详解齐鲁银行2023年报&2024一季报：规模与业绩增长均稳健；分红提升 齐鲁银行(601665)/银行 证券研究报告/公司点评 2024年04月29日 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司bl盈e_利Fi预na测nc及e]估 值 市场价格：4.78 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 11,052 11,940 12,575 13,254 13,915 分析师 戴志锋 增长率yoy% 8.82% 8.04% 5.31% 5.40% 4.99% 执业证书编号：S0740517030004 净利润（百万元） 3,587 4,234 4,886 5,516 6,229 Email：daizf@zts.com.cn 增长率yoy% 18.15% 18.04% 15.40% 12.88% 12.93% 每股收益（元） 0.78 0.90 1.04 1.17 1.32 分析师 邓美君 净资产收益率 12.66% 13.26% 13.74% 14.06% 14.20% 执业证书编号：S0740519050002 P/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 8.34 CNY [9]. Core Views - The company's Q1 2024 performance met expectations, with stable growth in revenue and profit. Q1 2024 revenue reached 3.454 billion CNY, up 4.84% year-on-year, while net profit attributable to shareholders was 156 million CNY, down 4.86% year-on-year [3][8]. - The company is a leader in the low-voltage lead-acid battery sector, with ongoing expansion into lithium batteries and energy storage. In 2023, the company sold 34.6 million KVAH of low-voltage batteries, a year-on-year increase of 7.45% [4]. - The company is expected to see further market share growth as it expands into maintenance and overseas markets. Revenue forecasts for 2024-2026 are 15.995 billion CNY, 17.626 billion CNY, and 19.426 billion CNY, respectively, with net profits of 743 million CNY, 922 million CNY, and 1.074 billion CNY [14]. Financial Performance Summary - For Q1 2024, the company reported a gross margin of 17.28%, an increase of 2.07 percentage points year-on-year, driven by improved sales volume of low-voltage batteries [13]. - The company’s operating income for 2023 is projected to be 14.079 billion CNY, with a year-on-year growth rate of 5%. The net profit for 2023 is expected to be 572 million CNY, reflecting a 22% increase year-on-year [6][14]. - The company’s P/E ratios for 2024-2026 are projected to be 13.17X, 10.61X, and 9.11X, respectively, indicating a favorable valuation [14].

门店拓展提速，金价高位抑制短期需求 ——周大生23年及24Q1报业绩点评 周大生（002867.SZ）/商贸零 证券研究报告/公司点评 2024年4月29日 售 [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：16.19 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 11,118 16,290 18,548 20,633 22,617 分析师：苏畅 执业证书编号：S0740523110001 增长率yoy% 21.4% 46.5% 13.9% 11.2% 9.6% 归母净利润（百万元） 1,091 1,316 1,485 1,688 1,857 Email：suchang@zts.com.cn 增长率yoy% -10.9% 20.7% 12.9% 13.7% 10.0% 每股收益（元） 1.00 1.20 1.36 1.54 1.69 每股现金流量 0.93 0.13 1.02 0.95 1.17 净资产收益率 18.0% 20.6% 20.8% 21.7% 21.6% P/ ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 16.43 [2] Core Views - The company's revenue growth turned positive in Q1 2024, with a year-on-year increase of 4.4%, reflecting improvements across various income segments [5][9] - Net interest income grew by 5.1% year-on-year, while net profit saw a decline of 3.1% due to continued provisioning efforts [5][9] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.07% and a provisioning coverage ratio of 245.51% [23] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023 revenue: 210,245 million, with a decline of 5.3% year-on-year - 2024E revenue: 214,396 million, with a growth forecast of 2.0% [3] - 2023 net profit: 77,116 million, down 15.6% year-on-year - 2024E net profit: 74,771 million, with a projected decline of 3.0% [3] - **Earnings Per Share (EPS)**: - 2023 EPS: 3.71 - 2024E EPS: 3.60 [3] - **Return on Equity (ROE)**: - 2023 ROE: 11.25% - 2024E ROE: 10.13% [3] - **Price-to-Earnings (P/E) Ratio**: - 2023 P/E: 4.43 - 2024E P/E: 4.56 [3] Asset and Liability Structure - **Loan Growth**: - New loans in 2023 totaled 478.05 billion, with Q1 2024 new loans at 86.33 billion [6][16] - Corporate loans significantly increased, contributing 111.6% to new loans, primarily driven by infrastructure lending [6][19] - **Deposit Trends**: - Total deposits in 2023 increased by 400.09 billion, a decrease of 6.1% from 2022, with a Q1 2024 decrease of 33.28 billion [17][20] - The proportion of demand deposits rose, with a year-on-year increase of 3.4% in Q1 2024 [20] Non-Interest Income - **Non-Interest Income Growth**: - Q1 2024 non-interest income increased by 3.1%, driven by a 17.0% rise in other non-interest income, primarily from trading income [21][22] Asset Quality - **Non-Performing Loans**: - The non-performing loan ratio remained stable at 1.07%, with a year-on-year decline in the annualized net generation rate of non-performing loans to 1.06% [23] - **Provisioning**: - The provisioning coverage ratio improved to 245.51%, indicating a robust buffer against potential loan losses [23]

