公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 纺织服装 ＃investSuggestion＃ ＃ ＃d 华yCo 利mp 集any＃团 （ 300979 ） investSug 买入 ( 维ges持tion ）Ch 000009 ＃title＃ 华利集团2024年一季报点评：业绩大超预期，龙头alpha持续兑现 ange＃ ＃ createTime1＃ 2024年 4月 26日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum公ma司ry＃发 布2024年一季报，业绩大超预期。2024Q1公司实现营业收入/归母 司 日期 2024/4/26 净利润/扣非归母净利润47.65/7.87/7.77亿元，分别同比 点 收盘价（元） 64.00 +30.15%/+63.67%/ +64.34%。2024Q1销量同比增长18.36%至0.46亿双， 评 总股本（百万股） 1,167 人民币ASP同比增长10%至104元/双。业绩增长得益于运动品牌产品库存 报 流通股本（百万股） 146 趋于正常，订单逐步恢复增长。 告 净资产（百万元） 15,770 ⚫ 2024Q1 盈 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank [1][6]. Core Views - The performance growth slowed down in Q4 2023, but Q1 2024 saw double-digit growth in revenue and profit driven by high investment income [1][4]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.91% at the end of 2023 and Q1 2024 [2][5]. - The bank's total assets and loans grew significantly, with total assets increasing by 14.2% year-on-year at the end of 2023 and 15.1% at the end of Q1 2024 [1][4]. Summary by Sections Financial Performance - In 2023, Jiangsu Bank achieved a revenue of 74.3 billion yuan, a year-on-year increase of 5.3%, and a net profit attributable to shareholders of 28.8 billion yuan, up 13.3% [3][4]. - For Q4 2023, the bank's revenue and net profit decreased by 7.1% and 36.8% year-on-year, respectively, primarily due to a decline in net interest income and increased impairment provisions [1][4]. - In Q1 2024, revenue and net profit grew by 11.7% and 10.0% year-on-year, respectively, supported by a 74.9% increase in other non-interest income [1][4]. Loan and Asset Growth - Total assets grew by 14.2% year-on-year at the end of 2023 and by 15.1% at the end of Q1 2024, with loans increasing by 12.3% and 13.2% respectively [1][4]. - The bank's loan composition in 2023 was 79% corporate (including bills) and 21% retail, with significant contributions from manufacturing and infrastructure loans [1][4]. Interest Margin and Cost Management - The net interest margin for 2023 was 1.98%, down 34 basis points year-on-year, influenced by a decrease in loan yield and deposit cost [2][4]. - The cost-to-income ratio for Q1 2024 was 22.0%, an increase of 1.7 percentage points year-on-year, attributed to higher investments in financial technology [1][4]. Asset Quality and Capital Adequacy - The non-performing loan ratio remained stable at 0.91% as of the end of 2023 and Q1 2024, with a slight increase in the attention ratio [2][5]. - As of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 9.18%, 10.84%, and 12.82%, respectively, supported by successful conversion of convertible bonds [2][6]. Earnings Forecast - The earnings per share (EPS) for 2024 and 2025 are projected to be 1.68 yuan and 1.85 yuan, respectively, with a projected book value per share of 13.22 yuan by the end of 2024 [2][6].

＃assAuthor＃ ＃相关报告 relatedReport＃ huanghanyang@xyzq.com.cn S0190519020002 证券研究报告 ＃industryId＃ 医药生物 ＃investSuggestion＃ | --- | --- | --- | --- | --- | |------------------------------------------------------|--------|---------------------|-------|-------| | 主要财务指标 \n＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 2652 1824 1836 1988 | | | | 同比增长 | -3.9% | -31.2% | 0.7% | 8.3% | | 归母净利润 ( 百万元 ) | | 237 573 593 656 | | | | 同比增长 | -45.1% | 141.3% | 3.5% | 10.5% | | 毛利率 | 52.8% | 67.2% ...

公 司 研 究 增持 ( | --- | --- | |--------------------|------------| | | | | 日期 | 2024-04-25 | | 收盘价（元） | 23.54 | | 总股本（百万股） | 568.31 | | | | | 流通股本（百万股） | 267.88 | | 净资产（百万元） | 2626.04 | | 总资产（百万元） | 3862.26 | | 每股净资产（元） | 4.62 | ＃分析师： emailAuthor＃ 孙媛媛 sunyuanyuan@xyzq.com.cn S0190515090001 李昶霖 lichanglin@xyzq.com.cn S0190524030005 ＃dyCompany＃ 亚辉龙 （688575.SH） 000009 ＃title＃ 非新冠自产业务快速增长，高速机装机比例显著提升 ＃createTime1＃ 2024 年 04 月 26 日 ⚫ 2023 年非新冠自产业务快速增长，发光高速机装机占比提升明显：2023 年， 公司非新冠业务实现收入 17.11 亿元，同比+36.30%，其中:1）国内非新冠自 ...

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]