Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [14][8]. Core Insights - The company's Q1 2024 performance met expectations, with revenue of 756 million yuan, a year-on-year decrease of 3.41%, and a net profit of 130 million yuan, down 3.67% year-on-year. The decline is attributed to weak demand for industrial mother machines since the second half of 2023. However, there is optimism for a rebound in domestic demand and continued growth driven by import substitution and increasing overseas market share [16][17]. - The company is expected to benefit from ongoing import substitution, particularly in high-end CNC machine tools, as restrictions on exports from developed countries to China increase. In 2023, the import value of CNC machine tools was approximately 5.41 billion USD, accounting for 35.4% of domestic consumption [17]. - The report forecasts net profits for 2024-2026 to be 716 million, 837 million, and 962 million yuan, respectively, with corresponding P/E ratios of 21, 18, and 16 [17]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 756 million yuan, a decrease of 3.41% year-on-year, and a net profit of 130 million yuan, down 3.67% year-on-year, aligning with market expectations [16]. - The gross margin and net margin for Q1 2024 were 28.47% and 17.25%, respectively, showing slight declines due to reduced capacity utilization from weak demand [17]. Growth Potential - The company is positioned for long-term growth due to domestic demand recovery and import substitution, particularly in high-end machine tools. The ongoing development of core components and expansion into overseas markets are expected to enhance performance [17]. - The report highlights the establishment of subsidiaries in Singapore and Thailand, indicating a strategic focus on international markets, which are anticipated to grow faster than domestic markets [17]. Valuation Metrics - The report provides a detailed financial forecast, projecting revenues to grow from 3.32 billion yuan in 2023 to 4.98 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 13% [2]. - The company's net profit is expected to grow at a CAGR of around 15% from 2023 to 2026, reflecting strong operational efficiency and market positioning [2].

[Table_Industry] 一季报超预期，基本业务稳健，后续自免管线加速推进 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next 6 to 12 months [27]. Core Insights - The company's Q1 2024 performance met expectations, with revenue of 2.492 billion yuan, a year-on-year decrease of 6.42%, and a net profit of 235 million yuan, down 10.57% year-on-year. The decline is attributed to the downturn in the metallurgy sector, which has affected capital expenditures [23][13]. - The company is actively expanding into various sectors beyond metallurgy, including coal chemical, petrochemical, pharmaceuticals, electricity, and compressed air energy storage, which is expected to reduce reliance on the metallurgy industry [13][24]. - The company has made significant advancements in compressed air energy storage technology, with projects covering a range of scales and has secured multiple contracts in this area, indicating a promising market potential [24]. - The overseas market expansion strategy is yielding positive results, with successful entries into international projects, including a significant breakthrough in the polyolefin sector [24]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 2.492 billion yuan, a decrease of 6.42% year-on-year, and a net profit of 235 million yuan, down 10.57% year-on-year. The decline is primarily due to the challenges faced in the metallurgy sector [23][13]. - The company’s gross margin for Q1 2024 was 23.40%, a decrease of 1.53 percentage points year-on-year, while the net margin was 10.65%, an increase of 0.07 percentage points year-on-year [13]. Growth Potential - The company is diversifying its revenue sources, with the metallurgy sector's contribution dropping from 71.60% in 2021 to 45.85% in 2023, indicating a strategic shift towards other industries [13]. - The projected net profits for 2024-2026 are 1.167 billion yuan, 1.367 billion yuan, and 1.522 billion yuan, respectively, with corresponding P/E ratios of 13.6, 11.6, and 10.4 [24]. Research and Development - The company has invested heavily in R&D, with 89 approved standards and 611 patents, enhancing its competitive edge in multiple fields [13]. - The increase in R&D expenditure reflects the company's commitment to innovation and adaptation to the dual carbon goals [13]. Market Outlook - The report highlights the potential for new energy storage solutions, particularly in compressed air storage, which is expected to see significant market growth, estimated at a long-term market space of around 100 billion yuan [24]. - The company's overseas strategy is focused on collaboration with large domestic design institutes and engineering companies to penetrate international markets effectively [24].

