北交所2023年报&2024Q1季报分析：期待弱复苏表现，存在结构性机会

Group 1 - The report indicates a weak recovery expectation for the performance of companies listed on the Beijing Stock Exchange, with a significant narrowing of the decline in net profit attributable to shareholders in Q1 2024 compared to 2023 [9][16][32] - In Q1 2024, the revenue of the Beijing Stock Exchange decreased by 9.1% year-on-year, while the net profit attributable to shareholders fell by 14.4%, showing a notable improvement in the rate of decline compared to the previous year [9][16] - The report highlights that the profitability indicators such as gross margin, net margin, and return on equity (ROE) are at historically low levels, indicating pressure on midstream manufacturing due to upstream price increases and slow demand recovery [16][32] Group 2 - The report emphasizes four structural investment opportunities: stable dividends combined with steady growth and positive operating cash flow, equipment upgrade-related stocks, high-quality consumer stocks, and strong performers in the chemical and non-ferrous metal sectors [4][17][40] - There is a clear trend of differentiation in growth capabilities among individual stocks, with a significant portion of companies showing varying degrees of profit growth in Q1 2024 [33][40] - The report notes that the number of companies disclosing dividend plans has increased, with 218 companies proposing dividends in 2023, representing 87.9% of listed companies, indicating a positive trend in shareholder returns [36]