[Table_Summary] [Table_Rank] 评级： 买入 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 16.91 | | 一年内最高 / 最低价（元） | 20.82/11.80 | | 市盈率（当前） | 30.42 | | 市净率（当前） | 5.23 | | 总股本（亿股） | 4.29 | | 总市值（亿元） | 72.61 | | 资料来源：聚源数据 | | 请务必仔细阅读本报告最后部分的重要法律声明 1 陈梦，轻工纺服与家电行业首席分析师，北京大学硕士，曾就职民生证券、华创证券，2021 年 7 月加入首创证 券。十三届卖方分析师水晶球入围；十四届卖方分析师水晶球第五名；十八届新财富最佳分析师入围。 本报告所载的信息、材料或分析工具仅提供给阁下作参考用，不是也不应被视为出售、购买或认购证券或其他金 融工具的要约或要约邀请。该等信息、材料及预测无需通知即可随时更改。过往的表现亦不应作为日后表现的预 示和担保。在不同时期 ...

[Table_Title] 首创|四月金股 | --- | --- | --- | |----------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Title] 【首创证券医药行业周报】建议关注高股息率和业绩 确定性强的公司 [Table_ReportDate] 医药生物 | 行业简评报告 | 2024.04.01 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [Tabl e_Summary] 王斌 ⚫ 医药周观点：建议关注高股息率和业绩确定性强的公司 首席分析师 SAC执证编号：S0110522030002 近期多家公司发布23年年报并披露了23年利润分配方案。分行业来看， wangbin3@sczq.com.cn 中药公司股息率和股利支付比例处于行业前列，部分化学药、生物制品公 电话：86-10-81152644 司股息率也处于较高水平。 陈智博 我们认为，中药行业公司核心品种受益于老龄化，“量增”确定性强，同 分析师 时由于独家品种在集采中具有一定议价能力，价格降幅有限，长期看业绩 SAC执证编号：S0110524020001 有望维持稳定增长，同时中药行业产品生命周期长，部分OTC产品自费属 chenzhibo@sczq.com.cn 电话：86-10-81152642 性强，产能弹性大，无需长期 ...

[二Tab氯le_甲Titl烷e] 价格涨幅居前，关注 2023 业绩高增标的 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.04.01 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl本e_S周um化m工ar板y] 块表现：本周（3 月 25 日-3 月 29 日）上证综指报收 翟绪丽 3041.17，周跌幅 0.23%，深证成指报收 9400.85，周跌幅 1.72%，中小 首席分析师 板 100 指数报收 5792.62，周跌幅 2.40%，基础化工（申万）报收 SAC执证编号：S0110522010001 3240.86，周涨幅0.32%，跑赢上证综指0.55pct。申万31个一级行业， zhaixuli@sczq.com.cn 9 个涨幅为正，申万化工 7 个二级子行业中，4个涨幅为正，申万化工 电话：010-81152683 23 个三级子行业中，9 个涨幅为正。涨幅居前的个股有三祥新材、宁 科生物、雅本化学、丰山集团、联创股份、天禾股份、江天化学、新 赵帅恒 纶新材、银禧科技、元力股份。 化工行业研究助理 ⚫ 化工 ...

[Table_Title] 23 年归母净利润再创新高 内生外延打造高成长性 [Table_ReportDate] 银泰黄金(000975)公司简评报告 | 2024.04.01 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl金e_价Su走mm高a，ry2]0 23年归母净利润再创新高。2023年公司实现营业收入81.06 吴轩 亿元，同比-3.29%；归母净利润14.24亿元，同比26.79%；扣非后归母 有色行业首席分析师 净利润14.11亿元，同比37.21%。其中，Q4实现营业收入10.11亿元， SAC执证编号：S0110521120001 同比-48.15%，环比-59.94%；归母净利润 3.06 亿元，同比 58.29%，环 wuxuan123@sczq.com.cn 比-20.27%；扣非后归母净利润3.23亿元，同比149.09%，环比-14.19%。 刘崇娜 ⚫ 价格：2023年矿产金销售单价449.64元/克，同比增长14.4%；矿产银 有色行业研究助理 销售单价4.61元/克，同比增长28.8%。 liuchongna@sczq.co ...

