公 司 研 证券研究报告 究 ＃industryId＃ 白酒 ＃investSuggestion＃ ＃ ＃d 洋yCo 河mp 股any＃份 （ 002304 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 销售节奏仍稳健，盈利阶段性承压 ange＃ ＃ createTime1＃ 2024年 4月 27 日 公 投资要点 ＃市场ma数rk据et Data＃ ⚫ 事件：2023 年营收 331.26 亿元，同比+10.04%，归母净利润 100.16 亿 司 ＃summary＃ 日期 2024/4/26 元，同比+6.80%，扣非后归母净利润98.43亿元，同比+6.10%。其中23Q4 点 收盘价（元） 100.09 实现营收 28.43 亿元，同比-21.51%，归母及扣非后归母净利润分别为- 评 总股本（百万股） 1506.45 1.88亿元、-3.22亿元，此前22Q4归母及扣非后归母净利润分别为3.06 报 流通股本（百万股） 1502.16 亿元、4.33亿元。24Q1实现营收162.55亿元，同比+8.03%，归母净利润 净资产（百万元） 57990.0 ...

证券研究报告 ＃industryId＃ 光学元件 ＃investSuggestion＃ ( ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | |--------------------|------------| | | | | 市场数据日期 | 2024-04-26 | | 收盘价（元） | 72.96 | | 总股本（百万股） | 111.17 | | 流通股本（百万股） | 110.45 | | 净资产（百万元） | 1862.17 | | 总资产（百万元） | 2103.34 | | 每股净资产（元） | 16.75 | ＃分析师： 姚康 yaokang@xyzq.com.cn S0190520080007 姚丹丹 yaodandan@xyzq.com.cn S0190519120001 ⚫ 自动驾驶市场规模持续扩大，激光雷达业务持续向好。根据 QYR，2022 年 全球 ADAS 车载摄像头镜头市场销售额为 8.5 亿美元，预计 2029 年达到 31 亿美元，市场规模持续扩大，公司车载镜头前片销量保持稳健增长。自动驾 驶市场空间广阔，据沙利文咨询公司，预 ...

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company, Jiangsu Jinzu, reported a revenue of 4.787 billion and a net profit of 2.660 billion for 2023, reflecting year-on-year increases of 10.14% and 10.30% respectively. The weighted average ROE decreased by 0.08 percentage points to 15.81% [1] - For Q1 2024, the company achieved a revenue of 1.282 billion and a net profit of 0.712 billion, with year-on-year increases of 5.84% and 4.68%, and quarter-on-quarter increases of 11.82% and 14.98% [1] - The total assets of the company reached 119.92 billion by the end of 2023, a year-on-year increase of 10.03%, with financing lease assets accounting for 114.11 billion, up 9.71% year-on-year. By the end of March 2024, total assets increased to 127.29 billion, a quarter-on-quarter rise of 6.14% [1] - The company has focused its asset allocation on clean energy, road transportation, and industrial equipment, with asset balances of 23.35 billion, 16.01 billion, and 14.88 billion respectively in 2023, showing year-on-year changes of +28.83%, -8.48%, and +48.64% [1] - The net interest margin for the leasing business in 2023 was 3.61%, an increase of 0.09 percentage points from 2022, and it improved to 3.63% in Q1 2024 [1] - The company maintained a healthy non-performing loan ratio of 0.91% in both 2023 and Q1 2024, although the provision coverage ratio slightly decreased to 448.4% in 2023 and 442.1% in Q1 2024 [1] - The company has expanded its customer acquisition through three main channels: manufacturers, regional direct sales, and online platforms, significantly increasing the number of cooperative manufacturers to 3,613, up by 1,255 year-on-year [1] - The company is expected to achieve net profits of 2.949 billion, 3.204 billion, and 3.462 billion for the years 2024 to 2026, with year-on-year growth rates of 10.9%, 8.7%, and 8.0% respectively, maintaining a "Add" rating based on a PB valuation of 1.10, 0.95, and 0.83 times the closing price on April 26 [1] Financial Forecast - The company is projected to generate revenues of 5.248 billion, 5.668 billion, and 6.121 billion for 2024, 2025, and 2026 respectively, with net profits expected to be 2.949 billion, 3.204 billion, and 3.462 billion for the same years [2] - The EPS for 2024, 2025, and 2026 is forecasted to be 0.69, 0.75, and 0.81 respectively, while the PB is expected to be 1.10, 0.95, and 0.83 [2]

