事件：公司发布 23 年报，业绩实现高速增长。公司 23 年实现营收 50.94 亿元，同比 +27%；实现归母净利润 4.49 亿元，同比+67%；实现扣非归母净利润 3.64 亿元，同 比+89%。单季度看，Q1/Q2/Q3/Q4 营收分别为 9.70/12.26/13.19/15.78 亿元，同比+ 3%/+11%/+37%/+58%；Q1/Q2/Q3/Q4 扣非归母净利润分别为 0.28/0.94/1.25/1.16 亿 元，同比-68%/+16%/+231%/+824%。全年政府补助为 1.44 亿元，其中 Q1/Q2/Q3/Q 4 分别为 0.60/0.46/0.11/0.28 亿元；全年公允价值变动损失 3572 万元，其中由远期外 汇合约导致的损失为 4036 万元，Q1/Q2/Q3/Q4 公允价值损益分别为+10/-3157/-599/ +174 万元。 [股Ta价ble与_Q行uo业tePic] -市场走势对比 风险提示：原材料及产品价格波动风险、产能投放不及预期风险等。 公司点评 公司点评 重要声明： 市场有风险，投资需谨慎。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的 ...

请务必阅读正文之后的重要声明部分 - 20 - 本报告基于本公司及其研究人员认为可信的公开资料或实地调研资料，反映了作者的研究观点，力求独立、客 观和公正，结论不受任何第三方的授意或影响。本公司力求但不保证这些信息的准确性和完整性，且本报告中 的资料、意见、预测均反映报告初次公开发布时的判断，可能会随时调整。本公司对本报告所含信息可在不发 出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。本报告所载的资料、工具、意见、信息及 推测只提供给客户作参考之用，不构成任何投资、法律、会计或税务的最终操作建议，本公司不就报告中的内 容对最终操作建议做出任何担保。本报告中所指的投资及服务可能不适合个别客户，不构成客户私人咨询建 议。 请务必阅读正文之后的重要声明部分 - 21 - [Table_Title] 评级：买入（首次） 市场价格：26.96 元 执业证书编号：S0740523020004 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：何俊艺 [Table_Profit] 基本状况 总股本(百万股) 279 流通股本(百万股) 208 市价(元) 2 ...

根据年报 详解重庆银行2023年报：营收降幅收窄，资产质量有所改善 重庆银行(601963.SH)/银行 证券研究报告/公司点评 2024年03月30日 [Table_Industry] [评Ta级ble：_T增itle持] (首次) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：7.36 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 13,436 13,185 13,533 14,166 14,786 分析师 戴志锋 增长率yoy% -7.2% -1.9% 2.6% 4.7% 4.4% 执业证书编号：S0740517030004 净利润（百万元） 4,868 4,928 5,020 5,132 5,252 Email： daizf@zts.com.cn 增长率yoy% 4.4% 1.2% 1.9% 2.2% 2.3% 每股收益（元） 1.40 1.42 1.44 1.48 1.51 分析师 邓美君 净资产收益率 10.08% 9.28% 8.57% 8.24% 7.88% 执业证书编号：S0740519050002 P/E 5.26 5.18 5.11 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The gaming industry is currently in a recovery phase, with a clear trend of increasing foot traffic and strong demand. The recovery of gaming revenue is expected to continue, leading to gradual improvement in the performance of gaming companies [4][5] - In March 2024, Macau's gaming gross revenue reached 19.5 billion MOP, a year-on-year increase of 53%. The recovery level reached 76% compared to the same period in 2019, with a quarter-on-quarter increase of 2.6 percentage points [4] - The number of inbound tourists to Macau in February 2024 was 3.29 million, recovering to 93% of the same period in 2019, with a 15% increase compared to December [4] Summary by Sections Industry Overview - The total number of listed companies in the gaming industry is 6, with a total market capitalization of 61.2 billion USD [2] Market Performance - The first quarter gaming gross revenue totaled 57.3 billion MOP, recovering to 75.3% of the level in 2019, with a quarter-on-quarter increase of 0.3 percentage points [4] Company Recommendations - Continued recommendation for Sands China Ltd., which is a leader in the Macau gaming industry. The company has the highest supply in gaming tables, hotels, and shopping centers. The current PE valuation is 11 times, and EV/EBITDA is 10 times, indicating low valuation and investment value [4]

