Compa n y U pda te Ch in a Res ear ch Dep t . 2024年4月25日 华鲁恒升(600426.SH) Buy 买进 费倩然 H70507@capital.com.tw 目标价(元) 35.00 新产能投放，业绩超预期增长 事件：公司发布2024年一季报，2024Q1公司实现营收79.78亿元， 公司基本资讯 yoy+31.80%，qoq+0.81%；实现归母净利润10.65亿元，yoy+36.30%， 产业别 化工 qoq+64.24%，业绩高于我们预期。 A股价(2024/4/24) 28.34 上证指数(2024/4/24) 3044.82 结论与建议：2024Q1营收和业绩同比高增，主要受益于新产能投放推动 股价12个月高/低 35.03/23.32 各版块销量增长。原料端价格下降较多，公司毛利率得到修复。公司底部扩 总发行股数(百万) 2123.32 张，目前正处于产能投放期，叠加原材料价格回落带来的业绩修复，预计公 A股数(百万) 2115.41 司业绩将持续增长。荆州二期建设稳步推进，看好公司成长潜力，给予“买 A市值(亿元) 599.51 进”评级。 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月25日 爱美客（300896.SZ） BUY 买进 顾向君 H70420@capital.com.tw Q1稳健，产品管线持续扩充 目标价(元) 388 结论与建议： 公司基本资讯 产业别 医药生物 业绩概要： A股价(2024/4/24) 287.86 深证成指(2024/4/24) 9251.13 24Q1实现营收8.1亿，同比增28.2%，录得净利润5.3亿，同比增27.4%，扣非 股价12个月高/低 556.03/263.21 总发行股数(百万) 216.36 后润5.3亿，同比增36.5%，差值主要在于公允价值损益变动。业绩符合预期。 A股数(百万) 149.24 点评： A市值(亿元) 429.59 主要股东 简军(31.05%)  受益医美终端消费增长，一季度在高基数下公司经营稳健，收入规模持续扩张， 每股净值(元) 29.50 我们预计嗨体等当家产品影响力稳步提升，成为增长的重要支柱；濡白天使及系 股价/账面净值 9.76 一个月 三个月 一年 列产品进一步放量，在不同类型机构间快速渗 ...

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside within the range of 5% to 15% [5][8][10]. Core Insights - The company has shown a recovery in titanium dioxide prices, leading to improved performance quarter by quarter. The sales volume of titanium dioxide increased significantly, contributing to revenue growth despite a decline in profit margins due to lower product prices [5][6][7]. - The company is positioned as a global leader in titanium dioxide production, with a comprehensive product portfolio that includes titanium dioxide, sponge titanium, and new energy materials, which are expected to drive future growth [5][7]. Summary by Sections Company Basic Information - Industry: Chemical - A-share price as of April 23, 2024: 19.40 - Market capitalization: 450.57 billion RMB - Major shareholder: Xu Gang (26.25%) - Earnings per share (EPS) forecast for 2024/2025/2026: 1.43, 1.35, 1.55 RMB [1][2][4]. Recent Ratings - Recent ratings indicate a "Trading Buy" with a target price of 22 RMB, reflecting a positive outlook based on recent performance and market conditions [2][5][8]. Product Mix - The product composition includes titanium dioxide (66.4%), iron-based products (9.6%), sponge titanium (8.5%), and new energy materials (4.1%) [2][5]. Earnings Forecast - The company is expected to achieve net profits of 37 billion RMB in 2024, 45 billion RMB in 2025, and 55 billion RMB in 2026, representing year-over-year growth of 14%, 22%, and 23% respectively [4][6]. Revenue and Profit Performance - In 2023, the company reported revenue of 267.65 billion RMB, a year-over-year increase of 11%, with a net profit of 32.26 billion RMB, down 5.64% from the previous year. The fourth quarter of 2023 showed a significant recovery in profits due to a low base effect from the previous year [5][6]. - The first quarter of 2024 saw revenue of 72.88 billion RMB, up 4.52% year-over-year, and a net profit of 9.51 billion RMB, reflecting a 64.15% increase year-over-year [5][6]. Market Position and Future Outlook - The company is leveraging its position in the titanium industry to expand into new energy materials, which are expected to contribute significantly to future earnings. The recovery in titanium dioxide prices and increased sales volume are anticipated to support ongoing performance improvements [5][7].

