苏垦农发(601952.SH)/农林牧渔 证券研究报告/公司点评 2024 年 04 月 27 日 年销量回升一定程度弥补价格下跌带来的利润影响。公司 2024Q1 稻种产量同比 +10.68%；销量同比+36.34%；食用油销量+22.48%，种业销量保持强劲同时食用油 的销量大幅好转。 ◼ 2023 年我国进口小麦 1210 万吨，创历史新高；2024 年 1-3 月进口 429 万吨，与去 年同期基本持平。以江苏地区为例，2023 年小麦价格震荡走低，累计跌幅 8.28%； 年初至今麦价延续低迷，4 月末价格较 2023 年末-10%。国际谷物理事会(IGC)预计 24/25 年全球小麦产量达到 7.98 亿吨，高于上年的 7.89 亿吨。若实现，将是有记 录以来第二峰值，仅次于 2022/23 年的 8.03 亿吨；全球期末库存 2.59 亿吨，低于 上年的 2.64 亿吨。农业农村部在 4 月中旬的国新办新闻发布会表示，冬小麦和冬 油菜面积稳中有增，苗情长势好于去年。 ◼ 2023 年我国进口稻谷及大米 263 万吨，较 2022 年创下历史峰值的 619 万吨下滑 57.5%，2024 年 1-3 ...

、 北美云巨头资本开支超预期，全球算力军备竞赛再加速 -中泰通信行业周报（0422-0428） 通信 证券研究报告/行业周报 2024 年 4 月 28 日 评级：增持（维持） [重Ta点ble公_F司ina基nc本e] 状况 分析师：陈宁玉 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740517020004 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 上海瀚讯 11.70 0.14 0.15 0.56 1.04 93.21 87.00 23.30 12.55 0.93 买入 电话：021-20315728 移远通信 41.80 2.35 0.60 2.59 3.37 20.26 79.37 18.39 14.13 4.07 买入 Email：chenny@zts.com.cn 中际旭创 170.70 1.52 2.52 5.01 6.89 65.81 39.69 19.97 14.52 0.81 买入 研究助理：杨雷 天孚通信 156.65 1.02 1.64 2.57 3.47 82.60 51.37 32.78 24.28 1.41 ...

、 中金印力消费 REIT 将于下周二上市 -行业研究周报 证券研究报告/行业研究周报 房地产/公募REITs 2024年4月28日 [T评ab级le_：M增ain持] （维持） [公Ta募bleR_ESIuTmsm行ar业y] 周报-20240427 分析师：由子沛 执业证书编号：S0740523020005  一周行情回顾 Email：youzp@zts.com.cn 本周REITs指数上涨3.05%。沪深300累计上涨1.20%，中证500指数上涨1.08%， 中证全债指数下跌0.02%，中债1年期国债指数上涨0.04%，中债10年期国债指数 下跌 0.30%，中证转债指数上涨 0.47%。上市以来 REITs 与十年期国债、一年期国 联系人：陈希瑞 债、中证转债相关性分别为-0.63、-0.63、0.69，与沪深300、中证500相关性分别 Email：chenxr@zts.com.cn 为0.51、0.58。 [基Ta本ble状_P况ro fit]  行业基本情况 上市REITs数 35 重点事件：1）中金印力消费REITs将于下周二上市，发售价格为3.260元/份，基 行业总市值(亿元) 10 ...

◼ 公司发布 2023 年三季度报告：2023 年前三季度，公司实现营业收入 23.3 亿元，同比增加 147.8%，实现归母净利润 5.9 亿 比增长 143.8%，实现归母净利润 1.8 亿元，同比增长 188.9%，实现扣非归母净利润 1.8 亿元，同比增长 189.6%。 爱旭股份（600732.SH）/电力设备 证券研究报告/公司点评 2024 年 4 月 27 日 ◼ 坩埚成本有所上涨，盈利能力短期回调。今年石英砂价格持续上涨，据 SMM 报道，11 月石英坩埚内层用高纯石英砂均价 41.5 爱旭股份 2023 年报及 2024 年一季报点评： ABC 实现批量交付，产能结构快速升级 元，同比增长 280.6%，实现扣非归母净利润 5.7 亿元，同比增长 274.3%；2023 年第三季度，公司实现营收 8.7 亿元，同 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------- ...

