电源设备 分析师：唐俊男 多晶硅价格低迷拖累业绩表现，周期低谷 登记编码：S0730519050003 考验成本控制能力和资金实力 t angjn@ccnew.com 021-50586738 ——大全能源(688303)2023 年年报和 2024 年一季 度报告点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-05-08) 发布日期：2024年05月08日 收盘价(元) 24.79 事件： 一年内最高/最低(元) 44.53/23.70 公司公布2023年年报和2024年第一季度报告。 沪深300指数 3,659.01 市净率(倍) 1.22 2023 年公司实现营业总收入 163.29 亿元，同比下滑 47.22%；归属 流通市值(亿元) 541.81 于上市公司股东的净利润 57.63 亿元，同比下滑 69.86%；经营活动产生 的现金流量净额 87.41 亿元，同比下滑 43.12%；加权平均净资产收益率 基础数据(2024-03-31) 13.30%，同比下滑48.38个百分点。公司拟向全体股东每10股派发现金 每股净资产(元) 20.62 红利人民币4.18元（含税），公司不送红股 ...

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a positive outlook for the stock over the next six months [18][27]. Core Views - The company is expected to benefit from the upward trend in the viscose filament industry, driven by increasing domestic demand for traditional Chinese clothing and the recovery of the viscose filament prices [2][27]. - The company's first-quarter performance showed significant improvement, with a net profit of 0.62 billion yuan, a year-on-year increase of 257% [18][27]. - The report highlights the potential for margin recovery in the spandex business, which has been under pressure but is expected to improve due to reduced raw material costs and stable demand [11][27]. Financial Summary - The company reported a revenue of 19.67 billion yuan in the first quarter of 2024, a year-on-year increase of 6.91% [18][19]. - The projected earnings per share (EPS) for 2024 and 2025 are 0.29 yuan and 0.37 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 16.56 and 12.69 [27][31]. - The financial forecasts indicate a recovery in net profit, with estimates of 419 million yuan in 2024 and 547 million yuan in 2025, reflecting significant growth from a loss of 42 million yuan in 2023 [19][31]. Industry Overview - The viscose filament industry is experiencing a recovery phase, with demand driven by the rise of traditional Chinese fashion and a tightening supply situation [2][11]. - The report notes that the company holds a leading position in the viscose filament market, with a production capacity that accounts for approximately 40% of the national total [18][27]. - The spandex market is currently at a low point but is expected to see marginal improvements as supply constraints and demand stabilize [11][27].

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [21]. Core Views - The company has shown significant performance recovery, with a 2023 revenue of 11.904 billion yuan, a year-on-year increase of 26.30%, and a net profit of 4.827 billion yuan, up 73.02% year-on-year [5][6]. - The advertising industry is experiencing an upward trend, with the outdoor advertising market in China growing by 11.01% in 2023 [6]. - The company plans to distribute a high dividend of 47.66 billion yuan, which is 98.74% of its net profit for the year [8]. Summary by Sections Market Data - Closing price: 6.63 yuan - One-year high/low: 7.76/5.58 yuan - Market capitalization: 95.752 billion yuan - Price-to-book ratio: 5.11 [1]. Financial Performance - 2023 revenue: 11.904 billion yuan, up 26.30% year-on-year - 2023 net profit: 4.827 billion yuan, up 73.02% year-on-year - Q1 2024 revenue: 2.729 billion yuan, up 6.02% year-on-year - Q1 2024 net profit: 1.04 billion yuan, up 10.50% year-on-year [5][6]. Profitability Metrics - Gross margin for 2023: 65.48%, up 5.77 percentage points year-on-year - Q1 2024 gross margin: 61.69%, relatively stable year-on-year [6][8]. Client Structure - Daily consumer goods clients account for 56.23% of revenue, a historical high - Significant growth in revenue from internet clients (26.38%) and entertainment clients (29.99%) [6]. Media Coverage - The company has expanded its media points to cover over 280 cities in China and 95 overseas cities - The number of self-operated elevator TV media devices reached 1.051 million [7]. Future Outlook - EPS projections for 2024-2026 are 0.36 yuan, 0.40 yuan, and 0.44 yuan respectively - Corresponding PE ratios are 18.22, 16.39, and 15.04 based on the closing price [9].

