Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next 12 months [6][27]. Core Insights - The company has demonstrated steady growth, with a projected net profit growth rate of no less than 25%, 35%, and 45% for the years 2024, 2025, and 2026, respectively, resulting in estimated net profits of 394 million, 425 million, and 457 million yuan [2]. - The company has announced a share repurchase plan, intending to use 50 million to 100 million yuan of its own funds to buy back shares, which reflects confidence in future performance [2]. - The company is a leader in the domestic mechanical seal industry and has been expanding its product offerings through acquisitions, enhancing its competitive edge [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 336 million yuan, representing a year-on-year increase of 17.1%, and a net profit of 83 million yuan, up 2.88% year-on-year [4]. - Revenue forecasts for 2024, 2025, and 2026 are 1.545 billion, 1.790 billion, and 2.050 billion yuan, respectively, with corresponding EPS of 1.97, 2.25, and 2.50 yuan [6][7]. Market Position - The company is positioned to benefit from the growth in domestic refining capacity and the expansion of international markets, with a significant increase in new orders [4]. - The domestic mechanical seal market is expected to grow, with the company maintaining its leading position and benefiting from new market demands [6]. Strategic Initiatives - The company has implemented a stock incentive plan aimed at aligning employee interests with company performance, further indicating management's confidence in future growth [2][4]. - The report highlights the company's strategy of deepening its "big seal" industry layout through acquisitions, which is expected to enhance its service capabilities and product structure [4].

请阅读最后一页重要免责声明 3 证券研究报告 ▌ 食品饮料组介绍 孙山山：经济学硕士，6 年食品饮料卖方研究经验，全面覆盖食品饮料行业， 聚焦饮料子板块，深度研究白酒行业等。曾就职于国信证券、新时代证券、国 海证券，于 2021 年 11 月加盟华鑫证券研究所担任食品饮料首席分析师，负责 食品饮料行业研究工作。获得 2021 年东方财富百强分析师食品饮料行业第一 名、2021 年第九届东方财富行业最佳分析师食品饮料组第一名和 2021 年金麒 麟新锐分析师称号。注重研究行业和个股基本面，寻求中长期个股机会，擅长 把握中短期潜力个股；勤于思考白酒板块，对苏酒有深入市场的思考和深刻见 解。 肖燕南：湖南大学金融硕士，于 2023 年 6 月加入华鑫证券研究所，研究方向 是次高端等白酒和软饮料板块。 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。 ▌ 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为 证券分析师，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准确 地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 1709.43 CNY and a 52-week price range of 1577-1897 CNY [2][5] Core Views - The company's Q1 2024 revenue exceeded expectations, demonstrating strong resilience as an industry leader [4] - Total revenue for Q1 2024 reached 46.485 billion CNY, a YoY increase of 18.04%, with net profit attributable to shareholders of 24.065 billion CNY, up 15.73% YoY [4] - The company's gross margin remained stable at 92.61%, while the net margin decreased slightly by 1.18 percentage points to 54.36% due to higher tax rates [4] - Operating cash flow surged by 75.17% YoY to 9.187 billion CNY, driven by increased sales revenue and higher net additions to deposits with central banks and interbank institutions [4] Financial Performance - The company's series liquor segment grew slightly faster than its main liquor segment, with revenues of 39.707 billion CNY and 5.936 billion CNY respectively, representing YoY growth of 17.75% and 18.39% [20] - Domestic revenue accounted for 98.22% of total revenue, while international revenue grew by 23.56% YoY to 813 million CNY [20] - Direct sales revenue reached 19.319 billion CNY, an 8.49% YoY increase, while wholesale revenue grew by 25.78% YoY to 26.324 billion CNY [20] - The "i Maotai" platform contributed 5.343 billion CNY in revenue, accounting for 42.33% of direct sales [20] Strategic Outlook - The company is implementing a "One Chessboard, One Heart" strategy, with the listed company continuing to lead the sector and innovate in new business areas [5] - The report forecasts EPS for 2024-2026 to be 69.85 CNY, 81.13 CNY, and 93.85 CNY respectively, with corresponding P/E ratios of 25x, 21x, and 18x [5] Market Performance - The company's total market capitalization stands at 2.1474 trillion CNY, with an average daily trading volume of 42.7026 billion CNY [42] - The stock's performance is compared to the CSI 300 index, with a range of -25% to +15% over the past year [6]

