▌ 化工组介绍 告 | --- | --- | --- | --- | --- | |----------------------|--------|-------------------------|--------|--------| | 预测指标 | | 2023A 2024E 2025E 2026E | | | | 主营收入（百万元） | 10,422 | 11,960 | 12,850 | 13,500 | | 增长率（%） | 13.0% | 14.8% | 7.4% | 5.1% | | 归母净利润（百万元） | 1,396 | 1,650 | 1,812 | 1,989 | | 增长率（ %） 89.3% | | 18.1% | 9.8% | 9.8% | | 摊薄每股收益（元） | 1.75 | 2.06 | 2.26 | 2.49 | | ROE （%） | 10.8% | 11.8% | 12.0% | 12.1% | 请阅读最后一页重要免责声明 2 证 报 公 司 研 | --- | --- | --- | |-------------------------------------- ...

证 券 2024 年 04 月 26 日 研 究 2024Q1 业绩修复明显，高端测试设备市场开拓 报 加速 告 —长川科技（300604.SZ）公司事件点评报告 买入(维持) 事件 分析师：毛正 S1050521120001 长川科技发布 2023 年度报告及 2024 年一季度报告：2023 maozheng@cfsc.com.cn 年公司实现营业收入 17.75 亿元，同比下降 31.11%；实现归 联系人：张璐 S1050123120019 母净利润 0.45 亿元，同比下降 90.21%；实现扣非净利润- zhanglu2@cfsc.com.cn 0.77 亿元，同比下降 119.38%。 2024 年 Q1 公司实现营业收 入 5.59 亿元，同比增长 74.81%；实现归母净利润 0.04 亿 基本数据 2024-04-26 元，同比增长 107.12%；实现扣非净利润 0.02 亿元，同比增 当前股价（元） 29.29 长102.43%。 总市值（亿元） 184 总股本（百万股） 627 投资要点 流通股本（百万股） 467 52周价格范围（元） 20.79-53.16 ▌ 23 年需求疲软承 ...

证 券 2024 年 04 月 26 日 研 究 清香龙头强势增长，势能延续后劲充足 报 告 —山西汾酒（600809.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 25 日，山西汾酒发布 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 ▌利润增速超预期，产品结构持续向上 当前股价（元） 252.29 总市值（亿元） 3078 全年业绩符合预期，收入利润快速增长。2023 年总营收 319.28 亿元（同增 21.80%），归母净利润 104.38 亿元（同 总股本（百万股） 1220 增 28.93%）。其中，2023Q4 总营收 51.84 亿元（同增 流通股本（百万股） 1220 27.38%），归母净利润 10.07 亿元（同增 1.96%）。收入符 52周价格范围（元） 185.07-262.82 合预期，利润超预期增长。2024Q1 总营收 153.38 亿元（同 日均成交额（ ...

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Investment Rating - The report maintains a "Buy" investment rating for the company [20]. Core Views - The company has shown significant improvement in profitability, with successful overseas expansion efforts [19]. - The first quarter of 2024 saw a total revenue of 396 million yuan, a year-on-year decrease of 11%, while the net profit attributable to shareholders increased by 9% to 26 million yuan [19]. - The gross margin improved by 7 percentage points to 29.50%, indicating effective cost structure optimization [19]. - The probiotic business continues to develop, with notable growth in overseas markets [19]. Financial Forecasts - The company's main revenue is projected to grow from 1,634 million yuan in 2023 to 3,047 million yuan by 2026, with growth rates of 65.7%, 28.5%, 22.8%, and 18.1% respectively [2][30]. - The net profit attributable to shareholders is expected to rise from 58 million yuan in 2023 to 233 million yuan in 2026, with growth rates of -24.9%, 114.0%, 39.0%, and 36.3% respectively [2][30]. - The diluted earnings per share (EPS) is forecasted to increase from 0.13 yuan in 2023 to 0.54 yuan in 2026 [2][30]. - The return on equity (ROE) is anticipated to improve from 3.0% in 2023 to 11.4% in 2026 [2][30].

证 研 告 总市值（亿元） 18 52 周价格范围（元） 9.09-29.78 司 国际赛事 IP 拉动收入 2024 年砥砺前行 —力盛体育（002858.SZ）公司事件点评报告 买入(维持) 事件 0 -80 -60 -40 -20 20 40 60 (%) 力盛体育 沪深300 力盛体育 发 布 公 告 ： 2023 年 公 司 营 收 4.05 亿 元 （yoy+56.9%），归母与扣非净利润分别为-1.93、-1.96 亿 元，亏损主因即 2023 年公司资产减值准备 1.54 亿元（其中 长期股权投资减值 1.47 亿元即参股子公司悦动天下）；2023 年度拟不进行利润分配。单季度看，2024Q1 公司营收 1.05 亿元（yoy+13.4%），归母与扣非净利润为 0.12、0.11 亿元 （ yoy+15.07% 、 +18% ），经营性现金流 净 额 0.45 亿 元 （yoy+126%），单季度营收与利润同比双增。 ▌ 2024 年海外赛事有望持续大显身手 基本数据 2024-04-25 总股本（百万股） 164 日均成交额（百万元） 198.57 研 分析师：朱珠 S10505211100 ...

