年度策略报告 2024年04月04日 被“AI”包围的“新消费” 2024年社服行业年度策略 行业评级：增持 ...

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战。在此背景下，央行此次例会通报对于货币政策的描述为"精准有效实施稳健的货币 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------------------------------------|-----------| | | | | | 美联储降息预期再受打压，国内经济复苏呈现结构性特点 | | | | | 2024 年 4 月 1 日-4 月 7 日周报 | | | | 主要数据 | | | | 上证指数 | 3069.2959 | | 消费复苏持续，商品房销售依旧低迷 | 沪深300 | 3567.8031 | | 3 月高频数据显示我国消费复苏趋势持续。3月,我们统计的全国范围内19个城市 | 深证成指 | 9544.7657 | | 地铁客流量加总值同比录得 7.8%,虽因基数原因较前 2 月值下行(去年前 2 月疫情政 | 主要指数走势 | | | 策调整,地 ...

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [8]. Core Insights - The company, Beidahuang (600598), reported a revenue of 5.0444 billion yuan in 2023, representing an 18.37% year-on-year growth, and a net profit attributable to shareholders of 1.064 billion yuan, up 9.07% year-on-year [1][2]. - The land leasing business generated 3.434 billion yuan in revenue, a 9.86% increase year-on-year, driven by competitive bidding and tiered pricing strategies [1]. - The company maintains a strong dividend policy, with a proposed cash dividend of 782 million yuan for 2023, reflecting a cash dividend ratio of 73.53% [2]. Summary by Sections Financial Performance - In 2023, the overall gross margin was 48.86%, a decrease of 4.19 percentage points due to increased costs from social security and agricultural maintenance [1]. - The company’s sales expense ratio was 0.73%, and R&D expense ratio was 1.78%, both showing stability [1]. - The financial expenses decreased to -168 million yuan, attributed to increased interest income [1]. Strategic and Value Attributes - Beidahuang is positioned as a leader in China's agricultural sector, contributing significantly to food security and stability in grain production [1]. - The company has a vast planting area of 10.429 million mu, producing high-quality crops such as rice, corn, and soybeans, totaling 12 billion jin [1]. - The long-term growth of domestic land rental prices has been robust, with a 194.8% increase over the past decade, indicating a strong foundation for the company's land leasing business [1][2]. Future Projections - Revenue projections for 2024 to 2026 are expected to grow to 5.4231 billion yuan, 5.7223 billion yuan, and 6.0422 billion yuan respectively, with corresponding net profits of 1.213 billion yuan, 1.204 billion yuan, and 1.278 billion yuan [6][7]. - The company is expected to maintain a high return on equity (ROE) of around 14.18% to 15.23% over the next few years [7].

联系电话：010-59219558 - 传真：010-59562637 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|--------------------| | | | | | 云路股份（688190） | 投资评级 | 买入 | | 2023 年报点评:盈利性提升,非晶龙头地位稳固 | | 维持评级 | | | 2024年04月02 日 | | | 业绩概要：2023年公司实现营业收入 17.7 亿元（+22.4%） 实现归母净利润 3.3 亿元 | 收盘价(元): | 82.06 | | (+46.6%)，对应基本 ...

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| --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|--------------| | | | | | 铂力特（688333） | 投资评级 | 买入 | | 2023 年报点评：新质生产力代表，业绩高速增长 | 2024年04月03日 | 维持评级 | | 业绩概要:2023年公司实现营业收入12.3亿元(+34.2%),实现归母净利润 1.42 亿元 | 收盘价(元): | 77.66 | | (+78.1%), 对应 EPS 为 0.89元, 扣非归母净利润 1.06亿元 (+255%)。其中 2023Q4 | | | | 公司实现营业收入4.91亿元 (同比+23.4%,环比+62.0%),实现归母净利润 1.03 亿 ...

主要数据 3069.2959 3567.8031 9544.7657 美联储降息预期再受打压，国内经济复苏呈现结构性特点 消费复苏持续,商品房销售依旧低迷 们统计的 36个大中城市商品房成交数据显示,今年 3月,一线、二线和三线城市一手 商品房成交面积同比分别为-40%、-38%和-44%,下滑幅度较前2月进一步加深。此外, 根据克而瑞地产研究发布的数据, 今年3 月百强房企操盘销售金额较去年3月同比下滑 45.8%。3月一手房销售继续走弱,一方面有去年3月商品房销售短暂复苏下的高基数 有关,另一方面也反映出当前我国商品房市场仍处在磨底阶段。年初以来,进一步稳商 品房销售的政策频出。相关政策能否起到实质性效果,仍需进一步观察。 总体来看,目前我国经济在整体性的复苏中也体现出较强的结构性特点。其中,消 月初流动性保持充裕,央行货币政策例会基调仍宽松 受到清明节假期影响本周交易日缩短,跨月结束后资金利率回落至政策利率附近。 截止 4 月 3 日, DR007 报收 1.81%,较上周五下行 20BP; SHIBOR1W 报收 1.82%, 较上周五下行 15BP。随着跨季平稳结束,本周央行逆回购操作规模维持低量, ...

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