Core Viewpoints - The report introduces the concept of "15+3" assets, defined as assets with a growth rate of around 15% and a dividend yield of around 3%, which are considered the core assets of the new era [2][5] - The "15+3" assets have shown strong performance in 2024, with a median return of 27.6% from January to April, significantly outperforming other categories [25][36] - The report emphasizes that "15+3" assets are a balanced solution in the current market environment, offering both growth and stability, and are expected to perform well in the context of economic recovery and market rebalancing [14][48] Characteristics of "15+3" Assets - **High Growth with Stability**: In the era of high-quality development, a 15% growth rate is considered exceptional, as only about 20% of listed companies have a five-year compound growth rate exceeding three times the nominal GDP growth rate [29][63] - **High Dividend Yield with Elasticity**: The median dividend payout ratio for all A-shares in 2023 was 30.37%, a significant increase from 20.96% in 2022, indicating that high dividend yields are becoming more common and are expected to expand further [9][10] - **Combination of Growth and Dividends**: The report argues that growth and dividends are not mutually exclusive, citing the example of the S&P 500, where even high-growth sectors like information technology have maintained high dividend and buyback yields [15][16] - **Industry-Neutral**: The "15+3" assets are not concentrated in specific industries, making them a style-based investment choice rather than an industry-specific one [57][73] Screening Criteria for "15+3" Assets - The screening criteria for "15+3" assets include: 1) being a constituent of the CSI 800 index with a market capitalization of at least 30 billion yuan; 2) expected net profit growth of no less than 10% for 2024Q1, 2024E, and 2025E; and 3) a dividend yield of no less than 2.5% based on the 2023 annual report [25][75] Market Performance and Trends - In 2024, the "15+3" assets have outperformed other categories, particularly in the 10%-15% growth rate range, which aligns with the "15+3" characteristics [36] - The report highlights that the market is shifting from a barbell strategy (focusing on high-dividend and high-growth stocks) to a more balanced approach, with "15+3" assets representing the "waist assets" that are expected to benefit from this rebalancing [14][48] Comparison with US Market - The report draws parallels with the US market, where high-growth sectors like information technology have maintained high dividend and buyback yields, suggesting that growth and dividends can coexist [15][16] - Over the past decade, the S&P 500 has had a combined dividend and buyback yield of 4.4%, with the information technology sector achieving a yield of 5.1%, further supporting the argument that growth and dividends are not mutually exclusive [16][73]

S发言本次电话会议仅服于星业证券客户会议音频及文字记录的内容版权为星业证券所有内容必须经星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星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商业证券不保证其发言内容的准确性与完整性 商业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下午好欢迎参加新增海外组织的美股消费交易与预计报系列解读系列二雅士兰代我是今天的主持人宋静茹 那么今天我们也是对亚斯兰代进行一个预报的总结也听我们的同事雅文进行一个分享有请好的各位投资人下午好那首先是亚斯兰代一季度也就是它的二次财年三季度的一个总体的情况主要是利润端是比较超预期的但是它是调降了全年的一个收入值 首先是这个具体来看它的一个情况二十凯尼三季度公司的收入是同比增长了6%也是高出了公司之前给出的预期上限那公司目前来说就是有看到亚洲旅游零售渠道的一个进展而且这些零售主要是比如说海南的这些零售商他们的库存有所减少那这个销售额也是有相应的一个恢复 那这个是收 ...

Summary of the Conference Call Company and Industry Overview - The conference call discusses the financial performance and outlook of **泰晶科技 (Taijing Technology)** for the year 2023 and the first quarter of 2024, within the context of the broader **semiconductor industry**. [1][3] Key Financial Metrics - **2023 Revenue**: 793 million (CNY), with a **net profit** of 101 million (CNY) and a **gross margin** of 26%. [5] - **2024 Q1 Revenue**: 182 million (CNY), with a **net profit** of 30.5 million (CNY), representing a **59.5% year-on-year growth**. [10] - **Gross Margin in Q1 2024**: Increased by **9% year-on-year**. [10] - **Cash Flow**: Operating cash flow for 2023 was 243 million (CNY), with a net cash flow ratio of 1.8 to 2.6. [12] Product Performance - **Product Sales Growth**: - Sales of **游园 products** (TC and SO) increased by **150% year-on-year**. [6] - **RTC modules** also contributed to revenue growth. [6] - **Meat and beverage products** saw a **100% increase** in sales. [6] - **Inventory Management**: Inventory turnover improved by **22.9%**, with a reasonable inventory level maintained. [9] Strategic Developments - **Investment in Infrastructure**: The company invested 57.88 million (CNY) in core projects, including the expansion of two factories for **CSO** and independent automotive production lines. [7] - **Cost Control**: Overall expenses decreased by **4.29%** year-on-year, with a focus on maintaining a cost rate around **12%**. [8] Market Trends and Outlook - The company anticipates a **structural upgrade** in market demand, focusing on smaller sizes and higher frequency products. [14] - **Key Growth Areas**: - The **automotive sector** is expected to see significant growth, with a focus on high-end product development. [16] - The **AI market** is also highlighted as a potential growth area, with increased demand for high-frequency products. [37] - **Client Base Expansion**: The company is expanding its client base, particularly among high-quality customers, which is expected to drive revenue growth. [11] Challenges and Competitive Landscape - The company faces challenges from global economic pressures and competition in pricing, particularly in the **low-frequency product segment**. [41] - **Pricing Strategy**: The company plans to maintain competitive pricing while managing costs effectively to capture market share. [41][42] Conclusion - Overall, 泰晶科技 is navigating a challenging economic environment while focusing on strategic growth areas, cost control, and expanding its product offerings to meet evolving market demands. The outlook for 2024 appears positive, with expectations of continued revenue growth and market share expansion. [14][62]

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 ...