证 券 2024 年 04 月 29 日 研 究 海力士季报超预期，三星与 AMD 签署 HBM3E 供 报 货协议 告 —电子行业周报 推荐(维持) 投资要点 分析师：毛正 S1050521120001 ▌ 上周回顾 maozheng@cfsc.com.cn 4 月 22 日-4 月 26 日当周，申万一级行业大部分处于恢复性 分析师：吕卓阳 S1050523060001 上涨状态。其中电子行业上涨 5.54%，位列第 3 位。估值前 lvzy@cfsc.com.cn 三的行业为综合、国防军工、农林牧渔，电子行业市盈率为 行业相对表现 48.40，位列第 3位。 表现 1M 3M 12M 电子行业细分板块大部分处于景气度上涨状态。估值方面， 电子(申万) -2.2 6.7 -12.1 模拟芯片设计、LED、数字芯片设计估值水平位列前三，光学 沪深300 1 .3 8.5 -11.0 元件、半导体材料估值排名本周第四、五位。 市场表现 ▌ 海力士季报超预期 (%) 电子 沪深300 20 4 月 25 日，SK 海力士发布了 2024 财年第一季度（截至 2024 10 年 3 月 31 日）财报，凭借其核心 ...

张伟保：华南理工大学化工硕士，13 年化工行业研究经验，其中三年卖方研究 经验，十年买方研究经验，善于通过供求关系以及竞争变化来判断行业和公司 发展趋势，致力于推荐具有长期竞争力的优质公司。2023 年加入华鑫证券研究 所，担任化工行业首席分析师。 刘韩：中山大学材料工程/香港城市大学金融学硕士，3 年能源化工大宗商品研 究经验，2022 年加入华鑫证券研究所，从事化工行业及上市公司研究。 证 报 告 公 司 研 究 券 研 2024 年 04 月 29 日 究 | --- | --- | --- | |-----------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" investment rating for Yantang Dairy (002732.SZ) [2][16] Core Views - The company's Q1 2024 performance showed a revenue decline of 12% year-on-year, totaling 379 million yuan, with a net profit attributable to shareholders decreasing by 43% to 16 million yuan. The gross margin also fell by 1 percentage point to 24.31% [2][3] - The company is expected to face short-term pressure on earnings but has plans to enhance competitiveness through new projects, including the establishment of an urban dairy industry cluster project aimed at increasing milk production and diversifying product offerings [2][3] - The financial forecast indicates a revenue change of -20% to 10% and a net profit change of -50% to 10% for 2024, aligning with the company's budget expectations [2][3] Summary by Sections Financial Performance - Q1 2024 total revenue was 379 million yuan, down 12% year-on-year, while net profit attributable to shareholders was 16 million yuan, down 43% [2] - The company's gross margin decreased by 1 percentage point to 24.31%, with sales and management expense ratios increasing by 2 percentage points and 0.3 percentage points, respectively [2][3] Future Projects - The company approved a proposal for an urban dairy industry cluster project on April 2, 2024, with a construction period from 2024 to 2026. The project aims to enhance milk production, diversify product structures, and improve environmental sustainability [2][3] Earnings Forecast - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 1.31 yuan, 1.61 yuan, and 1.92 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 9 times [2][16]

证 券 2024 年 04 月 28 日 研 究 特斯拉发布 2024Q1 财报，汽车以旧换新细则确 报 定,华为乾崑智能汽车解决方案亮相 告 —汽车行业周报 推荐(维持) 投资要点 ▌特斯拉公布 2024Q1 财报，新车周期提前，位于两 分析师：林子健 S1050523090001 次增长浪潮之间 linzj@cfsc.com.cn 联系人：谢孟津 S1050123110012 特斯拉 2024Q1营收承压，毛利率环比小幅下降。特斯拉2024Q1总营 xiemj@cfsc.com.cn 收 213.0 亿美元，同比-8.6%，其中汽车销售业务营收为 165.0 亿美 元，同比-12.7%，主要受销量以及平均售价下降影响。特斯拉 2024Q1 行业相对表现 总体业务毛利率为 17.4%，环比-0.2pct，汽车销售业务毛利率为 表现 1M 3M 12M 15.6%，环比-1.0pct，小幅下滑。特斯拉 2024Q1 全球库存天数为 28 汽车(申万) 2.9 13.2 8.9 天，同环比+86.7%，库存消化压力较大。 沪深300 1 .8 7.5 -11.0 特斯拉将低成本车型生产周期提前，计划于 2024 ...