传媒 分析师：乔琪 登记编码：S0730520090001 业绩快速增长，产品及 IP 储备丰富 q iaoqi@ccnew.com 021-50586985 ——恺英网络(002517)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2024-05-06) 发布日期：2024年05月07日 收盘价(元) 11.98 2023年公司营业收入42.95亿元，同比增加15.30%，归母净利润14.62亿元，同 一年内最高/最低(元) 18.56/9.51 比增加42.58%，扣非后归母净利润13.51亿元，同比增加41.27%。拟每10股派 沪深300指数 3,657.88 发现金红利1元，合计分红约2.13亿元，2024年内计划分红2亿元。 市净率(倍) 4.54 2024Q1营业收入13.07亿元，同比增加36.93%，归母净利润4.26亿元，同比增 流通市值(亿元) 228.51 加47.06%，扣非后归母净利润4.24亿元，同比增加48.35%。 基础数据(2024-03-31) 投资要点： 每股净资产(元) 2.64 每股经营现金流(元) 0.16  复古怀旧及创新品类共同推动业绩增长。受益 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 24Q1 各项业务下滑幅度优于上市券商均值 z hangyang-yjs@ccnew.com 021-50586627 ——东吴证券(601555)2023 年年报及 2024年一季报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-30) 发布日期：2024年05月06日 收盘价(元) 6.84 2023年年报及 2024年一季报概况:东吴证券2023年实现营业收 一年内最高/最低(元) 9.62/6.22 入112.81亿元，同比+7.58%；实现归母净利润20.02亿元，同比 沪深300指数 3,604.39 +15.38%；加权平均净资产收益率5.16%，同比+0.54个百分点。2023 市净率(倍) 0.84 年拟10派1.88元（含税）。24Q1实现营业收入22.25亿元，同比- 总市值(亿元) 339.86 1.31%；实现归母净利润4.56亿元，同比-21.81%。 流通市值(亿元) 339.86 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、 基础数据(2024-03-31) 投行、资管 ...

传媒 ——吉比特(603444)季报点评 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 盈利预测与投资建议：《问道手游》于 4 月开启 8 周年活动，在 iOS 畅销榜排名最高上升至第 10 名，有望带动流水和利润增加。新上 线的游戏在经历前期投入阶段后或释放增量利润。根据公司年报， 公司目前仍有较多的产品储备如《亿万光年》、《封神幻想世界》等 值得关注。预计 2024-2026 年 EPS 分别为 14.96 元、16.82 元和 17.90 元，按照 4 月 30 日收盘价 195.65 元，对应 PE 为 13.08 倍、 11.63 倍和 10.93 倍，维持"增持"投资评级。 | --- | --- | --- | --- | --- | --- | |--------------------|-------|--------|-------|-------|-------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 5,168 | 4,185 | 4,21 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.80 yuan [3] Core Views - The company focuses on dual main businesses: bearings and superhard materials, continuously improving operational quality [2] - In 2023, the company achieved revenue of 2.784 billion yuan, a year-on-year decrease of 18.98%, while net profit attributable to the parent company increased by 10.96% to 259 million yuan [3] - In Q1 2024, the company's revenue was 636 million yuan, a year-on-year increase of 3.04%, and net profit attributable to the parent company was 85.52 million yuan, a year-on-year increase of 14.88% [3] - The company has optimized its business structure, reducing low-efficiency trade business and improving profitability [3][8] Business Performance Bearings Business - The bearings business achieved revenue of 1.038 billion yuan in 2023, a year-on-year increase of 5.53%, accounting for 37.28% of total revenue [3] - Special bearings, which account for over 50% of the bearings business, are expected to grow rapidly due to increased demand from the military and wind power industries [9][10] - The company's subsidiary, Luoyang Bearing Research Institute, achieved revenue of 849 million yuan in 2023, a year-on-year decrease of 17.11%, but net profit increased by 12.46% to 169 million yuan [9] Superhard Materials Business - The superhard materials business achieved revenue of 1.004 billion yuan in 2023, a year-on-year decrease of 2%, accounting for 36.07% of total revenue [3] - Superhard abrasive tools revenue grew by 23.28% to 481 million yuan, while high-end equipment revenue decreased by 27.13% to 290 million yuan [3][12] - The company has a complete industrial chain in superhard materials, from equipment to materials and tools, and is expected to benefit from the development of the industry in Henan Province [18][20] Trade and Engineering Business - The trade and engineering business revenue decreased by 49.48% to 699 million yuan in 2023, accounting for 25.11% of total revenue [3] - The company has actively reduced low-efficiency trade business, improving overall operational quality [3] Profitability and Financial Metrics - In 2023, the company's gross profit margin was 32.86%, an increase of 8.68 percentage points year-on-year, while the net profit margin was 9.71%, an increase of 2.77 percentage points [3] - In Q1 2024, the gross profit margin and net profit margin further improved to 36.26% and 13.91%, respectively, an increase of 3.4 and 4.2 percentage points compared to 2023 [8] - The company's ROE (diluted) was 2.55% in 2023, and the asset-liability ratio was 33.43% [3] Future Outlook - The company is expected to achieve revenue of 3.221 billion yuan, 3.692 billion yuan, and 4.099 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to the parent company of 363 million yuan, 457 million yuan, and 526 million yuan [20] - The company's PE ratios for 2024-2026 are projected to be 15.77X, 12.55X, and 10.9X, respectively [20] - The company's dividend payout ratio has remained stable at around 40% in recent years [20]

