Investment Rating - The investment rating for the company is "Buy" with a maintained outlook, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [20][21]. Core Views - The company has shown significant growth in its shipbuilding business, with a revenue increase of 67.95% in 2023, contributing to a total revenue of 16.146 billion yuan, a year-on-year growth of 26.19% [2][3]. - The company is expected to enter a performance recovery phase, benefiting from the ongoing recovery in the shipbuilding industry, with substantial growth in new orders and delivery volumes anticipated in 2024 [4][5]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved total revenue of 16.146 billion yuan, with a net profit of 48.07 million yuan, reflecting a significant decline of 93.02% year-on-year [2][3]. - The company's gross margin was reported at 6.63%, a decrease of 0.23 percentage points compared to the previous year, while the net margin was 0.45%, down 5.1 percentage points [3][4]. Business Segments - The shipbuilding segment generated revenue of 13.234 billion yuan, accounting for 81.97% of total revenue, with container ships and special ships showing notable growth [2][3]. - The company secured new orders worth 183 billion yuan in 2023, marking a 27.5% increase year-on-year, with a total backlog of contracts valued at approximately 557.6 billion yuan [3][4]. Market Outlook - The global shipbuilding market is stabilizing, with new ship prices reaching record highs, driven by factors such as rising labor costs and a shift towards green shipbuilding [4][5]. - The company is positioned to benefit from the industry's cyclical recovery, with expectations of increased profitability as new ship prices continue to rise [6][5]. Earnings Forecast - Revenue projections for the company are set at 18.975 billion yuan, 21.991 billion yuan, and 24.512 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profit estimates of 1.313 billion yuan, 1.732 billion yuan, and 2.188 billion yuan [6][7].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][24]. Core Views - The company achieved a revenue of 3.652 billion yuan in 2023, representing a year-on-year increase of 15.60%, and a net profit attributable to shareholders of 1.274 billion yuan, up 7.78% year-on-year [5][7]. - The report highlights a significant growth in institutional client engagement and a record high in asset management business revenue, despite a decline in brokerage and investment banking revenues [5][19]. - The company is transitioning its proprietary trading from directional to diversified and strategic approaches, maintaining a high yield in fixed-income investments [19]. Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.27 yuan, an increase of 8.00% year-on-year, with a return on equity (ROE) of 6.20%, up 0.22 percentage points [5][22]. - The company plans to distribute a dividend of 1.00 yuan per share (before tax), which accounts for 36.86% of the net profit attributable to shareholders [7][19]. Revenue Composition - The revenue composition for 2023 showed an increase in investment income (including fair value changes) and other income, while brokerage, investment banking, asset management, and interest income proportions decreased [8][11]. - The net income from brokerage services decreased by 5.94% year-on-year, while the asset management business saw a slight increase of 0.83%, achieving a historical high in fee income [11][15]. Investment Banking and Asset Management - The investment banking segment experienced a significant decline, with net income from investment banking fees down 28.48% year-on-year, primarily due to a sharp drop in equity financing [12][19]. - Conversely, the asset management business continued to grow, with a management scale of 60.683 billion yuan, up 10.55% year-on-year, and a record high in fee income [15][19]. Future Projections - The company forecasts EPS of 0.24 yuan and 0.27 yuan for 2024 and 2025, respectively, with book value per share (BVPS) projected at 4.57 yuan and 4.76 yuan [19][22]. - Based on the closing price of 4.57 yuan on April 11, 2024, the projected price-to-book (P/B) ratios are 1.00 and 0.96 for 2024 and 2025, respectively [19][22].

半导体 分析师：邹臣 AI PC 新品密集发布，渗透率有望 登记编码：S0730523100001 快速提升 z ouchen@ccnew.com 021-50581991 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 半导体相对沪深300指数表现 发布日期：2024年04月12日 投资要点： 半导体 沪深300 2%  3月国内半导体板块表现相对较弱。2024年3月国内半导体板块 -5% -12% （中信）下跌3.33%，同期沪深300上涨0.61%，半导体板块 -19% （中信）年初至今下跌12.39%；3月费城半导体指数上涨 -262%023.04 2023.08 2023.12 2024.04 -32% 3.77%，同期纳斯达克100上涨1.17%，年初至今费城半导体指 -39% 数上涨17.48%。 -46%  全球半导体月度销售额继续同比增长，存储器价格整体仍维持上 资 料来源：聚源，中原证券 涨趋势。2024年2月全球半导体销售额同比增长16.3%，连续4 相关报告 个月实现同比增长，环比下降3.1%；WSTS预计2024年全球市 《半导体行业月报：AI大模型持续迭代推动 场 ...

