房地产| 证券研究报告 — 调整盈利预测 2024年3月26日 01908.HK 建发国际集团 买入 营收业绩均正增长，在手现金实现双位数增长 原评级：买入 市场价格:港币 13.58 摘要：建发国际公布2023年年报，公司实现营业收入1344.3亿元，同比增长34.9%；归母 净利润50.3亿元，同比增长2.0%。公司拟每股派发现金股息1.3港元，分红率为49.8%。 板块评级:强于大市  营收、业绩保持正增长，利润率水平有所下降。2023年公司营收增长34.9%， 2023年公司交付 面积852.2万平，同比大幅增加83.4%，地产业务结算收入（占比97%）同比增长34.6%。归母 净利润同比实现2.0%的增长，增速低于营收增速，主要是受项目结转毛利率下降以及少数股东损 益大幅增加。2023年公司毛利率、净利率、归母净利润率分别为 11.1%、4.7%、3.7%，较 2022 股价表现 年分别下降了4.2、0.9、1.2个百分点。受利润率下滑的影响，ROE同比下降了0.6个百分点至 15.0%。2023年少数股东损益13.0亿元，同比增长107.1%，少数股东损益占净利润的比重提升了 9.2个百分点至2 ...

专用设备 | 证券研究报告 — 行业深度 2024年3月26日 强于大市 3C 设备行业深度报告 公 司名称 股票代码 股价 评级 消费电子行业或迎复苏，关注新技术带来的设备增量 博众精工 688097.SH 人民币26.82 买入 快克智能 603203.SH 人民币22.59 买入 创世纪 300083.SZ 人民币5.39 增持 智能手机和PC等消费电子产品在经历了长时间的销量下滑之后，产业链库存去 化接近尾声，未来在“被动换机”需求和AI PC等新产品刺激下的“主动换机”需求 鼎泰高科 301377.SZ 人民币20.03 增持 双重刺激下，消费电子行业景气度有望持续回暖，相关 3C设备有望充分受益， 春 秋电子 603890.SH 人民币10.09 买入 另外钛合金、XR 设备、折叠屏等新材料、新产品、新技术的快速导入，也为相 资料来源：Wind，中银证券 关设备厂商带来了新的发展机遇，给予行业强于大市评级。 以2024年3月18日当地货币收市价为标准 支撑评级的要点  消费电子终端需求否极泰来，多维度需求带动行业回暖。智能手机和 PC 等 消费电子产品在经历了长时间的销量下滑之后，产业链库存去化 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 30.22 and a sector rating of "Outperform" [1][3]. Core Insights - The company has shown steady growth in 2023, driven by structural demand from HPC (High-Performance Computing), AI (Artificial Intelligence), and automotive sectors. The company achieved a revenue of RMB 8.938 billion in 2023, a year-on-year increase of 7.23%, and a net profit of RMB 1.513 billion, up 11.09% year-on-year. The forecast for Q1 2024 indicates a significant year-on-year net profit growth of 129.66% to 159.62% [3][4]. Financial Performance Summary - **2023 Financials**: - Revenue: RMB 89.38 billion, +7.23% YoY - Net Profit: RMB 15.13 billion, +11.09% YoY - Q4 2023 Revenue: RMB 28.56 billion, +11.02% YoY, +23.15% QoQ - Q4 2023 Net Profit: RMB 5.59 billion, +27.16% YoY, +21.50% QoQ [3][4]. - **2024-2026 Projections**: - Expected Revenue: RMB 111.83 billion in 2024, RMB 132.08 billion in 2025, RMB 156.11 billion in 2026 - Expected Net Profit: RMB 22.01 billion in 2024, RMB 27.36 billion in 2025, RMB 30.54 billion in 2026 - Corresponding PE ratios: 26.2 for 2024, 21.1 for 2025, 18.9 for 2026 [3][4][8]. Business Segment Performance - **PCB Business**: - Revenue: Approximately RMB 85.72 billion in 2023, +8.09% YoY - Gross Margin: Increased to approximately 32.46%, +0.74 percentage points YoY - AI server and HPC-related PCB products accounted for 21.13% of the revenue from the enterprise communication market [3][4]. - **Automotive Business**: - Revenue: Approximately RMB 21.58 billion in 2023, +13.74% YoY - Gross Margin: 25.65%, +1.6 percentage points YoY - New automotive products are gaining market share, with their revenue contribution increasing from 21.45% in 2022 to 25.96% in 2023 [3][4].

