[Table_Main] 证券研究报告 | 公司点评 吉电股份(000875.SZ) 2024 年 05 月 05 日 郭雪 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|------------| | -43% 2023-05 \n沪深 300 对比 | 2023-09 \n1M | 2024-01 \n2M | 3M | | 绝对涨幅 | | | | | (%) 相对涨幅 (%) | 7.00 6.75 | 8.22 6.34 | 20.00 7.98 | | 资料来源：德邦研究所，聚源数据 | | | | 6 亿 定增获批复，储备项目充足。4 月 30 日，公司向特定对象发行股票成功获批，公 司被核准向特定对象发行股票不超过 8.37 亿新股，募集资金总额不超过 55.39 亿 元。根据公司规划，募资主要用于投资建设氢能及新能源项目，包括大安风光制绿 氢合成氨一体化示范项目（3.2 万吨/年制绿氢、18 万吨/年制绿氨）、白城绿电园 区配套风电一期项目（100 兆瓦） ...

[Table_Main] 证券研究报告 | 公司点评 皖新传媒(601801.SH) | --- | --- | --- | |----------------------------------------------------|----------------------------------------------|----------| | 皖新传媒（ 买入（维持） | 2024 年 05 月 05 \n601801.SH ） 23 | 年报及 | | 24Q1 所属行业：传媒 / 出版 当前价格 ( 元 ) ： 7.29 | 业绩点评： 24Q1 | 扣非同增 | | | | | | 17.13% 证券分析师 | ； 23 年分红比例近 70% | | | | | | 投资要点 -46% -34% -23% -11% 0% 11% 23% 皖新传媒 沪深300 相关研究 23 年利润实现稳健增长，分红比例大幅提升。23 年，公司实现营业总收入 112.44 亿元（YoY -3.79%）；归母净利润 9.36 亿元（YoY +32.21%）；扣非净利润 7.54 亿 元（YoY +9.66%）。2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its operating performance, with a 14% year-on-year increase in revenue for 2023, reaching 5.86 billion yuan, and a 15% increase in net profit, totaling 650 million yuan [9] - The company is positioned as a global leader in the sunshade business, with a focus on expanding its product offerings in the automotive interior sector, particularly in roof systems for electric vehicles [7][10] - The issuance of 908 million yuan in convertible bonds is aimed at funding the construction of a new production facility for roof products, which is expected to enhance the company's operational performance due to higher unit value and profit margins compared to traditional interior components [8] Summary by Sections Market Performance - The company's stock has shown a relative performance of 10.21% in absolute terms and -7.70% in relative terms against the CSI 300 index over the past months [5] Financial Performance - In Q1 2024, the company achieved a revenue of 1.59 billion yuan, a 16% increase year-on-year, and a net profit of 200 million yuan, reflecting a 27% increase [9] - The comprehensive gross margin for 2023 was 27.3%, up by 4.2 percentage points year-on-year, while the net profit margin was 11.2%, an increase of 0.1 percentage points [7] Revenue and Profit Forecast - Revenue projections for 2024-2026 are 7.53 billion, 8.91 billion, and 10.25 billion yuan, respectively, with corresponding net profits of 951 million, 1.11 billion, and 1.29 billion yuan [8] Customer Base and Global Presence - The company has established stable supply relationships with major global automotive manufacturers, including Bentley, Mercedes-Benz, BMW, and Audi, and is expanding its market presence in North America, Europe, and Asia-Pacific [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's annual revenue performance met expectations, with a year-on-year increase of 12.58% to 832.72 billion yuan and a net profit increase of 13.19% to 302.11 billion yuan in 2023. The first quarter of 2024 also showed a double-digit growth with revenues of 348.33 billion yuan, up 11.86% year-on-year [5] - The company experienced a slight decline in product prices due to promotional activities, with the revenue from its main product, Wuliangye, increasing by 13.50% to 628.04 billion yuan, while the average price per ton decreased by 3.80% [5] - The company is expanding its market presence, with significant growth in sales across different regions, particularly in the eastern and western markets, and an increase in the number of distributors and specialty stores [5] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 832.72 billion yuan and net profit of 302.11 billion yuan, reflecting a year-on-year growth of 12.58% and 13.19% respectively. For Q1 2024, the revenue was 348.33 billion yuan, with a net profit of 140.45 billion yuan, both showing double-digit growth [5] - The gross margin for 2023 was 75.79%, with a net margin of 37.85%, indicating stable profitability [6] Market and Product Analysis - The company’s main product, Wuliangye, saw a revenue increase of 13.50% to 628.04 billion yuan, while other products generated 136.43 billion yuan, up 11.58%. The sales volume for Wuliangye was 3.87 million tons, a 17.98% increase, but the average price per ton decreased by 3.80% [5] - The company is enhancing its product matrix and has launched new cultural liquor products, contributing to its market growth [6] Future Outlook - The company aims to maintain a double-digit revenue growth trajectory, with projected revenues of 916.49 billion yuan, 1,009.60 billion yuan, and 1,125.28 billion yuan for 2024 to 2026. The corresponding net profits are expected to be 340.25 billion yuan, 374.71 billion yuan, and 428.65 billion yuan [6][8] - The current stock price corresponds to a price-to-earnings ratio of 17.2x for 2024, indicating a favorable valuation for potential investors [6]

