涨跌幅比较 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 2023 年平稳收官，2024 年开年业绩有所承压。2023年，公司实现营 业收入 62.62 亿元，同比下降 2.77%；实现归母净利润 7.09 亿元，同 比下降 7.86%；实现扣非归母净利润 6.51 亿元，同比下滑 17.87%。其 中 Q4 实现营业收入 18.40 亿元，同比增长 5.26%；实现归母净利润 2.08 亿元，同比增长 36.54%；实现扣非归母净利润 1.77 亿元，同比 增长 12.33%。2024Q1，公司实现营业收入15.56亿元，同比增长3.62 %； 实现归母净利润1.87亿元，同比下降9.57%；实现扣非归母净利润1.39 亿元，同比下滑 24.85%。 产品价格下降幅度大于成本下降，盈利能力下行。2023年，综合毛利 率和净利率分别为 31.13%和 11.65%，分别同比下滑 3.02 和 1.36pct。 主 要 产 品 各 类 盐 、 纯 碱 、 氯 化 铵 、 烧 碱 的 毛利率分别为 32.21%/41.93%/24.64%/ ...

| --- | --- | --- | |---------------------------|----------|--------------| | 交易数据 \n当前价格（元） | 评级变动 | 首次 \n17.71 | | 52 周价格区间（元） | | 13.73-25.85 | | 总市值（百万） | | 11557.82 | | 流通市值（百万） | | 11549.97 | | 总股本（万股） | | 65261.60 | | 流通股（万股） | | 65217.20 | | --- | --- | --- | --- | |----------------------------------------|-----------------|---------|----------| | | | | | | 23% | 晶方科技 | 半导体 | | | 3% | | | | | -17% | | | | | -37% 2023-05 2023-08 | 2023-11 | 2024-02 | | | | | | | | % | 1M | 3M | 12M | | 晶方科技 | -0.45 | ...

证券研究报告 公司点评 分众传媒(002027.SZ) 传媒｜ 广告营销 主流城市点位不断加密， 高分红彰显长投价值 2024年 05月 06日 预测指标 2022A 2023 A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 94.25 119.04 131.69 142.86 151.85 归母净利润(亿元) 27.90 48.27 52.44 56.59 59.95 评级变动 维持 每股收益（元） 0.19 0.33 0.36 0.39 0.42 交易数据 每股净资产（元） 1.17 1.23 1.23 1.23 1.23 当前价格（元） 6.62 P/E 33.65 19.45 17.90 16.59 15.66 52周价格区间（元） 5.58-7.76 P/B 5.54 5.31 5.29 5.28 5.27 总市值（百万） 95607.37 资料来源：iFinD，财信证券 流通市值（百万） 95607.37 总股本（万股） 1444220.00 投资要点： 流通股（万股） 1444220.00  事件：公司发布 2023年及2024一季报，2023年实现营收、归母净利 润 1 ...

【公司跟踪】三友医疗（688085.SH）：控股公司 Implanet 脊柱内固定系统获得美国 FDA510（K）认证 龙靖宁（S0530523120001） 证券研究报告 晨会纪要 晨会纪要 一、财信研究观点 【基金研究】基金数据日跟踪 | --- | --- | --- | --- | --- | --- | --- | --- | |------------|-------|-------|---------|-------|-------|-------|--------| | | | | | | | | | | 市场数据 | | | | | | | | | 指数名称 | | | 收盘 | | | | 涨跌 % | | 上证指数 | | | 3128.48 | | | | -0.61 | | 深证成指 | | | 9638.82 | | | | -1.35 | | 创业板指 | | | 1865.11 | | | | -1.45 | | 科创 50 | | | 761.66 | | | | -1.06 | | 北证 50 | | | 816.00 | | | | -0.76 | | 沪深 300 | ...

