公 司 研 究 杭州银行（600926.SH）：1Q24 盈 2024年4月23日 强烈推荐/维持 利延续高增，高成长属性凸出 东 杭州银行 公司报告 兴 ——2023 年年报、2024 年一季报点评 证 券 事件：4 月 19 日，杭州银行发布 2023 年年报（此前已发布业绩预报）和 公司简介： 股 2024 年一季度报告。公司 23Y、1Q24 实现营收分别 350.2 亿元、97.6 亿 杭州银行成立于 1996年 9月，总部位于杭州。 份 目前，全行拥有200余家分支机构，网点覆盖长 元，同比增 6.3%、3.5%；实现归母净利润 143.8 亿元、51.3 亿元，同比增 有 三角、珠三角、环渤海湾等发达经济圈。此外， 23.2%、21.2%。 成立了杭银理财有限责任公司，发起设立了杭银 限 消费金融股份有限公司，投资入股了石嘴山银行 公 点评： 股份有限公司。2016年 10月 27日，首次公开 司 判断公司 1Q24 盈利增速保持行业领先水平，显示高成长属性。2023年公司 发行A股在上海证券交易所成功上市，股票代码 600926。 证 盈利增速超过 20%，在行业中领先，主要驱动因素为规模高增 ...

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [1][2]. Core Views - Guocera Materials has shown good business growth, driven by multiple segments as a platform-type enterprise, indicating long-term growth potential [1][2]. - The company reported a revenue of 3.859 billion yuan in 2023, a year-on-year increase of 21.86%, and a net profit of 569 million yuan, up 14.50% year-on-year [1][2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) [1]. Summary by Relevant Sections Business Performance - The electronic materials segment saw a revenue increase of 16.08% to 598 million yuan due to a recovery in MLCC dielectric powder demand [1]. - The catalytic materials segment experienced significant growth, with a revenue increase of 74.25% to 715 million yuan, driven by domestic substitution of products like honeycomb ceramic carriers [1]. - The biomedical materials segment also grew by 13.35% to 855 million yuan, supported by international expansion efforts [1]. - Other segments, including new energy materials and precision ceramics, also reported revenue growth [1]. Profitability Metrics - The overall gross margin improved by 3.76 percentage points to 38.65% in 2023, while the net profit margin slightly decreased by 0.55 percentage points to 16.09% due to increased period expenses [1]. Future Growth Directions - Guocera Materials is evolving into a diversified new materials platform, focusing on high-end ceramic products and expanding into new technologies [1]. - The new energy materials segment is developing core materials for lithium batteries, while the precision ceramics segment is enhancing product competitiveness [1]. Financial Forecast - The company is projected to achieve net profits of 737 million yuan, 934 million yuan, and 1.12 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.73, 0.93, and 1.12 yuan [2][7]. - The current stock price corresponds to P/E ratios of 26, 20, and 17 for the years 2024, 2025, and 2026 [2].

公 司 研 究 浪潮信息（000977.SZ）：产线充沛， 2024年4月23日 推荐/维持 占据国内 AI 服务器制高点 东 浪潮信息 公司报告 兴 证 券 本篇专题从AI服务器生产制造角度，跟踪浪潮信息在原材料库存-产线建设-AI 公司简介： 股 服务器产品储备等三个环节的最新发展动态。我们认为，受益于全球 AI 产业 浪潮信息是全球领先的 IT 基础架构产品、 份 大趋势，公司AI服务器相关业务有望迎来加速发展期。 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、 限 净资产收益率有望稳中向好。2013.6-2015.5 期间，公司市值从 52 亿元上涨 人工智能、边缘计算等在内的全方位数字化 公 至423亿元，累计涨幅713%。公司市值提升主要与公司净资产收益率好转以 解决方案。 资料来源：公司公告、恒生聚源 司 及市场流动性放松相关。2013-2015年，公司平均年净资产收益率达到16.8%， 处于上市以来最快成长期，主要受益于公司抓住云计算、国产化带来的巨大市 未来3-6个月重大事项提示： 证 券 场机会，并推出了双路、四路、八路等市场有竞争力的服务器产品；从A股 ...

