行 业 研 证券研究报告 究 ＃industryId＃ 建筑材料 ＃title＃ 推＃ 荐 （维持） 玻纤价格稳步回暖，当前配置性价比高 investSuggest ion＃ ＃createTime1＃ 2024年 4月 28日 投资要点 重点公司 行 ⚫ ＃玻s纤um行mar业y＃有 望走出底部，当前配置性价比高。随着宏观经济好转，有望拉动玻 重点公司 评级 业 纤需求改善，对冲地产相关需求下行；供给上，前期玻纤企业亏损使得当前产 东方雨虹 增持 能投放节奏明显放缓，一季度计划点火产线低于预期，后续产能增量较为可控； 周 三棵树 增持 粗纱月内厂库削减明显下，部分厂库存已处低位水平，行业前期涨价逐步落实。 报 森鹰窗业 增持 整体上我们认为随着宏观经济复苏，玻纤行业需求有望改善，供给增量较为可 伟星新材 增持 控，玻纤价格和企业有望走出底部，目前配置的性价比高，重点推荐【中国巨 科顺股份 增持 石】【长海股份】【山东玻纤】。 坚朗五金 增持 兔宝宝 增持 ⚫ 重点推荐北新建材：并购嘉宝莉助力公司跃居涂料领先地位，股权激励锁定高 中国巨石 增持 增长。北新建材是我国石膏板行业的主导厂商，在石膏板领域的竞争优势 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and future potential [4][19]. Core Insights - The company reported a revenue of 2.267 billion yuan in 2023, a decrease of 8.39% year-on-year, with a net profit attributable to shareholders of 382 million yuan, down 5.08% year-on-year [4][23]. - The first quarter of 2024 saw a significant decline in revenue, dropping 81.69% year-on-year to 177 million yuan, primarily due to reduced sales scale in television dramas [4][23]. - The company is focusing on enhancing the quality of its content and expanding its intellectual property (IP) portfolio, with a strategic emphasis on AI integration to improve efficiency and reduce costs [4][25][27]. Financial Performance Summary - **Revenue and Profitability**: - 2023 revenue: 2.267 billion yuan, down 8.39% - 2023 net profit: 382 million yuan, down 5.08% - 2024E revenue forecast: 2.770 billion yuan, with a projected growth of 22.2% [4][23]. - **Profit Margins**: - Gross margin for 2023 was 28.50%, a decrease of 5.17 percentage points year-on-year [4][24]. - **Earnings Per Share (EPS)**: - Projected EPS for 2024: 0.25 yuan, with a PE ratio of 32.5 [4][16]. Content Strategy and Development - The company is enhancing its content strategy by focusing on high-quality productions and delaying the development of less promising projects [4][25]. - It has a robust pipeline with 8 projects in post-production or review, and plans to initiate 4 new series in the second quarter of 2024 [4][14]. - The company has expanded its international reach, distributing 150,000 hours of content across over 200 countries [4][15]. AI Integration and Innovation - The company has significantly increased its investment in AI, with a 70.84% rise in R&D spending, focusing on AI talent acquisition and project development [4][27]. - AI tools are being utilized to streamline script evaluation and translation processes, significantly reducing the time required for these tasks [4][27].

使用本研究报告的风险提示及法律声明 请务必阅读正文之后的信息披露和重要声明 - 5 - 证券研究报告 食品综合 分析师： 涪陵榨菜 （ 002507 ） 事件：公司公告 24Q1 季报，24Q1 公司实现营收/归母净利润/扣非归母净 利润 7.49/2.72/2.59 亿元，同比-1.53%/+3.93%/+6.29%。24Q1 基本 EPS 为 0.24 元。 公司调整继续，收入同比承压。24Q1 收入同比-1.53%，收现同比-1.84%， 与收入增速基本吻合，预收账款环比-41.59%，预计与公司架构调整下主 动控货有关，当前预计公司仍在进行大经销商的调研和规划，收入同比下 降与高基数有关，其中预计榨菜增长仍存压力，为支持经销商共克时艰， 相应公司加大了对客户的授信额度，应收账款同比+221.33%。23Q4+24Q1 收入同比-1.25%，基本符合预期。 收费用对冲毛利率压力，盈利能力同比改善。24Q1 归母净利率 36.29%， 同比+1.91pct，扣非归母净利率 34.57%，同比+2.54pct，拆分如下：1） 24Q1 毛利率为 52.11%，同比-4.17pct，23Q4+24Q1 毛利率 ...