资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 事件：公司发布 2023年年报和 2024一季报，2023年公司实现营收 78.13亿元， 同比-0.5%（调整后），归母净利润 8.6 亿元，同比+ 20.5%（调整后）；2024Q1 公司实现营收 15.4 亿元，同比-4.0%，归母净利润 4.2 亿元，同比+ 50.3%。 投资要点 | --- | --- | --- | --- | |-----------------------------------------------|----------------|--------------|-------| | -40% 2023-05 \n沪深 300 对比 | 2023-09 \n1M | 2024-01 \n2M | 3M | | | | | | | 绝对涨幅 (%) | 5.36 | 17.49 | 16.27 | | 相对涨幅 (%) 资料来源：德邦研究所，聚源数据 | 3.47 | 13.02 | 5.20 | 2023 年污水 ...

[Table_Main] 证券研究报告 | 公司点评 三环集团(300408.SZ) 2024年04月30日 三环集团（300408.SZ）：业绩符合预 买入（维持） 期，MLCC 有望驱动新一轮成长 所属行业：电子/元件 当前价格(元)：27.99 2023 年度报告&2024 年第一季度报告点评 证券分析师 投资要点 陈蓉芳 资格编号：S0120522060001 事件：4 月 27 日，三环集团发布 2023 年度报告和 2024 年第一季度报告。1） 邮箱：chenrf＠tebon.com.cn 2023全年：公司实现营收57.27亿元，同比增长11.21%；实现归母净利润15.81 研究助理 亿元，同比增长 5.07%；实现扣非后归母净利润 12.21 亿元，同比增长0.05%。 2）2024年Q1：公司实现单季度营收15.64亿元，同比增长31.49%；实现单季 张威震 度归母净利润4.33亿元，同比增长35.31%；实现单季度扣非后归母净利润3.78 邮箱：zhangwz5＠tebon.com.cn 亿元，同比增长57.40%。 市场表现 收入稳定增长，业绩符合预期，盈利能力边际改善。得益于电子 ...

