请务必阅读正文之后的信息披露和法律声明 | --- | --- | --- | --- | |----------------------------------------------------------------------------------|------------|------------------|--------------| | | | | | | Haitong International Equity Research Ratings Distribution, as of March 31, 2024 | | | | | | Outperform | Neutral (hold) | Underperform | | HTI Equity Research Coverage 90.4% 8.8% 0.8% | | | | | IB clients* 3.3% 4.9% 0.0% | | | | 3. The copyright of this data belongs to SusallWave, and we reserve all rights in accordance ...

Amber Zhou amber.lh.zhou@htisec.com 风险提示：地产优化政策效果不及预期。 | --- | --- | --- | |-------|-------|----------------------------------------------| | | | | | 图 1 | | 工业企业利润当月同比增速（%） | | 图 2 | | 驱动工业利润的因素分解： 量、价、利润率（%） | | 图 3 | | 分行业利润当月同比增速（%） . | | 图 4 | | 分行业量、价的增速差（3月-1-2 月，百分点） | | 图 5 | | 工业企业营业收入、产成品存货同比增速（%）. | 图1 工业企业利润当月同比增速（%） -50 -40 -30 -20 -10 0 10 20 30 40 18/04 18/10 19/04 19/10 20/04 20/10 21/04 21/10 22/04 22/10 23/04 23/10 24/04 工业企业:利润总额:当月同比 宏观研究—宏观快报点评 4 持续累库。1-4 月工业产成品存货增速为 3.1%，较 1-3 月的 2.5% ...

[Table_MainInfo] 行业研究/交通运输 证券研究报告 行业周报 2024年05月29日 周报：今明两年我国邮轮旅游市场将全面 恢复 [Table_Summary] 投资要点：  一周市场回顾：上证综指下跌，交运跑赢大盘，下跌1.2%。2024.5.20-2024.5.24， 交通运输指数(-1.2%)，同期上证综指（-2.1%）。子板块绝对周涨跌幅中，快递 （+0.3%）、仓储物流（-0.1%）、航空运输（-0.2%）、航运（-0.3%）、铁路运 输（-1.6%）、跨境物流（-1.9%）、公交（-2.2%）、公路货运（-2.4%）、高速 公路（-3.4%）、港口（-4.5%）。 交运一周专题推荐：油运价格跟踪，蒙煤运输情况跟踪，疫后全国公路货运车  流量跟踪。  航运数据观察： 2024 年 5 月 24 日，SCFI 指数收于 2703.43 点，环比前一期 （2024.5.17）+7.2%；2024年5月24日，BDI收于1797点，环比前一周（2024.5.17， 下同）-2.5%；2024 年 5 月 24 日，BDTI 日度指数收于 1234 点，环比前一周 （2024.5.17 ...

Investment Rating - Maintain OUTPERFORM rating with a target price of Rmb57.00 [4] - Current price is Rmb32.89 as of May 29, 2024 [4] Core Investment Thesis - AI is expected to bring incremental market space for the company, particularly in the field of copper cable shielding materials [12] - The company is a core participant in the copper cable shielding materials sector, with potential growth driven by AI server demand [12][52] - The 2025 PE ratio has been raised to 30x (previously 25x) due to expected growth in cable composite copper foil revenue [12] Financial Performance - Revenue is forecasted to grow from Rmb345mn in 2023E to Rmb872mn in 2025E, representing a 115% increase [4][27] - Net profit is expected to turn positive in 2024E at Rmb4mn and surge to Rmb153mn in 2025E, a 3758% increase [4][27] - Gross margin is projected to improve from 28.2% in 2023E to 34.9% in 2025E [4][27] Market and Industry Analysis - AI-driven demand for electromagnetic shielding film is expected to increase due to higher performance requirements in AI mobile phones/PCs [29][57] - The company is likely to benefit from North American customers' folding products, which will drive demand for FPC/electromagnetic shielding film [29][57] - The market space for AI server cable copper foil shielding materials is projected to reach Rmb420mn by 2025, with high growth potential [52][60] Valuation and Forecast - The 2025 net profit forecast has been revised up by 6% to Rmb153mn, driven by the ramp-up of cable composite copper foil [12] - The company's valuation is supported by its position in the high-speed copper cable market, which is expected to grow rapidly with the adoption of AI technologies [52][60] ESG Considerations - The company uses virgin or recycled materials in its production processes, focusing on environmental sustainability [13] - It adheres to supply chain labor and health and safety standards, emphasizing social responsibility [13] - Governance practices include shareholder rights and board diversity [13]

