美欧经济不确定指数： 资料来源：财信证券，wind | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|---------|--------------------------|---------|---------|--------|-------------------|----------------------|---------|---------|---------| | 图 4 | | ：布伦特原油结算价（美元 | / 桶） | | 图 5 | | ：美国通胀国债利率（ | % ） | | | | | | | | | | | | | | | | 140 | | | | | 3.0 | | | | | | | 120 | | | | | 2.5 | | | | | | | | | | | 88.36 | 2.0 | | | | | | | 100 | | | | | 1.5 | | | | | | | 80 | | | | | 1.0 | | | | | | | 60 | | | | | ...

证券研究报告 公司点评 长安汽车（000625.SZ） 汽车｜ 乘用车 业绩稳健增长，电动智 能化转型布局提速 2024年 04月 22日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 增持 主营收入（亿元） 1212.53 1512 .98 1815.57 2178.69 2509.81 归母净利润（亿元） 77.98 113.27 86.29 101.29 123.70 评级变动 维持 每股收益（元） 0.79 1.14 0.87 1.02 1.25 交易数据 每股净资产（元） 6.34 7.25 7.85 8.57 9.44 当前价格（元） 16.68 P/E 21.66 14.91 19.57 16.67 13.65 52周价格区间（元） 10.99-21.48 P/B 2.69 2.35 2.17 1.99 1.80 总市值（百万） 144410.65 资料来源：iFinD（2024-4-19收盘价），财信证券 流通市值（百万） 143382.00 总股本（万股） 991729.00 投资要点： 流通股（万股） 985562.00  事件：公司发布 2023年年度报告 ...

证券研究报告 公司点评 珀莱雅(603605.SH) 美容护理｜ 化妆品 业绩增长亮眼，品牌势能有望持续向上 2024年04月22日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(百万元) 6,385.45 8,904.57 11,336.53 13,719.01 16,023.52 归母净利润(百万元) 817.40 1,193.87 1,583.28 1,899.09 2,233.59 评级变动 维持 每股收益（元） 2.06 3.01 3.99 4.79 5.63 交易数据 每股净资产（元） 8.75 10.83 13.86 17.48 21.74 当前价格（元） 104.40 P/E 50.67 34.70 26.16 21.81 18.54 52周价格区间（元） 78.24-173.86 P/B 11.92 9.64 7.53 5.97 4.80 总市值（百万） 41421.50 资料来源：iFinD，财信证券 流通市值（百万） 41217.20 总股本（万股） 39675.80 投资要点： 流通股（万股） 39480.10  业绩概览：1）2023全 ...

证券研究报告 公司点评 三七互娱(002555.SZ) 传媒｜ 游戏Ⅱ 短期业绩低于预期 ，分红频次提升 2024年 04月 23日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 164.06 165.47 174.26 180.50 183.63 归母净利润(亿元) 29.54 26.59 27.96 29.63 30.72 评级变动 维持 每股收益（元） 1.33 1.20 1.26 1.34 1.39 交易数据 每股净资产（元） 5.49 5.73 6.41 7.14 7.89 当前价格（元） 17.19 P/E 12.90 14.34 13.64 12.87 12.41 52周价格区间（元） 15.96-36.94 P/B 3.13 3.00 2.68 2.41 2.18 总市值（百万） 38125.09 资料来源：iFinD，财信证券 流通市值（百万） 27630.33 总股本（万股） 221786.50 投资要点： 流通股（万股） 160734.90  公司发布 2023年报和 2024一季报业绩预告。2023年实现营收、归母 净利润 165 ...

| --- | --- | --- | --- | --- | --- | |-------------------------------------|----------|-------------------------|-------------|--------|-------------------------------------------------------------------------------------------| | | 2024 | 晨会纪要 \n年 04 月 | \n 23 日 | | 晨会纪要 | | 市场数据 | | | | | 晨会聚焦 | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | 上证指数 | | 3044.60 | | -0.67 | 【市场策略】市场全天震荡调整，消费板块逆势领涨 | | 深证成指 | | 9239.14 | | -0.43 | | | 创业板指 | | 1750.46 | | -0.32 | 【基金研究】基金数据日跟踪 | | 科创 50 | | 731.81 | | 0.17 | 【债券研究】债券市 ...

