Group 1: Low Altitude Economy - The report highlights that the low altitude economy is emerging as a new economic sector characterized by innovation, high quality, and large scale, aligning with the national direction of new productive forces [3][4] - The eVTOL (electric Vertical Take-Off and Landing) aircraft is expected to become the primary vehicle in low altitude scenarios due to its low operational requirements, green technology, low power consumption, and low noise [3][4] - The report outlines a clear policy evolution from strict regulation to encouragement, with significant legislative developments in 2023 and 2024 that support the growth of the low altitude economy [3][4] Group 2: eVTOL Technology Advancements - The report discusses advancements in eVTOL aircraft design, noting that modern configurations such as tilt-wing and compound-wing significantly improve energy efficiency compared to older designs [4] - Battery technology for eVTOL has improved, with current lithium batteries achieving energy densities of 300 wh/kg, and new technologies potentially reaching 500 wh/kg, enhancing flight duration capabilities [4] - The power systems of eVTOLs have also seen upgrades, with current systems achieving power densities of 10 kw/kg, which is a significant improvement over previous fuel systems [4] Group 3: Market Potential and Economic Impact - The low altitude economy is projected to reach a market size of 2 trillion yuan by 2030, with the eVTOL market expected to grow significantly, potentially reaching 10,500 units by 2035 [4] - The report estimates that the capital recovery period for eVTOL routes, such as the Shenzhen-Zhuhai route, could be as short as 1.99 years, indicating strong economic viability [4] - The report emphasizes that eVTOLs have the potential to replicate the success of China's electric vehicle industry, leveraging the country's robust lithium battery supply chain [4] Group 4: Engineering Machinery Industry - The engineering machinery sector is currently in a down cycle, with excavator sales being a key indicator for recovery, showing a need for close monitoring of sales and performance of major manufacturers [2][3] - The report forecasts that excavator sales in 2024 could range between 176,000 to 215,000 units, indicating a potential stabilization in the market [2][3] - The domestic excavator market is expected to reach a turning point, with a theoretical natural replacement demand projected to increase significantly in the coming years [3]

23 年毛利率逐季改善，24 年盈利能力有望向上修复 歌尔股份(002241.SZ)/电子 证券研究报告/公司点评 2024年3月27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：16.02元 指标 2022A 2023A 2024E 2025E 2026E 分 析师：王芳 营业收入（百万元） 104,894 98,574 98,771 120,004 144,268 增长率yoy% 34% -6% 0% 21% 20% 执业证书编号： S0740521120002 净利润（百万元） 1,749 1,088 2,306 3,303 4,321 Email：wangfang02@zts.com.cn 增长率yoy% -59% -38% 112% 43% 31% 分析师：张琼 每股收益（元） 0.51 0.32 0.67 0.97 1.26 执业证书编号：S0740523070004 每股现金流量 2.43 2.39 2.63 2.73 2.97 净资产收益率 6% 3% 7% 9% 11% Email：zha ...

图表 3：招商银行业绩增长拆分（累积同比） 图表 | --- | --- | --- | --- | --- | --- | |----------------|-------|-------|-------|--------|--------| | | 2022 | 1Q23 | 1H23 | 3Q23 | 2023 | | 规模增长 | 10.4% | 11.1% | 10.6% | 10.1% | 9.6% | | 净息差扩大 | -3.4% | -9.4% | -9.4% | -10.0% | -11.2% | | 净手续费收入 | -2.3% | -4.9% | -4.3% | -3.7% | -2.8% | | 净其他非息收入 | -1.0% | 1.4% | 2.6% | 1.7% | 2.6% | | 成本 | 0.1% | -2.2% | -1.9% | -0.9% | -0.2% | | 拨备 | 7.6% | 9.6% | 11.1% | 7.3% | 9.0% | | 税收 | 3.9% | 2.3% | 0.5% | 2.0% | -0.7% | 请务必阅读正文之后的重要声明部分 - ...