Q1业绩稳健增长，传统业务持续修复 晨光股份（603899.SH）/轻工 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e]及估值 市场价格：35.19元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 19,996 23,351 27,869 33,269 39,059 分析师：张潇 增长率yoy% 13.6% 16.8% 19.3% 19.4% 17.4% 执业证书编号：S0740523030001 净利润（百万元） 1,282 1,527 1,803 2,133 2,486 Email：zhangxiao06@zts.com.cn 增长率yoy% -15.5% 19.1% 18.1% 18.3% 16.6% 每股收益（元） 1.38 1.65 1.95 2.30 2.68 分析师：邹文婕 每股现金流量 1.46 2.82 1.94 2.47 2.95 执业证书编号：S0740523070001 净资产收益率 17.7% 18.3% 18.3% 18 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) [1][4] Core Views - The company reported a strong performance in Q1 2024, with revenue reaching 69 billion yuan, a 6% increase year-on-year, and net profit of 4.8 billion yuan, a 20% increase year-on-year, driven by digitalization enhancing gross margins and reducing expense ratios [1][3] - The report highlights that the digital transformation has significantly improved operational efficiency, leading to a continuous improvement in gross margins over several quarters [3][4] Revenue and Profit Breakdown - **Revenue Breakdown**: - Domestic sales increased by 8%, with significant growth in water appliances, air conditioning, and kitchen appliances, while exports grew by 4% due to new product launches [3] - **Profit Breakdown**: - Gross margin improved to 29%, benefiting from enhanced digital efficiency in procurement, R&D, and production, with overall operating profit expected to grow by 27% [3] Financial Forecasts - The report projects revenues of 278.8 billion yuan for 2024, 297 billion yuan for 2025, and 316.4 billion yuan for 2026, with net profits expected to be 19.1 billion yuan, 21.6 billion yuan, and 24.3 billion yuan respectively [4][5] - Profit growth rates are forecasted at 15% for 2024, 13% for 2025, and 12% for 2026 [4] Key Financial Metrics - The report provides key financial metrics, including a projected P/E ratio decreasing from 18.5 in 2023 to 11.2 in 2026, and a consistent ROE of 16% over the forecast period [1][5]

Investment Rating - The report maintains a "Buy" rating for Jinjiang Hotels (600754 SH) [2] Core Views - Jinjiang Hotels' Q1 2024 non-GAAP net profit was under pressure due to high overseas interest expenses caused by Eurozone rate hikes and weak business travel demand recovery [2] - The company's internal reforms since late 2023, including leadership changes, are expected to enhance its long-term competitiveness, but the implementation and performance release need to be monitored [2] - The report adjusted downward the 2024-2025 net profit forecasts to 15 8/18 0 billion yuan from previous estimates of 18 2/23 4 billion yuan, reflecting conservative assumptions about RevPAR recovery and expenses [2] Financial Performance - Q1 2024 revenue reached 3 21 billion yuan, up 6 8% YoY, while net profit attributable to parent company was 189 million yuan, up 34 6% YoY [2] - The company's 2024E revenue is projected at 14 98 billion yuan, with a YoY growth of 2 3%, and net profit attributable to parent company is expected to reach 1 58 billion yuan, up 57 6% YoY [2] - EPS is forecasted to grow from 0 94 yuan in 2023A to 1 48 yuan in 2024E [2] Operational Highlights - Q1 2024 RevPAR in the Chinese mainland market declined by 1 5% YoY, with occupancy rate (OCC) down 2 8% and average daily rate (ADR) up 1 3% [2] - The company's overseas interest expenses increased significantly, leading to higher financial costs in Q1 2024 compared to 2023 [2] Strategic Developments - Jinjiang Hotels has undergone significant organizational restructuring since late 2023, with Wang Wei appointed as CEO of Jinjiang Hotels China [2] - The company is focusing on localization, expanding mid-to-high-end and resort brands, and enhancing membership benefits as part of its strategic deployment [2] Valuation Metrics - The company's P E ratio is expected to decrease from 30 8 in 2023A to 19 5 in 2024E [2] - ROE is projected to improve from 5 8% in 2023A to 8 4% in 2024E [2]

