Investment Rating - The investment rating for the company is "Buy" (maintained) [2][19] Core Views - The company achieved a record high revenue of 5.204 billion yuan in 2023, representing a year-on-year growth of 21.45%. The net profit attributable to shareholders was 316 million yuan, up 29.34% year-on-year [5] - The company's software business generated revenue of 3.322 billion yuan, with a growth rate of 5.54%. The revenue from the domestic large banks and joint-stock banks contributed 51.04% of the software revenue [5] - The company is actively expanding its AI capabilities and has potential for significant growth in overseas markets through partnerships and innovative financial technology products [6] Financial Performance Summary - Revenue (million yuan): - 2022A: 4,285 - 2023A: 5,204 - 2024E: 5,725 - 2025E: 6,329 - 2026E: 7,027 - Year-on-year growth rates: 15% (2022A), 21% (2023A), 10% (2024E), 11% (2025E), 11% (2026E) [2] - Net Profit (million yuan): - 2022A: 253 - 2023A: 326 - 2024E: 361 - 2025E: 407 - 2026E: 469 - Year-on-year growth rates: -36% (2022A), 29% (2023A), 11% (2024E), 13% (2025E), 15% (2026E) [2] - Gross margin for software development increased by 1.71 percentage points to 31.13% in 2023 [6] - Operating cash flow reached 447 million yuan in 2023, a year-on-year increase of 155.08% [6] Future Outlook - The company forecasts revenue for 2024-2026 to be 5.725 billion yuan, 6.329 billion yuan, and 7.027 billion yuan respectively, with net profits of 361 million yuan, 407 million yuan, and 469 million yuan [19] - The company maintains a P/E ratio forecast of 26 for 2024, 23 for 2025, and 20 for 2026 [19]

、 销售显著下滑，各地持续放松调控政策 -房地产行业点评 房地产 证券研究报告/行业点评报告 2024年4月3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/港币) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 保利发展 8.77 1.53 1.70 2.07 2.73 5.73 5.16 4.24 3.21 买入 Email：youzp@zts.com.cn 招商蛇口 9.05 0.41 1.06 1.31 1.67 22.07 8.54 6.91 5.42 买入 滨江集团 6.72 1.20 1.42 1.76 2.31 5.60 4.73 3.82 2.91 买入 分析师：侯希得 华发股份 8.77 1.53 1.70 2.07 2.73 5.73 5.16 4.24 3.21 买入 备注：股价使用2024年4月3日收盘价 执业证书编号：S0740523080001 Email：houxd@zts.com.cn ...

Investment Rating - The report downgrades the investment rating of the company to "Accumulate" [1][8] Core Views - The company reported a revenue of 131.38 billion RMB in 2023, a year-on-year increase of 3.3%, and a net profit attributable to shareholders of 3.12 billion RMB, up 13.1% year-on-year [5][6] - The company has maintained a strong operational performance, with a comprehensive gross margin of 13% in 2023, despite a decline of 4.3 percentage points from 2022 [6][8] - The company has focused on core cities, achieving a sales amount of 301.1 billion RMB, with a slight increase in sales area to 15.47 million square meters [7][8] - The financing cost has decreased, with the weighted average interest cost dropping from 4.4% in 2022 to 4.3% in 2023, indicating a stable debt structure [8] Financial Performance Summary - Revenue Forecast: - 2022A: 128.15 billion RMB - 2023A: 131.95 billion RMB - 2024E: 136.10 billion RMB - 2025E: 139.31 billion RMB - 2026E: 142.26 billion RMB - Net Profit Forecast: - 2022A: 2.58 billion RMB - 2023A: 3.09 billion RMB - 2024E: 3.44 billion RMB - 2025E: 3.62 billion RMB - 2026E: 3.74 billion RMB - EPS Forecast: - 2024E: 1.36 RMB - 2025E: 1.43 RMB - 2026E: 1.48 RMB [4][11][12] Investment Recommendations - The company is expected to continue to perform well in core cities, leveraging its strong shareholder background and product reputation to achieve stable growth [8][9] - The report predicts a decline in EPS forecasts for 2024-2026 due to uncertainties in the industry, leading to the downgrade of the rating [8][9]

