行 业 研 究 石油石化行业：油价持续上行，中 2024年4月25日 看好/维持 美可运营产能利用率有所提升 东 石油石化 行业报告 兴 证 原油价格环比上月继续上行。截至4月18日，Brent和WTI原油期货结算价 未来3-6个月行业大事： 券 分别为87.11美元/桶和82.71美元/桶，环比上月分别涨1.55%和1.66%；Brent 无 股 份 和WTI原油现货价格分别为87.11美元/桶和82.10美元/桶，环比上月涨1.02% 行业基本资料 占比% 有 和1.35%。截至4月18日，ESPO原油现货价格为82.89美元/桶，环比上月 股票家数 65 1.41% 限 上涨1.07%。4月，OPEC原油现货价格为 89.71美元/桶，涨幅为6.52%； 行业市值(亿元) 43871.71 5.22% 公 中国原油现货月度均价（南海）为 84.39 美元/桶，环比上升 5.53%，中国原 流通市值(亿元) 38073.04 5.68% 司 油现货月度均价（胜利）为90.95美元/桶，环比上升5.28%。 行业平均市盈率 12.16 / 证 供需：美国炼油厂原油产量环比同比均上涨，可运营产能利用率环比上涨 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1] Core Views - The company experienced a revenue decline of 10.12% year-on-year in 2023, with a total revenue of 24.97 billion yuan. However, the second half of 2023 showed signs of recovery, with a revenue of 13.41 billion yuan, a decrease of only 5.50% year-on-year, and a net profit of 2.43 billion yuan, an increase of 10.67% year-on-year [1] - The company's gross margin improved to 24.3% in 2023 from 22.1% in the previous year, indicating operational improvements [1] - The company is optimistic about 2024, expecting a full utilization of production capacity and continued diversification of products, including expansion into chemical fiber and woven products [1] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 24.97 billion yuan, down 10.12% year-on-year, with a net profit of 4.56 billion yuan, down 0.12% year-on-year [1] - The gross margin for 2023 was 24.3%, an increase of 2.2 percentage points from the previous year [1] - The company expects net profits for 2023-2025 to be 5.36 billion, 5.98 billion, and 6.61 billion yuan respectively, with growth rates of 17.61%, 11.54%, and 10.55% [1][5] Market Dynamics - The company faced a decrease in orders due to major clients reducing inventory, but the decline in orders has slowed in the second half of 2023 as international brands near the end of their inventory reduction phase [1] - Revenue from the largest market, mainland China, saw a slight increase of 0.71%, while revenues from the EU and the US declined by 19.11% and 20.38% respectively [1] Client and Product Strategy - The company has diversified its client base, with the top four clients accounting for 79.62% of revenue in 2023, down 2.42 percentage points from the previous year. This is attributed to increased collaboration with domestic sports brands [1] - The company is actively expanding its product offerings and client relationships, including partnerships with emerging brands like Lululemon [1]

公 司 研 究 新和成（002001.SZ）：2024Q1 业绩 2024年4月25日 强烈推荐/维持 预期同比改善，项目建设持续推进 东 新和成 公司报告 兴 证 券 新和成发布2023年年报：公司全年实现营业收入151.17亿元，YoY-5.13%， 公司简介： 股 归母净利润27.04亿元，YoY-25.30%。公司拟每10股派发现金红利4.5元（含 浙江新和成股份有限公司创办于 1999 年， 份 税）。 于2004年6月在深交所上市，是中小板第 有 一家上市公司。公司高度注重精细化工合成 限 受到产品价格下滑影响，营养品业务盈利有所下降；香精香料业务、新材料业 技术的积累，从医药中间体乙氧甲叉起家， 公 务稳健增长。①营养品业务：2023年营收同比下滑9.91%至98.67亿元，毛 以有机合成为纽带，成功将业务拓展到了维 司 利率同比下滑6.68个百分点至29.91%，主要产品维生素和蛋氨酸等价格承压， 生素、香精香料、新材料、蛋氨酸等领域。 目前公司稳居世界四大维生素生产企业之 证 但产品销量实现了同比稳步增长；②香精香料业务：2023 年营收同比增长 一，并已发展成为具有影响力的香精香料企 券 ...

