Investment Rating - The report maintains an "Accumulate" investment rating for Wanda Film [2][4] Core Views - The company's business has significantly rebounded, with the content segment expected to encounter new opportunities [2][4] - In 2023, Wanda Film's operating revenue reached 14.62 billion yuan, a year-on-year increase of 50.79%, and the net profit attributable to shareholders was 912 million yuan [2][4] - The domestic film market is recovering well, with total box office revenue in 2023 reaching 54.915 billion yuan, an increase of 83.4% compared to 2019 [2][4] Summary by Sections Financial Performance - In Q1 2024, the company reported operating revenue of 3.821 billion yuan, a year-on-year increase of 1.70%, and a net profit of 326 million yuan, up 3.25% [2][4] - The gross profit margin for the film screening business improved significantly, reaching 30.59% [2][4] - The company achieved a market share of 16.7%, maintaining its leading position in the industry for 15 consecutive years [2][4] Business Segments - The film investment and production segment saw a revenue decline of 12.06%, but the gross profit margin increased by 50.65 percentage points to 45.71% [4] - The merchandise and advertising business experienced notable growth, with revenue of 1.944 billion yuan, a year-on-year increase of 39.60% [4] - The television production and distribution segment generated revenue of 742 million yuan, a year-on-year increase of 388.53% [4] Future Outlook - The new management team is expected to bring new development opportunities while maintaining existing operational advantages [4] - The company plans to expand its market share to over 20% through various strategies [2][4] - Earnings per share (EPS) are projected to be 0.61 yuan, 0.73 yuan, and 0.87 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 22.85, 18.95, and 15.95 [4][5]

市场数据(2024-05-08) 2023 年公司销售回转支承产品 23110 件，同比增长 20.01%，平均价格为 9.79 万/件，同比下滑 11.86%；风电锁紧盘销售 9116 件，同比增长 16.41%， 平均价格为 3.68 万/件，同比增长 7.21%；销售锻件产品 194969.27 吨， 同比增长 35%。 通用设备 ——新强联(300850)2023 年报&2024 年一季报点评 发布日期：2024 年 05 月 09 日 新强联披露 2023 年年度报告。2023 年，公司实现营业收入 28.24 亿元， 同比增长 6.41%；归母净利润 3.75 亿元，同比增长 18.58%；扣非净利润 3.00 亿元，同比下降 7.43%。 ⚫ 2023 年风电轴承稳健增长，其他业务快速成长 分业务看：回转支承业务实现营业收入 22.63 亿，同比增长 5.78%，占营 业收入比例 80.13%；锁紧盘业务实现营业收入 3.35 亿，同比增长 24.8%， 占营业收入比例 11.87%。 ⚫ 回转支承毛利率小幅下滑 ⚫ 行业季节性因素和公允价值变动致 2024Q1 业绩承压 -51% -43% - ...

