本次电话会议仅服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障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 各位投资人大家下午好欢迎参加新疆海外消费组织的美股消费交易预计报系列解读系列一时单几百多我们今天也是会开启预计报系列的消费和交易公司的解读今天是美股的电动工具龙头时单几百多的一个业绩也请到我们的同事陈雅文来为大家做一个具体的分享陈雅文 好的各位投资人下午好我要汇报一下史丹利·百德2024年一季度的一个业绩情况那一季度的业绩总结来说收入端是比较符合预期的那淨利润是略不及预期全年的这个指引公司是维持不变具体来看一季度公司收入38.7亿美元同比下降2%是比较符合彭博一直预期的38.3亿美元 那这个整体的收入是主要是受益于德伟的这个品牌的一个增长但是目前来看到还是这个consumer ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 医药商业 ＃investSuggestion＃ ＃ ＃dy九Com州pan通y＃ （600998.SH） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 新战略进展顺利，总代总销打造第二增长曲线 ange＃ ＃createTime1＃ 2024 年05 月06 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  近日，公司发布2023年年报。2023年，公司实现营业收入1,501.40亿元， 日期 2024.04.30 较上年同期增长6.92%；实现归母净利润21.74亿元，较上年同期增长4.27%， 收盘价（元） 8.21 实现扣非归母净利润19.60亿元，较上年同期增长13.06%，扣非归母净利润 总股本（亿股） 39.09 的增长快于营业收入的增长；经营活动产生的现金流量净额为47.48亿元， 流通股本（亿股） 39.09 较上年同期增长19.10%，公司经营性现金流量持续改善，经营质量显著提升。 净资产（亿元） 245.58 总资产（亿元） 972.41  近日，公司发布2024 ...

| --- | --- | |--------------------|--------------------------------------| | | | | ＃市场 数 据 日期 | 2024-4-30 | | 收盘价（元） | 72.66 | | 总股本（百万股） | | | | 187.85 | | 流通股本（百万股） | 187.85 | | 净资产（百万元） | 3721.33 | | 总资产（百万元） | 4377.43 | | 每股净资产（元） | 19.81 ，兴业证券经济与金融研究院整理 | 公 司 研 究 | --- | |--------------------------| | | | | | | | | | 黄翰漾 | | huanghanyang@xyzq.com.cn | | S0190519020002 | 投资要点 ＃summary＃ 2023 年，公司实现营业收入 24.11 亿元(yoy+21.78%)；实现归母净利润 4.86 亿元(yoy+46.99%)；实现扣非归母净利润 4.63 亿元(yoy+54.67%)；实现经营 现金流净额 5.46 亿元(yoy+ ...

行 业 研 证券研究报告 究 ＃industryId＃ 锂电 ＃title＃ 锂电 2024Q1 基金持仓增加，关注后续需求修复机遇 ＃inves推tSug荐gesti on＃ ( 维＃持 ） investS ugg esti ＃createTime1＃ 2024年 5 月 4日 onChan 投资要点 行 ＃ 相关rel 报ate 告dR eport＃ ge＃ ＃summary＃ ⚫ 前言：我们基于10530支基金的2024Q1重仓股票数据进行了定量分析，包含 业 《【兴证电新】锂电池行业 股票型、债券型、混合型和货币市场型基金等。根据申万二级行业分类来看， 2023Q3 基金持仓分析：基金锂 跟 申万锂电行业共计 48 家上市公司进入重仓持股名单。截至 2024 年 3 月 31 电池持仓环比下降，筹码逐步出 踪 清》2023-11-10 日，申万二级锂电行业公司市值合计为 19142.94 亿元，环比 2023Q4 下降 报 2.87%，A股总市值为880727.39亿元，环比2023Q4上升0.47%。2024年年初 以来，行业整体供大于求格局尚未反转，板块的盈利能力仍处于底部，因此锂 告 电板块市值 ...

