商贸零售 | 证券研究报告 — 调整盈利预测 2024年4月25日 600859.SH 王府井 增持 奥莱业务持续领跑，分红回购彰显信心 原评级：增持 市场价格:人民币 13.07 公司发布 2023年年报。23年公司实现营收 122.24亿元，同比+13.19%；归 板块评级:强于大市 母净利润7.09亿元，同比+264.14%；扣非归母净利润6.36亿元。23年公司 业绩实现逐步恢复，提高分红回购力度彰显发展信心。展望后市，有税业务 稳健增长，免税业务逐步放量，看好双轮驱动下的业绩增长，维持增持评级。 股价表现 支撑评级的要点 8%  23年公司业务稳健恢复，扣非利润同比扭亏。23年公司实现营收122.24 (2%) 亿元，同比+13.19%，同店同比+11.19%；归母净利润 7.09 亿元，同比 (13%) +264.14%；扣非归母净利润6.36亿元。其中23Q4实现营收29.59亿元， 同比+26.80%；归母净利润 0.61 亿元，同比扭亏 2.81 亿元；扣非归母净 (23%) 利润0.46亿元，同比扭亏2.97亿元。 (33%) (43%)  奥莱业态领先增长，免税板块逐步爬坡。分业态看 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant increase in sales volume of welding strips, with a year-on-year growth of 47.83% in 2023, contributing to a total revenue of RMB 2.762 billion, a 37.36% increase from the previous year [4][5] - The company is actively investing in new product development to enhance its competitive edge, focusing on projects that reduce silver paste usage in HJT batteries and developing new conductive structures for photovoltaic cell interconnects [4] - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to RMB 1.95, RMB 3.01, and RMB 3.85 respectively, reflecting a decrease from previous estimates due to anticipated pressure on welding strip unit profitability [4] Summary by Sections Financial Performance - In 2023, the company achieved a net profit of RMB 151 million, representing a year-on-year increase of 50.69% [4][5] - The company’s revenue for Q1 2024 was RMB 700 million, a 26.19% increase year-on-year, but a 4.18% decrease compared to the previous quarter [4] - The gross profit margin for Q1 2024 was 7.85%, down 5.21 percentage points year-on-year [4] Sales and Product Development - The company sold 33,100 tons of welding strips in 2023, with interconnect welding strips generating RMB 2.216 billion in revenue, a 44.06% increase [4] - The company is pursuing various R&D projects to maintain its leadership in new technologies, including high-precision rolled copper foil and directional reflective optical films [4] Valuation - The company’s projected earnings per share for 2024-2026 are now RMB 1.95, RMB 3.01, and RMB 3.85, with corresponding price-to-earnings ratios of 17.9, 11.6, and 9.1 [4] - The company’s market capitalization is approximately RMB 3.642 billion, with a three-month average trading volume of RMB 158.68 million [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [3][9]. Core Views - The company has shown steady growth in its performance, with revenue for 2023 reaching RMB 30.42 billion, a year-on-year increase of 32.21%, and a net profit attributable to shareholders of RMB 4.74 billion, up 9.77% year-on-year [2][5]. - The general automation sector remains a stronghold for the company, with revenue growth of 24.17% in 2023, supported by an increase in market share [2][3]. - The electric vehicle (EV) segment has entered a growth phase, with revenue growth of 78.69% in 2023, driven by increased sales volume and customer demand [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 30,420 million, with a growth rate of 32.2% compared to 2022 [3][5]. - The net profit attributable to shareholders for 2023 was RMB 4,742 million, reflecting a growth rate of 9.8% [3][5]. - The first quarter of 2024 showed a net profit of RMB 811 million, an increase of 8.56% year-on-year [2][6]. Business Segments - The general automation segment generated revenue of RMB 15,038 million in 2023, with a gross margin of 44.74% [2][3]. - The industrial robotics sector within general automation saw significant growth, with revenue increasing by 43% [2][3]. - The EV and rail transportation business reported a revenue increase of 78.69% in 2023, with sales volume rising by 126.18% [2][3]. Valuation - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 2.07, RMB 2.46, and RMB 2.82, respectively, with corresponding price-to-earnings ratios of 28.6, 24.1, and 21.0 [2][3]. - The report indicates a strong outlook for the company's valuation