风险：1）新产品推广不及预期；2）竞争加剧；3）产品价格涨幅 低于预期；4）产能释放不及预期。 5 May 2024 3 [Table_APPENDIX] [Table_disclaimer] 附录 APPENDIX (Please see APPENDIX 1 for English summary) 主体EBITDA margin 合肥EBITDA margin 合并EBITDA margin Significant Improvement in Profitability, Expected to Return to positive EBITDA in 3Q: With rising product prices, the company's gross profit margin has significantly improved, and operating profit margin has also largely recovered. We believe that overall operating conditions will tend to stabilize in the sec ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 9.35 RMB [2][3]. Core Insights - The company's wealth management transformation has shown significant effectiveness, with a high proportion of revenue derived from financial product distribution. The asset management business is characterized by its active management and advantages in public fund transformation [12]. - In 2023, the company achieved a revenue of 6.52 billion RMB, representing a year-on-year increase of 35.0%, and a net profit attributable to shareholders of 2.25 billion RMB, up 48.4% year-on-year. The earnings per share (EPS) was 0.48 RMB, with a return on equity (ROE) of 6.67% [2][12]. - The fourth quarter of 2023 saw a revenue of 1.56 billion RMB, a 21.9% increase year-on-year, and a net profit of 0.75 billion RMB, up 71.4% year-on-year. However, the first quarter of 2024 reported a revenue of 1.41 billion RMB, down 21.0% year-on-year, and a net profit of 0.46 billion RMB, down 7.7% year-on-year [2][12]. Financial Performance Summary - The brokerage revenue slightly increased in 2023, with total brokerage income reaching 1.20 billion RMB, a 1.3% year-on-year increase, accounting for 18.4% of total revenue. The company’s financial product distribution revenue was 0.192 billion RMB, up 7.7% year-on-year [2][12]. - The asset management business generated 1.55 billion RMB in revenue, a 6.4% increase year-on-year, with total assets under management (AUM) growing by 12.4% year-on-year to 276.5 billion RMB at the end of 2023 [2][12]. - The investment income (including fair value changes) for 2023 was 1.76 billion RMB, reflecting a substantial year-on-year increase of 1056.2% [2][12]. Future Earnings Forecast - The forecast for EPS in 2024-2026 is 0.48 RMB, 0.54 RMB, and 0.60 RMB respectively, with book value per share (BVPS) projected at 7.79 RMB, 8.18 RMB, and 8.63 RMB for the same period [3][12].

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 伊力特（600197）公司季报点评 [Table_Summary] 投资要点： 23 年白酒量价齐升，酒类毛利率明显改善。23 年公司白酒业务收入 21.85 亿 元，同比+37.1%，其中销量/吨价分别同比+24.5%/10.1%，销量高速增长部分 系 22 年同期基数较低、23 年消费场景恢复所致；吨价提升我们认为与结构 持续升级以及 23 年初产品提价有关。分产品看，23 年公司高档/中档/低档白 酒收入分别同比+46.6%/+9.1%/+88.4%至 14.66/5.51/1.69 亿元，其中高档白酒 量/价分别同比+45.3%/+0.9%，收入占比提升至 65.7%。分区域看看，公司 23 年疆内/疆外收入分别同比+50.3%/+5.2%至 16.97/4.89 亿元。分渠道看，23 年 批发代理/直销/线上销售分别同比+32.8%/127.6%/3.0%至 17.93/2.58/1.35 亿元。 23 年底疆内/外经销商数量较 22 年底分别增加 1/4 家。 Huijing Yan hj.yan@htisec.com 组织改革 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 11.03 [3][5][17] Core Insights - The company is enhancing its research capabilities and driving business synergy through investment banking, achieving high investment returns with a robust strategy. In 2023, proprietary business rebounded significantly from a low base, contributing to performance improvement [3][13][16] Financial Performance Summary - In 2023, the company achieved a revenue of RMB 6.73 billion, a year-on-year increase of 17.4%, and a net profit of RMB 1.72 billion, up 43.4% year-on-year. The earnings per share (EPS) was RMB 0.46, with a return on equity (ROE) of 5.4%, an increase of 1.2 percentage points year-on-year [4][13] - For Q4 2023, revenue was RMB 1.70 billion, up 2.6% year-on-year, and net profit was RMB 0.48 billion, up 28.4% year-on-year [4][13] - In Q1 2024, revenue decreased to RMB 1.48 billion, down 24.0% year-on-year, and net profit was RMB 0.37 billion, down 38.6% year-on-year [4][13] Business Segment Performance - Wealth management brand was upgraded, with brokerage revenue in 2023 at RMB 1.65 billion, nearly flat year-on-year, accounting for 24.5% of total revenue. The trading volume of stocks was RMB 61 trillion, up 7.4% year-on-year [4][14] - Investment banking revenue in 2023 was RMB 1.34 billion, down 21.3% year-on-year, with equity underwriting volume decreasing by 21.5% year-on-year, while bond underwriting volume increased by 31.5% year-on-year [4][15] - Asset management revenue was RMB 0.09 billion in 2023, down 32.1% year-on-year, with total assets under management (AUM) at RMB 123.5 billion, down 30.7% year-on-year [4][16] Investment Strategy and Outlook - The company is expected to achieve EPS of RMB 0.45, 0.47, and 0.50 for 2024, 2025, and 2026 respectively, with book value per share (BVPS) projected at RMB 9.19, 9.62, and 10.07 for the same years [5][17]

