Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 48 yuan [2][5]. Core Insights - The company's revenue for 2023 reached 48.78 billion yuan, a year-on-year increase of 34.4%, while the net profit attributable to shareholders was 4.05 billion yuan, up 15.4% year-on-year [2]. - The company is positioned as a leader in the energy storage sector, benefiting from the global trend towards electric vehicles and a high growth rate in the energy storage market [2][5]. - The company has seen a recovery in profitability since Q2 2023, attributed to its full industry chain layout and improved cost control due to declining lithium carbonate prices [2][5]. Financial Performance - In Q4 2023, the company reported revenue of 13.26 billion yuan, a quarter-on-quarter increase of 5.6% [2]. - The gross margin for 2023 was 17.0%, with a net margin of 9.3% [2]. - The company’s operating cash flow for 2023 was 8.68 billion yuan, significantly improved from 2.86 billion yuan in 2022 [2]. Market Trends - The global electric vehicle market is expected to grow, with sales projected to reach 17.5 million units in 2024, a year-on-year increase of 24.9% [2]. - The domestic electric vehicle market is anticipated to reach 12 million units in 2024, reflecting a growth of 26.4% [2]. - The energy storage market is also expected to see significant growth, with new installations in China projected to reach 35 GW in 2024, a year-on-year increase of 63.9% [2]. Business Segmentation - The company’s revenue from the power battery segment in 2023 was 23.98 billion yuan, with a year-on-year growth of 31.4% [2][18]. - The energy storage segment generated revenue of 16.34 billion yuan, up 73.2% year-on-year [2][18]. - The consumer battery segment is expected to grow at a steady rate of 5% annually [18]. Valuation Metrics - The company’s projected net profits for 2024, 2025, and 2026 are 4.98 billion yuan, 6.41 billion yuan, and 7.75 billion yuan, respectively, with corresponding PE ratios of 20, 16, and 13 [5][6]. - The company’s market capitalization is approximately 76.94 billion yuan, with a total share count of 2,045.72 million shares [2][6].

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Investment Rating - The investment rating for the company is "Buy" with a target price of 45 CNY [1]. Core Insights - The company achieved its best quarterly performance in history in Q1 2024, with a revenue of 62.72 billion CNY, representing a 1.98% year-on-year increase, and a net profit of 1.55 billion CNY, up 76.03% [1][3]. - The company reported a total revenue of 437.34 billion CNY for 2023, an increase of 17.89% year-on-year, and a net profit of 14.21 billion CNY, up 12.17% [1][4]. - The company has a strong order backlog of 340.55 billion CNY, with 269.09 billion CNY expected to be recognized as revenue in 2024 [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 437.34 billion CNY, exceeding its budget by 3.48%, and a net profit of 14.21 billion CNY, surpassing its budget by 4.64% [3][4]. - The gross margin was 11.08%, a slight increase of 0.26 percentage points, while the net margin was 3.47%, a decrease of 0.17 percentage points due to increased taxes and financial expenses [1][3]. - The company expects to achieve a revenue of 497.62 billion CNY and a net profit of 15.12 billion CNY in 2024 [3]. Business Segments - The main business segments include the manufacturing of aircraft engines and related products, foreign trade outsourcing, and non-aerospace products. The aircraft engine segment generated 408.93 billion CNY in revenue, up 18.17% year-on-year [4][5]. - The foreign trade outsourcing segment achieved a revenue of 19.48 billion CNY, an increase of 18.06%, driven by the recovery of the global aviation industry [4][5]. - The non-aerospace products segment reported a revenue of 2.62 billion CNY, a decrease of 17.09% due to reduced income from civilian products [4][5]. Operational Highlights - The company has successfully completed a capital increase for its subsidiary, which will enhance its capabilities in civil aviation engine production and repair [14][15]. - The company is positioned as a leader in the aviation engine sector, focusing on both military and civilian aviation engines, and is expected to benefit from the growing demand in these markets [17][18].

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更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 中航重机 原文 20240515_ 2024年05月16日11:01 发言人 00:00 ： s h u i n u 9 8 7 0 公司的运营质量稳步增长，从一季度到现在，目前情况来看，从我们的整个需求生产的运营稳 加 V 据 数 报 研 和 定，整个发展态势良好。预计全年能够完成我们的年度预定目标，就是一个整个情况的要介绍。 纪 研 调 手 一 多 更 发言人 00:25 ： s h u i n u 9 8 7 0 加 V 把我的介绍先告一段落，看看大家有什么据问题可以提问。大家好，如需提问电话端的参会者， 数 报 研 和 要 请向话机上的星号键再按纪数字一。网络端的参会者，您可以在直播间互动区域内文字提问，或 研 调 ...

