Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3]. Core Insights - The company reported a Q1 2024 revenue of 134.495 billion yuan, a year-on-year increase of 3.65%, and a net profit attributable to shareholders of 8.597 billion yuan, up 7.68% year-on-year [1][3]. - The traditional business is expanding steadily, while the digital transformation strategy is contributing to high growth rates. Service revenue increased by 5.0% year-on-year to 124.347 billion yuan, driven by both traditional and digital businesses [1]. - The company is focusing on optimizing cost structures to enhance profitability, with a sales expense ratio down by 0.40 percentage points to 10.53% and a management expense ratio down by 0.51 percentage points to 7.37% [1]. - The company is committed to increasing shareholder returns, with a dividend payout ratio exceeding 70% and a three-year compound annual growth rate of 31% for dividends per share [1]. - Profit forecasts have been adjusted, with expected net profits for 2024-2026 at 33.406 billion, 36.218 billion, and 39.252 billion yuan, respectively, corresponding to PE ratios of 16.7, 15.4, and 14.2 times [1][4]. Summary by Sections Financial Performance - Q1 2024 revenue: 134.495 billion yuan, +3.65% YoY - Q1 2024 net profit: 8.597 billion yuan, +7.68% YoY - Q1 2024 net profit excluding non-recurring items: 9.160 billion yuan, +5.40% YoY [1]. Business Segments - Mobile business: Net increase of 3.88 million users to 412 million, with 5G users increasing by 10.06 million to 329 million, achieving a penetration rate of approximately 79.9% [1]. - Fixed-line and home business: Net increase of 2.06 million broadband users to 192 million, with revenue growth of 10.4% YoY [1]. - Industrial digitalization: Revenue increased by 10.6% YoY to 38.679 billion yuan [1]. Cost Management and R&D - Continued focus on cost reduction and efficiency improvements, with significant increases in R&D investment, up 13.8% YoY to 1.571 billion yuan [1]. - The company is enhancing its digital capabilities through investments in AI and cloud technologies [1]. Shareholder Returns - The company has increased its dividend payout ratio to over 70%, with plans to raise it to above 75% in the future [1]. - The company aims for sustainable growth in revenue and net profit, indicating strong long-term investment potential [1].

行 业 研 证券研究报告 究 ＃industryId＃ 非银金融 ＃title＃ 非银持仓环比下降，关注高股息和政策利好标的 ＃inve推stSu荐ggest ion＃ ( i维 nv＃ e持 stS ） ——2024 Q1 公募基金持仓点评 ugg esti ＃createTime1＃ 2024年 04月 23日 onChan 行 ge＃ 投资要点＃ ＃relatedReport＃ summary＃ 业 相关报告 事件 点 《非银持仓环比回落，重视底部 ⚫ 公募基金披露2024年一季度重仓持股情况。 评 配置机会——2023Q4 公募基金 点评 持仓点评》2024-01-24 报 《非银持仓触底回升，龙头配置 ⚫ 公募基金持仓非银板块市值环比显著下跌。2024Q1主动型基金重仓非银板块 告 价值凸显——2023Q3 公募基金 市值为116.30亿元，环比-46.5%，占公募基金持股市值比重为0.67%，环比-0.52pct； 持仓点评》2023-10-27 保险、券商、多元板块持仓市值分别为23.33、88.80、4.17亿元，环比分别-57.6%、 -44.3%、+54.8%，板块内占比分别为 20.1% ...