业绩表现亮眼，分红超预期 宁德时代(300750.SZ)/电力 证券研究报告/公司点评 2024年3月27日 设备 [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：188元 指标 2022A 2023A 2024E 2025E 2026E 分析师：曾彪 营业收入（百万元） 328,594 400,917 489,156 463,262 538,124 153.08 增长率YoY% 152% 22% 22% -5% 16% 执业证书编号：S0740522020001 净利润（百万元） 30,729 44,121 46,941 58,977 71,066 Email：zengbiao@zts.com.cn 增长率YoY% 93% 44% 6% 26% 20% 每股收益（元） 6.99 10.03 10.67 13.41 16.15 分析师：朱柏睿 每股现金流量 13.91 21.10 20.15 16.29 22.64 执业证书编号：S0740522080002 净资产收益率 17% 20% 18% 18% 18% Em ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [12]. Core Insights - The company's revenue for 2023 decreased by 8.1% year-on-year, with a narrowing decline in net profit to 28.3% compared to the previous quarter [4][6]. - Asset quality has improved, with a reduction in non-performing loans and a stable provision coverage ratio [4][10]. - The bank's total assets have surpassed 9 trillion yuan, with a significant increase in loan issuance in the fourth quarter [8][9]. Financial Performance Summary - Total revenue (in million yuan): 2023E: 171,715; 2024E: 164,771; 2025E: 163,049, with a year-on-year growth rate of -8.1% for 2023 [4][11]. - Net profit (in million yuan): 2023E: 36,792; 2024E: 36,026; 2025E: 36,056, reflecting a year-on-year decline of 28.1% for 2023 [4][11]. - Earnings per share (in yuan): 2023E: 1.19; 2024E: 1.17; 2025E: 1.17 [4][11]. Asset and Liability Situation - The bank's total assets reached 9 trillion yuan, with a loan growth of 2.4% year-on-year and a deposit growth of 3.3% [8][9]. - In Q4 2023, new loan issuance was approximately 96.26 billion yuan, marking the highest quarterly increase since mid-2021 [4][8]. - The non-performing loan balance was 741.98 billion yuan, with a non-performing loan ratio of 1.48%, down 0.04 percentage points from the previous year [10][11]. Investment Recommendations - The projected price-to-book (PB) ratios for 2023E, 2024E, and 2025E are 0.34X, 0.32X, and 0.31X respectively, while the price-to-earnings (PE) ratios are 6.00X, 6.14X, and 6.13X [5][11]. - The report emphasizes the importance of monitoring asset quality trends and business development directions in the future [5][11].

沪电股份：数通领域高景气带动业绩成长，AI领域后续仍是最重要增长动能 沪电股份（002463.SZ）/电子 证券研究报告/公司点评 2024年3月26日 评级：买入 （维持） 公司盈利预测及 估值 市场价格：30.22元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,336 8,938 11,854 14,928 17,331 分析师：王芳 增长率yoy% 12% 7% 33% 26% 16% 执业证书编号：S0740521120002 净利润（百万元） 1,362 1,513 2,405 3,030 3,484 Email：wangfang02@zts.com.cn 增长率yoy% 28% 11% 59% 26% 15% 每股收益（元） 0.71 0.79 1.26 1.58 1.82 每股现金流量 0.82 1.17 2.23 1.61 1.97 分析师：刘博文 净资产收益率 16% 15% 22% 23% 22% 执业证书编号：S0740524030001 P/E 42.4 38.2 24.0 19.1 16.6 P/B 7.0 5.9 5.2 4.4 3 ...

