价跌量减业绩下滑符合预期，煤电一体延伸提升经营稳定性 淮北矿业（600985.SH）/煤 证券研究报告/公司点评 2024年4月28日 炭 [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：17.87元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 69,062 73,387 74,775 77,571 79,574 分析师：杜冲 增长率yoy% 6% 6% 2% 4% 3% 执业证书编号：S0740522040001 净利润（百万元） 7,010 6,225 6,685 6,991 7,306 电话： 增长率yoy% 47% -11% 7.40% 4.58% 4.51% 每股收益（元） 2.60 2.31 2.48 2.60 2.71 Email：duchong@zts.com.cn 每股现金流量 6.19 4.84 5.15 -1.74 8.90 联系人：鲁昊 净资产收益率 18% 15% 14% 14% 13% 电话： P/E 6.9 7.7 7.5 7.2 6.9 P ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 4.55 [1]. Core Insights - The company has strengthened cost control, resulting in a year-on-year increase in PPOP of 5.4%. However, net profit experienced a negative growth of 10.8% due to one-time factors from the previous year [5][10]. - The company is focusing on expanding infrastructure loans in response to the development of three trillion-level industrial clusters in Chongqing and the Chengdu-Chongqing economic circle [7][28]. - The company has a stable dividend history and a high dividend yield, making it an attractive investment opportunity [28]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue (in million) for 2022A was 28,956, with a projected decline to 27,902 in 2023A and further to 27,058 in 2024E [1]. - Net profit (in million) is expected to grow from 10,900 in 2023A to 11,501 in 2024E, with a growth rate of 6.1% [1]. - Earnings per share (EPS) is projected to increase from 0.96 in 2023A to 1.01 in 2024E [1]. - **Key Financial Ratios**: - The Price-to-Earnings (P/E) ratio is forecasted to decrease from 4.74 in 2023A to 4.49 in 2024E [1]. - The Price-to-Book (P/B) ratio is expected to remain stable at 0.42 for 2024E [1]. Operational Insights - **Net Interest Income**: - In Q1, net interest income decreased by 0.5% quarter-on-quarter, with an annualized interest margin of 1.62%, down 3 basis points [19]. - The asset yield decreased to 3.5%, while the liability interest rate fell to 1.94%, contributing to the stability of the interest margin [19]. - **Asset Quality**: - The non-performing loan (NPL) ratio remained stable at 1.19%, with a year-on-year decline in the annualized net generation rate of NPLs to 0.34% [26][27]. - The provision coverage ratio increased to 367.54%, indicating a strengthening of risk buffers [26][27]. - **Loan and Deposit Growth**: - The company issued loans totaling 202.6 billion in Q1, with corporate loans making up 77% of the total [21]. - New deposits amounted to 553.6 billion, with the deposit ratio increasing to 71.0% [23]. Investment Recommendations - The report suggests actively monitoring the company due to its strategic positioning in the Chongqing market and its potential for profit release as historical non-performing assets are cleared [28].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2024 performance reached a new quarterly high, with revenue increasing by 17.11% YoY to 2.123 billion yuan and net profit attributable to shareholders growing by 33.78% YoY to 188 million yuan [6] - The company's PC module business is expected to accelerate growth due to industry recovery and AI empowerment trends, with global PC shipments increasing by 3% YoY in Q1 2024 to 57.2 million units [1] - The company's vehicle business is progressing smoothly, with its subsidiaries achieving significant revenue and profit growth, and its 5G vehicle modules leading the industry in mass production [7] - The company's IoT cellular module shipments achieved double-digit growth in 2023, ranking second globally with a market share of 7.8% [15] Financial Performance - The company's revenue is expected to grow from 7.716 billion yuan in 2023 to 13.531 billion yuan in 2026, with a CAGR of 20.4% [4] - Net profit attributable