司京评报 | --- | --- | |------------------------------|--------------------------------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-4-26 | | 收盘价（元） | 3.42 | | 总股本（百万股） | 6,694.62 | | 流通股本（百万股） | 6,694.62 | | 净资产（百万元） | 28,017.11 | | 总资产（百万元） | 90,391.65 | | 每股净资产（元） | 3.21 | | 来源： WIND | ，兴业证券经济与金融研究院整理 | zhulixian@xyzq.com.cn caiyi@xyzq.com.cn S0190518030002 朱理显 点评：减值影响短期业绩，一季度盈利持续修复。2023 年公司新投产燃煤机 组 198 万千瓦（京宁二期 3 号机组、京泰二期 3&4 机组），叠加利用小时数 同比+225h 至 4855h，公司完成火电上网电量 841.49 亿千瓦时，同比+15.30%。 受蒙西、山西等区域电价下行影响，公司平均交易电 ...

证券研究报告 ＃industryId＃ 调味品 ＃investSuggestion＃ ＃ ＃d海yCo天mpa味ny＃业 （ 603288 ） investSug 增持 ( 维ges持tionC）h 000009 23 年调整改革＃ ，title＃ 24 年目标稳健 ange＃ ＃createTime1＃ 2024年4月28 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃公司公告2023年报及24Q1季报，2023年实现营收/归母净利润/扣非归母净利润 245.59/56.27/53.95亿元，同比-4.10%/-9.21%/-9.57%。23Q4公司实现营收/归母净利润/扣 日期 2024-4-26 非归母净利润59.09/12.98/12.43亿元，同比-9.30%/-15.20%/-15.39%。24Q1公司实现营收/ 收盘价（元） 38.84 归母净利润/扣非归母净利润76.94/19.19/18.60亿元，同比+10.21%/+11.85%/+13.34%。 23Q4+24Q1收入同比+0.79%，归母净利润同比-0.90%，基本符合预期。 总股本（百万股） 5560.6 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported a revenue of 11.202 billion yuan in 2023, representing a year-on-year growth of 9.06%. The net profit attributable to shareholders was 1.733 billion yuan, up 10.20% year-on-year [2][4] - The company has a robust dividend policy, with a total dividend payout ratio of 54.48% for 2023, including a special dividend of 472 million yuan in January 2024 [2][4] - The company is implementing a stock option incentive plan for 2024, aiming to enhance employee motivation and align interests with shareholders [2][4] Financial Performance Summary - **Revenue Forecast**: Expected to grow from 12.343 billion yuan in 2024E to 14.962 billion yuan in 2026E, with a compound annual growth rate (CAGR) of approximately 10.2% [2][5] - **Net Profit Forecast**: Projected to increase from 1.922 billion yuan in 2024E to 2.365 billion yuan in 2026E, with a CAGR of around 10.3% [2][5] - **Earnings Per Share (EPS)**: Expected to rise from 2.03 yuan in 2024E to 2.49 yuan in 2026E, with corresponding price-to-earnings (PE) ratios decreasing from 11.1 to 9.0 [2][5] Business Segment Analysis - The company’s main products, including range hoods and gas stoves, showed stable growth, with revenue increases of 10.13% and 8.71% respectively in 2023. New product categories like dishwashers and integrated stoves also contributed positively [2][4] - The retail channel is expected to maintain steady growth, while the engineering channel faces pressure due to high base effects and policy impacts [2][4] Dividend and Shareholder Return Strategy - The company has outlined a shareholder return plan for 2024-2026, committing to a cash dividend ratio of no less than 50% each year [2][4] Incentive Plans - The stock option incentive plan aims to grant up to 5.75 million options, representing 0.61% of total shares, to middle management and key technical personnel [2][4]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported strong revenue and profit growth, with Q1 2024 revenue increasing by 15.32% year-on-year and net profit attributable to shareholders rising by 14.69% [8][12] - The net interest income grew by 5.6% year-on-year, with loans increasing by 12.5% year-on-year and 8.1% quarter-on-quarter [8][13] - The net interest margin decreased by 13 basis points to 1.60% compared to the previous quarter and decreased by 28 basis points year-on-year [2][9] - The asset quality remains stable, with a non-performing loan ratio holding steady at 0.97% [9][15] Financial Forecasts - The adjusted EPS for 2024 and 2025 is projected to be 0.99 yuan and 1.11 yuan respectively, with an estimated book value per share of 9.48 yuan by the end of 2024 [1][3] - Total assets are expected to grow to 225.97 billion yuan in 2024, with loans reaching 120.12 billion yuan [5] - The report anticipates a cost-to-income ratio of 30.5%, down 3.5 percentage points year-on-year, while credit costs are expected to rise to 1.19% [8][13] Capital Adequacy - As of the end of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 13.36%, 13.37%, and 14.56% respectively [3][10]

