Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [12][37]. Core Views - The company has shown resilience in its ultra-pure target material business, achieving revenue growth of 3.79% year-on-year despite a downturn in the global semiconductor industry [38]. - The semiconductor components business is rapidly expanding, with a revenue increase of 58.55% year-on-year, driven by the company's competitive advantages in ultra-pure target materials [6][45]. - The company is actively increasing its production capacity and diversifying its product offerings, which is expected to enhance its market share and competitiveness [6][47]. Financial Performance Summary - In 2023, the company achieved a revenue of 2.602 billion yuan, a year-on-year increase of 11.89%, while the net profit attributable to shareholders was 255 million yuan, a decrease of 3.35% [5][48]. - For Q1 2024, the company reported a revenue of 772 million yuan, a year-on-year increase of 36.65%, and a net profit of 60 million yuan, a year-on-year increase of 7.16% [5][17]. - The company's gross margin for Q1 2024 was 31.97%, reflecting a slight improvement compared to previous periods [17][44]. Revenue and Profit Forecast - The company is projected to achieve revenues of 3.141 billion yuan, 4.091 billion yuan, and 5.221 billion yuan for the years 2024, 2025, and 2026, respectively [48]. - The net profit attributable to shareholders is expected to be 345 million yuan, 473 million yuan, and 622 million yuan for the same years [48]. - The earnings per share (EPS) are forecasted to be 1.30 yuan, 1.78 yuan, and 2.34 yuan for 2024, 2025, and 2026, respectively [48].

节能环保行业 分析师：唐俊男 登记编码：S0730519050003 节能环保装备产业链之河南概况 t angjn@ccnew.com 021-50586738 证券研究报告-行业深度分析 发布日期：2024年04月29日 投资要点： 联系人： 马嶔琦 ⚫ 节能环保产业是国家加快培育和发展的7个战略性新兴产业之一， 电话： 021-50586973 涉及节能环保技术装备、产品和服务等。我国的节能环保装备主要 地址： 上海浦东新区世纪大道1788号16楼 分为节能装备和环保装备两大领域。 邮编： 200122 ⚫ 节能装备：工业节能装备主要包括高效节电设备、余热利用设备、 高效节能家用/商用电器/照明产品等。 （1）节能电机。在降低能耗的背景下，推广高效节能电机已成为 全球电机产业发展的共识，《工业能效提升行动计划》提出推进电 机高效再制造，规划2025年新增高效节能电机占比达到70%以上。 节能电机产业链上游是电解铜（电磁线）、硅钢、碳结钢、绝缘材 料等原材料供应商以及轴承、换向器、冷却器等配件供应商，下游 是渠道销售商、配套厂商和最终客户。中国是全球最大的电动机生 产国和消费国，拥有完善的产业链，涵盖从原材 ...

农林牧渔 分析师：张蔓梓 登记编码：S0730522110001 冷链食品产业链分析之河南概况 z hangmz@ccnew.com 13681931564 证券研究报告-行业深度分析 农林牧渔相对沪深300指数表现 发布日期：2024年04月29日 投资要点： 农林牧渔 沪深300 1% ⚫ 产业概况：冷链食品是指那些需要通过制冷技术与设备等手段， -3% -6% 使易腐食品从产地收购或捕捞之后，并在到达消费者之前，各个 -9% 环节都始终保持产品所必需的低温环境的食品。冷链食品行业产 -13% 业链主要涵盖农业、初加工业、冷链食品制造商、渠道商和终端 -16% -19% 销售等多个环节。 -23%2023.04 2023.08 2023.12 2024.04 ⚫ 竞争格局：根据中物联冷链委数据，预计2023年我国冷链物流市 资 料来源：中原证券，聚源 场需求总量将突破3.56亿吨，总收入大概为5170亿元，全国冷 相关报告 链物流市场整体处于需求逐步企稳回升的局面，行业从增量时代 《农林牧渔行业月报：生猪产能持续去化， 迈入存量时代。我国食品冷链运输率与发达国家相比相差较大， 生物育种加速推进》 2024 ...