三环集团：景气度回升业绩进一步改善，看好龙头公司高弹性 三环集团（300408.SZ）/电子 证券研究报告/公司点评 2024年04月28日 评级：买入 （维持） 公司盈利预测及 估值 市场价格：26.09元/股 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 5,149 5,727 7,199 8,987 10,305 增长率yoy% -17% 11% 26% 25% 15% 执业证书编号：S0740521120002 净利润（百万元） 1,505 1,581 1,929 2,514 2,923 Email：wangfang02@zts.com.cn 增长率yoy% -25% 5% 22% 30% 16% 每股收益（元） 0.79 0.82 1.01 1.31 1.53 每股现金流量 1.08 0.90 0.95 1.09 1.39 分析师：刘博文 净资产收益率 9% 9% 10% 11% 12% 执业证书编号：S0740524030001 P/E 33.2 31.6 25.9 19.9 17.1 P/B 2.9 2.7 2.5 2.3 2.0 Email ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 29.97 CNY [1]. Core Views - The company has demonstrated strong performance with low-cost production and increased reserves, exceeding expectations. The net production of oil and gas reached approximately 680 million barrels of oil equivalent in 2023, marking an 8.7% year-on-year increase, and continued to grow in Q1 2024 [4][5]. - The company is expected to maintain a strong competitive position due to low oil production costs and robust capital expenditures, which are projected to support reserve additions and production growth [4][5]. - The company has a solid cash flow and a commitment to shareholder returns, with a dividend payout ratio of approximately 43.6% in 2023 [4][5]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 422,230 million CNY - 2023A: 416,609 million CNY (yoy -1%) - 2024E: 460,009 million CNY (yoy +10%) - 2025E: 490,495 million CNY (yoy +7%) - 2026E: 515,320 million CNY (yoy +5%) [2]. - **Net Profit Forecasts**: - 2022A: 141,700 million CNY - 2023A: 123,843 million CNY (yoy -13%) - 2024E: 150,169 million CNY (yoy +21%) - 2025E: 154,485 million CNY (yoy +3%) - 2026E: 160,464 million CNY (yoy +4%) [2]. - **Earnings Per Share (EPS)**: - 2023: 2.60 CNY - 2024: 3.16 CNY - 2025: 3.25 CNY - 2026: 3.37 CNY [2]. - **Return on Equity (ROE)**: - 2023: 19% - 2024E: 18% - 2025E: 16% - 2026E: 14% [2]. - **Price-to-Earnings (P/E) Ratio**: - 2024E: 9.5 - 2025E: 9.2 - 2026E: 8.9 [2]. - **Price-to-Book (P/B) Ratio**: - 2024E: 1.7 - 2025E: 1.5 - 2026E: 1.3 [2]. Key Events - The company reported a revenue of 1,114.7 million CNY in Q1 2024, a year-on-year increase of 14.1%, and a net profit of 397.2 million CNY, up 23.7% year-on-year [4][5]. - The company achieved a net production of approximately 1.8 million barrels of oil equivalent in Q1 2024, reflecting a 9.9% year-on-year increase [4][5]. - The company’s capital expenditures for 2023 were 129.6 billion CNY, a 26.4% increase year-on-year, with Q1 2024 capital expenditures at approximately 29 billion CNY, up 17.3% year-on-year [4][5].

