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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [17]. Core Insights - The company reported a revenue of 29.66 billion yuan in 2023, a decrease of 12.15% year-on-year, with a net profit of 1.47 billion yuan, down 54.48% year-on-year. However, in Q1 2024, revenue increased to 6.84 billion yuan, up 16.75% year-on-year, and net profit rose to 135 million yuan, up 23.01% year-on-year [2][3]. - The company is focusing on optimizing its business structure and advancing high-performance packaging technology, particularly in the automotive electronics sector, which has shown significant growth [3][7]. - The company plans to acquire 80% of Shengdie Semiconductor for approximately 624 million USD to strengthen its advanced memory packaging and testing capabilities [7]. Summary by Sections Market Data - Closing price: 24.31 yuan - One-year high/low: 35.55/20.96 yuan - Market capitalization: 43.49 billion yuan - Price-to-book ratio: 1.66 [1]. Financial Performance - 2023 revenue: 29.66 billion yuan, down 12.15% year-on-year - 2023 net profit: 1.47 billion yuan, down 54.48% year-on-year - Q1 2024 revenue: 6.84 billion yuan, up 16.75% year-on-year - Q1 2024 net profit: 135 million yuan, up 23.01% year-on-year [2][3]. Business Strategy - The company is shifting focus from consumer electronics to high-growth sectors such as automotive electronics, high-performance computing, and 5G communications [3][7]. - The automotive electronics segment grew by 68% in revenue, exceeding 300 million USD in 2023 [3]. Technology Development - The company is advancing its high-performance packaging technology, particularly the XDFOI Chiplet series, which is now in stable mass production and is expected to benefit from the rapid development of AI and computing power upgrades [3][7]. - The expected global investment in AI is projected to reach 423.6 billion USD by 2027, with a compound annual growth rate of 26.9% over the next five years [7]. Earnings Forecast - Projected revenues for 2024-2026 are 33.26 billion, 37.68 billion, and 41.81 billion yuan, respectively - Projected net profits for the same period are 2.07 billion, 2.68 billion, and 3.30 billion yuan, respectively [8][15].

Investment Rating - The report maintains an "Accumulate" investment 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 [31]. Core Insights - In 2023, the company achieved operating revenue of 6.73 billion yuan, a year-on-year increase of 17.39%, and a net profit attributable to shareholders of 1.718 billion yuan, up 43.41% year-on-year [5][7]. - The company's investment income (including fair value changes) significantly increased, while the proportion of net income from brokerage, investment banking, and asset management fees decreased [8][18]. - The brokerage business showed comprehensive growth, with net income from brokerage fees slightly declining by 0.06% year-on-year, outperforming the industry average [10][11]. - The investment banking sector faced challenges, with net income from investment banking fees declining by 21.33% year-on-year due to a drop in equity financing [12][25]. - The asset management business saw a significant decrease in scale, with net income from asset management fees down 32.37% year-on-year, although public fund business showed strong growth [15][16]. - The company’s self-operated investment efficiency improved, with investment income (including fair value changes) rising by 498.58% year-on-year [18][19]. Summary by Sections Financial Performance - The company reported a basic earnings per share (EPS) of 0.462 yuan, a 34.69% increase year-on-year, and a return on equity (ROE) of 5.39%, up 1.22 percentage points year-on-year [5][7]. - The total assets reached 1110.20 billion yuan, with total equity of 328.96 billion yuan [2][5]. Brokerage Business - The company’s wealth management client base and assets continued to grow, with a total client number increase of 17% year-on-year and total client assets up 13% [11][25]. - The company’s market share in stock trading reached 1.25%, a year-on-year increase of 0.12 percentage points [11][25]. Investment Banking - The total underwriting amount for equity financing was 17.617 billion yuan, a decrease of 11.53% year-on-year, with IPO underwriting down 36.75% [12][25]. - The company ranked sixth in the industry for IPO project reserves, with 31 projects [12][25]. Asset Management - The total scale of asset management decreased by 30.69% year-on-year, while public fund management scale increased by 47.49% [15][16]. - The company’s public fund business achieved a revenue of 4.18 million yuan, a year-on-year increase of 151.06% [16][25]. Investment Income - The company’s investment income reached 1.688 billion yuan, significantly improving due to enhanced investment strategies and market conditions [18][19].

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].

