偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 72 期，总第 1631 期（电子版） 2024 年 4 月 22 日 星期一 一、市场分析 关注下方支撑位 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3065.26 | -0.29 | | 深证成指 | 9279.46 | -1.04 | | 中小 100 | 5670.64 | -1.39 | | 创业板指 | 1756 | -1.76 | | 沪深 300 | 3541.66 | -0.79 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 37986.4 | 0.56 | | 纳斯达克 | 15282.01 | -2.05 | | 标普 500 | 4967.23 | -0.88 | | 英国富时 100 | 7895.85 | 0.24 | | 日经 225 | 37424.87 ...

Investment Rating - Buy rating (first coverage) [1][2] Core Views - The company's second growth curve, including electrolyte drinks, tea drinks, pre-mixed alcohol, and ready-to-drink coffee, has shown strong performance [1] - The company's flagship product, Dongpeng Special Drink, accounts for 91.87% of revenue, with a growth rate of 26.48% [1] - Other beverage products, including Dongpeng Water and Dongpeng Coffee, account for 5.11% of revenue, with a growth rate of 186.65% [1] - The company's main sales regions are Guangdong, East China, Central China, North China, Guangxi, and Southwest China, accounting for 86.98% of revenue [1] - The company's gross profit margin increased by 0.74 percentage points to 43.07% in 2023, mainly due to lower raw material costs [1] - The company's net profit margin increased by 1.17 percentage points to 18.11% in 2023, reflecting improved profitability [1] - The company's market share in the energy drink market increased from 36.70% in 2022 to 43.02% in 2023, maintaining its leading position [2] Financial Performance - Revenue in 2023 was RMB 11.263 billion, a year-on-year increase of 32.42% [1] - Net profit attributable to shareholders in 2023 was RMB 2.040 billion, a year-on-year increase of 41.60% [1] - Adjusted net profit attributable to shareholders in 2023 was RMB 1.870 billion, a year-on-year increase of 38.29% [1] - Revenue in Guangdong region was RMB 3.761 billion, accounting for 33.44% of total revenue, with a year-on-year growth of 12.14% [1] - Revenue growth in North China, East China, and Southwest China regions was 64.83%, 48.41%, and 64.71% respectively [1] - Sales through distribution channels accounted for 86.74% of revenue, with a growth rate of 28.72% [1] Future Projections - Revenue is expected to reach RMB 14.487 billion in 2024, RMB 18.010 billion in 2025, and RMB 22.248 billion in 2026, with year-on-year growth rates of 28.6%, 24.3%, and 23.5% respectively [2] - Net profit attributable to shareholders is expected to reach RMB 2.656 billion in 2024, RMB 3.291 billion in 2025, and RMB 4.078 billion in 2026, with year-on-year growth rates of 30.2%, 23.9%, and 23.9% respectively [2] - The company's PE ratio is expected to be 29.1X in 2024, 23.5X in 2025, and 19.0X in 2026 [2] Market Position - Dongpeng Special Drink ranked first in sales volume in the Chinese energy drink market in 2023, with a market share of 43.02% [2] - Dongpeng Special Drink ranked second in sales value in the Chinese energy drink market in 2023, with a market share of 30.94% [2]

市场有风险投资需谨慎本场录演内容不构成具体投资建议投资者需自主做出投资决策并独立承担投资风险 尊敬的各位线上的投资者尊敬的各位同事以及各位同行大家下午好今天呢我再跟大家分享一下2024年国内的一个宏观经济大致的展望因为大家也能看到这一周从上周五相继公布出口数据包括两龙数据社龙数据以及本周二公布的一季度的国民经济数据 那么对现阶段以及下一阶段的这个宏观经济以及一些政策的一个大致的梳理和展望那么这两天大家能看到因为外围的形势不太明朗扰动因素也比较多那么整个报告的这个核心观点有这么几条整个全球来看还是一个全球经济仍在摇摆不定有些部分的发达经济企业货币政策 可能我们会期待从二季度到下半年有一个拐点但从现阶段来看美国的这个不确定性啊因素是更强烈一些那么国内的经济虽然一季度的国内经济是开局良好的经济增长动力比较强消费也是好预期啊制造业投资加快生产稳定修复在新制生产力的带动下产业转型升级步伐加快经济的底部是逐渐明朗的 这也就是我报告的一个核心观点之一就是经济底部是渐行渐进逐渐明朗那么在二阶度来看工业生产有望平稳运行工业企业的盈利水平有望持续改善在鼓励和推动消费品以旧换新政策支持下消费增长潜力有望继续释放 高技术制造业投资是 ...