Investment Rating - The report maintains a positive investment rating for the public utility and environmental protection sectors [1]. Core Insights - The public utility sector experienced significant growth in thermal power performance, with hydropower results exceeding expectations in Q1 2024. The total revenue for the public utility sector in 2023 reached 22,752 billion yuan, a year-on-year increase of 3.3%, with a net profit of 1,556 billion yuan, up 60.2% year-on-year [1][5]. - In Q1 2024, the public utility sector generated a total revenue of 5,635 billion yuan, reflecting a 0.9% year-on-year increase, and a net profit of 511 billion yuan, which is a 21.7% increase year-on-year. The profit improvement was primarily driven by the thermal power sector, which saw a net profit increase of 89.6% year-on-year [1][5]. Summary by Sections 1. Public Utility Sector Performance - In 2023, the thermal power sector turned profitable, contributing significantly to the overall net profit, with thermal power, hydropower, green power, nuclear power, and gas sectors reporting net profits of 418 billion, 486 billion, 286 billion, 210 billion, and 158 billion yuan respectively [1][5]. - For Q1 2024, the net profits for the thermal power, hydropower, green power, nuclear power, and gas sectors were 212 billion, 91 billion, 97 billion, 67 billion, and 46 billion yuan respectively, with thermal power showing a remarkable year-on-year increase of 89.6% [1][5]. 2. Environmental Protection Sector Performance - The environmental protection sector maintained stable performance in 2023, with total revenue of 2,917 billion yuan, a year-on-year increase of 4.0%. The net profit was 163 billion yuan, up 0.7% year-on-year, with solid waste and water sectors showing robust growth [1][5]. - In Q1 2024, the environmental protection sector achieved a total revenue of 842 billion yuan, a year-on-year increase of 4.6%, while the net profit was 80 billion yuan, down 14.1% year-on-year [1][5]. 3. Public Fund Allocation - Public funds in the public utility and environmental protection sectors had a heavy allocation, with a weight of 2.57%, reflecting a quarter-on-quarter increase of 0.69 percentage points. The top five stocks in this sector included Changjiang Electric Power, China Nuclear Power, Huadian International, Guanghui Energy, and Guotou Power [1][5].

Investment Rating - The report assigns an "Add" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company reported a revenue of 1.311 billion yuan in 2023, a year-on-year decrease of 21.52%, and a net profit attributable to shareholders of -305 million yuan, indicating a shift from profit to loss [5]. - In Q1 2024, the company achieved a revenue of 362 million yuan, down 23.04% year-on-year but up 16.89% quarter-on-quarter, with a net profit of -150 million yuan [5]. - The company is experiencing pressure on revenue and gross profit due to intensified market competition and downstream demand, but a gradual recovery is expected as demand and inventory improve [5][6]. - The company maintains a strong commitment to R&D, with R&D expenses reaching 522 million yuan in 2023, a 29.17% increase year-on-year, and a R&D expense ratio of 39.79% [5]. - The company is expanding its product offerings in isolation products, sensors, signal chains, and power management, with non-isolation products accounting for 39% of revenue in 2023 [5][6]. Financial Summary - The company forecasts revenues of 1.816 billion, 2.385 billion, and 3.094 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 38.5%, 31.4%, and 29.7% [7]. - The net profit attributable to shareholders is projected to be -162 million yuan in 2024, turning positive in 2025 with a profit of 78 million yuan, and reaching 265 million yuan in 2026 [7]. - The gross margin is expected to recover gradually, with estimates of 37.4%, 40.2%, and 41.0% for 2024, 2025, and 2026, respectively [8].

公 司 研 证券研究报告 究 ＃industryId＃ 传媒 ＃ ＃d 昆yCo 仑mp 万any＃维 （ 300418.SZ ） investSug 增持 ( 维ges持tion C）h 000009 ＃title＃ ange＃ Opera 上调业绩指引，天工 3.0 及 SkyMusic 发布 2024 年 05月 03日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 昆仑万维发布 2023年报及2024年一季报。2023 年，公司实现营 司 业收入 49.15 亿元，同比增长3.78%；归母净利润12.58 亿元，同比增长 日期 2024-4-30 9.15%；扣非后归母净利润6.60亿元，同比下降42.86%。2023年第四季 点 收盘价（元） 39.98 度，公司实现营业收入12.34亿元，同比下降7.73%；归母净利润9.30亿 元，同比增长154.02%；扣非归母净利润3.85亿元，同比增长37.84%。 评 总股本（百万股） 1215.01 2024年第一季度，公司实现营业收入12.08亿元，同比下降0.79%；归母 报 流通股本（百万股） 1106.37 净 ...

