[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 海康威视(002415)公司点评报告 2024年04月26日 [Table_Invest] [Tab经le_T营itle业] 绩稳健增长，创新业务空间广阔 买入|维持 ——海康威视(002415.SZ)2023年年报及 2024 年一季报点评 [当Ta前b价le_：T argetPr3ic2e.6] 4元 [事Ta件ble：_S ummary] 公司于2024年4月19日收盘后发布《2023年年度报告》、《2024年第一 [基Ta本bl数e_据Ba se] 季度报告》。 52周最高/最低价（元）： 37.90 / 30.35 点评： A股流通股（百万股）： 9108.32  2023年经营绩效逐季改善，创新业务是亮点 A股总股本（百万股）： 9330.60 2023年，公司经营绩效逐季改善，全年实现营业收入893.40亿元，同比增 流通市值（百万元）： 297295.51 长7.42%；实现归母净利润141.08亿元，同比增长9.89%；实现扣非归母 总市值（百万元）： 304550.81 净利润136.66亿元，同比增长10.83 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a total revenue of 444 million yuan in 2023, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 91 million yuan, up 41.95% [4]. - The first quarter of 2024 saw a significant revenue increase of 33.34% year-on-year, reaching 117 million yuan, with a net profit of 24 million yuan, up 69.93% [4]. - The implementation of new national standards is expected to boost domestic demand, while overseas revenue is projected to recover in the second half of 2023 [4]. Financial Data and Valuation - Revenue (in million yuan): - 2022: 433.42 - 2023: 443.80 - 2024E: 563.49 - 2025E: 700.88 - 2026E: 856.31 - Year-on-year revenue growth rates: - 2022: 23.44% - 2023: 2.39% - 2024E: 26.97% - 2025E: 24.38% - 2026E: 22.18% [2]. - Net profit attributable to shareholders (in million yuan): - 2022: 64.37 - 2023: 91.37 - 2024E: 119.03 - 2025E: 153.37 - 2026E: 191.52 - Year-on-year net profit growth rates: - 2022: -49.94% - 2023: 41.95% - 2024E: 30.27% - 2025E: 28.85% - 2026E: 24.88% [2]. - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 20.72, 16.08, and 12.87 respectively [4]. Business Performance - The company’s human nutrition business showed steady growth, while personal care and cosmetics experienced rapid growth [4]. - The implementation of new standards for infant formula is expected to increase the demand for ARA and DHA [4]. - The company’s gross margin for 2023 was 42.40%, with a net profit margin of 20.59%, reflecting improvements in management expenses and reduced impairment losses [4].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 汤臣倍健(300146)公司点评报告 2024年04月26日 [Table高_Tit基le] 数短期扰动，费用投入同比加大 [Table_Inves 买t] 入|维持 ——汤臣倍健 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2024年一季报。2024Q1，公司实现总收入26.46亿元（-14.87%）， [基Ta本bl数e_据Ba se] 归母净利7.27亿元（-29.43%），扣非归母净利7.09亿元（-28.67%）。 52周最高/最低价（元）： 24.34 / 14.84  高基数下收入有所下滑，销售费用投入增加 1）高基数下，一季度收入有所下滑。2024Q1，公司收入同比-14.87%至 A股流通股（百万股）： 1129.99 26.46亿元（2023Q1收入同比+36.30%）。 A股总股本（百万股）： 1700.85 2）销售费用投入有所增加。2024Q1，公司毛利率为69.90%，同比-0.42pct， 流通市值（百万元）： 17 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 山西汾酒(600809)公司点评报告 2024年4月26日 [Table_Ti2tle3] 年圆满收官，持续高质量发展 [Table_Inves 买t] 入|维持 ——山西汾酒 2023 年报及 2024 一季报点评 [T abl事e_件Su mmary] [基Ta本bl数e_据Ba se] 公司公告 2023 年报及 2024 一季报。23 年，公司实现总营收 319.28 亿元 52周最高/最低价（元）： 262.82 / 185.07 （+21.80%），归母净利104.38亿元（+28.93%）。23Q4，公司实现总营收51.84 A股流通股（百万股）： 1219.96 亿元（+27.38%），归母净利 10.07 亿元（+1.95%）。24Q1，公司实现总营收 153.38亿元（+20.94%），归母净利62.62亿元（+29.95%）。公司拟每股派发 A股总股本（百万股）： 1219.96 现金股利4.37元（含税），分红率51.07%。 流通市值（百万元）： 307784.77  产品结构持续升级，全国化进程持续推 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][6]. Core Views - The company has shown stable profitability and is actively expanding its distribution channels [6]. - The revenue for 2023 reached 2.635 billion yuan, representing a year-on-year growth of 7.04%, while the net profit attributable to shareholders was 165.74 million yuan, up 19.74% year-on-year [6]. - The company plans to distribute a cash dividend of 1 yuan per share (including tax) and a stock bonus of 0.4 shares, resulting in a total dividend payout ratio of 114.70% when including share buybacks [6]. Financial Data and Valuation - **Revenue (Million Yuan)**: - 2022A: 2462.10 - 2023A: 2635.31 - 2024E: 2920.88 - 2025E: 3209.65 - 