2024 年第二季度十大金股 2024 年第一季度金股回顾：截至 3 月 30 日，2024 年第一季度财信 证券十大金股累计收益率为+0.75%，相对同期沪深 300 指数、上证 50 指数、创业板指数、科创 50 指数的超额收益率分别为-2.35pct、- 3.06pct、+4.62pct、+11.23pct。2024 年第一季度，A 股市场 V 型探 底，中央汇金等持续加大增持力度，宽基指数走势分化，蓝筹指数好 于成长指数，大盘风格跑赢中小票风格。2024 年第一季度金股涨跌 幅依次为：润泽科技（+22.23%）、石头科技（+21.07%）、银泰黄 金（+20.60%）、久立特材（+11.77%）、模塑科技（+2.14%）、心 脉医疗（-5.57%）、普冉股份（-7.43%）、桐昆股份（-9.19%）、生 物股份（-19.22%）、金博股份（-28.88%）。总体来看，2024 年第一 季度的十大金股中，算力概念、出海产业链、黄金股等表现较佳。 十大金股：结合行业研究员的推荐，我们推出2024年第二季度十大 金股：久立特材、建霖家居、凯因科技、神州泰岳、石头科技、润泽 科技、银泰黄金、劲仔食品、沪电股份 ...

Group 1: Macroeconomic Insights - The central bank reported that the cumulative new social financing amount for the first two months reached 8.06 trillion yuan, marking the second-highest level for the same period in history [9][18]. - The M2 money supply in February grew by 8.7% year-on-year, maintaining the same growth rate as the previous month, slightly below the market expectation of 8.8% [15]. - In February, the sales prices of newly built commercial residential properties in first, second, and third-tier cities decreased by 0.3%, 0.3%, and 0.4% month-on-month, respectively, indicating a continued decline in real estate prices [15]. Group 2: Market Performance - During the week of March 11-15, the A-share market saw the Shanghai Composite Index rise by 0.28% and the Shenzhen Component Index increase by 2.60%, with the ChiNext Index up by 4.25% [10][43]. - The average daily trading volume in the Shanghai and Shenzhen markets was 10.31552 trillion yuan, reflecting a 4.87% increase compared to the previous week [10][43]. - The market is experiencing a rotation in investment styles, with small-cap stocks showing relative strength and sectors such as automobiles, food and beverage, and non-ferrous metals leading the gains [10][43]. Group 3: Company-Specific Developments - Long Cable Technology (002879.SZ) reported a significant improvement in its 2023 performance, with a notable recovery in its business operations [42]. - Deep South Circuit (002916.SZ) announced its 2023 annual report, indicating a 14.81% year-on-year decrease in net profit, attributed to market demand challenges and increased costs [27]. - Ningde Times (300750.SZ) achieved a net profit of 44.1 billion yuan in 2023, representing a 44% year-on-year growth, driven by strong sales in lithium-ion batteries [31]. Group 4: Regulatory and Policy Changes - The China Securities Regulatory Commission (CSRC) released a series of policy documents aimed at enhancing the quality of listed companies and strengthening regulatory oversight [20][26]. - The CSRC emphasized the need for a "responsibility upon application" approach to improve the accountability of companies during the listing process [20]. - The new policies are expected to support the consolidation of the industry, encouraging mergers and acquisitions among leading securities firms [20][26].

