、 假期旅游数据向好，白酒淡季紧抓确定性 -周思考（第15周) 食品饮料 证券研究报告/行业周报 2024年4月7日 评级：增持（维持） [重Ta点bl公e_司Fi基na本nc状e]况 分析师：范劲松 股价(元) EPS PE 简称 PEG 评级 执业证书编号：S0740517030001 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 贵州茅台 1715.11 49.9 58.2 68.28 78.37 34.3 29.46 25.12 21.88 1.82 买入 电话：021-20315138 五粮液 154.60 6.38 8 7.17 5 8.89 10.07 225. 4 19.95 17.39 15.35 1.47 买入 Email：fanjs@zts.com.cn 燕京啤酒 9.40 0.12 0.21 0.34 0.44 787. 3 44.76 27.65 21.36 0.83 买入 分析师：晏诗雨 山西汾酒 253.68 2.55 8.42 10.35 12.31 99 3. 4 30.13 24.51 20.61 0.44 买入 执业证书编号： ...

、 三星上调存储产品 SSD 报价，关注 AI 带来的增量需求 电子 证券研究报告/行业周报 2024年4月6日 评级：增持（维持） 重点公司基本状况 分析师：王芳 股价 EPS PE PEG 简称 评级 执业证书编号：S0740521120002 (元) 2021A 2022A 2023E 2024E 2021A 2022A 2023E 2024E （2024E） 寒武纪-U 162 -2.1 -3.1 -2.0 -1.3 -79 -52 -81 -121 - NA Email：wangfang02@zts.com.cn 工业富联 22 1.0 1.0 1.2 1.6 22 22 18 14 0.6 买入 分析师：杨旭 华勤技术 77 2.9 3.9 3.7 4.1 26 20 21 19 1.8 买入 执业证书编号：S0740521120001 德明利 134 1.6 0.8 0.2 3.3 82 160 607 40 0.4 NA 香农芯创 42 0.5 0.7 0.8 1.0 79 57 54 43 2.1 买入 Email：yangxu01@zts.com.cn 备注：股价为2024年4月6日收盘价 ...

、 浆价上行推荐太阳纸业，品牌服饰关注安踏 -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7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 17.13 0.44 0.55 0.70 0.89 38.93 31.15 24.47 19.25 1.34 买入 Email：zhangxiao06@zts.com.cn 欧派家居 67.75 4.41 5.08 5.87 6.73 15.36 13.34 11.54 10.07 0.84 买入 分析师：郭美鑫 顾家家居 38.08 2.20 2.52 2.93 3.41 17.31 15.11 13.00 11.17 0.99 买入 执业证书编号：S0740520090002 索菲亚 15.90 1.17 1.47 1.72 2.00 13.59 10.82 9.24 7.95 0.42 买入 志邦家居 1 ...

、 中移动管理交换机集采开标，海外巨头持续加码AI -中泰通信行业周报（0401-0407） 通信 证券研究报告/行业周报 2024年4月7日 评级：增持（维持） [重Ta点ble公_F司in基anc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 菲菱科思 84.11 2.82 2.48 4.62 5.80 29.83 33.92 18.21 14.50 1.07 买入 电话：021-20315728 中际旭创 156.1 1.52 2.52 5.01 6.89 102.70 61.94 31.16 22.66 1.26 买入 Email：chenny@zts.com.cn 天孚通信 153.6 1.02 1.78 3.07 4.11 150.59 86.29 50.03 37.37 2.05 买入 研究助理：杨雷 润泽科技 26.53 0.70 1.04 1.35 1.87 37.90 25.51 19.65 14.19 0.97 买入 源杰科 ...

[b_Suy 今日预览 今日重点>> 【策略】徐驰："新质生产力"有哪些投资机遇？ 晨报内容回顾： 【地产】由子沛：房地产行业 2024 年 3 月销售数据点评：销售显著下滑，各 地持续放松调控政策 今日重点 ►【策略】徐驰："新质生产力"有哪些投资机遇？ 徐驰｜中泰策略首席 S0740519080003 一、大国竞争视角，培育新质生产力的战略意义：当前新一轮科技革命和产业变革深入推进，世界 产业分工格局正处于深刻变革与调整中。新的国际产业发展环境和竞争态势要求我国抓住新一轮科 技革命和产业革命重塑全球经济结构的机遇，加快产业转型升级，力争形成系统完整、逻辑严密的 长期产业发展框架，发展新质生产力，推动传统制造业升级，加快构建现代化产业体系，为制造强 国建设提供新引擎，提高我国的国际竞争力。 二、新质生产力是构建现代化产业体系中重要推动力。新质生产力服务于推动生产力发展水平的跃 升。新质生产力以新技术新应用为主要特征，以新产业新业态为主要支撑，指明了我国经济高质量 发展的重要着力点，意味着我们要更快摆脱对传统增长路径的依赖，依靠科技创新驱动产业变革， 提高全要素生产率，有利于建设现代化产业体系，推动中国经济实 ...

