巨擘行稳致远，新财年发展可期 评级： 买入 易嘉豪 联系人 yijiahao@sczq.com.cn 年初业绩目标顺利完成，2024 年发展 势能依旧充足 三季度业绩稳健，阶段性回调迎来中 长期布局机遇 行稳致远，龙头全年业绩有望持续稳 健增长 请务必仔细阅读本报告最后部分的重要法律声明 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|----------------------|---------|---------|---------|---------| | 资产负债表（百万元） | 2023 | 2024E | 2025E | 2026E | 现金流量表（百万元） | 2023 | 2024E | 2025E | 2026E | | 流动资产 | 225173 | 258145 | 296830 | 340473 | 经营活动现金流 | 66593 | 70608 | 81778 | 95490 | | 现金 ...

[Table_Authors] 陈梦 首席分析师 SAC 执证编号：S0110521070002 chenmeng@sczq.com.cn 电话：010-81152649 | --- | --- | |---------------------------------|------------| | | | | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 5.87 | | 一年内最高 / 最低价（元） | 6.82/4.80 | | 市盈率（当前） | | | 市净率（当前） | 14.10 1.38 | | 总股本（亿股） | 26.94 | | 总市值（亿元） | 158.14 | | 资料来源：聚源数据 | | [Table_Title] 经营质量提升，货品周转加速 [Table_Summary] ⚫ 事件：公司发布 2023 年报，期内实现营收 136.6 亿元，同比+2.5%；实 现归母净利润 11.21 亿元，同比+76.1%。拟每股派发现金红利 0.3 元。 点评： ⚫ 童装业务增长稳健，直营渠道表现亮眼。分业务看，2023 年公司休闲 装/童装分别实现营收 ...

Investment Rating - The investment rating for Huabei Mining (600985) is "Buy" [2] Core Views - The report highlights that coal profitability remains robust, with an increased dividend payout ratio enhancing the company's value [2] - The company reported a revenue of 73.39 billion yuan in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders decreased by 11.21% to 6.22 billion yuan [4][5] - The coal segment's revenue was 20.68 billion yuan, down 5.28% year-on-year, with a gross profit margin of 49.39% [4] - The coal chemical segment saw a revenue decline of 14.75% to 11.14 billion yuan, with a significant drop in average selling price [4] - Future profit forecasts estimate net profits of 6.44 billion yuan, 6.94 billion yuan, and 7.08 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 7.3, 6.8, and 6.7 [4][5] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 73.59 billion yuan, with a net profit of 6.22 billion yuan, resulting in an EPS of 2.51 yuan [5] - The coal production volume was 21.97 million tons, a decrease of 4.06% year-on-year, while coal sales volume was 17.83 million tons, down 5.27% [4] - The average selling price of coal was 1,181.45 yuan per ton, reflecting a decrease of 4.01% [4] Future Outlook - The company is expected to maintain stable growth in coal production and sales due to ongoing capacity expansion and resource development [4] - The report anticipates a slight revenue decline in 2024, followed by modest growth in subsequent years [5] Dividend Policy - The cash dividend payout ratio increased from 37.16% in 2022 to 42.60% in 2023, indicating a commitment to returning value to shareholders [4]

Investment Rating - The investment rating for Hisense Home Appliances is "Accumulate" [3] Core Views - The company reported a robust revenue growth of 15.5% year-on-year, reaching 85.6 billion yuan in 2023, with a significant increase in net profit by 97.7% to 2.837 billion yuan [5][6] - The company is expanding its overseas brand presence, particularly in the HVAC and home appliance sectors, with notable growth in air conditioning and washing machine segments [5] - Profitability is improving, with a gross margin increase of 1.39 percentage points to 22.08% in 2023, driven by enhanced scale effects and product structure upgrades [5] - Operating cash flow has significantly improved, with a net cash flow from operations increasing by 163.17% to 10.612 billion yuan [5] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 85.6 billion yuan, with a year-on-year growth of 15.5% [6] - The net profit attributable to shareholders reached 2.837 billion yuan, reflecting a 97.7% increase [6] - The company plans to distribute a cash dividend of 10.13 yuan for every 10 shares [5] Business Segments - The HVAC segment generated 38.652 billion yuan in revenue, up 12.04% year-on-year, with Hisense Hitachi contributing 22.167 billion yuan [5] - The washing machine and refrigerator segments saw revenue growth of 22.93%, with washing machines increasing by 53.6% [5] - The automotive air conditioning and thermal management segment achieved 9.05 billion yuan in revenue, maintaining a positive growth trend [5] Regional Performance - Domestic revenue grew by 15.04% to 49.035 billion yuan, while overseas revenue increased by 12.28% to 27.924 billion yuan [5] - The ASEAN region saw a revenue increase of 20%, with self-owned brand business growing by 70% [5] Profitability and Cash Flow - The gross margin improved to 22.08%, with HVAC and home appliance margins at 30.66% and 19.11%, respectively [5] - The net profit margin increased by 1.46 percentage points to 5.60% [5] - The company reported a significant improvement in operating cash flow, with a net cash flow of 10.612 billion yuan [5] Future Outlook - The company expects net profits to reach 3.279 billion yuan in 2024, 3.770 billion yuan in 2025, and 4.279 billion yuan in 2026, with corresponding PE ratios of 14, 12, and 11 times [6]

[Table_Title] 量价齐降业绩下滑，高分红有望再回归 [Table_ReportDate] 山煤国际(600546)公司简评报告 | 2024.04.09 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 张飞 ⚫ 事件：公司发布2023年年度报告，2023年实现营业收入373.71亿元， 行业分析师 同比下降19.45%；实现归属于上市公司股东的净利润42.60亿元，同比 SAC执证编号：S0110523080001 减少38.53%；归属于上市公司股东的扣除非经常性损益的净利润44.08 zhangfei@sczq.com.cn 电话：010-81152685 亿元，同比减少38.23%；实现基本每股收益为2.15元，同比减少38.57%， 经营性净现金流为59.85亿元，同比减少58.07%。 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） ⚫ 煤炭生产业务量减价降业绩下滑，毛利仍维持高位水平。煤炭生产方面， 1 山煤国际 沪深300 实现营业收入237.98亿元（-21.34%）；营业成本97.92亿元（-3.05%）， ...