公 司 研 究 | --- | --- | --- | --- | --- | |---------------------------------------|---------|----------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 3124 3643 4150 4638 | | | | 同比增长 | -11.8% | 16.6% | 13.9% | 11.8% | | 归母净利润 ( 百万元 ) | | -371 280 338 400 | | | | 同比增长 | -281.1% | 175.5% | 20.6% | 18.4% | | 毛利率 | 60.2% | 60.3% | 60.8% | 61.3% | | ROE | -3.9% | 2.9% | 3.4% | 3.8% | | 每股收益 ( 元 ) | | -0.31 0.24 0.29 0.34 | | | | 市盈率 | | -18.5 24.5 20.3 1 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 轻工制造 ＃investSuggestion＃ ＃d 欧yCo 派mp 家any＃居 （ 603833 ） ＃ 000009 investSug ＃title＃ 增持 ( 维ges持tion C）h 行业下行期收入承压，分红率有所提升 ange＃ 公 ＃ createTime1＃ 2024年 4月 25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。①2023年公司实现营业收入/归母净利润/扣非归 评 日期 2024-04-25 母净利润分别为 227.82/30.36/27.46 亿元，同比+1.35%/+12.92%/+5.91%。② 报 收盘价（元） 60.01 23Q4 公司实现营业收入/归母净利润/扣非归母净利润分别为 62.18/7.26/5.45 总股本（百万股） 609.15 亿元，同比+0.11%/+4%/-18.84%，扣非净利润下滑主要与信用减值计提有关 告 流通股本（百万股） 609.15 （23 年信用减值合计 2.4 亿，其中 1.1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a corresponding price-to-book (PB) ratio of 0.73 [1][6]. Core Insights - The company achieved a revenue of 21.7 billion and a net profit attributable to shareholders of 11.7 billion in 2023, reflecting year-on-year growth of 7.2% and 16.2% respectively [3][4]. - For Q1 2024, the company reported a revenue of 5.64 billion and a net profit of 2.85 billion, showing year-on-year growth of 6.3% and 12.8% respectively [3][4]. - The growth in revenue and profit is primarily driven by rapid scale expansion and impairment savings, although the growth rate has slowed due to declining interest margins [4]. Summary by Sections Performance Overview - In 2023, the company's revenue and net profit grew by 7.2% and 16.2% respectively, with Q4 2023 showing a slower growth of 0.1% in revenue and 6.8% in net profit [4]. - For Q1 2024, net interest income increased by 8.0% year-on-year, while fee income rose by 15.8% due to a low base from the previous year [4][5]. Asset Expansion - Total assets grew by 18.9% in 2023 and 19.6% in Q1 2024, with loans increasing by 28.9% and 27.4% respectively [4][5]. - The company’s loan distribution in 2023 was 88% for corporate loans and 12% for retail loans, with significant contributions from public sector financial loans and manufacturing loans [4]. Interest Margin and Asset Quality - The net interest margin for 2023 was 1.81%, a decrease of 23 basis points year-on-year, influenced by a reduction in loan yields [2][4]. - The company achieved a non-performing loan (NPL) ratio of 0.66% in Q1 2024, the lowest in recent years, with a provision coverage ratio of 504% [5]. Capital Adequacy - As of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 8.45%, 9.19%, and 13.07% respectively [5][6]. - The company is currently in a convertible bond conversion period, which is expected to further strengthen its core capital [5]. Earnings Forecast - The report slightly adjusts the earnings per share (EPS) for 2024 and 2025 to 3.23 and 3.60 respectively, with an estimated net asset value per share of 19.43 by the end of 2024 [6][8].

行 业 研 证券研究报告 究 ＃industryId＃ 国防军工 ＃title＃ 2024Q1 公募基金军工股持仓分析： 配置比例环比降低，主动宽基低配加大 ＃ ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ＃createTime1＃ 2024年 04月 25日 ugg esti onChan 行 ＃relatedReport＃ ge＃ 相关报告 投资要点 业 《兴证军工观察：中上游需求逐 ＃⚫ sum对maAry＃股 191 个主要军工标的进行统计，剔除被动指数基金后，5969 只主动公募基金 季向好，聚焦新兴领域战略能 点 2024Q1前十大重仓股中军工股市值605.44亿元，占比3.20%，环比减少0.82个百分 力》2024-04-15 评 《兴证军工观察：中上游需求温 点；其中1175只在前十大重仓股中有军工股，在5969只产品的占比为19.69%，环比 和复苏，新质战斗力成长加速》 减少4.46pct。 报 2024-04-01 ⚫ 截至2024Q1，A股总市值83.56万亿元中，191个军工股市值2.54万亿元，占比3.04%， 告 环比减少0.19个百分点。2020 ...

行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 禁止手工补息对银行影响几何 ＃inve推stSu荐ggest ion＃ ( i维 nv＃ e持 stS ） ugg esti ＃createTime1＃ 2024年 4月 25日 行 onChan ge＃ 投资要点 业 ＃ relatedReport＃ ＃summary＃ ⚫ 根据澎湃新闻等多个媒体报道，市场利率定价自律机制于4月8日下发《关于禁 点 分析师： 止通过手工补息高息揽储维护存款市场竞争秩序的倡议》，明确手工补息是对业务 评 ＃陈a绍ss兴Au thor＃ 操作失误的勘误环节，银行禁止通过事前承诺、到账手工补付息等方式，变相突 报 SAC：S0190517070003 破存款利率授权要求或自律上限，银行应立即开展自查，最迟在2024年4月底前 chenshaox@xyzq.com.cn 完成整改。 告 ⚫ 商业银行息差收窄的背景下，近年来政策层面通过优化存款利率自律上限、推进 王尘 存款利率市场化机制等方式降低银行负债成本，但商业银行实操过程中可能存在 SAC：S0190520060001 通过“手工补息”等方式给予部分 ...

