Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 39.55 CNY [1]. Core Views - The report highlights that the company achieved a revenue of 87.65 billion CNY in Q1 2024, representing a year-on-year growth of 0.70% and a quarter-on-quarter decrease of 3.27%. The net profit attributable to shareholders was 15.88 billion CNY, a year-on-year decrease of 14.66% but a quarter-on-quarter increase of 39.03% [5][6]. - The company forecasts revenues of 344.08 billion CNY, 353.30 billion CNY, and 358.87 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 63.52 billion CNY, 65.09 billion CNY, and 67.03 billion CNY for the same years [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of 344.53 billion CNY, Net Profit of 69.63 billion CNY - 2023A: Revenue of 343.07 billion CNY, Net Profit of 59.69 billion CNY - 2024E: Revenue of 344.08 billion CNY, Net Profit of 63.52 billion CNY - 2025E: Revenue of 353.30 billion CNY, Net Profit of 65.09 billion CNY - 2026E: Revenue of 358.87 billion CNY, Net Profit of 67.03 billion CNY [2][3]. - **Earnings Per Share (EPS)**: - 2024E: 3.20 CNY - 2025E: 3.28 CNY - 2026E: 3.37 CNY [7]. - **Price-to-Earnings (P/E) Ratio**: - 2024E: 11.9X - 2025E: 11.6X - 2026E: 11.2X [7]. Operational Highlights - **Coal Production and Sales**: - Q1 2024 coal production reached 81 million tons, a year-on-year increase of 1.50%, while sales reached 117 million tons, a year-on-year increase of 8.83% [6]. - The average selling price for coal in Q1 2024 was 573 CNY/ton, a year-on-year decrease of 7.73% [6]. - **Electricity Generation**: - Total electricity generation in Q1 2024 was 55.35 billion kWh, a year-on-year increase of 7.04% [7]. - The selling price for electricity was 409 CNY/MWh, with a selling cost of 365 CNY/MWh, resulting in a gross profit of 44 CNY/MWh [7]. Market Capitalization - The company's market capitalization is approximately 785.80 billion CNY, with a circulating market value of about 652.22 billion CNY [3].

15 15 15 0 在建工程 0 0 其他收益 169 170 200 230 1, 197 1, 438 无形资产 961 1,651 营业利润 -393 289 388 520 其他非流动资产 4.811 4.817 4, 817 9 营业外收入 0 1 1 1 非流动资产合计 6,703 6, 905 7, 110 7,289 营业外支出 3 3 3 0 黃产合计 11, 931 13,098 -393 287 1, 161 3,616 4 1 , 456 5 应收账款 2,929 41 1, 076 44 销售 费用 1, 161 卒货 510 管理费用 242 288 合同资产 80୧ 911 637 635 财务费用 2 0 5, 424 流动资产合计 4,521 5,026 信用减值损失 -50 英他长期投资 6 6 资产或值损失 -5 502 502 公允价值变动收益 93 研发费用 1,008 美他流动资产 ୧୧୧ 0 0 -70 5,810 -59 -60 6 6 -450 -- 5 长期股权投资 50 50 422 346 授资收益 -9 4.815 ◼ 信创安全增速明显。公司 202 ...

JKLM#Q12NOPQARSTMUVWXYZ[\T]^_ JKLM(603606.SH)/L‘ cdef;I! 2024g4h28i ab [Table_Industry] [!Ta"ble#_T$itle%] &’() [=Ta>ble?_F@inAancBe1C] DE !"#$%39.04& 23 2022A 2023A 2024E 2025E 2026E g-hij78&k 7,009 7,310 9,499 11,577 13,952 ’()%*+ lmnyoy% -12% 4% 30% 22% 21% ,-./01%S0740522020001 opqj78&k 842 1,000 1,264 1,727 2,161 Email%zengbiao@zts.com.cn lmnyoy% -29% 19% 26% 37% 25% r5hfj&k 1.22 1.45 1.84 2.51 3.14 r5st9u 0.94 1.73 0.69 1.55 1.98 ’()%23 ovwhfn 15% 16% 18% 20% 21% ,-./01%S0740522040004 P/E 31.9 26.8 21 ...

中泰证券研究所 专业｜领先｜深度｜诚信 ｜ 证 券 研 究 报 告 ｜ 叠层电池引领效率革命，钙钛矿产业化加速 ——钙钛矿系列报告 II 2024.04.28 中泰机械首席分析师：王可 执业证书编号：S074051908000 ...

