Investment Rating - The report maintains a "Strong Buy" rating for Guoxuan High-Tech [2][7][18] Core Viewpoints - Guoxuan High-Tech has launched three significant new products: the all-solid-state "Jinshi Battery," the 5C ultra-fast charging "Gke Battery," and the high-nickel ternary large cylindrical "Xingchen Battery," which are expected to expand and optimize the customer structure [1][2] - The all-solid-state "Jinshi Battery" boasts an energy density of 350Wh/kg, exceeding mainstream ternary batteries by over 40%, and has a cycle life of over 3,000 times, indicating a strong performance in safety and longevity [1][2] - The company has been developing solid-state battery technology since 2017 and aims to achieve small-scale trials by 2027 and mass production by 2030, targeting applications in the low-altitude economy, particularly in eVTOL [1][2] - The introduction of the 5C ultra-fast charging "Gke Battery" and the high-nickel ternary "Xingchen Battery" enhances the product matrix, allowing coverage of both pure electric and extended-range vehicles, aligning with the company's strategy to target high-end models [2][8] Financial Forecasts - The company is projected to achieve a net profit attributable to shareholders of 1.102 billion, 1.637 billion, and 2.235 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 33x, 22x, and 16x [2][8] - Revenue is expected to grow from 31.605 billion yuan in 2023 to 58.328 billion yuan in 2026, reflecting a compound annual growth rate [8][10] Product Development and Market Position - The new products are designed to meet diverse customer needs, with the "Gke Battery" already capable of mass production and the "Xingchen Battery" expected to begin mass production in Q4 [2][8] - The company has established a solid foundation in solid-state battery technology, which is anticipated to enhance its competitive edge in the market [1][2]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price range of HKD 33.0 to HKD 37.7, indicating a potential upside of 3% to 18% from the current price of HKD 31.9 [6]. Core Insights - The company, China Resources Vientiane Life (01209.HK), is a leading residential property management and commercial operation enterprise in China, with a significant focus on high-end projects and strong operational capabilities [15][21]. - In 2023, the company reported a revenue of CNY 14.77 billion, representing a year-on-year growth of 22.9%, with a compound annual growth rate (CAGR) of 29.6% from 2020 to 2023 [24][30]. - The gross profit for the main business in 2023 was CNY 4.69 billion, up 30.0% year-on-year, with a CAGR of 37.0% from 2020 to 2023 [30]. Summary by Sections Company Overview - The company has a history of nearly 30 years in residential property management and 20 years in commercial operations, benefiting from the support of its parent company, China Resources Land [15][16]. - The management team is experienced, with a focus on talent development and integration of resources within the China Resources Group [19][21]. Residential Property Management - The residential property management business accounted for approximately 65% of total revenue in 2023, with a revenue of CNY 9.6 billion, growing by 23.1% year-on-year [24][30]. - The company has a managed area of 355 million square meters, with 38.6% coming from China Resources Land, ensuring stable growth in managed area [30]. Commercial Operations - The commercial operations segment, which includes shopping centers and office buildings, generated CNY 5.17 billion in revenue in 2023, reflecting a year-on-year growth of 22.6% [24][30]. - The company holds a leading position in the industry with a high average occupancy rate of 96.1% for its shopping centers, and it is expected to increase the number of operational shopping centers from 76 in 2023 to 117 by the end of 2027 [3][5][30]. Financial Forecasts - The forecasted net profits for 2024, 2025, and 2026 are CNY 3.47 billion, CNY 3.92 billion, and CNY 4.49 billion, respectively, with corresponding earnings per share of CNY 1.52, CNY 1.72, and CNY 1.97 [6][7]. - The company’s gross profit margin improved to 31.8% in 2023, up from 30.1% in 2022, driven by the strong performance of the commercial operations segment [30].

行 业 研 究 家居行业年报及一季报总结：内销龙头高 2024年5月20日 看好/维持 股息率，外销拐点已现 东 轻工制造 行业报告 兴 证 分析师 刘田田 电话：010-66554038 邮箱：liutt@dxzq.net.cn 执业证书编号：S1480521010001 券 分析师 常子杰 电话：010-66554040 邮箱：changzj@dxzq.net.cn 执业证书编号：S1480521080005 股 份 分析师 沈逸伦 电话：010-66554044 邮箱：shenyl@dxzq.net.cn 执业证书编号：S1480523060001 有 投资摘要： 限 公 家居板块收入利润双增，23年分红率提升。2023年，家居用品板块营收2410.5亿元，同比+0.8%；归母净利润183.5亿元， 司 同比+22.8%。收入受益国内消费场景恢复实现增长，其中 23Q1 因收入滞后于销售仍有下滑，Q2-Q4 连续增长；利润端增 证 速较高，各季度均正增长。24Q1收入利润继续提升，板块营收同比+10.3%，归母净利润同比+8.8%。收入受益于低基数， 券 利润端延续增长。板块毛利率自23Q1起保持同比提 ...