2024 年 04 月 27 日 证券研究报告 报 基本数据 2024-04-26 总市值（亿元） 150 流通股本（百万股） 1138 日均成交额（百万元） 139.69 司 究 究 买入(维持) 事件 —涪陵榨菜（002507.SZ）公司事件点评报告 2024 年 4 月 26 日，涪陵榨菜发布 2024 年一季度业绩报告。 ▌业绩符合预期，成本/费用优化拉升利润 开发空白市场助力榨菜主品类扩张，升级柔性化产线赋能小 体量新品开发，榨菜主业在三四线城市市占率仍有提升空 间，后续公司计划通过渠道裂变/下沉开拓空白市场，并借助 自媒体品牌传播/包装焕新/口味开发等措施拓宽消费人群， 获取市场增量。与此同时，公司针对产能进行更新替换，通 过柔性化生产适应小体量新品开发节奏，2024 年公司榨菜酱 有望实现低基数下收入同增 40%-50%的目标。组建餐饮团队 推进连锁客户开发，2023 年起，公司逐渐建立餐饮团队，主 要负责榨菜、豆瓣酱等产品市场开拓，通过开发专业餐饮经 销商等方式与头部餐饮连锁建立合作关系，随着公司销售团 队标准化、餐饮小菜食材供应商定位不断巩固，2024 年公司 有望实现餐饮团队营收增速 20 ...

Investment Rating - Buy (First-time) [2] Core Views - The company achieved a turnaround in net profit, with significant growth in revenue and net profit in 2023 [2] - The low-altitude economy market is promising, supported by national policies, and the company is well-positioned to benefit from this trend [2] - The company's capacity expansion has accelerated market share growth, with steady development across various business segments [2] - Effective cost control has significantly improved profitability, with a notable reduction in the expense ratio [2] - The company is expected to see continued growth in revenue and earnings from 2024 to 2026, driven by strategic positioning in the domestic aircraft and eVTOL sectors [2][3] Financial Performance Summary Revenue and Profit - 2023 revenue: RMB 1.053 billion (+15.81% YoY) [2] - 2023 net profit: RMB 47 million (+263.21% YoY) [2] - 2024-2026 revenue forecast: RMB 1.211 billion, RMB 1.510 billion, and RMB 1.881 billion, respectively [4] - 2024-2026 net profit forecast: RMB 95 million, RMB 117 million, and RMB 155 million, respectively [4] Expense Management - 2023 expense ratio: 28.03% (-6.34pct YoY) [2] - Breakdown of expense ratios: - Sales expense ratio: 1.49% (+0.09pct YoY) [2] - Management expense ratio: 14.9% (-3.5pct YoY) [2] - Financial expense ratio: 7.8% (-0.57pct YoY) [2] - R&D expense ratio: 3.84% (-2.35pct YoY) [2] Key Financial Metrics - 2023 EPS: RMB 0.06 [4] - 2024-2026 EPS forecast: RMB 0.13, RMB 0.16, and RMB 0.21, respectively [4] - 2023 ROE: 1.1% [4] - 2024-2026 ROE forecast: 2.2%, 2.7%, and 3.5%, respectively [4] Business Development - The company successfully developed and delivered China's first eVTOL simulator and simulation solutions, positioning it to benefit from the low-altitude economy [2] - The company expanded its aircraft engine maintenance capabilities and added three passenger-to-freighter conversion lines, expected to be operational by 2025 [2] - The company increased its market share in East China and expanded its overseas business, particularly in Southeast Asia and Northeast Asia [2] Valuation - 2024-2026 P/E ratios: 87.5x, 71.4x, and 54.0x, respectively [3] - The company's strategic positioning in the domestic aircraft and eVTOL sectors, along with its strong brand influence, supports a "Buy" rating [3]