证券研究报告 行业周报 创新聚焦大品种方向 医药行业周报 投资评级： 推荐 （ 维持 ） 报告日期： 2024年04月29日  分析师：胡博新 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company is undergoing a deep adjustment in expense reform, with performance slightly below expectations. The total revenue for 2023 was 2.83 billion yuan, a decrease of 30.14% year-on-year, and the net profit attributable to shareholders was 548 million yuan, down 47.77% [2][3] - The company is focusing on consumer cultivation and marketing, with consumer marketing expenses increasing by 10% year-on-year, and the number of effective core terminals increasing by 19% [2][3] - The company aims for long-term growth by sacrificing short-term performance, with expected EPS for 2024-2026 at 1.50, 1.83, and 2.25 yuan respectively, corresponding to PE ratios of 34, 28, and 22 times [4][6] Summary by Sections Financial Performance - In Q4 2023, total revenue was 687 million yuan, an increase of 21.72% year-on-year, while net profit was 69 million yuan, a decrease of 10.05% [2] - Q1 2024 total revenue was 494 million yuan, a decrease of 48.80% year-on-year, with net profit at 73 million yuan, down 75.56% [2][3] - The gross margin and net margin for 2023 were 78.35% and 19.36%, respectively, showing a year-on-year decline [2][3] Market Coverage and Sales - The company achieved 97% coverage in provincial markets and 73% in municipal markets, with 1,381 signed distributors and 393 signed specialty stores [3] - Domestic and international revenues for 2023 were 281.6 million yuan and 0.4 million yuan, respectively, with year-on-year growth of 30.19% and 101.30% [3] Profitability Forecast - The report forecasts a revenue growth rate of -30.1% for 2023, followed by 4.9%, 10.1%, and 15.0% for 2024, 2025, and 2026, respectively [4][6] - The net profit is expected to decline by 47.8% in 2023, with subsequent growth rates of -11.2%, 21.9%, and 23.4% for the following years [4][6]

Investment Rating - The report maintains a "Buy" investment rating for the company [3][10]. Core Views - The company is expected to benefit from a dual-driven growth strategy focusing on both products and channels, implementing an "online leading, live streaming opening; offline rooting, store exhibition; channel innovation, collaborative development" strategy [3]. - The earnings per share (EPS) forecasts for 2024-2026 are projected to be 0.08, 0.12, and 0.18 yuan respectively, with corresponding price-to-earnings (PE) ratios of 82, 50, and 35 times [3]. Financial Projections - The company's main revenue is projected to grow from 1,728 million yuan in 2023 to 2,800 million yuan in 2026, reflecting growth rates of 23.4%, 21.3%, 17.8%, and 13.3% respectively [4]. - The net profit attributable to shareholders is expected to improve significantly from a loss of 52 million yuan in 2023 to a profit of 82 million yuan in 2026, with growth rates of 72.6%, 166.6%, 62.7%, and 45.9% [4]. - The diluted EPS is forecasted to transition from -0.11 yuan in 2023 to 0.18 yuan in 2026 [4]. - The return on equity (ROE) is anticipated to rise from -1.3% in 2023 to 2.0% in 2026 [4]. Revenue and Profitability Insights - The company reported a total revenue of 1,728 million yuan in 2023, with a significant increase in revenue from various channels, including online and offline sales [10]. - The gross margin is expected to improve from 25.7% in 2023 to 29.2% in 2026, driven by product innovation and channel transformation [26]. - The sales expense ratio is projected to be 21.07% in 2023 and 21.85% in 2024, indicating a slight increase in marketing investments [10]. Channel Strategy - The company is focusing on enhancing its channel strategy, with revenue from interest e-commerce, shelf e-commerce, supermarket channels, and snack channels reported at 2.48 million, 3.19 million, 0.45 million, and 0.55 million yuan respectively [23]. - The company plans to emphasize the supermarket and snack channels, which are expected to generate new growth potential [23]. Market Performance - The company's stock price has fluctuated between 5.21 and 9.21 yuan, with a daily average trading volume of 1.89 million yuan [10]. - The company has shown a strong performance in expanding its market presence, particularly in regions outside its home province [23].