to shareholders is projected to increase from 564 million yuan in 2023 to 1.119 billion yuan in 2026, with a CAGR of 25.6% [4] - The company's gross margin improved by 0.64 percentage points YoY to 21.52% in Q1 2024, while the net margin increased by 1.21 percentage points to 8.96% [15] - The company's R&D investment reached 716 million yuan in 2023, accounting for 9.3% of revenue, with R&D personnel making up nearly 70% of the workforce [7] Industry Trends - Global mobile network terminal connections reached 12.1 billion in 2023, with cellular IoT connections at 3.5 billion, expected to grow to 5.8 billion by 2030 [1] - The global IoT module market is expected to recover in the second half of 2024 and further grow in 2025 with the widespread adoption of 5G and 5G RedCap technologies [1] - The company has launched 5G RedCap modules and is expanding its product portfolio to meet the growing demand for 5G applications in various sectors [1] Business Development - The company's vehicle module business has established partnerships with global mainstream automakers and Tier 1 suppliers, achieving industry-leading mass production of 5G modules [7] - The company has developed a series of Linux edge AI solutions based on multiple intelligent modules, expanding applications in industrial and robotics fields [7][8] - The company's overseas revenue reached 4.484 billion yuan in 2023, a 32.74% YoY increase, with multiple products certified by mainstream European and American operators [15]

业绩同比大幅改善，看好长丝景气修复 公司点评 新凤鸣（603225.SH）/化工 证券研究报告/公司点评 2024年4月28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：13.83元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 50,787 61,469 65,363 71,705 76,945 分析师：孙颖 增长率yoy% 13% 21% 6% 10% 7% 执业证书编号：S0740519070002 归母净利润（百万元） -205 1,086 1,813 2,388 2,729 Email：sunying@zts.com.cn 增长率yoy% -109% 628% 67% 32% 14% 每股收益（元） -0.13 0.71 1.19 1.56 1.78 净资产收益率 -1% 6% 10% 11% 12% P/E -103.2 19.5 11.7 8.9 7.8 P/B 1.3 1.3 1.1 1.0 0.9 备注：股价取自2024/4/26，每股指标按照最新股本 ...

、 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [7]. Core Insights - The company reported a revenue of 10.757 billion yuan in 2023, with a year-over-year growth of 2.31%. However, the net profit attributable to the parent company was 936 million yuan, reflecting a year-over-year decline of 12.16% [4][11]. - In Q1 2024, the company achieved a revenue of 2.743 billion yuan, marking a year-over-year increase of 17.16% and a quarter-over-quarter decrease of 8.72%. The net profit attributable to the parent company was 318 million yuan, showing a significant year-over-year growth of 50.3% [4][11]. - The company is actively expanding its high-end product offerings in sectors such as automotive electronics and communication, which is expected to drive future growth [10][11]. Financial Performance Summary - **2023 Financials**: Revenue was 10.757 billion yuan, with a net profit of 936 million yuan. The gross margin was 23.17%, and the net margin was 8.47% [4]. - **2024 Projections**: Expected net profits for 2024, 2025, and 2026 are 1.152 billion yuan, 1.425 billion yuan, and 1.768 billion yuan, respectively [11]. - **R&D Investment**: The company invested 601 million yuan in R&D in 2023, a year-over-year increase of 10.03%, focusing on high-end products and new market segments [5][10]. Market Position and Strategy - The company is navigating a challenging PCB industry landscape characterized by weak downstream demand and intensified competition. However, it is leveraging its strategic focus on high-growth areas to maintain stable revenue growth [10]. - The company is expected to benefit from the release of high-end production capacities and an optimized product structure, which should enhance profitability [10][11].