分析师：周建华 登记编码：S0730518120001 zhoujh-yjs@ccnew.cm 021-50586758 晨会聚焦 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,154.32 | 0.83 | | 深证成指 | 9,788.07 | 1.55 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,664.56 | 0.95 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,505.54 | 1.03 | | 中证 500 | 5,556.77 | 1.80 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | 7,801.23 | 0.58 | | 资料来源： Wind | ，中原证券 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业走强 A 股震荡上涨 ——市场分析 《市场分析：防御行业领涨 A 股震荡整理》 2024-05-08 周四 A 股市场平开高走、小幅震荡上涨，早盘股指低开后震荡上行，沪指 盘中在 3157 点附近遭遇阻力，午后股指震荡整理，盘中新能源、半导体、 军工以及工程机械等行业表现较好；酿酒、医药以及农牧饲渔等行业表现 较弱，沪指全天基本呈现小幅上涨的运行特征。当前上证综指与创业板指 数的平均市盈率分别为 13.34 倍、31.01 倍，处于近三年中位数以下水平， 市场估值依然处于较低区域，适合中长期布局。两市周四成交金额 9057 亿元，处于近三年日均成交量中位数区域。新国九条发布，推动市场走向 成熟，提振市场长期信心。制造业 PMI 继续处于扩张区间，地产销售有所 改善。政治局会议定调三中全会，为未来数年经济改革和社会发展指明方 向。美联储主席表态加息结束，海外市场出现反弹。当前整体环境和市场 预期有利于市场继续向上，未来股指总体预计将保持震荡上扬格局，同时 仍需密切关注政策面、资金面以及 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 核心业务优势稳固，重配债轻配股推动业绩逆势连续增长 z hangyang-yjs@ccnew.com 021-50586627 ——方正证券(601901) 2023 年年报及 2024年一季报点评 证券研究报告-年报点评 增持(首次) 市场数据(2024-05-08) 发布日期：2024年05月09日 收盘价(元) 8.76 2023年年报及 2024年一季报概况:方正证券2023年实现营业收 一年内最高/最低(元) 10.05/6.29 入71.19亿元，同比-8.46%；实现归母净利21.52亿元，同比+0.21%； 沪深300指数 3,630.22 加权平均净资产收益率4.88%，同比-0.21个百分点。2023年拟10派 市净率(倍) 1.56 0.13元（含税）。24Q1实现营业收入19.85亿元，同比+11.97%；实现 总市值(亿元) 721.13 归母净利7.84亿元，同比+41.06%。 流通市值(亿元) 721.13 点评：1.23 年客户数和代买市场份额双升，机构经纪业务快速破局，合 基础数据(2024-03-31) 并口径 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase in stock price relative to the market index [2][19]. Core Views - The company achieved a revenue of 6.896 billion yuan in 2023, representing a year-on-year increase of 8.23%, and a net profit attributable to shareholders of 1.548 billion yuan, up 2.58% year-on-year [4][6]. - The brokerage business has seen a record high market share in trading commissions, while the company is expected to benefit from a recovery in the equity market, which may enhance performance flexibility [4][18]. - The first quarter of 2024 showed a significant decline in revenue and net profit, with a year-on-year decrease of 38.09% and 46.82%, respectively, indicating challenges in the current market environment [6][11]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 68.96 billion yuan, with a net profit of 15.48 billion yuan, and an EPS of 0.26 yuan [4][6][22]. - The company plans to distribute a dividend of 1.20 yuan per share, which accounts for 42.86% of the net profit attributable to shareholders [6][19]. Business Segments - Brokerage business accounted for 40.5% of net income, with a trading commission market share of 1.91%, up 0.10 percentage points year-on-year [7][9]. - Investment banking revenue decreased by 24.71% in 2023, with a significant drop in equity financing, while bond underwriting saw a recovery [10][11]. - Asset management revenue also declined by 9.74%, but public fund business showed growth, with net asset scale increasing by 43.80% [13][19]. Future Outlook - The company expects EPS of 0.23 yuan and 0.26 yuan for 2024 and 2025, respectively, with corresponding BVPS of 5.95 yuan and 6.25 yuan [19][22]. - The introduction of new major shareholders is anticipated to enhance the company's regional advantages and growth potential [4][19].

Investment Rating - The report maintains an "Increase" 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 has shown resilience in its financial performance despite adverse water conditions, achieving a 14.81% year-on-year increase in net profit for 2023 [7][8]. - The acquisition of Yun Chuan Company has enhanced the company's hydropower capacity, contributing to a more robust operational framework [8]. - The company is optimistic about future water conditions and expects improved profitability from its hydropower stations in 2024-2026 [14]. Financial Performance Summary - In 2023, the company reported operating revenue of 781.12 billion yuan, a year-on-year increase of 13.43%, and a net profit attributable to shareholders of 272.39 billion yuan, up 14.81% [7]. - The fourth quarter of 2023 saw a significant revenue increase of 28.23% year-on-year, with net profit soaring by 86.98% [7]. - For the first quarter of 2024, the company achieved operating revenue of 156.41 billion yuan, a 1.58% increase year-on-year, and a net profit of 39.67 billion yuan, up 9.80% [9]. Operational Highlights - The company’s hydropower capacity reached 71.795 million kilowatts after the acquisition of Yun Chuan, representing approximately 17% of the national operational hydropower capacity [8]. - Despite facing challenges from reduced water levels, the company managed to increase its total power generation by 5.34% in 2023 [8]. - The average on-grid electricity price for the company in 2023 was 281.28 yuan per megawatt-hour, an increase of 11.56 yuan compared to 2022 [10]. Future Outlook - The company anticipates a total power generation of 3,074 billion kilowatt-hours in 2024, contingent on favorable water conditions [10]. - Projections for net profit attributable to shareholders are optimistic, with estimates of 329.53 billion yuan, 355.19 billion yuan, and 373.34 billion yuan for 2024, 2025, and 2026 respectively [14]. - The company is actively expanding its renewable energy initiatives, including pumped storage and smart energy projects, to enhance its operational efficiency and market position [12].

