证券研究报告 建筑装饰 报告日期：2024年03月 30日 盈利能力提升业绩超预期，提质增效资产质量持续优化 ——中国交建（601800.SH）2023 年报点评报告 华龙证券研究所 事件： 2024年3月29日，公司发布2023年年报：2023年，公司实现营 投资评级：增持（首次覆盖） 业收入 7586.76亿元，同比增长 5.1%；实现归母净利润 238.12 亿元， 最近一年走势 同比大幅增长23.61%。 观点：  盈利能力显著提升，境外业务表现亮眼，公司业绩再创新高。报告 期内，公司业务规模稳步增长，境外业务收入同比高增 17.78%， 带动公司实现营收 7586.76亿元，同增5.1%，再创新高。同时，公 司严控项目规模、聚焦项目质量，整体经营质效显著提高，毛利率 增加0.88pct，实现归母净利润238.12亿元，同比增长23.61%。年 内，因应收账款及长期应收款损失减少，公司信用减值损失68.93 亿元，同减25.34%，实现扣费归母净利216.55亿元，同增58.18%。 市场数据  投资类项目结构不断优化，现金流及估值提升空间大。报告期内， 公司加强对投资类项目管控，重点压降投资总量 ...

Investment Rating - The report assigns a "Buy" rating to Datang Power (601991 SH) for the first time [1] Core Views - Datang Power achieved a turnaround in 2023 with revenue of 122 404 billion yuan, up 4 77% YoY, and net profit attributable to shareholders of 1 365 billion yuan, compared to a loss of 410 million yuan in 2022 [1] - Q4 2023 saw revenue of 31 785 billion yuan, up 7 46% YoY, but a net loss of 1 470 billion yuan due to asset impairment losses of 1 356 billion yuan [1] - Coal power segment still has room for recovery, with coal power fuel costs decreasing by 27 21 yuan/MWh YoY [1] - New energy projects under construction and approved reached 12 8GW, with a strong project pipeline [1] Business Performance - In 2023, coal power, gas power, wind power, solar power, and hydro power segments reported profits of -133 million yuan, 392 million yuan, 2 556 billion yuan, 480 million yuan, and 1 383 billion yuan respectively [1] - Electricity sales reached 259 4 billion kWh, up 5 06% YoY, with thermal power, wind power, hydro power, and solar power sales growing by 6 21%, 16 53%, -10 30%, and 60 79% respectively [1] - Average on-grid tariff increased by 5 62 yuan/MWh to 466 41 yuan/MWh [1] Financial Projections - Revenue is expected to grow to 1 240 341 billion yuan in 2024, 1 269 916 billion yuan in 2025, and 1 304 175 billion yuan in 2026 [2] - Net profit attributable to shareholders is projected to reach 4 111 billion yuan in 2024, 5 064 billion yuan in 2025, and 6 010 billion yuan in 2026 [2] - ROE is forecasted to improve from 1 85% in 2023 to 5 28% in 2024, 6 14% in 2025, and 6 86% in 2026 [2] Valuation Metrics - P/E ratio is expected to decline from -185 71 in 2023 to 12 88 in 2024, 10 45 in 2025, and 8 81 in 2026 [2] - P/B ratio is projected to decrease from 0 72 in 2023 to 0 68 in 2024, 0 64 in 2025, and 0 60 in 2026 [2]

Market Overview - The market experienced a decline, with major indices such as the Shanghai Composite Index falling by 1.26%, the Shenzhen Component Index by 2.4%, and the ChiNext Index by 2.81% [5][24]. - Notable declines were observed in computing power concept stocks and Xiaomi automotive concept stocks, with several stocks dropping over 10% [2][4]. Sector Analysis - Sectors that saw gains included NMN, banking, and food, while sectors such as Xiaomi automotive, computing leasing, photolithography, and data security faced significant losses [4]. - The NMN concept stocks showed resilience, with companies like Yabent Chemical and Jindawei reaching their daily limit up [12]. Investment Insights - The report highlights the upcoming first China Embodied Intelligence Conference (CEAI 2024) and other related events aimed at promoting academic and industrial collaboration in the field of embodied intelligence and humanoid robotics [8]. - The report suggests that advancements in AI technology will enhance the general and intelligent levels of humanoid robots, accelerating their commercialization process, benefiting core component manufacturers with technological advantages [8]. Key News - The report mentions that Geely Auto has completed the world's first autonomous drifting test using its self-developed AI digital chassis, indicating a significant advancement in the autonomous driving sector [16]. - China FAW has begun recruiting for positions related to flying cars, signaling a strategic move towards low-altitude economy development, with projections indicating a compound annual growth rate of 12.4% for the global eVTOL market from 2022 to 2032 [16].