东兴晨报 P1 （分析师：刘田田 执业编码：S1480521010001 电话：010- 66554038，分 析师：常子杰 执业编码：S1480521080005 电话：010- 66554040，分析师： 沈逸伦 执业编码：S1480523060001 电话：010- 66555444） （20240419） 特种纸、35 万吨化学浆、15 万吨机械浆等产线，总投资不超过 70 亿元，实 施进度根据市场情况确定。预计公司未来资本开支规模稳健。（2）林浆纸一 体化方面，公司 23 年海外林地面积新增 1.06 万公顷，达到 6 万公顷，全年 采伐林木资源约 46 万吨；公司计划在 2030 年前将自有林地面积提升至 12 万 公顷。林地建设在强化公司成本优势的同时，亦将助力公司碳中和目标的实 现。 风险提示：浆价波动超预期，宏观经济景气度承压，项目投产进度不及预期， 行业竞争加剧。 【东兴汽车】汽车生产模式的第三次变革，从旧式生产力到新质生产力 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 1914 年建成的流水线上生产。福特生产效率得到了大幅提升，1923 年 T 型车销 ...

行 业 研 究 房地产周报 20240422：二手房销售 降幅收窄，长沙全面放开限购 2024 年 4 月 22 日 看好/维持 房地产 行业报告 市场行情：本周 A 股地产板块表现弱于大盘、H 股地产板块表现强于大盘。本 周（4.15-4.19）A 股房地产指数（801180.SL）涨幅-2.87%（上周-7.13%）， A 股中证 A 股指数（930903.CSI）涨幅-0.22%（上周-2.72%）；H 股（4.15-4.19） 恒生地产及物业管理指数（HSPDM.HK）涨幅-2.58%（上周-2.24%），H 股恒 生指数（HSI.HK）涨幅-2.98%（上周-0.01%）。 行业销售：新房销售持续弱势。从数据来看，27 城商品房年内累计销售面积 （1.1~4.21）同比增速为-34.22%，对应前值（1.1~4.14）为-34.09%。其中一 线城市(4 城) 年内累计销售面积（1.1~4.21）同比增速为-34.00%，对应前值 （1.1~4.14）为-33.65%。27 城商品房销售面积本月至今（4.1~4.21）同比增 速为-38.66%，上月（3.1-3.30）整月同比增速为-40.55%。 ...

公 司 研 究 平安银行（000001.SZ）：其他非息 2024年4月22日 强烈推荐/维持 表现亮眼，拨备反哺利润正增 东 平安银行 公司报告 兴 ——2024 年一季报点评 证 券 事件：4月19日，平安银行公布2024年一季报，1Q24实现营收、拨备前利 公司简介： 股 润、净利润387.7亿、279.5亿、149.3亿，分别同比-14%、-14.9%、+2.3%。 平安银行自 2016 年开始全面向零售银行转 份 年化加权平均ROE为13.36%，同比下降1.02pct。点评如下： 型，全力打造智能化零售银行，大力推进精 有 品公司银行双轻化。综合金融是公司的特色 限  营收预期内承压，拨备反哺利润正增。 优势，公司依托庞大的个人客户基础、强大 的品牌影响力、广泛的分销网络和完备的综 公 收入端：净利息收入、中收持续承压，自营投资其他非息收入表现亮眼。2024 合金融产品体系，为全面推进零售转型、打 司 年一季度平安银行营收同比 -14%，降幅较 2023 年扩大 5.6pct；主要拖累是 造领先的智能化零售银行提供了强大的核 证 心竞争力支持。 息差持续收窄、净利息收入降幅扩大。具体来看：① 净 ...

A 股港股市场 上证指数 3,065.26 -0.29 创业板 1,756.0 -1.76 沪深 300 3,541.66 -0.79 名称 价格 行业 发行日 分析师推荐 事件：五一假期临近，携程、同程、去哪儿等多平台发布出游预定数据报告， 旅游市场保持高景气。 投资策略：疫后出游需求持续释放，叠加休闲悦己消费兴起，旅游市场保持 高景气。尤其在消费市场整体渐进式复苏的背景下，出行链有望保持相对占 *价格单位为元/股 东兴晨报 P2 （3）酒店板块：短期看，酒店兼具旅游需求和商务需求，旅游需求保持高景 气，关注非节假日商务需求复苏节奏。长期看，酒店属出行链中韧性较强的 细分赛道，且业务标准化程度高、复制性强，龙头积极拓店，享受疫后连锁 化率和集中度提升红利。当前头部酒店集团估值处于历史较低水平，配置价 值与复苏弹性兼备，关注华住集团-S、锦江酒店、首旅酒店。 东兴晨报 P1 指数名称 收盘价 涨跌% 深证成指 9,279.46 -1.04 中小板 5,670.64 -1.39 国企指数 5,803.86 0.94 名称 价格 行业 上市日 会（20240419） 出境游处于快速修复通道，近途出境游为主要目的地 ...