023-01 023-03 023-05 023-07 023-09 023-11 02 4-03 024-01 2 2.2 生产端展望：制造业生产与投资继续改善有望带动内生增长动能走强 展望二季度工业生产和投资，我们认为： Ø 经济逐步恢复，工业生产有望继续平稳运行。在营业收入与营业利润率保持良好增速的前提下，工业企业盈利水平有望 持续改善。当然，营业成本与费用的控制同时也是关键，主要取决于今后减税降费政策进一步实施的力度与效果。 Ø 从行业看，二季度工业生产中高技术制造业有望继续保持较快增长。新动能新优势不断培育，在高技术产业投资和制造 业技术改造投资保持较快增速的背景下，积极推进制造业设备更新和装备技术升级，有利于制造型企业提升供给质量、 创造引领需求。在新一轮大规模设备更新改造和消费品以旧换新政策支持下，设备更新改造以节能降碳、超低排放、安 全生产、数字化转型、智能化升级为重要方向。 Ø 从生产经营主体看，大中小型企业的生产经营活动取得不同程度的改善，尤其是在财政、税收、金融及用工等政策红利 扶持下，各项政策组合拳落地生效，小微企业发展环境正在改善，企业对未来发展信心有所增强，支持中小微企业政策 不断 ...

Group 1 - The new "National Nine Articles" aims to enhance market expectations and risk appetite by promoting high-quality development of the capital market and effectively protecting the rights of investors, especially small and medium-sized investors [3][24]. - The emphasis on dividends in the new "National Nine Articles" suggests that dividend-paying sectors will be worth long-term attention, and the push for long-term capital inflow will benefit wealth management institutions [3][27]. - The report highlights that the new "National Nine Articles" will better serve national strategies such as technological innovation, green development, and state-owned enterprise reform, indicating potential growth in sectors aligned with these themes [3][27]. Group 2 - In March, the domestic CPI showed a seasonal decline, with a month-on-month decrease of 1.0%, while the PPI's month-on-month decline narrowed, indicating a recovery in industrial production [18][19]. - The first quarter saw a significant increase in import and export growth, with total trade value reaching 10.17 trillion yuan, a year-on-year increase of 5%, marking the highest growth in six quarters [20][21]. - The report notes that the PPI is expected to narrow its year-on-year decline in the second quarter due to policy support and a low base effect, alongside a recovery in commodity prices [18][19]. Group 3 - The report indicates that the market is currently experiencing adjustments, with major global indices showing mixed performance, while domestic indices have also seen declines [33][42]. - The net buying of northbound funds has decreased, with significant outflows observed in sectors such as banking and non-bank financials, while sectors like non-ferrous metals and utilities saw increased net buying [49][52]. - The valuation of major broad-based indices remains low, with many trading below the 50% historical percentile, suggesting potential investment opportunities in undervalued sectors [60][62].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company achieved record high revenue of 1.96 billion and net profit of 540 million in 2023, with year-on-year growth of 14.6% and 50.9% respectively [4] - The company has set a new target to double its net profit over the next four years from the 2023 baseline [4] - The company plans to distribute a total cash dividend of 740 million in 2023, with a payout ratio of 136% [5] - The company is actively expanding into Southeast Asia, the US, and Europe, which are expected to become significant growth drivers [12] Financial Performance - Revenue and net profit for 2023 reached 1.96 billion and 540 million respectively, with significant contributions from domestic and overseas markets [4] - The company’s gross margin improved to 52.23%, up 2.93 percentage points year-on-year, driven by product mix enhancement and increased overseas revenue [21] - The company’s financial expenses decreased significantly due to higher interest income covering interest expenses [21] Earnings Forecast - The company is projected to achieve net profits of 664 million, 803 million, and 977 million for 2024, 2025, and 2026 respectively, with corresponding growth rates of 22.46%, 20.89%, and 21.68% [22] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are forecasted to be 25, 20, and 17 respectively [6] Market Data - As of April 12, 2024, the company's stock price is 20.41, with a market capitalization of approximately 18.29 billion [11]