分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 业绩短期承压，氟化工多元布局 | --- | --- | --- | |----------------------------------|----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

分析师：李泽森 登记编码：S0730523080001 lizs1@ccnew.com 021-50586702 ——明泰铝业(601677)公司点评报告 工业金属 风险提示：（1）美联储加息超预期；（2）国际宏观经济下行；（3）地 缘政治冲突加剧；（4）行业政策变化；（5）行业竞争加剧；（6）铝价 大幅波动；（7）下游需求不及预期；（8）公司产能供给不及预期 铝板带箔销量保持增长，重点项目建设持 续推进 第1页 / 共5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 ⚫ 公司现有项目不断增速提效，重点项目建设持续推进。公司坚持 审慎投资原则，不断提升明晟新材、明泰科技、泰鸿新材等现有项 目的运行效率，借鉴国外先进技术改良熔铸工序，通过轧机改造、 热轧机加装在线撇油装置、调整全油回收参数，"多快好省"的使 其充分释放产能。持续推进重点项目建设，义瑞新材年产 70 万吨 绿色新型铝合金材料项目完成 1+4 热连轧精轧机、1850 冷轧机等 机列建设工作，助力公司产销量早日达到 200 万吨/年，并向更高 水平进发。公司不断引进国内外先进的生产设备和技术，并结合在 铝加 ...

Investment Rating - The report maintains an "Increase" 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][25]. Core Views - The company has shown resilience in its financial performance despite adverse water conditions, achieving a 14.81% year-on-year increase in net profit for 2023 [7][8]. - The acquisition of Yun Chuan Company has enhanced the company's hydropower capacity, now totaling 71.795 million kilowatts, representing approximately 17% of the national operational hydropower capacity [8]. - The company is optimistic about future water conditions and expects improved profitability from the newly integrated hydropower stations [14]. Financial Performance Summary - In 2023, the company reported operating revenue of 78.112 billion yuan, a year-on-year increase of 13.43%, and a net profit attributable to shareholders of 27.239 billion yuan, up 14.81% [7][8]. - The fourth quarter of 2023 saw a significant revenue increase of 28.23% year-on-year, with net profit soaring by 86.98% [7]. - For the first quarter of 2024, the company achieved operating revenue of 15.641 billion yuan, a slight increase of 1.58%, and a net profit of 3.967 billion yuan, up 9.80% year-on-year [7][9]. Operational Highlights - The company has successfully transitioned to a new operational model with the integration of six hydropower stations, which has led to an increase in electricity generation despite challenging water conditions [8]. - The average on-grid electricity price for the company in 2023 was 281.28 yuan per megawatt-hour, reflecting an increase of 11.56 yuan per megawatt-hour from 2022 [10]. - The company has made significant strides in diversifying its energy portfolio, including investments in pumped storage, smart energy solutions, and international projects [12]. Future Outlook - The company anticipates a gradual improvement in hydropower generation from 2024 to 2026, with projected net profits of 32.953 billion yuan, 35.519 billion yuan, and 37.334 billion yuan respectively [14]. - The report highlights the potential for increased profitability as the company benefits from the full operational capacity of the newly acquired hydropower stations [14].