机械 分析师：刘智 设备更新政策持续下沉发力，出口产业链 登记编码：S0730520110001 景气持续 l iuzhi@ccnew.com 021-50586775 ——机械行业月报 证券研究报告-行业月报 同步大市(维持) 机械相对沪深300指数表现 发布日期：2024年04月30日 投资要点： 机械 沪深300 8% ⚫ 4月中信机械板块上涨0.67%，跑输沪深300指数（2.44%）1.77 2% -3% 个百分点，在30个中信一级行业中排名第17名：截止到2024 -8% -13% 年4月29日收盘，4月中信机械板块上涨0.67%，跑输沪深300 -18% 指数（2.44%）1.77个百分点，在30个中信一级行业中排名第17 -23%2023.05 2023.09 2023.12 2024.04 -29% 名。4月中信机械三级子行业服务机器人、高空作业车、叉车表现 居前，分别上涨19.38%、16.95%、12.27%。 资 料来源：中原证券 相关报告 ⚫ 行业观点与投资建议 《机械行业专题研究：工业机器人产业链分析 建议持续关注大规模设备更新、人形机器人、出口产业链三个方向。 及河南省产业概况》 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][18]. Core Views - The company's performance is under short-term pressure, with 2023 revenue at 4.391 billion yuan, a year-on-year decrease of 8.18%. Operating profit fell to 873 million yuan, down 45.33% year-on-year, and net profit attributable to shareholders was 723 million yuan, down 43.94% year-on-year [1][4][6]. - Despite the short-term challenges, the company is expected to see continued growth in shipments of anode materials in 2024, driven by strong demand in the industry and the company's competitive advantages, including cost efficiency and a solid customer base [4][6][14]. - The company has a strong focus on R&D, with 49 authorized patents and a research investment of 125 million yuan in 2023, representing 2.84% of revenue, an increase of 0.62 percentage points year-on-year [4][6]. Financial Summary - In 2023, the company achieved a gross margin of 27.74%, a decrease of 13.91 percentage points year-on-year, primarily due to intensified industry competition [6][16]. - The forecast for 2024 indicates a slight recovery in revenue to 4.433 billion yuan, with net profit expected to stabilize at 730 million yuan, reflecting a modest growth trajectory in subsequent years [7][27]. - The company's earnings per share (EPS) for 2024 is projected at 2.80 yuan, with a price-to-earnings (PE) ratio of 13.72 based on the closing price of 38.39 yuan on April 29, 2024 [18][27]. Industry Context - The demand for anode materials is expected to benefit from the growth in the electric vehicle and energy storage sectors, with China's new energy vehicle sales reaching 9.448 million units in 2023, a year-on-year increase of 37.48% [1][14]. - The report highlights that the industry is experiencing structural and temporary overcapacity in the energy storage battery market, leading to price declines and pressure on profitability for many companies [1][14][16]. - The overall outlook for the anode materials market remains positive, with expectations of continued demand growth driven by advancements in technology and increasing applications in various sectors [4][14].

分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 传媒 在手订单规模充沛，项目周期影响 Q1 业 绩 ——风语筑(603466)年报点评 | --- | --- | --- | |---------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4][22][45] Core Views - The company is positioned as a leading domestic CAE vendor, benefiting from the trend of localization and expanding its product capabilities from military to civilian markets, with promising developments in the robotics sector [4][24] - The company appointed a new vice president from Siemens to enhance its marketing efforts, indicating a strategic shift towards civilian market expansion [4] - Revenue for 2023 was reported at 320 million yuan, a year-on-year increase of 19.52%, while net profit was 57.57 million yuan, up 6.89% [22][38] Financial Summary - Revenue (in million yuan): - 2022: 268 - 2023: 320 - 2024E: 425 - 2025E: 562 - 2026E: 726 - Revenue growth rates (%): - 2022: 39.11 - 2023: 19.52 - 2024E: 32.80 - 2025E: 32.08 - 2026E: 29.15 [5][41] - Net profit (in million yuan): - 2022: 54 - 2023: 57 - 2024E: 74 - 2025E: 140 - 2026E: 211 - Net profit growth rates (%): - 2022: 6.78 - 2023: 6.89 - 2024E: 28.28 - 2025E: 89.33 - 2026E: 51.16 [5][41] - Earnings per share (EPS): - 2022: 0.88 - 2023: 0.94 - 2024E: 1.21 - 2025E: 2.28 - 2026E: 3.45 [5][41] Market Position and Strategy - The company is actively investing in personnel and expanding its capabilities to seize opportunities in localization and industrial transformation [21][24] - The establishment of a robotics division aims to develop specialized software and solutions, significantly lowering the technical barriers for robotics research and development [24] - The company reported a significant increase in accounts receivable, which may pressure operating cash flow but could improve as it expands into civilian markets [25]