证券研究报告 y 通信 报告日期：2024 年4月 14 日 5G-A 持续加速推进，同时关注卫星通信进程 ———通信行业周报 华龙证券研究所 摘要：  周要闻： 投资评级：推荐（维持） （1）工业和信息化部近日发布通告，部署开展增值电信业务扩 大对外开放试点工作。提出将在北京市服务业扩大开放综合示范 最近一年走势 区、上海自由贸易试验区临港新片区及社会主义现代化建设引领 区、海南自由贸易港、深圳中国特色社会主义先行示范区率先开 展试点。 （2）移远通信在2024 国际嵌入式展会上宣布推出支持“卫星+ 蜂窝”网络的高集成度NTN卫星通信模组BG95-S5。 （3）今年山东全省16个市将全部达到千兆城市标准，明年底前 再建成开通7万个5G基站，总量突破27万个，进一步织密数字 相对沪深300走势（%）2024/4/12 基础设施网络，助推数字经济发展跑出“加速度”。 表现 1m 3m 12m 通信（申万） -3.3 11.8 -4.9  周观点： 沪深300 -3.4 3.3 -16.2 国内5G-A持续加速发展，相关基础设施建设持续跟进，各大运 研究员：彭棋 营商也在持续推进5G-A商用步伐，有望带动产业 ...

证券研究报告 y 有色金属 报告日期：2024年4 月15 日 地缘政治、央行购金需求等因素长期支撑金价 ———有色金属行业周报 华龙证券研究所 摘要：  美国经济数据波动较大，对美联储年内降息预期形成干扰；中东 投资评级：推荐（维持） 地区冲突可能升级，叠加中国等地投资热情高涨，黄金价格易涨 难跌。铜、铝等金属长期供给存较强刚性。长期来看，主要金属 最近一年走势 品种价格或震荡上行，维持有色金属行业“推荐”评级。  贵金属：本周内，美国3月份经济数据公布。3月CPI同比上涨 3.5%，核心 CPI 同比上涨 3.8%，均高于市场预期，对美联储年 内降息预期再度形成干扰。地缘政治方面，中东紧张局势持续发 酵，以色列对伊朗大使馆的袭击可能招致伊朗方面报复，地缘冲 突可能升级。同时，以中国为主的央行仍不断购入黄金，推高金 价。在全球避险情绪不断抬高、央行购进需求推动下，金价周内 再创历史新高，并持续与美国利率走势相背离，长周期下黄金作 为信用对冲的逻辑演绎更为充分。我们判断短期内金价可能有回 调空间，但在以上要素没有重大变化前提下，长期金价或仍“易 相对沪深 300走势 2024/4/12（%） 涨难跌”。 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 67 期，总第 1626 期（电子版） 2024 年 4 月 15 日 星期一 | --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3019.47 | -0.49 | | 深证成指 | 9228.23 | -0.78 | | 中小 100 | 5692.37 | -0.62 | | 创业板指 | 1762.88 | -1.08 | | 沪深 300 | 3475.84 | -0.81 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 37983.24 | -1.24 | | 纳斯达克 | 16175.09 | -1.62 | | 标普 500 | 5123.41 | -1.46 | | 英国富时 100 | 7995.58 | 0.91 | | 日经 225 | 38895.03 | -1.59 | | 恒生指数 | ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company, 1X, is recognized as the world's first commercial general robotics manufacturer, with stable shipments to customers in Europe and the United States. It has secured significant orders, including 140 humanoid robots from ADT Security Services in 2020 [10][16]. - 1X's products include two main humanoid robots: the wheeled robot EVE, which is currently in stable production, and the bipedal robot NEO, which is still under development and expected to launch in mid-2024 [10][11]. - The company has received substantial investment from OpenAI, totaling $135 million across two funding rounds, which supports its vision of achieving true autonomous operation through AI technology [16][20]. Financial Forecasts - The company is projected to achieve a net profit attributable to shareholders of 49.36 million yuan in 2023, 85.93 million yuan in 2024, and 126.04 million yuan in 2025, with corresponding P/E ratios of 96.01, 55.15, and 37.60 [20][25]. - Revenue forecasts indicate growth from 750.97 million yuan in 2023 to 1.35 billion yuan in 2025, reflecting a compound annual growth rate of approximately 31.88% [7][20]. - The report anticipates a significant increase in return on equity (ROE), projected to rise from 6.99% in 2023 to 13.73% in 2025 [7][20].