[Table_Main] 证券研究报告 | 公司点评 伯特利(603596.SH) 2024年04月30日 伯特利（603596.SH）：业绩稳 买入（维持） 所属行业：汽车/汽车零部件 健增长，新增定点项目充裕 当前价格(元)：55.61 证券分析师 投资要点 邓健全 资格编号：S0120523100001 事件：公司发布2024年一季报，2024年第一季度营收为18.60亿元，同比增长  邮箱：dengjq＠tebon.com.cn 24.04%；归母净利润为2.10亿元，同比增长21.85%；扣非后归母净利润为1.92 赵悦媛 亿元，同比增长18.55%。 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 毛利率有所下降，公司积极优化费用。2024 年一季度公司毛利率为 20.75%，同  赵启政 比下降 0.75pct，环比下降 2.34pct；净利率为 11.31%，同比下降 0.36pct，环比 资格编号：S0120523120002 下降 1.47pct。公司积极优化费用，2024 年一季度公司费用率为 8.84%，同比下 邮箱：zhaoqz＠tebon ...

[Table_Main] 证券研究报告 | 行业周报 电气设备 2024年04月30日 电气设备 能源法（草案）发布，强调完善可再 生能源电力消纳保障机制 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ary ] 彭广春 资格编号：S0120522070001 能源法（草案）发布，强调完善可再生能源电力消纳保障机制。近日，十四届全  邮箱：penggc＠tebon.com.cn 国人大常委会第九次会议对《中华人民共和国能源法（草案）》进行了审议，并向 社会公布，4 月 26-5 月 25 日期间，公开征求意见。根据草案：1）能源工作要遵 市场表现 循“四个革命，一个合作”原则；2）从“能耗双控”向“碳排放双控”转变； 3）国家支持优先开发可再生能源；4）制定非化石能源发展目标，并监控开发情 10% 况；5）确定“可再生能源消费最低比重目标”；6）国家完善可再生能源电力消纳 保障机制，并监测、考核；7）鼓励和扶持农村能源发展。 -10%2023/3 2023/6 2023/92023/122024/3 -30%  电力设备投资建议：电力设备领域建议关注以下几条投资主线：1）当前国内 ...

[Table_Main] 证券研究报告 | 行业周报 电气设备 2024年04月30日 电气设备 能源法（草案）发布，强调完善可再 生能源电力消纳保障机制 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ary ] 彭广春 资格编号：S0120522070001 能源法（草案）发布，强调完善可再生能源电力消纳保障机制。近日，十四届全  邮箱：penggc＠tebon.com.cn 国人大常委会第九次会议对《中华人民共和国能源法（草案）》进行了审议，并向 社会公布，4 月 26-5 月 25 日期间，公开征求意见。根据草案：1）能源工作要遵 市场表现 循“四个革命，一个合作”原则；2）从“能耗双控”向“碳排放双控”转变； 3）国家支持优先开发可再生能源；4）制定非化石能源发展目标，并监控开发情 10% 况；5）确定“可再生能源消费最低比重目标”；6）国家完善可再生能源电力消纳 保障机制，并监测、考核；7）鼓励和扶持农村能源发展。 -10%2023/3 2023/6 2023/92023/122024/3 -30%  电力设备投资建议：电力设备领域建议关注以下几条投资主线：1）当前国内 ...