证券研究报告 ＃industryId＃ 休闲零食 ＃investSuggestion＃ | --- | --- | |----------------------------|-----------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-4-26 | | 收盘价（元） | 14.71 | | 总股本（百万股） | 401.00 | | 流通股本（百万股） | 401.00 | | 净资产（百万元） | 2,553.77 | | 总资产（百万元） | 4,833.03 | | 每股净资产（元） | 6.37 | ＃relatedReport＃ ＃分析师： emailAuthor＃ 林佳雯 linjiawen95@xyzq.com.cn S0190522070009 公 司 研 究 ＃ investSug gestionCh ange＃ 维持 ） 汪润 投资要点 ＃⚫summary 事件：＃公司公告 2023 年年报及 2024 年一季报，2023 年公司实现收入/归母净利润/扣非归母净利润 80.46/1.80/0.65 亿元，同比-14.76%/-46.26% ...

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 渝农商行（601077） 扩张放缓＃ ，titl业e＃ 绩筑底 ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） ——渝农商行 2024年一季报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 4月 29日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 ＃summary＃ ⚫ 利润降幅较大主要受信用减值拖累。2024Q1营收同比-2.9%，归母净利润 评 同比-10.8%。利润降幅较大主要由信用减值损失变动引起。收入方面，① 报 利息净收入同比-9.2%，其中贷款增速下行至4.7%，测算Q1单季度息差 告 较23Q4环比+3bp。②手续费净收入同比+0.2%，降幅收窄。③其他非息 ＃分em析a师ilA：ut hor＃ 收入同比+46.7%，主要是投资收益贡献。成本方面，2024Q1计提减值13 ＃陈a绍ss兴Au thor＃ ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [3][4]. Core Views - The company has shown strong growth in both production and sales, with significant capacity reserves ensuring future growth. In 2023, the company achieved a revenue of 25.978 billion yuan, a year-on-year increase of 18.61%, and a net profit attributable to shareholders of 3.091 billion yuan, a year-on-year increase of 132.12% [2][3]. - The company is expanding its production capacity with new facilities planned in Qingdao and Weifang, as well as overseas in Mexico and Indonesia, aiming for a total production capacity of 26 million all-steel radial tires and 103 million semi-steel radial tires [3][4]. Financial Summary - For 2023, the company reported a revenue of 25.978 billion yuan, with a year-on-year growth of 18.6% and a net profit of 3.091 billion yuan, reflecting a 132.1% increase [2]. - The projected revenues for 2024, 2025, and 2026 are 29.854 billion yuan, 35.621 billion yuan, and 40.993 billion yuan respectively, with expected growth rates of 14.9%, 19.3%, and 15.1% [2]. - The company's gross margin is projected to be 27.1% in 2024, decreasing to 25.7% by 2026, while the return on equity (ROE) is expected to remain strong at around 21.1% in 2024 [2][3].