＃assAuthor＃ | --- | --- | |---------------------------|------------| | | | | ＃市场数据 市场数据日期 | 2024-05-13 | | 收盘价（元） | 52.24 | | 总股本（百万股） | 217.39 | | 流通股本（百万股） | 88.81 | | 净资产（百万元） | 5,454.07 | | 总资产（百万元） | 7,980.85 | | 每股净资产 ( 元 ) | 25.09 | 杨志芳 王帅 证券研究报告 ＃industryId＃ 电气设备 ＃investSuggestion＃ ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | --- | --- | --- | |---------------------------------------|---------|-----------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收 ...

Investment Rating - The report assigns a rating of "Increase Holding" for the company [1] Core Views - The company, First Entrepreneurship, reported a revenue of 2.489 billion and a net profit of 331 million for 2023, reflecting a year-on-year decrease of 4.7% and 17.5% respectively. In Q1 2024, the revenue and net profit were 673 million and 143 million, showing a year-on-year change of -2.7% and +1.6% [1] - The company's weighted average ROE decreased by 0.51 percentage points to 2.3% in 2023, while Q1 2024 remained stable year-on-year. The operating leverage for Q1 2024, excluding client funds, was 2.36 times, down 9.3% from the beginning of 2023 [1] - The performance of the company's capital business is crucial, with a rigid cost structure. In 2023, the company achieved fee income of 1.525 billion, down 14.1%, while income from capital market recovery increased by 32.3% to 831 million. In Q1 2024, the company reported fee and capital income of 381 million and 271 million, down 0.9% and 4.8% year-on-year [1] - The brokerage business showed resilience, while asset management business stood out. In 2023, net income from brokerage, investment banking, and asset management was 351 million, 190 million, and 905 million, down 8.6%, 31.8%, and 12.1% respectively. In Q1 2024, these figures were 84 million, 65 million, and 226 million, with year-on-year changes of -4.8%, +41.6%, and -1.8% [1] - Interest income declined, with bond assets being the main allocation direction. In 2023, net interest income and investment income were 79 million and 753 million, down 62.3% and up 79.3% year-on-year. As of March 2024, the amount of funds lent increased by 11% to 6.8 billion compared to the beginning of 2023 [1] - The company is viewed as a distinctive small and medium-sized brokerage, with expectations for it to leverage its unique advantages to realize profits. The forecasted net profit for 2024 and 2025 is 341 million and 407 million, representing year-on-year growth of 3.0% and 19.5% respectively. The closing price on May 10, 2024, corresponds to PB ratios of 1.58 and 1.54 [1] Summary by Sections - **Revenue and Profit Forecasts**: The company is projected to achieve revenues of 2.432 billion in 2024 and 2.833 billion in 2025, with net profits of 341 million and 407 million respectively [2] - **Income Breakdown**: The net income from fees and commissions is expected to decline to 1.467 billion in 2024, while asset management income is projected to increase to 990 million [2] - **Expense Management**: Operating expenses are forecasted to be 2.081 billion in 2024, with management expenses slightly decreasing to 2.048 billion [2]

行 业 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃title＃ 新技术进展不断，继续关注创新主线 推＃荐 （维＃ 持） 医药行业周报（2024.05.06-2024.05.10） investSuggestionChange i nvestS ＃ug gestion ＃ ＃createTime1＃ 2024年 05月 14日 行 重点公司 投资要点 业 ＃⚫s um 0m 5ar月y＃0 6日-05月10日医药生物板块跑赢沪深300指数，医药生物板块全 重点公司 评级 周 周上涨2.69%，沪深300指数全周上涨1.72%。 报 恒瑞医药 买入 ⚫ 当前，随着技术发展、政策支持、资本加持，合成生物学赛道备受关 百济神州 增持 注。从市场规模来看，据《Synthetic Biology Global Market Report 2022》 科伦药业 增持 数据，2021 年合成生物学全球市场规模已达 100.7 亿美元，预计到 2026 康诺亚-B 买入 年全球合成生物学市场可达 336.3 亿美元，2021-2026 年的复合年增长率 爱尔眼科 买入 可达 27.27%。底层技术发展带动合成 ...