基础化工 分析师：顾敏豪 围绕供需与资源品两条主线，关注煤化 登记编码：S0730512100001 工与轻烃化工、磷化工和粘胶长丝行业 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04月12日 投资要点： 基础化工 沪深300 2% 2024年3月份中信基础化工行业指数上涨1.23%，在30个中信一级 -4% -10% 行业中排名第16位。子行业中，粘胶、锦纶和氟化工行业表现相对 -15% 较好。主要产品中，3月份化工品上涨幅度趋缓，涨跌比略有下降。 -21% -26%2023.04 2023.08 2023.12 2024.04 上涨品种中，硫酸、R32、双氧水、氧气和合成氨涨幅居前。4月份 -32% 的投资策略，建议关注煤化工、轻烃化工、磷化工和粘胶长丝行业。 -38% ⚫ 市场回顾：根据wind数据，2024年3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1.23%，跑赢上证综指0.37个百分点，跑赢沪深 300 指数 相关报告 0.62个百分点，行业 ...

⚫ 铁路运输需求恢复，带动铁路车辆设备更新加速，公司三大产品线 均受益 2023 年随着疫情防控政策的变化，铁路运输需求有了明显的恢复性增长， 带动铁路车辆设备需求恢复增长。 机械 ——思维列控(603508)2023 年报点评 | --- | --- | --- | |---------------------|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 市场数据 | 证券研究报告 - 年报点评 \n(2024-04-10) | 增持 ( 维持 ) \n发布日期： 2024 年 04 月 11 日 | | 收盘价 ( 元 | ) ...

锂电池 分析师：牟国洪 登记编码：S0730513030002 销量恢复增长，短期适度关注 mough@ccnew.com 021-50586980 ——锂电池行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2024年04月11日 投资要点：  3 月锂电池板块指数走势弱于沪深 300 指数。2024 年 3 月，锂电 锂电池相对沪深300指数表现 池指数下跌0.05%，新能源汽车指数上涨3.90%，而同期沪深300 指数下跌0.01%，锂电池指数走势弱于沪深300指数。  3月我国新能源汽车销售恢复增长。2024年3月，我国新能源汽车 销售83.30万辆，同比增长35.28%，环比增长85.12%，3月月度 销量占比32.78%，主要系新能源整车总体降价。2024年2月，我 国动力电池装机18.0GWh，同比下降17.94%，其中三元材料占比 37.78%；宁德时代、比亚迪和中创新航装机位居前三。  上游原材料价格短期总体上涨。截止 2024 年 4 月 10 日，电池级 资 料来源：中原证券，Wind 碳酸锂价格为 11.35 万元/吨，较 2024 年 3 月初上涨 14.07%；氢 ...