Investment Rating - The report assigns an "Accumulate" rating to the company based on its performance and growth prospects [2][33]. Core Insights - In 2023, the company achieved operating revenue of 544 million yuan, a year-on-year increase of 49.93%, with a net profit attributable to shareholders of 90 million yuan, up 349.61% year-on-year [3][13]. - The company continues to see stable growth in both international and domestic business segments, with significant improvements in productivity and product quality [4][16]. - The company has signed long-term cooperation agreements with major clients, including a significant increase in the delivery of LEAP engine blades to Safran, with expectations for further growth in 2024 [17][19]. Financial Performance - For 2023, the company reported a gross margin of 35.99%, an increase of 6.29 percentage points year-on-year, and a net profit margin of 16.60%, up 11.06 percentage points year-on-year [22][42]. - The first quarter of 2024 saw operating revenue of 161 million yuan, a year-on-year increase of 41.76%, and a net profit of 32 million yuan, up 153.27% year-on-year [41][22]. - The company’s cash flow from operating activities reached 121 million yuan in 2023, a 132% increase year-on-year, indicating improved cash collection [25]. Business Segments - In 2023, the aviation segment generated 484 million yuan in revenue, accounting for 89.13% of total revenue, with a gross margin of 35.62% [42][16]. - The medical segment achieved revenue of 54 million yuan, growing 37.20% year-on-year, with a gross margin of 34.76% [42][16]. - The domestic engine parts business grew robustly, with a year-on-year increase of 33.48%, and the proportion of parts/batch production business rose significantly from 33% in 2022 to 69% in 2023 [17][44]. Future Outlook - The company has announced a restrictive stock incentive plan for 2024, aiming for net profits of no less than 135 million yuan in 2024, with expected growth rates of 54.32%, 33.33%, and 22.22% for the following years [2][31]. - The forecast for net profit attributable to shareholders for 2024-2026 is 134 million, 180 million, and 225 million yuan, respectively, with corresponding EPS of 0.52, 0.70, and 0.87 yuan [11][33].

| --- | --- | |--------------------|-------------------------------------| | | | | 日期 | 2024-04-23 | | 收盘价（元） | 21.27 | | 总股本（百万股） | 398.60 | | 流通股本（百万股） | | | 净资产（百万元） | 393.64 | | 总资产（百万元） | 1771.58 | | 每股净资产（元） | 1974.36 | | 来源： WIND | 4.44 ，兴业证券经济与金融研究院整理 | 公 司 点 评 报 告 投资要点 ＃summary＃ 近日，艾德生物发布了 2023 年年报。报告期内，公司实现营业收入 10.44 亿元，同比增长 23.91%；实现归母净利润 2.61 亿元，同比下降 0.86%； 实现扣非归母净利润 2.39 亿元，同比增长 52.21%；实现经营现金流净额 2.99 亿元，同比增长 100.43%。 《艾德生物(300685)院内复苏 态势显著，海外市场维持高增 长》2023-08-03 东楠 证券研究报告 ＃industryId＃ 医药生物 ＃inve ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company reported a revenue of 4.507 billion yuan in 2023, a year-on-year increase of 1.58%, and a net profit attributable to shareholders of 741 million yuan, up 18.37% year-on-year [3] - New business segments, including cloud security and data security, contributed significantly to revenue growth, with new business revenue reaching 2.142 billion yuan, a 13.82% increase, accounting for 47.54% of total revenue [3][4] - The company has strengthened collaboration with China Mobile, signing 62 strategic cooperation agreements, which has begun to yield results in customer acquisition [4] Financial Summary - In 2023, the company achieved a gross margin of 57.8% and a return on equity (ROE) of 6.2% [5] - The company expects net profits to grow to 927 million yuan in 2024, representing a 25.1% year-on-year increase, with projected revenues of 5.439 billion yuan, a 20.7% increase [5] - The company has improved its cash flow management, with a significant increase in cash reserves, enhancing its ability to withstand external risks [3][4]