Investment Rating - The report maintains a "Strong Buy" rating for Yangnong Chemical [2] Core Views - Yangnong Chemical's Q1 2024 performance showed a revenue of 3.176 billion yuan, down 29.43% year-on-year, and a net profit of 429 million yuan, down 43.11% year-on-year due to a sluggish market and declining prices and sales of pesticide products [1][2] - The pesticide industry is currently at a cyclical low, with prices at historical lows, but there is an expectation for recovery as overseas inventory depletion nears completion and demand gradually increases [1] - The company is progressing with new project capacity construction, which is expected to contribute to performance growth in the future [1] Financial Performance Summary - Revenue for 2024 is projected at 12.874 billion yuan, with a growth rate of 12.16% in 2025 and 10.28% in 2026 [3] - Net profit forecasts for 2024, 2025, and 2026 are 1.741 billion yuan, 2.022 billion yuan, and 2.306 billion yuan respectively, with corresponding growth rates of 11.25%, 16.10%, and 14.08% [3] - The company's comprehensive gross margin decreased by 3.15 percentage points to 24.34% due to falling prices of raw pesticide products [1] Project Development - Key ongoing projects include the Youjia project and the Liaoning Youchuang project, with the former's Phase II completed and rapidly reaching production capacity, while the latter is expected to complete its first phase within 2024 [1]

Investment Rating - The report maintains a "Recommended" rating for the company [5][3]. Core Insights - The company achieved a revenue of 230.58 million yuan in Q1 2024, representing a year-on-year growth of 4.16% and a quarter-on-quarter decline of 30.61%, attributed to seasonal factors [1][2]. - The gross margin for Q1 2024 improved to 27.28%, up from 22.28% in Q4 2023, although still lower than 31.51% in Q1 2023 [2]. - The company has a strong market expansion capability, having added over 1,000 new product designations in 2023, which is expected to support continued revenue growth [1][3]. Revenue and Profit Forecast - The company is projected to achieve net profits of 170.23 million yuan, 209.84 million yuan, and 246.73 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.70, 2.10, and 2.47 yuan [4][3]. - Revenue is expected to grow from 1,250.19 million yuan in 2024 to 1,745.28 million yuan in 2026, with growth rates of 23.72%, 19.26%, and 17.06% respectively [4][3]. Capacity Expansion - The company has made significant progress in capacity expansion, with fixed assets increasing from 308.86 million yuan at the end of 2023 to 315.26 million yuan by the end of Q1 2024 [3]. - The company expects a year-on-year capacity increase of over 30% in 2024 due to various expansion and renovation projects [3].

行 业 研 究 传媒互联网&通信行业：拼多多驿站 2024年5月6日 看好/维持 获快递经营许可，美团五一本地消 东 传媒 行业报告 兴 费增长 25% 证 券 股 份 周观点： 未来3-6个月行业大事： 有 浪潮信息AI服务器产线充沛。从需求端看，根据赛迪顾问数据，2022年中国 限 服务器市场出货量约448万台。从供给端看，2016年浪潮信息服务器及部件 公 行业基本资料 占比% 生产量73万件；2016-2023年，浪潮信息新投产生产基地超过10座，预估服 司 务器年产能新增超过70万台；截至2023年年底，浪潮信息在全球运营14座 股票家数 191 4.15% 证 生产工厂，每年生产服务器超过130万台。近几年浪潮信息产能与订单需求基 行业市值(亿元) 15839.21 1.84% 券 本匹配。目前国内正处于 AI 服务器产业浪潮早期阶段，基于浪潮信息目前运 流通市值(亿元) 13678.7 1.98% 研 营的14座生产工厂，假设在需求爆发的情况下，公司生产效率提高50%，其 究 年产量最大可超过 200 万台。相比上一轮 2014-2016 年服务器需求爆发，当 行业平均市盈率 45.24 / 报 ...

