、 成交同环比维持低位，多个重点城市宽松限购及落户政策 -行业研究周报 房地产 证券研究报告/行业研究周报 2024年5月11日 [T评ab级le_：M增ain持] （维持） [重Ta点ble公_F司in基anc本e]状 况 分析师：由子沛 股价 EPS PE 简称 评级 执业证书编号：S0740523020005 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 保利发展 9.7 1.0 1.13 1.21 1.27 9.6 8.6 8.0 7.7 买入 Email：youzp@zts.com.cn 招商蛇口 9.8 0.7 0.9 1.07 1.15 15.1 10.9 9.2 8.5 买入 招商积余 11.5 0.7 0.85 1.02 1.19 16.6 13.6 11.3 9.7 买入 分析师：李垚 华润万象生活 29.4 1.3 1.59 1.9 2.23 20.8 16.8 14.1 12.0 买入 保利物业 33.7 2.5 2.95 3.42 3.93 12.2 10.4 9.0 7.8 买入 执业证书编号：S0740520110003 备注 ...

、 利空消退，把握煤炭配置时点 证券研究报告/行业周报 煤炭 2024年5月11日 评级：增持（ 维持 ） [重Ta点bl公e_司Fi基na本nc状e]况 分析师：杜冲 股价 EPS PE 简称 PB 评级 分执析业师证：书杜编冲号： S0740522040001 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 山西焦煤 11.01 1.19 1.E2 1 1.31 1.39 9.3 9.1 8.4 7.9 1.61 买入 电话： 潞安环能 22.87 2.65 2.54 2.75 2.93 8.6 9.0 8.3 7.8 1.37 买入 Email：duchong@zts.com.cn 平煤股份 13.73 1.71 1.90 2.04 2.19 8.0 7.2 6.7 6.3 1.34 买入 联系人：鲁昊 兖矿能源 24.79 2.71 2.92 3.39 3.81 9.1 8.5 7.3 6.5 3.10 买入 中国神华 40.97 3.00 3.20 3.28 3.37 13.7 12.8 12.5 12.2 1.91 买入 电话： 陕西煤业 24. ...

23H1 增长动能切换，非手机业务快速增长 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|-------------------|-------|-------|--------------------------|-------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 33.71 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师： 王芳 | 营业收入（百万元） | 4,467 | 5,174 | 6,717 | 8,144 | 9,840 | | | 增长率 yoy% | 5% | 16% | 29.8% | 21.2% | 20. ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 12.95 CNY [1]. Core Views - The company is experiencing strong industry demand and has a solid order backlog, which supports its growth trajectory [4]. - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 8.43 billion CNY, up 52.90% year-on-year, and net profit of 634 million CNY, a slight decrease of 0.24% year-on-year [4]. - The report anticipates continued growth in revenue and net profit for the years 2024 to 2026, with projected net profits of 768 million CNY, 903 million CNY, and 1.08 billion CNY respectively [4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 8,428 million CNY, with a year-on-year growth rate of 266% [1]. - The net profit for 2023 was 634 million CNY, reflecting a year-on-year growth of 1229% [1]. - The company’s earnings per share (EPS) are projected to increase from 0.13 CNY in 2024 to 0.87 CNY by 2026 [1]. Market Position and Industry Outlook - The company is positioned as a leader in the civil explosives industry, benefiting from a favorable market environment and strong demand from downstream sectors [4]. - The report highlights that the mining industry is experiencing robust capital expenditure growth, which is expected to drive demand for the company's products [4]. - The company has successfully completed a restructuring process, enhancing its operational efficiency and market share [4]. Order and Production Capacity - The company reported a total of 319.01 billion CNY in new orders for 2023, a year-on-year increase of 204.98% [4]. - The production capacity for industrial explosives is currently at 521,500 tons, with a utilization rate of 89.97% [4]. - The company is expanding its production capacity in various regions, which is expected to alleviate bottlenecks and support order fulfillment [4].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 23.27 RMB [14] Core Views - The company's profitability is expected to improve, driven by cost control and business adjustments [21][48] - The digital reading industry is growing steadily, with AI empowering IP value mining and overseas entertainment markets offering significant potential [4][16] - The company is actively embracing AI technology to enhance IP operations and release value, with a mature IP development model [17][88] Industry Analysis - The digital reading industry is experiencing steady growth, with a mature user payment