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。 | --- | --- | --- | --- | --- | ...

沪深 300 指数 3536.41 基础数据(2023-12-31) 毛利率(%) 39.06 B 股/H 股(万股) 0.00/0.00 其他化学制品Ⅱ 收盘价(元) 13.99 流通市值(亿元) 45.42 每股经营现金流(元) 0.67 资产负债率(%) 33.82 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 研究助理：石临源 登记编码：S0730123020007 shily@ccnew.com 0371-86537085 硅烷气量价齐升，全年业绩表现靓丽 投资要点： ⚫ 全年费控平稳，公司盈利能力提升显著。从盈利能力上来看，2023 年公司综合毛利率为 39.06%，较去年同期增加 7.15pct。硅烷气销 售价格上行叠加公司硅烷气销售占比提高两方面因素下，公司毛利 率有较大幅度提升。公司销售/管理/财务/研发费用率分别为 0.27%/5.66%/1.21%/2.83% ， 较 去 年 同 期 分 别 -0.01/+0.21/ -0.22/+1.85pct。销售、管理、财务费用率合计 7.14%，较去年同 期减少-0.02pct ...

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][32]. Core Views - The company achieved a revenue of 33.644 billion yuan in 2023, a slight increase of 0.01% year-on-year, and a net profit attributable to shareholders of 7.879 billion yuan, up 1.43% year-on-year [4][7]. - The company is focusing on high-net-worth clients, enhancing its investment advisory capabilities, and driving improvements in investment business quality and efficiency [4][26]. - The international business has shown robust growth, with a revenue increase of 11.28% year-on-year, maintaining a leading position in Southeast Asia [4][25]. Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.67 yuan, down 4.29% year-on-year, and a return on equity (ROE) of 7.52%, a decrease of 0.70 percentage points year-on-year [4][7]. - The company plans to distribute a dividend of 2.20 yuan per share (before tax), representing 30.53% of the net profit attributable to shareholders [4][7]. Business Segments - The asset management business's net income and investment income (including fair value changes) have increased, while the proportions of brokerage, investment banking, interest, and other income have decreased [4][8]. - The brokerage business's net income from fees decreased by 13.56% year-on-year, while the investment banking business's net income from fees fell by 19.77% [4][11][12]. - The company achieved a record high in bond underwriting, with a total of 357.954 billion yuan, up 41.75% year-on-year [4][12]. Investment Strategy - The company is focusing on innovative investment trading based on client needs, leading to a significant year-on-year increase of 36.93% in investment income [4][19]. - The company is enhancing its fixed income investment strategy and expanding its alternative investment business, which has shown promising returns [4][19]. Future Outlook - The company expects EPS of 0.63 yuan and 0.72 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 9.58 yuan and 10.06 yuan [4][26]. - The report suggests that the company will benefit from regulatory support aimed at fostering strong firms and building a first-class investment bank [4][26].

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 大资管业务短期承压，投资低基数下显著改善 z hangyang-yjs@ccnew.com 021-50586627 ——广发证券(000776)2023 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-03) 发布日期：2024年04月08日 收盘价(元) 13.21 2023年年报概况:广发证券2023年实现营业收入233.00亿元，同比 一年内最高/最低(元) 16.97/13.13 -7.29%；实现归母净利润69.78亿元，同比-12.00%；基本每股收益 沪深300指数 3,567.80 0.83元，同比-18.63%；加权平均净资产收益率5.66%，同比-1.57个百 市净率(倍) 0.89 分点。2023年拟10派3.00元（含税）。 总市值(亿元) 1,006.75 点评：1. 2023年公司投资收益（含公允价值变动）占比出现提高，经纪、 流通市值(亿元) 1,006.75 投行、资管、利息、其他收入占比出现下降。2.代理股基交易量随市小幅下 基础数据(2023-12-31) 滑、份额保持稳定，代销规模 ...