[Table_Main] 证券研究报告 | 公司点评 上海电影(601595.SH) 2024 年 04 月 30 日 买入（维持） 所属行业：传媒/影视院线 当前价格(元)：31.86 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 研究助理 王梅卿 邮箱：wangmq＠tebon.com.cn 市场表现 -46% -34% -23% -11% 0% 11% 上海电影 沪深300 -57% | --- | --- | --- | --- | |------------------------------------|----------------|---------------|-------------| | -69% 2023-05 \n沪深 300 对比 | 2023-09 \n1M | 2024-01 \n2M | 3M | | 绝对涨幅 | | | | | (%) 相对涨幅 | 6.20 3.76 | 25.93 20.90 | 36.91 25.24 | | (%) 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《上海电影 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a closing price of 10.16 yuan on April 29, 2024, corresponding to PE ratios of 12.6, 11.3, and 10.1 for the years 2024-2026 [4]. Core Insights - The company achieved significant growth in 2023, with total revenue of 18.7 billion yuan, a year-on-year increase of 12.1%, and a net profit attributable to shareholders of 630 million yuan, up 85.4% year-on-year. In Q1 2024, revenue reached 4.3 billion yuan, reflecting an 8.5% year-on-year growth, while net profit surged by 163.4% to 220 million yuan [3][11]. - The company is focusing on lightweight and robotics businesses, which are expected to drive further growth in performance. Revenue projections for 2024-2026 are 20.3 billion, 22.2 billion, and 24.2 billion yuan, with corresponding net profits of 760 million, 850 million, and 950 million yuan [4][11]. Financial Performance Summary - In 2023, the company reported a gross margin of 16.3%, an increase of 1.6 percentage points year-on-year, and a net profit margin of 3.4%, up 1.4 percentage points year-on-year. In Q1 2024, the gross margin improved to 18.0%, a 2.7 percentage point increase year-on-year, with a net profit margin of 5.2%, up 3.0 percentage points year-on-year [18]. - The company has a strong market position, with over 85% of its products in key areas such as body safety structural parts, new energy battery shells, and automotive pipelines, maintaining a high market share with major clients like Mercedes-Benz, BMW, and General Motors [11][26]. Strategic Developments - The company is making strategic advancements in emerging industries, particularly in the sensor business, by collaborating with Huagong Technology to establish a smart manufacturing company. It is also leading a project with the Chinese Academy of Sciences to develop key technologies for humanoid robots [26].

Investment Rating - The investment rating for Guizhou Moutai is "Buy (Maintain)" [5] Core Views - The report indicates that Guizhou Moutai's revenue for Q1 2024 was slightly above expectations, with a year-on-year increase of 18.11% to 457.76 billion yuan, while net profit rose by 15.73% to 168.96 billion yuan, primarily affected by an increase in tax rates [19] - The company has raised the factory price of its Moutai liquor by an average of approximately 20%, which is expected to support its annual performance targets [8] - The report highlights that the revenue growth for Moutai liquor remains steady, while the growth rate for series liquor has temporarily slowed due to high base effects from the previous two years [7] Financial Data Summary - Total shares outstanding: 1,256.20 million [2] - Revenue projections for 2024-2026 are 174,073 million yuan, 201,077 million yuan, and 232,656 million yuan respectively [2] - Net profit projections for the same period are 86,817 million yuan, 101,782 million yuan, and 119,034 million yuan respectively [2] - The current price-to-earnings (P/E) ratio is projected to be 24.7x for 2024, 21.0x for 2025, and 18.0x for 2026 [8] - Gross margin is expected to remain stable at around 92% over the next few years [11]

Investment Rating - The report maintains a "Buy" rating for Dongmu Co., Ltd. (600114.SH) [10] Core Views - The SMC segment has a production capacity of 70,000 tons per year and has developed new generation soft magnetic and chip inductor products, expanding into downstream motor business through a stake in Xiaoxiang Electric [2] - The P&S segment's growth is exceeding expectations, driven by the domestic high-end automotive market, with automotive parts sales accounting for 77.94% of P&S revenue in 2023, reaching 1.539 billion yuan, a year-on-year increase of 11.45% [3] - The MIM segment is showing quarterly improvement, with a 171.67% year-on-year increase in revenue in Q1 2024, following the product launch of major clients [13] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 3.861 billion yuan, a year-on-year increase of 3.62%, and a net profit of 198 million yuan, up 27.08% [12] - For Q1 2024, revenue reached 1.102 billion yuan, a year-on-year increase of 37.42%, with a net profit of 81.17 million yuan, up 320.81% [12] Revenue Forecast - The company expects revenues of 4.859 billion yuan in 2024, 6.161 billion yuan in 2025, and 7.412 billion yuan in 2026, with corresponding net profits of 404 million yuan, 540 million yuan, and 640 million yuan respectively [14] Segment Analysis - The SMC segment has successfully developed four new high-performance soft magnetic materials, with applications in various industries including renewable energy and electric vehicles [2] - The P&S segment's revenue is projected to continue growing alongside the high-end automotive sector, with a significant increase in Q1 2024 [3] - The MIM segment is expected to contribute to revenue growth as new products are validated and production capacity increases [13]