| --- | --- | --- | --- | --- | --- | |-----------------|----------|---------------|-------|----------|----------------------------| | 名称 | 板数 | 洲飲網 | | 首次涨停 | 上涨速维 | | 市场焦点股 | | | | | | | 立航科技 603261 | 18天10板 | 10.01% 09: 32 | | | 军工+低空经济 | | 宁科生物 600165 | 7连板 | 10.00% | | 09: 35 | 长链二元酸用于食品保鲜 | | 华生科技 605180 | 6连板 | 9.98% | | 09: 25 | 汽车+纺织 | | 第力 | | | | | | | 浪潮信息 000977 | 首板 | 10.00% 10: 40 | | | 服务器 | | 设计总院 | 首板 | 9.99% | | 13: 32 | 算力 | | 603357 统一股份 | 首板 | 10.01% 13: 40 | | | 光伏+液冷IDC | | 600506 城地 ...

数据来源：Wind，华龙证券研究所 ➢ 盈利预测简表 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------|-------------------------------|------------------------|--------|----------------------------------------------------------------|-------|---------------------------------|-------|-------| | 表：公司财务预测表 财务和估值数据摘要 \n单位:百万元 | | | | | 资产负债表 \n2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E | | | | | | 营业收入 | 711.68 | | 908.59 1142.86 1311.24 | | 货币资金 | | 189.39 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][15]. Core Insights - The company achieved a revenue of 4.115 billion in 2023, representing a year-on-year growth of 42.22%. The net profit attributable to shareholders reached 506 million, up 67.76% year-on-year [14]. - The company focuses on seven major product categories, leveraging "channel penetration" and "category brand" strategies to achieve rapid growth. The product mix includes spicy snacks, deep-sea snacks, potato snacks, egg snacks, dried fruits and nuts, konjac jelly pudding, among others, with respective revenue contributions of 36%, 15%, 15%, 9%, 8%, 6%, and 5% [14]. - The company plans to continue focusing on the fast-growing snack channels and aims to enhance its product, channel, and brand momentum [15]. Financial Summary - In 2023, the company's net profit margin was 12.3%, an increase of 1.9 percentage points year-on-year, indicating a significant improvement in profitability [1]. - The gross profit margin for 2023 was 33.54%, a decrease of 1.2 percentage points, attributed to changes in channel structure with a higher proportion of lower-margin snack retail and e-commerce channels [14]. - The company forecasts net profits of 670 million, 870 million, and 1.166 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 22X, 17X, and 13X [15][16].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company achieved a revenue of 10.57 billion yuan in 2023, representing a year-on-year increase of 52.2%, and a net profit attributable to shareholders of 806 million yuan, up 71.2% year-on-year [1]. - In Q4 2023, the company reported a revenue of 3.25 billion yuan, a year-on-year increase of 46.2%, and a net profit of 245 million yuan, reflecting a year-on-year growth of 56.6% [1]. - The growth in Q4 revenue was driven by a 21% quarter-on-quarter increase, with new exterior decoration business gradually ramping up [1]. - The company's core businesses, including dashboard assemblies and door panel assemblies, saw revenue growth of 53% and 37% year-on-year, respectively [1]. - The new exterior decoration business has emerged as a new growth point, with revenue from bumper assemblies and exterior accessories increasing by 113% and 202% year-on-year, respectively [1]. Financial Performance Summary - The company’s gross profit margin for 2023 was 20.05%, a slight increase of 0.3 percentage points year-on-year [1]. - The company is expected to continue expanding its production capacity, with plans to add 1.3 million sets of dashboard assemblies and 1.2 million sets of door inner panels by the end of 2026 [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.14 billion yuan, 1.43 billion yuan, and 1.79 billion yuan, respectively, with corresponding P/E ratios of 18.5, 14.7, and 11.8 [3][1].