Investment Rating - The report maintains an "Accumulate" rating for Ningbo Bank [1] Core Views - In 2023, Ningbo Bank's revenue grew by 6.4% year-on-year, while net profit increased by 10.7%, indicating a recovery in revenue growth despite a marginal decline in profit growth [4][6] - The bank's net interest income rose by 9.0% year-on-year, although the growth rate decreased by 1.9 percentage points compared to the third quarter of 2023 [4][6] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% at the end of the fourth quarter of 2023, unchanged from the previous quarter [17] Financial Performance Summary - Total revenue (in million) for 2022 was 57,872, and for 2023 it was 61,572, with projections of 64,789 for 2024 [4] - Net profit (in million) for 2022 was 23,075, and for 2023 it was 25,535, with projections of 27,505 for 2024 [4] - Earnings per share (in yuan) for 2022 was 0.5, and for 2023 it was 0.6, with projections of 0.62 for 2024 [4] Revenue and Profit Growth - Revenue growth in 2023 was primarily driven by a significant contribution from retail on both the asset and liability sides [4][10] - Non-interest income showed a year-on-year increase of 1.5%, mainly due to a low base effect from other non-interest income [15] Asset and Liability Structure - In the fourth quarter of 2023, new loans amounted to 35.934 billion yuan, with retail loans contributing significantly to this growth [10][11] - The bank's deposit scale decreased, with a quarterly decline of 189.6 billion yuan, primarily due to a reduction in corporate demand deposits [10][11] Asset Quality - The non-performing loan ratio remained stable at 0.76%, with a slight increase in the ratio of loans under special attention to 0.65% [17][18] - The provision coverage ratio decreased to 461.07%, down by 19.47 percentage points from the previous quarter [17][18] Dividend Policy - The dividend payout ratio increased to 15.99% in 2023, compared to 14.8% in 2022 [19] Capital Adequacy - As of the end of the fourth quarter, the core tier 1 capital adequacy ratio was 9.64%, showing a slight decline [19] Shareholder Changes - Notable changes among the top ten shareholders include an increase in holdings by Youngor Fashion Co., Ltd. and a decrease by Singapore Overseas Chinese Banking Corporation [20]

产品力强+出口持续突破，24年 3月销量同比稳增 长安汽车(000625.SZ)/汽车 证券研究报告/公司点评 2024年4月9日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） 公司盈利预测及估值 市场价格：17.84元 指标 2021A 2022A 2023E 2024E 2025E 分析师：何俊艺 营业收入（百万元） 105,142 121,253 150,651 217,891 277,031 执业证书编号：S0740523020004 增长率yoy% 24% 15% 24% 45% 27% 净利润（百万元） 3,552 7,798 8,219 9,210 11,390 分析师：刘欣畅 增长率yoy% 7% 120% 5% 12% 24% 执业证书编号：S0740522120003 每股收益（元） 0.36 0.79 0.83 0.93 1.15 分析师：毛䶮玄 每股现金流量 2.32 0.57 1.80 2.68 2.64 执业证书编号：S0740523020003 净资产收益率 6% 12% 12% 12% 13% Email：hejunyi@zts.com.cn ...

