行 业 研 究 非银行金融行业跟踪：金融行业做 2024年4月29日 看好/维持 大做强预期不断提升，建议继续关 东 非银行金融 行业报告 兴 注并购重组主线 证 券 证券：本周市场日均成交额环比减少约 900亿至 0.85万亿；两融余额（4月 未来3-6个月行业大事： 股 25 日，周四）微降至 1.52 万亿。继新“国九条”颁布后，多部门就发展经济、 无 份 优化资本市场的政策仍在持续推出。国务院发布的《关于金融企业国有资产管 行业基本资料 占比% 有 理情况专项报告审议意见的研究处理情况和整改问责情况的报告》提出，要集 限 股票家数 83 1.8% 中力量打造金融业“国家队”。研究起草加强国有金融资本管理行动方案，推 公 行业市值(亿元) 54856.32 6.42% 进国有大型金融企业对标世界一流金融企业，突出主业、做精专业，不断提升 司 流通市值(亿元) 42537.57 6.22% 竞争力和国际影响力。研究制定推进保险业等高质量发展的指导意见，推进非 证 银行金融机构规范发展。推动头部证券公司做强做优，支持上海、深圳证券交 行业平均市盈率 17.2 / 券 易所建设世界一流交易所。财政部、金融管理 ...

公 司 研 究 金诚信（603979.SH）：矿服业务稳 2024年4月29日 推荐/维持 定强增长，铜磷资源进入加速扩张 东 金诚信 公司报告 兴 周期 证 券 事件：公司发布2023年度报告。公司2023年实现营业收入73.99亿元，同 公司简介： 股 比增长38.2%；实现扣非归母净利润10.28亿元，同比增长67.45%；基本每 公司是国内非煤地下固体矿山开采产业链 份 股收益+67.7%至1.71元，其中公司23H2营收及净利分别环比增长25.7%及 一体化龙头企业，经营模式为矿业纵向一体 有 化，包括以矿山工程建设、采矿运营管理、 59.6%至41.2亿元及6.32亿元。此外，公司24Q1实现营收+33.67%至19.73 限 矿山设计与技术研发、矿山机械设备制造在 亿元，扣非归母净利润+46.03%至2.699亿元，矿山开发服务业务稳定强增长 内的矿山开发服务业务，以及矿山资源开发 公 及矿山资源业务销量放大推动公司进入强成长阶段。 业务。 司 资料来源：公司公告、恒生聚源 矿山开发服务业务维持稳定强增长势头。公司矿山开发服务业务延续稳定的强 证 未来3-6个月重大事项提示： 券 增长态势，从增 ...

