电子 | 证券研究报告 — 调整盈利预测 2024年4月23日 603986.SH 兆易创新 增持 24Q1 曙光初现，增资长鑫+激励彰显定力信心 原评级：增持 市场价格:人民币 75.96 公司发布2023年报和2024年一季报，24Q1公司业绩显现回暖态势。公司同时发布股权激 励目标彰显增长信心，看好公司随行业景气上行释放长期发展潜力，维持增持评级。 板块评级:强于大市 支撑评级的要点  公司24Q1业绩回暖态势显著。公司2023年全年实现收入57.61亿元，同比下降 股价表现 29.14%，实现归母净利润1.61亿元，同比下降92.15%，实现扣非净利润0.27亿 元，同比下降98.57%。2024年一季度，公司实现营收16.27亿元，同比+21.32%/ 4% 环比+19.10%，实现归母净利润2.05亿元，同比+36.45%/环比+175.14%,实现扣非 净利润1.84亿元，同比+41.26%/环比+158.68%。盈利能力方面，公司2023年毛 (7%) 利率34.42%，同比减少13.24pcts，归母净利率2.80%，同比减少22.45pcts，扣非 (19%) 净利率 0.48%，同比减 ...

公用事业 | 证券研究报告 — 调整盈利预测 2024年4月23日 600483.SH 福能股份 增持 火电盈利能力持续改善，来风偏弱影响业绩 原评级：增持 市场价格:人民币 10.05 公司发布2023年年报，业绩同比增长1.11%，受益于燃料成本的下行，公司 火电板块盈利能力同比显著修复；但受到2023年来风较弱的影响，公司风力 板块评级:强于大市 发电收入与盈利能力有所下滑。维持增持评级。 支撑评级的要点 股价表现  2023年公司业绩同比增长1.11%：公司发布2023年年报，实现收入146.95 14% 亿元，同比增长2.63%；实现归母净利润26.23亿元，同比增长1.11%； 8% 实现扣非净利润25.81亿元，同比增长0.04%。 2%  电力板块全年收入表现稳健：2023 年公司电力板块实现营业收入 138.45 亿元，同比增长 1.99%；全年上网电量达到 229.90 亿千瓦时，同比增长 (5%) 8.25%；拆分发电品种来看，2023 年公司风电售电量同比下降 4.35%至 (11%) 53.72 亿千瓦时，收入亦同比下降 3.70%至 34.36 亿元，主要是受到福建 (18%) ...

传媒 | 证券研究报告 — 调整盈利预测 2024年4月23日 002555.SZ 三七互娱 买入 23Q4 销售费用率提升较大，2024 年加大分红 原评级：买入 市场价格:人民币 16.50 三七互娱 2023 全年营业收入 165.47 亿元，同比+0.86%；归母净利润 26.59 亿元，同比-10.01%。我们认为公司的产品运营和发行能力在国内外仍保持 板块评级:强于大市 领先；自研和代理产品储备数量多，有望逐步上线带动业绩恢复增长。维持 股价表现 买入评级。 39% 支撑评级的要点 24%  2023年净利润同比下滑，2024年开启季度分红。三七互娱 2023全年营 8% 业收入165.47亿元，同比+0.86%；归母净利润26.59亿元，同比-10.01%； (8%) 扣非后归母净利润24.97亿元，同比-13.38%。23Q4营业收入45.04亿元， 同比-4.74%；归母净利润4.66亿元，同比-33.17%。公司预计24Q1归母 (23%) 净利润 6-6.5 亿元，同比下滑 16.08%-22.54%。公司 2023 年拟向全体股 (39%) rp 3A -2 ya 3M -2 n 3 ...

