[Table_Main] 证券研究报告 | 公司点评 三棵树(603737.SH) 2024年04月20日 买入（维持） 三棵树（603737.SH）：费用上涨及计提减值影 所属行业：建筑材料/装修建材 响全年业绩，24Q1 高基数下维持增长 当前价格(元)：30.69 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024年4月19日，公司发布2023年年度报告及24年第一季度报告：  邮箱：yanguang＠tebon.com.cn 王逸枫 1）全年来看：2023年公司实现营收约124.76亿元，同比+10.03%，实现归母净 资格编号：S0120524010004 利润约1.74亿元，同比-47.33%，实现扣非归母净利润约0.44亿元，同比-80.13%。 邮箱：wangyf6＠tebon.com.cn 公司拟每10股派发现金红利1.60元（含税），合计现金分红约0.84亿元，占23 研究助理 年归母净利润比例约48.59%。 2）分季度来看：23Q4公司实现营收约30.65亿元，同比-9.62%（同比增速较上 季度收窄23.03pct），环比-16.58%，实现归母净利 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [17]. Core Insights - The company has shown significant growth in both revenue and net profit, with a reported revenue of 4.822 billion yuan in 2023, a year-on-year increase of 22.64%, and a net profit of 293.11 million yuan, up 611.45% from the previous year [17][23]. - The increase in performance is attributed to rising electricity and heat sales prices, along with a decrease in coal prices and the commissioning of new gas power projects [6][17]. - The company is actively transitioning towards clean energy, focusing on four main sectors: electricity, heat, hydrogen, and storage, in line with national energy development strategies [23]. Financial Summary - Total shares outstanding: 1,041.40 million [2] - Revenue projections for 2024-2026 are 5.324 billion yuan, 6.628 billion yuan, and 6.976 billion yuan, with growth rates of 10.4%, 24.5%, and 5.2% respectively [23]. - Net profit projections for the same period are 311 million yuan, 362 million yuan, and 410 million yuan, with growth rates of 6.2%, 16.4%, and 13% respectively [23]. - The company achieved a basic earnings per share of 0.3504 yuan in 2023, reflecting a year-on-year increase of 602.73% [17]. Market Performance - The company completed a total electricity generation of 7.169 billion kWh in 2023, a year-on-year increase of 21.56%, and sold 3.9433 million tons of gas, up 3.67% [6]. - The stock price has fluctuated between 4.93 and 7.37 yuan over the past 52 weeks [2]. Strategic Developments - The company is advancing several gas power projects, including the "gas replacing coal" project and other natural gas power plants, which are expected to enhance its low-carbon energy supply capabilities [6][23]. - The company is also expanding its photovoltaic and hydrogen energy initiatives, with significant projects underway that are expected to contribute positively to its future performance [23].

[Table_Main] 证券研究报告 | 公司点评 厦门钨业(600549.SH) 2024年04月19日 厦门钨业（600549.SH）：2023 买入（维持） 所属行业：有色金属/小金属 年钨钼板块带动业绩稳健增长， 当前价格(元)：19.91 2024 年 Q1 三元材料及钴酸锂销 证券分析师 翟堃 量大幅提升 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 张崇欣 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 投资要点 研究助理 事件：公司发布2023年年度报告及2024年一季度报告，2023年业绩稳健增长，  康宇豪 2024年Q1业绩小幅下滑。2023年全年公司营业收入393.98亿元，同比-18.30%； 邮箱：kangyh＠tebon.com.cn 归母净利润 16.02 亿元，同比+10.75%；扣非归母净利润 14.00 亿元，同比 +13.29%，经营活动产生的现金流量由 22 年的负转正。2024 年一季度公司营业 市场表现 收入82.70亿元，同比-3.41%；归母净利润4.27亿元，同比-2.95 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company achieved a revenue of 32.823 billion yuan in 2023, representing a year-on-year growth of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% [4][6]. - The fourth quarter saw a revenue decline of 4.76% to 7.462 billion yuan, with a net profit of -80 million yuan, a significant drop of 117.18% [4][6]. - The company is actively adjusting its strategy to enhance channel integration and increase retail business, which has shown robust growth with a revenue of approximately 9.287 billion yuan, up 28.11% year-on-year, accounting for 28.29% of total revenue [4][6]. - The report highlights a significant improvement in operating cash flow, with a net cash flow of approximately 2.1 billion yuan in 2023, an increase of about 1.445 billion yuan year-on-year [5][6]. Financial Summary - The company’s total assets were reported at 51.174 billion yuan, with a debt-to-asset ratio of 43.9%, down 2.35 percentage points from the beginning of the year [5][8]. - The earnings per share (EPS) for 2023 is projected at 0.90 yuan, with forecasts for 2024, 2025, and 2026 at 1.15, 1.41, and 1.74 yuan respectively [7][8]. - The company’s gross margin for 2023 is estimated at 27.7%, with expectations for gradual improvement in subsequent years [8]. Market Performance - The company’s stock has experienced a significant decline of 49.5% year-on-year, with a current price of 13.54 yuan [2][7]. - The report indicates that the company is well-positioned to recover as the real estate market stabilizes, with adjusted profit forecasts for 2024, 2025, and 2026 at 2.905 billion, 3.563 billion, and 4.371 billion yuan respectively [6][8].