[有Ta色bl行e_业Tit周le]报 ：现货铜精矿 TC 继续下滑 继续看多 铜价 [Table_ReportDate] 有色金属 | 行业简评报告 | 2024.04.01 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [ Table_Summary] 吴轩 ⚫ 现货铜精矿TC继续下滑 继续看多铜价 有色行业首席分析师 1）铜：在 CSPT 商定联合减产背景下，铜精矿现货加工费继续 SAC执证编号：S0110521120001 下滑，本周进口铜精矿现货 TC 为 6.38 美元/吨，较前一周下降 wuxuan123@sczq.com.cn 电话：021-58820297 4.25 美元/吨，表明铜精矿供应紧张局面尚未缓解。库存方面， LME + COMEX + SHFE三大交易所总库存为 43.28万吨，较前 刘崇娜 一周增长 3050 吨。三大铜库存保持回升态势，但库存回升幅度 有色行业研究助理 放缓。短期高铜价抑制消费进而限制铜价上方空间，长期供给 liuchongna@sczq.com.cn 电话：010-81152687 增长受限，新能源车、光伏、数据中心等领域 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a strong performance in its 2023 annual report, achieving a revenue of 8.423 billion yuan, a year-on-year increase of 21%, and a net profit attributable to shareholders of 0.961 billion yuan, up 28.7%. A final dividend of 0.139 HKD per share is proposed [3][4] - The growth in revenue is driven by the children's clothing and e-commerce segments, with children's clothing revenue reaching 1.958 billion yuan, a remarkable growth of 35.7% year-on-year. The overseas market expansion is also progressing well, with overseas revenue increasing by 50.1% to 0.185 billion yuan [3][4] - The gross margin improved by 0.6 percentage points to 41.1%, with the sales and distribution expenses increasing due to heightened marketing activities. The operating profit margin increased by 1 percentage point to 16.4%, and the net profit margin rose by 0.7 percentage points to 11.4% [3][4] Summary by Sections Financial Performance - The company achieved a total revenue of 8.423 billion yuan in 2023, with a growth rate of 21.0%. The net profit attributable to shareholders was 0.961 billion yuan, reflecting a growth rate of 28.7% [4] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.46, 0.54, and 0.63 respectively, with corresponding price-to-earnings (PE) ratios of 8, 7, and 6 [4] Business Segments - The revenue from the adult clothing segment was 6.334 billion yuan, growing by 17.4% year-on-year, while the children's clothing segment contributed 1.958 billion yuan, with a growth of 35.7% [3] - E-commerce revenue increased by 38% to 2.326 billion yuan, accounting for 27.6% of total revenue, with significant sales performance during the Double Eleven shopping festival [3] Market Strategy - The company is focusing on optimizing its channel structure, with a net addition of 254 adult clothing stores and 257 children's clothing stores, bringing the total to 5,734 and 2,545 respectively [3] - The appointment of NBA star Nikola Jokic as a global brand ambassador is expected to enhance brand visibility and drive sales [3]

[Table_Title] 关注周期品涨价的持续性 [Table_ReportDate] 市场策略报告 | 2024.04.01 | --- | --- | --- | |---------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Group 1: Fund Flow Review - This week, net financing outflow was 7.726 billion, with the financing transaction ratio dropping to approximately 8.17% [7][16] - Foreign capital saw a net inflow of 5.381 billion over four trading days, with the 30-day average net inflow trend upward, comparable to mid-June 2021 [8][16] - In terms of industry, northbound funds mainly increased positions in banking, food and beverage, and automotive sectors, while reducing positions in pharmaceuticals, media, and power equipment sectors [49][16] Group 2: Fund Market Review - Overall, ETF funds experienced net redemptions this week, with the major indices seeing net subscriptions for CSI 300 ETF (1.5 billion) and SSE Dividend ETF (190 million), while the top redemptions were for CSI 1000 ETF (-2.03 billion), ChiNext ETF (-1.74 billion), and SSE 50 ETF (-780 million) [27][31] - The issuance scale of funds decreased week-on-week, with equity and index funds issuing a total of 6.159 billion units, down by 0.695 billion units from the previous week [31][16] Group 3: Money Market Tracking - This week, funding prices rose significantly, with R001 and R007 closing at 2.17% and 2.81%, respectively, reflecting week-on-week changes of +27.39 basis points and +73.27 basis points [37][16] - The interest rate spread between R007 and DR007 widened to 0.80%, with a week-on-week change of +58.42 basis points, indicating an intensifying segmentation in the funding market [37][16] Group 4: Bond Market Tracking - In terms of government bonds, the long-term government bond yields decreased this week, with the 10-year and 2-year yields reported at 2.29% and 1.90%, respectively, reflecting week-on-week changes of -1.50 basis points and -7.74 basis points [83][16] - The spread between long-term and short-term government bonds widened to 0.39%, with a week-on-week change of +6.24 basis points [83][16] - For U.S. Treasury bonds, the long-term yields also saw a decline, with the 10-year and 2-year yields reported at 4.20% and 4.59%, respectively, with week-on-week changes of -2 basis points and 0 basis points [69][16]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 29.136 billion yuan in 2023, a year-on-year increase of 2.48%, while the net profit attributable to shareholders was 5.651 billion yuan, a decrease of 10.34% [5] - The increase in revenue was driven by the sales volume of polyolefins and coke, but profit declined due to lower prices and profitability [5] - The company has increased its polyolefin production capacity by 75% to 2.1 million tons per year following the commissioning of new facilities [5] - The industry downturn may be over, and the company's cost advantage in coal-based olefins could lead to a recovery in profitability [5] - Capital expenditures are expected to continue growing, with a projected 12.842 billion yuan in 2023, a year-on-year increase of 28.7% [5] - The company is expected to achieve net profits of 7.438 billion yuan, 11.113 billion yuan, and 14.199 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 1.01, 1.52, and 1.94 yuan [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 29.136 billion yuan and a net profit of 5.651 billion yuan [6] - The sales volumes for polyethylene, polypropylene, and coke were 8.325 million tons, 7.528 million tons, and 6.9755 million tons, respectively, with year-on-year increases of 18.24%, 14.10%, and 12.26% [5] - The average selling prices for polyethylene, polypropylene, and coke decreased by 5.09%, 8.60%, and 22.86%, respectively [5] Future Outlook - The company is expected to see significant revenue growth, with projections of 36.621 billion yuan in 2024, 51.792 billion yuan in 2025, and 61.402 billion yuan in 2026 [6] - The anticipated net profit growth rates for 2024, 2025, and 2026 are 31.6%, 49.4%, and 27.8%, respectively [6] - The company’s capital expenditures are projected to support its growth trajectory, with ongoing projects expected to contribute to profit growth [5]