公 证 研 报 研 2024 年 04 月 26 日 | --- | --- | --- | |------------------------------------------------------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Maintains a "Buy" rating for the company [8] Core Views - The company has significantly increased its oil and gas exploration and development efforts, leading to steady growth in net oil and gas production In Q1 2024, the company achieved a total net production of 180 1 million barrels of oil equivalent (BOE), a year-on-year increase of 9 9% [5] - Domestic net production reached 123 2 million BOE, up 6 9% YoY, driven by new project contributions Overseas net production was 56 9 million BOE, up 16 9% YoY, primarily due to increased output from Guyana and Canada [5] - The company made 2 new discoveries and successfully evaluated 4 oil and gas structures in Q1 2024 Notably, the evaluation of the Bozhong 8-3 South structure in China opened a new frontier for ultra-deepwater oil and gas exploration [5] - The company's average realized oil price in Q1 2024 was $78 75 per barrel, up 6 2% YoY, while the average realized gas price was $7 69 per thousand cubic feet, down 7 7% YoY The company's cost per barrel decreased by 2 2% to $27 59, enhancing profitability [6] - Capital expenditure in Q1 2024 was approximately RMB 29 01 billion, up 17 3% YoY, driven by increased construction projects and adjustment well activities [6] Financial Performance - In Q1 2024, the company reported revenue of RMB 111 468 billion, up 14 1% YoY Net profit attributable to shareholders was RMB 39 719 billion, up 23 7% YoY and 51 6% quarter-on-quarter [16] - The company's 2024-2026 revenue forecasts are RMB 444 8 billion, RMB 480 64 billion, and RMB 500 42 billion, respectively EPS is projected to be RMB 3 05, RMB 3 26, and RMB 3 53, with corresponding P/E ratios of 9 5x, 8 9x, and 8 2x [8][9] - The company's ROE is expected to remain strong, with forecasts of 20 0%, 19 7%, and 19 6% for 2024-2026 [9] Production and Exploration - The company is on track to achieve its 2024 oil and gas production target of 700-720 million BOE, supported by the successful commissioning of the Suizhong 36-1/Lvda 5-2 oilfield secondary adjustment project and other ongoing projects [5] - The new discovery of the Bluefin structure in Guyana's Stabroek block has further expanded the block's reserves in the southeastern region [5] Capital Expenditure and Growth - The company plans to maintain high capital expenditure, with 2024 guidance of RMB 125-135 billion Q1 2024 capital expenditure accounted for only 21 5%-23% of the annual target, indicating significant spending in the remaining quarters [37] - The company's capital expenditure and production levels are expected to remain high, with a growth rate in oil and gas extraction plans exceeding that of other major industry players over the next three years [37] Market Performance - The company's stock price as of the report date was RMB 28 85, with a 52-week range of RMB 17 55-30 58 [14] - The company's market capitalization was RMB 1,372 3 billion, with a circulating share capital of 2,842 million shares and an average daily trading volume of RMB 8 3555 billion [2]

2024 年 04 月 26 日 告 当前股价（元） 26.37 总股本（百万股） 692 52 周价格范围（元） 20.03-33.14 公 研 0 10 20 (%) 张裕A 沪深300 -40 -30 -20 -10 ▌ 利润承压明显，产品结构持续升级 ▌推进高端化，提高覆盖面 券 研 利润有所承压，期待边际改善 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 收入利润双承压，期待业绩改善。2024Q1 总营收 8.11 亿元 （同减 28.34%），归母净利润 1.59 亿元（同减 42.57%）， 扣非归母净利润 1.54 亿元（同减 42.32%）。管理费用率提 升，净利率下滑 。 2024Q1 公 司 毛 利 率 / 净 利 率 分 别 为 59.18%/19.78%，分别同比+0.43/-3.48pcts,毛利率提升预计 主要系公司产品结构持续升级所致，净利率下滑预计主要系 公司管理费用率同比提升所致。2024Q1 公司销售/管理费用 率分别为 17.86%/8.01%。分别同 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][22]. Core Views - The company reported Q1 2024 profits that exceeded expectations, with total revenue of 4.133 billion yuan, a year-on-year increase of 10.42%, and a net profit attributable to shareholders of 130 million yuan, up 28.24% year-on-year [3]. - The improvement in product structure and increased operational efficiency contributed to the sustained enhancement of profitability, with gross margin and net margin at 10.48% and 3.30%, respectively, reflecting increases of 0.21 and 0.51 percentage points year-on-year [3]. - The company is expected to continue enhancing its premium liquor offerings and improve store performance through strategic marketing and operational efficiency [4][22]. Summary by Sections Financial Performance - Q1 2024 total revenue was 4.133 billion yuan, a 10.42% increase year-on-year, while net profit was 130 million yuan, reflecting a 28.24% increase [3]. - The gross margin and net margin for Q1 2024 were 10.48% and 3.30%, respectively, showing improvements from the previous year [3]. - The company reported a significant increase in cash flow quality, with operating net cash flow and sales receipts at 4.26 billion yuan and 4.223 billion yuan, respectively [3]. Product and Market Strategy - The company plans to accelerate the exposure and sales of its flagship product through tasting events and improve distribution rates for its premium liquor [4]. - Increased investment in marketing for premium liquor is anticipated, alongside refined operational strategies to smooth out sales expenses [4]. Store Development - The company is committed to expanding its 3.0 store model, focusing on enhancing brand quality and long-term market penetration [4].