Investment Rating - The investment rating for the company is "Buy" [4][5]. Core Views - The company has shown resilience in its engineering services, with significant growth in new orders and revenue, particularly from overseas markets [4][5]. - The company is transitioning its business structure, with equipment manufacturing and operational services expected to see robust growth in the coming years [4][5]. - The company has a strong focus on technological development and reform to enhance governance and operational efficiency [4][5]. Financial Performance - In 2023, the company achieved a revenue of 45.799 billion yuan, representing a year-on-year growth of 6.94%, and a net profit attributable to shareholders of 2.916 billion yuan, up 14.74% year-on-year [4][6]. - The engineering services segment generated revenue of 26.665 billion yuan, with a gross margin of 15.73%, reflecting a year-on-year increase of 7.55% in revenue and a 3.47 percentage point increase in gross margin [4][6]. - The company has a dividend payout ratio of approximately 36% for 2023 [4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 52.663 billion yuan, 60.202 billion yuan, and 68.878 billion yuan, respectively, with corresponding net profits of 3.348 billion yuan, 3.856 billion yuan, and 4.520 billion yuan [5][6]. - The expected growth rates for revenue are 14.99% in 2024, 14.31% in 2025, and 14.41% in 2026 [6][7]. - The company is anticipated to maintain a price-to-earnings (P/E) ratio of 8.6 in 2024, decreasing to 6.37 by 2026 [5][6].

证券研究报告 y 社会服务 报告日期：2024 年3 月25日 清明假期临近，出行热度延续 ——社服行业周报 核心观点： 华龙证券研究所  服务零售延续较快增长态势，出行相关消费持续向好。1— 投资评级：推荐（维持） 2月份，社会消费品零售总额81307亿元，同比增长5.5%。 其中，除汽车以外的消费品零售额74194亿元，增长5.2%。 按消费类型分，1—2月份，商品零售 71826 亿元，同比增 最近一年走势 长4.6%；餐饮收入9481亿元，增长12.5%。随着各地区各 部门促进消费系列举措相继落地，市场销售持续平稳恢复， 线上消费增长有所加快，部分升级类和大宗商品销售良好； 服务消费延续较快增长态势，交通出行、餐饮、文体休闲 等消费需求快速释放。  假期临近，机票、酒店搜索热度全面超越 2019年。3月21 日，携程发布《2024年清明节旅游预测洞察》，报告显示， 近期清明假期的机票、酒店等假日旅游产品预订逐渐升温， 返乡探亲、赏花踏青、拼假连游、自驾赏春是假期出游的 主流节奏。从搜索热度来看，携程大住宿"数智酒店"数据显 示，清明小长假期间，国内酒店搜索热度全面超越2019及 2023年同期，同 ...

- 5 - 华龙证券 欧元兑美元 1.0838 0.01 | --- | --- | --- | |------------|----------|-----------| | | | | | 英镑兑美元 | | | | | 期货市场 | | | | 收盘(点) | 涨跌幅(%) | | NYMEX 原油 | 82.07 | 0.15 | | COMEX 黄金 | 2173.1 | -0.15 | | 综合铜 03 | 8863 | -0.04 | | | | | 市场综述 下跌方面，近期热门板块全线退潮，AI 应用、飞行汽车等领跌， 货币市场 华策影视、福昕软件等多股跌超 10%；高位股持续调整，立航科技、华 收盘(点) 涨跌幅(%) 菱精工等跌停。 数据揭秘： 3、投顾观点 周一市场全天冲高回落，20 日均线失守，沪指 3 连阴，成交额有所缩量，市场普跌亏钱效应明显。走势 上，近期热门趋势题材集体退潮，原本市场预期的调整周期资金抱团并未出现，强势板块没有穿越调整，市 场重点回到大势上。操作上，经过连续三日调整，市场分歧加大，产生了一定的回流预期，在此节点上需适 度控仓，不做逆势操作。 AI 音频模型 | ...