报告正文 ⚫ 钢价阶段性承压，收入同比有所下滑：2024Q1 钢价同比下滑，同时需求端阶 段性受到华东不利天气影响，公司 2024Q1 新签订单同比小幅下滑 3.3%至 69.65 亿元，收入同比减少 11.77%至 44.27 亿元。伴随产能爬坡，公司 Q1 钢 结构产量同比增长 0.09%至 91.79 万吨。 ⚫ 盈利预测及评级：维持盈利预测。预计2024-2026年，公司EPS为1.93/2.16/2.42 元，对应 4 月 26 日收盘价 9.6/8.5/7.6x PE。维持"增持"评级。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|-------|-------------------------|-------|-----------------------|--------------------|--------|-------------------------|--------|- ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 涂料 ＃investSuggestion＃ ＃ ＃dyC 三om 棵pan 树y＃ （ 603737 ） investSug 增持 ( 维ges持tion ）Ch 603737 营 收稳健增 长＃ ，title＃ 减 值拖 累业绩 ange＃ ＃ createTime1＃ 2024年 04月 27日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫s um 公ma 司ry＃ 发 布2023年年报：实现营业收入124.76亿元，同比+10.03%；实现 司 市场数据日期 2024-04-26 归母净利润+1.74 亿元，同比-47.33%，主要系费用增加和资产、信用减 点 收盘价（元） 32.87 值损失增加；其中，Q4实现营业收入30.65亿元，同比-9.62%；实现归 评 总股本（百万股） 527.01 母净利润-3.81亿元。公司披露2024年一季报：实现营收20.66亿元， 同比+0.62%，实现归母净利润 0.47 亿元，同比+78.20%；扣非后归母净 报 流通股本（百万股） 527.01 利润-0.77亿元。 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 公用事业 ＃investSuggestion＃ ＃ ＃d华yCo能mpa水ny＃电 （ 600025 ） investSug 买入 ( 维ges持tionC）h 000009 ＃title＃ ange＃ 2023 年财务费用同比-14.14%，24Q1 电价上涨贡献业绩增量 ＃createTime1＃ 2024年04 月27日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：华能水电公告2023年年报及2024年一季报。2023年，公司实现营收 日期 2024/04/26 234.61亿元，同比（调整后）-0.51%；实现归母净利润76.38亿元，同比（调 整后）+5.58%；实现基本每股收益0.40元/股，同比（调整后）+8.11%。2024 收盘价（元） 9.67 年Q1，公司实现营收44.20亿元，同比（调整后）+3.58%；实现归母净利润 总股本（百万股） 18,000.00 10.65亿元，同比（调整后）+17.25%。公司同时公告2023年度利润分配预 流通股本（百万股） 18,000.00 案，拟每股派发现金红 ...

Investment Rating - The report maintains an "Accumulate" rating for China Electric Power Construction (601669) [3][13] Core Views - China Electric Power Construction reported a revenue of 608.44 billion yuan for 2023, representing a year-on-year growth of 6.44%, and a net profit attributable to shareholders of 12.99 billion yuan, up 13.58% year-on-year [3][6] - The company benefited from the continuous advancement of domestic energy construction and strong overseas engineering demand, with an overall order growth rate of 13.2% in 2023 [3][7] - The gross profit margin increased to 13.23%, up 1.02 percentage points year-on-year, primarily due to a higher proportion of high-margin renewable energy and pumped storage projects [3][9] Summary by Sections Market Data - Closing price: 5.16 yuan - Total shares: 17,226.16 million - Net assets: 160,580.35 million yuan - Total assets: 1,153,774.74 million yuan - Earnings per share: 0.75 yuan [1] Financial Performance - Revenue for 2023: 608.44 billion yuan, with a year-on-year growth of 6.44% - Net profit for 2023: 12.99 billion yuan, with a year-on-year growth of 13.58% - Gross profit margin: 13.23%, up 1.02 percentage points year-on-year - Operating cash flow for 2023: 22.27 billion yuan, a decrease of 27.79% year-on-year [2][3][9] Order and Contract Data - New contracts signed in 2023 totaled 11,428.44 billion yuan, a year-on-year increase of 13.2% - The energy and power business accounted for 54% of total new contracts, with a significant increase of 36.17% year-on-year [3][7][8] - The backlog of contracts at the end of 2023 was 1.85 trillion yuan, representing a year-on-year increase of 17.88% [3][8] Future Outlook - The company is expected to benefit from the deepening of energy cooperation along the "Belt and Road" initiative and the increasing acceptance of dual carbon goals overseas, leading to sustained growth in overseas orders [3][11] - The forecast for earnings per share (EPS) for 2024-2026 is 0.84 yuan, 0.93 yuan, and 1.02 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 6.2, 5.6, and 5.1 [3][13]

Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The company has shown significant recovery in profitability in Q1 2024, with a notable increase in revenue and net profit compared to the previous year [2][8] - The decline in pit coal prices is expected to enhance the company's earnings flexibility, supported by new thermal and green power generation units [8][12] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 18.946 billion yuan, a year-on-year increase of 3.50%, and a net profit attributable to shareholders of 167 million yuan, up 56.82% [2][13] - For Q1 2024, the company reported an operating income of 6.608 billion yuan, a year-on-year increase of 23.48%, and a net profit of 252 million yuan, marking a turnaround from losses [2][13] Profitability Metrics - The average benchmark coal price for 2023 was 914.04 yuan/ton, down 55.49 yuan/ton year-on-year, contributing to a slight increase in gross margin to 17.90% [1][2] - The company expects a further decrease in average benchmark coal price to 891.73 yuan/ton in Q1 2024, which is a reduction of 155 yuan/ton year-on-year, leading to improved profitability [1][8] Future Outlook - The company is in an asset expansion phase, with approved thermal power projects totaling 1.36 million kilowatts and photovoltaic projects of 1.25 million kilowatts [12] - The company has completed its restricted stock incentive plan in 2023, which is expected to positively impact performance in the current year [12]

Investment Rating - The report maintains an "Increase" investment rating for the company [1] Core Views - The company reported a revenue of 40.924 billion yuan in 2023, representing a year-on-year increase of 21.54%. The net profit attributable to shareholders was 341 million yuan, up 18.41% year-on-year [2] - For Q1 2024, the company achieved a revenue of 10.132 billion yuan, a year-on-year increase of 15.87%, with a net profit of 190 million yuan, reflecting a significant year-on-year growth of 43.20% [2] - The report highlights that the company is expected to benefit from an improved industry landscape and the decline of tail-end express services, which will further enhance its operational flexibility [4] Financial Performance Summary - The company's revenue is projected to grow from 40.924 billion yuan in 2023 to 62.948 billion yuan by 2026, with respective year-on-year growth rates of 21.5%, 20.2%, 14.9%, and 11.3% [6] - The net profit attributable to shareholders is forecasted to increase from 341 million yuan in 2023 to 1.146 billion yuan in 2026, with year-on-year growth rates of 18.4%, 95.0%, 31.0%, and 31.7% [6] - The gross profit margin is expected to improve from 4.2% in 2023 to 5.5% in 2026, indicating enhanced profitability [6] Market Position and Industry Outlook - The report anticipates that the company's market share will slightly decline from 13.3% in 2023 to 12.6% in 2024, before recovering to 13.1% in 2025 and 13.4% in 2026 [18] - The overall industry volume is projected to grow from 1,320.7 million pieces in 2023 to 2,025.9 million pieces by 2026, with a compound annual growth rate of approximately 19.4% [18] - The company is expected to maintain a competitive edge through improvements in capacity, cost management, and service quality [14]

