[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 妙可蓝多(600882)公司点评报告 2024 年 5 月 2 日 [Table_Summary] 事件 公司公告 2024 一季报。24Q1，公司实现总营收 9.50 亿元，同比-7.14%， 归母净利 0.41 亿元，同比+70.63%，扣非归母净利 0.31 亿元，同比 +426.34%。 24Q1 奶酪业务降幅环比收窄 1）奶酪业务收入同比降幅环比收窄。24Q1，公司奶酪/贸易/液态奶业务分 别实现收入 7.85/0.82/0.81 亿元，同比分别-3.28%/-35.80%/-0.38%，奶酪 业务收入同比降幅环比收窄 17.42pct。 2）直营渠道收入小幅增长，经销渠道降幅环比收窄。24Q1，公司经销/直 营/贸易渠道分别实现收入 7.35/1.31/0.82 亿元，同比分别-3.57%/+0.23%/- 35.80%，经销渠道同比降幅环比收窄 8.63pct。 3）24Q1 中区收入实现增长。24Q1，公司北区、中区、南区分别实现收入 3.74/3.87/1.87 亿元，同比分别-15.06%/+13.31%/-21 ...

Investment Rating - The report maintains a "Buy" rating for Guizhou Sanli (603439.SH) [1] Core Views - The company's revenue for 2023 reached 1.635 billion yuan, a year-on-year increase of 36.10%, while the net profit attributable to shareholders was 292.70 million yuan, up 45.42% year-on-year [10][12] - The growth in sales is attributed to the performance of the company's flagship product, the "Kaitoujian" spray, which saw sales close to 1.3 billion yuan, growing nearly 20% year-on-year, driven by respiratory diseases and the pandemic [2][11] - The company has expanded its sales network significantly, covering over 334 cities and 2,355 counties, with a total of more than 175,000 terminals [2][11] - The company has been actively pursuing external growth, acquiring companies such as Dechangxiang and Wudi Pharmaceutical, which contributed to revenue and profit growth [2][12] Financial Data and Valuation - Revenue (in million yuan): - 2022A: 1,201.32 - 2023A: 1,634.98 - 2024E: 2,414.43 - 2025E: 2,876.22 - 2026E: 3,427.31 - Year-on-year revenue growth rates: - 2022: 27.94% - 2023: 36.10% - 2024E: 47.67% - 2025E: 19.13% - 2026E: 19.16% [3][10] - Net profit attributable to shareholders (in million yuan): - 2022A: 201.28 - 2023A: 292.70 - 2024E: 374.57 - 2025E: 460.24 - 2026E: 571.21 - Year-on-year net profit growth rates: - 2022: 32.18% - 2023: 45.42% - 2024E: 27.97% - 2025E: 22.87% - 2026E: 24.11% [3][10] - Earnings per share (EPS): - 2022: 0.49 yuan - 2023: 0.71 yuan - 2024E: 0.91 yuan - 2025E: 1.12 yuan - 2026E: 1.39 yuan [3][10] Growth Outlook - The company is expected to continue its robust growth trajectory, with projected net profits of 3.75 billion yuan, 4.60 billion yuan, and 5.71 billion yuan for 2024-2026, respectively [12] - The price-to-earnings (P/E) ratios are projected to be 16 times, 13 times, and 11 times for the years 2024E, 2025E, and 2026E, respectively [12]