based on its performance and market conditions [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 89.85 and a sector rating of "Outperform" [1]. Core Views - The company reported a significant growth in Q1 2024, with revenue and net profit attributable to shareholders increasing by over 100% year-on-year. R&D investment also rose by over 60% [5][6]. - The substantial increase in advance payments, which grew by approximately 900% year-on-year, indicates a positive outlook for the company's future performance [6]. - The company's products are widely used in the automotive electronics sector, with traditional vehicle bridge chips already integrated into HUD and infotainment systems. The vehicle SerDes chips have completed tape-out and are in the testing phase [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of RMB 104 million, a year-on-year increase of 101.95%. The net profit attributable to shareholders was RMB 31 million, up 324.85% year-on-year. The non-recurring net profit was RMB 23 million, reflecting a 379.55% increase year-on-year. The gross margin was 54.11%, slightly down by 0.80 percentage points year-on-year [6]. - R&D expenses amounted to RMB 22 million, representing 21.47% of revenue, with a year-on-year increase of 60.85% [6]. Business Outlook - The company is optimistic about its operational outlook, supported by the expansion of product applications and deepening collaborations with major clients. All business segments, including automotive electronics, video surveillance, and video conferencing, showed significant revenue growth compared to the same period last year [6]. - The automotive electronics segment has seen the introduction of bridge chips into HUD and infotainment systems, with eight chips passing AEC-Q100 certification [6]. Valuation - The report maintains previous earnings forecasts, projecting earnings per share (EPS) of RMB 2.07, RMB 3.11, and RMB 4.80 for 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 43.3x, 28.9x, and 18.7x [6].

Macro Economy - In February 2024, foreign capital saw a net inflow of $51.6 billion into U.S. securities, reversing the previous month's slight net sell-off. Official foreign capital net bought $15.5 billion, while private foreign capital net bought $36.2 billion [1] - The U.S. long-term securities recorded a net inflow of $71.5 billion, marking four consecutive months of net inflows. Short-term securities saw a net purchase of $10.5 billion, also reversing the previous month's trend [1] - The U.S. economy and inflation remain strong, leading to a market adjustment of easing expectations, with the dollar, long-term U.S. Treasury yields, and U.S. stocks rising together [2] Power Equipment Industry - The Biden administration announced a $7 billion subsidy to install over 4GW of residential solar systems for low-income households over five years, indicating potential growth in the U.S. solar installation market [3][13] - The U.S. solar installation target for 2024 is set at 62.8GW, a 55% increase year-on-year, with ground-mounted solar projects accounting for approximately 58% of the new installations [4] - The Solar for All initiative is expected to create over 100,000 jobs and reduce annual electricity costs for U.S. residents by $350 million, while also increasing the distributed solar installation capacity for low-income households from 7GW to 11GW [13]

基础化工 | 证券研究报告 — 调整盈利预测 2024 年 4 月 25 日 002206.SZ 买入 原评级：买入 市场价格:人民币 4.24 板块评级:强于大市 本报告要点 | --- | --- | |----------------------------------------|----------| | | | | 发行股数 ( 百万 ) | 1,164.50 | | 流通股 ( 百万 ) | 916.00 | | 总市值 ( 人民币 百万 ) | 4,937.49 | | 3 个月日均交易额 ( 人民币 百万 ) | 66.04 | | 主要股东 | | | 高利民 | 17.28 | | 资料来源：公司公告， Wind ，中银证券 | | 2023 年公司营收、归母净利润及扣非归母 净利润同比增长，看好公司主业稳健发 展、新品拓展持续进行，维持买入评级。 股价表现 相关研究报告 《海利得》20231113 《海利得》20230906 《海利得》20230404 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工：化学纤维 证券分析师：余嫄嫄 (8621)20328550 yuanyu ...