——当前经济与政策思考 宏观策略专题报告 、 关注俄罗斯经济的启动与雄心 | --- | --- | |--------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [Table_Title] 分析师：杨畅 | [ 投资要点 Table_Summary ] | | 执业证书编号： S0740519090004 电话： 021-20315708 | ◼ 从制造业景气来看：全球主要经济体呈现出" 2 强 3 弱 3 猛"格局，其中俄罗斯连续 2 3 个月位于扩张区间，并且提速； | | Email ： yangchang@zts.com.cn | ◼ ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6-12 months compared to the benchmark index [25]. Core Insights - In 2023, the company's revenue decreased by 0.1% year-on-year, while the net profit attributable to shareholders increased by 3.9%, indicating a stabilization in profit growth despite a slight decline in revenue [3][30]. - The net interest income showed a year-on-year decline of 3.1%, but the growth rate of non-interest income rebounded to 18.8% [3][30]. - The asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.33% at the end of Q4 2023, down 2 basis points from the previous quarter [18][19]. Summary by Sections Revenue and Profitability - Revenue growth rates for 2022, Q1 2023, H1 2023, Q1-Q3 2023, and 2023 were 0.01%, 2.09%, 0.79%, -0.60%, and -0.07% respectively. The net profit growth rates were 7.48%, 1.75%, 3.33%, 4.97%, and 3.91% respectively [3][30]. Net Interest Income - In Q4 2023, net interest income decreased by 3.6% quarter-on-quarter, with an annualized net interest margin down by 9 basis points to 1.42% [8][9]. Asset and Liability Growth - In Q4 2023, new loans totaled 284.1 billion, with a decrease in corporate loans by 58.3 billion and retail loans by 24.1 billion. The bond investment grew by 7.1% [9][12]. - Deposits remained stable with a quarter-on-quarter growth rate of 0.1%, adding 41.843 billion in new deposits [9][12]. Asset Quality - The NPL ratio improved to 1.33%, with a net NPL generation rate of 0.09%, down 24 basis points from Q3 [18][19]. - The provision coverage ratio was stable at 303.87%, with a slight decrease of 0.25 percentage points [18][19]. Capital Adequacy - As of the end of Q4 2023, the core Tier 1 capital adequacy ratio was 10.72%, with a quarter-on-quarter increase of 28 basis points [22][23]. Shareholder Changes - The top ten shareholders saw changes, with Central Huijin Investment Co., Ltd. increasing its stake by 0.11% [22][23]. Investment Recommendations - The company is considered fundamentally sound with a low valuation and high dividend yield, suggesting active monitoring. The report maintains a "Buy" rating [22][23].

详解邮储银行2023年报：零售信贷增长强劲，利息收入表现良好 邮储银行(601658)/银行 证券研究报告/公司点评 2024年4月4日 [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：4.71 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 334,856 342,398 331,319 328,658 332,902 分析师 戴志锋 增长率yoy% 5.1% 2.3% -3.2% -0.8% 1.3% 执业证书编号：S0740517030004 净利润（百万元） 85,224 86,270 86,798 87,510 89,259 Email：daizf@zts.com.cn 增长率yoy% 11.9% 1.2% 0.6% 0.8% 2.0% 每股收益（元） 0.92 0.87 0.88 0.88 0.90 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 12.91% 11.74% 10.65% 9.99% 9.51% Email：d ...