[Table_Summary] [Table_Title] 大单品驱动增长，关注老牌硬核研发商业务模式升级 [Table_ReportDate] 祖龙娱乐（9990.HK）公司简评报告 | 2024.04.08 [Table_Rank] 评级：买入 核心观点 [Table_Authors] 王建会 传媒互联网首席分析师 SAC 执证编号：S0110522050001 wangjianhui2@sczq.com.cn 李甜露 传媒互联网联席首席分析师 SAC 执证编号：S0110516090001 litianlu@sczq.com.cn 电话：86-10-8115 2690 辛迪 传媒互联网行业分析师 SAC 执证编号：S0110522110003 xindi2022@sczq.com.cn 电话：86-10-8115 2690 [Table_Chart] 市场指数走势（最近 1 年） 祖龙娱乐 恒生指数 -100% -80% -60% -40% -20% 0% 20% 23-0423-0523-0623-0723-0823-0923-1023-1123-1224-0124-0224-03 资料来源：聚源数据 ...

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[Table_Title] 传统产品景气下行拖累业绩，新材料项目陆续投产奠 定未来成长 [Table_ReportDate] 兴发集团(600141)公司简评报告 | 2024.04.08 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm ary] 翟绪丽 公司发布2023年年度报告，报告期内公司实现营业收入281.05亿元， 首席分析师 同比减少 7.28%；实现归母净利润 13.79 亿元，同比减少 76.44 %； SAC执证编号：S0110522010001 2023Q4实现营业收入61.78亿元，同比增加13.27%，环比减少25.73%； zhaixuli@sczq.com.cn 电话：010-81152683 实现归母净利润4.45亿元，同比减少52.69%，环比增加36.85%。 ⚫ 农化、有机硅产品景气下行，全年业绩同比下滑。 甄理 根据公司经营数据披露，2023 年公司特种化学品、草甘膦系列产品、 化工行业研究助理 肥料、有机硅系列产品平均售价分别为11186.47元/吨、24990.34元/吨、 zhenli@sczq.c ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company has achieved good growth in both customer quality and quantity, with long-term returns expected [4] - Despite a significant net loss in 2023, the company is well-positioned to benefit from digital transformation and domestic demand, with a strong increase in enterprise customer numbers and project contracts [4] - The company's strategic investments in R&D and ecosystem development may pressure short-term performance but are anticipated to yield long-term benefits [4] Financial Performance Summary - In 2023, the company reported revenue of 9.796 billion yuan, a year-on-year increase of 5.8%, while net profit attributable to shareholders was -0.967 billion yuan, compared to a profit of 0.219 billion yuan in the previous year [4][5] - The company expects revenue growth of 14.4%, 18.0%, and 20.0% for 2024, 2025, and 2026, respectively, with projected revenues of 11.211 billion yuan, 13.234 billion yuan, and 15.886 billion yuan [5] - The net profit attributable to shareholders is forecasted to recover to 0.195 billion yuan in 2024, 0.447 billion yuan in 2025, and 0.774 billion yuan in 2026, indicating a significant turnaround from the previous year's loss [5] Market Position and Strategy - The company has signed contracts with 10 new central enterprises and achieved over 100% growth in customer numbers and revenue for its mid-sized enterprise solutions [4] - The small and micro enterprise service segment has turned profitable, with a significant increase in paid enterprise users [4] - The company is focusing on enhancing its competitive edge through increased R&D spending, which has led to a rise in intangible assets [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 119.62 billion yuan in 2023, a year-on-year increase of 3.23%, and a net profit attributable to shareholders of 1.17 billion yuan, up 16.66% year-on-year [2][3] - The company's cloud and self-owned brand strategic businesses experienced rapid growth, with total revenue from these two strategic businesses exceeding 10 billion yuan for the first time, growing by 42% year-on-year [2] - The company is embracing generative AI, establishing a new layout of "domestic computing power + intelligent computing," and has made significant advancements in product development and supply chain [2] - The distribution business remains solid, achieving revenue of 108.85 billion yuan in 2023, a slight increase of 0.53% year-on-year [2] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1196.24 billion yuan and a net profit of 11.72 billion yuan, with a significant increase in non-recurring net profit by 37.22% [2][3] - The company expects revenues of 1281.04 billion yuan, 1372.91 billion yuan, and 1498.23 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 14.26 billion yuan, 16.42 billion yuan, and 19.87 billion yuan [2][3] Strategic Business Growth - The cloud business generated revenue of 69.31 billion yuan, up 37.98% year-on-year, with high-margin cloud integration services growing by 68.25% [2] - The self-owned brand business capitalized on the development opportunities in the domestic innovation sector, achieving revenue of 38.29 billion yuan, a year-on-year increase of 48.95% [2] Future Outlook - The company is expected to continue its growth trajectory with a projected EPS of 2.13 yuan, 2.45 yuan, and 2.97 yuan for the years 2024, 2025, and 2026 respectively [3] - The company maintains a stable gross margin and focuses on high-value, high-margin businesses in its distribution operations [2]