公 司 研 究 中国交建（601800.SH）：资产优化 2024年5月6日 强烈推荐/维持 继续进行中 东 中国交建 公司报告 兴 证 券 公司2023年和2024年一季度实现营业收入分别为7586.76亿元和1769.04 公司简介： 股 亿元，同比增长 5.10%和 0.18%；归属于母公司股东的净利润分别为 238.12 公司为中国领先的交通基建企业，围绕“大 份 亿元和61.41亿元，同比增长23.61%和10.00%；扣除非经常损益后的归属母 交通”、“大城市”， 核心业务领域分别为基 有 公司股东净利润分别为 216.55 亿元和 61.02 亿元，同比增长 58.18%和 建建设、基建设计和疏浚业务，业务范围主 限 12.14%。 公 要包括国内及全球港口、航道、吹填造地、 司 点评： 流域、道路与桥梁、铁路、城市轨道交通、 证 高质量发展战略推进公司营业收入和利润增长。2023年和2024年一季度公司 市政基础设施、建筑及环保等相关的投资、 券 利润收入增速明显高于营业收入增速，包括2024年一季度营业收入增速放缓， 设计、建设、运营与管理。 研 我们预计和公司更加注重资产质量的优化有关。在 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [6][18]. Core Views - The company experienced a decline in revenue in Q1 2024, with a year-over-year decrease of 24.52% to 3.44 billion yuan, and a net profit decline of 15.83% [2][17]. - The company is focusing on increasing the proportion of new compound fertilizers, which have a higher gross margin compared to traditional fertilizers. The sales ratio of new fertilizers to traditional fertilizers improved from 1:5 in 2018 to 1:2.5 in 2023, with a future target of 1:1 [3][18]. - The recovery of raw material prices for compound fertilizers is expected to stabilize, leading to a gradual recovery in profitability for the industry [6][18]. Summary by Sections Company Overview - The company is a leading producer of phosphate compound fertilizers in China, established in 1982 and listed in 2014. As of the end of 2023, it has an annual production capacity of approximately 9.83 million tons of various high-concentration phosphate fertilizers [4][18]. Financial Performance - In Q1 2024, the company reported a revenue of 3.335 billion yuan, down 24.52% year-over-year, and a net profit of 344 million yuan, down 15.83% year-over-year [2][17]. - The gross margin for Q1 2024 improved by 2.25 percentage points to 17.98%, which helped mitigate the decline in net profit [17]. Future Outlook - The company forecasts net profits of 1.368 billion yuan, 1.617 billion yuan, and 1.893 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.07 yuan, 1.26 yuan, and 1.47 yuan [18]. - The current P/E ratios for the next three years are projected to be 11, 9, and 8 times [18].

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [2] Core Views - Guocera Materials has shown good performance in its key business segments, driving long-term growth across multiple sectors [2] - The company reported a revenue of 827 million yuan in Q1 2024, representing a year-on-year increase of 5.23%, and a net profit of 133 million yuan, up 7.99% year-on-year [2] - The company is positioned as a diversified new materials platform, with a focus on high-end ceramic products and a full supply chain from materials to finished products [2][3] Summary by Relevant Sections Business Performance - The electronic materials segment is experiencing a recovery in MLCC dielectric powder, and domestic substitution of electronic pastes is accelerating [2] - The catalytic materials segment continues to grow with products like honeycomb ceramic carriers and cerium-zirconium solid solutions [2] - The biomedical segment is optimizing production capacity to enhance product competitiveness [2] - The new energy materials segment is seeing rapid sales growth in alumina and barium stone, with new products being launched [2] - The precision ceramics segment is gradually increasing production of silicon nitride ceramic bearings for 800V high-voltage fast charging [2] Financial Forecasts - The company forecasts net profits of 737 million yuan, 934 million yuan, and 1.12 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.73, 0.93, and 1.12 yuan [6] - The current P/E ratios are projected to be 26, 21, and 17 for the years 2024, 2025, and 2026 respectively [6] Market Position - Guocera Materials has established six major business segments, enhancing its market capacity and competitive strength [2] - The company is expected to continue benefiting from favorable market conditions and increasing sales of its products [2]

公 司 研 究 宁波银行（002142.SZ）：存贷款增 2024年5月6日 强烈推荐/维持 长较快，净息差环比微升 东 宁波银行 公司报告 兴 ——2024 年一季报点评 证 券 事件：宁波银行发布 2024 年一季度报告：公司实现营收 175.1 亿元，同比 公司简介： 股 5.8%，归母净利润 70.1亿元，同比增 6.3%。1Q24年化 ROE为 15.51%， 宁波银行成立于1997年4月10日，2007年7 份 月 19 日成为国内首家在深圳证券交易所挂牌上 同比下降1.39pct；一季度末，公司不良率0.76%，拨备覆盖率431.63%。 有 市的城市商业银行。公司以“了解的市场，熟悉 限 点评： 的客户”为准入原则，坚持“门当户对”的经营 策略，以为客户提供多元化金融服务为目标，打 公 核心营收增速好于行业，受益于量平价稳之下净利息收入增长较快。1Q24营 造“公司银行、零售公司、个人银行、金融市 司 收增速 5.8%，仍好于行业，尤其是核心营收（净利息收入+净手续费收入） 场、信用卡、票据业务、投资银行、资产托管、 资产管理”九大利润中心，初步形成多元化的业 证 增长 129亿元，同比增 6 ...

