Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [3] Core Views - The company's Q1 2024 revenue exceeded expectations, with a year-on-year growth of 34.44%, primarily driven by increased revenue from automation and information technology services. The domestic industrial software market is rapidly developing under dual policy and market support, positioning the company as a key beneficiary in the industry [3][4] - The company is expected to benefit significantly from its PCL and robotics layout, with projected net profits for 2024-2026 being 30.20 billion, 34.27 billion, and 38.99 billion yuan respectively, corresponding to PE ratios of 31.9, 28.1, and 24.7 times [3][4] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 14,730 million yuan, reflecting a growth rate of 14.0% compared to 2023. The net profit attributable to shareholders is projected to be 3,020 million yuan for 2024, with an 18.3% growth rate [4][5] - The company's return on equity (ROE) is expected to increase to 24.4% in 2024, with earnings per share (EPS) projected at 1.26 yuan [4][5] Market Position and Strategy - The company has established a comprehensive domestic control over mid-to-large PLC products, enhancing its competitive edge in the market. The demand from downstream industries is anticipated to be further released under policy catalysis [2][3] - The company is also expanding into artificial intelligence and computing power, leveraging the "East Data West Computing" policy to build cloud computing nodes, which is expected to open new revenue growth avenues [2][3] Investment and Growth Potential - The company has increased its stake in Turing Robotics by 1.95 billion yuan, gaining a 42% share and actual control, which is expected to enhance its position in the high-end industrial robotics sector [2][3] - The financial forecasts indicate a steady growth trajectory, with total assets projected to reach 22,572 million yuan by 2024, and total liabilities at 9,755 million yuan [5]

Investment Rating - The investment rating for the company is "Buy" (first coverage) [1] Core Views - The company's main business shows steady growth, with continuous enhancement in dividend distribution [1] - In 2023, the company reported total revenue of 9.365 billion, a year-on-year increase of 3.35%, and a net profit attributable to shareholders of 1.284 billion, a year-on-year increase of 34.39% [1] - The company is leveraging opportunities from the "double reduction" policy in education, expanding after-school services and enhancing digital education platform capabilities [1] Financial Performance Summary - In 2023, the company published 1,077 types of textbooks and 2,847 types of supplementary materials, generating revenue of 2.821 billion from educational publishing, a year-on-year increase of 7.3% [1] - The first quarter of 2024 saw a revenue of 2.088 billion, a year-on-year decrease of 4.86%, and a net profit of 152 million, a year-on-year decrease of 33.96% [1] - The company plans to distribute a cash dividend of 5.40 per 10 shares (including tax), totaling 484 million, which is an increase from the previous year's distribution of 4.70 per 10 shares [1] Earnings Forecast - The company is expected to achieve revenues of 9.665 billion, 10.013 billion, and 10.363 billion for the years 2024, 2025, and 2026 respectively [2][11] - The forecasted net profit for 2024 is 953 million, with a projected decline of 25.74% compared to 2023 [11] - The price-to-earnings ratio (P/E) for 2024 is estimated at 13.2, decreasing to 11 by 2026 [11]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Views - The company has shown steady growth in its core business of smart power distribution, with emerging businesses like virtual power plants and energy storage gaining traction. In 2023, the company achieved revenues of 6.478 billion yuan, a year-on-year increase of 18.64%, and a net profit of 541 million yuan, up 23.46% [7]. - The company has secured significant contracts in the domestic market and is expanding its overseas presence, with overseas revenue increasing by 31.09% in 2023, contributing to 5.77% of total revenue [7]. - The company's gross margin and net margin improved to 33.70% and 9.35%, respectively, indicating enhanced profitability [7]. Financial Forecast Summary - Revenue Forecast: - 2022A: 5,460 million yuan - 2023A: 6,478 million yuan - 2024E: 7,902 million yuan - 2025E: 9,547 million yuan - 2026E: 11,424 million yuan - Growth Rate: 2023A (18.6%), 2024E (22.0%), 2025E (20.8%), 2026E (19.7%) [3][6] - Net Profit Forecast: - 2022A: 438 million yuan - 2023A: 541 million yuan - 2024E: 698 million yuan - 2025E: 843 million yuan - 2026E: 1,028 million yuan - Growth Rate: 2023A (23.5%), 2024E (28.9%), 2025E (20.9%), 2026E (21.9%) [3][6] - Key Financial Ratios: - ROE: 2023A (12.0%), 2024E (13.9%), 2025E (14.5%), 2026E (15.2%) [3][6] - P/E Ratio: 2023A (26.3), 2024E (20.4), 2025E (16.9), 2026E (13.8) [3][6] - P/B Ratio: 2023A (3.1), 2024E (2.7), 2025E (2.4), 2026E (2.1) [3][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance continues to recover, and profitability is expected to further improve. Revenue from live performances reached 1.667 billion yuan in 2023, a year-on-year increase of 315.63%, recovering to 89% of 2019 levels [1][3] - The tourism service sector achieved revenue of 259 million yuan, a year-on-year increase of 357.05%, indicating strong recovery in mature projects and promising growth in new projects [1][3] Financial Performance Summary - In 2023, the company reported revenue of 1.926 billion yuan, a year-on-year increase of 320.76%. However, the net profit attributable to shareholders was a loss of 110 million yuan, a decline of 130.20% year-on-year. Excluding long-term equity investment gains and impairment losses, the net profit would have been 829 million yuan [1][4] - For Q1 2024, revenue was 560 million yuan, a year-on-year increase of 138.70%, with a net profit of 252 million yuan, reflecting a year-on-year growth of 317.33% [1] - The gross profit margins for live performances and tourism services in 2023 were 61.56% and 97.07%, respectively, showing significant improvement compared to 2022 [1] Earnings Forecast - The company is expected to achieve net profits of 1.206 billion yuan, 1.385 billion yuan, and 1.563 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios (PE) are projected to be 23.6x, 20.5x, and 18.2x [3][4]