胎圈钢丝业务是公司具有强竞争力的支柱业务板块。公司 2023 年胎圈钢丝业 务实现收入 23.1 亿元，占主营比例 41.58%；毛利率增长 5.5pct 至 9.73%。 从产量角度观察，23 年公司胎圈钢丝产量增长 21.55%至 42.8 万吨，市场占 有率至 38.3%。公司胎圈钢丝产能利用率与产销率延续极高状态，尽管 23 年 诸城厂区新增 2 条胎圈钢丝生产线共增加 5 万吨产能，但该业务产能利用率及 产销率仍分别达到 107%及 101.5%，显示公司胎圈钢丝产品的强市场竞争力 及强流动性创造能力。考虑到公司胎圈钢丝业务的高市占率、强成长性及突出 的技术研发与制造工艺水平，叠加新产品缆型胎圈钢丝产能的持续提升（23 年产能+30%至 88 万根），我们预计该业务毛利水平有望持续优化并至 2025 年或增至 12%。 至 40%以上，这将推动公司利润规模的释放弹性。此外，从公司利润角度观察， 公司产品的实际生产成本亦进入优化周期，公司分布式风电项目后期的上网执 行（预计发电量 5 亿 kWh 以上）、生物质锅炉（年节约天然气 78 万立方米） 及光伏项目（年累计发电 84,800MWh）的持续发力 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative performance that is better than the market benchmark by 5% to 15% [9][25]. Core Insights - The company achieved a revenue of 3,690.90 million yuan in 2023, representing a year-on-year growth of 5.97%. In Q1 2024, the revenue reached 84,768.74 million yuan, showing a significant year-on-year increase of 26.91% [3][25]. - The company plans to focus on quality improvement over scale in 2024, aiming to enhance overall profitability through efficiency and effectiveness [3][25]. - The smart equipment business generated revenue of 293,640.7 million yuan in 2023, a year-on-year increase of 22.58%, benefiting from the growth in the new energy vehicle sector [24][25]. Summary by Sections Company Overview - The company specializes in providing intelligent equipment and core components for new energy vehicles, with major products including electric motor control components and smart equipment for battery production [2]. Financial Performance - In 2023, the company reported a net profit attributable to shareholders of -20,417.19 million yuan, while Q1 2024 saw a net profit of 2,563.91 million yuan, a 17.09% increase year-on-year [3][25]. - The gross margin for Q1 2024 was 14.21%, showing improvement compared to the latter part of 2023, although lower than Q1 2023's 17.87% [3]. Business Segments - The smart equipment segment is expected to see management efficiency improvements, while the electric drive business is anticipated to benefit from new customer acquisitions, including partnerships with major automotive manufacturers [3][25]. - The electric drive business reported a revenue of 6.91 billion yuan in 2023, a decline of 16.17% year-on-year, with a gross margin dropping to 2.07% [12][25]. Future Outlook - The company forecasts a recovery in profitability through stable growth in the smart equipment sector and operational improvements in the electric drive business, with projected net profits of 1.26 billion yuan, 1.85 billion yuan, and 2.29 billion yuan for 2024, 2025, and 2026 respectively [25][27].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected performance that exceeds the market benchmark by more than 15% over the next six months [29]. Core Views - The company's overseas business is gradually recovering, while the domestic self-owned brands are expected to perform well. The report forecasts a significant improvement in profitability driven by successful product launches and brand positioning [20][22]. - The company reported a total revenue of 1.41 billion yuan for 2023, a year-on-year decrease of 18.51%, and a net profit attributable to shareholders of -0.11 billion yuan, a year-on-year decrease of 108.72%. However, in Q1 2024, revenue surged to 0.384 billion yuan, reflecting a year-on-year increase of 142.37% [20][21]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 1.94 billion yuan in 2024, 2.45 billion yuan in 2025, and 3.00 billion yuan in 2026, with growth rates of 37.15%, 26.67%, and 22.36% respectively [5]. - **Net Profit Forecast**: Expected net profits for 2024, 2025, and 2026 are 0.123 billion yuan, 0.173 billion yuan, and 0.223 billion yuan respectively, with corresponding EPS of 0.49 yuan, 0.68 yuan, and 0.88 yuan [5][20]. - **Valuation Metrics**: The report anticipates PE ratios of 28, 20, and 16 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook [20]. Market Dynamics - The report highlights a divergence in sales performance between domestic and international markets, with domestic sales increasing by 26.95% while international sales decreased by 27.10% in 2023. This reflects the impact of inventory destocking in overseas markets [21]. - The company has successfully launched popular products under its brands, contributing to a 31.33% increase in revenue from its main and wet food categories in 2023 [22]. Strategic Outlook - The company is focusing on enhancing its brand strength through differentiated product offerings and new product launches, which are expected to bolster its market position and profitability [22].

公 司 研 究 龙佰集团（002601.SZ）：产品销量 2024年4月29日 强烈推荐/维持 提升，产能保持扩张 东 龙佰集团 公司报告 兴 证 券 龙佰集团发布 2023 年年报及 2024 年 1 季报：公司 2023 年实现营业收入 公司简介： 股 267.94亿元，YoY+10.92%，归母净利润32.26亿元，YoY-5.64%；公司2024 公司是一家致力于钛、锆、锂等新材料研发 份 年 1 季度实现营业收入 72.94 亿元，YoY+4.54%，归母净利润 9.51 亿元， 制造及产业深度整合的大型多元化企业集 有 团，主要从事钛白粉、海绵钛、锆制品、锂 YoY+64.15%。 限 电正负极材料等产品的生产与销售，公司产 公 钛系产品销量提升，带动整体营收实现增长。①钛白粉：2023 年公司钛白粉 品销往 6 大洲，100 多个国家和地区。其 司 产品销量同比增长 24.93%至 115.89 万吨，其中硫酸法钛白粉销量同比增长 中，钛白粉产能 151 万吨/年，海绵钛产能 5 万吨/年，规模均居世界前列。公司钛产业 证 22.15%至79.64万吨、氯化法钛白粉销量同比增长31.48%至36 ...

| --- | --- | --- | --- | --- | --- | |----------------------|----------|----------|----------|----------|----------| | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,325.22 | 2,601.61 | 3,312.11 | 4,179.88 | 5,229.03 | | 增长率（ % ） | 45.88% | 11.89% | 27.31% | 26.20% | 25.10% | | 归母净利润（百万元） | 264.34 | 255.47 | 384.02 | 494.87 | 627.44 | | 增长率（ % ） | 147.91% | -3.35% | 50.32% | 28.87% | 26.79% | | 净资产收益率（ % ） | 6.60% | 6.12% | 8.53% | 10.04% | 11.47% | | 每股收益 ( 元 ) | 1.00 | 0.96 | 1.45 | 1.86 | ...

