Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [9][24]. Core Views - The company is expected to benefit from the gradual release of wind power installation demand, supported by its commitment to the "Dual Sea Strategy" [12]. - Despite short-term pressure on performance due to seasonal factors and foreign exchange losses, the company has a solid order backlog that supports its near-term revenue [12]. - The report projects revenue growth for the company, with expected revenues of RMB 62.67 billion, RMB 77.95 billion, and RMB 88.37 billion for 2024, 2025, and 2026 respectively [12]. Financial Summary - In 2023, the company achieved revenue of RMB 48.13 billion, a year-on-year increase of 53.93%, and a net profit of RMB 2.92 billion, up 6.37% year-on-year [12]. - The first quarter of 2024 saw a revenue decline to RMB 6.57 billion, down 18.38% year-on-year, with a net profit of RMB 0.55 billion, a decrease of 39.69% year-on-year [12][14]. - The company’s gross margin for 2023 was 18.09%, a decrease of 0.29 percentage points, while the net margin was 6.11%, down 2.53 percentage points [12]. Order Backlog and Capacity Expansion - As of the end of Q1 2024, the company had an order backlog of RMB 41.27 billion, with RMB 31.95 billion from onshore wind and RMB 8.66 billion from offshore wind and marine engineering equipment [12]. - The company has strategically positioned production bases across various regions in China, enhancing its operational efficiency and reducing transportation costs [12]. Earnings Forecast - The report revises the earnings forecast, projecting net profits of RMB 5.32 billion, RMB 7.25 billion, and RMB 8.85 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.57, RMB 0.78, and RMB 0.95 [12][13].

食品饮料 | 证券研究报告 — 调整盈利预测 2024年5月7日 603369.SH 今世缘 买入 1Q24 业绩维持较快增长,公司步入后百亿时代 原评级：买入 公司公告2023年年报及2024年1季报。2023年公司实现营收101.0亿元，同比增长 市场价格:人民币 56.98 28.1%，归母净利31.4亿元，同比增长25.3%。1Q24公司营收及归母净利分别为46.7 亿元、15.3亿元，同比分别增22.8%、22.1%。1Q24公司合同负债9.7亿元，环比降 板 块评级:强于大市 14.3亿元，降幅大于去年同期。2023年公司现金分红比率为40%，上年同期37%。 支撑评级的要点 本报告要点  100-300元特A类产品表现亮眼，2023年及1Q24增速均快于公司整体增速。（1）2023  今世缘 2023 年年报及 2024 年 1 季报业 年公司营收突破百亿，同比增长28.1%，顺利收官。 1Q24公司核心单品升级换代， 2024年3月1日起执行新的价格体系，经销商提前备货，1Q24公司实现营收46.7亿 绩点评 元，同比增22.8%，整体维持较快增长。（2）分具体产品来看，2023年公司30 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 24.20 and an industry rating of "Outperform the Market" [17]. Core Views - The company reported a revenue of RMB 4.51 billion in 2023, a year-on-year increase of 23.34%, and a net profit of RMB 1.59 billion, up 7.86% year-on-year. However, the Q4 2023 net profit decreased by 55.22% year-on-year [20]. - In Q1 2024, the company experienced a significant decline in performance, with revenue of RMB 856.76 million, down 13.83% year-on-year, and a net profit of RMB 195.48 million, a decrease of 48.46% year-on-year [20]. - The sales volume of diamond wires increased by 33.81% in 2023, contributing to a market share of approximately 40%-50% in Q1 2024, indicating potential for further growth [20]. Summary by Relevant Sections Financial Performance - 2023 Revenue: RMB 4,511.93 million, up 23.34% from 2022 - 2023 Net Profit: RMB 1,588.61 million, up 7.86% from 2022 - Q1 2024 Revenue: RMB 856.76 million, down 13.83% year-on-year - Q1 2024 Net Profit: RMB 195.48 million, down 48.46% year-on-year [3][20]. Market Position - The company achieved a diamond wire sales volume of 12,866 million kilometers in 2023, with a revenue of RMB 4.44 billion, reflecting a year-on-year growth of 22.68% [20]. - The price of diamond wire has been declining due to silicon wafer inventory, with the market price for carbon steel diamond wire dropping to approximately RMB 20 per kilometer [20]. Future Outlook - The company has adjusted its earnings per share forecasts for 2024-2026 to RMB 1.16, RMB 1.86, and RMB 2.49, respectively, reflecting a significant downward revision due to price competition and poor profitability in the downstream silicon wafer industry [20]. - The trend towards finer wire diameters is expected to drive the adoption of tungsten wire, which can withstand higher tensile strength, potentially leading to increased market demand in 2024 [20].