ecosystem and a healthy commercial environment [4][16] - AI is empowering the entire IP ecosystem, reducing development costs, and improving content production efficiency, which is expected to accelerate the transformation of text IPs into films, games, and animations [55] - The overseas entertainment market has strong demand, with short dramas showing significant growth potential, especially in markets like the US and Europe [61][65] Company Analysis - The company has a rich content reserve, forming a multi-dimensional content platform matrix, with over 5.6 million digital content resources and more than 4.5 million original authors [70] - The company is actively expanding its overseas business, launching multiple products such as Chapters, Kiss, and ReelShort, which have shown strong performance in overseas markets [29][104] - The company's IP derivative business is centered around literary IPs, with a focus on "web serialization + IP derivative simultaneous development," and has achieved significant results in audio, animation, and film and television adaptations [96][93] Financial Performance - The company's revenue in 2023 reached 1.409 billion RMB, a year-on-year increase of 19.4%, with a significant improvement in profitability [21][48] - The company's gross profit margin in 2023 was 44.7%, and it is expected to gradually recover, reaching 53.6% by 2026 [123][142] - The company's net profit attributable to the parent company in 2023 was 89 million RMB, and it is expected to grow to 240 million RMB by 2026, with a compound annual growth rate of 35.28% [134] Valuation and Forecast - The company's revenue is expected to reach 1.465 billion RMB in 2024, 1.627 billion RMB in 2025, and 1.815 billion RMB in 2026, with year-on-year growth rates of 3.98%, 11.10%, and 11.54%, respectively [134] - The company's PE ratio is expected to be 128.3x in 2024, 95.6x in 2025, and 70.7x in 2026, with a valuation premium due to its leading position in digital content and AI technology [134][136]

再加上后来又成立了一家新的航司叫贵州多彩航空多彩航空在早期的时候用的那个飞机呢也是一二勾的八号工业的飞机所以说这个贵州这个地区呢它的特色就是说它的直线飞机很多然后呢同时这个直线机场也多那么呃像新疆呢 也是华阳龙一个比较大的一个市场它和内蒙这一块呢区别就在于它的幅员比较辽阔刚才说到云南和贵州它是因为地理因素造成的因为它山多它地理就是在造公路公路啊这一块不方便所以成就了它的这个直线市场那像新疆和内蒙这两个地方呢它主要是因为幅员特别的辽阔特别的大人口又不是很多所以它需要这个直线这个航空所以这个 云南贵州西藏跟新疆内蒙这些地方他虽然支线的这个市场都很大但是他们的第一个动能动因不一样第二个他用的机型是不一样但是他们在全国来说的话还是相对比较领先的那么你看现在的反过来说因为我有一些这个观点都是川家人之前的话题来说反过来说现在这次支线管理办法大家可以注意到他为什么他支线管理办法他里面有一些特殊地区 包括西藏、新疆、青海、四川、甘肃、云贵这些地方就是它在管理办法里面总是重点的提及到这些地区那就是因为这些省份它是需要支线航空的它因为地理的原因 这个地貌的原因然后因为它的基础的原因所以说它需要支持而在华东这些地区它的高铁非常的发 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 46.63 [1] Core Views - The company reported a revenue of 22.588 billion yuan in 2023, a year-on-year increase of 13.59%, and a net profit of 1.412 billion yuan, up 11.90% year-on-year [2] - In Q1 2024, the company achieved a revenue of 5.971 billion yuan, growing 13.39% year-on-year, and a net profit of 407 million yuan, which is a 20.89% increase year-on-year [2] - The company has shown resilience in performance despite high base effects, with expectations for accelerated quarterly growth in 2024 due to ongoing policy implementations and store expansions [2][3] - The total number of stores reached 13,920 by Q1 2024, with a net increase of 670 stores, contributing to revenue growth across key regions [2][3] - The gross margin slightly declined to 38.21%, attributed to an increase in wholesale revenue share, while the company successfully optimized its expense ratios [2][3] Financial Forecast and Valuation - The company is projected to achieve revenues of 27.347 billion yuan, 32.858 billion yuan, and 39.463 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21%, 20%, and 20% [2][3] - Net profit forecasts for the same years are 1.813 billion yuan, 2.207 billion yuan, and 2.671 billion yuan, reflecting year-on-year growth of 28%, 22%, and 21% [2][3] - The report highlights the company's internal efficiency improvements and external expansion strategies as key drivers for maintaining high growth [2][3]