[Table_Main] 证券研究报告 | 公司点评 海伦哲(300201.SZ) 2024 年 04 月 20 日 买入（维持） 所属行业：机械设备/工程机械 当前价格(元)：4.23 证券分析师 何思源 资格编号：S0120522100004 邮箱：hesy＠tebon.com.cn 研究助理 市场表现 -14% 0% 14% 29% 43% 57% 海伦哲 沪深300 -29% 1.《海伦哲：国内国际双轮驱动，聚焦 特种高端智能装备制造》，2023.11.30 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | 2023-04 \n沪深 300 对比 | 2023-08 \n1M | 2023-12 \n2M | 3M | | 绝对涨幅 (%) | -10.38 | 10.16 | 6.02 | | 相对涨幅 (%) | -9.38 | 6.11 | -2.30 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 海伦哲（300201.S ...

Investment Rating - The report maintains a "Buy" rating for Longxin Co., Ltd. (688486.SH) [5][12] Core Views - Longxin Co., Ltd. has demonstrated robust growth in its performance, particularly in the automotive electronics sector, which is seen as a second growth curve for the company [3][5] - The company achieved a revenue of 104 million yuan in Q1 2024, representing a year-on-year increase of 101.95%, and a net profit of 31 million yuan, up 324.85% year-on-year [3][14] - The report highlights the company's strategic focus on expanding its product offerings in high-definition video processing and automotive electronics, which are expected to drive future growth [4][15] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 477 million yuan, 683 million yuan in 2025, and 1.022 billion yuan in 2026, with corresponding net profits of 150 million yuan, 220 million yuan, and 335 million yuan respectively [5][8] - The gross margin is expected to improve from 54.0% in 2023 to 59.1% by 2026, indicating enhanced profitability [8][14] - The company reported a significant increase in its operating income and net profit for 2023, with revenues of 323 million yuan and a net profit of 103 million yuan, reflecting a year-on-year growth of 34.12% and 48.47% respectively [14][21] Product and Market Expansion - Longxin Co., Ltd. is actively expanding its product lines, particularly in the automotive electronics sector, with multiple chips already in mass production for well-known domestic and international automotive companies [4][15] - The company has established a wholly-owned subsidiary in Singapore to enhance its international market presence and supply chain capabilities [15]