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company has shown a significant increase in revenue and profit, with a 2023 revenue of RMB 77.27 billion, up 14.67% year-on-year, and a net profit of RMB 7.95 billion, up 26.53% year-on-year [4][6] - The company is expanding its offshore engineering capacity and diversifying into new business areas, including new materials and technologies [4][5] - The acquisition of Jiangsu Changfeng has started to contribute to revenue, with offshore products generating RMB 15.11 billion in revenue in 2023 [4][5] - The company is strategically reducing its focus on tower and blade businesses to prioritize high-quality development, resulting in a decrease in revenue but an increase in profitability [4][5] - The wind power generation business is performing well, with a capacity of 1,383.8 MW and revenue of RMB 12.46 billion, up 30.55% year-on-year [4][5] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of RMB 77.27 billion, with a net profit of RMB 7.95 billion, reflecting a year-on-year growth of 14.67% and 26.53% respectively [4][6] - The first quarter of 2024 saw a net profit of RMB 1.48 billion, down 24.83% year-on-year but up 97.06% quarter-on-quarter [4][7] Business Expansion - The company has successfully acquired Jiangsu Changfeng, contributing RMB 15.11 billion in revenue from offshore products in 2023 [4][5] - The company is expanding its offshore engineering production capacity, with four production bases already operational and additional capacities under construction [4][5] Strategic Focus - The company is shifting its focus from expanding scale to high-quality development, leading to a decrease in revenue from tower and blade products but an increase in profitability [4][5] - The wind power generation segment has shown strong growth, with significant increases in both capacity and revenue [4][5] Valuation - The report adjusts the earnings per share forecast for 2024-2026 to RMB 0.83, RMB 1.12, and RMB 1.52 respectively, with corresponding price-to-earnings ratios of 12.5, 9.3, and 6.8 [4][5]

| --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,060.17 | | 流通股 ( 百万 ) | | 2,060.17 | | 总市值 ( 人民币 百万 ) | | 13,638.32 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 114.89 | | 主要股东 | | | | 启东市华虹电子有限公司 | | 34.94 | | 资料来源：公司公告， Wind | ，中银证券 | | 公司发布 2023 年年报与 2024 年一季报，业绩分别同比增长 20.48%/10.78%， 主营业务表现稳健，盈利能力向好；维持买入评级。 支撑评级的要点 2023 年/2024 年一季度盈利分别同比增长 20.48%/10.78%：公司发布 2023 年年报，实现收入 68.72 亿元，同比增长 39.00%；实现归母净利润 10.31 亿元，同比增加 20.48%，扣非净利润 8.67 亿元，同比增加 23.61%。公司 同时披露 2024 年第 ...

