券 研 研 报 究 略，进一步提升公司的盈利能力和业绩稳定性。 ▌ 积极推进投资并购，持续培育新增长点 预测公司 2024-2026 年收入分别为 27.85、37.26、49.60 亿 下游需求不及预期，新产线产能爬坡进度不及预期，技术迭 代等风险。 证券研究报告 证 司 究 告 品牌的加持下，公司在工业自动化、智慧医疗、游戏博弈等 多个应用领域打造新的利润增长点。同时，公司已从 ODM 单一业务模式发展成为 ODM+ OBM MicroTouch™双业务策 ▌ 盈利预测 ▌ 风险提示 请阅读最后一页重要免责声明 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|-------|-------------------------|-------|-----------------------------------|--------|-------------------------|-------|-------| | 公司盈利预测（百 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company is advancing its marketing reforms and focusing on a vinegar, wine, and sauce strategy, aiming to enhance its brand positioning and achieve long-term excess returns [4] - The company has identified 11 national key products and 51 regional key products, optimizing its marketing strategies and resource allocation [2] - The company aims for double-digit growth in its main seasoning product sales in 2024, with a target of over 10% growth in net profit [18] Financial Projections - The company's revenue for 2023 is projected at 2,106 million, with expected growth rates of 11.3%, 9.1%, and 7.2% for 2024, 2025, and 2026 respectively [5] - The diluted earnings per share (EPS) are forecasted to be 0.08, 0.13, 0.17, and 0.20 yuan for the years 2023 to 2026 [5] - The return on equity (ROE) is expected to improve from 2.6% in 2023 to 7.0% by 2026 [5] Revenue Breakdown - The company's revenue from its vinegar, wine, and sauce segments for 2023 was 12.94, 3.27, and 1.96 million yuan respectively, with year-on-year changes of +1%, -8%, and -24% [18] - In Q1 2024, the revenue from these segments was 3.07, 0.77, and 0.33 million yuan, reflecting a decrease of 20%, 31%, and 49% respectively [18] Market Performance - The company's total market capitalization is 91 billion yuan, with a current stock price of 8.2 yuan [18] - The company has seen a decline in total revenue primarily due to the impact of previous year's stock sales, while its main seasoning products achieved a revenue increase of 2% [18]

Investment Rating - The report maintains a "Buy" rating for Hengshun Vinegar Industry (600305.SH) [2][3] Core Views - The company is facing pressure on performance margins but is advancing brand building efforts. The expected sales growth for the main condiment business in 2024 is targeted at double-digit growth, with a projected net profit increase of over 10% [2][3] - The company is focusing on product strategy implementation and strengthening brand positioning, with a significant emphasis on major product lines [2][3] Summary by Sections Financial Performance - In 2023, the total revenue was 2.106 billion yuan, with a year-on-year decline of 1.5%. The net profit attributable to shareholders was 87 million yuan, down 37% year-on-year. The gross margin for 2023 was 32.98%, a decrease of 1 percentage point [2][7] - For Q1 2024, total revenue was 460 million yuan, a decrease of 25% year-on-year, while the gross margin improved to 41.38%, an increase of 6 percentage points [2][7] Revenue Breakdown - In 2023, revenue from the vinegar series, wine series, and sauce series was 1.294 billion yuan, 327 million yuan, and 196 million yuan, respectively, with year-on-year changes of +1%, -8%, and -24% [2][3] - The company’s sales channels in 2023 included 1.932 billion yuan from distribution, 101 million yuan from direct sales, and 45 million yuan from foreign trade, with respective year-on-year changes of +4%, -22%, and +3% [2][3] Future Projections - EPS is projected to be 0.13 yuan in 2024, 0.17 yuan in 2025, and 0.20 yuan in 2026, with corresponding PE ratios of 63, 48, and 41 times [3][7] - The company aims to achieve a net profit of 146 million yuan in 2024, reflecting a growth rate of 67.8% [7]

准；香港市场以恒生指数为基准；美国市场以道琼斯指数为基准。 ▌ 免责条款 华鑫证券有限责任公司（以下简称"华鑫证券"）具有中国证监会核准的证券 投资咨询业务资格。本报告由华鑫证券制作，仅供华鑫证券的客户使用。本公 司不会因接收人收到本报告而视其为客户。 本报告中的信息均来源于公开资料，华鑫证券研究部门及相关研究人员力求准 确可靠，但对这些信息的准确性及完整性不作任何保证。我们已力求报告内容 客观、公正，但报告中的信息与所表达的观点不构成所述证券买卖的出价或询 价的依据，该等信息、意见并未考虑到获取本报告人员的具体投资目的、财务 状况以及特定需求，在任何时候均不构成对任何人的个人推荐。投资者应当对 本报告中的信息和意见进行独立评估，并应同时结合各自的投资目的、财务状 况和特定需求，必要时就财务、法律、商业、税收等方面咨询专业顾问的意 见。对依据或者使用本报告所造成的一切后果，华鑫证券及/或其关联人员均不 承担任何法律责任。本公司或关联机构可能会持有报告中所提到的公司所发行 的证券头寸并进行交易，还可能为这些公司提供或争取提供投资银行、财务顾 问或者金融产品等服务。本公司在知晓范围内依法合规地履行披露。 本报告中 ...

