地产企稳有望使得A股结构性复苏延续 【6月策略】 欧圣电气（301187）：公司不断推进产品功能迭代，推出洗地机等新产 品，不断提升产品竞争力。公司具备优质海外渠道优势，有望借助渠道 优势布局欧洲、南美、澳洲、日韩等地，提升海外市场市占率。我们认 为海外补库需求强烈，公司 2024 年全年业绩有望实现大幅提升。 策 略 研 究 / 策 略 月 报/ 证 券 研 究 报 告 A 股方面： 从 2 月初至今的市场反弹已经持续超过 4 个月，对于经济的 修复预期仍然决定着后续市场反弹力度。 5 月份以来降低首付比例、取 消房贷利率下限和再贷款支持国企收购商品房这两项核心政策对于市场 信心提振最为明显：5 月 27 日上海落地房贷新政后，广州、深圳于 5 月 28 日纷纷出手，对首付比例、房贷利率下限作出调整，三地调整范围广、 力度大，一线城市地产企稳有望使得地产进一步下行的预期逐步趋缓。 安科瑞（300286）：公司 2023 年实现归母净利润 2.01 亿元，同比+18.05%， 全年毛利率微增，产品迭代升级效果显著。分产品来看，能效产品增速 明显，2.0 拓展顺利，此外，公司积极推动 EMS 3.0 版本落地， ...

T[ [Table_Summary] 【策略观点】 策 略 研 究 / Ａ 股 策 略 / 证 券 研 究 报 告 | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 图表 1: 主要指数近期情况…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | 图表 2: 申万一级行业近期表现……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | 图表 3: 申万 ...

T[ [Table_Title] 中航机载（600372）2023年报&2024年一季报点评 航空机载系统龙头，长期受益于军民两 用需求 2024 年 06 月 03 日 [【投资要点】 Table_Summary] 中航机载主要产品包括各类飞行器配套的机载航空电子系统、飞行控 制系统、机电系统；各类发动机配套的电子设备、机电设备及传感器； 航天、船舶、电子信息相关的电子产品、机电产品等。 利润同比出现大幅增长。2023 年全年营收 290.06 亿，同比增长 4.63%， 2024 年一季度营收 56.42 亿，同比-10.03%。2023 年全年归母净利润 18.86 亿，同比增长 39.62%，2024 年一季度归母净利润 1.39 亿，同 比增长 8.57%。2023 年全年扣非归母净利润 14.63 亿，同比增长 110.19%，2024 年一季度扣非归母净利润 3.61 亿，同比增长 99.01%。 盈利大幅改善主要源于中航电子换股吸收合并中航机电交易顺利完 成，规模质量得到大幅提升。2023 年销售净利率 8.06%，同比变化 -0.65pct，销售毛利率 29.73%,同比变化-1.81pct ...

公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 [【投资要点】 Table_Summary] ]yrtsudnI_elbaT[ 数字化领军企业，业绩稳健增长 公司发布 2024 年一季报：24Q1 公司实现营业收入 19.94 亿，同比增 长 1.19%，实现归母净利润 0.47 亿，同比增长 1.96%，实现扣非净利 润 0.47 亿元，同比增长 1.86%。数字化产品业务收入较上年基本持平， 行业数字化业务实现收入约 18 亿元，同比增长约 1%，数字新基建业 务收入同比增长约 5%。 公司发布 2023 年年报：2023 年，公司实现了营业收入 100.01 亿元， 同比增长 1.31%；营业利润 5.68 亿元，同比增长 0.64%；归母净利润 4.97 亿元，同比下降 4.64%；扣非净利润 4.93 亿元，同比下降 6.23%。 公司的毛利率为 20.28%，相较于 2022 年提高了 1.09pct，与 2021 年相比提升了 5.14pct。经营活动产生的现金流量净额为 1.44 亿元， 较 2022 年增长了 81.14%，公司加大了现金分红力度，向全体股东每 10 股派发现金 ...

