汽车 分析师：余典 登记编码：S0730524030001 新能源汽车产业链分析之河南概况 yudian@ccnew.com 021-50586328 证券研究报告-行业深度分析 单击或点击此处输入文字。 相关报告 发布日期：2024年05月20日 投资要点： 《汽车行业月报：北京车展开幕，自主品牌齐 发力》 2024-04-26 ⚫ 产业概况：中国汽车制造业发展水平和国际竞争力不断提升，向汽 《汽车行业月报：华为鸿蒙生态圈不断扩展， 车强国迈进坚实步伐，2023年中国汽车产销量首次突破3000万辆 小米SU7大定超预期》 2024-03-29 创历史新高。全球科技革新、产业技术不断发展，以及为应对气候 《汽车行业月报：新一轮价格战开启，智能化 变化推动绿色发展，汽车产品形态发生变化，不再是单一的运输工 持续推进》 2024-02-29 具，而是结合电动化、网联化、智能化向移动智能终端、储能单元 和数字空间转变，新能源汽车是汽车产业转型的主要发展方向。 联系人： 马嶔琦 ⚫ 竞争格局：电动化仍是长期趋势，中国新能源车优势明显。2023 电话： 021-50586973 年全年全球新能源汽车渗透率达到15.7% ...

传媒 分析师：乔琪 2023 年业绩修复明显，2024Q1 细分板 登记编码：S0730520090001 块变化致整体略承压 q iaoqi@ccnew.com 021-50586985 ——传媒行业专题研究 证券研究报告-行业专题研究 强于大市(维持) 传媒相对沪深300指数表现 发布日期：2024年05月17日 投资要点： 传媒 沪深300 16%  2023业绩实现大幅修复，2024Q1略承压。截至2024年4月30 9% 1% 日，中信传媒板块下144家上市公司（含ST股）的2023年年度 -6% -13% 报告以及2024年一季度报告已全部披露完毕。从整体业绩表现来 -21% -282%023.05 2023.09 2024.01 2024.05 看，2023年传媒板块呈现了较为明显的回升，营业收入规模创新 -35% 高，归母净利润和扣非后归母净利润均有较大程度的改善，一方面 是由于2022年种种原因导致的业绩基数较低，另一方面来自于部 资 料来源：中原证券，聚源 分细分行业景气度回升、监管政策放松、文化消费需求改善等因素。 相关报告 《传媒行业月报：清明假期电影市场高景气 2024Q1实现营业 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [7][31]. Core Views - The company has shown steady growth in its natural gas business, with a focus on high dividends [7][31]. - The natural gas consumption in China has significant growth potential, with demand expected to peak around 2040 [9][28]. - The company benefits from a dual business model of long-distance pipelines and city gas distribution, providing stable gas supply and market demand [27][31]. Financial Performance - In 2023, the company achieved operating revenue of 4.947 billion yuan, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 606 million yuan, up 2.33% [7][26]. - The first quarter of 2024 saw operating revenue of 1.582 billion yuan, a growth of 8.46%, with net profit of 203 million yuan, increasing by 1.94% [7][8]. - The company’s gas installation engineering revenue surged by 71.48% in 2023, driven by increased market development [26]. Profitability and Valuation - The company maintains a gross profit margin of 20.01% and a net asset return rate of 16.58% [4][7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.92 yuan, 0.98 yuan, and 1.05 yuan respectively, with corresponding price-to-earnings (PE) ratios of 14.45, 13.54, and 12.64 [31][51]. - The company has a strong dividend policy, with cash dividends accounting for over 97% of net profit in 2023 [31][45]. Market Position and Competitive Advantage - The company is the only listed natural gas operator in Henan province, providing it with a unique market position [26]. - It has established long-term gas supply agreements with major suppliers, ensuring stable gas sources [30][45]. - The company is well-positioned to benefit from the ongoing adjustments in natural gas pricing mechanisms across various regions [30][44].