Investment Rating - The report assigns a "Buy" rating to Shanxi Securities (002500) for the first time, with a target price based on a P/B ratio of 1.04x and 1.01x for 2024 and 2025, respectively [2][3] Core Views - Shanxi Securities has shown resilience in its brokerage business, with net brokerage commission income outperforming the industry despite a decline [3] - The company's bond underwriting business has significantly grown, offsetting the decline in equity financing [3] - Asset management business has expanded rapidly, with public fund assets under management (AUM) growing substantially [3] - The company has a strong regional investment banking advantage in Shanxi and has developed a differentiated competitive edge in FICC and asset management [3] Financial Performance - In 2023, Shanxi Securities achieved revenue of 3.47 billion yuan, a year-on-year decrease of 16.58%, while net profit attributable to shareholders increased by 7.88% to 620 million yuan [3] - In Q1 2024, revenue was 631 million yuan, down 44.64% year-on-year, and net profit attributable to shareholders was 159 million yuan, down 36.72% year-on-year [3] - The company's return on equity (ROE) was 3.53% in 2023, an increase of 0.21 percentage points year-on-year [3] Business Segments Brokerage Business - In 2023, net brokerage commission income was 452 million yuan, down 4.44% year-on-year, but outperformed the industry average [9] - The number of wealth management clients increased by 11.33%, and AUM grew by 28.32% [9] - Institutional brokerage business saw a 71.38% increase in professional institutional clients and a 137.27% increase in AUM [9] Investment Banking - In 2023, net investment banking commission income was 394 million yuan, down 5.74% year-on-year [10] - Equity financing underwriting volume dropped by 65.53% to 2.15 billion yuan, while bond underwriting volume surged by 143.69% to 81.20 billion yuan [10][11] Asset Management - In 2023, net asset management commission income was 245 million yuan, up 19.51% year-on-year [13] - Public fund AUM grew by 123.16 billion yuan, reaching 299.63 billion yuan, while private fund AUM increased by 61.51 billion yuan to 357.85 billion yuan [13] Investment Income - In 2023, investment income (including fair value changes) was 1.75 billion yuan, up 20.80% year-on-year [15] - Fixed-income investment maintained a high level of return, while equity investment reduced portfolio volatility [15] Margin Financing and Stock Pledging - In 2023, margin financing balance increased by 6.09% to 6.77 billion yuan, while stock pledge business decreased by 19.55% to 1.15 billion yuan [16] Future Outlook - The company is expected to achieve EPS of 0.15 yuan and 0.18 yuan in 2024 and 2025, respectively, with BVPS of 5.04 yuan and 5.18 yuan [3] - The P/B ratio is projected to be 1.04x and 1.01x for 2024 and 2025, respectively, based on the closing price of 5.25 yuan on April 30, 2024 [3]

电力及公用事业 分析师：陈拓 登记编码：S0730522100003 电力产业链分析及河南省产业概况 c hentuo@ccnew.com 证券研究报告-行业深度分析 单击或点击此处输入文字。 发布日期：2024年04月30日 投资要点： 联系人： 马嶔琦 电话： 021-50586973 ⚫ 一、我国电力产业概况 地址： 上海浦东新区世纪大道1788号16楼 邮编： 200122 电力是关系国家能源安全、经济发展和社会稳定的基础产业。2024年是实 现“十四五”规划目标任务的关键一年，我国正处在加快构建新型能源体 系的重要节点，而新型电力系统是新型能源体系的重要组成部分。国家高 度重视电力产业，出台了一系列政策措施支持引导，推动我国电力系统绿 色低碳转型和高质量发展，保障电力能源安全。我国发电装机总规模、非 化石能源发电装机容量等指标均居世界第一，截至 2023 年末，我国可再 生能源装机在发电总装机的占比已突破50%。 ⚫ 二、我国电力行业市场竞争格局及重点企业 我国电力行业的竞争主要集中在发电领域，电力央企格局已趋于稳定，形 成了国家能源集团、华能集团、国家电投、华电集团、大唐集团、三峡集 团等大型发电 ...

电力及公用事业 分析师：陈拓 工业拉动用电量增长，一季度电力板块 登记编码：S0730522100003 全面盈利 c hentuo@ccnew.com ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 电力及公用事业相对沪深300指数表现 发布日期：2024年04月30日 投资要点： 电力及公用事业 沪深300 3% ⚫ 行情回顾：4月电力及公用事业指数表现弱于沪深300指数，而电 -1% -4% 力指数强于沪深 300 指数。截至 4 月 26 日收盘，4 月电力及公用 -7% -11% 事业指数上涨0.57%，跑输沪深300（1.32%）0.85个百分点；电 -14% 力指数上涨1.41%，跑赢沪深300（1.32%）0.09个百分点。 -18% -21% 2023.05 2023.09 2023.12 2024.04 ⚫ 电力供需：从电力需求看，电力消费延续快速增长态势。3 月份， 资 料来源：中原证券，聚源 全社会用电量7942亿千瓦时，同比增长7.4%。1-3月，全社会用 相关报告 电量 23373 亿千瓦时，同比增长 9.8%。分产业看，一产、二产用 《电力及公用事业行业月报 ...