行 业 研 证券研究报告 究 ＃industryId＃ 电气设备 ＃title＃ 锂电资本开支降速，关注后续盈利拐点 ＃ ——电力设备与新能源行业周报 ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 05月 13日 onChan ge＃ 行 重点公司 行业策略 业 电力设备 推荐配网、出口、特高压三条主线，重视电力设备估值体系提升 重点公司 评级 风电 江苏、广东海风审批进度有望推进，板块整体估值中枢低位，推荐塔筒+海缆组合 周 宁德时代 买入 氢能 政策边际持续改善，海外规划愿景宏大，推荐绿氢产业链，重点关注氢电解槽 报 光伏 Q1逆变器业绩表现坚挺，部分辅材环节龙头优势凸显，推荐逆变器及辅材龙头。 东方电缆 买入 新能源车 推荐锂电池龙头，关注后续锂电产业链供需关系潜在改善机遇 许继电气 增持 资料来源：兴业证券经济与金融研究院 阳光电源 增持 推荐标的 电力设备 许继电气、平高电气、明阳电气、思源电气、望变电气 特锐德 增持 风电 东方电缆、天顺风能、泰胜风能、海力风电 来源：兴业证券经济与金融研究院 氢能 科威尔 ＃r ...

行 业 研 证券研究报告 究 ＃industryId＃ 化工 ＃title＃ 涤纶长丝供给端扰动持续有望带动价差修复， 海外颜料巨头申请破产 ＃ ＃＃iinnvvee推推ssttSSuu荐荐ggggeesstt iioonn＃＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 5月 13日 onChan 重点公司 ge＃ 投资要点 行 重点公司 评级 ＃ ⚫s um 本ma 周ry＃ 观 点：4 月底政治局会议乐观表述，五一期间美国 PMI、就业等数据不 业 万华化学 买入 及预期，宏观乐观情绪、美联储降息预期增加带动风偏提升。CPI 持续回 华鲁恒升 买入 暖，龙头白马长期价值依然值得关注；短期景气投资视角，重点关注长丝行 周 扬农化工 买入 业的供给收缩、维生素厂商提价预期、颜料海外产能退出中长期机会。 报 中国巨石 增持 ⚫ 装置改造及企业降负有望助力涤纶长丝产品价差修复。 联化科技 增持 装置停车叠加大厂降负有望助力短期价差改善，供给端中长期增速趋缓预期 华峰化学 增持 金禾实业 买入 强化。据百川资讯，荣盛因锅炉改造，部分装置于2024年5月4日进行停车 新和 ...

Investment Rating - The report maintains a recommendation for the home appliance industry, highlighting it as a quality asset with strong financial characteristics [1]. Core Insights - The home appliance industry exhibits characteristics of a cash cow, with a CAPEX to operating cash flow ratio of 25.5% for 2022-2023, ranking 4th among 31 primary industries [5][6]. - The industry has a high return on equity (ROE) average of 16.3% for 2022-2023, placing it 3rd among the 31 primary industries [14][15]. - The cash dividend rate is moderate, but the low valuation results in a high dividend yield of 3.5%, ranking 5th among the 31 primary industries [18][19]. Summary by Sections 1. Cash Cow Characteristics of the Home Appliance Industry - The CAPEX to operating cash flow ratio indicates a low capital expenditure proportion, reflecting the cash cow nature of the industry, with a ranking of 4th among 31 primary industries [5][6]. - The price-to-book (PB) ratio for the home appliance industry averages 2.5 for 2022-2023, ranking 21st among all industries and 4th among nine major consumer sectors, indicating a lighter asset model [8][9]. - The net cash to total market value ratio averages 13.4%, ranking 4th among 31 primary industries, showcasing the industry's strong cash asset characteristics [10][12]. 2. High ROE and Dividend Yield in the Home Appliance Industry - The average ROE of 16.3% for 2022-2023 ranks 3rd among the 31 primary industries, with a stable and balanced structure [14][15]. - The cash dividend rate is ranked 13th among the 31 primary industries, while the dividend yield is high due to low valuations, averaging 3.5% [18][19]. 3. Investment Recommendations - The report suggests long-term investment in the home appliance industry due to its dual attributes of cash assets and high returns, with short-term benefits expected from overseas replenishment demand and domestic upgrade policies [21]. - Recommended stocks include Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric for their high dividend and strong performance certainty [21].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Insights - In Q1 2024, the company achieved total revenue of 294 million yuan, a year-on-year decrease of 13.17%. The net profit attributable to shareholders was 17 million yuan, down 70.74% year-on-year, while the net profit excluding non-recurring items was 16 million yuan, a decline of 71.42% [4]. - The financial information business was impacted by a delayed marketing schedule, while the securities business saw significant growth. Commission income from securities reached 39.99 million yuan, an increase of 178.61% year-on-year, and net interest income was 12.69 million yuan, up 132.87% [4]. - The company's expense ratio increased year-on-year, with share-based payment expenses rising due to equity incentives implemented in 2022 and 2023. The gross margin was 90.19%, a decrease of 0.73 percentage points [4]. - The government is encouraging securities firms to strengthen and optimize their operations. The company acquired a 34.21% stake in Pioneer Fund for 110 million yuan, potentially becoming the largest shareholder [4]. Financial Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 199 million, 408 million, and 586 million yuan, respectively, with a maintained "Accumulate" rating [5]. - Key financial metrics for 2024E include total revenue of 1.279 billion yuan, a year-on-year growth of 14.9%, and a net profit of 199 million yuan, reflecting a growth of 174.0% [6]. - The gross margin is expected to be 90.9% in 2024, with a return on equity (ROE) of 9.5% [6].