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of RMB 27.88 [1] - The sector rating is **Outperform** [1] Core Views - The company's market share in the wind turbine sector increased to **9.3%** in 2023, up by **0.2 percentage points** from the previous year [3] - Overseas revenue grew significantly by **38,836.31%** in 2023, reaching RMB 310 million, with a gross margin of **22.07%**, which is **5.25 percentage points** higher than domestic operations [3] - The company's R&D investment reached **5.83%** of revenue in 2023, supporting advancements in product development, including the launch of a **15MW** onshore wind turbine [3] - Gross margin for the wind turbine business declined by **6.54 percentage points** to **16.93%** in 2023 due to intense price competition, but showed a recovery in Q1 2024, with a gross margin of **19.67%**, up by **5.30 percentage points** quarter-over-quarter [3] Financial Performance - In 2023, the company reported revenue of RMB **14,939 million**, a **21.21%** year-over-year increase, with net profit attributable to shareholders of RMB **2,007 million**, up by **21.78%** [3] - Q1 2024 saw a decline in net profit attributable to shareholders, dropping by **44.92%** to RMB **266 million** [3] - The company's order backlog reached **15.89GW** at the end of 2023, a **71.78%** increase compared to the end of 2022 [3] Valuation and Forecasts - The report adjusts the EPS forecasts for 2024-2026 to RMB **1.89**, **2.13**, and **2.42**, respectively, down from previous estimates of RMB **1.98**, **2.46**, and **-** [3] - The P/E ratio for 2024-2026 is projected at **14.8x**, **13.1x**, and **11.5x**, respectively [3] - Revenue growth is expected to be **12.3%** in 2024, **26.9%** in 2025, and **11.6%** in 2026 [4] Operational Highlights - The company's gross margin for 2023 was **17.03%**, a decline of **6.53 percentage points** from 2022, while net margin remained stable at **13.43%** [5] - In Q1 2024, the gross margin was **19.67%**, down by **9.33 percentage points** year-over-year, and net margin dropped to **15.38%**, a decline of **15.47 percentage points** [6] - The company's R&D expenses in 2023 were RMB **872 million**, accounting for **5.83%** of total revenue [3] Overseas Expansion - The company has established an overseas team of over **200 people**, focusing on a "Chinese + local" strategy to enhance brand influence and market penetration [3] - Overseas operations contributed RMB **310 million** in revenue in 2023, with a gross margin of **22.07%**, significantly higher than domestic operations [3]

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 5 月 7 日 002707.SZ 增持 原评级：增持 市场价格:人民币 6.66 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (33%) (24%) (15%) (6%) 4% 13% May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 众信旅游 深圳成指 至今 个月 个月 个月 绝对 (9.9) (0.7) 1.2 (19.8) 相对深圳成指 (11.9) (2.7) (13.2) (4.3) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 982.72 | | 流通股 ( 百万 ) | | 814.60 | | 总市值 ( 人民币 百万 ) | | 6,544.88 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 136.93 | | 主要股东 | | | | 冯滨 | ...

