Investment Rating - The report maintains a "Strong Buy" rating for the company [1][7]. Core Views - The company achieved a revenue of 5.944 billion yuan in Q1 2024, representing a year-on-year growth of 24.62%. The net profit attributable to shareholders was 822 million yuan, up 38.11% year-on-year [2]. - The integration of the acquired company, Carpoly, has significantly contributed to revenue and profit growth, despite a weak industry demand environment. The acquisition was completed on February 29, 2024, adding one month of revenue and profit to the company's figures [2][3]. - The company is leveraging its financial and resource advantages to expand market share and implement credit sales policies, which has led to stable revenue and profit growth [2]. - The annualized return on total assets for Q1 2024 was 11.22%, an increase of 2.18 percentage points year-on-year, while the return on equity (ROE) reached 13.82%, up 2.69 percentage points year-on-year [2][3]. Financial Performance Summary - The company forecasts net profits of 4.425 billion yuan, 4.920 billion yuan, and 5.538 billion yuan for 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 2.62 yuan, 2.91 yuan, and 3.28 yuan [3][8]. - The current stock price corresponds to price-to-earnings (PE) ratios of 12.64, 11.36, and 10.10 for 2024, 2025, and 2026, indicating a favorable valuation [3][8]. Company Overview - The company is a leading manufacturer of gypsum board in China, holding over 60% market share in the gypsum board industry. It is actively developing its "one body, two wings" strategy by acquiring leading companies in waterproof materials and coatings [4].

流入周期板块 东 兴 策 略 摘 要 北向整体：多数行业流入。上周有23个行业流入，7个行业流出。其中有色金属（47.16亿）、食品饮料（38.69亿）、医药（34.56亿）流入较多； 家电（-8.19亿）、传媒（-8.1亿）、钢铁（-5.93亿）流出较多。配置盘流入，交易盘流入。上周北向资金整体净流入，其中配置盘净流入，交易 盘净流入。分行业看，流入周期板块规模最大，累计净流入共计84.57亿，其中配置盘22.73亿，交易盘61.84亿元；流出其他板块规模最大，累计净 流入14.34亿，其中配置盘0.03亿、交易盘14.31亿元。 累计统计：上月累计13个行业资金流入，17个行业资金流出；上季度银行（216.25亿）、食品饮料(210.34亿）、电力设备及新能源(158.52亿）、 电子（134.50亿）和有色金属（132.47亿）5个行业累计流入超100亿，计算机（-86.42亿）、传媒(-59.57亿）、医药(-26.63亿）等3个行业累计流 出超25亿，超出了我们在《北向资金的阿尔法有多强》（2021/6/26）所设定的预测未来一季度行业流入情况的阈值。 上周的五个交易日北向资金实现整体净流入，一周累 ...

东 兴 晨 报 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-------|--------------------------------|----------| | 分析师推荐 | A 股港股市场 | 2024 | 年 4 月 29 | 日星期一 | | 【东兴非银行金融】非银行金融行业跟踪：金融行业做大做强预期不断提升， | 指数名称 | | 收盘价 | 涨跌 % | | 建议继续关注并购重组主线（ 20240429 ） | 上证指数 | | 3,113.04 | 0.79 | | | 深证成指 | | 9,673.76 | 2.22 | | 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 | 创业板 | | 1,887.57 ...

公 司 研 究 海大集团（002311.SZ）：饲料业务 2024年4月29日 强烈推荐/维持 量利齐升，Q1 业绩大幅增长 东 海大集团 公司报告 兴 证 事件：公司公布 2023 年年报和 2024 年一季报，公司 2023 年全年实现营收 公司简介： 券 1161.17 亿元，yoy10.89%，归母净利润 27.41 亿元，yoy-7.13%；2024 年 公司是一家集研发、生产和销售水产饲料、 股 Q1实现营业收入231.72亿元，yoy-0.80%，归母净利润8.61亿元，yoy111%。 畜禽饲料和水产饲料预混料以及健康养殖 份 为主营业务的高科技型上市公司，核心业务 有 饲料业务量利齐升，水产料销售恢复可期。公司23年全年实现饲料销售收入 是水产饲料、水产苗种和动保产品。公司已 限 959.56亿元，同比增长13.03%。公司实现饲料外销量2260万吨，其中水产 经实现了在全国重点水产养殖区域的生产 公 料、禽料和猪料销量分别为524、1130和579万吨，同比分别增长2%、13% 和销售。 资料来源：公司公告、恒生聚源 司 和17%；盈利能力稳中有升，23年饲料业务毛利率8.53%，同比提升 ...

行 业 研 究 传媒互联网&通信行业：B 站宣布深 2024年4月29日 看好/维持 化“大开环”战略，中国联通公示 东 传媒 行业报告 兴 2024 年交换机集采中标结果 证 券 股 份 周观点： 未来3-6个月行业大事： 有 浪潮信息净资产收益率有望稳中向好。2013.6-2015.5 期间，公司市值从 52 限 亿元上涨至423亿元，累计涨幅713%。公司市值提升主要与公司净资产收益 公 行业基本资料 占比% 率好转以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 司 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 股票家数 191 4.15% 证 来的巨大市场机会，并推出了双路、四路、八路等市场有竞争力的服务器产品； 行业市值(亿元) 15563.6 1.82% 券 从A股市场流动性角度，2015年国内A股迎来一轮牛市，为公司市值修复起 流通市值(亿元) 13451.94 1.97% 研 到催化作用。2017-2022 年，公司净资产收益率从最低 7.6%逐步提升，其中 究 2021年ROE实现13.5%，2022-2023年略有下滑，仍保持在10%以上 ...

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a relative strength compared to the market benchmark index [8][26]. Core Insights - The company's tire wire business is a strong competitive pillar, achieving revenue of 2.31 billion yuan in 2023, accounting for 41.58% of total revenue, with a gross margin increase of 5.5 percentage points to 9.73% [1]. - The company has shown significant growth in production, with tire wire output increasing by 21.55% to 428,000 tons, capturing a market share of 38.3% [1]. - The company’s overall revenue for 2023 reached 5.556 billion yuan, a year-on-year increase of 6.58%, with a net profit of 54.7 million yuan, marking a turnaround from losses in the previous year [8][26]. - The company is expanding its overseas market presence, with overseas revenue growing from 447.5 million yuan in 2020 to 1.349 billion yuan in 2023, a 201.4% increase [9]. - The report forecasts revenue growth for 2024-2026, estimating revenues of 6.852 billion yuan, 7.907 billion yuan, and 8.372 billion yuan, respectively, with corresponding growth rates of 23.3%, 15.4%, and 5.9% [26]. Summary by Sections Tire Wire Business - The tire wire business is expected to continue optimizing its gross margin, potentially reaching 12% by 2025 due to high market share and strong growth prospects [1]. - The production capacity utilization rate for tire wire remains exceptionally high at 107%, indicating strong market competitiveness [1]. Financial Performance - The company’s net profit is projected to grow significantly, with estimates of 174 million yuan, 350 million yuan, and 455 million yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 63.74%, 101.06%, and 29.8% [26]. - The gross margin is expected to improve to 11.79% by 2026, driven by cost optimization initiatives across various projects [2][26]. Growth Drivers - The company’s growth is supported by the expansion of its product lines, including the introduction of new products and the enhancement of production capabilities [1][9]. - The steel cord business has also entered a phase of substantial optimization, contributing to the company's second growth curve, with revenue from this segment reaching 2.835 billion yuan in 2023 [21].

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].