周一市场全天跳空高开后强势震荡，深成指领涨。 一、市场分析 紧抓机遇 乘势而上 板块方面，合成生物、化学制品、石墨电极、CRO 等板块涨幅居前， ST 板块、教育、旅游、量子科技等板块跌幅居前。 2、北向资金 北向资金全天净买入 93.16 亿元，其中沪股通净买入 64.55 亿元，深股通净买入 28.60 亿元。 | --- | --- | |---------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

策略报告 报告日期:2024年04月30日 -A 股市场 5 月金股报告 A 股市场走势(2023/05/05-2024/04/30) 姓名:朱金金 执业证书编号:S0230521030009 邮箱:zhujj@hlzq.com 姓名:杨阳 执业证书编号: S0230523110001 邮箱:yangy@hlzqgs.com 姓名:彭棋 执业证书编号:S0230523080002 邮箱:pengq@hlzggs.com 请认真阅读文后免费条款 证券研究报告 积极因素提振 5 月市场向好预期 华龙证券研究所 研究员 姓名:杨晓天 执业证书编号:S0230521030002 邮箱:hlzqyxt@163.com 姓名:那甜 执业证书编号: S0230521040001 邮箱:xingt@hlzqgs.com 姓名:孙伯文 执业证书编号:S0230523080004 邮箱:sunbw@foxmail.com 姓名:景丹阳 执业证书编号: S0230523080001 邮箱: jingdy@hlzqgs.com 一、4月市场震荡上行。4月前期延续3月震荡走势,情绪面总体偏 谨慎,一方面4月为经济数据及上市公司业绩公布 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is in the process of acquiring control of Minsheng Securities through the issuance of A-shares and raising matching funds. The A-shares will be suspended from trading starting April 26, 2024, for no more than 10 trading days [1] - The acquisition is expected to enhance the company's comprehensive strength, with projected net profits for 2024-2026 being CNY 697 million, CNY 805 million, and CNY 1.015 billion, respectively. The current stock price corresponds to a price-to-book (PB) ratio of 1.59, 1.45, and 1.23 for the respective years [1][3] Financial Data Summary - **Market Data**: As of April 25, 2024, the stock price is CNY 10.46, with a 52-week price range of CNY 8.80-13.38. The total market capitalization is CNY 29,620.35 million, and the circulating market capitalization is CNY 24,990.33 million [1] - **Profit Forecast**: The company expects revenue growth rates of 5% in 2024, 9% in 2025, and 14% in 2026, with a projected revenue of CNY 3,101 million in 2024 [3] - **Balance Sheet**: Total assets are projected to reach CNY 93,702 million in 2024, with total liabilities of CNY 75,051 million [4] - **Key Financial Ratios**: The return on equity (ROE) is expected to improve from 4% in 2024 to 6% in 2026, while the price-to-earnings (P/E) ratio is projected to decrease from 42.26 in 2024 to 29.06 in 2026 [4]