行 业 研 究 汽车行业：汽车生产模式的第三次变革， 2024年4月19日 看好/维持 从旧式生产力到新质生产力 东 汽车 行业报告 兴 证 分析师 李金锦 电话：010-66554142 邮箱：lijj-yjs@dxzq.net.cn 执业证书编号：S1480521030003 券 研究助理 吴征洋 电话：010-66554045 邮箱：wuzhy@dxzq.net.cn 执业证书编号：S1480123010003 股 份 投资摘要： 有 限 一百多年的汽车行业历史是一部不断创新和改善的产业进化史，也是不断向更高效率、更低成本的生产模式进化史。生产模 公 式的变革是一系列技术、工艺创新融合生产流程再造和优化的复杂过程，并非由某一个技术创新所能带来，是一个从量变到 司 质变的过程。 证 第一次变革-福特流水线替代手工制造。1908年福特Model T问世，并在1914年建成的流水线上生产。福特生产效率得到 券 了大幅提升，1923年T型车销量达到顶峰，单一车型年销量超过200万辆。T型车价格也不断下降，从1910年的780美 研 元降至1914年的360美元。工艺、设备等创新使得零部件标准化成为可能，这是流水 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 1.62 based on a PS valuation of 0.55X for 2024 [35]. Core Insights - The company is focusing on AI and fast-moving consumer goods (FMCG) to create a second growth curve, leveraging its strengths in CRM SaaS and expanding into AI-driven solutions [11][35]. - The FMCG sector has significant market potential for intelligent transformation, with a high willingness to pay from companies for digital marketing solutions [8][56]. - The company has established a strong position in the CRM market, holding a 13.8% market share in China as of 2021, and is the largest domestic supplier of smart CRM services [22][31]. Summary by Sections Company Overview - The company was founded in 2010 and listed on the Hong Kong main board in July 2022, providing aPaaS, cPaaS, AI, and DI platforms as its technological foundation [9][22]. - It offers comprehensive CRM products and services across various industries, including FMCG, finance, and government [22][31]. Business Segments - The company operates in three main segments: cloud communication, smart finance, and AI + FMCG, with the latter becoming a key growth driver [11][44]. - The AI + FMCG segment includes sales cloud services and innovative products like the AloT smart freezer, which are designed to enhance operational efficiency in the FMCG sector [11][32]. Financial Performance - The company reported a revenue of HKD 1.28 billion in 2023, a year-on-year increase of 22.80%, driven by growth in PaaS services and marketing cloud business [30][31]. - Revenue projections for 2024 to 2026 are estimated at HKD 1.53 billion, HKD 1.76 billion, and HKD 2.02 billion, respectively, with a gradual return to profitability expected [35][88]. Market Potential - The FMCG industry is characterized by a large market size and numerous enterprises, with significant sales expenditure, indicating a strong capacity for investment in digital solutions [56][57]. - The report highlights the potential for AI technology to transform marketing and sales processes in the FMCG sector, which is currently underutilized [56][79].

敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 以上内容来源于东兴证券研究报告的观点。 本研究报告仅供东兴证券股份有限公司客户和经本公司授权刊载机构的客户使用，未经授权私自刊载研 究报告的机构以及其阅读和使用者应慎重使用报告、防止被误导，本公司不承担由于非授权机构私自刊 发和非授权客户使用该报告所产生的相关风险和责任。 以报告日后的 6 个月内，公司股价相对于同期市场基准指数的表现为标准定义： 强烈推荐：相对强于市场基准指数收益率 15％以上； 回避：相对弱于市场基准指数收益率 5％以上。 中性：相对于市场基准指数收益率介于-5％～+5％之间； 东 兴 证 券 股 份 有 限 公 司 分析师推荐 【东兴汽车】汽车行业：汽车生产模式的第三次变革，从旧式生产力到新质 生产力（20240425） 一百多年的汽车行业历史是一部不断创新和改善的产业进化史，也是不断向 更高效率、更低成本的生产模式进化史。生产模式的变革是一系列技术、工 艺创新融合生产流程再造和优化的复杂过程，并非由某一个技术创新所能带 来，是一个从量变到质变的过程。 第一次变革-福特流水线替代手工制造。1908 年福特 ModelT 问世，并在 191 ...