行 业 研 证券研究报告 究 ＃industryId＃ 煤炭开采 ＃title＃ 煤炭行业周报（04.21-04.27）—— 电煤价格趋稳运行，焦煤需求持续好转 ＃ ＃inve推stSu荐ggest ion＃ （ 维持 ） investS ugg esti ＃createTime1＃ 2024年 04月 28日 onChan ge＃ 投资要点 行 重点公司 评级 ＃ ⚫ su动mm力ary煤＃ ：港口煤价小幅探涨，下游库存有所累积 业 陕西煤业 买入 动力煤港口价格：4月 26日，秦皇岛动力煤平仓价为 831元/吨，周环比增加 周 中国神华 增持 1 元/吨；2024 年 4 月，动力煤长协价（Q5500）为 701 元/吨，同比下滑 3.0%，环比下滑1.0%。 报 兖矿能源 增持 产地坑口价：4 月 26 日，山西大同 Q5500 坑口含税价 675 元/吨，周环比持 淮北矿业 增持 平；鄂尔多斯 Q5500 坑口含税价 613 元/吨，周环比增加 8 元/吨；陕西榆林 潞安环能 增持 Q5800坑口含税价683元/吨，周环比减少7元/吨。 晋控煤业 增持 库存：北港：4 月 26 日，北方港口煤炭库存 ...

证券研究报告 ＃industryId＃ 环保 ＃title＃ 河北发布《空气质量持续改善行动计划实施方案》，重点 ＃ 城市公共领域年度新增或更新车辆新能源比例不低于80% ＃inve推stSu荐ggestion＃ 维持 ( ） investS uggesti ＃createTime1＃ 2024 年4月28 日 onChan ge＃ ＃ 相关rel报ate告dReport＃ 投资要点 ＃重s要um数ma据ry跟＃踪：（1）碳市场：2024年4月22日至4月26日，全国碳市场碳排放 《【兴证环保】广东印发《推进 配额（CEA）挂牌协议成交量125.15万吨，上期（4.15-4.19）成交量为36.03万 建筑和市政基础设施设备更新 吨，期间增加89.12万吨，与上期相比+247.39%；2024年4月26日碳排放配额（CEA） 工作方案》，推进环卫设施设备 收盘价为102.49元/吨，日环比+0.08%，与上期相比+8.58%。2024年4月15日至 更新2024-4-21 4月19日，国内8个试点城市碳排放配额总成交量111.20万吨，与上期（4.8-4.12） 《【兴证环保】国家发改委将特 相比-3.81% ...

证券研究报告 ＃industryId＃ 汽车行业 ＃title＃ ＃inve推stSu荐ggestion＃ 维＃持 以旧换新政策落地，推动汽车需求和景气度向上 ( ） investS uggesti ＃createTime1＃ 2024年 04月 28日 onChan 投资要点 ge＃ ＃ 相关rel报ate告dReport＃ ＃summary＃  以旧换新政策落地，预计符合以旧换新条件的老旧汽车约 1454.5万辆。 2024年 4月 26日，商务部、财政部等 7部门联合印发《汽车以旧换新 补贴实施细则》，进一步明确了汽车以旧换新资金补贴政策的细节，针对 报废更新补贴内容进行了说明。《细则》首先明确了补贴范围：自 2024 年 4月 26日至 2024年 12月 31日期间，报废国三及以下排放标准燃 油乘用车或 2018年 4月 30日前注册登记的新能源乘用车，并购买符合 ＃分e析m师ail：Author＃ 节能要求乘用车新车的个人消费者，可享受一次性定额补贴。根据中国 董晓彬 汽车报披露的机动车上险数据统计，截至 2023年底，国三及以下排放 dongxiaobin@xyzq.com.cn 标准燃油乘用 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company's revenue growth has slowed, primarily due to increased impairment provisions. In 2023, revenue and net profit attributable to shareholders grew by 3.1% and 10.6% year-on-year, respectively. In Q4 2023, revenue and net profit decreased by 1.5% and 12.7% year-on-year [2][4] - For Q1 2024, revenue and net profit attributable to shareholders increased by 3.7% and 1.5% year-on-year, respectively. The decline in net interest income by 2.0% is attributed to a decrease in loan growth to 6.5% and a slight decline in interest margins [2][4] Summary by Sections Financial Performance - In 2023, the company achieved operating income of 26.4 billion yuan, a year-on-year increase of 3.1%, and a net profit of 12.1 billion yuan, a year-on-year increase of 10.6%. For Q1 2024, operating income was 7.1 billion yuan, up 3.7% year-on-year, with a net profit of 3.6 billion yuan, up 1.5% year-on-year [3][4] Asset Quality - The non-performing loan (NPL) ratio slightly increased, remaining stable at the end of 2023, with a Q1 2024 increase of 2 basis points to 0.99%. The coverage ratio for provisions decreased to 405% at the end of 2023 and further declined to 382% in Q1 2024 [5][6] Loan Growth - Loan growth has slowed, with year-on-year increases of 6.4% in 2023 and 6.5% in Q1 2024. The total new loans for 2023 amounted to 40.9 billion yuan, with corporate loans contributing significantly [2][4] Interest Margin - The net interest margin for 2023 was 1.67%, a decrease of 16 basis points year-on-year. The loan yield decreased by 29 basis points to 4.24%, while the deposit cost rate fell by 5 basis points to 1.95% [2][4]