业绩暂时承压，销售行业领先 保利发展（600048.SH）/房地 证券研究报告/公司点评 2024年4月28日 产行业 [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：8.64元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 281,017 346,828 362,435 377,295 389,180 分析师：由子沛 增长率yoy% -1% 23% 5% 4% 3% 执业证书编号：S0740523020005 净利润（百万元） 18,347 12,067 13,563 14,477 15,253 Email：youzp@zts.com.cn 增长率yoy% -33% -34% 12% 7% 5% 每股收益（元） 1.53 1.01 1.13 1.21 1.27 每股现金流量 0.62 1.16 2.82 -3.47 -3.38 分析师：侯希得 净资产收益率 6% 4% 4% 4% 4% 执业证书编号：S0740523080001 P/E 5.6 8.6 7.6 7.1 6 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [15]. Core Views - The company reported strong Q1 2024 results, with revenue of 1.472 billion yuan, a year-on-year increase of 51.72%, and a net profit of 150 million yuan, up 101.13% year-on-year. The non-recurring net profit reached 135 million yuan, a significant increase of 377.67% year-on-year, driven by strong demand for products such as sun-protective clothing and nylon filament [1][6]. - The company's nylon 66 filament production capacity is expected to ramp up, contributing to performance growth, while a 100,000-ton recycled nylon project is set to commence production soon, enhancing profitability further [6][7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 5,094 million yuan in 2023 to 9,896 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 16% [1]. - Net profit is expected to increase from 670 million yuan in 2024 to 1,000 million yuan in 2026, reflecting a strong growth trajectory [1]. - **Profitability Metrics**: - Gross margin improved by 2.82 percentage points year-on-year to 23.4% in Q1 2024, while net profit margin increased by 2.5 percentage points to 10.17% [4]. - The return on equity (ROE) is projected to rise from 10% in 2024 to 16% in 2026 [1]. - **Cash Flow and Efficiency**: - Operating cash flow was negative 155 million yuan in Q1 2024, compared to negative 54 million yuan in the same period last year, influenced by increased cash payments for goods and services [5]. - Inventory turnover days decreased by 20.4 days year-on-year to 168.48 days, indicating improved operational efficiency [5]. Market Position and Future Outlook - The company is positioned to benefit from the growing demand for recycled nylon, with global production currently at only 130,000 tons, suggesting significant growth potential [5]. - The chemical recycling project is nearing completion and is expected to enhance the company's competitive edge in the market, with production capacity ranking among the top globally [5].

核心产品流水持续上扬，一季度业绩超预期 神州泰岳（300002.SZ）/传 证券研究报告/公司点评 2024年04月28日 媒 [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：9.73 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 4,806 5,962 6,904 8,049 8,942 分析师：康雅雯 增长率yoy% 11% 24% 16% 17% 11% 执业证书编号：S0740515080001 净利润（百万元） 542 887 1,057 1,232 1,537 Email：kangyw@zts.com.cn 增长率yoy% 41% 64% 19% 17% 25% 每股收益（元） 0.28 0.45 0.54 0.63 0.78 分析师：朱骎楠 每股现金流量 0.53 0.55 0.44 0.62 0.72 执业证书编号：S0740523080003 净资产收益率 11% 15% 16% 16% 17% Email：zhuqn01@zts.com.cn P/E 3 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - The report highlights the launch of CATL's new lithium iron phosphate battery, "Shenxing PLUS," which boasts a range of 1000 km and ultra-fast charging capabilities [5][16] - The report anticipates a stable pricing environment and potential cost reductions in the battery sector, recommending companies like CATL and Yiwei Lithium Energy [5] - The report notes a significant increase in sales and profitability for Guoxuan High-Tech, with a 391% increase in operating profit in 2023 [17] Summary by Sections Battery Industry - CATL's "Shenxing PLUS" battery features a breakthrough energy density of 205 Wh/kg and a charging speed that allows for 1 km of range per second [16] - The battery's design incorporates advanced materials and structural optimizations, enhancing space utilization and efficiency [16] - The report tracks the performance of key battery companies, noting a 2.13% increase in the battery industry index [14] Energy Storage - Guoxuan High-Tech reported a 97.61% increase in revenue from its energy storage business, highlighting its expansion in various sectors [17] - The report discusses the impact of policy changes on energy storage compensation rates, which may affect profitability [5] Photovoltaics - The report emphasizes the growing demand for photovoltaic solutions, driven by infrastructure investments and technological advancements [5] - It identifies key players in the photovoltaic market, including JinkoSolar and LONGi Green Energy, as beneficiaries of the expanding market [5] Wind Energy - The report outlines the progress of offshore wind projects across various regions, with significant approvals and procurement activities underway [6] - It recommends focusing on companies involved in offshore cable production and turbine manufacturing as the sector expands [6]