2026E: 3496.48 - **Year-on-Year Revenue Growth (%)**: - 2022A: -14.87 - 2023A: 7.04 - 2024E: 10.84 - 2025E: 9.89 - 2026E: 8.94 - **Net Profit (Million Yuan)**: - 2022A: 138.41 - 2023A: 165.74 - 2024E: 197.58 - 2025E: 228.85 - 2026E: 256.52 - **Year-on-Year Net Profit Growth (%)**: - 2022A: -28.53 - 2023A: 19.74 - 2024E: 19.21 - 2025E: 15.83 - 2026E: 12.09 - **Return on Equity (ROE, %)**: - 2022A: 8.25 - 2023A: 9.40 - 2024E: 10.67 - 2025E: 11.90 - 2026E: 12.85 - **Earnings Per Share (EPS, Yuan)**: - 2022A: 0.96 - 2023A: 1.15 - 2024E: 1.37 - 2025E: 1.59 - 2026E: 1.78 - **Price-to-Earnings Ratio (P/E)**: - 2024E: 28.37 - 2025E: 23.69 - 2026E: 19.87 - 2027E: 17.16 - 2028E: 15.31 [2][6].

兆威机电(003021)公司点评报告 2024 年 04 月 25 日 ——公司 23 年年报及 24Q1 季报点评 在人工智能带动的终端装置智能化应用升级的过程中，微型传动系统 的重要性在不断提升。我们重点看好 XR 放量和汽车电子新项目开发对于公 司业绩的显著带动。预测公司 24 年归母净利润 2.4 亿元，给予 60xPE，对 应股价 85.3 元，维持"买入"的投资评级。 | --- | --- | --- | --- | --- | |---------------------------------------------------|-------|---------------------------------|-------|-------| | 附表：盈利预测 [Table_Finance] 财务数据和估值 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 1205.95 1672.53 2232.03 2539.94 | | | | 增长率（ % ） | | 4.64 38.69 33.45 13.79 | | | | 归母净利润 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company focuses on low-temperature fresh milk, with a 54% year-on-year increase in net profit excluding non-recurring items in Q3 [9]. - The company's revenue for 2023 is projected to be 10.99 billion yuan, with a year-on-year growth of 9.80% [9]. - The company is expected to achieve net profits of 5.61 billion yuan, 7.09 billion yuan, and 8.56 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 30.24%, 26.36%, and 20.78% [9]. Financial Summary - Revenue for 2023 is 10,987.29 million yuan, with a year-on-year increase of 9.80% [5]. - Net profit attributable to shareholders for 2023 is 430.83 million yuan, reflecting a 19.27% increase year-on-year [5]. - The company's gross profit margin for 2023 is 26.87%, up 2.84 percentage points year-on-year [9]. - The company’s return on equity (ROE) for 2023 is 16.85% [5]. Business Performance - The liquid milk and milk powder segments showed steady growth, with revenues of 9,755 million yuan and 790 million yuan respectively, both increasing by over 11% year-on-year [9]. - The company’s distribution channels have expanded, with a 42.74% year-on-year increase in distributor revenue in the second half of 2023 [9]. - The company has launched new products, with new product revenue accounting for 12% of total revenue in 2023 [9]. Market Position - The company has maintained a strong market share in the fresh milk segment, with a nearly 40% year-on-year growth in its high-end product line [9]. - The company’s online direct sales revenue increased by 20.51% year-on-year, indicating robust growth in e-commerce channels [9]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 12.22 billion yuan, 13.48 billion yuan, and 14.73 billion yuan for 2024, 2025, and 2026 respectively [5]. - The price-to-earnings (P/E) ratio is projected to decrease from 15 in 2024 to 10 in 2026, indicating potential for value appreciation [9].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's revenue for 2023 reached 231.9 billion yuan, a year-on-year increase of 8.35%, with a net profit attributable to shareholders of 11 billion yuan, up 19.53% year-on-year. For Q1 2024, revenue was 52.4 billion yuan, a 4.93% increase year-on-year, and net profit was 2.5 billion yuan, up 22.45% year-on-year. The company expects a mid-year profit forecast of 5.227 to 5.445 billion yuan for 2024, indicating a growth of 20% to 25% [2][10][12]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 231.9 billion yuan, with a net profit of 11 billion yuan. The gross margin was 11.58%, a decrease of 0.61 percentage points year-on-year. For