Investment Rating - The report suggests a cautious investment rating for the company, with a focus on maintaining attention due to its high dividend yield and low valuation [4][24]. Core Insights - The company's performance in 2023 was strong, with a year-on-year revenue growth of 3.7% and a net profit increase of 2.4% [4][9]. - The bank achieved a net fee income growth of 5.3%, driven by improvements in remittance, settlement, and custody services, despite a decline in agency services [4][17]. - Asset quality remained stable, with a non-performing loan ratio of 1.27% and a provision coverage ratio that increased year-on-year [4][22]. Summary by Sections Financial Performance - Total revenue for 2023 was 584,236 million, with a year-on-year growth of 3.7% [4]. - Net profit reached 231,904 million, reflecting a 2.4% increase compared to the previous year [4]. - Earnings per share (EPS) for 2023 was 0.76, with a projected EPS of 0.77 for 2024 [4]. Asset and Liability Management - Total assets increased by 13.7% year-on-year, with loans growing by 13.7% and deposits by 13.4% [4][11]. - The bank's loan-to-deposit ratio was stable, with a focus on corporate loans, which accounted for 91.6% of new loans [12][16]. - The proportion of corporate loans in total loans increased to 35.9%, while the share of real estate loans decreased to 7.4% [16][22]. Non-Interest Income - Non-interest income grew by 13.3% year-on-year, with net fee income contributing positively [4][18]. - The bank's net fee income was 78,865 million in 2023, with expectations for continued growth in the coming years [25]. Future Outlook - The forecast for net profit in 2024 and 2025 is adjusted to 2,319 million and 2,346 million, respectively [24]. - The bank is expected to maintain a strong capital position, with a core Tier 1 capital ratio that has improved [21].

Investment Rating - The report assigns a "Buy" rating to the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [13]. Core Insights - The company has shown resilience in a challenging market, with a slight revenue decline of 6.7% year-on-year in 2023, achieving approximately 283 million in revenue [11][12]. - The net profit for 2023 was approximately 31.64 million, reflecting a significant year-on-year decrease of 23.26% [11]. - The company is focusing on advanced packaging materials, with products like GMC and bottom filling glue expected to see increased production [11][12]. - The report highlights the company's strong R&D efforts, particularly in advanced packaging, which is anticipated to drive future growth [11]. Financial Summary - Revenue for 2023 was approximately 283 million, with a projected increase to 345 million in 2024, representing a growth rate of 22% [11]. - The net profit is expected to recover to approximately 51.78 million in 2024, indicating a growth rate of 64% compared to 2023 [11]. - The gross margin for 2023 was reported at 26.88%, with a slight decrease of 0.13 percentage points year-on-year [11]. - The company’s total assets are projected to grow from 1,230 million in 2023 to 1,320 million in 2024 [16]. Market Position - The company is positioned as a leader in epoxy encapsulation materials in China, with a focus on high-barrier and difficult-to-validate advanced packaging products, which are expected to provide growth elasticity and scarcity in the market [11].

一季度 GDP 增速预计 5.5——3 月经济数据前瞻 请务必阅读正文之后的重要声明部分 | --- | |--------------------------------------------------------------------------------| | | | 一、工业: 高基数下工增增速预计回落 . | | 二、围投: 基建、地产预计走强… | | 三、社零: 服务业、汽车零售恢复较快 . | | 四、外贸：预计出口回落、进口回升 | | 五、勒价: 预计 PPI 持平、CPI 增速放缓 | | 六、金融: 信贷、社融预计同比少增 | | 七、GDP: 基数正常化，一季度约 5.5%……………………………………………………………………………………………………- 14 - | - 2 - 证券研究报告/固定收益点评 2024 年 4 月 7 日 固定收益点评 图表目录 2024 年 3 月份开工率涨跌互现，其中 247 家高炉开工率由月初 75.2% 升至月末 76.6%，PTA 开工率由月初 73.7%降至月末 68.5%，共同点在 于 2023 年同期开工率绝对水平和增长斜率均较快， ...

关联方持续修复，第三方增长承压 颐海国际（1579.HK）/食品 证券研究报告/公司点评 2024年4月5日 加工 [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：15.22 港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,163 6,156 7,034 7,841 8,582 分析师：范劲松 增长率yoy% 3% 0% 14% 11% 9% 执业证书编号：S0740517030001 净利润（百万元） 742 853 994 1,105 1,211 电话：021-20315733 增长率yoy% -3% 15% 17% 11% 10% 每股收益（元） 0.72 0.82 0.96 1.07 1.17 Email：fanjs@zts.com.cn 每股现金流量 1.23 1.33 0.97 1.25 1.26 分析师：熊欣慰 净资产收益率 18% 19% 19% 18% 18% 执业证书编号：S0740519080002 P/E 19.3 16.8 14.4 12.9 ...

请务必阅读正文之后的重要声明部分 - 3 - | --- | --- | --- | |----------|-------|--------------------------------------------------------------| | | | 评级 说明 | | | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15% 以上 | | | 增持 | 预期未来 6~12 个月内相对同期基准指数涨幅在 5%~15% 之间 | | 股票评级 | 持有 | 预期未来 6~12 个月内相对同期基准指数涨幅在 -10%~+5% 之间 | | | 减持 | 预期未来 6~12 个月内相对同期基准指数跌幅在 10% 以上 | | | 增持 | 预期未来 6~12 个月内对同期基准指数涨幅在 10% 以上 | | 行业评级 | 中性 | 预期未来 6~12 个月内对同期基准指数涨幅在 -10%~+10% 之间 | | | 减持 | 预期未来 6~12 个月内对同期基准指数跌幅在 10% 以上 | 请务必阅读正文之后的重要声明部分 - 4 - 公司点评 市场有风险，投资需谨慎。在任何情况下，本公 ...