Investment Rating - The report upgrades the investment rating to "Buy" [1][10]. Core Views - The company continues to enhance its product lineup, which supports its long-term investment value despite short-term pressures [2][3]. - The company's revenue for Q1 2024 was 1.141 billion yuan, a decrease of 26.16% year-on-year, with net profit attributable to shareholders at 307 million yuan, down 47.44% year-on-year [2][3]. - The company has a strong focus on R&D, with an annual investment of 1.633 billion yuan in 2023, representing 21.58% of its revenue, and has secured 149 patent authorizations [4][10]. Financial Performance Summary - In 2023, the company achieved a revenue of 7.565 billion yuan, a year-on-year increase of 6.26%, while net profit decreased by 3.84% to 2.531 billion yuan [4][11]. - The net cash flow from operating activities was 1.772 billion yuan, an increase of 2.63% year-on-year [4][11]. - As of the end of 2023, total assets were 16.865 billion yuan, a decrease of 3.82% from the beginning of the year, while equity attributable to shareholders increased by 2.55% to 11.954 billion yuan [2][4]. Product Development and Market Position - The company has successfully launched new product lines, including special Nand Flash and RF-SOC products, which have received positive market feedback [6][10]. - The company is recognized as one of the industry leaders in various product categories, with ongoing upgrades in network and interface products [6][10]. - The company is actively expanding its product spectrum to ensure sustainable future growth, including the establishment of a new production base for ultra-miniature quartz crystal resonators with a total investment of 355 million yuan [10][11]. Profit Forecast - The profit forecast for 2024-2026 estimates net profits of 2.793 billion yuan, 3.274 billion yuan, and 3.943 billion yuan, respectively, with corresponding EPS of 3.29 yuan, 3.85 yuan, and 4.64 yuan [10][11]. - The current price-to-earnings ratios are projected to be 17.80 times, 15.18 times, and 12.61 times for the respective years [10][11].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 伊利股份(600887)公司点评报告 2024年04月30日 [Table回_Tit购le] 计划提振信心，毛利率持续提升 [Table_Inves 买t] 入|维持 ——伊利股份 2023 年报及 2024 年一季报点评 [报 Ta告 ble要 _S点 um： m ary] [ Table_TargetPr ice]  事件 公司公告2023年报及2024年一季报。2023年，公司实现总收入1261.79亿 元（+2.44%），归母净利104.29亿元（+10.58%），扣非归母净利100.26亿元 （+16.78%）。2023Q4，公司实现总收入287.75亿元（-1.82%），归母净利10.48 [基Ta本bl数e_据Ba se] 亿元（-23.47%），扣非归母净利15.73亿元（+56.49%）。2024Q1，公司实现 52周最高/最低价（元）： 30.67 / 25.33 总收入325.77亿元（-2.58%），归母净利59.23亿元（+63.84%），扣非归母净 利37.28亿元（+12.39%）。公司拟每股派发现金 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 青岛啤酒(600600)公司点评报告 2024年4月30日 [Table_Title成] 本端改善，高端化持续推进 [Table_Inves 买t] 入|维持 ——青岛啤酒 2024 一季报点评 [ T[Taabblele__SSuummmmaaryr]y ] [[基TTaa本bbll数ee__据BTaa rsgee]t Price]  事件 52周最高/最低价（元）： 112.15 / 68.35 公司公告2024一季报。24Q1，公司实现总营收101.50亿元，同比-5.19%， A股流通股（百万股）： 1359.77 归母净利 15.97 亿元，同比+10.06%，扣非归母净利 15.13 亿元，同比 A股总股本（百万股）： 1364.20 +12.11%。 流通市值（百万元）： 107843.17  产品结构升级，成本端改善 总市值（百万元）： 108194.45 1）总销量同比小幅下滑，中高端以上销量占比提升。24Q1，公司啤酒销量 [过Ta去bl一e_年Pic股Q价uo走te]势 218.4万千升，同比-7.6%，其 ...

[Table_Title] 盈利能力显著回升，WiNEX 产品推广顺利 2023 年营业收入实现稳健增长，盈利能力显著回升 2023 年，公司研发投入达 6.97 亿元，同比增长 11.47%，占营业收入的比 例为 22.04%。公司积极推动以大模型为代表的新质生产力在医疗领域落 地。2023 年 1 月，公司启动医疗垂直领域大模型的研发工作；10 月，正式 发布医疗垂直领域大模型 WiNGPT，并以医护智能助手 WiNEX Copilot 的 形态内置于全系列产品中。WiNEX Copilot 致力于成为医护好帮手，已集成 涵盖医院管理、医生增效以及患者端等 100 多个临床应用场景，为医护人 员提供全面的智能知识服务。年内，WiNEX Copilot 病历文书助手、影像报 告助手等智能应用已在北京、上海等地的头部医院推进落地，在医疗领域大 模型应用方面形成了比较优势。 盈利预测与投资建议 技术与产品开发风险；行业竞争进一步加剧的风险；公司规模扩张带来的管 理风险；人才流失风险；收款及经营业绩的季节性波动风险；商誉减值风险。 | --- | --- | |-------------------------- ...