证券研究报告 行业月度点评 新能源电池 3 月半固态电池装车 311.6MWh 2024年04月16日 2022A 2023E/A 2024E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 领先大市 宁德时代 6.99 28.20 10.03 19.66 11.25 17.52 买入 评级变动： 维持 科达利 3.34 27.54 4.45 20.67 4.63 19.87 买入 天赐材料 2.97 8.16 0.98 24.74 0.74 32.77 买入 行业涨跌幅比较 东方电热 0.20 24.20 0.46 10.52 0.35 13.83 买入 新能源电池 沪深300 资料来源：同花顺iFinD，财信证券 15% 投资要点： -5%  行情回顾：3月 14日至 4月 15日，电池指数上涨2.44%，同期沪深 -25% 300指数下跌0.37%，根据近一月的走势来看，电池指数走势稍强于沪 -45% 深 300指数走势。个股方面，近一月电池板块中上涨个股 38只，下跌 2023-04 2023-07 2023-10 2024-01 2024-04 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 Index [30]. Core Insights - The company's net interest margin (NIM) has come under pressure, narrowing by 31 basis points year-on-year to 1.7%, although it remains at a leading level within the industry. This decline is primarily due to a 21 basis point drop in the yield on interest-earning assets, which was more pronounced than the industry average [2][8]. - The company has effectively managed its liabilities, with a slight increase of 2 basis points in the cost of interest-bearing liabilities compared to the first half of the year. The deposit cost rate remained stable, and the overall cost of liabilities rose less than that of peers due to proactive adjustments in the liability structure [2][8]. - The asset quality remains stable, with a non-performing loan (NPL) ratio of 1.37% at the end of 2023, a decrease of 1 basis point year-on-year. The coverage ratio for provisions stands at 239.85%, maintaining a strong risk mitigation capability [8][18]. Financial Performance Summary - In 2023, the company achieved total revenue of 769.736 billion yuan, a year-on-year decrease of 1.79%. Net interest income was 617.233 billion yuan, down 4.11% year-on-year, while non-interest income from fees and commissions was 115.746 billion yuan, a slight decline of 0.29% [26][28]. - The company reported a net profit attributable to shareholders of 332.653 billion yuan, reflecting a year-on-year increase of 2.44% [26][28]. - The company’s loan portfolio grew by 12.6% year-on-year, with corporate loans increasing by 18.4%. Personal loans saw a growth of 5.3%, driven mainly by consumer and business loans [18][26]. Valuation Metrics - The report forecasts earnings per share (EPS) for 2024-2026 to be 1.35, 1.39, and 1.44 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 5.40, 5.24, and 5.08 [28][29]. - The price-to-book (P/B) ratio is projected to be 0.56, 0.51, and 0.46 for the same period, indicating a reasonable valuation range of 9.81 to 10.46 yuan for the stock [28][29].

证券研究报告 公司点评 萤石网络(688475.SH) 计算机｜ 计算机设备 海外市场快速增长， 盈利质量稳健提升 2024年 04月 16日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 43.06 48. 40 55.23 62.01 69.49 归母净利润(亿元) 3.33 5.63 6.78 7.93 9.44 评级变动 首次 每股收益（元） 0.59 1.00 1.21 1.41 1.68 交易数据 每股净资产（元） 8.64 9.36 10.36 11.53 12.93 当前价格（元） 47.09 P/E 79.53 47.05 39.06 33.40 28.06 52周价格区间（元） 37.61-56.05 P/B 5.45 5.03 4.54 4.08 3.64 总市值（百万） 26488.20 资料来源：iFinD，财信证券 流通市值（百万） 13614.90 总股本（万股） 56250.00 投资要点： 流通股（万股） 28912.50  事件：根据公司发布的2023年年报和 2024年一季报，2023公司实现 营业总收入 48.40 ...

Investment Rating - The report assigns a rating of "Buy" to the company [1] Core Views - The company has shown significant improvement in profitability, with a 42.2% year-on-year revenue growth in Q1 2024, reaching 3.96 billion yuan, and an 84.5% increase in net profit attributable to shareholders, amounting to 380 million yuan [3][4] - The gross margin for Q1 2024 was 25.2%, an increase of 2.1 percentage points year-on-year, indicating enhanced profitability [4] - The company is focusing on the development of packaging substrates, with R&D expenses rising by 103.6% year-on-year to 338 million yuan, reflecting a commitment to innovation and growth [4] - The establishment of a factory in Thailand is expected to help the company seize overseas opportunities, with an estimated investment of 1.27 billion yuan [4] Financial Summary - The company's main revenue for 2022 was 13.992 billion yuan, with projections of 16.172 billion yuan for 2024 and 20.728 billion yuan for 2026 [3][7] - The net profit attributable to shareholders is projected to be 1.728 billion yuan in 2024, increasing to 2.346 billion yuan by 2026 [3][7] - Earnings per share (EPS) are expected to rise from 2.73 yuan in 2023 to 4.57 yuan in 2026 [3][7] - The price-to-earnings (P/E) ratio is projected to decrease from 32.63 in 2023 to 19.45 in 2026, indicating potential for value appreciation [3][7]

证券研究报告 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 | --- | |------------------| | | | | | 1 A 股行情回顾. | | 2 策略点评 . | | 3 行业数据 | | 4 市场估值水平 . | | 5 市场资金跟踪 | | 6 风险提示 | 此报告仅供内部客户参考 策略报告 | --- | --- | --- | --- | --- | |-----------|-----------------|------------|------------|------------| | 名称 | 周五收盘价 | 当周涨跌幅 | 当月涨跌幅 | 当年涨跌幅 | | 上证 50 | 2,430.58 2.38% | | 0.65% | 4.49% | | 沪深 300 | 3,541.66 1.89% | | 0.12% | 3.22% | | 中证 100 | 3,386.94 1.82% | | 0.39% | 3.80% | | 上证综指 | 3,065.26 1.52% | | 0.79% | 3.04% | | 中证 500 | 5,314.87 0 ...