Investment Rating - The report assigns a "Buy" rating for the company, marking the initial coverage [2]. Core Insights - The company's performance in Q1 2024 met expectations, with significant improvement in profitability. Revenue reached 7.939 billion yuan, a year-on-year increase of 1.88%, while net profit attributable to shareholders was 498 million yuan, up 58.03% year-on-year. The gross margin was 22.79%, an increase of 3.99 percentage points, and the net margin was 6.49%, up 2.33 percentage points [2][5]. Summary by Sections Performance Overview - In 2023, the company achieved a total revenue of 27.519 billion yuan, with a year-on-year growth of 3.9%. The net profit attributable to shareholders was 868 million yuan, reflecting a growth of 44.8% [5][15]. - The company has maintained a strong cash flow, with net cash flow from operating activities increasing by 69.90% to 1.629 billion yuan in 2023 [5]. Market Position - The domestic engineering machinery industry is currently in a downward cycle, yet the company outperformed the overall industry growth rate. The sales growth of earthmoving machinery products exceeded the industry average by 7%, while overseas market sales growth outpaced the industry by 20% [2][5]. International Expansion - The company has significantly enhanced its overseas performance, with total overseas sales reaching 114.62 billion yuan, a year-on-year increase of 41.18%, accounting for 41.65% of total revenue. The sales of electric loaders grew by 67%, maintaining the top market share [2][5]. Profitability Improvement - The company has shown a notable improvement in profitability, with a gross margin of 20.82% in 2023, an increase of 4.02 percentage points, and a net margin of 3.42%, up 0.98 percentage points [5][15]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 31.112 billion yuan, 34.400 billion yuan, and 37.766 billion yuan, respectively. The expected earnings per share (EPS) for the same years are 0.78 yuan, 0.93 yuan, and 1.07 yuan, with corresponding price-to-earnings (PE) ratios of 14, 11, and 10 times [5][15].

证 券 2024 年 04 月 29 日 研 究 业绩略超预期，持续稳健增长 报 告 —五粮液（000858.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 4 月 28 日，五粮液发布 2023 年年报及 2024 年一季 sunss@cfsc.com.cn 报。 投资要点 基本数据 2024-04-26 ▌ 营收增速双位数目标达成，保持稳健增长 当前股价（元） 152.25 总市值（亿元） 5910 业绩略超预期，Q1 保持稳健增长。2023 年总营收 832.72 亿 总股本（百万股） 3882 元（同增 12.58%），归母净利润 302.11 亿元（同增 13.19%）。其中，2023Q4 总营收 207.36 亿元（同增 流通股本（百万股） 3882 14.00%），归母净利润 73.78 亿元（同增 10.09%）。2024Q1 52周价格范围（元） 123.82-184.08 总营收 348.33 亿元（同增 11.86%），归母净利润 140.45 亿 日均成交额（百万元） 2599.32 元（同增 11.98%）。费用率基本稳定，盈利 ...

证 券 2024 年 04 月 28 日 研 究 全年表现符合预期，臻酿八号销售双位数增长 报 告 —水井坊（600779.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 4 月 26 日，水井坊发布 2023 年年报及 2024 年一季 sunss@cfsc.com.cn 报。 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 投资要点 基本数据 2024-04-26 ▌Q1 扣非利润低于预期，回款健康增长 当前股价（元） 46.17 总市值（亿元） 225 全年收入利润符合预期，Q1 扣非利润低于预期。2023 年总营 收 49.53 亿元（同增 6.00%），归母净利润 12.69 亿元（同 总股本（百万股） 488 增 4.36%），扣非净利润 12.25 亿元（同增 5.27%）。2023Q4 流通股本（百万股） 488 总营收 13.65 亿元（同增 51.32%），归母净利润 2.46 亿元 52周价格范围（元） 42.59-75.34 （同增 53.17%），扣非净利润 2.27 亿元（同增 63.86% ...