聚氨酯龙头发展稳健，多元化赋能长期成长 万华化学（600309.SH）/化工 证券研究报告/公司点评 2024年5月9日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：90.33元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 165,565 175,361 194,854 220,816 252,765 分析师：孙颖 增长率yoy% 13.8% 5.9% 11.1% 13.3% 14.5% 执业证书编号：S0740519070002 归母净利润（百万元） 16,234 16,816 18,526 21,198 25,818 Email：sunying@zts.com.cn 增长率yoy% -34.1% 3.6% 10.2% 14.4% 21.8% 每股收益（元） 5.17 5.36 5.90 6.75 8.22 净资产收益率 21.1% 19.0% 17.4% 16.7% 17.0% P/E 17.5 16.9 15.3 13.4 11.0 P/B 3.7 3.2 2.7 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 6.39 CNY [1]. Core Views - The company reported a revenue of 3,212.2 billion CNY in 2023, a decrease of 3.2% year-on-year, and a net profit attributable to shareholders of 60.5 billion CNY, down 9.9% year-on-year [4]. - The first quarter of 2024 showed a revenue of 790 billion CNY, a slight decrease of 0.2% year-on-year, but a significant increase of 144.3% quarter-on-quarter in net profit [4]. - The company is focusing on integrated operations, with stable performance in exploration and development, despite a one-time impact from the transfer of mining rights [4]. - The company plans to maintain its strategy of increasing oil and gas production, with a projected capital expenditure of 1,730 billion CNY in 2024, down 38 billion CNY year-on-year [5]. - The company has a high dividend payout, with a total cash dividend of 43.58 billion CNY in 2023, representing a dividend payout ratio of approximately 68.2% [5]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 70.8 billion CNY, 75.3 billion CNY, and 80.6 billion CNY respectively, with corresponding P/E ratios of 11.0, 10.3, and 9.6 [5]. - The company's total assets are projected to grow from 2,026.67 billion CNY in 2023 to 2,503.38 billion CNY by 2026 [7]. - The return on equity (ROE) is expected to improve from 7.5% in 2023 to 8.8% in 2026 [7].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 2.693 billion yuan in 2023, a year-on-year increase of 15.75%, and a net profit of 368 million yuan, up 36.54% year-on-year. In Q1 2024, revenue reached 591 million yuan, growing 17.74% year-on-year, with a net profit of 126 million yuan, a significant increase of 63.44% year-on-year [2][19] Summary by Sections Performance Growth - The company has shown rapid growth in both revenue and profit, with Q1 2024 net profit growth outpacing revenue growth, attributed to a decrease in sales expense ratio following the inclusion of its core product in provincial procurement [6][19] Business Segments - The formulation segment continues to excel, with revenue from gel patches reaching 2.236 billion yuan in 2023, a 15.86% increase. The core product, Loxoprofen Sodium Gel Patch, generated 1.547 billion yuan, up 18.70% year-on-year. The company is expanding its product pipeline with new formulations and has successfully included Ketoprofen Gel Patch in the national medical insurance directory, which is expected to drive further growth [7][30] Cost and Profitability - The company maintained stable gross and expense ratios, with a gross margin of 77.38% in 2023. R&D expenses increased by 26.26% to 254 million yuan, representing 9.44% of revenue, indicating a commitment to innovation and product development [8][37] Profit Forecast and Investment Suggestion - The report adjusts profit forecasts slightly, projecting revenues of 3.249 billion yuan, 3.908 billion yuan, and 4.690 billion yuan for 2024-2026, with net profits of 508 million yuan, 684 million yuan, and 911 million yuan respectively, reflecting expected continued growth driven by the gel patch segment and stable raw material business [9]