Investment Rating - The report rates the transportation industry as "Outperform the Market" [3] Core Insights - The Red Sea crisis has driven up container ship transaction prices and freight rates, with multiple shipping companies announcing price increases for May. The increase in freight income supports the growth of vessel asset prices, and tight capacity has pushed up second-hand ship prices. Since January 2024, due to the tense situation in the Red Sea, many ships have rerouted around the Cape of Good Hope, lengthening voyages and reducing available capacity, thereby increasing freight rates. The rising freight income supports the growth of vessel asset prices, with the earnings of flexible vessels increasing from $9,280 per day at the beginning of 2024 to $12,940 per day, a rise of approximately 39.4% [15][16] - In March, several express delivery companies reported simultaneous growth in business volume and revenue, although the average price per shipment decreased. SF Express reported a revenue of 16.28 billion yuan in March, a year-on-year increase of 3.35%, with a business volume of 1.033 billion shipments, remaining flat year-on-year. Shentong Express reported a revenue of 3.652 billion yuan, a year-on-year increase of 14.94%, with a business volume of 1.737 billion shipments, a year-on-year increase of 31.51%. Yunda reported a revenue of 3.989 billion yuan, a year-on-year increase of 8.84%, with a business volume of 1.920 billion shipments, a year-on-year increase of 32.60% [17] - The upcoming May Day holiday is expected to see a significant increase in planned flight volumes, indicating a potential recovery in the outbound tourism market. The average daily passenger transport volume for the May Day holiday in 2024 is expected to increase by 11.0% compared to 2023, with major international flight volumes to South Korea, Japan, and Thailand showing substantial growth [21] Industry High-Frequency Data Tracking - In the air logistics sector, air freight prices have generally increased from early to mid-April 2024. The Shanghai outbound air freight price index reported 4,472 points, a week-on-week increase of 6.9% [25] - In the shipping and port sector, the container shipping freight index (SCFI) rose to 1,769.54 points, a week-on-week increase of 0.71% and a year-on-year increase of 70.63% [34] - In the express logistics sector, the total express business volume in March increased by 20.10% year-on-year, with express business revenue increasing by 16.03% [25] - In the road and rail sector, the total number of trucks passing through national highways from April 8 to April 14 was 54.475 million, a week-on-week increase of 16.34% [25] - In the new transportation sector, Li Auto delivered approximately 28,984 new vehicles in March, a year-on-year increase of 39.19% [25]

社会服务 | 证券研究报告 — 业绩评论 2024 年 4 月 23 日 股价表现 相关研究报告 《黄山旅游》20240130 《黄山旅游》20231030 《黄山旅游》20230828 中银国际证券股份有限公司 具备证券投资咨询业务资格 社会服务：旅游及景区 证券分析师：李小民 (8621)20328901 xiaomin.li@bocichina.com 证券投资咨询业务证书编号：S1300522090001 黄山旅游 支撑评级的要点 [Table_FinchinaDetail] 利润表(人民币 百万) 现金流量表(人民币 百万) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|--------|-------|-------|-------|-------|--------------------------------|---------|---------|-------|-------|-------| | | | | | | ...

胜宏科技 | --- | |---------| | | | 2024E | | 1,276 | | 758 | | (499) | | (466) | | 1,070 | | (820) | | 6 | | 38 | | (777) | | 891 | | (312) | | | | (138) | | 441 734 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|--------|--------|--------|--------|--------|--------------------------------|-------|--------|-------|-------|-------| | 营业外支出 | 10 | 10 | 8 | 9 | 9 | 年结日： 12 月 31 日 | 2022 | 2023 | 2024E | 2025E | 2026E | | 利润总额 | 897 | 749 | 1,424 | 1, ...

