Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase in stock price relative to the market index [2][18][23]. Core Insights - The company achieved a revenue of 19.82 billion yuan in 2023, reflecting a year-on-year growth of 3.13%, and a net profit of 8.764 billion yuan, up 8.60% year-on-year [4][6]. - The company's performance in the brokerage, investment banking, and asset management sectors showed a decline in net income proportions, while net interest income and investment income increased [4][7]. - The company continues to develop its neutral investment business and fixed-income investments, which significantly outperformed benchmark indices [4][14]. Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.94 yuan, a 9.30% increase year-on-year, and a return on equity (ROE) of 7.91%, up 0.37 percentage points [4][6][21]. - The company plans to distribute a dividend of 2.52 yuan per share, which represents 25.01% of the net profit attributable to shareholders [6][18]. Brokerage and Trading - The company's brokerage business saw a slight decline in trading volume, with a market share of 5.23%, marking a 0.01 percentage point increase year-on-year [9][10]. - The total trading volume for equity funds was 25.18 trillion yuan, down 2.67% year-on-year, while the number of active trading clients increased by 8.03% to approximately 17.76 million [9][10]. Investment Banking - The company experienced a significant decline in equity financing, with a 50.74% drop in underwriting amounts, while bond underwriting amounts increased by 18.49% [10][11]. - The investment banking segment's net income from fees decreased by 6.53% year-on-year [10][11]. Asset Management - The asset management business saw a decrease in both scale and net income, with a 13.99% decline in net income from asset management fees [13][14]. - The company’s total asset management scale was 294.85 billion yuan, down 7.03% year-on-year [13][14]. Investment Strategy - The company has adopted a "large and stable" asset allocation strategy, focusing on optimizing investment structures and enhancing the stability of investment returns [14][15]. - The fixed-income investment returns significantly outperformed the benchmark index, contributing to improved overall investment income [14][15]. Future Projections - The company is expected to have EPS of 0.86 yuan and 0.96 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 12.96 yuan and 13.70 yuan [4][18][21].

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 ...