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， ...

本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而释其为客户本次会议内容不构成任何投资建议据此做出的任何投资决策与国海证券国海证券员工或者关联机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准会议严禁录音或转发 任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 好的各位投资者大家晚上好我是国海交易的朱一波那我今天讲一下就是快递快运这边的这个龙头的投资机会那为什么现在当下的位置呢我们是非常推荐这个龙头的投资机会呢那主要还是基于这个龙头它自身的这个R法是非常强的那在现在这个市场环境下我们看到行业的增速呢无论是快递还是快运其实还是一个 比较超达预期的一个增长的一个情况那再结合这个龙头它自身的一个α那它的业绩的确定性呢还是比较强的但我们 ...

大家好欢迎参加德邦产业经济经济复苏系列三中国地产火箭顶和全球制造业复苏长期利好钢铁目前所有参会者均处于静态下面播报免责声明播完毕后主持人和直接发言谢谢免责声明本次电话会议仅服务于德邦证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险 德邦证券不对因使用本次内容所导致的任何损失承担任何责任未经德邦证券事先书面许可任何机构或个人不得以任何形式复制刊载转载转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎 各位投资者大家早上好我们今天主要讲一下钢铁行的问题当然包括我们也会讲一下经济的问题因为我们核心的观念是觉得地产不错未来中国的房地产市场会逐渐的收正运气因为大家对房地产的预期很差然后未来可能两三个季度来看就地产要兼顶 这是我们第一个判断第二呢全球制造业要继续那么这个事情呢其实我们在第一次经济峰会里面也讲过但是呢这个反应太快了就是现在大家觉得美国天歌派然后地产又好美国地产又好在回暖然后全球制造业都在改善都在向上走 这个预期反应很快但是其实我们在上一次讲海外风险积累电话会里面讲过我们是在一个至少在两年的时间上面就看好全球制造业复 ...

2 / 25 请务必阅读正文之后的信息披露和法律声明 图 12: 1-3 月电观影人数环比 57.6%、同比+3.9% . 图 24:三大产业用电量增速:2023年8月以来第三产业用电量增速明显提升 图 30：3 月建材类零售额当月同比较前值上行，汽车和金银珠宝零售额当月同比较前值下 在结构上，根据国家统计局初步核算，2024 年一季度 GDP 实际同比增速为 5.3%。一季度国内生产总值 296299 亿元，按不变价格计算，同比增长 5.3%，比 上年四季度环比增长 1.6%。分产业看，第一产业增加值 11538 亿元，同比增长 3.3%；第二产业增加值 109846 亿元，增长 6.0%；第三产业增加值 174915 亿元， 增长 5.0%。 资格编号： S0120524010005 邮箱： chengqiang@tebon.com.cn 《大规模设备更新对金融数据有何影 响——2024 年 3 月金融数据点评》 《如何弥合宏微观的"温差"？——名 义 GDP 的重振之路》 《聚焦产业升级，促进高质量发展— —2024 年地方两会观察与全国两会前 瞻》 《关于我国房地产市场的一些思考》 供给端：新旧政策合 ...