司 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 铝 风险提示：下游需求大幅下滑、原材料与能源成本大幅波动、项目投产不及 预期等。 请务必阅读正文之后的信息披露和重要声明 - 2 - 公司点评报告(带市场行情) | --- | --- | --- | --- | |-------|------------------------------------------|-------------------------------------------|------------------------------------------| | 上 | 兴业证券研究 \n海 | 北 京 | 深 圳 | | | 地址：上海浦东新区长柳路36号兴业证券大厦 | 地址：北京市朝阳区建国门大街甲6号SK大厦32 | 地址：深圳市福田区皇岗路5001号深业上城T2 | | | | | | | 15层 | | 层01-08单元 | 座52楼 | | | 邮编：200135 | 邮编：100020 | 邮编：518035 | | | 邮箱：research@xyzq.com.cn | 邮箱：research@ ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 商贸零售 ＃investSuggestion＃ ＃ ＃d 小yCo 商mpa 品ny＃城 （ 600415 ） investSug 增持 ( 维ges持tion C）h ＃ 600t 4i 1t 5le ＃ 2023年报暨 2024一季报点评：业绩快速增长，新业务多方发展 ange＃ ＃ createTime1＃ 2024年 05月 06日 投资要点 公 ＃市场ma数rk据et Data＃ ＃  sum 事m 件ary ：＃ 公 司2023年实现营收113.00亿元，同比+48.30%;归母净利润26.76亿元，同比+142.25%; 司 市场数据日期 2024-04-29 扣非后归母净利润24.69亿元，同比+39.86%。公司24Q1实现营收26.81亿元，同比+26.42%; 点 收盘价（元） 8.75 归母净利润7.13亿元，同比-41.66%;扣非后归母净利润6.91亿元，同比-36.03%。 评 总股本（百万股） 5484.33  23 年业绩快速增长，线上线下市场进一步扩容。2023年营收同比增加 48.30%， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][8]. Core Insights - The company achieved a revenue of 2.569 billion yuan in Q1 2024, representing a year-on-year increase of 29.93%. The net profit attributable to shareholders reached 62 million yuan, up 203.18% year-on-year, while the net profit excluding non-recurring items was 47 million yuan, a significant increase of 748.12% year-on-year [7]. - The charging segment showed resilience during the off-peak season, with charging business revenue growing year-on-year. The company added 18,100 public DC charging piles in Q1 2024, a 7.8% increase year-on-year. The charging volume reached 2.85 billion kWh, up 53.7% year-on-year, with a monthly average utilization rate of 7.06%, reflecting strong demand in the charging industry [7]. - The box transformer business continues to thrive, focusing on new energy applications across various sectors. The company has secured contracts exceeding 10 billion yuan in 2023, with a year-on-year growth rate of over 50% in new energy box transformers [7]. - The company announced a stock incentive plan for 2024, granting 1.4 million restricted shares, which represents 0.13% of the company's total shares, aimed at boosting confidence in the box transformer business [7]. Financial Summary - The company forecasts revenues of 14.602 billion yuan, 19.554 billion yuan, 25.466 billion yuan, and 32.408 billion yuan for 2023, 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 25.6%, 33.9%, 30.2%, and 27.3% [9]. - The net profit attributable to shareholders is projected to be 491 million yuan, 704 million yuan, 955 million yuan, and 1.345 billion yuan for the same years, with year-on-year growth rates of 80.4%, 43.4%, 35.6%, and 40.9% respectively [9]. - The gross margin is expected to be 23.4% in 2023, decreasing to 20.8% by 2026, while the return on equity (ROE) is projected to increase from 7.3% in 2023 to 14.1% in 2026 [9].