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].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 地产化工行业领涨 A 股震荡整固 ——市场分析 相关报告 《市场分析：汽车游戏行业领涨 A 股窄幅波 动》 2024-05-14 《市场分析：防御行业领涨 A 股探底回升》 2024-05-13 《市场分析：金融电力行业领涨 A 股先抑后 扬》 2024-05-10 联系人： 马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 证券研究报告-市场分析 发布日期：2024 年 05 月 15 日 投资要点： ◼ A 股市场综述 周三（05 月 15 日）A 股市场低开低走、小幅震荡整理，早盘股指低开后震 荡回落，沪指盘中在 3129 点附近获得支撑，午后股指震荡回升，尾盘再度 回落，盘中房地产、化纤以及装修建材行业表现较好；证券、电力以及汽 车等行业表现较弱，沪指全天基本呈现震荡整理的运行特征。创业板市场 周三震荡回落，成指全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 周三 A 股市场低开低走、小幅震荡整理，早盘股指低开后震 ...

分析师：周建华 登记编码：S0730518120001 zhoujh-yjs@ccnew.cm 021-50586758 晨会聚焦 周度策略：出口加快复苏，市场持续向好 请阅读最后一页各项声明 第2 页 / 共19页 2、商务部:下一步将与有关部门和地方一道，积极支持中部六省大力巩固 外资外贸基本盘、完善内贸流通体系，加快中非经贸深度合作先行区、自 贸试验区等开放平台建设，支持中部地区更好服务和融入新发展格局。 行业月报：我国集成电路产业同比扭亏为盈，基本金属价格普遍上涨 行业深度分析：家居产业链分析之河南概况 行业专题研究：电力产业链分析及河南省产业概况 行业月报：产业链价格再度下探，盈利普遍承压加速产能出清 行业月报：重点板块 23 年年报回顾，建议近期关注合成生物学概念投资 市场分析：防御行业领涨 A 股探底回升 2024-05-13 4 月末社会融资规模存量为 390 万亿，同比增长 8.3%。4 月当月新增人民币贷款 7300 亿，同 比多增 112 亿；新增社融为-1987 亿，去年同期为 1.22 万亿。社融回落有一定季节性因素，但 是企业中长期贷款明显偏弱，地方债和地产行业需要继续优化支持。政 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative price increase of 5% to 15% compared to the CSI 300 index over the next six months [15]. Core Views - The company faced performance pressure in 2023, with total revenue of 110.86 billion yuan, a year-on-year decrease of 11.19%, and a net loss of 4.26 billion yuan, transitioning from profit to loss [5][6]. - In Q1 2024, the company reported revenue of 26.27 billion yuan, a year-on-year increase of 8.57%, but a net loss of 2.38 billion yuan, which is an increase in loss compared to the previous year [5]. - The report highlights a significant reduction in breeding costs and an increase in slaughter capacity utilization, with the average cost of market pigs decreasing to approximately 15 yuan/kg in 2023 [6][7]. Summary by Sections Financial Performance - In 2023, the company sold 63.82 million pigs, with a total revenue of 110.86 billion yuan and a net loss of 4.26 billion yuan [5][6]. - The average cost of market pigs was around 15 yuan/kg, down by 0.7 yuan/kg from 2022 [6]. - For 2024, the company aims to sell between 66 million to 72 million pigs, representing a year-on-year growth of 3.42% to 12.82% [6]. Market Conditions - As of Q1 2024, the national breeding sow inventory was 39.92 million heads, down 7.27% year-on-year, indicating a reduction in supply pressure and a gradual increase in pig prices [5][6]. - The average price of live pigs in April 2024 was 15.1 yuan/kg, reflecting a month-on-month increase of 3.4% [5]. Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 17.37 billion yuan, 19.27 billion yuan, and 9.80 billion yuan respectively, with corresponding EPS of 3.18 yuan, 3.53 yuan, and 1.79 yuan [7][8]. - The company is expected to continue optimizing its cost structure and improving operational efficiency in the slaughtering segment, with a target utilization rate of 46% [6][7].

投资要点： ◼ A 股市场综述 ——市场分析 相关报告 《市场分析：防御行业领涨 A 股探底回升》 2024-05-13 联系人： 马嵚琦 证券研究报告-市场分析 发布日期：2024 年 05 月 14 日 ◼ 后市研判及投资建议 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政策及经 济复苏进度不及预期；宏观经济超预期扰动；政策超预期变化；国际关 系变化带来经济环境变化；海外宏观流动性超预期收紧；海外波动加剧。 表 1: A股主要指数表现 (单位:点) . 表 2: 港股主要指数表现（单位：点） 内容目录 图 1: 最近三年沪深两市平均市盈率变化（单位:倍) 图 2: 最近三年沪市和深市成交金额变化（单位: 亿元) 图 3: 最近三年沪股通和深股通资金净流入变化(单位:亿元) 本报告版权属于中原证券股份有限公司 www.ccnew.com 第2页 / 共7页 周二（05 月 14 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高开后震荡上行，沪指盘 中在 3155 点附近遭遇阻力，午后股指震荡回落，盘中游戏、汽车、中药以及计算机设备等行业 表现较好；公用事业、煤炭以及航运港口等行业表现较弱，沪指全天基 ...

