事件点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|-----------------------------|--------|------------|-----------------------------------|-------------|----------------|-------------------------------------------|---------------------------------------------------------------------------------|---------------|-------------|-------------------------------|--------|--------|------------------------------------------|--------| | | 图 1: PMI 分项数据 \n ...

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [3][4]. Core Views - The company achieved a revenue of 9.365 billion yuan in 2023, representing a year-on-year growth of 3.35%, while the net profit attributable to shareholders was 1.284 billion yuan, up 34.39% year-on-year [3]. - In Q1 2024, the company reported a revenue of 2.088 billion yuan, a decline of 4.86% year-on-year, and a net profit of 152 million yuan, down 33.96% year-on-year, primarily due to fluctuations in the fair value of external investments and the cancellation of tax incentives [3]. - The company published 1,077 types of textbooks and 2,847 types of supplementary materials in 2023, with revenue from educational publishing reaching 2.821 billion yuan, a year-on-year increase of 7.3% [3]. - The company is transitioning from a single textbook publisher to a supplier of diversified product development and customized service solutions, actively developing after-school research and study service platforms [3][4]. - The "Digital South Transmission" development strategy is being implemented, enhancing the service capabilities of the "Guangdong Education Cloud Digital Textbook Application Platform," with over 43 million active users in the year [3]. Financial Performance Summary - The company forecasts revenues of 10.001 billion yuan, 10.678 billion yuan, and 11.396 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.022 billion yuan, 1.156 billion yuan, and 1.294 billion yuan [4][5]. - The earnings per share (EPS) are projected to be 1.14 yuan, 1.29 yuan, and 1.44 yuan for the years 2024, 2025, and 2026, with price-to-earnings (P/E) ratios of 13.1, 11.6, and 10.4, respectively [4][5]. - The company’s revenue from textbooks and supplementary materials is expected to be 8.955 billion yuan, 9.635 billion yuan, and 10.358 billion yuan for 2024 to 2026, with stable growth rates of 7.85%, 7.60%, and 7.50% [27]. Market Position and Competitive Analysis - The company is the only legal entity in Guangdong Province engaged in the distribution of primary and secondary school textbooks, which provides it with a unique and irreplaceable position in the market [19]. - Compared to peer companies, the company's projected EPS for 2024 and 2025 is significantly higher than the average of comparable companies, indicating a strong competitive advantage [19][20].

2024年04月30日 公司研究●证券研究报告 赛轮轮胎（ ） 公司快报 601058.SH 基础化工 | 轮胎Ⅲ 业绩持续高增，深化全球化布局 投资评级 增持-B(维持) 股价(2024-04-29) 15.81元 投资要点 交易数据 事件：赛轮轮胎发布2023年报和2024年一季报，2023年实现营业收入259.78亿 总市值（百万元） 51,984.87 元，同比增长18.61%；归母净利润30.91亿元，同比增长132.07%；扣非归母净利 流通市值（百万元） 51,984.87 润31.46亿元，同比增长135.64%;毛利率27.64%，同比提升9.22pct。2024Q1，实 总股本（百万股） 3,288.10 现营业收入72.96亿元，同比增长35.84%，环比增长4.72%；归母净利润10.34亿 流通股本（百万股） 3,288.10 元，同比增长191.19%，环比下降3.06%；扣非归母净利润10.15亿元，同比增长 12个月价格区间 16.97/9.71 176.54%，环比下降3.13%；毛利率27.68%，同比提升7.36pct，环比降低5.9pct。 一年股价表现 产销高增， ...