Q1 2024, the gross margin improved to 10.74% from 10.03% in Q1 2023. The company anticipates a net profit of 13.716 billion yuan and 17.580 billion yuan for 2024 and 2025, respectively, representing growth rates of 25% and 28% [2][4][17]. Business Segments - The PC business faced challenges in 2023 due to overall low shipments in the industry, but is expected to improve in 2024 with the potential upgrade of major clients' Mac series to M4 chips, enhancing AI capabilities. The automotive connectivity business saw a revenue growth of 50% in 2023, driven by the demand for electric vehicles and deepening collaborations with key clients [10][12]. - In the consumer electronics sector, the assembly revenue from AirPods and Watches remained stable compared to 2022. However, new product launches in 2024-2025 are expected to revitalize growth in the wearable segment. The company also anticipates significant contributions from modules and components due to increased market share and new product breakthroughs [12][13]. Market Outlook - The report predicts that the company's mobile assembly business will exceed 60 million units in 2024, contributing significantly to profitability. The Vision Pro headset is expected to generate revenue of approximately 2 to 2.2 billion yuan in 2023, with a projected demand of 300,000 units in North America [15][17][13]. Valuation - The target price for the company's stock is set at 38.2 yuan, based on a 20x price-to-earnings ratio. The report suggests that the stock price is expected to outperform the market index by more than 20% over the next six months [3][4][17].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.15 CNY, indicating an expected price increase of over 20% within the next six months [4][12]. Core Insights - The company has shown significant growth in revenue and profit, with 2023 revenue reaching 1.877 billion CNY, a year-on-year increase of 60.73%, and a net profit of 202.26 million CNY, up 44.42% year-on-year [6][8]. - The company is focusing on expanding its manufacturing capabilities, with new production lines for lightweight components and aluminum alloy products entering stable production phases [3][7]. - The company has successfully secured key contracts for major vehicle model upgrades, indicating strong demand from leading domestic and international automotive brands [7]. Financial Performance - The projected revenues for 2024, 2025, and 2026 are 2.721 billion CNY, 3.475 billion CNY, and 4.249 billion CNY, respectively, with corresponding net profits of 299.52 million CNY, 386.23 million CNY, and 479.04 million CNY [3][8]. - The earnings per share (EPS) are expected to be 1.43 CNY, 1.85 CNY, and 2.29 CNY for the years 2024, 2025, and 2026, respectively, with price-to-earnings (P/E) ratios of 20, 16, and 13 [3][8]. - The company reported a return on equity (ROE) of 11.88% in 2023, projected to increase to 14.34% in 2024 [8][11]. Market Position and Strategy - The company is strategically targeting top domestic traditional brands and new automotive players, as well as localization efforts in countries along the Belt and Road Initiative [7]. - The company has been expanding its production capacity, with new factories for intelligent molds and high-strength plate molds expected to be operational by 2024 [7][8].

[Table_Main] 公司研究|有色金属材料 证券研究报告 厦门钨业(600549)公司首次覆盖 2024年04月25日 报告 [Table_Invest] [Table深_Ti耕tle] 三大核心业务，产业链海外布局加速 增持|首次推荐 ——厦门钨业(600549)首次覆盖报告 [报Ta告ble要_S点um：m ary] [当Ta前b价le：_T argetP1r9ic.0e2] 元  公司专注于钨钼、稀土和能源新材料三大核心业务 钨钼板块，公司钨产业链完整，同时以伴生难冶炼的钼矿为原料生产性能优 [基Ta本bl数e_据Ba se] 异的钼酸铵、钼粉、钼坯、钼丝以及钼坩埚等钼制品，目前有三家在产钨矿 52周最高/最低价（元）： 21.55 / 14.06 企业（洛阳豫鹭、宁化行洛坑、都昌金鼎）和一家在建钨矿企业（博白巨典）。 A股流通股（百万股）： 1414.65 稀土板块，公司拥有从稀土采选、冶炼分离到稀土深加工的完整产业链，是 A股总股本（百万股）： 1418.29 国家重点稀土集团，同时利用在稀土永磁材料产业的基础优势，布局稀土永 流通市值（百万元）： 26906.61 磁电机业务。能源新材料板 ...