Compa n y U pda te Ch in a Re sea rch Dep t . 2024年4月24日 金山办公 (688111.SH) Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 350 一季度稳健增长，后续关注办公AI化进展 公司基本资讯 事件： 产业别 计算机 公司发布2024年一季报，Q1收入12.25亿元，同比+16.5%；归母净利润3.67 A股价(2024/4/23) 285.75 亿元，同比+37.3%，扣非净利润3.52亿元，同比+40.6%，业绩符合预期，维 上证指数(2024/4/23) 3021.98 持“买进”评级。 股价12个月高/低 529.63/198.5 总发行股数(百万) 461.82  个人业务维持高增长，费用管控良好带动盈利能力提升：分业务来看， A股数(百万) 461.82 一季度国内个人办公服务订阅收入7.34亿元，同比+24.8%，通过提升用 A市值(亿元) 1319.64 户粘性及付费转化率带动稳健增长；机构订阅收入2.42亿元，同比+13.6%， 主要股东 Kingsoft WPS 随着公司推出WPS 365办公 ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [2][6]. Core Insights - The company has demonstrated robust revenue growth, with Q1 2024 revenue reaching RMB 3.391 billion, a year-on-year increase of 34.4%. The net profit attributable to shareholders was RMB 590 million, up 18.2% year-on-year [3]. - The automation and information technology sectors are experiencing rapid growth, contributing significantly to the company's revenue. Despite a decline in gross margin by 7.58 percentage points to 32.68%, effective cost control measures have been implemented [3]. - The company has acquired a controlling stake in Turing Robotics, which showcased its products at the Hannover Industrial Fair, indicating a strategic move to enhance its capabilities in the industrial robotics sector [3]. - The demand for computing power is expected to rise due to the influence of AI and the digital economy, with the company actively participating in the construction of national computing hubs and data centers [4]. Financial Summary - The company's net profit is projected to grow from RMB 2.186 billion in 2022 to RMB 5.155 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 27.23% [5]. - Earnings per share (EPS) are expected to increase from RMB 0.91 in 2022 to RMB 2.14 in 2026, with a similar growth trajectory [5]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 41 in 2024 to 17 by 2026, indicating an improving valuation as earnings grow [5].

2024 年 04 月 23 日 顾向君 H70420@capitalcom.tw 目标价(元) 29 | --- | --- | --- | --- | |-----------------------|----------|---------------------------|-------------| | | | | | | | | | | | 公司基本资讯 | | | | | 产业别 | | | 农林牧渔 | | A 股价(2024/4/23) | | | 24.27 | | 深证成指 (2024/4/23) | | | 9239.14 | | 股价 12 个月高/低 | | | 27.44/19.97 | | 总发行股数 (百万) | | | 294.11 | | A 股数(百万 ) | | | 294.11 | | A 市值(亿元) | | | 71.38 | | 主要股东 | | 烟台中幸生物 科技有限公司 | (24.86%) | | | | | | | 每股净值 (元) | | | 7.60 | | 股价/账面净值 | | | 3.20 | | | 一个月 | 三个月 | 一年 | | ...

Compa n y U pda te Ch in a Re sea rch De p t . 2024年04月22日 兆易创新（603986.SH） Buy 买进 朱吉翔 H70138@capital.com.tw 1Q24业绩增速如期回升 目标价(元) 85 结论与建议： 公司基本资讯 1H24公司营收增长超过2成、扣非后净利润增长4成，业绩明显改善。预 产业别 电子 A股价(2024/4/19) 74.09 计存储行业2024年景气逐季提升，龙头企业业绩弹性将不断显现。 上证指数(2024/4/19) 3065.26 兆易创新作为国内存储领域的龙头，目前已经成为存储+MCU+传感器的平 股价12个月高/低 125.71/55.2 台型企业，长期有望持续受益于国内进口替代以及半导体需求的增长。目前 总发行股数(百万) 666.91 股价对应2026年PE23倍，目前行业景气谷底回升，给与“买进”评级。 A股数(百万) 664.49 A市值(亿元) 492.32  2023业绩承压， 2023年公司实现营收57.6亿元,YOY下降29.1%;实现 主要股东 朱一明(6.86%) 净利润1.6亿元,YOY下降 ...