汽车 分析师：余典 登记编码：S0730524030001 北京车展开幕，自主品牌齐发力 yudian@ccnew.com 021-50586328 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深300指数表现 发布日期：2024年04月26日 投资要点： 汽车 沪深300 20% • 市场表现：汽车产销一季度保持平稳，自主品牌乘用车市场份额近 14% 9% 60%。根据中汽协数据，1-3月，汽车产销累计分别完成660.6万辆和 3% 672万辆，同比分别增长6.4%和10.6%。2024年1-3月乘用车产销累 -3% 计分别完成560.9万辆和568.7万辆，同比分别增长6.6%和10.7%。 -8% -14% 分系列来看，2024年 1-3月，自主品牌乘用车累计销量 339.2万辆， -20% 同比增长26.4%，市场份额达到59.6%，同比上升7.4个百分点。 2023.04 2023.08 2023.12 2024.04 数 据来源： Wind，中原证券 商用车各细分市场同比均增，天然气重卡持续走强。2024 年 1-3 相关报告 月，卡车产销累计分别完成 88.3 万辆和 ...

半导体 分析师：邹臣 持续优化业务结构及推进高性能封装技 登记编码：S0730523100001 术，加强先进存储器封测布局 z ouchen@ccnew.com 021-50581991 ——长电科技(600584) 2023 年报及 2024 年一季报 点评 证券研究报告-季报点评 买入(维持) 市场数据(2024-04-25) 发布日期：2024年04月26日 收盘价(元) 24.31 事件：近日公司发布2023年年度报告及2024年一季度报告，2023 一年内最高/最低(元) 35.55/20.96 年公司实现营收296.61亿元，同比-12.15%；归母净利润14.71亿 沪深300指数 3,530.28 元，同比-54.48%；扣非归母净利润13.23亿元，同比-53.26%； 市净率(倍) 1.66 2024年一季度公司实现营收68.42亿元，同比+16.75%，环比- 流通市值(亿元) 434.91 25.88%；归母净利润1.35亿元，同比+23.01%，环比-72.79%；扣非 归母净利润1.08亿元，同比增长+91.33%，环比-81.30%。 基础数据(2024-03-31) 每股净资 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 多项业务表现优异，投资收益贡献弹性 z hangyang-yjs@ccnew.com 021-50586627 ——国金证券(600109)2023 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-25) 发布日期：2024年04月26日 收盘价(元) 8.21 2023年年报概况:国金证券2023年实现营业收入67.30亿元，同比 一年内最高/最低(元) 10.80/7.89 +17.39%；实现归母净利润17.18亿元，同比+43.41%；基本每股收益 沪深300指数 3,530.28 0.462元，同比+34.69%；加权平均净资产收益率5.39%，同比+1.22个 市净率(倍) 0.93 百分点。2023年拟10派1.40元（含税）。 总市值(亿元) 304.80 点评：1.2023年公司投资收益（含公允价值变动）、其他收入占比出现提 流通市值(亿元) 262.68 高，经纪、投行、资管业务手续费净收入及利息净收入占比出现下降。2.经 基础数据(2024-03-31) 纪业务核心指标保持全面增长，合并口径经纪业务 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][20]. Core Views - The company has demonstrated strong revenue growth in Q1 2024, achieving an operating income of 1.842 billion yuan, a year-on-year increase of 45.30%, and a net profit attributable to shareholders of 101 million yuan, up 15.06% year-on-year [1]. - The company is focusing on brand unification, product series development, and global cost reduction while expanding its channels and optimizing logistics [1][3]. - The company aims to enhance its market penetration in the U.S. while continuing to expand in Europe and emerging markets like Mexico and Australia [3]. Summary by Sections Financial Performance - In Q1 2024, the company reported a gross margin of 36%, a slight decrease of 0.78 percentage points year-on-year, primarily due to fluctuations in shipping costs [1]. - The net cash flow from operating activities reached 438 million yuan, reflecting a significant year-on-year increase of 69.58% [1]. - The company expects improvements in shipping costs in Q2 2024, which will help restore profitability [1]. Future Projections - The company forecasts net profits of 506 million yuan, 600 million yuan, and 737 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.26 yuan, 1.49 yuan, and 1.83 yuan [3][4]. - The projected P/E ratios for the next three years are 18.71, 15.79, and 12.86, indicating a favorable valuation trend [3][4]. Market Position - The company has established a strong presence in the online home goods retail market in Europe and the U.S., leveraging its early mover advantage in cross-border e-commerce [3]. - The report highlights the company's ongoing efforts in digitalization and localized operations to enhance customer experience [3].