行 业 研 究 房地产统计局 1-4 月数据点评：4 2024年5月20日 看好/维持 月销售降幅扩大，政策力度大幅加 东 房地产 行业报告 兴 强 证 券 销售：4 月新房销售同比降幅扩大，销售均价进一步下行。2024 年 1-4 月商 未来3-6个月行业大事： 股 品房累计销售面积同比增速为-20.2%、前值为-19.4%；累计销售金额同比增 2024年6月中旬，统计局公布5月房地产数 份 速为-28.3%、前值为-27.6%。其中，4月商品房销售面积同比增速为-22.8%、 据 有 前值为-18.3%；销售金额同比增速为-30.4%、前值为-25.9%；销售均价单月 资料来源：国家统计局，东兴证券研究所 限 行业基本资料 占比% 同比增速为-14.8%、前值为-6.3%。我们认为，当前销售下滑的趋势进一步加 公 剧，市场信心的修复需要政策的强力托底。 股票家数 118 2.57% 司 证 开发投资：4月新开工面积同比降幅明显收窄，竣工面积、开发投资维持弱势。 行业市值(亿元) 12538.06 1.45% 券 2024年1-4月房屋累计新开工面积同比增速为-24.7%，前值为-28.3%；房屋 流通市值 ...

行 业 研 究 银行行业：政策重在去化商品房库 2024年5月20日 看好/维持 存，有助缓释银行潜在不良压力 东 银行 行业报告 兴 证 事件：5月17日，全国切实做好保交房工作视频会议在京召开；同时， 未来3-6个月行业大事： 券 央行、国家金融监管总局发布了三条关于个人住房贷款的重要通知。 5月20日：公布5月LPR 股 份  取消全国层面首套住房和二套住房商业性个人住房贷款利率政策下 资料来源：中国人民银行，东兴证券研究所 有 限。各地可根据房地产市场形势及当地政府调控要求，自主确定是否 行业基本资料 占比% 限 设置下限及下限水平。 股票家数 50 1.09% 公 司  5月18日起，下调个人住房公积金贷款利率25BP，5年以下（含5 行业市值(亿元) 114737.3 13.26% 证 年）和5年以上首套房公积金贷款利率分别调整为2.35%和2.85%。 流通市值(亿元) 78561.68 11.3% 券  首套住房商业性个人住房贷款最低首付款比例调整为不低于 15%， 行业平均市盈率 5.54 / 研 二套最低首付款比例调整为不低于 25%。各地可在此基础上，按因 资料来源：恒生聚源、东兴 ...

主街价格下行还有商店在向爆发的背景下去年国内光复是超预期的一个需求的一个表现那么全年是新增装机了216G瓦同比增长147%创了历史的一个新高那么最后一个月单月就装了53个G瓦那么包括今年一到三月这个 也是新增了16G瓦的一个装机那么一季度同比增长了36%那么主要也是得益于一月二月的一个装机量相对比较多那么海外的需求也是不错的就是去年的组件出口量208G瓦同比增长34%然后今年一到二月出口43.1G瓦同比提升了45% 那么除了欧洲拉货同比下滑之外其他地区其实都有还不错的一个增长那么即使由于前两年的一个高基数就是今年国内还有全球装机全年来看可能增速面临一点放缓但是今年需求端仍然是没有问题的可以看到持续增长的势头 但是从板块业绩的一个角度由于去年各个环节的产能释放还有库存的积压那么下半年产业链的价格下跌是加速的反映在业绩上就是Q3开始逐季的一个变差包括Q4是去年比较差的一个季度那么很多企业的一个盈利能力也出现断崖式的一个下降 那么今年目前为止上半年也是延续了去年这个势头就是行业装机在增长但是各环节的一个价格仍然在延续调整那么一级报的一个业绩也是全线的一个下滑甚至不少龙头企业陷入亏损预计这个情况可能要Q2才能看到这个 ...

大家好欢迎参加东星证券银行行业行业选股逻辑下人可试图关注规模指标目前所有参会者均处于静音状态下面有请主讲人发言谢谢 各位投资者朋友大家下午好,我是东京证券银行业分析师林锦璐。今天下午我想跟大家分享一个银行行业的报告,标题是行业悬谷逻辑下人格适度关注规模指标。 那从这个标题呢首先我想讲一下这个标题下面两个隐含的一个背景就是一个是银行板块的一个选股逻辑那我们回顾历史的话可以发现银行板块其实主要就是遵循三个这个选股的逻辑一个是防御性一个是高股息的一个配置价值另外就是成长性的一个溢价逻辑 那这三个主要的选股逻辑的话分别是对应大致是对应这样的一个情况吧就一个是防御性的时候呢就是对应经济下行期然后对于经济的预期也是极度悲观那股市表现比较低迷这样的一个时期 那在这个高股息配置价值表现比较好的时候呢主要是处在一个经济复苏可能还不是特别明确但是由于稳增长政策的一个发力的话相关的像利率中枢在一个下行的时期这样的话高股息的这个逻辑下的一个悬股会表现出更好的一个收益率 那成长性逻辑呢主要是对应的是经济显现出一个复苏所以我们可以从银行板块个股内部去挑出成长性表现比较好的这样的一个个股那我们认为目前呢整个经济和政策的一个情况还是处在一个 ...