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating for the company [15][43]. Core Insights - The company's net profit for 2023 saw a significant increase of 186.14% year-on-year, driven by substantial growth in phosphate rock production and revenue [11][20][42]. - The design capacity of the Xiaogaozhai phosphate mine has been raised to 2 million tonnes, which is expected to enhance future performance [16][28]. - The target price is set at RMB 7.65, based on a 15X PE valuation for 2024, reflecting a premium due to the expansion of phosphate rock production capacity [29][43]. Financial Performance Summary - In 2023, the company achieved operating revenue of RMB 3.244 billion, a year-on-year increase of 13.60% [42]. - The net profit attributable to the parent company was RMB 259 million, representing a year-on-year growth of 114.08% [42]. - The company plans to distribute a cash dividend of RMB 1.50 per 10 shares, with a payout ratio of 51.44% [42]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are RMB 450 million, RMB 603 million, and RMB 712 million, respectively, with corresponding EPS of RMB 0.51, RMB 0.68, and RMB 0.80 [29][43]. - The gross profit margin is expected to improve from 22.97% in 2023 to 30.57% by 2025 [24][26]. Shareholder Structure - The top ten shareholders hold a combined 40.03% of the company's shares, with the actual controller Huang Peizhao holding 26.75% [10][45].

晶华新材 Shanghai Smith Adhesive New Material (603683 CH) 功能性涂层复合材料制造商，国产替代进程加速 Functional Coating Composites Manufacturer, Domestic Substitution Process Accelerates 孙小涵 Xiaohan Sun 功能性涂层复合材料制造商，胶粘材料产能行业领先。公司成立于 2006 年 4 月，并于 2017 年 10 月在上海证 券交易所上市。公司是功能性涂层复合材料的生产企业，主要从事工业胶粘材料、电子光学胶粘材料、特种 纸的研发、生产和销售，公司产品被广泛应用于建筑装饰、汽车制造及汽车美容、电子电器产品制造、家具 制造、文具、包装、航空高铁等领域的喷漆遮蔽、粘接、固定、保护、导电、绝缘、阻燃等方面。公司在胶 粘材料行业中的产能处于领先地位，在江苏、安徽、浙江、四川、广东均设有制造基地。截至 2023 年年末， 公司全资子公司江苏晶华拥有电子胶粘材料产能 5600 万平方米、光学胶粘材料产能 1800 万平方米、工业胶粘 材料产能 60000 万平方米、化工新材料产 ...