Investment Rating - The report maintains a "Positive" outlook on the automotive industry [1] Core Insights - The automotive industry is undergoing its third transformation in production models, shifting from traditional productivity to new qualitative productivity, driven by technological and process innovations [1][3] - The first transformation was marked by Ford's assembly line, which significantly increased production efficiency but faced challenges related to product standardization and waste [1][9] - The second transformation involved Toyota's lean manufacturing, which improved upon the assembly line model by enabling small-batch, diverse production and just-in-time inventory management [1][16] - The third transformation is characterized by new production models from Tesla and Toyota, focusing on reducing waste and enhancing efficiency through innovative techniques such as integrated die-casting and battery-chassis integration [2][3][39] Summary by Sections 1. First Transformation: Ford's Assembly Line - Ford's Model T revolutionized production with the assembly line, achieving a peak annual sales of over 2 million units by 1923, with prices dropping from $780 in 1910 to $360 in 1914 [1][9][13] - The assembly line's efficiency was achieved through standardization of parts and a division of labor, significantly reducing assembly time from 514 minutes to 1.19 minutes per task [10][11] 2. Second Transformation: Toyota's Lean Manufacturing - Lean manufacturing emerged as a response to the limitations of the assembly line, allowing for small-batch production and minimizing inventory waste [16][19] - Toyota's innovations included quick mold changes and a focus on value stream management, which connected customer orders directly to production processes [19][20] 3. Third Transformation: New Production Models - Tesla's "unbox" production model aims to reduce the number of parts and improve efficiency by using parallel assembly techniques, potentially increasing labor density by 44% and reducing factory investment by over 40% [2][30][34] - Toyota's Giga casting and self-propelling assembly lines are designed to simplify vehicle structures and enhance assembly efficiency, with projected reductions in development costs and factory investments by 30% and 50%, respectively [2][34][37] 4. Investment Recommendations - The report suggests that the new automotive production models will create demand for new production lines and equipment upgrades, highlighting investment opportunities in smart manufacturing equipment companies such as Ju Yi Technology and Hao Sen Intelligent [3][4]

首 席 观 点 首席周观点：2024 年第 16 周2024 年 4 月 19 日 首席观点 周度观点 宏观：美国二三季度降息无望，年内降息必要性下降 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 东兴证券研究报告 适合降息的窗口很窄。美国是消费主导的经济体，三四季度为传统消费旺季，若一二季度不 出现衰退，则大概率三四季度经济表现尚可。3 月非农数据中赌博娱乐就业增速不减，三季 度旅游季大概率消费强劲，届时通胀，特别是服务类通胀，存在反弹压力。降息拖到三季度 后期至年尾，可能会遇到通胀下行趋势减弱而经济增速维持一定水平这种不利降息的局面。 S1480522060001，021-25102909，liuhang-yjs@dxzq.net.cn DONGXING SECURITIES 康明怡 | 东兴证券宏观分析师 S1480519090001，021-25102911，kangmy@dxzq.net.cn 美国通胀粘性明显。我们在 2020 年疫情爆发后对美国的通胀观点一直有二，一，通胀维持 高位的时间比美联储预期的要长，二，通胀回落的幅度比美 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [9]. Core Insights - The company reported a stable revenue of 39.544 billion yuan in 2023, a slight decrease of 0.56% year-on-year, while net profit attributable to shareholders increased by 9.86% to 3.086 billion yuan [2][9]. - The company's profitability is expected to remain robust in the short term, supported by seasonal demand and pricing strategies, particularly in the paper segment [9]. - The company is actively expanding its production capacity and land resources, with plans to increase its self-owned forest area to 120,000 hectares by 2030, enhancing its cost advantages and supporting carbon neutrality goals [2][9]. Financial Performance Summary - The company achieved a gross margin of 15.89% for the year, an increase of 0.72 percentage points year-on-year, with a notable improvement in Q4 gross margin reaching 17.12% [2]. - Revenue from the paper segment was 30 billion yuan, up 8.1% year-on-year, driven by increased production capacity and sales volume [2][10]. - The revenue from pulp products decreased by 23.8% year-on-year, primarily due to reduced external sales and increased internal consumption [3][10]. Production and Capacity Expansion - The company initiated a new project for producing 300,000 tons of household paper, with an investment of up to 1.35 billion yuan, expected to start trial production in Q3 2024 [2]. - The company plans to develop a second phase of its Nanning Park project, which includes production lines for specialty paper and chemical pulp, with a total investment of up to 7 billion yuan [2]. Market Outlook - The report anticipates that the company's net profit will grow to 3.719 billion yuan by 2024, with a compound annual growth rate of 21% from 2024 to 2026 [9][10]. - The pricing of key products, including chemical pulp and cultural paper, is expected to remain stable in the short term, although fluctuations may occur due to market dynamics [2][9].