Investment Rating - The report maintains a "Strong Buy" rating for ZTO Express (02057.HK) [5][6] Core Views - ZTO Express achieved a business volume of 7.17 billion parcels in Q1 2024, a year-on-year increase of 13.9%, while its market share decreased from 21.2% to 19.3% [5][6] - The company continues to avoid loss-making parcels, resulting in a stable single-ticket revenue despite a decline in market share [5][6] - The company’s adjusted net profit for Q1 2024 was 2.224 billion yuan, reflecting a year-on-year growth of 15.8% [5][6] - The report anticipates a gradual recovery in market share in the second half of the year as price competition is expected to ease [6] Summary by Sections Company Overview - ZTO Express is a large group company integrating express delivery, logistics, e-commerce, and printing services, providing nationwide delivery and value-added services [2] Financial Performance - In Q1 2024, ZTO Express's single-ticket cost decreased to 0.94 yuan, down 0.06 yuan year-on-year, while single-ticket profit increased from 0.30 yuan to 0.31 yuan [5][6] - The company’s revenue for 2024 is projected to be 43.31 billion yuan, with a growth rate of 12.74% [7] - The net profit for 2024 is expected to reach 10.20 billion yuan, with a growth rate of 16.60% [7] Market Position - The report notes that ZTO Express's decision to refrain from participating in the price war for low-cost parcels has led to a lower growth rate compared to the industry average, but it has also helped maintain higher profitability [5][6] - The competitive landscape is characterized by aggressive pricing in the low-cost segment, which has pressured the income of franchisees and couriers [6] Future Outlook - The report suggests that if the price war subsides, ZTO Express's profitability and stock price could see significant upward potential [6] - The company is expected to maintain a balanced strategy focusing on service quality, business scale, and profitability [6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected performance that is 5% to 15% stronger than the market benchmark index [39]. Core Views - The company, 罗莱生活, reported a slight increase in main revenue for 2023 at 5.315 billion yuan, with a year-on-year growth of 0.03%. However, the net profit attributable to the parent company decreased by 1.44% to 572 million yuan [18]. - The home textile business remains stable, contributing 80% of the company's revenue, while the furniture segment has faced challenges, leading to a decline in overall performance [18]. - The company has a strong cash flow position, with a net cash flow from operating activities of 936 million yuan, representing a 117% increase year-on-year [18]. Financial Summary - The company’s total assets are projected to grow from 6.266 billion yuan in 2022 to 9.296 billion yuan by 2026 [4]. - The gross profit margin for the home textile business was 50.57% in 2023, an increase of 2.1 percentage points year-on-year, while the furniture business saw a decline in gross margin to 33.83% [18]. - The forecasted net profit for 2024-2026 is expected to be 581 million, 639 million, and 713 million yuan respectively, with corresponding PE ratios of 12.82, 11.66, and 10.44 [18][19]. Business Performance - The company operates approximately 3,000 sales outlets across nearly 32 provinces and cities in China, with a mix of direct and franchise stores [9]. - The home textile segment's revenue for 2023 was approximately 4.267 billion yuan, reflecting a year-on-year increase of 3.37%, while the furniture segment's revenue was 1.048 billion yuan, down 11.61% [18]. - The company plans to maintain a dividend of no less than 0.2 yuan per share in 2024, continuing a strong dividend policy [18].

大家好欢迎参加东新证券农民牧鱼行业年报及一级报总结建议积极把握深度养殖及后周期行情目前所有参会者均处于静音状态下面有请朱佳老师发言好的感谢各位领导同事的时间然后下午来参加我们年报以及一级报的 报告的一个观点的一个汇报然后我们这个报告主要就是就这个农业行业特别是这个生猪养殖以及后周期的三个这个板块也就是生猪 动物保健以及饲料这三个细分的子行业做了一个23年年报以及24年一季报的整体的一个财务报表的一个汇总解读以及我们对于生殖养殖以及后周期行情未来的一个周期的一个走势以及未来的一个判断吧 整体来讲我们还是看好生育养殖行业以及后周期是一个回暖的趋势然后希望在2024年盈利端是一个主机改善的趋势 那我们就具体来看一下首先看一下这个行业的一个整体的一个情况就23年这个整个农业牧羊行业来看的话在收入端整体还是维持一个稳定的这样的一个局面然后养殖行情的这个低迷还是拖累了行业整体的一个业绩的一个表现 就这个营业总收入来看23年升万这个农林牧鱼行业整体的营业收入是实现了1.29万亿元同比是增长了3.65%贵姆金润这边是亏损了48.29亿元相比22年是转亏的一个局面然后24年的QE 这个营业收入出现了一个4.28%的一个小幅度的 ...