证券研究报告 | --- | |-----------------------------------------------------------------------| | | | | | 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…………………………………………………………………………………………………………………………………………………… 10 | 策略报告 -12.00% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 石油石化有色金属家用电器公用事业纺织服饰银行环保交通运输基础化工农林牧渔建筑装饰钢铁建筑材料煤炭食品饮料国防军工综合轻工制造美容护理机械设备电力设备房地产商贸零售汽车医药生物非银金融社会服务通信电子计算机传媒 当周涨跌幅 2 策略点评 策略报告 （5）全球经济仍具韧性，流动性环境利好 A 股。海外经济而言，美国第四季度实际 GDP 年化季率终值为 3.4%，预估为 3.2%，修正值为 3.2%。从 OECD 综 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1]. Core Views - The company is actively expanding its production capacity and developing fine tungsten wire products, positioning itself as a comprehensive new materials service provider [5]. - The rapid development of the photovoltaic industry has led to increased demand for silicon wafer cutting, with the company achieving a revenue of 814 million yuan from diamond wire in 2023, a year-on-year increase of 30% [6]. - The company has successfully expanded its diamond wire production capacity, doubling it to 6 million kilometers per month by the end of 2023 [7]. - Despite a strong overall performance in 2023, the company faced pressure on profitability in Q4 due to intensified industry competition and increased costs [9]. - The company is investing significantly in R&D, with expenses reaching 61.28 million yuan in 2023, a year-on-year increase of 61.2% [12]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 848 million yuan, a year-on-year increase of 32%, and a net profit of 112 million yuan, up 23.6% year-on-year [11]. - The company reported a significant increase in operating cash flow, reaching 33 million yuan, a year-on-year increase of 106.3% [11]. - The Q4 2023 revenue was 113 million yuan, with a net loss of 54 million yuan, reflecting a substantial decline compared to previous quarters [11]. Production and Capacity - The company has upgraded its production capabilities, implementing a leading "single machine 20 wire" application, which has enhanced its production efficiency [7]. - The company is also diversifying its product lines by acquiring stakes in new energy and materials companies, such as a 35% stake in Shanghai Yishang New Energy Technology [14]. Future Outlook - The company is expected to achieve revenue of 1.24 billion yuan in 2023 and 1.68 billion yuan in 2024, with net profits projected to grow significantly [15]. - The report anticipates a reasonable valuation range for the company's 2024 performance between 13.0 yuan and 17.3 yuan per share, maintaining the "Accumulate" rating [15].

证券研究报告 | --- | --- | --- | |---------------------------|----------|--------------| | 交易数据 \n当前价格（元） | 评级变动 | 维持 \n12.36 | | 52 周价格区间（元） | | 10.08-16.50 | | 总市值（百万） | | 14857.21 | | 流通市值（百万） | | 14855.65 | | 总股本（万股） | | 120204.00 | | 流通股（万股） | | 120191.40 | | | | | -24% -14% -4% 6% 16% 湖南黄金 贵金属 周策 分析师 执业证书编号:S0530519020001 zhouce67@hnchasing.com 相关报告 公司点评 湖南黄金(002155.SZ) | --- | --- | --- | --- | --- | --- | |---------------------|--------|--------|--------|--------|--------| | 预测指标 | 2022A | 2023A | 2024E | ...

证券研究报告 公司点评 新凤鸣(603225.SH) 基础化工｜ 化学纤维 行业景气回升， 产能规划清晰 2024年 03月 26日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 增持 主营收入(亿元) 507.87 614 .69 665.15 728.00 796.80 归母净利润(亿元) -2.05 10.86 21.33 29.75 37.38 评级变动 首次 每股收益（元） -0.13 0.71 1.39 1.95 2.44 交易数据 每股净资产（元） 10.09 10.81 20.24 33.41 49.95 当前价格（元） 13.58 P/E -103.90 19.62 9.99 7.16 5.70 52周价格区间（元） 9.95-15.02 P/B 1.38 1.29 0.69 0.42 0.28 总市值（百万） 20770.21 资料来源：iFinD，财信证券 流通市值（百万） 20770.21 总股本（万股） 152947.10 投资要点： 流通股（万股） 152947.10  公司发布 2023 年年报，全年实现营业收入 614.69 亿元，同比增长 21 ...

证券研究报告 行业点评 家用电器 AWE 展 AI 融合家电，加快实现全屋智能 2024年 03月25日 2022A 2023E 2024E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 同步大市 海尔智家 1.56 15.12 1.73 13.63 1.82 12.93 买入 评级变动： 维持 石头科技 9.00 37.68 15.89 21.35 19.18 17.68 买入 资料来源：iFinD，财信证券 行业涨跌幅比较 投资要点： 家用电器 沪深300 19%  事件：AWE 家电和消费电子展为全球三大家电展之一，2024 年度展 9% 会主题为“智能科技，创享生活”，强化了家电产品中 AI赋能的概念， -1% 展现了从售卖单品向提供全屋场景一体化解决方案的转变趋势。 -11%  AI 赋能家电成为主流趋势：1）彩电：海信视像发布了自研星海大模 -21% 2023-03 2023-06 2023-09 2023-12 2024-03 型，并推出全新 ULEDX 全场景 AI计算画质平台；TCL 的新品集成 TSR独立画质芯片和全识 AI大模型； ...