Investment Rating - The investment rating for the company has been downgraded to "Accumulate" from "Buy" [2][6] Core Insights - The company experienced a rapid growth in revenue in Q1 2024, with a year-on-year increase of 105%, driven by new production capacity [1] - The gross margin showed a recovery in Q1 2024, reaching 25.4%, up by 4.1 percentage points quarter-on-quarter, despite a decline in Q4 2023 due to increased labor and depreciation costs from the new factory [1] - The company achieved breakthroughs in Y-Al and fluorine coating technologies, which are expected to enhance its competitive position in the semiconductor equipment market [1] - The revenue from module products surged by 126% year-on-year in 2023, with the mainland China region being the primary growth driver [1] Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported revenue of 676 million RMB, a quarter-on-quarter increase of 20% and a year-on-year increase of 27%. The gross margin was 21.3%, down by 5.1 percentage points quarter-on-quarter and 10.2 percentage points year-on-year [1] - For Q1 2024, the revenue was 701 million RMB, reflecting a quarter-on-quarter growth of 4% and a year-on-year growth of 105%. The gross margin improved to 25.4% [1] - The company’s net profit attributable to the parent company for Q1 2024 was 54 million RMB, up 10% quarter-on-quarter and up 1385% year-on-year [1] Product and Market Development - The company’s revenue from process components in 2023 was 457 million RMB, up 12% year-on-year, while structural components revenue was 491 million RMB, down 2% year-on-year. The revenue from module products was 925 million RMB, up 126% year-on-year [1] - The mainland China region contributed 1.436 billion RMB in revenue in 2023, a 72% increase year-on-year, while revenue from regions outside mainland China was 602 million RMB, down 13% year-on-year [1] Technological Advancements - The company successfully developed Y-Al and fluorine coatings, with the Y-Al series already validated by clients and the fluorine coating in the client validation stage [1] - The company is expanding its production bases in Nantong, Beijing, Singapore, and the United States to adapt to international market changes and enhance its global market share [1] Valuation - The estimated EPS for the company for 2024, 2025, and 2026 is projected to be 1.29 RMB, 1.82 RMB, and 2.32 RMB respectively. The total market capitalization as of April 30, 2024, is 14.9 billion RMB, corresponding to PE ratios of 55.1, 39.0, and 30.6 for the respective years [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [21]. Core Insights - The company reported a revenue of 4.84 billion RMB in 2023, a year-on-year increase of 0.59%, and a net profit attributable to shareholders of 390 million RMB, up 17.80% year-on-year. However, in Q1 2024, revenue dropped to 742.96 million RMB, a decrease of 15.88%, with a net loss of 21.28 million RMB, reflecting a 140.85% decline year-on-year. The company is positioned to benefit from the recovery in the consumer electronics sector and is expanding into new energy and semiconductor fields, which opens up further growth opportunities [10][11][22]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 48.40 billion RMB, with a net profit of 3.90 billion RMB. The gross margin was 33.79%, an increase of 1.53 percentage points year-on-year, and the net margin was 7.94%, up 1.11 percentage points [10][11]. - For Q1 2024, the company reported a revenue of 7.43 billion RMB, with a gross margin of 32.66%, down 2.09 percentage points year-on-year, and a net margin of -2.29% [24]. Growth Prospects - The company is leveraging its technology in the 3C sector to expand into new energy and semiconductor markets. It has begun supplying lithium battery manufacturing equipment and semiconductor devices, which are expected to become significant growth drivers [10][22]. - Revenue projections for 2024-2026 are estimated at 55.77 billion RMB, 63.95 billion RMB, and 72.81 billion RMB, respectively, with net profits expected to reach 4.85 billion RMB, 5.83 billion RMB, and 6.96 billion RMB [10][13]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 19.3, 16.1, and 13.5 for 2024, 2025, and 2026, respectively, indicating a favorable valuation as the company continues to expand its market presence [10][13].

基础化工 | 证券研究报告 — 行业周报 2024年5月7日 强于大市 化工行业周报 20240506 海外天然气价格上涨，纯碱、草甘膦价格上涨 5 月份建议关注：1、大宗商品价格上行，关注大型能源央企及相关油服公司在新时代背景下的 改革改善与经营业绩提升；2、下游催化较多，一季报超预期的部分半导体、OLED等电子材料 公司；3、化纤、制冷剂、化肥等子行业的旺季及补库行情，农药或迎来触底改善。 行业动态  本周（4.29-5.5）均价跟踪的101个化工品种中，共有30个品种价格上涨，43个品种价格下 跌，28个品种价格稳定。周均价涨幅居前的品种分别是NYMEX天然气、轻质纯碱（华东）、 液氨（河北新化）、二甲醚（长三角）、重质纯碱（华东）；而周均价跌幅居前的品种分别 是硫酸（浙江巨化98%)、WTI原油、氯化钾（青海盐湖60%)、炭黑（黑猫N330）、黄磷 （四川）。  本周（4.29-5.5）国际油价下跌，WTI原油收于78.11美元/桶，收盘价周跌幅6.85%；布伦 特原油收于82.96美元/桶，收盘价周跌幅7.31%。宏观方面，美联储宣布将联邦基金利率目 标区间维持在5.25%至5.50%的水平不变 ...