造纸Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 生产经营保持稳健，持续推动林浆纸一体化 l ongyj@ccnew.com 0371-65585753 ——太阳纸业(002078)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2024-04-10) 发布日期：2024年04月11日 收盘价(元) 15.41 事件： 一年内最高/最低(元) 15.41/10.26 公司发布2023年年度报告。2023年全年实现营业收入395.44亿元，同 沪深300指数 3,504.71 比下降0.56%，归母净利润30.86亿元，同比增长 9.86%，扣非归母净利润 市净率(倍) 1.65 30.27 亿元，同比增长 9.22%；经营活动产生的现金流量净额 66.17 亿元， 流通市值(亿元) 426.07 同比增长73.07%；基本每股收益1.10元；加权平均净资本收益率12.59%， 基础数据(2023-12-31) 同比+0.84pct；拟向全体股东每10股派发现金红利3元(含税)。 每股净资产(元) 9.32 其中2023Q4，公司实现营业收入103.42亿元，同比增长2.13%，归母 每 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 合并口径权益类及衍生品投资大幅扭亏为盈 z hangyang-yjs@ccnew.com 021-50586627 ——国元证券(000728)2023 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-10) 发布日期：2024年04月11日 收盘价(元) 6.44 2023年年报概况:国元证券2023年实现营业收入63.55亿元，同比 一年内最高/最低(元) 7.88/5.92 +18.99%；实现归母净利润18.68亿元，同比+7.75%；基本每股收益 沪深300指数 3,504.71 0.43元，同比+7.50%；加权平均净资产收益率5.55%，同比+0.23个百 市净率(倍) 0.81 分点。2023年拟10派1.50元（含税）。 总市值(亿元) 281.03 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) 281.03 高，经纪、投行、资管、利息净收入占比出现下降。2.稳住代理买卖证券业 基础数据(2023-12-31) 务基本盘，股基交易额逆势实现增长，合并口径经纪业 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase in stock price relative to the market index [2][18][23]. Core Insights - The company achieved a revenue of 19.82 billion yuan in 2023, reflecting a year-on-year growth of 3.13%, and a net profit of 8.764 billion yuan, up 8.60% year-on-year [4][6]. - The company's performance in the brokerage, investment banking, and asset management sectors showed a decline in net income proportions, while net interest income and investment income increased [4][7]. - The company continues to develop its neutral investment business and fixed-income investments, which significantly outperformed benchmark indices [4][14]. Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.94 yuan, a 9.30% increase year-on-year, and a return on equity (ROE) of 7.91%, up 0.37 percentage points [4][6][21]. - The company plans to distribute a dividend of 2.52 yuan per share, which represents 25.01% of the net profit attributable to shareholders [6][18]. Brokerage and Trading - The company's brokerage business saw a slight decline in trading volume, with a market share of 5.23%, marking a 0.01 percentage point increase year-on-year [9][10]. - The total trading volume for equity funds was 25.18 trillion yuan, down 2.67% year-on-year, while the number of active trading clients increased by 8.03% to approximately 17.76 million [9][10]. Investment Banking - The company experienced a significant decline in equity financing, with a 50.74% drop in underwriting amounts, while bond underwriting amounts increased by 18.49% [10][11]. - The investment banking segment's net income from fees decreased by 6.53% year-on-year [10][11]. Asset Management - The asset management business saw a decrease in both scale and net income, with a 13.99% decline in net income from asset management fees [13][14]. - The company’s total asset management scale was 294.85 billion yuan, down 7.03% year-on-year [13][14]. Investment Strategy - The company has adopted a "large and stable" asset allocation strategy, focusing on optimizing investment structures and enhancing the stability of investment returns [14][15]. - The fixed-income investment returns significantly outperformed the benchmark index, contributing to improved overall investment income [14][15]. Future Projections - The company is expected to have EPS of 0.86 yuan and 0.96 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 12.96 yuan and 13.70 yuan [4][18][21].

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 行新一轮更新换代，加速智能化渗透，对行业需求有明细催化。公司作为 第2页 / 共7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 仪器仪表Ⅱ 公司是国内智能水表龙头企业，同时布局智能燃气表、智慧业务（水务、 热力、节水），未来具有稳健增长的空间。同时，受益大规模设备更新，智 能水表、燃气表等产品有望充分受益催化更新需求。公司盈利稳定性较好， 分红比例股息率较高。我们预测公司2024年-2026年营业收入为 11.81亿、 13.24 亿、15.07 亿，归母净利润分别为 2.57 亿、2.92 亿、3.41 亿，对应 的 PE 分别为 15.29X、13.47X、11.53X，首次覆盖，给予公司"增持"评 级。 风险提示：1：宏观经济景气度不及预期:2：市政基础设施固定资产 投资补贴不及预期；3：行业需求不及预期；4：行业竞争加剧，毛利 率下滑；5：智慧水务、节水、热力等新业务发展不及预期。 | --- | --- | --- | --- | --- | ...