来源:wind,中泰证券研究所 | --- | --- | --- | |---------------------------------------------------------------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 评级 | 说明 | | | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15% 以上 | | | 增持 | 预期未来 6~12 个月内相对同期基准指数涨幅在 5%~15% 之间 | | 股票评级 | 持有 | 预期未来 6~12 个月内相对同期基 ...

港口主业经营稳健，一体化改革促发展 青岛港（601298.SH）/交运 证券研究报告/公司点评 2024年4月29日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：8.06元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 19,263 18,173 19,769 21,513 23,195 分析师：杜冲 增长率yoy% 20% -6% 9% 9% 8% 执业证书编号：S0740522040001 归母净利润（百万元） 4,525 4,923 5,419 6,014 6,593 电话： 增长率yoy% 14% 9% 10% 11% 10% 每股收益（元） 0.70 0.76 0.83 0.93 1.02 Email：duchong@zts.com.cn 每股现金流量 0.96 0.95 0.97 1.02 1.09 联系人：邵美玲 净资产收益率 11% 11% 11% 11% 11% 电话： P/E 11.6 10.6 9.7 8.7 7.9 P/B 1.4 1.3 1.2 ...

Investment Rating - The report maintains a "Buy" rating for Shandong Expressway, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company's Q1 2024 performance met expectations, with a revenue of 4.532 billion yuan, a year-on-year decrease of 11.87%. The net profit attributable to shareholders was 1.032 billion yuan, reflecting a year-on-year decline of 6.70% [2][4]. - The report highlights a decrease in toll revenue and an increase in investment income, indicating a mixed performance across different segments. The toll revenue (including tax) was 2.261 billion yuan, down 12.21% year-on-year [2][4]. - The ongoing expansion projects are expected to enhance the company's long-term growth potential, with significant progress reported in various construction projects [2][4]. Summary by Sections Financial Performance - In 2022, the company achieved a revenue of 18.486 billion yuan, with a growth rate of 14%. For 2023, the revenue is projected to be 26.546 billion yuan, reflecting a 44% increase. The net profit for 2022 was 2.855 billion yuan, with a projected increase to 3.297 billion yuan in 2023, marking a 15% growth [2][4]. - The earnings per share (EPS) for 2024 is estimated at 0.59 yuan, increasing to 0.68 yuan in 2025, and further to 0.74 yuan in 2026 [2][4]. Investment Highlights - The report emphasizes the importance of ongoing expansion projects, which are expected to drive future growth. The completion of these projects is anticipated to lead to increased traffic and toll rates, thereby enhancing revenue [2][4]. - The company has a stable dividend policy, with a cash dividend ratio projected to be around 60% of the net profit attributable to shareholders, ensuring consistent returns to investors [2][4]. Market Outlook - The report projects a steady growth in revenue and net profit over the next few years, with expected revenues of 27.846 billion yuan in 2024 and 29.192 billion yuan in 2025. The net profit is expected to reach 3.588 billion yuan in 2024 and 3.832 billion yuan in 2025 [2][4]. - The company's P/E ratio is projected to decrease from 15.1 in 2023 to 10.2 by 2026, indicating a potentially attractive valuation for investors [2][4].

[Table_Industry] [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 926 1,505 1,766 2,339 2,891 增长率 yoy% 68% 62% 17% 32% 24% 净利润（百万元） 79 116 150 210 260 增长率 yoy% 14% 48% 29% 40% 24% 每股收益（元） 0.52 0.76 0.99 1.38 1.71 每股现金流量 -0.54 -0.97 1.19 0.54 0.82 净资产收益率 8% 10% 11% 14% 15% P/E 48.0 32.5 25.2 18.0 14.5 P/B 3.9 3.3 2.8 2.5 2.2 备注：每股指标按照最新股本数全面摊薄，股价按 4 月 30 日收盘价进行计算 宏微科技：景气震荡 Q1 业绩承压，IGBT+碳化硅驱动 24 年成长 宏微科技(688711.SH)/电子 证券研究报告/公司点评 2024 年 5 月 1 日 [Table_Title] 评级：买入（维持） 市场价格：24.82 元/股 [Tab ...

Investment Rating - The investment rating for COFCO Sugar Industry is "Buy" (maintained) with a market price of 9.99 CNY [1] Core Views - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 33.11 billion CNY, up 24.53% year-on-year, and net profit at 2.07 billion CNY, up 177.04% year-on-year [5] - The company achieved record sales in sugar and tomato products, with sugar sales at 1.19 million tons and revenue from sugar at 30.25 billion CNY [5] - The company plans to distribute a cash dividend of approximately 1.86 billion CNY for the 2023 fiscal year, which represents 89.75% of the net profit attributable to shareholders [5] - New product launches targeting the consumer market are expected to enhance brand appeal and sales [5] - The company has demonstrated strong risk management capabilities, particularly in commodity hedging, which has positively impacted performance [5] Financial Summary - For 2023, the company reported total revenue of 33,114 million CNY, with a year-on-year growth rate of 25% [4] - The net profit for 2023 was 2,073 million CNY, reflecting a year-on-year increase of 179% [4] - Earnings per share (EPS) for 2024 is projected at 0.97 CNY, with a net profit forecast of 1,709 million CNY [4] - The company’s return on equity (ROE) is expected to be 13% in 2024, with a price-to-earnings (P/E) ratio of 12.5 [4] - Revenue projections for 2024-2026 are 33.42 billion CNY, 36.03 billion CNY, and 39.91 billion CNY respectively, with net profits of 1.71 billion CNY, 2.34 billion CNY, and 3.48 billion CNY [7]