行 业 研 证券研究报告 究 ＃industryId＃ 计算机 ＃title＃ 量子科技：三大产业方向的价值与落地 (维持） ＃inve推stSu荐ggest ion＃ ge＃ ＃createTime1＃ 2024 年 04月 25日 投资要点 行 ＃ 相关rel 报ate 告dR eport＃ ＃summary＃ ⚫ 量子科技：国之重器，下一代信息技术的底座。量子科技是量子力学与信息 业 《【兴证计算机】智能驾驶行业 科学交叉的新生学科，在提升运算处理能力、加强信息安全保护能力、提高 正在发生哪些变化？-行业周报 跟 （4.14-4.20）》2024-04-21 传感测量精度等方面，具备超越经典信息技术的潜力。2020年10月，习近平 踪 《【兴证计算机】工业软件：受 总书记强调：“深刻认识推进量子科技发展重大意义，加强量子科技发展战略 益设备更新政策，迎机器人及大 报 谋划和系统布局”。2024年3月，《政府工作报告》提出重点布局量子信息等 模 型 新 趋 势 - 行 业 周 报 告 （4.7-4.13）》2024-04-14 新兴领域。量子科技主要包括三大产业方向：量子计算、量子通信和量子测 《【兴证计 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 空调 ＃investSuggestion＃ ＃ ＃d海yCo信mpa家ny＃电 （ 000921 ） investSug 买入 ( 维ges持tionC）h 000009 Q1 业绩超预期，＃ti 盈tle＃ 利改善持续兑现 ange＃ ＃createTime1＃ 2024 年04 月26 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：公司发布 2024 年一季报。24Q1 公司实现营收 234.86 亿元，同比 市场数据日期 2024-04-25 +20.87%；归母净利润为9.81亿元，同比+59.48%；扣非归母净利润为8.38 收盘价（元） 35.69 亿元，同比+60.89%；毛利率为21.63%，同比+0.51pct；归母净利率为4.18%， 总股本（百万股） 1387.94 同比+1.01pct。 流通股本（百万股） 902.83  Q1多点开花，营收实现快增。据产业在线统计，24年1-2月海信系多联机 净资产（百万元） 14307.52 销额同比+17.32%（内销额同比+18.48%、外销额同比-5 ...

Investment Rating - The investment rating for the company is "Add" [2] Core Views - The company achieved a revenue of 31.928 billion yuan in 2023, representing a year-on-year increase of 21.80%, and a net profit attributable to the parent company of 10.438 billion yuan, up 28.93% year-on-year [2] - In Q1 2024, the company reported a revenue of 15.338 billion yuan, a year-on-year increase of 20.94%, and a net profit of 6.262 billion yuan, up 29.95% year-on-year [2] - The blue flower series continues to gain market share, with its proportion reaching 46% in 2023, and the company is expanding its national presence [2][3] Summary by Sections Financial Performance - In Q4 2023, the company recorded a revenue of 5.184 billion yuan, a year-on-year increase of 27.38%, and a net profit of 1.007 billion yuan, up 1.96% year-on-year [2] - The net profit margin for 2023 increased by 1.64 percentage points to 32.76%, with a stable gross margin of 75.31% [3] - For Q1 2024, the net profit margin improved by 2.75 percentage points to 40.86%, driven by the increased share of the blue flower series [3] Revenue and Profit Forecast - The company aims for a revenue growth of around 20% for the full year of 2024, with projected revenues of 38.522 billion yuan, 45.608 billion yuan, and 53.630 billion yuan for 2024, 2025, and 2026 respectively [3][6] - The net profit attributable to the parent company is expected to be 13.175 billion yuan, 16.023 billion yuan, and 19.024 billion yuan for the same years [6] Market Expansion - The company continues to see strong growth in both high-end and mid-range liquor segments, with revenue growth of 22.56% and 20.15% respectively in 2023 [2] - The company’s revenue from provincial markets reached 12.08 billion yuan, up 20.41% year-on-year, while revenue from outside the province was 19.66 billion yuan, up 22.84% year-on-year [2]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 通信终端及配件 ＃investSuggestion＃ ＃ ＃d亿yCo联mpa网ny＃络 （ 300628 ） investSug 增持 ( 维ges持tionC）h 0000 经09 营明显改善，股＃ 权title＃ 激励强化增长信心 ange＃ ＃createTime1＃ 2024 年4月26 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2023年年报和2024年一季报。2023年公司实现营收43.48 日期 2024-04-25 亿元，同比-9.61%，归母净利润20.10元，同比-7.69%。2024Q1公司实现营 收盘价（元） 36.48 收11.64亿元，同比+30.95%；归母净利润5.69亿元，同比+34.45%。 总股本（百万股） 1,263.82 流通股本（百万股）  点评：1. 需求持续恢复，2024Q1营收及利润实现快速增长。2023年外部宏 723.00 观需求波动导致公司各业务条线出现波动，其中桌面通信终端收入同比下降 净资产（百万元） 8,125.73 总资产（百万元） 1 ...