公 司 研 究 银泰黄金（000975.SZ）：矿金成本 2024年4月25日 推荐/维持 显著优化，成长优势显现共振 东 银泰黄金 公司报告 兴 证 事件：公司发布2024年第一季度报告。公司24Q1实现营业收入27.73亿元， 公司简介： 券 同比+26.52%；实现归属上市公司股东净利润5.03亿元，同比增长69.73%； 公司是中国领先的黄金生产商之一,业务涵 股 基本每股收益0.1812元，同比增长69.82%。国际金价重心持续抬升，公司核 盖黄金勘探、开采、销售等领域。公司拥有 份 4座金矿矿山与1座铅锌银多金属矿山，其 心矿产品产销率持续攀升，同期公司矿产金毛利率+7.22pct 至 67.98%（较 有 中黑河洛克是国内入选品位较高的金矿，吉 2023年），多因素共振提升公司业绩规模扩大。 限 林板庙子是国内生产管理水平较为先进的 公 公司矿储资源量及矿权价值仍有较大提升空间：截止2023年，公司4座金矿 矿山，青海大柴旦探矿增储潜力巨大，玉龙 矿业是目前国内矿产银（含量银）最大的单 司 矿山及 1 座铅锌银多金属矿山除采矿权外共拥有 16 宗探矿权，金金属量 体矿山之一。根据中国黄金协会数据 ...

Investment Rating - The report adjusts the investment rating for China Duty Free Group (601888.SH) to "Recommended" due to weak short-term performance influenced by overall consumption recovery and challenges in offshore duty-free sales [7]. Core Views - The company achieved a robust revenue growth of 24.08% in 2023, with total revenue reaching 67.54 billion yuan and a net profit of 6.71 billion yuan, marking a 33.46% increase year-on-year [2][3]. - The first quarter of 2024 saw a decline in revenue by 9.45% to 18.81 billion yuan, but net profit remained relatively stable, increasing by 0.25% to 2.31 billion yuan [2][3]. - The recovery of the outbound tourism market and the continuous growth of offshore duty-free sales are expected to support future revenue growth [2][3]. Summary by Sections Financial Performance - In 2023, the offshore duty-free segment remained the largest revenue contributor, with sales amounting to 43.76 billion yuan, a year-on-year increase of 14.25% [2]. - The overall gross margin improved by 3.43 percentage points to 31.82%, driven by a higher proportion of high-margin duty-free sales [2][3]. - The company’s market share in Hainan is estimated at approximately 70%, maintaining its position as the industry leader [2]. Market Dynamics - The number of inbound and outbound travelers in China reached 424 million in 2023, a significant increase of 266.5% year-on-year, indicating a strong recovery in travel activity [2]. - The report highlights that the duty-free sales at ports are gradually recovering, with Shanghai Duty Free achieving a revenue of 17.82 billion yuan, up 26% year-on-year [2]. Strategic Initiatives - The company introduced 177 new domestic and international brands in Hainan in 2023 and is actively expanding its channel construction, including new duty-free stores in international airports [3]. - The ongoing development of the Sanya International Duty Free City and Haikou International Duty Free City projects is expected to enhance the company's market presence [3]. Profit Forecast - The projected net profits for 2024, 2025, and 2026 are estimated at 7.90 billion yuan, 9.48 billion yuan, and 10.73 billion yuan, respectively, with corresponding EPS of 3.82 yuan, 4.58 yuan, and 5.18 yuan [7][8].

DONGXING SECURITIES 汽车行业研究报告 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected performance that is stronger than the market benchmark by 5% to 15% over the next six months [1]. Core Insights - The company, 聚灿光电 (300708.SZ), has shown significant improvement in performance, with a 10.55% year-on-year increase in revenue for Q1 2024, reaching 600 million yuan. The net profit attributable to shareholders increased by 733.52% year-on-year, amounting to 48.11 million yuan, driven by the growth of high-end products and recovery in downstream demand [15][17]. - The gross margin for Q1 2024 was reported at 13.55%, an increase of 4.94 percentage points year-on-year and 1.44 percentage points quarter-on-quarter, reflecting effective cost management and improved operational efficiency [15][17]. - The company is expanding its production capacity, aiming to achieve an annual output of 2.4 million red and yellow light epitaxial wafers and chips, which positions it favorably in the rapidly growing Mini/Micro LED market [15][17]. Financial Performance Summary - For the fiscal year 2024, the company is projected to achieve revenues of 3,043.81 million yuan, representing a growth rate of 22.69%. The net profit is expected to reach 181.96 million yuan, with a growth rate of 50.19% [17]. - The earnings per share (EPS) forecast for 2024 is 0.27 yuan, with subsequent projections of 0.38 yuan in 2025 and 0.46 yuan in 2026, indicating a positive growth trajectory [17]. - The company's financial metrics show a significant recovery from previous losses, with a return on equity (ROE) projected to improve from -3.93% in 2022 to 8.55% by 2026 [17]. Industry Context - The Mini LED market is expected to grow significantly, with projections indicating that the market size in mainland China could reach 10 billion USD by 2027, highlighting the vast potential for growth in this segment [15][17]. - The report emphasizes the increasing penetration of high-end products in various applications, including display backlighting, general lighting, and medical aesthetics, which are expected to drive future revenue growth [15][17].