证券研究报告 公司点评 紫金矿业(601899.SH) 有色金属｜ 工业金属 产量稳步提升，矿 业龙头持续成长 2024年 03月 25日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 2,703.29 2,934 .03 3,751.79 4,647.81 5,595.68 归母净利润(亿元) 200.42 211.19 265.48 339.45 407.29 评级变动 调高 每股收益（元） 0.76 0.80 1.01 1.29 1.55 交易数据 每股净资产（元） 3.38 4.08 4.92 5.99 7.27 当前价格（元） 15.39 P/E 20.22 19.18 15.26 11.94 9.95 52周价格区间（元） 10.52-15.96 P/B 4.56 3.77 3.13 2.57 2.12 总市值（百万） 396141.62 资料来源：iFinD，财信证券 流通市值（百万） 316361.35 总股本（万股） 2632598.90 投资要点： 流通股（万股） 2629323.40  事件：公司发布2023年年度报告，2023年， ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved a revenue of 2.955 billion yuan in 2023, representing a year-on-year growth of 12.68%, while the net profit attributable to shareholders was 671 million yuan, down 12.51% year-on-year [3][5] - The company is focusing on external expansion to enhance its competitive edge, particularly through the acquisition of Minsheng Securities, which is expected to improve its market position significantly [5] - The report projects net profits for 2024, 2025, and 2026 to be 839 million yuan, 987 million yuan, and 1.042 billion yuan respectively, with growth rates of 25.01%, 17.64%, and 5.63% [5][6] Financial Performance Summary - The company's main revenue sources in 2023 showed a decline in brokerage income by 6.36%, an increase in investment banking income by 2.52%, and a significant rise in asset management income by 128.35% [4] - The company’s total assets reached 871 billion yuan by the end of 2023, with a year-on-year increase of 17.1%, while net assets grew by 8.1% to 181 billion yuan [3][6] - The company’s return on equity (ROE) was 3.89% in 2023, a decrease of 0.73 percentage points from the previous year [3][6] Business Development - The company is advancing its wealth management transformation, with a total of 1.7364 million clients by the end of 2023, reflecting a year-on-year growth of 9.64% [4] - The asset management business has accelerated its layout, particularly after acquiring a 75.5% stake in Zhongrong Fund, which has been rebranded as Guolian Fund [4][5] - The company’s financial product sales decreased by 14.76% year-on-year, while the total amount of financial products held increased by 8.16% [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [12]. Core Insights - The company has significantly increased its R&D investment, with expenses reaching 389 million yuan in 2023, a year-on-year increase of 73%. The number of R&D personnel has also doubled to 584, with an average salary of 392,800 yuan [2]. - The company is focusing on technological innovation in high-capacity, automated cutting equipment and has established a joint research lab with partners to advance n-type silicon wafer technology [2]. - The company is expected to experience substantial revenue growth, with projections of 7.52 billion yuan in 2024, 8.86 billion yuan in 2025, and 10.29 billion yuan in 2026, alongside net profits of 1.20 billion yuan, 1.49 billion yuan, and 1.78 billion yuan respectively [15]. Financial Performance - The company's total revenue for 2023 was 6.18 billion yuan, reflecting a 73.19% increase year-on-year. The net profit attributable to shareholders reached 1.46 billion yuan, an 85.28% increase [17]. - The gross margin for 2023 was 42.49%, while the net margin was 23.63%, indicating a slight improvement in profitability metrics compared to the previous year [17]. - The company reported a significant increase in cash flow from operating activities, amounting to 1.19 billion yuan, a 433% increase year-on-year [17]. Capacity Expansion and Market Position - The company is expanding its production capacity, with ongoing projects expected to enhance total capacity significantly. The anticipated completion of new facilities will further solidify its market position [14]. - The company has established long-term partnerships with major clients, which is expected to drive growth in its cutting and processing services [15].