今世缘：跨过百亿，继续向前 今世缘（603369.SH）/食品饮料 证券研究报告/公司点评 2024年5月1日 [Table_Industry] [评Ta级bl：e_买Tit入le（] 维持） [公Ta司bl盈e_利Fin预an测ce及1] 估值 市场价格：57.42元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 7,888 10,100 12,437 15,059 17,496 分析师：范劲松 增长率yoy% 23.09% 28.05% 23.14% 21.08% 16.18% 执业证书编号：S0740517030001 净利润（百万元） 2,503 3,136 3,895 4,865 5,833 电话：021-20315138 增长率yoy% 23.34% 25.30% 24.21% 24.88% 19.91% 每股收益（元） 2.00 2.50 3.11 3.88 4.65 Email：fanjs@zts.com.cn 每股现金流量 2.22 2.23 3.09 3.42 4.54 分析师：何长天 净资产收益率 22.62% 23.60% 23.69% 24.5 ...

五粮液：增长符合预期，验证需求韧性 五粮液（000858.SZ）/食品饮料 证券研究报告/公司点评 2024年5月1日 [Table_Industry] [评Ta级bl：e_买Tit入le（] 维持） [公Ta司bl盈e_利Fin预an测ce及1] 估值 市场价格：150.43元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 73,969 83,272 92,803 102,640 113,122 分析师：范劲松 增长率yoy% 11.72% 12.58% 11.45% 10.60% 10.21% 执业证书编号：S0740517030001 净利润（百万元） 26,691 30,211 34,124 38,186 42,793 电话：021-20315138 增长率yoy% 14.17% 13.19% 12.95% 11.90% 12.06% 每股收益（元） 6.88 7.78 8.79 9.84 11.02 Email：fanjs@zts.com.cn 每股现金流量 6.29 10.75 8.05 19.11 3.00 分析师：何长天 净资产收益率 23.41% 23 ...

洋河股份：基本盘稳固，分红受益提升 洋河股份（002304.SZ）/食 证券研究报告/公司点评 2024年5月1日 品饮料 [Table_Industry] [评Ta级bl：e_买Tit入le（] 维持） [公Ta司bl盈e_利Fin预an测ce及1] 估值 市场价格：95.07元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 30,105 33,126 35,901 38,738 41,527 分析师：范劲松 增长率yoy% 18.76% 10.04% 8.38% 7.90% 7.20% 执业证书编号：S0740517030001 净利润（百万元） 9,378 10,016 10,884 11,828 12,804 电话：021-20315138 增长率yoy% 24.91% 6.80% 8.67% 8.67% 8.25% 每股收益（元） 6.23 6.65 7.23 7.85 8.50 Email：fanjs@zts.com.cn 每股现金流量 2.42 4.07 6.17 10.00 6.87 分析师：何长天 净资产收益率 19.75% 19.28% 19.76% ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][8] Core Insights - The company achieved a revenue of 20.25 billion yuan in 2023, representing a year-on-year growth of 21.18%, and a net profit of 4.59 billion yuan, up 46.01% year-on-year [4][5] - In Q1 2024, the company reported a revenue of 8.29 billion yuan, a 25.85% increase year-on-year, and a net profit of 2.07 billion yuan, growing 31.61% year-on-year [4][5] - The company has seen a significant increase in its gross margin, which rose by 1.9 percentage points to 79.07% in 2023, and the net profit margin increased by 3.85 percentage points to 22.66% [5][6] Financial Performance Summary - Total revenue projections for 2024-2026 are 24.68 billion yuan, 29.45 billion yuan, and 34.22 billion yuan, with growth rates of 22%, 19%, and 16% respectively [6][7] - Net profit forecasts for the same period are 6 billion yuan, 7.54 billion yuan, and 9.11 billion yuan, with growth rates of 31%, 25%, and 21% respectively [6][7] - Earnings per share (EPS) are projected to be 10.86 yuan, 13.61 yuan, and 16.46 yuan for 2024-2026 [6][7] Market Expansion Potential - The company increased its number of distributors by 242 to a total of 464 in 2023, indicating strong market penetration potential [6][7] - Revenue from key regions such as North China, Central China, and South China showed significant growth, with increases of 39.01%, 19.17%, and 26.89% respectively [6][7]

今世缘：跨过百亿，继续向前 今世缘（603369.SH）/食品饮料 证券研究报告/公司点评 2024年5月1日 [Table_Industry] [评Ta级bl：e_买Tit入le（] 维持） [公Ta司bl盈e_利Fin预an测ce及1] 估值 市场价格：57.42元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 7,888 10,100 12,437 15,059 17,496 分析师：范劲松 增长率yoy% 23.09% 28.05% 23.14% 21.08% 16.18% 执业证书编号：S0740517030001 净利润（百万元） 2,503 3,136 3,895 4,865 5,833 电话：021-20315138 增长率yoy% 23.34% 25.30% 24.21% 24.88% 19.91% 每股收益（元） 2.00 2.50 3.11 3.88 4.65 Email：fanjs@zts.com.cn 每股现金流量 2.22 2.23 3.09 3.42 4.54 分析师：何长天 净资产收益率 22.62% 23.60% 23.69% 24.5 ...