[评Ta级ble：_T买itle入] （维持） 营业收入（百万元） 4,454 4,834 5,752 6,903 8,283 增长率 yoy% 47% 9% 19% 20% 20% 净利润（百万元） 701 714 814 988 1,172 增长率 yoy% 70% 2% 14% 21% 19% 每股收益（元） 0.75 0.77 0.87 1.06 1.26 每股现金流量 0.40 1.05 1.48 1.44 1.59 净资产收益率 12% 11% 12% 13% 14% P/E 18.1 17.8 15.6 12.9 10.8 P/B 2.3 2.0 1.9 1.7 1.5 备注：数据统计日期截至 2024 年 4 月 28 日收盘价 执业证书编号：S0740523020003 投资要点 23 年实现营业收入 48.34 亿元，同比+8.54%，归母净利润 7.14 亿元，同比+1.83%；其 中 23Q4 实现营业收入 12.59 亿，同比+5.84%，归母净利润 1.49 亿，同比-30.94%；24 Q1 实现营业收入 11.39 亿元，同比-2.91%，归母净利润 1.57 亿元，同比-18 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][19]. Core Views - The company achieved significant revenue growth in 2023, with a total revenue of 5.897 billion yuan, representing a year-on-year increase of 23.44%. The net profit for the same year was 379 million yuan, up 76.92% year-on-year [15][16]. - In Q1 2024, the company reported a revenue of 1.483 billion yuan, a year-on-year increase of 24.94%, but the net profit decreased by 27.16% to 68 million yuan, primarily due to increased equity incentive expenses [16]. - The traditional business segments, such as TPMS, showed stable growth, while new segments like air suspension and sensors contributed significantly to revenue, with air suspension revenue increasing by 174.75% year-on-year [17]. - The long-term growth outlook for the company remains strong, supported by a clear growth path, cost control, and a high level of self-manufacturing for key components [18]. - The earnings forecast for 2024 and 2025 has been adjusted to 7.450 billion yuan and 9.179 billion yuan, respectively, with corresponding net profits of 462 million yuan and 661 million yuan [19]. Financial Summary - The company’s revenue and profit forecasts for the upcoming years are as follows: - 2024E Revenue: 7.450 billion yuan, Net Profit: 462 million yuan - 2025E Revenue: 9.179 billion yuan, Net Profit: 661 million yuan - 2026E Revenue: 11.098 billion yuan, Net Profit: 888 million yuan [3][19]. - The P/E ratios for 2024, 2025, and 2026 are projected to be 19.8, 13.9, and 10.3, respectively, indicating a favorable valuation trend [3][19]. - The company’s market price is currently at 43.18 yuan, with a market capitalization of 9.156 billion yuan [11].

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The REITs index increased by 3.05% this week, outperforming the Shanghai Composite Index and the CSI 500 Index, which rose by 1.20% and 1.08% respectively [4][16] - The total market capitalization of the industry is approximately 1,035.67 billion yuan, with 35 listed REITs [2][5] - Key events include the upcoming listing of CICC Yinyi Consumption REIT, with a total fund share of 1 billion and a strategic placement ratio of 83.557% [5][7] Market Performance - This week, the trading volume increased by 12%, with a total trading amount of 2.3 billion yuan, and an average daily turnover rate of 0.9% [5][21] - The REITs market showed strong performance across various sectors, particularly in highway REITs, which saw a trading amount increase of 21.3% [5][24] Sector Analysis - The report highlights the correlation between REITs and other market indices, noting a correlation of -0.63 with 10-year government bonds and 0.51 with the Shanghai Composite Index [4][18] - The report emphasizes the strong correlation of warehouse logistics REITs with their corresponding stock indices, with a correlation coefficient of 0.89 [24][25] Key Events and Announcements - Several REITs have disclosed their quarterly reports, with notable financial figures such as revenue and net profit for various projects [10][11] - Upcoming investor relations activities and performance meetings are scheduled for several REITs, indicating ongoing engagement with stakeholders [14][15]