＃ investSug gestionCh ange＃ 维持 ） 证券研究报告 ＃industryId＃ IT 服务 ＃investSuggestion＃ 公 司 点 评 报 告 ＃相关报告 relatedReport＃ 《【兴证计算机】金证股份：证 券 IT 稳健增长，发力信创与 AI》2023-09-28 《【兴证计算机】金证股份：金 融业务稳健增长，积极拥抱 AI 应用》2023-05-05 《【兴证计算机】金证股份 202 三季报点评：业绩稳健增长， 金融 IT 业务发展良好》2021- 11-09 杨海盟 ＃dyCompany＃ 金证股份 （ 600446 ） 600446 ＃title＃ Q4 利润高增，毛利率同比提升 ＃createTime1＃ 2024 年 05 月 13 日 ⚫ 证券及银行 IT 稳健增长，资管 IT 略有下降。金融业务收入 24.55 亿元，同 比增长 5.61%。其中，证券经纪软件业务 7.35 亿元，同比增长 11.38%；资 管机构软件业务收入 2.21 亿元，同比下降 5.02%；银行软件业务收入 5.50 亿元，同比增长 8.11%。非金融业务收入 37.61 亿 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 光伏电池组件 ＃investSuggestion＃ ＃ ＃d 天yCo 合mp 光any＃能 （ 688599 ） investSug 买入 ( 维ges持tion ）Ch 68859 Q9 1 业 绩表现坚 挺＃ ，titl 长e＃ 期布 局光储协同 ange＃ ＃ createTime1＃ 2024年 05月 13 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年年报及2024年一季报，2023年全年实现营业总收入 司 市场数据日期 2024-05-13 1133.9亿元，同比+33.3%，实现归母净利润55.31亿元，同比+50.3%，实现 点 收盘价（元） 21.39 扣非归母净利润57.55亿元，同比+66.0%。其中，2023年Q4单季度实现营 评 总股本（百万股） 2179.36 业总收入322.7亿元，同比+20.2%，实现归母净利润4.54亿元，实现扣非归 报 流通股本（百万股） 2179.36 母净利润6.35亿元，2024年Q1单季度实现营业总收入 ...

本次电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 深夜证券不保证其发言内容的准确性与完整性深夜证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 中间的各位投资者朋友各位领导大家上午好非常感谢大家参加我们本周的新业证券计算体研究团队组织的智能驾驶系列的线上沙龙活动那么本场交流我们很荣幸邀请到了世卫图星的证券部总经理韩总在线上跟大家进行 分享和互动交流四维图形是我国在地图领域布局很早那么产品非常成熟而且业务落地非常全面的这么一个龙头公司最近大家对智能驾驶围绕着地图相关的那么因为智能驾驶 这个放开之后那么其实地图非常重要所以围绕地图这一块非常的关注所以今天我们组织的本次交流希望对大家能有一些帮助好下面的话我们就先有请韩总给大家做一个关于公司业务近况的分享那么后面的话我们再进行互动本场交流 由我和我们团队的孙浅陈欣三个主持 ...