房地产 | 证券研究报告 — 调整盈利预测 2024年4月25日 600048.SH 保利发展 买入 营收增长利润承压；经营性现金流大幅改善 原评级：买入 摘要：保利发展公布2023年年报，公司实现营业总收入3468.9亿元，同比增长23.4%；归母净利润120.7亿 市场价格:人民币 8.00 元，同比下降34.1%。公司拟每10股派发现金股息4.1元（含税），分红率为42.4%。 板 块评级:强于大市  公 收司 同结 比算 增规 长模 23稳 .4步 %，增 公长 司； 竣受 工毛 和利 结率 转水 规平 模、 带投 动资 收收 入益 增规 长模 ，下 2降 02、 3计 年提 房减 地值 产准 项备 目增 结加 算的 面影 积响 24， 82公 .2司 万业 平绩 ，承 同压 比。 增2 长023 12年 .9公 %司 ；营 归 母净利润同比下降 34.1%，主要是因为前期低利润项目成为结转主力，导致毛利率水平下降，投资收益规模下降以及计 提资产减值准备增加。1）2023年公司毛利率、净利率、归母净利率分别为16.0%、5.2%、3.5%，同比分别下降6.0、4.5、 3.0个百分点，ROE也因利润 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024年4月25日 300274.SZ 阳光电源 增持 盈利持续较快增长，24Q1 业绩亮眼 原评级：增持 市场价格:人民币 95.20 公司发布2023年年报与2024年一季报，业绩分别同比增长163%/39%，公 司业绩持续向好，盈利能力亮眼；维持增持评级。 板块评级:强于大市 支撑评级的要点  2023年/2024Q1业绩分别同比增长163%/39%：公司发布2023年年报， 股价表现 实现收入722.51亿元，同比增长79.47%；实现归母净利润94.40亿元， 同比增加162.69%，扣非净利润92.16亿元，同比增加172.18%，符合此 20% 前业绩预告的预期。 10%  逆变器板块量利齐增：2023 年全球光伏行业蓬勃发展，公司光伏逆变器 1% 全球发货量达到130GW，同比增长68.83%，带动板块销售收入同比增长 (9%) 60.97%至276.53亿元；尽管公司产品单价同比略降4.65%至0.21元/W， (19%) 但伴随产品的降本增效，板块毛利率仍同比增长5.51个百分点至37.93%。 (29%) rp 3A -2 ya 3M ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 10.80 and a sector rating of "Outperform" [34]. Core Insights - The company has experienced a year-on-year decline in performance for Q1 2024, but there is a sequential recovery [19]. - The company is expanding its production capacity across its glass fiber and chemical products, enhancing its competitive edge in the industry [20][38]. - The company has a low debt-to-asset ratio of 29.4% in 2023, providing it with financial flexibility for future expansions [21]. Financial Performance Summary - The company's revenue for 2023 is projected at RMB 2,607 million, with a growth rate of 20.4% in 2024 [2]. - The EBITDA for 2024 is estimated at RMB 658 million, with a net profit of RMB 340 million, reflecting a growth rate of 42.8% [2][10]. - The diluted earnings per share (EPS) for 2024 is expected to be RMB 0.83, with a price-to-earnings (P/E) ratio of 13.0 [2][10]. Industry Trends - The glass fiber industry is witnessing a collective price increase among leading companies, with a notable reduction in inventory levels [22][41]. - The export volume of glass fiber products has shown growth, with January and February 2024 exports increasing by 17.2% and 3.7% year-on-year, respectively [23]. - The supply increment in the glass fiber sector is expected to be manageable, with new production lines being gradually introduced [42].

买入 原评级：买入 市场价格:人民币 133.92 板块评级:强于大市 2023 年公司业绩同比提升，CMP 抛光液 收入稳健增长，功能性湿电子化学品、 电镀液及添加剂产品线布局持续拓展。 看好公司平台化布局有序推进，维持买 入评级。 股价表现 | --- | --- | |----------------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 99.07 | | 流通股 ( 百万 ) | 99.07 | | 总市值 ( 人民币 百万 ) | 13,267.51 | | 3 个月日均交易额 ( 人民币 百万 ) | 201.52 | | 主要股东 | | | Anji Microelectronics Co., Ltd. | 30.91 | 联系人：范琦岩 电子 | 证券研究报告 — 调整盈利预测 2024 年 4 月 24 日 2023 年业绩稳健增长，平台化布局持续推进 | --- | --- | --- | --- | --- | --- | |---------------------------------|------ ...