买入（维持） 证券分析师 赵雅楠 资格编号：S0120523070002 邮箱：zhaoyn＠tebon.com.cn 张望 资格编号：S0120524010002 邮箱：zhangwang＠tebon.com.cn 研究助理 相关研究 投资要点 净利润高增 65%，全年业绩符合预期。2023 年公司实现收入 60.74 亿元 （yoy+11.3%），归母净利 4.13 亿元（yoy+65.1%），扣非净利润 4.32 亿元 （yoy+71.8%），其中 Q4 单季度收入 19.38 亿元(yoy+45.0%)，归母净利 1.26 亿 元(yoy+60.6%)。全年受海运集装箱价格回落影响与供应链整合的规模效益释放， 整体毛利率同增 4.67pcts 至 36.3%。期间线上平台销售规模扩张与费用投放致使 销售费用率同增 1.2pcts 至 23.2%，管理/研发费用率同增 0.83pcts/0.16pcts 至 4.0%/1.0%，全年销售净利率同增 2.2pcts 至 6.8%。至 2023 年末，公司经营性现 金流净额同增 51.7%至 15.0 亿元，存货及应收账款分别同增 27.6%/33.0%至 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant decline in revenue and net profit for 2023, with total revenue of 43.137 billion yuan, down 20.6% year-on-year, and a net profit of 7.922 billion yuan, down 44.1% year-on-year [5] - The coal production and sales increased slightly, but the prices decreased, leading to pressure on performance [5] - The company plans to distribute a dividend of 4.753 billion yuan, with a dividend payout ratio of 60%, resulting in a high dividend yield of 6.6% [6] - Future profit forecasts for 2024-2026 are 7.33 billion, 7.77 billion, and 7.98 billion yuan respectively, with corresponding EPS of 2.45, 2.60, and 2.67 yuan [6] Financial Performance Summary - In 2023, the company achieved total revenue of 431.37 billion yuan, a decrease of 20.6% year-on-year, and a net profit of 79.22 billion yuan, down 44.1% year-on-year [5] - For Q4 2023, the company reported revenue of 10.124 billion yuan, down 29.3% year-on-year, and a net profit of 0.652 billion yuan, down 86.7% year-on-year [5] - In Q1 2024, total revenue was 8.659 billion yuan, down 27.2% year-on-year, while net profit was 1.288 billion yuan, down 61.9% year-on-year [6] Production and Sales Data - In 2023, the company produced 60.46 million tons of raw coal and sold 54.98 million tons of commercial coal, representing increases of 6.3% and 3.9% year-on-year respectively [5] - The average selling price of commercial coal was 728 yuan per ton, down 21.8% year-on-year [5] - In Q1 2024, raw coal production and commercial coal sales were 13.24 million tons and 11.81 million tons, down 9.93% and 7.08% year-on-year respectively [6] Dividend and Valuation - The company is expected to maintain a high dividend yield, with a projected dividend of 0.98 yuan per share in 2024, resulting in a dividend yield of 4.1% [8] - The price-to-earnings (P/E) ratio is projected to be 9.79, 9.24, and 9.00 for 2024, 2025, and 2026 respectively [8] Market Comparison - The company's stock has underperformed compared to the market, with a relative decline of 34% against the CSI 300 index [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has exceeded expectations in its Q1 2023 and Q1 2024 performance, with revenue reaching 8.905 billion yuan in 2023, a year-on-year increase of 39.45%, and a net profit of 1.194 billion yuan, up 46.06% year-on-year [4][6] - The gross margin for 2023 was 69.93%, reflecting an increase due to a higher proportion of high-margin online direct sales [4] - The company is expected to achieve revenues of 11.061 billion yuan, 13.463 billion yuan, and 15.921 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.510 billion yuan, 1.883 billion yuan, and 2.274 billion yuan [4][7] Financial Performance - In Q4 2023, the company reported revenue of 3.656 billion yuan, a 50.86% increase, with a net profit of 448 million yuan, reflecting a 39.06% increase [4] - The company's main brand revenue for 2023 was 7.177 billion yuan, a 36.36% increase, with significant sales during the Double Eleven shopping festival [4] - The company has a projected P/E ratio of 27X, 22X, and 18X for 2024, 2025, and 2026 respectively, indicating strong future earnings potential [4][7] Product and Brand Strategy - The company has successfully launched new products and upgraded existing lines, including the "Red Ruby Cream 3.0" and new sunscreen products, maintaining a "big product strategy" [4] - The company has diversified its brand portfolio, with sub-brands like "Caitang" achieving revenue of 1.001 billion yuan in 2023, a 75.06% increase, and "Yuefuti" generating 303 million yuan, up 61.82% [5] - The company is focusing on channel expansion, optimizing its store structure, and enhancing its presence in both online and offline markets [4][5]

[Table_Main] 证券研究报告 | 公司点评 青矩技术(836208.BJ) 2024 年 04 月 19 日 所属行业：建筑装饰/工程咨询服务Ⅱ 当前价格(元)：37.63 市场表现 -23% -11% 0% 11% 23% 34% 46% 青矩技术 沪深300 -34% 相关研究 青矩技术（836208.BJ）：23 年业绩符合预 期，工程管理科技服务提速，24Q1 迎开门红 事件：2024 年 4 月 18 日，公司发布 2023 年年度报告和 24 年一季度报告： 2） 单季度来看：23Q4 公司实现营收约 3.83 亿元，同比+7.70%（增速较 23Q3 收窄 16.98pct），环比+75.35%，实现归母净利润约 0.82 亿元，同比+9.90% （增速较 23Q3 收窄 77.67pct），环比+47.80%，实现扣非归母净利润约 0.79 亿元，同比+6.41%（增速较 23Q3 收窄 12.73pct），环比+137.51%。24Q1 公 司实现营收约 1.42 亿元，同比+11.28%，实现归母净利润约 0.18 元，同比 +23.72%，实现扣非归母净利润约 0.14 亿元， ...