[Table_Main] 公司研究|工业|资本货物 证券研究报告 天顺风能(002531)公司点评报告 2024年04月29日 [Tab海le_T工itle产] 能布局领先，有望优先受益海风复苏 [Table_Inves 买t] 入|维持 ——天顺风能（002531.SZ）2023 年年报及 2024年一季报点评 [事Ta件ble：_S ummary] [当Ta前b价le_：T a rgetPr9ic.4e0] 元 公司发布2023年年报及2024年一季报：2023年公司营收77.27亿元，同 比增长14.67%；归母净利润7.95亿元，同比增长26.60%。2024Q1公司 [基Ta本bl数e_据Ba se] 营收10.54亿元，同比/环比下滑22.67%/20.18%；归母1.48亿元，同比/ 52周最高/最低价（元）： 16.36 / 8.15 环比提升-24.83%/97.06%。 报告要点： A股流通股（百万股）： 1786.87  海风业务占比提升，公司整体盈利能力上行 A股总股本（百万股）： 1796.88 2023年公司销售海工类产品12.16万吨，营收15.11亿元，毛利率16.33%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [10]. Core Views - The company achieved a total revenue of 20.25 billion yuan in 2023, representing a year-on-year growth of 21.18%, with a net profit of 4.59 billion yuan, up 46.01% [2]. - The first quarter of 2024 showed continued growth, with revenue reaching 8.29 billion yuan, a 25.85% increase year-on-year, and a net profit of 2.07 billion yuan, up 31.61% [2]. - The company plans to distribute a cash dividend of 4.5 yuan per share, with a payout ratio of 51.83% [2]. Revenue and Business Structure - In 2023, the company’s revenue from different segments was 19.64 billion yuan from liquor, 84 million yuan from hotels, and 531 million yuan from other businesses, with respective growth rates of 21.47%, 45.53%, and 8.82% [3]. - The premium product line, particularly the aged liquor, showed significant growth, with revenue of 15.42 billion yuan, a 27.34% increase [3]. - The company’s sales volume for liquor was 118,300 tons, a 3.16% increase, with an average selling price of 166,000 yuan per ton, up 17.75% [3]. - Revenue from online and offline sales was 19.52 billion yuan and 729 million yuan, respectively, with year-on-year growth of 21.25% and 19.48% [3]. Profitability and Financial Performance - The company’s gross margin and net margin improved in 2023, with net profit margin at 23.34% and gross margin at 79.07%, reflecting increases of 3.88 and 1.90 percentage points, respectively [4]. - For Q1 2024, the net profit margin reached 25.65%, an increase of 1.39 percentage points year-on-year, with a gross margin of 80.35% [4]. - The report forecasts net profits for 2024, 2025, and 2026 to be 5.83 billion yuan, 7.22 billion yuan, and 8.82 billion yuan, with growth rates of 27.08%, 23.88%, and 22.16% respectively [4][5].

[Table_Main] 行业研究|可选 消费|汽车与汽车零部件 证 券研究报告 汽车与汽车零部件行业 2024年04月29日 周报、月报 [Table_Invest] [在Tabl小e_T米itle花] 影下：后期大众阶段竞争策略 推荐|维持 [报Ta告bl要e_S点um：ma ry] [过T去ab一le年_P市ic场Qu行ot情e]  月度渗透率越过50%，电动智能车迈入向后期大众转型的阶段 18% 2024 年 4 月上半月乘用车市场零售 51.6 万辆，其中新能源车市场零售 8% 26 万辆。这意味着中国新能源汽车市场渗透率首次突破 50%，市场占比 -1% 首次超过燃油车。虽然只是短期数据，但对市场结构变化有指示性意义。 -11% 根据我们在《2024年汽车行业投资策略报告：骑乘产业周期曲线，需求 -21% 与技术两手抓》中提到的“技术采用曲线”模型，市场进入50%渗透率阶 4/28 7/28 10/27 1/26 4/26 段后，将迎来创新型产品从“早期大众阶段”向“后期大众阶段”的过 汽车与汽车零部件 沪深300 渡。由于创新型产品不同渗透率阶段，消费者结构不同，在阶段转型期， 资料来源：Wi ...

[Table_Main] 公司研究|核技术及应用领域 证券研究报告 中国广核(003816)公司点评报告 2024年04月30日 [Tab营le_收Title和] 净利润平稳增长，在建机组进展顺利 [Table_ 增Inve 持st] |首次评级 ——中国广核(003816)2024一季报点评报告 [事Ta件ble：_S公um司m4ar月y] 24日发布2024年一季度报告，期内实现营业收入191.82 [当Ta前b价le：_T argetP4r.i0c4e]元 亿元，同比增长4.88%；实现归母净利润 36.04亿元，同比增长3.38%。 报告要点： [基Ta本bl数e_据Ba se]  中广核核能发电唯一平台，营收和净利润同比平稳增长 52周最高/最低价（元）： 4.28 / 2.92 收入端，2024Q1公司主业务持续增长，实现营业收入191.82亿元，较上 A股流通股（百万股）： 50498.61 年同期增长 4.88%，主要系惠州、苍南等在建核电项目的建筑安装及工程 A股总股本（百万股）： 50498.61 设计业务量增加。利润端，2024Q1公司利润总额为63.41亿元、归母净利 流通市值（百万 ...