[Table_Main] 证券研究报告 | 行业周报 房地产 2024年04月30日 多地新房二手成交持续改善，成都全面 房地产 取消限购 优于大市（维持） 房地产行业周报（2024.4.22-4.26） 证券分析师 [Table_Summary] 投资要点： 金文曦 资格编号：S0120522100001 邮箱：jinwx＠tebon.com.cn  市场回顾 2024.4.22-4.26，上证综指数上涨0.76%，沪深300指数上涨1.20%，房地产板块上 研究助理 涨3.10%，房地产板块跑赢上证综指2.33个百分点，跑赢沪深300指数1.89个百分 蔡萌萌 点。年初至今，上证综指上涨 3.82%，沪深 300 指数上涨 4.46%，房地产板块下跌 邮箱：caimm＠tebon.com.cn 17.08%，房地产板块跑输上证综指20.90个百分点，跑输沪深300指数21.54个百 分点。 市场表现 上周，重点关注的A股地产股中海南高速、南国置业、空港股份涨幅居前，中迪投资、 金科股份、广汇物流跌幅较大；重点关注的 H 股地产股中旭辉控股集团、新城发展 房地产 沪深300 17% 涨幅居前；重点关注的港 ...

[Table_Main] 证券研究报告 | 行业周报 房地产 2024年04月30日 多地新房二手成交持续改善，成都全面 房地产 取消限购 优于大市（维持） 房地产行业周报（2024.4.22-4.26） 证券分析师 [Table_Summary] 投资要点： 金文曦 资格编号：S0120522100001 邮箱：jinwx＠tebon.com.cn  市场回顾 2024.4.22-4.26，上证综指数上涨0.76%，沪深300指数上涨1.20%，房地产板块上 研究助理 涨3.10%，房地产板块跑赢上证综指2.33个百分点，跑赢沪深300指数1.89个百分 蔡萌萌 点。年初至今，上证综指上涨 3.82%，沪深 300 指数上涨 4.46%，房地产板块下跌 邮箱：caimm＠tebon.com.cn 17.08%，房地产板块跑输上证综指20.90个百分点，跑输沪深300指数21.54个百 分点。 市场表现 上周，重点关注的A股地产股中海南高速、南国置业、空港股份涨幅居前，中迪投资、 金科股份、广汇物流跌幅较大；重点关注的 H 股地产股中旭辉控股集团、新城发展 房地产 沪深300 17% 涨幅居前；重点关注的港 ...

[Table_Main] 证券研究报告 | 公司点评 联美控股(600167.SH) 2024 年 04 月 30 日 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 卢璇 邮箱：luxuan＠tebon.com.cn 市场表现 联美控股（600167.SH）：供暖面 积稳定增长，分红比例超 52% 高分红的优质公用事业资产，在手现金达 80 亿，积极布局氢能+储能。截至 2024Q1，公司在手现金达 80 亿，占到总资产的 45%。2023 年公司计划分红 4.52 亿元，占归母净利润的 52.6%，连续四年分红比例超 50%，股息率为 3.37%（以 4 月 29 日收盘价计）。除深耕主业外，公司进一步深化与爱德曼的战略合作，致 力于电解水制氢及氢热电联产的商业化应用，并围绕着氢能产业链上的关键节点， 积极布局。储能领域，公司积极探索分布式储电系统在大型公共建筑及产业园区 的应用，并快速推进冰蓄冷业务在南方市场的落地，着眼长期发展。 | --- | --- | --- | --- | --- | --- | --- | --- | |------------- ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 457% [4][6] - The revenue for 2023 reached 3.706 billion yuan, representing a year-on-year increase of 77.67% [4][6] - The company plans to distribute a cash dividend of 119 million yuan for 2023, with a payout ratio of 12.32% [4] Financial Performance Summary - In 2023, the company reported a net profit of 969 million yuan, with a substantial increase in production across its main products, including zinc, iron, lead, and tin [5][6] - The company’s main products saw significant sales growth: zinc concentrate sales increased by 20.5%, lead concentrate by 158.16%, and tin concentrate by 192.41% [5] - The company’s gross profit margin for 2023 was 52.9%, with projections for 2024-2026 indicating stable margins around 52.2% to 55.5% [11][12] Earnings Forecast - The company is expected to achieve revenues of 5.364 billion yuan in 2024, with net profits projected at 1.770 billion yuan, reflecting a year-on-year growth of 82.6% [6][11] - The price-to-earnings (P/E) ratios for 2024-2026 are forecasted to be 14.12x, 12.50x, and 11.80x respectively [6][11]