、 一手房成交环比增加，多地出台购房新政 -行业研究周报 房地产 证券研究报告/行业研究周报 2024年4月28日 [T评ab级le_：M增ain持] （维持） [重Ta点ble公_F司in基anc本e]状 况 分析师：由子沛 股价 EPS PE 简称 评级 执业证书编号：S0740523020005 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 保利发展 8.6 1.5 1.7 2.1 2.7 5.6 5.1 4.2 3.2 买入 Email：youzp@zts.com.cn 招商蛇口 8.3 0.4 1.1 1.3 1.7 20.2 7.8 6.3 5.0 买入 滨江集团 6.4 1.2 1.4 1.8 2.3 5.4 4.5 3.6 2.8 买入 分析师：李垚 万科A 6.9 2.0 2.2 2.5 2.5 3.5 3.1 2.8 2.7 买入 华发股份 6.3 1.1 1.4 1.6 1.8 5.6 4.5 3.9 3.5 买入 执业证书编号：S0740520110003 备注：股价使用2024年4月26日收盘价 Email：liyao01@zts ...

、 北美云巨头资本开支超预期，全球算力军备竞赛再加速 -中泰通信行业周报（0422-0428） 通信 证券研究报告/行业周报 2024 年 4 月 28 日 评级：增持（维持） [重Ta点ble公_F司ina基nc本e] 状况 分析师：陈宁玉 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740517020004 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 上海瀚讯 11.70 0.14 0.15 0.56 1.04 93.21 87.00 23.30 12.55 0.93 买入 电话：021-20315728 移远通信 41.80 2.35 0.60 2.59 3.37 20.26 79.37 18.39 14.13 4.07 买入 Email：chenny@zts.com.cn 中际旭创 170.70 1.52 2.52 5.01 6.89 65.81 39.69 19.97 14.52 0.81 买入 研究助理：杨雷 天孚通信 156.65 1.02 1.64 2.57 3.47 82.60 51.37 32.78 24.28 1.41 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 31.52 [1] Core Insights - The company reported a revenue of 75.64 billion yuan in 2023, a year-on-year increase of 0.72%, and a net profit of 6.56 billion yuan, up 29.55% year-on-year [3] - The first quarter of 2024 showed a revenue of 16.61 billion yuan, a decrease of 1.50% year-on-year, but a net profit increase of 35.60% year-on-year to 1.66 billion yuan [3] - The brand operation business continues to thrive, contributing significantly to revenue and profit margins, with a gross margin of 43.17% [3][4] - The company is focusing on core brand operations while reducing wholesale distribution, leading to improved profitability metrics [4] - Revenue projections for 2024-2026 are set at 91.23 billion, 107.30 billion, and 126.46 billion yuan, with expected growth rates of 21%, 18%, and 18% respectively [4] Financial Performance Summary - The company achieved a gross margin of 29.98% and a net margin of 8.46% in 2023, reflecting improvements in operational efficiency [4] - Earnings per share (EPS) are projected to grow from 1.25 yuan in 2024 to 2.48 yuan in 2026 [1][4] - The price-to-earnings (P/E) ratio is expected to decrease from 25.2 in 2023 to 12.7 in 2026, indicating potential undervaluation [1] - The return on equity (ROE) is projected to remain strong, with values of 25% in 2024 and 24% in 2026 [1][4] Business Segment Analysis - The core brand operation business generated 44.00 billion yuan in revenue in 2023, accounting for 58.17% of total revenue, with significant contributions from key products [3] - The wholesale distribution segment saw a revenue decline of 19.23% in 2023, as the company shifted focus to its core operations [3][4] - Key product revenues include 18.97 billion yuan from the Diqu series, 6.40 billion yuan from Hailu, and 0.83 billion yuan from Niutushuma, all showing strong growth [3]