外贸高增，2024年聚焦提效&育能 顾家家居（603816.SH）/轻 证券研究报告/公司点评 2024年04月29日 工 [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：34.95 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 18,010 19,212 21,327 23,831 26,486 分析师：张潇 增长率yoy% -1.8% 6.7% 11.0% 11.7% 11.1% 执业证书编号：S0740523030001 净利润（百万元） 1,812 2,006 2,260 2,535 2,845 Email：zhangxiao06@zts.com.cn 增长率yoy% 8.9% 10.7% 12.7% 12.2% 12.2% 每股收益（元） 2.20 2.44 2.75 3.08 3.46 分析师：郭美鑫 每股现金流量 2.93 2.97 4.56 3.64 3.99 执业证书编号：S0740520090002 净资产收益率 20.0% 20.5% 19.2% 19.1 ...

稳健增长 ——美的集团2024Q1点评 美的集团（000333）/家电 证券研究报告/公司点评 2024年4月30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：68.2元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 345,709 373,710 398,117 421,917 445,959 分析师：姚玮 增长率yoy% 1% 8% 7% 6% 6% 执业证书编号：S0740522080001 净利润（百万元） 29,554 33,720 37,272 40,991 45,347 Email：yaowei@zts.com.cn 增长率yoy% 3% 14% 11% 10% 11% 每股收益（元） 4 5 5 6 7 每股现金流量 5 8 11 5 7 净资产收益率 21% 20% 19% 18% 17% P/E 16 14 12 11 10 P/B 3 3 2 2 2 备 注：收盘价取自于2024/4/29。 投资要点 [基Ta本ble状_P况ro fit] ◼ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 84.18 CNY [1]. Core Insights - The company reported a significant decline in revenue and net profit for Q1 2024, with revenue at 1.4 billion CNY, down 37.76% year-on-year, and net profit at 282 million CNY, down 55.27% year-on-year. However, excluding the impact of large orders, the core business showed a robust growth of 15.21% year-on-year, particularly in the European and American markets, which grew by 62.80% [2]. - The company is expected to see a steady growth trajectory driven by its small molecule CDMO and emerging businesses, with projected revenues of 6.497 billion CNY, 7.818 billion CNY, and 9.833 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of -16.97%, 20.32%, and 25.79% [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue 10,255.33 million CNY, Net Profit 3,301.64 million CNY - 2023A: Revenue 7,825.19 million CNY, Net Profit 2,268.81 million CNY - 2024E: Revenue 6,497.30 million CNY, Net Profit 1,252.83 million CNY - 2025E: Revenue 7,817.62 million CNY, Net Profit 1,628.92 million CNY - 2026E: Revenue 9,833.40 million CNY, Net Profit 2,053.38 million CNY [1]. - **Earnings Per Share (EPS)**: - 2022A: 8.94 CNY - 2023A: 6.14 CNY - 2024E: 3.39 CNY - 2025E: 4.41 CNY - 2026E: 5.56 CNY [1]. - **Valuation Ratios**: - P/E ratios are projected to be 19.95 for 2023A, 24.83 for 2024E, and decrease to 15.15 by 2026E [1]. - P/B ratios are expected to decline from 1.78 in 2023A to 1.45 in 2026E [1]. Business Segment Performance - The small molecule CDMO business is expected to drive growth, with 28 projects in the validation phase for 2024, a 40% increase from 2023 [2]. - Emerging businesses, including chemical large molecules and clinical research services, are also anticipated to contribute positively, with a 50% increase in domestic signed orders for formulations in 2023 [2]. Market Comparison - The company's stock performance is compared against the CSI 300 index, indicating a relative performance outlook that supports the "Buy" rating [3].

| --- | --- | --- | |--------------------------------|-------|-------------------------------------------------------------------| | | 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 个月内相对同期基准指数涨幅在 -10%~+5% 之间 | | | 减持 | 预期未来 6~12 个月内相对同期基准指数跌幅在 10% 以上 | | | 增持 | 预期未来 6~12 个月内对同期基准指数涨幅在 10% 以上 | | 行业评级 | 中性 | 预期未来 6~12 个月内对同期基准指数涨幅在 -10%~+10% 之间 | | | 减持 | 预期未来 6~12 个月内对同期基准指数跌幅在 10% 以上 | | 备注：评级标准为报告发布日后的 | | 6~12 个月内公司股价（或行业指数）相对同期 ...