易普力 Explosive (002096 CH) | --- | --- | --- | --- | --- | |-------------------------------------------------------------|-------------------------|-----------|------------------------|------------------| | [Table_Info] 维持优于大市 | | | Maintain OUTPERFORM | | | 评级 | | | 优于大市 | OUTPERFORM | | 现价 | | | | Rmb12.60 | | 目标价 | | | | Rmb15.55 | | HTI ESG | | | | 3.0-5.0-4.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | | | | 市值 | | | Rmb15.63bn / US$2.16bn | | | 日交易额 (3 个月均值 ) | | | | US$17.28m ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业深度报告 2024年05月28日 [Table_InvestInfo] 2023年&2024Q1营收复苏、利润承压， AI、 投资评级 优于大市 维持 工业软件营收、净利润增速双升 市场表现 [Table_Summary] [Table_QuoteInfo] 信息服务 海通综指 投资要点： 10.60% 0.66% -9.28%  2023 年&2024Q1 营收复苏，利润承压。①2023 年计算机行业总营收 11850.52 -19.22% 亿元，同比+2.20%；归母净利润308.26亿元，同比-10.92%；扣非净利润133.71 -29.16% 亿元，同比-44%。2023年计算机员工总数为118.86万人，同比-0.09%。2024Q1 -39.10% 计算机行业总营收 2428.47 亿元，同比+5.28%；归母净利润 3.03 亿元，同比 2023/5 2023/8 2023/11 2024/2 -93.98%；扣非净利润-21.04 亿元，同比-628.84%。2024Q1 计算机板块营收端呈 资料来源：HTI 现恢复态 ...

[Table_MainInfo] 公司研究/建筑工程/建筑 证券研究报告 四川路桥（600039）公司年报点评 [ Table_InvestInfo] Q4 降幅扩大，新签订单保持增长 [Table_Summary] 投资要点：  事件：2023年公司实现营业收入1150.42亿元，同比减少14.88%；归母净利润 90.04亿元，同比减少19.70%；扣非后归母净利润90.18亿元，同比减少6.98%。 点评如下：  Q4 季度归母净利润下降，高速公路投资运营和清洁能源业务增速较快。分季 度看，Q1、Q2、Q3、Q4营收分别同比增长29.02%、8.41%、-22.74%、-47.48%； Q1、Q2、Q3、Q4归母净利润分别同比增长32.58%、15.33%、-24.62%、-67.38%。 分业务看，工程施工、贸易销售、矿业及新材料、高速公路投资运营、清洁能 源和其他业务营收分别为 1038.89、52.22、16.87、30.02、4.58和 1.61亿元， 分别同增-8.93%、-62.86%、-56.81%、23.62%、130.31%、-2.66%。分地区看， 省内及省外业务营收分别为 96 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 56.74 yuan based on a 2.4x PEG and a corresponding 70.7x PE for 2024 [2]. Core Insights - The company has entered a growth phase, with a compound annual growth rate (CAGR) of 21.4% in revenue and 27.6% in net profit from 2018 to 2022. However, in 2023, revenue decreased by 11.3% to 1.11 billion yuan, and net profit fell by 78.5% to 73 million yuan due to a sluggish capital market and increased management expenses [1][14]. - The company focuses on financial information services, maintaining a high gross margin of over 80% from 2013 to 2023, which is among the leading levels in comparable companies [1][16]. - The acquisition of a 34.2% stake in Vanguard Fund enhances the company's wealth management capabilities, positioning it to develop a business model centered on financial information services, with securities and funds as complementary wings [1][12]. Financial Performance - Revenue and net profit projections for 2024E-2026E are 3.28 billion, 4.95 billion, and 6.29 billion yuan, respectively, with year-on-year growth rates of 352.3%, 50.6%, and 27.2% [2][3]. - The company's revenue for 2023 is projected to be 1.11 billion yuan, with a gross margin of 85.7% and a return on equity of 3.9% [3][14]. Business Segments - The financial information service segment is the largest source of revenue, accounting for approximately 90% of total revenue from 2017 to 2023. The company has a significant customer base of professional investors, leveraging partnerships with brokerages to generate advertising service fees [1][16]. - The company has launched various products targeting different customer segments, with a focus on high-end clients. The "Wealth Master" series and "Winning Series" products contribute significantly to revenue, with the "Private Enjoyment Edition" and "Pioneer Edition" accounting for over 90% of financial information service revenue [19][21]. Cost Structure - The company maintains a stable expense ratio, with sales expenses constituting around 50% of revenue due to a direct sales model targeting individual investors. Management expenses have increased due to investments in the newly acquired Maigao Securities [23][26].