感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 大家好欢迎参加中航重机2023年度及2024年一季度业绩交流会目前所有参会者均属禁状态下面开始播报声明本次会议仅服务于邀请参会的广大投资者会议音频及文字记录的内容仅供参会者内部使用不得公开发布中航重机未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权中航重机将保留追究其法律责任的权利 中行重机不承担因转载转发而产生的任何损失和责任市场有风险 投资需谨慎提醒广大投资者谨慎做出投资决策在会开始前 我们提示各位投资者在主演嘉宾发言结束后将留提问时间接下来有请公司领导发言 谢谢尊敬的投资者 会议室 媒体朋友们大家好感谢大家参加今天的电话会议 我是中央政局的董事会律师王之河今年我将结合公司的战略发展分队解读公司2023年至2024年的经济的丰富业绩情况主要从公司的发展经济度指标完成情况以及我们开展了主要工作的大家做一个汇报另一个大的方面是公司的发展战略中央政局是在继续创新产业链对局 能力建设 厂米提升 通话改革等方面经历了几十年的积累和熟练以航空航天等领域的推套在战斗制造 力量繁殖这些 ...

3664.6907 ● ● 相关研究报告 4月通胀温和修复,社融受多因素影响不及预 期 —2024-05-13 国内如何应对低通胀 —2024-05-10 4 月进出口同比增速超预期，外需对我国出口 支撑力增强 —2024-05-10 入市需谨慎 主要数据 上证指数 金融市场分析周报 ● 利率债：经济继续稳步恢复,金融数据表现较差,央行表示减少关注 总量。通胀稳步抬升,且民生层面的涨价将进一步提高预期,形成利 空。地产端依旧逐步放松,二线城市有望全部解除限购,一线城市解 除限购可能性较小。目前央行仍在继续预期管理,本周针对询价国债 进行回应,表示买卖均有可能,市场不必过分解读,目前货币政策仍有 一定空间,无需央行直接下场;金融数据也同步受到提前"说明"。目 前利率债市场长债与超长债受央行喊话+供给因素影响较大,中短端较 为稳定,当前利率继续处于较低位置,交易盘依旧放大波动,且利空因 素（权益风险偏好+通胀+供给+央行预期管理)较多，只可把握交易性 机会。 ● 请务必阅读正文之后的免责声明部分 中航证券研究所发布 证券研究报告 正文目录 资金面分析：月初资金价格回落；资金平衡下预计下周资金面波动有 限，关注央行 ...

Investment Rating - The investment rating for the company is "Buy" [1][5][17] Core Views - The company is steadily advancing its wealth management business and leveraging its regional advantages [1] - In 2023, the company achieved operating revenue of 6.517 billion yuan (+35.03%) and a net profit attributable to shareholders of 2.252 billion yuan (+48.43%) [1][6] - The company has seen significant growth in client assets, reaching a total of 779.5 billion yuan (+23.03%) [1][3] - The company successfully sponsored 6 IPO projects in the first quarter of 2024, ranking first in the number of IPOs in Zhejiang province [1][5] Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 6.517 billion yuan and a net profit of 2.252 billion yuan, with a basic earnings per share of 0.48 yuan [1][6] - For Q1 2024, the company achieved operating revenue of 1.41 billion yuan (-21.03%) and a net profit of 456 million yuan (-7.68%) [1] - The company's return on equity (ROE) for 2023 was 6.67%, an increase of 1.71 percentage points from the previous year [1] Wealth Management - The company has made significant strides in wealth management, with a client asset scale of 779.5 billion yuan, reflecting a growth of 23.03% [1][3] - The number of clients increased by 14%, reaching over 326,000 by the end of the year [1] - The company’s brokerage business net income for Q1 2024 was 297 million yuan (+8.24%) [1] Investment Banking - The company achieved investment banking net income of 1.41 billion yuan in Q1 2024, a decrease of 8.01% [1][5] - In 2023, the investment banking net income was 7.61 billion yuan, an increase of 68.36% [1][5] Asset Management - The asset management business generated net income of 3.19 billion yuan in Q1 2024 (+2.00%), with total assets under management reaching 276.5 billion yuan (+12%) [3] - The company’s asset management subsidiary reported revenue of 1.6 billion yuan, maintaining a position in the top five of the industry [3] Proprietary Trading - The proprietary trading income for Q1 2024 was 431 million yuan (-56.03%), while in 2023, it was 1.758 billion yuan (+1064.2%) [4] - The company increased its public fund investments, which reached 18.489 billion yuan (+55.37%) [4]

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