[Table_Title] 策略月报 2024 年 06 月 03 日 2024 年 5 月，A 股全行业（中信一级行业口径）的中位数回报为-1.36%， 走势偏弱。涨幅前 5 名的行业为煤炭（6.34%）、房地产（5.91%）、农 林牧渔（4.57%）、银行（2.96%）、交通运输（2.91%）。回报率排名靠 后的 5 个行业为传媒（-7.53%）、计算机（-6.81%）、综合金融（-6.37%）、 通信（-5.65%）、综合（-4.47%）。风格方面，大盘仍然显著强于小盘， 价值显著强于成长。因此大盘价值风格继续占优。 2024 年前 5 个月，我们的推荐组合的累计收益率为 2.78%，相较行业 等权组合的累计超额收益率为 4.21 个百分点。 结合市场环境特点，我们在 2024 年 6 月推荐配置的行业是：家电、 食品饮料、石油石化、煤炭、银行、非银行金融、有色金属。 测试结果基于有限的历史数据和量化模型，模型可能存在过拟合风 险，不能保证对样本外的数据做出有效判断。 [Table_Author] 东方财富证券研究所 | --- | --- | |------------------------|--- ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Insights - The company reported a revenue of 11.785 billion yuan in Q1 2024, representing a year-on-year growth of 8.45%, and a net profit of 513 million yuan, up 29.87% year-on-year. The comprehensive gross margin was 15.04%, a slight decline of 0.79% compared to the previous year [2]. - The company is actively introducing strategic investors to enhance its marine energy development, with a total financing target of up to 3 billion yuan for its marine energy segment [2]. - The company has successfully acquired a controlling stake in PTVoksel, strengthening its local capabilities in Indonesia's power sector and enhancing its competitiveness in international markets [2]. - The company is also engaged in share buybacks to motivate employees and support long-term growth [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 47.622 billion yuan, a year-on-year increase of 2.49%, and a net profit of 2.154 billion yuan, up 35.77% year-on-year. The comprehensive gross margin improved to 15.3%, an increase of 1.13% [3]. - The company generated a net cash flow from operations of 1.857 billion yuan in 2023, compared to 855 million yuan in the previous year [3]. Strategic Developments - The company is focusing on global expansion, particularly through the acquisition of PTVoksel, which enhances its capabilities in the Indonesian market [2]. - The company is also developing a complete offshore wind power system solution, with ongoing projects in various international markets [6]. Market Outlook - The offshore wind power industry in China is expected to experience a small peak in installations, with projected growth in capacity in 2024 and 2025 [8]. - The company aims to become a leading provider of information and energy interconnection solutions globally, with a focus on new-generation communication technologies and core product development [9]. Future Projections - The company is projected to achieve revenues of 53.367 billion yuan, 60.090 billion yuan, and 68.114 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 2.742 billion yuan, 3.137 billion yuan, and 3.706 billion yuan [10].

Investment Rating - The report assigns an "Accumulate" rating for the company [5]. Core Insights - In Q1 2024, the company achieved revenue of 617 million, a year-on-year increase of 20%, and a net profit attributable to shareholders of 100 million, up 30% year-on-year [1]. - The company maintains a gross margin of 58.8%, slightly down by 0.37% year-on-year, with sales expense ratio, management expense ratio, and R&D expense ratio at 18.48%, 7.86%, and 17.42% respectively [1]. - The company aims for a net profit of 560 million in 2024, representing a growth of approximately 25% compared to the previous year [1]. - The company is focused on R&D investments in high-precision navigation components, industry-specific intelligent robots, and technologies compatible with the BeiDou-3 system [1][10]. Financial Performance Summary - For the year 2023, the company reported revenue of 2.678 billion, a 19.77% increase year-on-year, and a net profit of 449 million, up 24.32% year-on-year [4]. - The gross margin for 2023 was 57.77%, an increase of 1.12% year-on-year, with a net cash flow from operations of 445 million [4]. - The company’s revenue from overseas markets reached 719.09 million, a growth of 47.51%, while domestic revenue was 1.959 billion, up 12.04% [4]. - The company expects revenue growth rates of 26.18%, 28.56%, and 29.08% for 2024, 2025, and 2026 respectively [11]. Business Segment Performance - In 2023, the company’s resource and public utility segment achieved revenue of 1 billion, a growth of 41.29%, while the robotics and autonomous driving segment saw revenue of 159 million, up 61.64% [4]. - The company has launched several innovative products, including high-precision receivers and software that enhance measurement efficiency and data quality [4][8]. - The agricultural machinery automatic driving products have seen a doubling in domestic sales, indicating significant growth potential in this area [8]. Future Projections - The company is projected to achieve revenues of 3.379 billion, 4.344 billion, and 5.608 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 576 million, 744 million, and 965 million [11]. - The report anticipates a PE ratio of 28.10, 21.76, and 16.79 for the years 2024, 2025, and 2026 respectively [11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][14]. Core Views - The company's industrial layout is expected to enhance profitability, with projected revenues of 3.431 billion, 3.660 billion, and 4.211 billion yuan for 2024-2026, representing year-on-year growth of 19.79%, 12.49%, and 9.11% respectively. The net profit attributable to shareholders is forecasted to be 375 million, 430 million, and 473 million yuan, with growth rates of 20.66%, 14.66%, and 10.04% respectively [2][12]. Financial Performance - In 2023, the company achieved a revenue of 2.864 billion yuan, a year-on-year increase of 24.45%, and a net profit of 311 million yuan, up 85.85% [12]. - For Q1 2024, the company reported a revenue of 835 million yuan, a 20.55% increase year-on-year, and a net profit of 89 million yuan, up 8.24% [12]. - The company is a global leader in cylinder sleeves, with sales of 56 million units in 2023, a 9.11% increase, and revenue growth of 12.29% [12]. - The electric control actuator business saw a significant increase in revenue, reaching 246 million yuan in 2023, a 111.3% year-on-year growth [12]. Market Position and Strategy - The company has established a strong competitive advantage in the automotive parts industry, particularly in the fields of automotive electronics and brake systems, while also actively expanding into hydrogen energy and fuel cell systems [22]. - The acquisition of Hengjiu Braking Systems is aimed at enhancing the company's capabilities in the automotive brake system sector [12]. Future Outlook - The company is expected to continue its growth trajectory with a focus on expanding its product offerings and market reach, particularly in the hydrogen energy sector, where it has already delivered its first batch of hydrogen fuel cell engines [12][22].

