经营稳健，盈利与分红符合预期 淮北矿业（600985.SH）/煤 证券研究报告/公司点评 2024年4月1日 炭 [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：16.35元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 69,062 73,387 74,775 77,571 79,574 分析师：杜冲 增长率yoy% 6% 6% 2% 4% 3% 执业证书编号：S0740522040001 净利润（百万元） 7,010 6,225 6,685 6,991 7,306 电话： 增长率yoy% 47% -11% 7.40% 4.58% 4.51% 每股收益（元） 2.60 2.31 2.48 2.60 2.71 Email：duchong@zts.com.cn 每股现金流量 6.19 4.84 5.15 -1.74 8.90 联系人：鲁昊 净资产收益率 18% 15% 14% 14% 13% 电话： P/E 6.3 7.1 6.6 6.3 6.0 P/B 1.3 1.2 1. ...

核心业务稳健，优化增值服务结构 新城悦服务（1755.HK）/物业 证券研究报告/公司点评 2024年4月2日 服务行业 [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：2.25港元 指标 2022A 2023A 2024E 2025E 2026E 分析师：由子沛 营业收入（百万元） 5,187 5,481 5,804 6,094 6,277 增长率yoy% 19% 6% 6% 5% 3% 执业证书编号：S0740523020005 净利润（百万元） 423 445 500 534 561 Email：youzp@zts.com.cn 增长率yoy% -19% 5% 12% 7% 5% 每股收益（元） 0.49 0.51 0.57 0.61 0.64 每股现金流量 0.07 0.47 0.66 0.81 0.96 分析师：李垚 净资产收益率 17% 16% 16% 15% 13% 执业证书编号：S0740520110003 P/E 4.2 4.0 3.6 3.3 3.2 P/B 0.7 0.6 0.5 0.5 0. ...

资产减值大幅影响业绩，地产关联业务占比进一步降低 碧桂园服务（6098.HK）/物业 证券研究报告/公司点评 2024年4月2日 服务行业 [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：5.01港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 41,416 42,622 46,201 48,045 49,488 分析师：由子沛 增长率yoy% 44% 3% 8% 4% 3% 执业证书编号：S0740523020005 净利润（百万元） 1,943 292 1,955 2,234 2,437 Email：youzp@zts.com.cn 增长率yoy% -52% -85% 569% 14% 9% 每股收益（元） 0.58 0.09 0.58 0.67 0.73 每股现金流量 0.99 1.07 2.06 1.91 2.06 分析师：李垚 净资产收益率 5% 1% 5% 6% 6% 执业证书编号：S0740520110003 P/E 7.8 51.9 7.8 6.8 6.2 ...

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Investment Rating - The report maintains a "Buy" rating for Shanmei International (600546.SH) with a market price of 15.45 CNY [1]. Core Views - The report highlights that the company's performance is being suppressed by declining coal prices amid weak production and sales. However, the commitment to increase dividends enhances its investment value [1][6]. - The company is expected to have a cash dividend ratio of at least 60% from 2024 to 2026, indicating a potential increase in the cash dividend ratio for 2024 [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022 Revenue: 46,391 million CNY - 2023 Revenue: 37,371 million CNY (down 19% YoY) - 2024 Revenue: 42,864 million CNY (up 15% YoY) - 2023 Net Profit: 4,260 million CNY (down 39% YoY) - 2024 Net Profit: 5,306 million CNY (up 25% YoY) [2][6]. - **Earnings Per Share (EPS)**: - 2023 EPS: 2.15 CNY - 2024 EPS: 2.68 CNY - 2025 EPS: 2.86 CNY - 2026 EPS: 3.02 CNY [2][9]. - **Return on Equity (ROE)**: - 2023 ROE: 21% - 2024 ROE: 20% - 2025 ROE: 18% - 2026 ROE: 16% [2][9]. Coal Business Performance - In 2023, the coal business generated revenue of 367.09 billion CNY, a decrease of 20% YoY, with a gross profit of 145.66 billion CNY, down 29.86% YoY [7]. - The average coal price in 2023 was 699 CNY/ton, a decrease of 17.91% YoY [7]. - The company reported a cash flow from operating activities of 59.85 billion CNY in 2023, down 58.07% YoY [6]. Dividend Policy - The company announced a cash dividend of 12.89 billion CNY for 2023, with a dividend per share of 0.65 CNY, resulting in a cash dividend ratio of 30.25% [7]. - The projected dividend policy for 2024-2026 is expected to maintain a minimum cash dividend ratio of 60% [7].