Investment Rating - The investment rating for the company is "Accumulate" [1][2][3] Core Views - The company is expected to experience significant revenue growth driven by high-quality content and a robust film slate, with projected revenues of 2.38 billion, 2.81 billion, and 3.20 billion for 2024, 2025, and 2026 respectively [1][2][3] - The net profit attributable to the parent company is forecasted to be 806.21 million, 957.06 million, and 1.09 billion for the same years [1][2][3] - The company is positioned as a leader in the domestic animation film industry, with a strong content reserve and an expanding product line [2][3] Financial Summary - Revenue for 2022 was 754.91 million, increasing to 1,545.63 million in 2023, with projections of 2,378.86 million for 2024, 2,810.35 million for 2025, and 3,195.55 million for 2026 [1][3] - The net profit attributable to the parent company was -712.89 million in 2022, turning positive to 417.81 million in 2023, and expected to reach 806.21 million in 2024, 957.06 million in 2025, and 1,092.87 million in 2026 [1][3] - Earnings per share (EPS) are projected to be 0.14 in 2023, increasing to 0.27 in 2024, 0.33 in 2025, and 0.37 in 2026 [1][2][3] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 67.69 in 2023 to 25.88 by 2026 [1][3] - The price-to-book (P/B) ratio is projected to decline from 3.26 in 2023 to 2.09 in 2026 [1][3] - The company’s total market capitalization is approximately 28.28 billion [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 612.64 billion yuan in 2023, representing a year-on-year growth of 7.20%. The net profit attributable to shareholders was 29.78 billion yuan, up 57.11% year-on-year [5][7] - The production of gold and copper met expectations, with gold production at 18.89 tons and copper production at 41.09 tons, showing slight variations compared to the previous year [5] - The company has strengthened its resource base, with significant investments in geological exploration and acquisitions, resulting in increased metal reserves [5] Financial Summary - Main revenue figures for the company are projected as follows: - 2022: 571.51 billion yuan - 2023: 612.64 billion yuan - 2024: 671.81 billion yuan - 2025: 719.12 billion yuan - 2026: 788.06 billion yuan [4][7] - Net profit attributable to shareholders is forecasted to grow from 21.17 billion yuan in 2022 to 45.00 billion yuan in 2026 [4][7] - Earnings per share (EPS) is expected to increase from 0.44 yuan in 2022 to 0.93 yuan in 2026 [4][7] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 30.18 in 2022 to 14.20 in 2026, indicating potential for valuation improvement [4][7] Investment Recommendations - The report suggests that the company could achieve a net profit of 36.40 billion yuan in 2024, with corresponding EPS of 0.75 yuan. The target price is set between 15.00 and 18.75 yuan based on a P/E ratio of 20-25 for 2024 [5][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 多，短期业绩承压 此报告仅供内部客户参考 -2- 请务必阅读正文之后的免责条款部分 晨会聚焦摘要： 【市场策略】市场全天震荡调整，三大指数涨跌不一 叶彬（S0530523080001） 此报告仅供内部客户参考 -3- 请务必阅读正文之后的免责条款部分 关注估值与业绩的匹配性。5-6 月份权益市场可适当提高风险偏好，关注以下板块： （1）TMT 板块。一方面，当前下全球处于人工智能产业浪潮期，预计将催生新的产业链及商业模式；另一方 面，中国正处于关键科技领域突破、实现产业链自主可控的关键时期，科技行业将迎来快速发展。TMT 板块可重点 关注算力端的光模块、软件端的计算机、应用端的传媒。 （2）新质生产力。《政府工作报告》强调"大力推进现代化产业体系建设，加快发展新质生产力"，叠加《推动 大规模设备更新和消费品以旧换新行动方案》落地，可关注工业母机、机器人、低空经济等方向。 （3）出口产业链。从高频数据来看，美国补库存将对第二季度出口形成重要支撑，可关注家电、纺织服装等出 口产业链方向。 （4）资源板块。在外需改善、美联储降息、供给收紧下，有 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company's Q1 2024 revenue was slightly below expectations at 540 million yuan, with a year-on-year growth of 23.58%. However, net profit exceeded expectations, reaching 74 million yuan, a year-on-year increase of 87.73% [5] - The decline in raw material costs has positively impacted profitability, with government subsidies of 16.93 million yuan contributing to the better-than-expected performance [5] - The company is focusing on three new products aimed at creating new growth points, while also benefiting from the ongoing reduction in raw material costs and scale effects [7][9] Financial Performance - The company reported a gross margin of 30.02% in Q1 2024, an increase of 4.04 percentage points year-on-year, and a net margin of 13.80%, up 4.90 percentage points year-on-year [7] - Revenue projections for 2024-2026 are 2.718 billion yuan, 3.374 billion yuan, and 4.038 billion yuan, respectively, with year-on-year growth rates of 31.61%, 24.15%, and 19.66% [9] - The forecasted net profit for the same period is 297 million yuan, 365 million yuan, and 421 million yuan, with growth rates of 41.73%, 22.86%, and 15.36% [9] Product and Market Analysis - The core product categories show strong performance, with fish products generating 340 million yuan (63% of revenue) and poultry products contributing 118 million yuan (22% of revenue) [6] - The company has successfully expanded its offline channels, with offline revenue growth exceeding 30%, while online sales have stabilized due to adjustments in pricing and cost management [6] - The company has completed coverage of 100 clients and 20,000 stores in the snack specialty channel, with Q1 revenue from this channel growing over 100% year-on-year [6]