报告编号：HX-240501161639 告 究 司 发展，促进卡淘球星卡二级市场社群扩展，进一步完善公司 在卡牌产品、体育文化产业的布局，打造综合休闲娱乐全产 业链，驱动体育新消费新增量的发展。 ▌ 风险提示 请阅读最后一页重要免责声明 2 诚信、专业、稳健、高效 2024 年 05 月 06 日 研 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 券 2024 年 05 月 03 日 研 究 液体乳板块静待修复，多板块发力增长 报 告 —伊利股份（600887.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 04 月 29 日，伊利股份发布 2023 年年报、2024 年一 sunss@cfsc.com.cn 季度报、关于以集中竞价交易方式回购公司股份方案的公 告。 投资要点 基本数据 2024-04-30 当前股价（元） 28.61 ▌盈利端改善可期，回购方案彰显发展信心 总市值（亿元） 1821 总股本（百万股） 6366 公 司 2023/2023Q4/2024Q1 总 营 收 分 别 为 1261.79/287.75/325.77 亿元，分别同 比+2%/-2%/-3%， 流通股本（百万股） 6305 2024Q1 营收端承压，主要系基数高/春节后消费需求偏弱， 52周价格范围（元） 25.33-30.67 导致上游供给过剩与需求恢复不足的供需矛盾所致，当前公 日均成交额（百万元） 983.39 司主动调整出货节奏及上游奶源采购和消化，随着渠道逐步 市场表现 恢复，有望带动 2024 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][15]. Core Views - The company has shown robust revenue growth, with total revenues for 2023 and Q1 2024 being 2.369 billion and 0.624 billion yuan respectively, reflecting year-on-year increases of 16% and 16% [1]. - The company's B-end business is a major growth driver, with significant contributions from large clients and ongoing operational advancements [1][15]. - The report highlights the company's strong R&D capabilities and its strategic focus on both B and C-end markets, indicating ample room for scale expansion [15]. Summary by Sections Financial Performance - The company reported a net profit of 301 million yuan for 2023, with a projected increase to 329 million yuan in 2024, representing a growth rate of 9.4% [4]. - The gross profit margin for 2023 was 33.1%, with expectations to improve to 34.5% in 2024 [6]. - The operating cash flow for Q1 2024 was 77 million yuan, marking a 29% increase year-on-year [1]. Revenue Breakdown - The company's revenue from the B-end channel for 2023 was 19.03 billion yuan, with a growth of 13% [14]. - The C-end segment is under development, with a clear strategy for product diversification and innovation to drive growth [14]. - The report notes that the company has expanded its distributor network, with 387 distributors as of Q1 2024, a net increase of 5 [14]. Future Projections - The report forecasts EPS of 0.82, 1.01, and 1.19 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 18, 15, and 12 [15]. - The company is expected to maintain a steady growth trajectory, with projected revenue growth rates of 15.1% in 2024 and 13.8% in 2025 [4][6].

▌ 证券投资评级说明 | --- | --- | --- | |-------|-------|-------------------------------------------------| | | | | | | | | | | | 投资建议 行业指数相对同期证券市场代表性指数涨幅 | | 1 | 推荐 | > 10% | | 2 | 中性 | -10% — 10% | | 3 | 回避 | < -10% | 诚信、专业、稳健、高效 华鑫证券有限责任公司（以下简称"华鑫证券"）具有中国证监会核准的证券 投资咨询业务资格。本报告由华鑫证券制作，仅供华鑫证券的客户使用。本公 司不会因接收人收到本报告而视其为客户。 请阅读最后一页重要免责声明 5 券 研 告 司 究 2024 年 05 月 02 日 证券研究报告 北区表现相对稳健，2023 年公司东区/南区/西区/北区营收 公司作为速冻米面制品龙头企业，品牌势能依然强劲，我们 看好公司针对渠道/组织结构进行优化调整，市场需求恢复后 有望释放势能。根据年报与一季报，预计 2024-2026 年 EPS 分别为 0.94/1.04/1.14 元 ， 当 前 股 ...

证 公 研 究 报 告 券 研 ▌ 风险提示 司 2024 年 05 月 02 日 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 04 月 30 日 基本数据 2024-04-30 流通股本（百万股） 620 司 门店数量稳定增长，成本下降盈利水平回升 ▌ 门店持续增长，经营态势稳定 ▌ 盈利预测 买入(维持) 事件 资料来源：Wind，华鑫证券研究 证券研究报告 证券研究报告 证券研究报告 廖望州：香港中文大学硕士，CFA，3 年食品饮料行业研究经验，覆盖啤酒、卤 味、徽酒领域。 | --- | --- | --- | --- | |-------|-------|-------|-------------------------------------------------| | | | | | | | | | | | | | | 投资建议 预测个股相对同期证券市场代表性指数涨幅 | | 1 | 买入 | | > 20% | | 2 | 增持 | | 10% — 20% | | 3 | 中性 | | -10% — 10% | | 4 | | 卖出 | < -10% | 以报告日后的 12 个月内，预测个股或行业指数相对于相关证券市场主要指数 的涨跌幅为标准。 证券研究报告 本报告中的信息均来源于公开资料，华鑫证券研究 ...