[Table_MainInfo] 公司研究/商业贸易/百货 证券研究报告 重庆百货（600729）公司年报点评 2024 年 04 月 30 日 （A）分业态，2023 年百货业态收入增长 8.81%至 20.15 亿元，毛利率增加 1.74pct 至 65.99%；超市业态收入下降 5.51%至 61.83 亿元,毛利率增加 1.90pct 至 17.36%； 电器业态收入增长 19.52%至 29.27 亿元；毛利率减少 0.06pct 至 19.77%；汽贸业 态收入增长 13.18%至 60.83 亿元，毛利率减少 1.05pct 至 6.25%；其他业态收入 下降 32.81%至 3.58 亿元。 （B）分地区，2023 年重庆收入增长 5.24%至 172.31 亿元，毛利率增加 0.24pct 至 19.34%；四川收入下降 11.52%至 2.92 亿元，毛利率增加 7.94pct 至 51.38%； 贵州收入下降 28.63%至 569 万元；湖北收入下降 7.21%至 3472 万元。 （C）分渠道，2023 年线上、线下销售额各 27.27 亿元、313.31 亿元，销售占比 各 8.0 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 76.5 for 2024, reflecting a 21% decrease from previous estimates [3][11]. Core Insights - In 2023, the company reported a recurring net profit of RMB 1.51 billion, with significant cost-saving measures implemented. Revenue was RMB 11.48 billion, down 27.41% year-on-year, primarily due to lower product prices. The gross profit margin was 25.6%, a slight decrease of 0.08 percentage points, while the net profit margin improved by 2.29 percentage points to 13.65% due to cost reduction and expense control [10][11]. - The company is focusing on rapid project construction, particularly at Liaoning Youchuang, aiming to establish a world-class digital flagship factory. The first phase of the project is expected to start production in 2024, with further phases being accelerated [3][11]. - The earnings forecast for 2024-2026 anticipates net profits attributable to shareholders of RMB 1.73 billion, RMB 2.05 billion, and RMB 2.34 billion, respectively [3][11]. Financial Summary - In 2023, the company achieved a total revenue of RMB 11.48 billion, with a year-on-year decline of 27.41%. The net profit was RMB 1.57 billion, down 12.8% year-on-year. The gross profit margin for 2023 was 25.6%, with projections for 2024-2026 indicating a gradual recovery in revenue and profit margins [4][6][10]. - The company's subsidiaries showed varied performance, with Jiangsu Youshi's revenue at RMB 2.00 billion (down 37.59% YoY) and Jiangsu Youjia's revenue at RMB 5.49 billion (down 7.16% YoY) [10][11]. - The innovator drug sector generated revenue of RMB 7.38 billion, down 22.20% YoY, while the formulation sector and trade sector also experienced declines [10][11]. Operational Performance - The company reported an increase in product sales volume, with innovator drug sales reaching 96,500 tons (up 10.4% YoY), although average prices declined significantly [10][11]. - Cost-saving measures led to a reduction in overall expenses, with savings exceeding RMB 100 million for the year [3][10]. Project Development - The company is advancing its project construction efforts, particularly in Liaoning, with significant investments planned for future phases [3][11]. - The first phase of the Liaoning project is budgeted at RMB 34.78 billion, with RMB 7.60 billion already invested, representing 22% of the budget [3]. Earnings Forecast - The earnings forecast indicates a recovery trajectory, with expected net profits of RMB 1.73 billion in 2024, RMB 2.05 billion in 2025, and RMB 2.34 billion in 2026, reflecting a positive outlook despite current challenges [3][11].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 20.50 based on a 25x PE for 2024 [2]. Core Insights - In 2023, the company achieved a net profit of RMB 302 million, a year-on-year increase of 165.89%, and a revenue of RMB 1.86 billion, up 12.82% year-on-year. The net profit excluding non-recurring items grew by 197.42% [9][1]. - The company plans to distribute cash dividends totaling approximately RMB 241 million, representing about 79.87% of the net profit attributable to shareholders [9][1]. - The plant growth regulator segment continues to be a core focus, with increasing revenue and proportion of total revenue in 2023 [9][1]. Financial Performance Summary - For Q4 2023, the company reported revenue of RMB 511 million, a quarter-on-quarter increase of 29.51% and a year-on-year increase of 25.45%. The net profit attributable to shareholders was RMB 79.21 million, turning profitable compared to the same period last year [1][9]. - The company’s earnings per share (EPS) forecasts for 2024, 2025, and 2026 are RMB 0.82, RMB 0.98, and RMB 1.19, respectively [2]. Market and Industry Outlook - The plant growth regulator industry is expanding, with significant growth potential. The market size in China grew from RMB 3.36 billion in 2011 to RMB 6.39 billion in 2017, with a CAGR of 11.32% [10].

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Notice to Hong Kong investors: The research report is distributed by Haitong International Securities Company Limited ("HTISCL"), which is a licensed corporation to carry on Type 1 regulated activity (dealing in securities) in Hong Kong. This research report does not constitute a solicitation or an offer of securities or an invitation to the public within the meaning of the SFO. This research report is only to be circulated to "Professional Investors" as defined in the SFO. This research report has not been ...

研究报告Research Report 29 Apr 2024 中国宏桥 China Hongqiao Group (1378 HK) 电解铝龙头，业绩保持增长，未来发展可期 Leader of electrolytic aluminum, Earnings maintain growth, bright future development can be expected. [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM  国内电解铝需求复苏，营业收入保持增长，股息分配稳定。公 现价 HK$11.06 司 2023 年实现营业收入 1336.24 亿元，同比增长 1.5%；实现 目标价 HK$14.67 毛利润209.55亿元，同比增长14.9%；实现归母净利114.61亿 HTI ESG 2.0-3.0-5.0 元，同比增长 31.7%。2023 年电解铝国内需求超预期复苏，房 ...