Investment Rating - The report assigns 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 [3][28]. Core Insights - The injection molding machine industry is expected to recover, with significant growth in large die-casting machines driven by demand from the automotive sector, particularly in new energy vehicles [2][7][8]. - The company reported a total revenue of 4.096 billion yuan in 2023, a year-on-year increase of 11.30%, and a net profit attributable to shareholders of 477 million yuan, up 17.66% year-on-year [3][9]. - The first quarter of 2024 showed continued improvement, with total revenue reaching 955 million yuan, a year-on-year increase of 11.72%, and a net profit of 116 million yuan, up 28.83% [6]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a gross margin of 33.25%, an increase of 2.13 percentage points year-on-year, and a net profit margin of 12%, up 0.54 percentage points [3][9]. - The company’s revenue is projected to grow to 5.01 billion yuan in 2024, with net profit expected to reach 616 million yuan, reflecting a growth rate of 29.03% [12][9]. Business Segments - The injection molding business generated 2.76 billion yuan in revenue, a 3.86% increase year-on-year, while the die-casting business saw revenue of 780 million yuan, a significant growth of 35.44% [3][9]. - The automotive sector contributed 1.142 billion yuan in revenue, marking a 22.85% increase, while the 3C industry saw a 33.65% increase in revenue to 554 million yuan [3][9]. Market Outlook - The report highlights a positive outlook for the injection molding machine industry, driven by recovering demand in the automotive and 3C sectors, with expectations for a cyclical recovery in 2024 [7][8]. - The company is positioned as the second-largest player in the domestic injection molding machine market and is expected to benefit from the industry's recovery [7].

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 ...

Investment Rating - The report assigns 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 [16]. Core Insights - The company achieved a revenue of 10.125 billion yuan in 2023, representing a year-on-year growth of 21.55%. However, it reported a net loss attributable to shareholders of 828 million yuan, a significant decline of 1237.15% compared to the previous year [2][3]. - In Q1 2024, the company experienced a remarkable revenue increase of 200.54% year-on-year, reaching 4.453 billion yuan, with a net profit of 384 million yuan, marking a year-on-year growth of 236.93% [2][3]. - The demand for storage driven by AI technology is expected to significantly boost the storage market in 2024, with a projected market size increase of 45% to 129.8 billion USD [4][8]. Summary by Sections Market Data - Closing price: 98.36 yuan - Market capitalization: 111.01 billion yuan - Price-to-book ratio: 6.26 [1]. Financial Performance - 2023 revenue: 10.125 billion yuan, up 21.55% year-on-year - 2023 net profit: -828 million yuan, down 1237.15% year-on-year - Q1 2024 revenue: 4.453 billion yuan, up 200.54% year-on-year - Q1 2024 net profit: 384 million yuan, up 236.93% year-on-year [2][3]. Growth Drivers - The company is benefiting from a recovery in demand for storage in key markets such as smartphones, PCs, and servers, leading to improved profitability and a gross margin of 24.39% in Q1 2024, up from 23.12% year-on-year [3]. - The company is expanding its product lines into enterprise-level and automotive-grade markets, which are expected to drive future growth [8]. Competitive Position - The company holds a strong competitive position with a diversified product portfolio, including embedded storage, solid-state drives, and memory modules, and is well-positioned to benefit from the domestic substitution trend in the storage market [4][7][8].

稀有金属 分析师：李泽森 登记编码：S0730523080001 重点项目有序推进，公司业绩再创新高 l izs1@ccnew.com 021-50586702 ——金钼股份(601958)公司点评报告 证券研究报告-公司点评报告 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) 11.94 事件：公司发布2023年年报，2023年，公司实现营业收入115.31 一年内最高/最低(元) 12.06/8.46 亿元，同比增长20.99%；实现归母净利润30.99亿元，同比增长 沪深300指数 3,521.62 132.19%；实现扣非归母净利润29.58亿元，同比增长125.26%。 市净率(倍) 2.52 投资要点： 流通市值(亿元) 385.26 ⚫ 2023年公司经营业绩再创同期最佳水平，并充分重视对投资者的 基础数据(2023-12-31) 合理投资回报。2023年钼价年底收涨但年中波动剧烈，根据安泰 每股净资产(元) 4.75 科数据，2023年1-12月国内45%钼精矿均价3852元/吨度，同 每股经营现金流(元) 1.08 比上涨37.55%；2023 ...

机械 分析师：刘智 工业机器人产业链分析及河南省产业概 登记编码：S0730520110001 况 l iuzhi@ccnew.com 021-50586775 ——机械行业专题研究 证券研究报告-行业专题研究 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25日 投资要点： 机械 沪深300 11% ⚫ 一、我国工业机器人产业概况 5% 0% -5% 我国高度重视机器人产业，推行了一系列政策推动机器人产业发展。十四 -11% 五规划提出到 2025 年制造业机器人密度翻番。机器人产业链主要由上游 -16% -21% 核心零部件、中游机器人整机制造、下游机器人系统集成应用构成。我国 -27%2023.04 2023.08 2023.12 2024.04 已经成为全球最大的工业机器人市场，2022年工业机器人装机量29.03万 资 料来源：中原证券，聚源 台，占全球比例为52.5%，主要应用在汽车、电子、金属机械加工等行业。 相关报告 ⚫ 二、我国工业机器人产业竞争格局及国产重点企业 《机械行业月报：关注大规模设备更新受益设 备板块龙头》 2024-03-28 我国机器人产业经过多年的 ...