margin is forecasted to improve to 23.0% in 2024, slightly declining to 22.8% in 2025 and 22.6% in 2026 [3] - ROE is projected to recover to 1.0% in 2024, 1.9% in 2025, and 3.1% in 2026, up from -7.7% in 2023 [3] Industry and Business Highlights - Feiteng, a key subsidiary, has developed over 1,400 new hardware solutions and adapted more than 20,000 software products, with a cumulative total of 47,000 software adaptations [2] - The company's computing and system equipment businesses, despite revenue declines in 2023, are expected to recover in 2024, supported by the growth of Feiteng and overall industry recovery [1][2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings for 2024-2026 [43]. Core Insights - In Q1 2024, the company achieved revenue of 350 million yuan, a year-on-year increase of 5.70% and a quarter-on-quarter increase of 9.64%. The net profit attributable to shareholders was 91 million yuan, up 8.75% year-on-year and 30.44% quarter-on-quarter [4][62]. - The company has completed several investment projects that support production capacity, leading to significant sales growth with the largest customer [62]. - The company reported a gross margin of 38.87% in Q1 2024, an increase of 1.65 percentage points year-on-year and 8.82 percentage points quarter-on-quarter [14][62]. Summary by Sections Financial Performance - For the full year 2023, the company reported revenue of 1.385 billion yuan, a year-on-year increase of 34.12%, and a net profit of 330 million yuan, up 29.64% [63][65]. - The basic earnings per share for 2023 was 0.84 yuan, reflecting a growth of 26.91% [63][65]. Product Performance - The revenue from casting high-temperature alloys reached 624 million yuan in 2023, a growth of 31.39%, accounting for 45.07% of total revenue [10][62]. - The revenue from deformation high-temperature alloys was 441 million yuan, a year-on-year increase of 38.10%, representing 31.83% of total revenue [31][62]. - Special stainless steel revenue decreased by 6.91% to 84 million yuan, while other alloy products saw a revenue increase of 44.96% to 183 million yuan [11][62]. Research and Development - As of the end of 2023, the company had 145 R&D personnel, an increase of 29.46% year-on-year, and had initiated 17 new product development projects in high-performance alloy materials [35][62]. - The company is also advancing in additive manufacturing, with 31 new product developments, of which 23 have completed process standardization [35][62]. Order Backlog - As of the end of 2023, the company had signed contracts with unfulfilled revenue obligations amounting to 603 million yuan, with 551 million yuan expected to be recognized in 2024 [50][62].

证券研究报告 ＃industryId＃ 火电 ＃investSuggestion＃ ＃ ＃d浙yCo能mpa电ny＃力 （ 600023 ） investSug 增持 ( 维ges持tionC）h 000 表009 内煤电业绩如期＃ 释titl 放e＃ ，关注 24Q2 弹性 ange＃ ＃createTime1＃ 2024年5月14 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：浙能电力发布2023年报及2024年一季报，2023全年公司实现营业收 日期 2024/5/13 入959.75亿元，同比+19.68%，归母净利润65.20亿元，同比扭亏为盈，扣 收盘价（元） 6.39 非归母净利61.60亿元，同比扭亏为盈。2024一季度实现营业收入200.24亿 总股本（百万股） 13,409 元，同比+13.45%，归母净利18.15亿元，同比+79.62%。结合公司经营数据， 流通股本（百万股） 13,409 我们点评如下： 净资产（百万元） 69,578  控股火电：2024Q1控股煤电成本端延续下行，业绩弹性仍有望释放。公司 总资产（百万元） 147,697 全年完成上网 ...

Investment Rating - The report maintains a recommendation for investment in the sector of Hong Kong-listed regional banks [1]. Core Insights - The analysis of 19 Hong Kong-listed regional banks indicates a decline in revenue and profit for 2023, primarily due to interest income pressure, with an overall ROE of 5.75%, which is lower than the industry average of 8.93% [2][7]. - Credit expansion has slowed down, with total assets growing by 7.7% and loans by 6.3%, indicating a mismatch between deposit and loan growth rates [11]. - The net interest margin has narrowed to 1.71%, influenced by both asset and liability sides, with significant differentiation among sample banks [16]. - Asset quality remains stable, with a slight improvement in the overall non-performing and attention loan ratios, although there are notable disparities among banks [2][11]. Summary by Sections 1. Profitability - Sample banks experienced a revenue and net profit decline of -4.4% and -4.5% year-on-year, respectively, with a significant number of banks showing an ROE below 5% [2][7]. - The average net interest income decreased by 4.1%, while non-interest income showed mixed results, with fee income dropping by 17.3% [7]. 2. Scale - Total assets of sample banks increased by 7.7%, while loans grew by 6.3%, indicating a slowdown in credit expansion compared to the industry average of 10.6% [11]. - The loan structure shows a ratio of approximately 80% corporate loans to 20% retail loans, consistent with industry trends [11]. 3. Net Interest Margin - The average net interest margin for sample banks is 1.71%, down by 19 basis points year-on-year, with variations among banks due to differing asset-liability structures [16]. - Some banks, like Qingdao Bank and Tianjin Bank, saw an increase in their net interest margins due to improved asset-liability management [16]. 4. Asset Quality - The average non-performing loan ratio for sample banks is 1.79%, with a slight year-on-year decrease, while the attention loan ratio improved to 3.10% [2][11]. - There are significant differences in asset quality among banks, with some experiencing substantial improvements in non-performing loan ratios, while others faced increases [2][11].

行 业 研 证券研究报告 究 建筑装饰 ＃titl ＃ 跟踪：一季报关注点及后续展望 REITs 推荐 ( 维持 ） 2024年 05月 14日 投资要点 行 相关报告  REITs 一季报总览：大多数 2022 年及之前发行的 REITs 2024 年 Q1 核心业 业 《【兴证建筑】REITs跟踪： 绩指标同比有所下滑，保租房板块经营相对稳健。2023下半年以来新发REITs 生态改善，优选高性价比》 跟 2024-03-12 业绩目标完成度整体较好。 踪 《【兴证建筑】REITs观点：  分板块一季报关注点及后续展望：1）产业园：业绩及经营指标压力犹在，防 报 短期磨底仍有可能，关注投资 集中到期及超预期风险为主；2）仓储物流：业绩表现仍稳健，但经营数据指 告 机制相关政策加码空间》2023- 向运营风险，防风险为主，区域优先；3）消费基础设施：实体消费逐步恢复， 12-13 业绩及经营表现较好，等待二级市场回调机遇。4）保租房：经营情况均保持 《【兴证建筑】REITs观点： 三季报整体修复中分化持续， 稳定态势，偏市场化保租房在竞争加剧环境下主动运管能力彰显。5）能源： 消费基础设施或释放REIT ...