[Table_Industry] 证券研究报告/行业周报 2024年4月28日 有色金属 供给短缺+需求复苏，小金属共振上行 [T[评aTab 级blele_ ：_MT增aitilne持]] （维持） [投Ta资bl要e_点Su mmary] 1. 【关键词】24 年 3 月碳酸锂进口量 19043 吨，同比+9%，环比 分析师：安永超 +64%；24年3月中国锂精矿进口量约为39.95万吨，环比增加34%， 执业证书编号：S0740522090002 同比增加15% ；2024年1-3月国内光伏新增装机45.74GW，同比增 Email：anyc@zts.com.cn 长36% 分析师：郭中伟 2. 投资策略：制造业补库叠加供给端不确定性加大，小金属价格普遍开 执业证书编号：S0740521110004 启上涨趋势，更加推荐供给较为刚性的品种：稀土、锡、锑、钨等： ➢ 1）稀土：短期需求逐步复苏，厂家挺价，稀土价格底部反弹，中 Email：guozw@zts.com.cn 长期机器人、新能源汽车、工业节能电机等多个消费场景有望爆 分析师：谢鸿鹤 发。国务院《推动大规模设备更新和消费品以旧换新行动方案》 执业 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [12][14]. Core Insights - The company has demonstrated stable growth in its annual performance, successfully implementing "Industry 4.0" in the apparel sector, which enhances its competitive edge [4][19]. - The company is leveraging AI capabilities to empower its core business and is expected to expand into the consumer market [10][33]. - The customization apparel market in China shows significant growth potential, with the penetration rate increasing from 8.07% in 2014 to 27.52% in 2023, indicating room for further expansion [11]. Financial Performance - In 2023, the company achieved a revenue of 747 million yuan, a year-on-year increase of 21.18%, and a net profit of 112 million yuan, up 31.00% from the previous year [18][19]. - For Q1 2024, the company reported a revenue of 168 million yuan, a slight increase of 1.80%, and a remarkable net profit growth of 291.64% [19]. - The company's gross margin for 2023 was 41.59%, reflecting a year-on-year increase of 1.24 percentage points, while the net margin was 14.37%, up 0.63 percentage points [20]. Cost Control and R&D Investment - The company has shown stable cost control capabilities, with a sales and management expense ratio of 18.47% in 2023, a decrease of 1.01 percentage points from 2022 [32]. - R&D expense ratios were 5.76% in 2023 and 4.76% in Q1 2024, indicating a commitment to maintaining a strong R&D advantage [32]. Market Outlook - The report highlights the broad prospects for customized apparel and the company's strategy to expand its product categories, including women's wear and children's clothing, to create a diverse product matrix [24]. - The collaboration with Huawei to develop AI solutions is expected to enhance the company's capabilities in digital transformation within the manufacturing sector [33].

贵州茅台(600519.SH)/食品饮 料证券研究报告/公司点评 2024 年 4 月 28 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|-----------------|-----------------|-----------------|-----------------------|-------------------------|-----------|-----------|-----------|---------------------| | 图表 1 ： 盈利预测表 \n资产负债表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | | 货币资金 | 69,070 | 83,850 | 100,922 | 121,69 ...

详解江苏银行2023年报&2024一季报：稳步扩表；Q1营收利润两位数增长；分红率维持30% 江苏银行(600919)/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买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：7.67 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 70,451 74,163 79,393 84,157 89,256 分析师 戴志锋 增长率yoy% 10.54% 5.27% 7.05% 6.00% 6.06% 执业证书编号：S0740517030004 净利润（百万元） 25,386 28,750 32,502 35,855 39,552 Email：daizf@zts.com.cn 增长率yoy% 28.90% 13.25% 13.05% 10.32% 10.31% 每股收益（元） 1.72 1.57 1.71 1.90 2.10 分析师 邓美君 每股现金流量 执业证书编号：S0740519050002 净资产收益率 15.82% 15.17% ...

泸州老窖：稳健增长趋势验证，期待渠道改革红利 泸州老窖（000568.SZ）/食品饮 证券研究报告/公司点评 2024年4月28日 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：186.42元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 25,124 30,233 36,226 43,441 50,836 分析师：范劲松 增长率yoy% 22% 20% 20% 20% 17% 执业证书编号：S0740517030001 净利润（百万元） 10,365 13,246 15,980 19,599 23,371 电话：021-20315138 增长率yoy% 30% 28% 21% 23% 19% 每股收益（元） 7.04 9.00 10.86 13.31 15.88 Email：fanjs@zts.com.cn 每股现金流量 5.61 7.23 10.05 12.29 14.60 分析师：何长天 净资产收益率 30% 32% 28% 26% 23% 执业证书编号：S07 ...

迎驾贡酒：顺利实现开门红，盈利能力稳步提升 迎驾贡酒（603198.SH）/食品饮 证券研究报告/公司点评 2024年4月28日 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：68.94元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,505 6,720 8,208 9,743 11,363 分析师：范劲松 增长率yoy% 20% 22% 22.14% 18.71% 16.62% 执业证书编号：S0740517030001 净利润（百万元） 1,705 2,288 2,949 3,615 4,296 电话：021-20315138 增长率yoy% 23% 34% 28.91% 22.58% 18.83% 每股收益（元） 2.13 2.86 3.69 4.52 5.37 Email：fanjs@zts.com.cn 每股现金流量 2.30 2.75 3.27 4.04 4.79 分析师：何长天 净资产收益率 24% 27% 29% 29% 29% 执业证书编号：S0 ...