1 、 清明假期落幕，出行需求仍旺 证券研究报告/行业周报 2024年04月06日 交运 评级：增持（维持） ≈[投T a资ble要_S点um mary] 分析师：杜冲 n 投资建议：一、航空机场：清明假期落幕，出行需求仍旺。清明假期期间（2024 年 4 执业证书编号： S0740522040001 月 4日—6日），全国民航预计累计保障旅客 510.15万人次，日均 170.05万人次；预 电话： 计保障航班 46170 班，日均 15390 班，航班正常率 87.59%。根据去哪儿数据显示， Email：duchong@zts.com.cn 2024年清明假期（4月4日-6日），国内热门景区预订量同比去年同期增长5倍，部分 火热景区预约告罄一票难求，以小城市为目的地的机票提前预订量同比增长七成。从 联系人：李鼎莹 旅客结构看，平台上 18 岁—25 岁群体旅客占比超过 20%，是最活跃的出游群体。清 电话： 明旺盛的休闲游出行需求有望延续至五一小长假，带动航空需求进一步回暖。我们认 Email：lidy@zts.com.cn 为中长期看行业基本面向好趋势不改，“十四五”期间飞机引进增速放缓趋势确定，随 ...

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [12]. Core Insights - The company is projected to experience significant revenue growth, with estimates increasing from 5,174 million in 2022 to 12,848 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 19% [12]. - The earnings per share (EPS) is expected to rise from 0.06 in 2024 to 0.61 in 2026, showcasing a strong upward trend [12]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 75.9 in 2024 to 7.8 in 2026, suggesting improved profitability and valuation attractiveness over time [12]. - The company is anticipated to maintain a healthy return on equity (ROE), projected to increase from 1.3% in 2024 to 9.0% in 2026 [12]. Financial Summary - Revenue projections for the upcoming years are as follows: 7,183 million in 2023, 8,750 million in 2024, 10,778 million in 2025, and 12,848 million in 2026, indicating a robust growth trajectory [12]. - The net income is expected to grow significantly, with estimates of 1,520 million in 2024 and reaching 2,232 million by 2026 [12]. - The company's operating margin is projected to improve from 68.5% in 2023 to 64.3% in 2026, reflecting operational efficiency [12].

工信部强调AI赋能制造业发展，财跃星辰发布财跃F1金融大模型 --人工智能行业双周报 计算机 证券研究报告/行业周报 2024年4月3日 评级：增持（维持） [重Ta点ble公_F司ina基nc本e]状 况 分析师：闻学臣 市值(亿 收入（亿元） PS 评级 简称 PSG 执业证书编号：S0740519090007 元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 2023 科大讯飞 1,128 188.2 201.7 235.7 288.6 6 6 5 4 0.29 买入 Email：wenxc@zts.com.cn 金山办公 1,344 380.8 5 46.66 60.22 76.27 35 29 22 18 1.03 买入 万兴科技 129 11.80 14.89 19.63 25.52 11 9 7 5 0.28 买入 联系人：王雪晴 中科创达 236 54.45 52.42 61.91 74.58 4 4 4 3 0.23 买入 彩讯股份 84 11.95 15.82 20.56 26.47 7 5 4 3 0.18 买入 Email：wangxq0 ...

EDA 系列报告之二——华大九天：薪火相传，翱翔九天 华大九天（301269.SZ）/计 证券研究报告/公司深度报告 2024年 04月03日 算机 [评Ta级ble：_T增itle持] （首次覆盖） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：83.84 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 579 798 1,021 1,326 1,729 分析师：闻学臣 增长率yoy% 39.7% 37.8% 27.9% 29.8% 30.4% 执业证书编号：S0740519090007 净利润（百万元） 139 186 200 37 147 Email：wenxc@zts.com.cn 增长率yoy% 34.5% 33.2% 7.6% -81.2% 292.5% 每股收益（元） 0.26 0.34 0.37 0.07 0.27 每股现金流量 0.58 0.82 0.55 0.20 0.50 研究助理：刘一哲 净资产收益率 14.0% 4.0% 4.2% 0.8% 3.1% Email：liuyz03@zts.com.cn P/E 327 245 22 ...