Investment Rating - The report maintains an "Accumulate" rating for Guotai Junan Securities [2][5][33] Core Views - In 2023, Guotai Junan achieved operating revenue of 36.141 billion yuan, a year-on-year increase of 1.89%, while net profit attributable to shareholders was 9.374 billion yuan, a decrease of 18.55% [5][7] - The company is experiencing a comprehensive growth in institutional clients, which has mitigated the decline in brokerage fee income compared to comparable securities firms [5][33] - The self-operated business is transitioning towards low-risk, non-directional strategies, with investment income showing significant recovery [5][33] Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.98 yuan, down 21.60% year-on-year, and a return on equity (ROE) of 6.02%, a decrease of 1.86 percentage points [5][7][36] - The proposed dividend for 2023 is 4.0 yuan per share (before tax), representing 38.0% of the net profit attributable to shareholders [5][7] Business Segments - The asset management business saw a significant increase in net income, with a year-on-year growth of 148.60%, primarily due to the consolidation of Huashan Fund [5][22] - Brokerage business net income decreased by 11.16% year-on-year, while the investment income (including fair value changes) increased by 22.19% [5][26] - The investment banking segment experienced a decline in net income by 14.45%, with IPO underwriting amounts increasing by 7.4% year-on-year [5][17] Market Position - The company’s market share in stock trading increased to 4.63%, up 0.23 percentage points year-on-year, with a total trading volume of 19.64 trillion yuan [11][32] - The international business revenue grew by 54.96% year-on-year, indicating a significant improvement in overseas operations [5][32] Future Projections - The expected EPS for 2024 and 2025 is projected to be 0.93 yuan and 1.02 yuan, respectively, with corresponding book value per share (BVPS) of 17.16 yuan and 18.10 yuan [5][33] - The report anticipates a price-to-book (P/B) ratio of 0.80 and 0.76 for 2024 and 2025, respectively, based on the closing price of 13.73 yuan on April 3, 2024 [5][33]

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 自营搭建多元业务框架，利润总额维持高位 z hangyang-yjs@ccnew.com 021-50586627 ——中信证券(600030)2023 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-03) 发布日期：2024年04月07日 收盘价(元) 19.16 2023年年报概况: 中信证券2023年实现营业收入600.68亿元，同 一年内最高/最低(元) 25.20/19.13 比-7.74%；实现归母净利润197.21亿元，同比-7.49%；基本每股收益 沪深300指数 3,567.80 1.30元，同比-8.45%；加权平均净资产收益率7.81%，同比-0.86个百 市净率(倍) 1.13 分点。2023年拟10派4.75元（含税）。 总市值(亿元) 2,839.62 点评：1. 2023年公司投资收益（含公允价值变动）占比出现提高，经纪、 流通市值(亿元) 2,656.59 投行、资管、利息、其他收入占比出现下降。2.财富管理业务与机构经纪业 基础数据(2023-12-31) 务保持行业领先，合并口径经纪 ...

Investment Rating - The report maintains an "Accumulate" rating for Huatai Securities, indicating an expected price increase of 5% to 15% relative to the CSI 300 index over the next six months [36]. Core Views - The company achieved significant recovery in investment income, with a year-on-year increase of 96.77% in investment income (including fair value changes) [5][23]. - International business revenue grew by 19.49% year-on-year, further enhancing its revenue share [28]. - Despite a slight decline in brokerage and investment banking fee income due to market conditions, the overall performance exceeded expectations [30]. Summary by Sections Financial Performance - In 2023, Huatai Securities reported operating income of 36.578 billion yuan, up 14.19% year-on-year, and a net profit attributable to shareholders of 12.751 billion yuan, up 15.35% year-on-year [5][8]. - The basic earnings per share (EPS) was 1.35 yuan, reflecting a 14.41% increase year-on-year [5][8]. - The return on equity (ROE) was 8.12%, an increase of 0.63 percentage points year-on-year [5][8]. Business Segments - Investment income (including fair value changes) accounted for 39.0% of total income in 2023, a significant increase from 22.6% in 2022 [9]. - Brokerage business net income decreased by 15.75% year-on-year, while investment banking fees fell by 24.53% [5][13]. - Asset management business net income increased by 12.92% year-on-year, indicating growth in public fund business [20]. Future Projections - Expected EPS for 2024 and 2025 are projected at 1.30 yuan and 1.43 yuan, respectively, with corresponding book value per share (BVPS) of 17.75 yuan and 18.67 yuan [30]. - The report anticipates a price-to-book (P/B) ratio of 0.80 and 0.76 for 2024 and 2025, respectively, based on the closing price of 14.12 yuan on April 3, 2024 [30]. Market Position - Huatai Securities maintained a strong position in the market, ranking fourth in equity underwriting and third in bond underwriting [14][28]. - The company’s international business platform, Huatai International, has assets exceeding 200 billion HKD, solidifying its position among the top Chinese brokers in Hong Kong [28].