2024年04月30日 公司研究●证券研究报告 龙佰集团（ ） 公司快报 002601.SZ 基础化工 | 钛白粉Ⅲ 24Q1 业绩高增，钛白粉出口亮眼，强化资源保 投资评级 增持-B(维持) 障 股价(2024-04-29) 20.93元 交易数据 投资要点 总市值（百万元） 49,945.12 流通市值（百万元） 48,610.10 事件：龙佰集团发布2023年报和2024年一季报，2023年实现收入267.65亿元， 总股本（百万股） 2,386.29 同比增长11.00%；归母净利润32.26亿元，同比下降5.64%；扣非归母净利润31.16 流通股本（百万股） 2,322.51 亿元，同比下降4.68%；毛利率26.71%，同比下降3.48pct。2024Q1，实现收入72.88 12个月价格区间 20.16/15.77 亿元，同比增长4.52%，环比增长12.06%；归母净利润9.51亿元，同比增长64.15%， 一年股价表现 环比下降12.29%；扣非归母净利润9.25亿元，同比增长67.21%，环比下降12.68%； 毛利率28.29%，同比提升5.24pct，环比小幅提升0.75pct。 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook on its future performance [3][6] Core Views - The company's profitability has improved, with a gross margin of 30.62% in 24Q1, up by 2.95 percentage points year-over-year, driven by cost reduction measures [2] - The net profit margin reached 5.66% in 24Q1, an increase of 2.99 percentage points year-over-year, with further improvement expected as BF orders are delivered and economies of scale enhance profitability [2] - Short-term growth is supported by increased market share among high-value customers in China, strong performance in new brands and cross-border e-commerce, and a recovery in orders in the US following inventory depletion [3] - Long-term growth is underpinned by the vast potential of the health supplement market, the company's robust product pipeline, strong R&D capabilities, and a global production and marketing network [3] Financial Performance - In 2023, the company achieved revenue of 3.582 billion yuan, a year-over-year increase of 42.87%, and net profit attributable to shareholders of 281 million yuan, up 32.39% year-over-year [6] - 24Q1 revenue was 952 million yuan, a 35.51% year-over-year increase, with net profit attributable to shareholders of 63 million yuan, up 114.39% year-over-year [6] - The company's sales expense ratio in 24Q1 was 7.68%, slightly up by 0.23 percentage points year-over-year, while the management expense ratio decreased by 2.16 percentage points to 9.67% [2] Regional Performance - In 2023, China region revenue was 1.851 billion yuan, up 24.1% year-over-year, driven by deepening relationships with high-value customers and new project launches [6] - Americas region revenue reached 1.044 billion yuan, up 93.0% year-over-year, primarily due to the integration of Best Formulations (BF) and cross-selling efforts [6] - Europe region revenue was 529 million yuan, up 33.8% year-over-year, supported by market expansion and increased penetration in emerging markets [6] Future Outlook - The company plans to deepen its presence in high-value customer segments in China, expand cross-border e-commerce, and develop retail and innovative businesses [9] - In the Americas, the focus will be on maintaining relationships with key clients, expanding retail and e-commerce channels, and integrating supply chains between China and the US [9] - In Europe, the company aims to develop key clients, expand into emerging markets, and leverage new production lines for plant-based capsules, gummies, and beverages [9] - The company will continue to focus on six key functional areas: anti-aging, probiotics, beauty and health, cardiovascular and metabolic health, immune enhancement, and sports nutrition [9]

2024年04月30日 公司研究●证券研究报告 湖南裕能（ ） 公司快报 301358.SZ 基础化工 | 锂电化学品Ⅲ 磷酸铁锂正极龙头企业，全面推进一体化布局 投资评级 增持-A(维持) 股价(2024-04-29) 34.99元 投资要点 交易数据 总市值（百万元） 26,496.28 事件：公司发布2023年度财报和2024年一季报，2023年实现营业总收入413.58 流通市值（百万元） 13,416.33 亿元，同比-3.35%，归属于上市公司股东的净利润15.81亿元，同比-47.44%； 总股本（百万股） 757.25 公司拟向全体股东每10股派发现金股利4.18元（含税）。2024Q1实现营业总收 流通股本（百万股） 383.43 入45.20亿元、同比-65.69%、环比-35.70%，归属于上市公司股东的净利润1.59 12个月价格区间 48.20/24.35 亿元、同比-43.56%、环比+307.75%。 一年股价表现 出货量连续四年蝉联全国第一，产能持续扩张。公司磷酸铁锂产品具有高能量密度、 长循环寿命、低温性能优异等特性，同时产品质量稳定可靠，具有高稳定性。2023 年，公司 ...