C o m p a n y U p d a t e 产业别 化工 A 股价(2024/4/18) 103.46 上证指数(2024/4/18) 3074.22 股价 12 个月高/低 124.95/75.01 总发行股数(百万) 396.76 A 股数(百万) 394.80 A 市值(亿元) 408.46 主要股东 侯军呈(34.46%) 每股净值(元) 11.20 股价/账面净值 9.24 一个月 三个月 一年 股价涨跌(%) 7.0 12.0 -15.2 近期评等 出刊日期 2024-03-12 2023-10-24 2023-08-30 2023-07-13 2023-06-26 2023-04-21 前日收盘 99.30 93.00 99.30 105.35 105.93 118.06 评等 买进 买进 买进 买进 买进 买进 产品组合 护肤类 85.04% 美容类 12.54% 洗护类 2.42% 阿 2024 年 04 月 19 日 顾向君 H70420@capitalcom.tw 目标价(元) 119 机构投资者占流通 A 股比例 基金 7.2% 一般法人 21.4% 股价相对大盘走势 C h ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 23.8 CNY [4][5]. Core Insights - The company reported Q1 2024 revenue of 13.857 billion CNY, a year-over-year decrease of 12.77%, and a net profit of 1.459 billion CNY, down 7.18% year-over-year, which aligns with expectations [5]. - The relaxation of export regulations for urea is expected to boost urea prices, enhancing the company's profitability in the fertilizer segment [6]. - The company is a leading player in the phosphate chemical industry, leveraging its integrated advantages from phosphate and coal resources, as well as large-scale ammonia production facilities [5]. Summary by Sections Company Information - Industry: Chemical [5] - A-share price as of April 12, 2024: 19.35 CNY [5] - Market capitalization: 35.494 billion CNY [5] - Major shareholder: Yuntianhua Group Co., Ltd. (38.12%) [5] Product Portfolio - Trade industry: 51.2% - Fertilizers: 40.6% - Phosphate chemicals: 3.9% - Other industries: 2.2% [2] Financial Performance - Q1 2024 average selling prices for key products: - Phosphate ammonium: 3,353 CNY/ton, down 5.3% YoY - Compound fertilizer: 3,073 CNY/ton, down 15% YoY - Urea: 2,184 CNY/ton, down 16% YoY - Polyoxymethylene: 11,832 CNY/ton, down 3% YoY - Yellow phosphorus: 20,382 CNY/ton, down 23% YoY - Feed-grade phosphate: 3,227 CNY/ton, down 7% YoY [5]. Profitability and Forecast - The company expects net profits of 4.674 billion CNY, 4.962 billion CNY, and 5.295 billion CNY for 2024, 2025, and 2026 respectively, reflecting year-over-year growth of 3%, 6%, and 7% [7]. - The estimated earnings per share (EPS) for the same years are projected to be 2.55 CNY, 2.70 CNY, and 2.89 CNY [7]. - The company maintains a high dividend payout ratio, with a dividend per share of 1 CNY and a yield of 5.17% [6][7].

Compa n y U pda te Ch in a Resea rch Dep t . 2024年4月15日 北方华创 (002371.SZ) BUY 买进 朱吉翔 C0044@capital.com.tw 目标价 360元 1Q24净利润增长超预期 结论与建议： 公司基本资讯 产业别 电子 公司2023年营收增长5成，净利润增长66%，反应半导体设备国产替代 A股价(2024/4/14) 290.00 深证成指(2024/4/14) 9228.23 的持续推进。同时1Q24营收中值增长5成，净利润中值增长近9成，业绩 股价12个月高/低 357.48/213.42 增速超预期。 总发行股数(百万) 530.29 A股数(百万) 529.80 展望未来，公司作为国内设备平台企业，在刻蚀、沉积、热处理、清洗 A市值(亿元) 1536.41 设备等半导体设备领域均有大量积累，在承载国产化重任的同时自身市场空 主要股东 北京七星华电 科技集团有限 间也进一步打开。我们预计公司2024-26年净利润58亿元、75亿元和90亿 责任公司 元，YOY增长49%、29%和增长21%，EPS10.96元、14.12元和17 ...