分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 业绩短期承压，加强研发巩固核心竞争力 第1页 / 共5页 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 种植业 ——秋乐种业(831087)2023 年年报及 2024 年一季报点评 | --- | --- | --- | --- | |--------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------- ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][20]. Core Views - The company's performance in 2023 met expectations, but Q1 2024 faced short-term pressure due to the introduction cycle of new corn varieties and changes in peanut seed sales models, alongside increased R&D expenses [1][10]. - The company achieved total revenue of 534 million yuan in 2023, a year-on-year increase of 22.10%, with a net profit attributable to shareholders of 79.42 million yuan, up 28.68% year-on-year [1][4]. - The issuance of production and operation licenses for genetically modified corn and soybeans marks a historic change in the industry, with the company expected to benefit from increased market share and profitability [1][20]. Financial Performance Summary - In Q1 2024, the company reported revenue of 35.06 million yuan, with a net profit of 1.59 million yuan, reflecting a significant decline of 83.71% year-on-year [1][3]. - The company's gross margin for 2023 was 32.09%, a decrease of 0.66 percentage points year-on-year, while the net margin increased by 0.76 percentage points to 14.87% [3][15]. - R&D expenses in Q1 2024 were 2.71 million yuan, a year-on-year increase of 70.93%, representing 7.73% of revenue, up 4.87 percentage points from Q1 2023 [3][10]. Revenue and Profit Forecast - The company is projected to achieve net profits of 85 million yuan, 106 million yuan, and 138 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.52 yuan, 0.64 yuan, and 0.84 yuan [20][4]. - Revenue is expected to grow from 585 million yuan in 2024 to 771 million yuan in 2026, with growth rates of 9.42%, 14.20%, and 15.50% respectively [4][15]. Market Position and Strategy - The company has a strong competitive position with its core varieties, which are expected to accelerate development through platform resources [1][20]. - The company aims to expand its market presence in northern and southwestern spring corn markets and enhance its wheat business in the Huanghuai North and Northwest regions [1][20].

家居 分析师：龙羽洁 登记编码：S0730523120001 经营业绩稳健，大家居战略持续推进 l ongyj@ccnew.com 0371-65585753 ——欧派家居(603833)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2024-05-15) 发布日期：2024年05月16日 收盘价(元) 69.03 事件： 一年内最高/最低(元) 108.70/55.78 公司发布 2023 年年度报告及 2024 年一季度报告。2023 年全年实现营 沪深300指数 3,626.06 业收入227.82亿元，同比增长1.35%，实现归母净利润30.36亿元，同比增 市净率(倍) 2.35 长12.92%，扣非归母净利润27.46亿元，同比增长5.91%；经营活动产生的 流通市值(亿元) 420.50 现金流量净额 48.78 亿元，同比增长 102.43%；基本每股收益 4.98 元,同比 基础数据(2024-03-31) 增长 12.93%；加权平均净资产收益率 17.55%，同比+0.18pct；拟向全体股 每股净资产(元) 29.37 东每10股派发现金红利2.76元(含税)，股利支付率5 ...

基础化工 分析师：顾敏豪 化工品整体延续涨势，继续关注煤化 登记编码：S0730512100001 工、轻烃化工与磷化工 g umh00@ccnew.com 021-50586308 ——基础化工行业月报 证券研究报告-行业月报 同步大市(维持) 基础化工相对沪深300指数表现 发布日期：2024年05月16日 投资要点： 基础化工 沪深300 2% 2024年4月份中信基础化工行业指数上涨4.57%，在30个中信一级 -3% -8% 行业中排名第3位。子行业中，无机盐、钛白粉和印染化学品行业表 -13% 现相对较好。主要产品中，4月份化工品延续上涨态势，涨跌比有所 -18% -23% 提升。上涨品种中，液氯、MMA、PMMA、丙酮和溴素涨幅居前。4 2023.05 2023.09 2024.01 2024.05 -28% 月份的投资策略，建议继续关注煤化工、轻烃化工和磷化工行业。 -33% ⚫ 市场回顾：根据wind数据，2024年4月份中信基础化工行业指 资 料来源：中原证券、聚源数据 数上涨4.57%，跑赢上证综指2.47个百分点，跑赢沪深 300 指数 相关报告 2.68个百分点，行业整体表现在30个 ...