2024年04月30日 公司研究●证券研究报告 科达利（ ） 公司快报 002850.SZ 电力设备及新能源 | 锂电池Ⅲ 盈利能力稳健，海外扩产稳步推进 投资评级 买入-A(维持) 股价(2024-04-29) 96.81元 投资要点 交易数据 事件：公司发布2024年一季报，实现营业总收入25.09亿元，同比增长7.84%、 总市值（百万元） 26,139.29 环比下降8.55%，归属于上市公司股东的净利润3.09亿元，同比增长27.76%、环 流通市值（百万元） 18,607.43 比下降23.97%。 总股本（百万股） 270.01 流通股本（百万股） 192.21 盈利能力稳健。2024Q1，公司实现营收25.09亿元，同比增长7.84%，主要系订 12个月价格区间 143.20/61.14 单和销量相对增加所致。公司综合毛利率22.18%，同比+0.04pct、环比-2.10pct， 净利率12.30%，同比+1.76pct、环比-2.74pct。2024Q1，公司销售费用率0.40%， 一年股价表现 同比-0.07pct、环比0.00pct，管理费用率2.76%，同比-0.24pct、环比 ...

446 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------|------------------------------------------|--------------------------------------------| | 2024 年 04 月 29 日 \n尚太科技（ 001301.SZ ） \n出货量快速增长，产品迭代加快 \n投资要点 | 投资评级 \n股价 | (2024-04-29) | 公司研究●证券研究报告 \n基础化工 \| 买入 | 公司快报 \n锂电化学品Ⅲ -B(维持) \n38.39 元 | | | 交易数据 | ...

2024年04月29日 公司研究●证券研究报告 恩捷股份（ ） 公司快报 002812.SZ 基础化工 | 锂电化学品Ⅲ 海外产能落地在即，半固态电解质涂层隔膜试生 投资评级 买入-B(维持) 产 股价(2024-04-29) 42.62元 交易数据 投资要点 总市值（百万元） 41,671.95 流通市值（百万元） 35,382.20 总股本（百万股） 977.76 事件：公司发布2023年度财报和2024年一季报，2023年实现营业总收入120.42 流通股本（百万股） 830.18 亿元，同比-4.36%，归属于上市公司股东的净利润25.27亿元，同比-36.84%； 12个月价格区间 105.80/38.83 公司拟向全体股东每10股派发现金股利15.51元（含税）。2024Q1实现营业总 收入23.28亿元、同比-9.38%、环比-21.07%，归属于上市公司股东的净利润1.58 一年股价表现 亿元、同比-75.64%、环比-57.62%。 因竞争加剧，盈利能力承压。2023年，公司实现营业总收入120.42亿元，同比 下降4.36%，归属于上市公司股东的净利润25.27亿元，同比下降36.84 ...

"国九条"配套政策细则详解 主题报告 IPO 标准有不同程度的上调。（1）主板财务指标要求显著上调：将第一套上市标 准中的最近 3 年累计净利润、最近一年净利润、最近 3 年累计经营活动现金流净额、 最近 3 年累计营业收入，第二套上市标准中的最近 3 年累计经营活动现金流净额， 第三套上市标准中的预计市值、最近 1 年营业收入等指标均上调。（2）创业板财 务指标要求同样显著上调：将第一套标准中的最近两年累计净利润上调，且新增最 近一年净利润不低于 6000 万元；将第二套标准中的预计市值和最近一年营业收入 上调。（3）科创板上调研发和科技创新指标：将最近三年研发投入、应用于公司 主营业务的发明专利数、最近三年营业收入复合增速上调。 业绩扰动整体衰减但局部依旧敏感，节前暂 时 或 保 持适 度 谨 慎 - 华 金 证 券新 股 周 报 2024.4.28 外 资 可 能 持 续 流 入 ， 关 注 核 心 资 产 2024.4.28 新规加大对财务造假、内控失效的退市力度，调高财务和市值指标的退市下限。 加大对量化交易的监管。（1）重点监控：短时间内或日内申报、撤单笔数、频率 达到一定标准；短时间内大笔、连续 ...