[Table_Main] 证券研究报告 | 公司点评 电投能源(002128.SZ) 2024年04月29日 电投能源（002128.SZ）：业绩稳 买入（维持） 所属行业：煤炭/煤炭开采 健逆势增长，关注未来成长性 当前价格(元)：20.76 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件：公司发布2023年报。2023年公司实现营业收入268.5亿元，同比+0.20%；  邮箱：zhaikun＠tebon.com.cn 归母净利润 45.6 亿元，同比+14.39%；扣非后归母净利润 43.38 亿元，同比 薛磊 +12.27%。单季度来看，23Q4实现营业收入71.2亿元，同比+2.75%，环比+9.11%； 资格编号：S0120524020001 归母净利润9.75亿，同比+34.18%，环比-2.71%；扣非后归母净利润8.53亿元， 邮箱：xuelei＠tebon.com.cn 同比+26.57%，环比-10.93%。2024年一季度，公司实现营业收入73.4亿元，同 研究助理 比+7.32%；归母净利润19.4亿元，同比+20.21%；扣非后归母净利润19.1亿元， ...

Investment Rating - The report maintains a "Buy" rating for Zhongmin Resources (002738.SZ) in the non-ferrous metals/small metals industry [1]. Core Views - The company reported a decline in revenue and profit for 2023 and Q1 2024, with 2023 revenue at 6.013 billion yuan, down 25.22% year-on-year, and net profit at 2.208 billion yuan, down 32.98% year-on-year [2][3]. - The company has successfully completed the construction of the Bikita lithium mine projects, which are expected to enhance raw material self-sufficiency and contribute to profits in Q4 2023 [3]. - The acquisition of the Kitumba copper mine project in Zambia is anticipated to provide new growth opportunities for the company [3]. Summary by Sections Market Performance - The company's stock has shown significant relative underperformance compared to the CSI 300 index, with absolute and relative declines noted [2]. Financial Performance - In 2023, Zhongmin Resources reported a revenue of 6.013 billion yuan and a net profit of 2.208 billion yuan, reflecting a year-on-year decline of 25.22% and 32.98% respectively [2][5]. - For Q1 2024, the company reported a revenue of 1.127 billion yuan, down 45.63% year-on-year, and a net profit of 256 million yuan, down 76.63% year-on-year [2][5]. Project Developments - The Bikita lithium mine projects have reached stable production levels, with an annual output of approximately 300,000 tons of lithium concentrate and 300,000 tons of chemical-grade spodumene [3]. - The Tanco mine in Canada is progressing with a production line of 180,000 tons per year, and plans for a new 1 million tons per year processing plant are underway [3]. Future Projections - Revenue projections for 2024-2026 are estimated at 6.322 billion yuan, 8.046 billion yuan, and 9.804 billion yuan respectively, with net profits expected to be 1.527 billion yuan, 1.788 billion yuan, and 2.292 billion yuan [4][6]. - The report anticipates a recovery in performance with a projected PE ratio of 16.46 for 2024, decreasing to 10.96 by 2026 [4][6].

[Table_Main] 证券研究报告 | 公司点评 保隆科技(603197.SH) 2024 年 04 月 29 日 | --- | --- | |-----------------------------|----------------------------| | 保隆科技（ 买入（维持） | 603197.SH ）：业绩 | | 所属行业：汽车 / 汽车零部件 | | | 当前价格 ( 元 ) ： 43.18 | 稳健增长，空悬业务快速突破 | | | | 邓健全 秦梓月 市场表现 -29% -14% 0% 14% 29% 43% 57% 2023-05 2023-09 2024-01 保隆科技 沪深300 相关研究 事件：公司发布 2023 年年报以及 2024 年一季报，2023 年公司实现营收 58.97 亿 元，同比+23.44%；实现归母净利润 3.79 亿元，同比+76.92%；扣非后归母净利 润 2.94 亿元，同比+251.91%。2024 年 Q1 公司实现营业收入 14.83 亿元，同比 +24.94%；实现归母净利润 0.68 亿元，同比-27.16%；扣非后归母净利润 0.6 ...