T[ [Table_Title] 策略周报 稳地产政策对于A股正向作用即将凸显 2024 年 05 月 22 日 策略周报 正文目录 | --- | |---------------------------------------------------------------------------------| | | | A 股市场概览 1. | | 1.1 市场涨跌概览 . | | 1. 2 资金流向概览. | | 1.3 沪深融资融券情况 | | 全球 宏观 日 历 2. | | 2. 1. 供给端政策发力,工业生产保持较快增速……………………………………………………………………………………………… 8 | | 2.2. 房地产托底态度明确,下行态势放缓可期. | | 2.3. 社零增速回落,消费弱修复格局延续 | | 全球财经 大事概览 3. | | 3. 1 超长期特别国债 5 月 17 日起发行 | | 3.2 动力电池回收产业或迎千亿市场:2023年我国退役动力电池超 58 万吨 12 | | 3.3 谷歌推出 Gemini 大模型轻量化版本 1.5Flash, 开源模型 Gemma2 登场 ...

Investment Rating - The report maintains an "Add" rating for the company, indicating a positive outlook for its stock performance relative to the market index [27]. Core Insights - The company reported a robust financial performance in 2023, with total revenue reaching 11.904 billion yuan, a year-on-year increase of 26.03%. The net profit attributable to shareholders was 4.827 billion yuan, up 73.02% year-on-year [15][20]. - In Q1 2024, the company achieved revenue of 2.730 billion yuan, reflecting a 6.02% year-on-year growth, and a net profit of 1.040 billion yuan, which is a 10.50% increase compared to the same period last year [15]. - The company plans to distribute a cash dividend of 3.30 yuan per 10 shares for 2023, totaling 4.766 billion yuan, with a proposed cash dividend cap of 80% of net profit for the first half of 2024 [15]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 65.48%, an increase of 5.77 percentage points year-on-year, and a net profit margin of 40.32%, up 10.20 percentage points [16][26]. - The company’s operating expenses as a percentage of revenue decreased to 22.14%, down 2.76 percentage points year-on-year [26]. Business Growth - The core business showed steady growth, particularly in the daily consumer goods sector, with advertising revenue from building media reaching 11.119 billion yuan, a 25.28% increase year-on-year. Cinema media revenue surged by 43.10% to 769 million yuan due to a rapid recovery in the film market [15]. - The company is expanding its media points systematically, with a total of 1.116 million elevator TV media units as of Q1 2024, a 28.6% increase from the end of 2022. The number of overseas media points grew by 43.9% [15]. Future Projections - The company’s revenue is projected to grow to 13.842 billion yuan in 2024, 14.401 billion yuan in 2025, and 13.067 billion yuan in 2026. The net profit attributable to shareholders is expected to reach 5.412 billion yuan in 2024, 5.853 billion yuan in 2025, and 6.169 billion yuan in 2026 [20][27].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Insights - The company reported significant growth in both revenue and net profit for 2023 and Q1 2024, with 2023 revenue reaching 7.214 billion yuan, a year-on-year increase of 48.20%, and a net profit of 337 million yuan, up 11.45% [1] - In Q1 2024, the company achieved revenue of 2.032 billion yuan, a year-on-year increase of 53.12%, and a net profit of 130 million yuan, showing a substantial growth of 143.82% [1] - The company has a strong order backlog in the photovoltaic sector, with contracts amounting to 3.281 billion yuan as of March 31, 2024, representing a 99.57% increase from the beginning of 2023 [1] - Research and development expenses have been consistently high, with 2023 and Q1 2024 R&D expenditures of 457 million yuan and 105 million yuan, respectively, reflecting year-on-year growth of 71.96% and 55.89% [1] Summary by Sections Financial Performance - The company expects revenues of 10.570 billion yuan, 11.522 billion yuan, and 12.588 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 551 million yuan, 686 million yuan, and 895 million yuan [5] - The projected EPS for the same years is 0.88 yuan, 1.10 yuan, and 1.44 yuan, with P/E ratios of 16, 13, and 10 times [5] Market Position - The company is a leader in perovskite equipment, having developed various technologies for the production of perovskite solar cells, including PVD, ALD, and evaporation techniques [1] - The company has established a comprehensive supply capability for perovskite production lines, covering the entire process from solution preparation to equipment for cell fabrication [1] Cost Management - The company's total expenses have been decreasing as a percentage of revenue, with Q1 2024 total expenses accounting for 6.25% of revenue, down 2.72 percentage points year-on-year [1] - The company demonstrates strong cost control capabilities, contributing to its profitability [1]

T [ [Table_Title] 策略月报 策 略 研 究 5月行业轮动配置建议 挖掘价值 投资成长 / Ａ 股 策 [东Ta方ble财_A富uth证or券] 研究所 略 2024 年 05 月 07 日 证券分析师：陈鼎 / 证书编号：S1160522110002 证 券 [【Tab策le_S略umma观ry] 点】 电话：021-23586470 研 究 报 告  2024年4月，A股全行业（中信一级行业口径）的中位数回报为0.44%， [相Ta关ble研_R究epo rts] 基本仍属于窄幅震荡。涨幅前 5 名的行业为家电（7.90%）、银行 《政策面继续向好，A股做多情绪 （4.79%）、基础化工（4.57%）、综合金融（3.03%）、有色金属（3.02%）。 持续恢复》 回报率排名靠后的5个行业为综合（-7.69%）、传媒（-5.69%）、消费 2024.04.30 者服务（-5.33%）、房地产（-3.78%）、计算机（-3.04%）。近一半的 《短期市场情绪得到基本面保 行业单月录得负回报。风格方面，大盘强于小盘，价值强于成长。 障，节前有望交投相对企稳》  2024年前4个月，我们的推荐 ...