Investment Rating - The report upgrades the investment rating for the light industry manufacturing sector to "Outperform the Market" [6] Core Viewpoints - The light industry manufacturing sector has shown strong performance, with a 3.55% increase in March, outperforming the CSI 300 index by 2.94 percentage points [5][12] - The paper industry is experiencing a recovery in revenue and profit, supported by rising pulp prices and seasonal demand [6][23] - The furniture export sector is performing well, with a 36.1% year-on-year increase in export value for January-February 2024, driven by a marginal recovery in the US real estate cycle and inventory digestion in major European markets [5][6] Summary by Sections 1. Industry Performance Review - The light industry manufacturing index rose by 3.55% in March, ranking 7th among 30 sectors [12] - All sub-sectors within light industry manufacturing experienced gains, with over 76% of individual stocks rising [18] - The sector's PE (TTM) is at 32.34 times, positioned at the 44.71% historical percentile, indicating a moderate recovery in valuation levels [20] 2. Key Industry Data Tracking 2.1. Paper Industry - Revenue for the paper and paper products industry reached 213.55 billion yuan in January-February 2024, a 7.5% year-on-year increase [23] - The average price of waste yellow board paper decreased by 6.76% to 1421 yuan/ton, while domestic and international pulp prices increased [27][31] - The average price of boxboard paper and corrugated paper fell by 3.34% and 4.63%, respectively, indicating increased inventory pressure [31][36] 2.2. Furniture Industry - Real estate development investment and sales data remain under pressure, but furniture companies are seeing improved revenue and profit [5][6] - The furniture and parts export value increased by 36.1% year-on-year in January-February 2024, benefiting from the recovery in the US real estate market [5][6] 3. Important Company News - Leading paper companies are expected to benefit from rising pulp prices and seasonal demand, with recommendations to focus on companies with integrated forest-pulp-paper advantages [6] - The report suggests monitoring undervalued export-oriented companies in the furniture sector due to favorable export data and ongoing real estate policy support [6]

2023 年销售与利润双高增 食品饮料 | --- | --- | --- | |---------------------------------|---------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------| | | | ——劲仔食品 (003000)2023 年年报点评 | | | 证券研究报告 - 年报点评 | 买入 ( 上调 ) | | 市场数据 | (2024-04-02) | 发布日期： 2024 年 04 月 03 日 | | 收盘价 ( 元 | ) 14.51 | 投资要点： | | 一年内最高 | / 最低 ( 元 ) 14.80/9.79 | | | 沪深 300 | 指数 3,580.68 | ⚫ 公司发布 2023 年报： 2023 年公 ...

云服务 分析师：唐月 登记编码：S0730512030001 增收控费，2024 有望扭亏为盈 t angyue@ccnew.com 021-50586737 ——用友网络(600588)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-02) 发布日期：2024年04月03日 收盘价(元) 12.32 投资要点： 一年内最高/最低(元) 26.38/9.92  公司发布年报：2023年公司收入97.96亿元，同比增长5.77%； 沪深300指数 3,580.68 归母净利润-9.67万元，同比下滑541.28%；扣非净利润-11.04亿 市净率(倍) 4.15 元，同比下滑854.00%。 流通市值(亿元) 420.97  2023年公司在上市以后首次亏损，且亏损金额较大，究其原因主 基础数据(2023-12-31) 要包括： 每股净资产(元) 2.97 每股经营现金流(元) -0.03 （1）人员成本增长：2023年平均人数较2022年增长1896人； 毛利率(%) 50.73 （2）2023年上半年的组织模式升级（公司史上最大的业务组织模式升级， 净资产收益率_摊薄(%) - ...