证券研究报告 公司点评 益丰药房(603939.SH) 医药生物｜ 医药商业 高基数下业绩稳健增长 ，盈利水平相对稳定 2024年 05月 06日 预测指标 2022A 202 3A 2024E 2025E 2026E 评级 买入 主营收入（亿元） 198.86 225.88 275.02 337.82 408.70 归母净利润（亿元） 12.66 14. 12 17.49 21.18 25.31 评级变动 维持 每股收益（元） 1.25 1.40 1.73 2.10 2.50 交易数据 每股净资产（元） 8.47 9.70 11.11 12.81 14.85 当前价格（元） 45.40 P/E 36.25 32.49 26.23 21.66 18.13 52周价格区间（元） 31.10-52.29 P/B 5.36 4.68 4.09 3.54 3.06 总市值（百万） 45880.40 资料来源：Wind，财信证券 流通市值（百万） 45768.50 总股本（万股） 101058.00 投资要点： 流通股（万股） 100811.70  事件：公司发布2023年年度报告及 2024年一季度报告。 涨跌幅比 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7] Core Views - The company reported a significant decline in Q1 2024 revenue, down 74.44% year-on-year, with a net loss of 2.19 billion yuan, primarily due to losses in proprietary trading [5][6] - The integration with Minsheng Securities has entered a substantial phase, which is expected to enhance the company's competitive position in the market [6][7] - The company is projected to improve its profitability over the next three years, with expected net profits of 8.39 billion yuan, 9.87 billion yuan, and 10.42 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 25.01%, 17.64%, and 5.63% [7][8] Summary by Relevant Sections Financial Performance - In Q1 2024, the company achieved revenue of 1.73 billion yuan, with a significant year-on-year decline [5] - The company's total assets increased by 7% to 932.32 billion yuan by the end of Q1 2024, attributed to a leverage increase to 4.70x [6] - The financial investment scale reached 539.65 billion yuan, an increase of 8.56% compared to the end of 2023 [6] Business Segments - The net income from brokerage, investment banking, and asset management for Q1 2024 was 1.08 billion yuan, 0.78 billion yuan, and 1.43 billion yuan respectively, with asset management showing a significant increase of 346.88% due to the acquisition of Guolian Fund [6] - Proprietary trading and interest income both turned negative, with losses of 1.50 billion yuan and 0.27 billion yuan respectively [6] Future Outlook - The report anticipates that the integration with Minsheng Securities will enhance the company's scale and competitive metrics, potentially improving its ranking in the industry by over 10 positions [6][7] - The company is expected to maintain a price-to-book ratio of 1.9-2.1, with a target price range of 12.48 yuan to 13.80 yuan [7]