未来可期 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： Email： 【计算机】闻学臣：量子计算：打破传统计算范式，产业应用未来可期 【中泰研究丨晨会聚焦】计算机闻学臣：量子计算：打破传统计算范式，产业应用 证券研究报告 2024 年 4 月 29 日 [b_Suy 今日预览 今日重点>> 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【计算机】闻学臣：量子计算：打破传统计算范式，产业应用未来可期 闻学臣｜中泰计算机首席 S0740519090007 量子计算作为量子信息技术产业的核心环节，是催生新质生产力的重要战略方向。量子具有反直觉 的叠加和纠缠等特性，在制备成量子比特后，能够大量存储信息并支持量子计算机进行高速的并行 化计算。量子计算在部分问题中表现出"量子霸权"，解决问题的速度远超经典计算，是催生新质 生产力的重要战略方向。 当下量子计算的硬件技术路径尚未收敛，超导、离子阱、光量子等方式各有优缺点，但距实现大规 模可容错通用量子计算都还有较大差距 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [9]. Core Insights - The company has demonstrated solid performance with a revenue growth of 24.50% year-on-year in 2023, achieving a total revenue of 883 million yuan [2]. - The first quarter of 2024 saw a revenue of 243 million yuan, reflecting a year-on-year growth of 10.04% [2]. - The company possesses core competitive advantages in "high-quality continuous cast iron materials" and "one-stop service capabilities," which synergistically drive performance and profitability [2][3]. - The report highlights the company's unique production line for continuous cast iron, which is self-developed and has established a competitive edge through proprietary technology [2]. Financial Summary - Revenue projections for the company are as follows: 1,009 million yuan in 2024E, 1,305 million yuan in 2025E, and 1,521 million yuan in 2026E, indicating a compound annual growth rate (CAGR) of 29% from 2024 to 2025 [2]. - Net profit is expected to grow from 154 million yuan in 2024E to 213 million yuan in 2026E, with a net profit margin of 15.2% in 2026 [2]. - Earnings per share (EPS) are projected to increase from 1.75 yuan in 2024E to 2.42 yuan in 2026E [2]. - The report anticipates a steady improvement in the company's return on equity (ROE), rising from -8.92% in 2023 to 10.47% in 2026 [2]. Market Position and Growth Drivers - The company is positioned to benefit from the growing demand in various sectors, including semiconductor equipment, automotive components, and agricultural machinery, due to its advanced casting technology [2]. - The report emphasizes the company's ongoing development of reducer-related products, with significant technological breakthroughs achieved in key components [2]. - The continuous cast iron products are expected to expand into more applications, enhancing the company's market presence and customer loyalty [2].

、 华利、台华等业绩超预期，重申台华布局机会 -轻工制造及纺织服装行业周报 轻工纺服 证券研究报告/行业周报 2024年4月29日 评级：增持(维持) [重Ta点bl公e_司Fin基an本ce状] 况 分析师：张潇 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740523030001 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 百亚股份 21.27 0.44 0.55 0.72 0.89 48.34 38.67 29.54 23.90 1.66 买入 Email：zhangxiao06@zts.com.cn 欧派家居 61.53 4.41 5.08 5.87 6.73 13.95 12.11 10.48 9.14 0.77 买入 分析师：郭美鑫 顾家家居 33.53 2.20 2.52 2.93 3.41 15.24 13.31 11.44 9.83 0.87 买入 执业证书编号：S0740520090002 索菲亚 16.76 1.17 1.31 1.56 1.72 14.32 12.79 10.74 9.74 0.49 买入 志邦家居 ...

根据年报 详解渝农商行2024年一季报：成本管控加强，PPOP+5.4%；一次性因素影响下净利润负增 渝农商行(601077.SH)/银行 证券研究报告/公司点评 2024年04月28日 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：4.55 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 28,956 27,902 27,058 26,788 26,788 分析师 戴志锋 增长率yoy% -6.0% -3.6% -3.0% -1.0% 0.0% 执业证书编号：S0740517030004 净利润（百万元） 10,276 10,900 11,501 12,074 12,623 Email： daizf@zts.com.cn 增长率yoy% 7.5% 6.1% 5.5% 5.0% 4.5% 每股收益（元） 0.90 0.96 1.01 1.06 1.11 分析师 邓美君 净资产收益率 9.44% 9.28% 9.36% 9.40% 9.18% 执业证书编号：S074051905 ...