业务结构优化&降本增效显成效，三大抓手着眼未来 明源云（0909.HK）/计算机 证券研究报告/公司点评 2024年04月02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：2.44港元 指标 2022A 2023A 2024E 2025E 2026E 总收入（百万元） 1,833 1,657 1,686 1,832 2,114 分析师：闻学臣 增长率yoy% -17.2% -9.6% 1.8% 8.7% 15.4% 执业证书编号：S0740519090007 净利润（百万元） -1,154 -586 -244 -211 -112 Email：wenxc@zts.com.cn 增长率yoy% -235.5% 49.3% 58.3% 13.7% 46.9% 每股收益（元） -0.59 -0.30 -0.13 -0.11 -0.06 每股经营现金流（元） -0.19 0.00 0.01 0.04 0.05 研究助理：刘一哲 净资产收益率 -20.9% -11.7% -5.1% -4.6% -2.5% Email： ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [2][11]. Core Views - The company faced pressure on earnings in Q4 2023, with a reported revenue of 4.98 billion yuan, a year-on-year decrease of 0.84%. The net profit for the same period was 1.67 billion yuan, down 17% year-on-year [2][4]. - The report highlights that the company is expected to improve its performance through the development of new product categories and channels, despite facing challenges from high raw material costs [2][4]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 2,548 million yuan - 2023A: 2,450 million yuan (down 4% YoY) - 2024E: 2,733 million yuan (up 12% YoY) - 2025E: 3,013 million yuan (up 10% YoY) - 2026E: 3,289 million yuan (up 9% YoY) [2][4]. - **Net Profit Forecasts**: - 2022A: 899 million yuan - 2023A: 827 million yuan (down 8% YoY) - 2024E: 927 million yuan (up 12% YoY) - 2025E: 1,068 million yuan (up 15% YoY) - 2026E: 1,166 million yuan (up 9% YoY) [2][4]. - **Earnings Per Share (EPS)**: - 2022A: 0.78 yuan - 2023A: 0.72 yuan - 2024E: 0.80 yuan - 2025E: 0.93 yuan - 2026E: 1.01 yuan [2][4]. - **Cash Flow Per Share**: - 2022A: 0.94 yuan - 2023A: 0.38 yuan - 2024E: 0.66 yuan - 2025E: 0.79 yuan - 2026E: 0.86 yuan [2][4]. - **Return on Equity (ROE)**: - 2022A: 12% - 2023A: 10% - 2024E: 11% - 2025E: 11% - 2026E: 11% [2][4]. - **Price-to-Earnings (P/E) Ratio**: - 2022A: 17.2 - 2023A: 18.7 - 2024E: 16.6 - 2025E: 14.4 - 2026E: 13.2 [2][4]. - **Price-to-Book (P/B) Ratio**: - 2022A: 2.0 - 2023A: 1.9 - 2024E: 1.7 - 2025E: 1.6 - 2026E: 1.5 [2][4].

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [1][5]. Core Views - The company is expected to see continuous profit improvement in 2024, with significant growth in revenue and net profit projected over the next few years [1][4]. - The report highlights that the company's revenue growth is driven by strong domestic demand, particularly in air conditioning and public construction projects, as well as improvements in its own operational efficiency [1][4]. Financial Summary - **Revenue Forecast**: - 2023A: 85,600 million - 2024E: 93,365 million - 2025E: 100,766 million - 2026E: 107,213 million - Growth Rate: 2023A to 2024E is 9% [1][4]. - **Net Profit Forecast**: - 2023A: 2,837 million - 2024E: 3,273 million - 2025E: 3,780 million - 2026E: 4,264 million - Growth Rate: 2023A to 2024E is 15% [1][4]. - **Earnings Per Share (EPS)**: - 2023: 2.04 - 2024E: 2.36 - 2025E: 2.72 - 2026E: 3.07 [1][4]. - **Return on Equity (ROE)**: - 2023: 15% - 2024E: 14% - 2025E: 13% - 2026E: 12% [1][4]. - **Price-to-Earnings (P/E) Ratio**: - 2023: 15 - 2024E: 13 - 2025E: 12 - 2026E: 10 [1][4]. - **Price-to-Book (P/B) Ratio**: - 2023: 3 - 2024E: 3 - 2025E: 2 - 2026E: 2 [1][4]. Investment Highlights - The company is expected to benefit from the ongoing upgrade in refrigerator technology and the continuation of external sales replenishment, which will enhance its profitability [1][4]. - The report emphasizes the importance of the company's internal governance and brand positioning, which are anticipated to drive higher growth rates compared to the industry average [1][4].

车载业务稳步增长，手机有望受益光学升级&AI发展 舜宇光学科技（2382.HK ）/ 证券研究报告/公司点评 2024年4月2日 电子 [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：40.30港元/股 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 33,197 31,681 34,615 38,208 41,735 增长率yoy% -11% -5% 9% 10% 9% 执业证书编号： S0740521120002 净利润（百万元） 2,408 1,099 1,523 1,921 2,332 Email： wangfang02@zts.com.cn 增长率yoy% -52% -54% 39% 26% 21% 分析师：张琼 每股收益（元） 2.20 1.00 1.39 1.75 2.13 执业证书编号： S0740523070004 每股现金流量 6.73 2.43 2.85 2.87 3.28 净资产收益率 11% 5% 6% 7% 8% Email：zhan ...