半导体 分析师：邹臣 半导体设备平台化布局优势突出，推动 登记编码：S0730523100001 业绩持续高速成长 z ouchen@ccnew.com 021-50581991 ——北方华创(002371) 23 年报及 24Q1 季报点评 证券研究报告-季报点评 买入(维持) 市场数据(2024-04-29) 发布日期：2024年04月30日 收盘价(元) 323.00 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) 323.00/216.52 年公司实现营收220.79亿元，同比+50.32%；归母净利润38.99亿 沪深300指数 3,623.91 元，同比+65.73%；扣非归母净利润35.81亿元，同比+70.05%； 市净率(倍) 6.70 2024年一季度公司实现营收58.59亿元，同比+51.36%，环比- 流通市值(亿元) 1,711.24 21.79%；归母净利润11.27亿元，同比+90.40%，环比+11.01%；扣 非归母净利润10.72亿元，同比增长+100.91%，环比+13.94%。 基础数据(2024-03-31) 每股净资产( ...

照明电工及其他 分析师：龙羽洁 登记编码：S0730523120001 传统业务稳健发展，新能源业务快速增长 l ongyj@ccnew.com 0371-65585753 ——公牛集团(603195)23 年报及 24Q1 季报点评 证券研究报告-年报点评 增持(首次) 市场数据(2024-04-29) 发布日期：2024年04月30日 收盘价(元) 118.12 事件： 一年内最高/最低(元) 157.59/88.50 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 3,623.91 业收入156.95亿元，同比增长11.46%，实现归母净利润38.70亿元，同 市净率(倍) 6.83 比增长 21.37%，扣非归母净利润 37.03 亿元，同比增长 27.51%；经营活 流通市值(亿元) 1,048.88 动产生的现金流量净额48.27亿元，同比增长57.86%；基本每股收益4.36 基础数据(2024-03-31) 元,同比增长21.45%；加权平均净资产收益率29.20%，同比+1.32pct；拟 每股净资产(元) 17.29 向全体股东每10股派发现金红利3 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 多项业务逆势进取，特色化竞争优势不断增强 z hangyang-yjs@ccnew.com 021-50586627 ——财通证券(601108)2023 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-26) 发布日期：2024年04月29日 收盘价(元) 7.73 2023年年报概况:财通证券2023年实现营业收入65.17亿元，同比 一年内最高/最低(元) 8.98/6.85 +35.03%；实现归母净利润22.52亿元，同比+48.43%；基本每股收益 沪深300指数 3,584.27 0.48元，同比+41.18%；加权平均净资产收益率6.67%，同比+1.71个 市净率(倍) 1.04 百分点。2023年拟10派1.00元（含税）。 总市值(亿元) 358.96 点评：1.2023 年公司投行业务净收入、投资收益（含公允价值变动）占 流通市值(亿元) 358.96 比出现提高，经纪、资管、利息净收入占比出现下降。2.机构客户数量与资 基础数据(2024-03-31) 产规模取得较快增长，机构客户业务收入占比提 ...

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 ...