Core Insights - The report highlights that some city and rural commercial banks performed well, with their performance and dividend rates being the main drivers [3]. - The A-share banking stocks mostly declined, with notable increases in certain city and rural commercial banks that showed strong performance or raised their dividend rates [3]. - Key policies from the recent Two Sessions include a fiscal deficit target of 3% and the issuance of 1 trillion yuan in special bonds to stimulate equipment upgrades and consumer goods replacement [3]. Monthly Market Review - The stock market saw most sectors rise, with the CSI 300 index increasing by 0.6%, while the banking sector fell by 0.2%, resulting in an excess return of -0.8% compared to the CSI 300 [3]. - The latest price-to-book (PB) ratios for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks are 0.58, 0.52, 0.60, and 0.55 respectively, with slight changes from the previous month [3]. Key Announcements from Listed Banks - Personnel changes include the resignation of Mr. Tian Guoli as Chairman of China Construction Bank and the appointment of Mr. Zhang Jinliang as the new Chairman [3]. - In the annual reports released by 21 banks, total revenue decreased by 3.8% year-on-year, while net profit increased by 1.1% [3]. Financial Metrics Tracking - The one-year and ten-year government bond yields decreased to 1.72% and 2.29% respectively, with the yield spread increasing by 2 basis points [3]. - The interbank certificate of deposit rates saw a decline, with the overall cost dropping by 6 basis points to 2.42% [3]. Credit Risk Monitoring - There was an increase in the number and amount of defaults, with 19 credit bonds defaulting or being extended in March 2024, totaling 22.853 billion yuan [3]. - Key companies to watch for upcoming debt maturities include Evergrande, Country Garden, and Sunshine City, with an increase in their debt obligations compared to the previous month [3]. Investment Recommendations - The report suggests that economic conditions will dictate the selection logic for bank stocks, with different types of stocks corresponding to varying economic recovery scenarios [3].

一季度喜迎开门红，双流水专项&一体化降本步入收获期 中航重机(600765.SH)/国防 证券研究报告/公司点评 2024年4月10日 军工 [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：16.24 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10,570 10,577 11,845 13,802 15,450 分析师：陈鼎如 增长率yoy% 20% 0% 12% 17% 12% 执业证书编号：S0740521080001 净利润（百万元） 1,202 1,329 1,606 1,881 2,185 Email：chendr01@zts.com.cn 增长率yoy% 35% 11% 21% 17% 16% 每股收益（元） 0.81 0.90 1.08 1.27 1.47 每股现金流量 0.52 0.40 0.88 2.55 0.24 分析师：马梦泽 净资产收益率 11% 11% 12% 12% 13% 执业证书编号：S0740523060003 P/E 20.0 18.1 15.0 12.8 11.0 P ...

业 绩 略 超 预 期 ， 核 心 竞 争 力 不 断 增 强 中控技术（688777） 证券研究报告/公司点评 2024年04月09日 /机械设备 [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：44.85 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,624 8,620 10,892 14,040 18,130 分析师：冯胜 增长率yoy% 46.6% 30.1% 26.4% 28.9% 29.1% 执业证书编号：S0740519050004 净利润（百万元） 798 1,102 1,320 1,677 2,157 Email：fengsheng@zts.com.cn 增长率yoy% 37.2% 38.1% 19.8% 27.0% 28.6% 每股收益（元） 1.01 1.39 1.67 2.12 2.73 分析师：齐向阳 每股现金流量 0.46 0.24 2.52 -0.27 2.08 执业证书编号：S0740523100001 净资产收益率 15.0% 11.1% ...

金价上行推升公司业绩，战略规划逐步落地打开未来增长空间 银泰黄金（000975.SZ）/有色金属 证券研究报告/公司点评 2024年04月09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：18.34元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,382 8,106 9,616 12,385 14,319 分析师：郭中伟 增长率yoy% -7% -3% 19% 29% 16% 执业证书编号：S0740521110004 归母净利润（百万元） 1,124 1,424 1,830 2,498 2,895 Email：guozw@zts.com.cn 增长率yoy% -12% 27% 28% 36% 16% 每股收益（元） 0.40 0.51 0.66 0.90 1.04 每股现金流量 0.72 0.79 1.02 1.27 1.56 分析师：谢鸿鹤 净资产收益率 9% 11% 12% 15% 14% 执业证书编号：S0740517080003 P/E 45.3 35. ...