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company has shown rapid performance growth, with a revenue of 11.463 billion yuan in 2023, representing a year-on-year increase of 25.99%. The net profit attributable to shareholders reached 1.904 billion yuan, up by 100.79% [1] - In Q1 2024, the company achieved a revenue of 3.025 billion yuan, reflecting a year-on-year growth of 34.53%, with a net profit of 364 million yuan [1] - The company has a strong order backlog in its smart power distribution business, totaling 10.494 billion yuan by the end of 2023, which is a 22.09% increase year-on-year [1] - The company is expanding its overseas presence, having established a mature sales system in over 70 countries and regions, with new factories in Germany and Mexico [1] Financial Performance Summary - Revenue projections for the company are as follows: - 2024E: 14.356 billion yuan (growth rate of 25.2%) - 2025E: 17.740 billion yuan (growth rate of 23.6%) - 2026E: 21.821 billion yuan (growth rate of 23.0%) [2] - Net profit projections are: - 2024E: 2.307 billion yuan (growth rate of 21.2%) - 2025E: 2.842 billion yuan (growth rate of 23.2%) - 2026E: 3.506 billion yuan (growth rate of 23.4%) [2] - The company’s return on equity (ROE) is expected to improve from 17.2% in 2023 to 20.2% by 2026 [2] Market Data - As of April 26, 2024, the current stock price is 33.86 yuan, with a 52-week price range of 11.82 to 36.66 yuan. The total market capitalization is approximately 48.22 billion yuan [1] - The company has a total share capital of 141.12 million shares, with a circulating market value of 47.66 billion yuan [1] Operational Highlights - The company’s smart power distribution business generated 8.612 billion yuan in revenue in 2023, marking a year-on-year increase of 23.99% [1] - The company has successfully won significant overseas projects, including a 310 million yuan smart meter project in Brazil and a 466 million yuan transformer project in Greece [1]

请认真阅读文后免责条款 数据来源：Wind，华龙证券研究所 风险提示：1）全球宏观经济波动增加市场不确定性；2）行业竞 争加剧可能压缩利润空间；3）技术迭代速度快，研发投入压力大； 4）新能源市场政策和补贴变化可能影响业务发展；5）全球供应 链波动可能对生产和交付造成影响。 | --- | --- | --- | --- | --- | --- | |--------------------------|-------|-------|-------|-------|-------| | 预测指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4,812 | 4,840 | 5,804 | 6,675 | 7,676 | | 增长率（%） | 25.72 | 0.59 | 19.93 | 15.00 | 15.00 | | 归母净利润（百万元） | 331 | 390 | 474 | 534 | 620 | | 增长率（%） | 71.43 | 17.80 | 21.46 | 12.56 | 16.13 | | ROE （%） | 8.69 | ...

证券研究报告 汽车 报告日期：2024年04月 27日 归母净利润同比 ，布局全球出口增量可期 2024Q1 +445.1% ——宇通客车（600066.SH）2024 年一季报点评报告 华龙证券研究所 事件： 4 月 26 日，宇通客车发布 2024 年一季报：公司 2024Q1 实现营 投资评级：买入（首次覆盖） 收66.2亿元，同比+85.0%，实现归母净利润6.6亿元，同比+445.1%， 最近一年走势 实现扣非归母净利润5.7亿元，同比+1094.7%。 观点：  量价齐升拉动营收同比高增，出口销量同比+92.0%。公司2024Q1 营收同比+85.0%，主要系销量方面，公司2024Q1 累计销量7731 辆，同比+74.2%，其中大中型客车销量 6967 辆，同比+101%。 在海外客车市场高景气度的推动下，公司2024Q1 出口销量2598 辆，同比+92%，占比达 33.6%，同比+3.1pct。售价方面，公司 2024Q1 单车均价 85.6 万元，同比+5.0 万元，我们认为主要系大 市场数据 中客车以及出口销量占比提升。 2024年04月26日  降本控费+产品向上推动2024Q1 ...