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][5]. Core Views - The company's performance is under short-term pressure, with 2023 revenue at 41.358 billion yuan, a year-on-year decrease of 3.35%. Operating profit fell to 1.876 billion yuan, down 47.79% year-on-year, and net profit was 1.581 billion yuan, a decline of 47.44% [2][5]. - Despite the short-term challenges, the company is expected to maintain a high growth rate in LFP (Lithium Iron Phosphate) shipments, driven by the increasing demand for power batteries and energy storage batteries in China [3][5]. - The company has established long-term stable partnerships with major clients such as CATL and BYD, which contributes to its competitive position in the market [3][5]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 41.358 billion yuan, a decrease of 3.35% year-on-year. The operating profit was 1.876 billion yuan, down 47.79%, and net profit was 1.581 billion yuan, a decline of 47.44% [2][6]. - The gross profit margin for 2023 was 7.65%, a decrease of 4.83 percentage points year-on-year, with a significant drop in the fourth quarter to 3.33% [4][5]. Market Dynamics - The demand for LFP materials is expected to remain strong due to the growth in China's new energy vehicle sales, which reached 9.4481 million units in 2023, a year-on-year increase of 37.48% [2][3]. - The company’s LFP shipments in 2023 were 506,800 tons, a year-on-year increase of 56.49%, significantly outpacing industry growth [3][5]. Strategic Initiatives - The company plans to raise up to 6.5 billion yuan through a non-public stock issuance to fund several projects, including the production of LFP materials [4][5]. - A stock incentive plan has been announced, aiming to boost employee confidence and align their interests with the company's long-term growth objectives [4][5]. Future Outlook - The company is projected to face continued pressure in 2024, with expected earnings per share of 1.52 yuan and 2.92 yuan for 2024 and 2025, respectively [5][6]. - The report anticipates that the company will maintain a competitive position in the LFP market, with a market share exceeding 30% and a production capacity utilization rate of 89.77% as of the end of 2023 [3][5].

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 ——伊之密(300415)2023 年报&2024 一季报点评 通用设备 注塑机行业需求复苏，大型压铸机不断成 长 | --- | --- | --- | |-------------------------------|-----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

化学原料 分析师：顾敏豪 钛白粉涨价带动业绩逐步改善，全 登记编码：S0730512100001 产业链优势保障公司长期发展 g umh00@ccnew.com 021-50586308 ——龙佰集团(002601)年报一季报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-24) 发布日期：2024年04月25日 收盘价(元) 20.73 投资要点：公司公布 2023年年报和 2024年一季报。2023 一年内最高/最低(元) 20.73/15.60 年公司实现营业收入 267.65亿元，同比增长11%，实现归 沪深300指数 3,521.62 属于上市公司股东的净利润 32.26亿元，同比下滑 5.64%， 市净率(倍) 2.04 扣非后的净利润 31.16亿元，同比下滑 4.68%，基本每股收 流通市值(亿元) 481.46 益 1.38元。2024年一季度，公司实现营业收入 72.88亿 基础数据(2024-03-31) 元，同比增长 4.52%，实现净利润 9.51亿元，同比增长 每股净资产(元) 10.17 64.15%，扣非后的净利润 9.25亿元，同比增长 67.21%，基 ...