好的各位线上投资人大家晚上好我是东吴证券铺售组的信用债分析师李晶晶然后感谢各位参加我们本次的线上录演那么今天的录演主题是我们城投挖系列的第九篇深度报告的汇报也是我们这个绝境中原这个篇章的第一篇走进河北那么首先我想先讲一下我们在当前这个信用债的这个极致行情下挖掘城投收益的一个新的思路 那么自2023年末以来呢整个城投板块整体在这个一揽子化债政策城投标债宝钢堆以及这个结构性资产荒等宏观因素的一个合力驱动下走出了一波确定性的行情那么全国各省市它这个城投债的收益率基本上都是呈现下行态势并且这个降幅也比较减住那么截至目前整个资金链呢还是保持一个中性天宽 融资单还是受制于监管偏紧态度的影响而没有出现明显的放量那么这个市场情绪共振引发了这个信用债承托板块的一个配置的拥挤也就推动了多数品种的这个承托债信用利差快速下行到一个历史分割数10%的以下那么等级利差也是明显压缩中高等级这个各期限的这个承托债收益率都处于一个3%以下那么只有低评级收益率是接近4%的 那么在当前的这个时点的话寻求成头利差仍然具备这个持续下叹并且可以突破支撑位的这个动能的这个区域是至关重要的那么现在这一番这个成头行情它主要是源于之前9月份发布的这个35号文以 ...

资料来源：Wind,中原证券 分析师：周建华 登记编码：S0730518120001 zhoujh-yjs@ccnew.cm 021-50586758 晨会聚焦 -29% -24% -20% -16% -12% -7% -3% 1% 2023.05 2023.09 2024.01 2024.05 上证指数 深证成指 资料来源：Wind,中原证券 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,119.90 | -0.82 | | 深证成指 | 9,583.54 | -0.88 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,626.06 | -0.85 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,457.72 | -0.80 | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [2][17]. Core Insights - The demand for construction machinery is recovering due to equipment upgrades and overseas expansion, with emerging industries creating new growth points [1]. - The company reported a revenue of approximately 92.85 billion yuan in 2023, a slight decrease of 1.03% year-on-year, while net profit increased by 23.51% to 5.33 billion yuan [2][6]. - The first quarter of 2024 showed a revenue of 24.17 billion yuan, a year-on-year increase of 1.18%, with net profit rising by 5.06% to 1.6 billion yuan [4]. Summary by Sections Financial Performance - In 2023, the company's gross margin was 22.38%, up by 2.17 percentage points year-on-year, and the net profit margin was 5.64%, an increase of 1.06 percentage points [3]. - The company achieved a gross margin of 22.89% in Q1 2024, reflecting continuous improvement in profitability [4]. Market Outlook - The domestic construction machinery industry is expected to recover as the demand for equipment upgrades increases, with the previous cycle peaking in early 2021 [5]. - The company is well-positioned to benefit from the recovery in the domestic market and the expansion of its international business [5][6]. Business Segmentation - Traditional construction machinery revenue faced pressure, while emerging industries and exports grew rapidly, with high-altitude work machinery revenue increasing by 35.62% year-on-year [2][3]. - The company’s international business accounted for over 40% of total revenue, with significant growth in overseas markets [2][6]. Future Projections - Revenue projections for 2024 to 2026 are 105.06 billion yuan, 118.71 billion yuan, and 133.56 billion yuan, respectively, with net profits expected to reach 6.76 billion yuan, 8.54 billion yuan, and 10.49 billion yuan [6][7]. - The company aims to enhance its gross margin further by optimizing its product mix and increasing the share of high-margin products [5][6].