| --- | --- | |----------------------------------------------|---------------------| | | | | 证券分析师：周旭辉 | | | 证书编号： S1160521050001 | | | 联系人：唐硕 | | | 电话： 021-23586475 | | | [Table_PicQuote] 相对指数表现 | | | 15.52% 2.17% | | | -11.17% -24.52% 5/28 7/28 9/28 -37.86% | 11/28 1/28 3/28 | [Table_Rank] 增持（维持） 2023.11.23 【投资建议】 ]yrtsudnI_elbaT[ 公 司 研 究 / 有 色 金 属/ 证 券 研 究 报 告 待发》 [Table_Title] 博迁新材（605376）2023年报&2024年一季报点评 镍粉顺价周期来临，24Q1业绩大幅改善 2024 年 05 月 28 日 [【投资要点】 Table_Summary] 公司发布 2023 年报&2024 年一季报，24Q1 业绩大幅改善。202 ...

Investment Rating - The report gives a rating of "Accumulate" for the company [6]. Core Views - The company has optimized its channel layout and upgraded its products in response to a complex market environment, achieving a revenue of 5.058 billion with a year-on-year increase of 0.96% in 2023. However, the net profit attributable to the parent company decreased by 49.04% to 122 million due to delays in orders from U.S. clients and ongoing construction of its U.S. base [1][19]. - In Q1 2024, the company reported a revenue of 1.528 billion, a significant year-on-year increase of 63%, and a net profit of 86 million, up 456% compared to the previous year. The growth was attributed to the recovery of U.S. customer orders and an increase in European customer orders [5][19]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.058 billion, with a gross margin of 17.6%, and a net profit of 122 million, down 49.04% year-on-year. The company’s contract liabilities increased to 257 million from 176 million in the previous year [1]. - For Q1 2024, the company reported a revenue of 1.528 billion, with a gross margin of 17.8%. The net cash flow from operations was 7 million, a recovery from a negative cash flow of 33 million in the same period last year [5]. Business Segments - The company’s photovoltaic bracket business saw a revenue increase of approximately 90%, while the connector business grew by about 20% in Q1 2024. Key clients in the photovoltaic sector include NEXTracker and Trina Solar, while major clients in the connector business include Huawei and ZTE [5][19]. - The company is a leader in the high-speed connector market, focusing on 5G and 6G communications, with products like 5GSFP and SFP+ series connectors already in mass production [15][19]. Future Projections - The company is expected to achieve revenues of 7.389 billion, 8.908 billion, and 10.764 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be 283 million, 379 million, and 496 million for the same years [9][19].