(20%) (7%) 5% 18% 30% 42% Apr-23May-23Jun-23Jul-23Aug-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 支撑评级的要点 | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------|-------|-------| | [Table_FinchinaSimple] 投资摘要 | | | | | | | 年结日： 12 月 31 日 | 2022 | 2023 | 2024E | 2025E | 2026E | | 主营收入 ( 人民币 百万 ) | 3,950 | 4,438 | 5,046 | 5,705 | 6,396 | | 增长率 (%) | 14.6 | 12.4 | 13.7 | 13.1 | 12.1 | | 归母净利润 ( 人民币 百万 ) | 390 | 404 | 473 | 534 | 613 | | 增长率 (%) | 30.7 | 3.7 | 16.9 | ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][3] Core Views - The company achieved a revenue of RMB 1.864 billion in 2023, representing a year-on-year growth of 20.31%. The net profit attributable to the parent company was RMB 607 million, a decrease of 5.27% year-on-year, while the net profit excluding non-recurring items was RMB 591 million, showing a growth of 14.43% year-on-year [3][4] - Both domestic and international businesses of the company maintained steady growth, with ongoing customer expansion efforts [3][4] Summary by Sections Financial Performance - In 2023, the company reported a revenue of RMB 1.864 billion, a 20.31% increase from the previous year. The gross profit margin improved to 57.84%, up by 0.5 percentage points year-on-year [4][5] - The fourth quarter of 2023 saw a revenue of RMB 467 million, a year-on-year increase of 4.87%, and a net profit of RMB 175 million, which is a 30.94% increase year-on-year [4][5] Business Segments - Domestic revenue reached RMB 1.121 billion, growing by 16.92%, while international revenue was RMB 680 million, up by 25.73%. The gross profit margin for domestic operations was 57.68%, down by 0.58 percentage points, while for international operations, it was 61.20%, an increase of 3.66 percentage points [4][5] Research and Development - The company invested RMB 263 million in R&D in 2023, accounting for 14.09% of its revenue. It is one of the few global manufacturers that master all major core technologies for digital X-ray detectors [4][5] Future Projections - The expected net profits for 2024, 2025, and 2026 are RMB 916 million, RMB 1.153 billion, and RMB 1.430 billion, respectively. Corresponding EPS for these years are projected to be RMB 8.98, RMB 11.31, and RMB 14.02 [4][5][6]

房地产 | 证券研究报告 — 调整盈利预测 2024年4月23日 600383.SH 金地集团 中性 营收业绩齐下滑，短期现金流承压 原评级：买入 市场价格:人民币 3.21 摘要：金地集团公布2023年年报。公司2023年实现营业总收入981.3亿元，同比下降18.4%； 归母净利润8.9亿元，同比下降85.5%。公司拟每10股派发现金股息0.197元（含税），分红率 板块评级:强于大市 为10.0%。  公司营收自2018年来首次出现同比负增长，短期业绩持续承压。2023年公司总营收同比下降18.4%，受制于前 期销售下滑，公司结算节奏放缓。2023年房地产项目结算面积为486万平，同比下降21.1%。归母净利润同比大 幅下降85.5%，是受到市场下行影响，多方面的因素叠加所致：1）结算的房地产项目毛利水平下降。2）2023年 股价表现 公司投资收益19.6亿元，同比下降50.8%。2）公司为加快销售及现金回笼，根据市场情况动态调整经营及销售策 略，销售费用达29.7亿元，同比增长5.1%。3）财务费用因利息收入减少，同比增长32.9%至11.2亿元。3）公允 价值变动收益为4.0亿元，同比下降69.9 ...

重点关注 【宏观经济】科技改变经济的方式（上）—从统计到经济 张晓娇 朱启兵 科技的创新和发展领先于经济，其次是作用于经济，最后才体现在统计上；但统计是对科技发展影响经济的展现最为 全面的形式。本篇报告用倒序的形式，从 GDP 统计分类的变化入手，对比分析我国国民经济核算体系 2016 年版和 2002 年版的差异，从行业分类上寻找新经济在两版统计标准期间的出现、发展、以及对存量经济的影响。而后以电力 和石油两个行业从新兴到成熟的历史发展情况为例，分析科技对经济领域各行业产生影响的具体方式。 根据统计局印发的目前我国实行的《中国国民经济核算体系（2016）》和《国民经济行业分类（GB/T 4754-2017）》， 以及《新产业新业态新商业模式统计分类(2018)》,"三新"经济增加值划分 9 个大类。从"三新"经济对照的国民经济 统计行业分类看，数量较多来自制造业、信息传输、软件和信息技术服务业，以及科学研究和技术服务业。以"三新" 经济关联较多的三个行业门类为例，梳理部分行业小类在 2017 版国民经济分类较 2011 版的变化可以发现：信息技术 小类的细分现象更加明显；在科研服务业门类中，新兴技术和服务分 ...