Investment Rating - The report maintains a "Recommended" rating for the company [7][20]. Core Insights - The company has shown continuous high revenue growth, with a reported revenue of 1,010.52 million yuan in 2023, representing a year-on-year increase of 19.0% [6][24]. - The decline in gross profit margin is attributed to a decrease in product prices, with the overall gross margin for 2023 at 28.11%, down from 32.72% in 2022 [6][24]. - The company has made significant strides in expanding its customer base, securing certifications from major suppliers in both automotive and non-automotive sectors, which is expected to enhance profitability [25]. Revenue and Profitability - The company achieved a net profit of 150.75 million yuan in 2023, a slight decrease of 1.47% compared to the previous year [6][24]. - The revenue growth is primarily driven by the sales of fuel and evaporative emission pipelines, as well as thermal management pipelines for new energy vehicles, with new energy vehicle revenue exceeding 4.35 billion yuan, up over 28% year-on-year [24][25]. - The company forecasts net profits of 170.23 million yuan, 209.84 million yuan, and 246.73 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.70, 2.10, and 2.47 yuan [7][23]. Market Position and Future Outlook - The company is positioned as a leader in the nylon pipeline sector, with strong R&D capabilities and market expansion potential [7]. - The report highlights that new products and projects are expected to boost profitability, as the company has added over 1,000 new product designations and is in collaboration with major clients in the automotive and energy sectors [25]. - The stock is currently trading at a PE ratio of 19, 16, and 13 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation compared to expected earnings growth [7][23].

Investment Rating - The report maintains a "Strong Buy" rating for Mango Excellent Media [1][7]. Core Views - The advertising business shows a clear recovery trend, and micro-short dramas are expected to become a new content growth area [2][7]. - In 2023, the company achieved revenue of 14.628 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 3.556 billion yuan, a year-on-year increase of 90.7% [1][2]. Revenue Breakdown - The revenue from Mango TV's internet video business was 10.614 billion yuan, up 1.9% year-on-year, with advertising revenue at 3.532 billion yuan, down 11.6% year-on-year, and membership revenue at 4.315 billion yuan, up 10.2% year-on-year [2]. - Content e-commerce generated revenue of 2.823 billion yuan, a significant increase of 32.1% year-on-year [2]. Profitability Metrics - The gross profit margin for the company was 33.0%, a decrease of 0.9 percentage points year-on-year, while the net profit margin attributable to shareholders was 11.6%, down 1.2 percentage points year-on-year [3]. - The company’s operating costs were 9.803 billion yuan, with a sales expense of 2.260 billion yuan, a management expense of 610 million yuan, and a research and development expense of 280 million yuan [3]. Future Outlook - The company has a strong pipeline with over 80 films and 100 micro-short dramas planned for release, which is expected to enhance content supply [7]. - The forecast for net profit attributable to shareholders for 2024-2026 is 2.207 billion yuan, 2.714 billion yuan, and 3.017 billion yuan, respectively, with corresponding price-to-earnings ratios of 19X, 15X, and 14X [7][8].

Investment Rating - The report maintains a "Strong Buy" rating for Guoxuan High-Tech [2][4] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 31.605 billion yuan, a year-on-year increase of 37.1%, and a net profit of 939 million yuan, up 201.3% year-on-year [2][4] - The customer structure is continuously optimized, with rapid growth in energy storage shipments, achieving a revenue of 6.932 billion yuan in 2023, nearly doubling year-on-year [2][3] - The company's global strategy is beginning to show results, with overseas revenue reaching 6.428 billion yuan, a year-on-year increase of 115.7%, and overseas revenue accounting for 20.3% of total revenue [3][4] Financial Performance Summary - In 2023, the company reported a gross margin of 16.9%, slightly down by 0.9 percentage points year-on-year, while the first quarter of 2024 showed a gross margin of 17.9% [3] - The net profit margin for 2023 was 3.1%, an increase of 1.5 percentage points year-on-year, while the first quarter of 2024 saw a net profit margin of 0.5% [3] - The company is expected to achieve revenues of 38.480 billion yuan, 48.538 billion yuan, and 58.328 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.102 billion yuan, 1.637 billion yuan, and 2.235 billion yuan [4][8] Future Outlook - The company is projected to maintain strong growth in battery shipments, with expectations of reaching 55 GWh in 2024 [2] - The report highlights the potential for improved profitability due to customer and product structure enhancements, despite short-term pressures from increased market competition [4] - The company's strategic partnerships, including collaborations with major automotive brands, are expected to further enhance its competitive position in the global market [2][3]