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]

| --- | --- | --- | |---------------------------|-----------|--------| | A 股港股市场 \n指数名称 | 收盘价 | 涨跌 % | | 上证指数 | 3,104.82 | -0.26 | | 深证成指 | 9,587.12 | -0.9 | | 创业板 | 1,858.39 | -1.55 | | 中小板 | 5,866.54 | -0.91 | | 沪深 300 | 3,604.39 | -0.54 | | 香港恒生 | 17,763.03 | 0.09 | | 国企指数 | 6,273.75 | -0.14 | 5. 蔚来汽车：全域领航辅助 NOP+已开始全量推送，推送范围覆盖超 23 万 名城区用户。（资料来源：iFinD） 分析师推荐 1）4 月 25 日，北京市经信局与北京市通信管理局共同发布《北京市算力基 础设施建设实施方案（2024—2027 年）》，提出到 2025 年，基本建成智算资 源供给集群化、智算设施建设自主化、智算能力赋能精准化、智算中心运营 绿色化、智算生态发展体系化的格局，引领京津冀蒙地区建成具有国际影响 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司是动保行业龙头企业，主要从事兽用生 物制品的研发、生产与销售，产品种类涵盖 猪、禽、宠物和反刍类四大系列 100 余种动 物疫苗。公司拥有口蹄疫和高致病性禽流感 两大强制免疫疫苗农业部的定点生产资质， 工艺技术和产品质量国内领先。 资料来源：公司公告、恒生聚源 未来 3-6 个月重大事项提示： 无 资料来源：公司公告、恒生聚源 发债及交叉持股介绍： 无 资料来源：公司公告、恒生聚源 52 周股价走势图 指标 2022A 2023A 2024E 2025E 2026E 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 | --- | --- | --- | |--------------|----------------------------------------------------------------------------------|------------| | 报告类型 | 标题 | 日期 | | 行业普通报告 | 农林牧渔行业：情绪推升猪价上行，产能有望波动去化—生猪养殖行业月度跟踪 | 2024-03- ...

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank (601128.SH) [8][9][10] Core Insights - Changshu Bank reported strong financial performance in Q1 2024, with revenue, pre-provision profit, and net profit reaching 2.7 billion, 1.73 billion, and 0.95 billion respectively, representing year-on-year growth of 12.0%, 21.1%, and 19.8% [2][3] - The bank's annualized weighted average ROE increased to 14.74%, up 0.91 percentage points year-on-year, indicating robust profitability [2][3] - Key growth drivers include high growth in scale, non-interest income support, and cost savings, with net interest margin slightly narrowing [3][5] Revenue and Profitability - Core revenue (net interest income + net fee income) grew by 6.1% year-on-year, while other non-interest income surged by 67%, primarily driven by investment income, which increased by 276.8% to 55.6 billion [3][4] - The bank's cost control measures led to a 1.6% reduction in management expenses, contributing positively to pre-provision profit growth of 21.1% [3][4] Asset and Liability Management - The bank maintained a high growth rate in loans and deposits, with loans and financial investments increasing by 15% and 16% year-on-year respectively [4][10] - The deposit growth rate was 18%, reflecting strong performance despite increased competition in the industry [4][10] Interest Margin and Asset Quality - The net interest margin for Q1 2024 was 2.83%, a slight decrease of 3 basis points from 2023, but better than the industry average [5][10] - The bank's non-performing loan ratio stood at 0.76%, with a robust provision coverage ratio of 539.2%, indicating strong asset quality [10][16] Future Outlook - The report forecasts net profit growth rates of 18.6%, 18.1%, and 20.8% for 2024, 2025, and 2026 respectively, with corresponding BVPS of 10.43, 12.14, and 14.18 [10][11] - The bank's strategy focuses on a differentiated approach to inclusive finance, leveraging its local market presence and expanding through branches and village banks [10][19]

行 业 研 究 计算机行业：算力规划持续落地， 2024年4月30日 看好/维持 强调自主可控、绿色化、适度超前 东 计算机 行业报告 兴 ——数字经济行业动态追踪 证 券 事件： 未来3-6个月行业大事： 股 份 1）4月25日，北京市经信局与北京市通信管理局共同发布《北京市算力基础 无 资料来源：恒生聚源 有 设施建设实施方案（2024—2027 年）》，提出到 2025 年，基本建成智算资源 行业基本资料 占比% 限 供给集群化、智算设施建设自主化、智算能力赋能精准化、智算中心运营绿色 公 化、智算生态发展体系化的格局，引领京津冀蒙地区建成具有国际影响力的智 股票家数 274 5.96% 司 算产业创新应用高地。到2027年，力争自主可控算力满足大模型训练需求， 行业市值(亿元) 31085.03 3.59% 证 算力能耗标准达到国内领先水平。 流通市值(亿元) 25320.39 3.65% 券 2）国家数据局4月29日发布，国家发展改革委办公厅、国家数据局综合司印 行业平均市盈率 389.58 / 研 发《数字经济2024年工作要点》，对2024年数字经济重点工作作出部署，《工 资料来源：恒生聚源、东 ...