社会服务 | 证券研究报告 — 业绩评论 2024 年 3 月 25 日 长白山 公司发布 2023 年年报。23 年公司实现营收 6.20 亿元，同比+218.73%；归母 净利润 1.38 亿元，同比+340.59%；扣非归母净利润 1.38 亿元，同比+330.42%。 23 年公司业绩实现高增，看好后续项目建设及冰雪第二旺季打造对公司业绩 的持续催化，维持增持评级。 23 年景区客流高增，带动公司业绩创历史新高。23 年公司实现营收 6.20 亿元，同比+218.73%；归母净利润 1.38 亿元，同比+340.59%；扣非归母 净利润 1.38 亿元，同比+330.42%。受益于客流高增，公司业绩创下历史 新高。其中 23Q4 实现营收 1.23 亿元，同比+263.18%；归母净利润-0.14 亿元，同比减亏 0.18 亿元；扣非归母净利润-0.12 亿元。 客运业务量价齐增，酒店业务逐步贡献业绩。1）客运：23 年客运板块实 现实现量价齐升，营收 4.20 亿元，较 19 年+30.3%。外部交通改善叠加疫 后文旅需求集中释放，景区全年游客接待量达 274.8 万人次，较 19 年 +9.4%； ...

建筑材料 | 证券研究报告 — 调整盈利预测 2024年3月25日 000786.SZ 北新建材 买入 一体两翼携手并进，未来成长空间可期 原评级：买入 市场价格:人民币 27.45 公司发布2023年年报，2023 年公司营收224.26亿元，同增11.27%；归母净利35.24 板块评级:强于大市 亿元，同增12.07%；EPS2.09元，同增12.09%。公司营销结构持续调整，“一体两翼， 全球布局”战略不断推进。维持公司买入评级。 本报告要点 支撑评级的要点  北新建材2023年年报点评  业绩稳步增长，现金流持续好转。2023年公司营收224.26亿元，同增11.27%； 股价表现 归母净利35.24亿元，同增12.07%。2023Q4公司营收53.77亿元，同增16.28%； 归母净利7.68亿元，同减3.02%。2023年公司经营现金流净额为47.34亿元，同 19% 增28.76%；2023Q4公司经营现金流净额为27.73亿元，同增28.31%。2023年公 9% 司经营现金流情况持续好转。 (1%)  公司盈利能力稳健，费用控制能力增强。2023 年公司毛利率为 29.88%，同增 ...

基础化工 | 证券研究报告 — 行业周报 2024年3月25日 强于大市 化工行业周报 20240324 海外天然气价格上涨，辛醇价格下跌 3月份建议关注：1、大型能源央企在中高油价背景下的高盈利与价值重估，并关注部 分央国企在新时代背景下的改革改善与经营业绩提升；2、春节过后纺服、农化等产 业链即将迎来旺季及补库行情；3、经过调整后估值大幅回落的半导体、OLED 等电 子材料公司；4、年报一季报超预期公司行情。 行业动态  本周（3.18-3.24）均价跟踪的101个化工品种中，共有36个品种价格上涨，37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硫酸(浙江巨化98%)、液氯（长三 角）、苯胺（华东）、天然橡胶（上海地区）、丁苯橡胶（华东1502）；而周均价跌幅居前 的品种分别是甲苯（华东）、硫酸钾（罗布泊51%粉）、煤焦油（山西）、尿素(华鲁恒升(小 颗粒))、己二酸（华东）。  本周（3.18-3.24）国际油价小幅波动，WTI原油收于80.63美元/桶，收盘价跌幅0.51%；布 伦特原油收于85.43美元/桶，收盘价涨幅0.11%。宏观方面，美联储决定3月仍继续将联邦 基金利 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by over 20% in the next 6-12 months [9][13][21]. Core Views - The company demonstrated strong performance in 2023, with revenue of RMB 5.08 billion, a year-on-year increase of 16.01%, and a net profit of RMB 600 million, up 4.15% year-on-year. The gross margin improved to 27.81%, reflecting growth in the micro-prism and optical film panel businesses [21]. - The fourth quarter of 2023 saw significant growth, with revenue reaching RMB 1.53 billion, a 30.05% increase year-on-year, and net profit soaring by 68.83% to RMB 162 million. This growth was primarily driven by the mass production of the micro-prism project and improvements in market share and gross margin for optical film panels [21]. - The company is expected to benefit from the optical upgrade trend in smartphones in 2024, with new product launches from major brands like Huawei and Apple driving demand for its optical products [21]. Financial Summary - The company’s projected financials for 2024-2026 include: - Revenue: RMB 6.48 billion in 2024, RMB 7.91 billion in 2025, and RMB 9.63 billion in 2026, with growth rates of 27.6%, 22.1%, and 21.8% respectively [21][14]. - Net profit: Expected to reach RMB 755 million in 2024, RMB 990 million in 2025, and RMB 1.16 billion in 2026, with growth rates of 25.8%, 31.1%, and 17.5% respectively [21][14]. - EBITDA: Projected to be RMB 1.27 billion in 2024, RMB 1.64 billion in 2025, and RMB 2.02 billion in 2026 [21][14]. - The report also highlights an increase in earnings per share (EPS) from RMB 0.54 in 2024 to RMB 0.84 in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 28.6 to 18.6 [21][14]. Market Position and Growth Drivers - The company has secured over ten new contracts in the automotive sector, expanding its product offerings to include automotive cameras and LCoS PGU modules, positioning itself as a leading supplier in the AR-HUD market [21]. - The report emphasizes the company's effective operational strategies, which have allowed it to achieve significant results even during a downturn in the consumer electronics industry [21].