公 司 研 究 + 浪潮信息（000977.SZ）：一季度收 2024年5月6日 推荐/维持 入显著提升，加大采购上游部件 东 浪潮信息 公司报告 兴 证 券 + 公司简介： 股 事件：公司发布2024年一季报，实现营业收入176.07亿元，同比增长85.32%； 浪潮信息是全球领先的 IT 基础架构产品、 份 归母净利润3.06亿元，同比增长64.39%。 方案及服务提供商，业务覆盖计算、存储、 有 网络三大关键领域，提供云计算、大数据、 点评： 限 人工智能、边缘计算等在内的全方位数字化 公 一季度收入显著提升，净利润远超去年同期水平。（1）2024Q1，公司实现营 解决方案。 资料来源：公司公告、恒生聚源 司 业收入176.07亿元，同比增长85.32%，收入增长主要源于客户需求增加，服 务器销售增长所致；营业成本161.84亿元，毛利率8.08%，同比下降4.6个 未来3-6个月重大事项提示： 证 百分点；（2）一季度，公司销售费用2.69亿元，销售费率1.66%，同比下降 券 1.05个百分点；管理费用1.27亿元，管理费率6.32%，同比下降1.07个百分 研 发债及交叉持股介绍： 点；研发费用6 ...

公 司 研 究 宁沪高速（600377.SH）：业绩稳健 2024年5月6日 推荐/维持 分红提升，主业投资稳步推进 东 宁沪高速 公司报告 兴 证 事件：2023年公司实现营收151.9亿元，同比增长14.6%，归母净利润44.1 公司简介： 券 亿，同比增长18.5%。24Q1公司实现营收34.7亿元，同比下降4.3%，营收 公司主要从事投资、建设、经营和管理沪宁 股 下降主要系子公司地产项目结转规模下降，以及建造期收入相应减少，归母净 高速公路江苏段及其他江苏省境内的收费 份 路桥，并发展公路沿线的客运及其它辅助服 利润12.5亿，同比增长1.6%。 有 务业，是国内公路行业中资产规模最大的上 限 22年基数较低，23年路产收入普遍高增长：23年公司实现通行费收入95.1 亿 市公司之一。除收费路桥业务外，公司还积 公 元，同比增长约 29.9%，其中沪宁高速通行费收入 52.5 亿元，同比增长 极拓展相关的多元化业务领域，作为公司非 主营业务的重要组成部分。 司 22.66%。23 年公司路产收入普遍实现较高增长，主要系 22 年同期疫情影响 证 及22Q4货车通行费减免10%导致收入承压，基数较低。 ...

Investment Rating - The report maintains a "Recommended" rating for Trina Solar [3] Core Views - The company's revenue for 2023 reached 113.39 billion, a year-on-year increase of 33.32%, with a net profit of 5.53 billion, up 50.26% [2] - In Q1 2024, revenue declined by 14.37% year-on-year to 18.26 billion, and net profit fell by 70.83% to 516 million, primarily due to intense competition and a significant drop in industry prices [2] - The company aims for a component shipment target of 80-90 GW in 2024, representing a growth of approximately 23%-38% [2] - Trina Solar is focusing on multi-business integration to offset price declines through volume growth [2] Financial Performance Summary - For 2023, the company achieved a revenue of 113,391.78 million with a growth rate of 33.32% and a net profit of 5,531.30 million, reflecting a growth rate of 50.26% [7] - The forecasted net profits for 2024, 2025, and 2026 are 4,082.91 million, 5,699.83 million, and 6,954.57 million respectively, with corresponding EPS of 1.87, 2.62, and 3.19 [3][7] - The PE ratios for 2024, 2025, and 2026 are projected to be 11, 8, and 7 times respectively [3] Business Strategy and Outlook - The company is committed to developing an integrated solution that combines efficient components, smart tracking brackets, and power station development capabilities [2] - Trina Solar has achieved a world record with its 210+N i-TOPCon photovoltaic module, which has a maximum output power of 740.6W [2] - The company is expanding its global footprint with new production capacity projects in the USA, Indonesia, and the UAE [2]