证 券 研 报 告 公 司 研 究 2024 年 04 月 27 日 究 | --- | --- | --- | --- | |----------------------------------------------|-------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company's revenue growth met expectations, but profits faced slight pressure due to various factors affecting gross margin [2][3] - The company reported total revenue of 2.105 billion yuan for Q1 2024, a year-on-year increase of 4.18%, while net profit attributable to shareholders was 550 million yuan, a decrease of 3.37% year-on-year [2][3] - The report highlights a strategic adjustment in product offerings, with good performance in mid-to-high-end and high-line products, while the sub-high-end segment faced pressure [2][3] Financial Performance Summary - Q1 2024 gross margin was 74.16%, down 4.22 percentage points year-on-year, primarily due to impacts from Tianma Glass and Yelang Ancient [2][3] - Q1 2024 net profit margin was 26.09%, a decrease of 2.07 percentage points year-on-year, with sales and management expense ratios showing a decline of 2.93 and 0.20 percentage points respectively [2][3] - Sales receipts for Q1 2024 were 1.917 billion yuan, down 14.27% year-on-year, with operating net cash flow at 108 million yuan, a decrease of 52.41% [2][3] Product Strategy and Market Performance - The company achieved good growth in the domestic market, with Q1 2024 domestic revenue of 542 million yuan, up 12.22% year-on-year, while provincial revenue was 1.421 billion yuan, down 0.21% year-on-year [2][3] - E-commerce sales showed strong performance, with wholesale and e-commerce revenues of 1.814 billion yuan and 150 million yuan, respectively, reflecting year-on-year increases of 2.78% and 5.86% [2][3] - The company has established a dealer review group to improve dealer quality, focusing on mature markets in provinces like Sichuan, Shanxi, and Henan [3]

研 公 研 究 告 券 ▌ 盈利预测 ▌ 风险提示 | --- | --- | --- | --- | --- | |----------------------|--------|-------------------------|--------|--------| | 预测指标 | | 2023A 2024E 2025E 2026E | | | | 主营收入（百万元） | 10,987 | 12,378 | 13,712 | 15,052 | | 增长率（ %） 9.8% | | 12.7% | 10.8% | 9.8% | | 归母净利润（百万元） | 431 | 663 | 822 | 1,008 | | 增长率（ %） 19.2% | | 53.9% | 24.0% | 22.6% | | 摊薄每股收益（元） | 0.50 | 0.77 | 0.95 | 1.16 | | ROE（% ） | 16.3% | 22.2% | 24.1% | 25.7% | 证券研究报告 请阅读最后一页重要免责声明 3 孙山山：经济学硕士，6 年食品饮料卖方研究经验，全面覆盖食品饮料行业， 聚焦饮料子板块，深度研究白 ...

证 券 2024 年 04 月 27 日 研 究 Q1 加快费投节奏，利润略承压 报 告 —百润股份（002568.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 26 日，百润股份发布 2023 年年报及 2024 年一 sunss@cfsc.com.cn 季报。 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 投资要点 基本数据 2024-04-26 ▌Q1 收入符合预期，利润略不及预期 当前股价（元） 19.95 总市值（亿元） 209 全年收入略低于预期，利润符合预期。2023 年总营收 32.64 亿元（同增 25.85%），归母净利润 8.09 亿元（同增 总股本（百万股） 1050 55.28% ） 。 其 中 ， 2023Q4 总 营 收 8.07 亿 元 （ 同 减 流通股本（百万股） 717 14.90%），归母净利润 1.44 亿元（同减 33.37%），去年强 52周价格范围（元） 17.77-42.7 爽爆火后高增带来高基数，四季度承压明显。Q1 收入符合预 日均成交额（百万元） 23 ...

证 券 2024 年 04 月 27 日 研 究 2023 年报及 2024 年一季报点评，产销高增+品 报 牌提升助力长期成长 告 —赛轮轮胎（601058.SH）公司事件点评报告 买入(维持) 事件 分析师：张伟保 S1050523110001 赛轮轮胎发布 2023 年年度报告，实现收入 259.78 亿元，同 zhangwb@cfsc.com.cn 比增长 18.61%，实现归母净利润 30.91 亿元，同比增长 联系人：刘韩 S1050122080022 132%；其中 2023Q4 单季度实现收入 69.67 亿元，同比增长 liuhan@cfsc.com.cn 34.38%，环比下降 5.61%，实现归母净利润 10.66 亿元，同 比增长299%，环比增长8.86%。 基本数据 2024-04-26 赛轮轮胎发布 2024 年一季度报告，实现收入 72.96 亿元，同 当前股价（元） 16.5 比增长 35.84%，环比增长 4.72%，实现归母净利润 10.34 亿 总市值（亿元） 543 元，同比增长 191%，环比下降3.06%。 总股本（百万股） 3288 流通股本（百万股） 3288 ...