| --- | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------|-----------------------------------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n3 月金股组合 | —— 晨会聚焦 \n | | | 2024 年 3 月 25 日 \n中银晨会聚焦 | | 股票代码 601288.SH | | 股票名称 农业银行 | | -20240325 | | | | 中远海特 | | | | 600428.SH | | | | ■ 重点关注 | | 002372.SZ | | 伟星新材 | | | | 002409.SZ | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [4][8]. Core Views - The company achieved a significant revenue increase of 229.02% year-on-year, reaching RMB 3.404 billion in 2023, and reported a net profit of RMB 68.84 million, marking a turnaround from losses [1][2]. - The recovery in the business travel market is robust, with the company capitalizing on market opportunities, leading to substantial growth in operating performance [1][2]. - The company is actively expanding its business scope, with a strategic national layout that has increased the revenue contribution from branches to 38%, up 21 percentage points from 2019 [1][2]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of RMB 3.404 billion, a year-on-year increase of 229.02%, and a net profit of RMB 68.84 million, with a gross margin of 20.87% and a net margin of 2.39% [1][2]. - The fourth quarter alone saw revenue of RMB 919 million, a remarkable year-on-year growth of 409.32% [1][2]. - The company’s financial metrics improved, with selling and administrative expense ratios at 7.68% and 9.37%, respectively [1][2]. Business Expansion - The company is expanding its business footprint, with a focus on business travel and accommodation sectors, having added 31 new hotel management projects in 2023 [1][2]. - The company has established a national strategic layout with operational centers across various regions, enhancing its market presence [1][2]. Recovery Potential - The outbound tourism business remains under recovery, with 2023 revenues from outbound travel at RMB 759 million, still below pre-pandemic levels where such revenues constituted over half of total income [1][2]. - The company has increased its resource suppliers to over 100 and organized 50 outbound travel launch groups in 2023, indicating strong potential for further recovery in this segment [1][2]. Valuation - The report adjusts the EPS forecasts for 2024-2026 to RMB 0.34, RMB 0.42, and RMB 0.43, respectively, with corresponding P/E ratios of 26.3, 21.3, and 21.0 times [1][2].

建筑材料 | 证券研究报告 — 调整盈利预测 2024年3月25日 600176.SH 中国巨石 买入 供需仍偏弱，拐点需等待 原评级：买入 市场价格:人民币 9.84 公司发布2023年年报，全年营收148.8亿元，同减26.3%，归母净利30.4亿 元，同减 53.9%，EPS0.76元；其中 2023Q4营收 34.5亿元，同减 15.6%， 板块评级:强于大市 归母净利 3.7 亿元，同减 66.1%。公司产能持续扩张，龙头优势稳固；当前 玻纤行业供需仍偏弱，拐点仍需等待。维持公司买入评级。 股价表现 支撑评级的要点 10%  玻纤价格下行，2023Q4 营收利润同比下滑：据卓创资讯，2023Q4 玻纤 (0%) 主流产品2400tex缠绕直接纱均价3,335.1元/吨，同降22.4%，环比降低 (10%) 11.6%，价格降幅较大致公司业绩承压。2023Q4 营收 34.5 亿元，同减 (19%) 15.6%，归母净利3.7亿元，同减66.1%。2023Q4毛利率25.8%，同减7.3pct， (29%) 环比下降1.3pct；净利率11.1%，同减16.9pct，环比下降6.6pct。 (38% ...