通信 分析师：唐俊男 智能手机出货量小幅增长，光模块出口数 登记编码：S0730519050003 据亮眼 tangjn@ccnew.com 021-50586738 研究助理：李璐毅 l ily2@ccnew.com 021-50586278 ——通信行业月报 证券研究报告-行业月报 强于大市(维持) 通信行业指数相对沪深300指数表现 发布日期：2024年05月14日 投资要点： 通信 沪深300 23% ⚫ 通信行业北向资金持仓集中于光模块、运营商、线缆等板块。2024 17% 11% 年4月，通信行业北向资金持股市值占流通市值比为3.02%，环比 4% -2% 上升0.10pct；北向资金配置比例为1.86%，环比上升0.03pct。 -8% -14% ⚫ 运营商新兴业务收入保持两位数增长，5G 用户占比近五成。 -20% 2023.05 2023.09 2024.01 2024.05 2024Q1，电信业务收入累计完成 4437 亿元，同比增长 4.5%；新 资 料来源：聚源，中原证券研究所 兴业务收入1174亿元，同比增长12.2%，占电信业务收入的26.5%， 相关报告 促进电信业务收入增长 3 ...

工程机械Ⅱ 分析师：刘智 臂式产品放量推动增长，出海市场空间广 登记编码：S0730520110001 阔 l iuzhi@ccnew.com 021-50586775 ——浙江鼎力(603338)2023 年报&2024 一季报点评 证券研究报告-年报点评 增持(首次) 市场数据(2024-05-13) 发布日期：2024年05月14日 收盘价(元) 72.98 投资要点： 一年内最高/最低(元) 72.98/43.58 浙江鼎力（603338）披露2023年年报。2023年公司实现营业总收入63.12 沪深300指数 3,664.69 亿元，同比增长15.92%；归母净利润18.67亿元，同比增长48.51%。 市净率(倍) 4.03 流通市值(亿元) 369.53 同时披露2024年一季报。2024年第一季度，公司实现营业总收入14.52 亿元，同比增长11.53%；归母净利润3.02亿元，同比下降5.40%。 基础数据(2024-03-31) 每股净资产(元) 18.12 ⚫ 臂式产品放量带动业绩增长，持续扩产保障未来增长 每股经营现金流(元) 0.23 2023 年公司实现营业收入 63.12 亿元 ...

资料来源：聚源，中原证券研究所 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：聚源，中原证券研究所 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,148.02 | -0.21 | | 深证成指 | 9,673.32 | -0.60 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,664.69 | -0.04 | | 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 | 3,499.47 ...

——市场分析 《市场分析：金融电力行业领涨 A 股先抑后 扬》 2024-05-10 《市场分析：成长行业走强 A 股震荡上涨》 2024-05-09 《市场分析：防御行业领涨 A 股震荡整理》 2024-05-08 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 投资要点： 周一（05 月 13 日）A 股市场探底回升、小幅震荡整理，早盘股指低开后震 荡回落，沪指盘中在 3126 点附近获得支撑，午后股指企稳回升，盘中电网 设备、公用事业、电力以及工程建设等行业表现较好；半导体、互联网以 及软件开发等行业表现较弱，沪指全天基本呈现小幅震荡的运行特征。创 业板市场周一震荡回落，成指全天表现弱于主板市场。 周一 A 股市场探底回升、小幅震荡整理，早盘股指低开后震荡回落，沪指 盘中在 3126 点附近获得支撑，午后股指企稳回升，盘中电网设备、公用事 业、电力以及工程建设等行业表现较好；半导体、互联网以及软件开发等 行业表现较弱，沪指全天基本呈现小幅震荡的运行特征。当前上证综指与 创业板指数的平均市盈率分别为 13.46 倍、31.03 倍，处于近三年中位数 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][17]. Core Views - The company experienced a robust revenue growth of 56.10% year-on-year in 2023, reaching a total revenue of 7.353 billion yuan, while net profit increased by 31.24% to 852 million yuan [3][8]. - The first quarter of 2024 saw a decline in revenue by 34.50% year-on-year, with a net loss of 28.82 million yuan, attributed to high inventory levels in the European market affecting sales of energy storage inverters [3][6]. - The company is expected to benefit from the recovery of demand in the energy storage inverter market as inventory levels normalize, particularly in emerging markets [6][7]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 73.53 billion yuan, with a net profit of 8.52 billion yuan and a basic earnings per share of 4.94 yuan, reflecting a year-on-year growth of 31.38% [3][8]. - The first quarter of 2024 showed a revenue of 11.26 billion yuan, down 34.50% year-on-year, with a net loss of 28.82 million yuan [3][6]. Product Performance - The company’s sales of grid-connected inverters reached 532,200 units in 2023, a 15.46% increase year-on-year, generating revenue of 28.61 billion yuan [6][7]. - Sales of energy storage inverters decreased by 32.20% year-on-year, with revenue of 15.66 billion yuan, primarily due to high inventory levels in Europe [6][7]. Market Outlook - The company is positioned to capitalize on the growing demand for household photovoltaic systems, with a significant increase in sales of 688.92% year-on-year, generating revenue of 16.54 billion yuan [7][8]. - The report anticipates steady growth in the company’s overseas market performance, particularly as European inventory levels decrease and demand in emerging markets rises [8][9]. Valuation Metrics - The projected net profits for 2024, 2025, and 2026 are estimated at 707 million yuan, 880 million yuan, and 1.116 billion yuan respectively, with corresponding earnings per share of 4.09 yuan, 5.09 yuan, and 6.45 yuan [8][9]. - The price-to-earnings ratios for the next three years are projected to be 25.35, 20.36, and 16.05 respectively, indicating a favorable valuation trend [8][9].