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company's revenue growth exceeded expectations, with a year-on-year increase of 4.2% in Q1 2024, while net profit attributable to shareholders decreased by 3.1% year-on-year [3][4]. - The narrowing decline in interest margins and growth in interest-earning assets contributed to the strong revenue performance [4]. - The bank's net interest income rose by 5.1% year-on-year, with loans increasing by 7.8% [4]. - The bank's cost control measures led to a significant reduction in the decline of fee-based income, which fell by 19% year-on-year, a notable improvement [4]. - Non-interest income increased by 16.2% year-on-year, primarily due to higher returns from bond-related financial assets [4]. Summary by Sections Revenue and Profitability - In Q1 2024, the company achieved operating income of 578 billion yuan, a 4.2% increase year-on-year, and a net profit of 243 billion yuan, down 3.1% year-on-year [3][4]. Loan and Deposit Performance - Total assets grew at a rate of 4.4%, with loans increasing by 7.8%. Corporate loans rose by 18% year-on-year, with over 210 billion yuan in new corporate loans issued in Q1 [4]. - Retail loans decreased by 0.6%, primarily due to declines in personal housing and consumer credit [4]. - Deposits increased by 4.8% year-on-year, with a slight decrease of 0.5% quarter-on-quarter, focusing on maintaining scale while reducing costs [4]. Interest Margin and Cost Management - The net interest margin for Q1 2024 was 1.87%, with a decrease of 2 basis points quarter-on-quarter and 10 basis points year-on-year, benefiting from lower deposit costs [2][4]. - The bank's deposit interest rate fell by 12 basis points year-on-year to 2.12%, indicating effective cost control [2][4]. Asset Quality and Capital Adequacy - The non-performing loan ratio remained stable at 1.07%, with a slight increase in the provision coverage ratio to 246% [2][4]. - As of the end of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 9.52%, 10.64%, and 13.70%, respectively [5]. Earnings Forecast - The EPS forecast for 2024 and 2025 has been slightly adjusted to 3.73 yuan and 3.79 yuan, respectively, with an estimated net asset value per share of 36.75 yuan by the end of 2024 [5].

公 司 研 究 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 其他计算机设备 ＃investSuggestion＃ 公 司 点 评 报 告 净利润实现高增长，收单+设备双轮驱动。 2023 年，公司收单（嘉联支付）、 电子支付（新国都支付）主体实现收入分别为 25.8 亿、9.5 亿元；实现净利 润分别为 3.8 亿、2.1 亿元；在剔除去年支付资金退还对利润的影响后，收单 业务净利润同比增长 111%。2023Q4 单季度，公司实现营收 9.07 亿元，同比 下降 11.62%；实现归母净利润 2.03 亿元，同比实现扭亏。 增持 ( ＃ investSug gestionCh ange＃ 维持 ） S0190515050002 杨本鸿 yangbenhong@xyzq.com.cn S0190522080001 投资要点 ＃summary＃ 事件：2023 年实现营收 38 亿元，同比下降 12%；实现归母净利润 7.6 亿元， 同比增长 1588%；实现扣非净利润 7.0 亿元，同比增长 280%。 收单业务渠道成本下降，费率持续提升。2023 年，公司实现流水 1.94 万亿 元，同 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 轻工制造 ＃investSuggestion＃ ＃d 公yCo 牛mpa 集ny＃团 （ 603195 ） ＃ 000009 investSug ＃title＃ 增持 ( 维ges持tion C）h 24Q1 收入符合预期，利润超预期 ange＃ 公 ＃ createTime1＃ 2024年 4月 26日 司 投资要点 点 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年报与 2024年一季报。①24Q1公司实现营业收入/归 评 日期 2024-4-26 母净利润/扣非归母净利润分别为 38.03/9.29/8.18 亿元，分别同比 报 收盘价（元） 116.50 +14.06%/+26.27%/+26.73%。②2023年公司实现营业收入/归母净利润/扣非净 总股本（百万股） 891.54 利润分别为156.95/38.70/37.03亿元，同比+11.46%/+21.37%/+27.51%。③23Q4 告 流通股本（百万股） 887.98 实现营业收入/归母净利润/扣非净利润分别为 ...