再创佳绩，势能向上 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,894 4,115 5,323 6,610 8,073 增长率 yoy% 27% 42% 29% 24% 22% 净利润（百万元） 301 506 676 860 1,080 增长率 yoy% 100% 68% 34% 27% 26% 每股收益（元） 1.54 2.58 3.45 4.39 5.51 每股现金流量 2.17 3.39 3.81 4.98 5.39 净资产收益率 26% 35% 32% 29% 27% P/E 44.7 26.7 20.0 15.7 12.5 P/B 11.9 9.3 6.5 4.6 3.4 备注：股价选取 2024 年 3 月 26 日收盘价 盐津铺子（002847.SZ）/食 品饮料 证券研究报告/公司点评 2024 年 3 月 27 日 [Table_Industry] 公司持有该股票比例 相关报告 请务必阅读正文之后的重要声明部分 ◼ 盈利预测：根据公告，我们预计公司 24-26 年营收分别为 53.23/66. ...

2023Q4均价增长强劲，费用上升导致利润承压 青岛啤酒（600600.SH）/饮 证券研究报告/公司点评 2024年3月27日 料制造 [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：85.08 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 32,172 33,937 35,136 36,386 37,664 分析师：范劲松 增长率yoy% 7% 5% 4% 4% 4% 执业证书编号：S0740517030001 净利润（百万元） 3,711 4,268 5,099 5,798 6,378 电话：021-20315733 增长率yoy% 18% 15% 19% 14% 10% 每股收益（元） 2.72 3.13 3.74 4.25 4.67 Email：fanjs@zts.com.cn 每股现金流量 3.58 2.04 4.13 4.68 5.12 分析师：熊欣慰 净资产收益率 14% 15% 16% 17% 17% 执业证书编号：S0740519080002 P/E 31 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 26.95 yuan [10]. Core Views - The company's 2023 performance met expectations, with significant growth in overseas revenue [11][16]. - The company achieved a revenue of 3.323 billion yuan in 2023, a year-on-year increase of 4.59%, and a net profit of 609 million yuan, up 17.06% year-on-year [17][18]. - The report highlights the company's strong growth potential driven by import substitution and overseas expansion, with expectations for continued stable growth in performance [18]. Financial Forecast and Valuation - Revenue and profit forecasts for 2024-2026 are as follows: - 2024E: Revenue of 3.846 billion yuan, net profit of 716 million yuan - 2025E: Revenue of 4.414 billion yuan, net profit of 837 million yuan - 2026E: Revenue of 4.980 billion yuan, net profit of 962 million yuan [7][19]. - The report indicates a projected P/E ratio of 20 for 2024, 17 for 2025, and 15 for 2026 [18][19]. Growth and Profitability - The company’s gross margin and net margin for 2023 were 29.94% and 18.34%, respectively, both showing year-on-year increases [18]. - The report notes a significant increase in overseas revenue, which grew by 76.06% year-on-year, helping to offset domestic demand declines [18]. Cash Flow and Financial Health - The net cash flow from operating activities for 2023 was 569 million yuan, reflecting a year-on-year increase of 160.99% [18]. - The report emphasizes the company's strong cash flow generation capabilities, indicating robust operational stability [18].

生益科技：覆铜板龙头厂商，产品结构持续优化成长性显著 生益科技（600183.SH）/电 证券研究报告/公司深度报告 2024年3月26日 子 评级：买入 （首次） 公司盈利预测及估值 市场价格：17.78元 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 20,274 18,014 16,586 18,841 21,100 分析师：王芳 增长率yoy% 38% -11% -7.9% 13.6% 12.0% 执业证书编号：S0740521120002 净利润（百万元） 2,830 1,531 1,163 1,658 2,191 Email：wangfang02@zts.com.cn 增长率yoy% 68% -46% -24.0% 42.6% 32.1% 每股收益（元） 1.20 0.65 0.49 0.70 0.93 每股现金流量 0.75 1.20 1.48 0.84 1.10 分析师：刘博文 净资产收益率 19% 10% 8% 10% 13% 执业证书编号：S0740524030001 P/E 14.8 27.35 36.00 25.25 19.11 P/B 3.2 ...