证 券 2024 年 04 月 25 日 研 究 2024Q1 盈利承压，新项目推进助力成长 报 告 —扬农化工（600486.SH）公司事件点评报告 买入(首次) 事件 分析师：张伟保 S1050523110001 扬农化工发布一季度业绩公告：2024 年第一季度营收约 zhangwb@cfsc.com.cn 31.76 亿元，同比减少 29.43%；归属于上市公司股东的净利 联系人：刘韩 S1050122080022 润约 4.29 亿元，同比减少 43.11%，环比增加 110.10%；基本 liuhan@cfsc.com.cn 每股收益1.056 元。 基本数据 2024-04-24 投资要点 当前股价（元） 61.3 总市值（亿元） 249 ▌ 农化行业景气度低迷，公司农化产品价格和销量 总股本（百万股） 406 承压 流通股本（百万股） 403 52周价格范围（元） 46.9-94.98 2024Q1 公司原药/制剂业务销量分别为 24968.44/14977.14 吨，同比-10.7%/-21.3%；实现营业收入分别为 17.24/8.61 日均成交额（百万元） 105.93 亿元，同比-40% ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][3]. Core Insights - The company achieved a revenue of 1.017 billion yuan in 2023, representing a year-on-year increase of 67.51%, and a net profit attributable to shareholders of 272 million yuan, up 40.07% from the previous year [2]. - In Q1 2024, the company reported a revenue of 216 million yuan, a 34.04% increase year-on-year, with a net profit of 50 million yuan, reflecting a 42.06% growth [2]. - The company has a robust order backlog, with new orders amounting to 1.36 billion yuan in 2023, a 35.06% increase year-on-year, and a total order amount of 1.586 billion yuan, up 18.90% [2]. - The company’s contract research and development services, along with technology transfer and revenue-sharing businesses, generated 953 million yuan in revenue, marking a 65.16% increase, with a gross margin of 67.36% [2]. - The company has a rich pipeline of nearly 300 self-developed projects awaiting transformation, with 85 projects currently under revenue-sharing agreements [2]. Summary by Sections Financial Performance - The company forecasts revenues of 1.364 billion yuan for 2024, 1.819 billion yuan for 2025, and 2.373 billion yuan for 2026, with corresponding net profits of 361 million yuan, 478 million yuan, and 619 million yuan respectively [3]. - The earnings per share (EPS) are projected to be 3.32 yuan in 2024, 4.39 yuan in 2025, and 5.68 yuan in 2026, with price-to-earnings (P/E) ratios of 20.8, 15.7, and 12.1 respectively [3]. Business Development - The company is enhancing its integrated service system to support the growth of its CDMO (Contract Development and Manufacturing Organization) business, with a production facility covering 136,000 square meters and capable of producing 24 dosage forms [2]. - The company has successfully completed 360 projects in 2023, with external customer orders generating 52.49 million yuan in revenue, a significant increase of 152.35% [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [19]. Core Insights - The company has shown steady revenue growth, with a total revenue of 160 million yuan in Q1 2024, representing a 12% year-on-year increase. However, net profit decreased by 27% to 19 million yuan due to increased expenses [19]. - The company is actively expanding its distribution channels and enhancing brand building, with successful initiatives in e-commerce and partnerships with well-known supermarkets [19]. - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 0.47 yuan, 0.68 yuan, and 0.93 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19, 13, and 9 times [19]. Financial Projections - The company's projected revenue for 2023 is 504 million yuan, with expected growth rates of 113.2% in 2023, 45.7% in 2024, 35.9% in 2025, and 27.2% in 2026 [7]. - The projected net profit for 2023 is 61 million yuan, with growth rates of 186.4% in 2023, 53.8% in 2024, 45.4% in 2025, and 37.1% in 2026 [7]. - The report indicates a return on equity (ROE) of 6.2% for 2023, expected to rise to 9.2% in 2024, 12.6% in 2025, and 15.9% in 2026 [7].

Investment Rating - The report maintains a "Buy" rating for the company [6][37]. Core Views - The company's performance in 2023 met expectations, with a revenue of 3.24 billion yuan, a year-on-year decrease of 2.24%, and a net profit attributable to shareholders of 339 million yuan, a year-on-year increase of 26.89% [4][37]. - The company is focusing on innovation-driven development, particularly in the laser industry, which is expected to enhance its competitiveness [20]. - The high-temperature superconducting business has turned profitable, with a revenue of 75.4 million yuan and a net profit of 6.8 million yuan, marking the beginning of commercial implementation [21]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a non-recurring net profit of 97.93 million yuan, a year-on-year increase of 20.95% [4]. - The company proposed a cash dividend of 0.75 yuan per 10 shares (including tax) for the 2023 fiscal year [4]. Business Development - The laser business is experiencing growth driven by technological innovation, with successful product developments and market expansions [20]. - The high-temperature superconducting business has secured over 300 orders, with plans to deliver at least 50 units in 2024 [21]. - The company has made significant advancements in high-end optical couplers and has improved cost management, reducing sales and management expenses by 6.98% and 14.1% year-on-year, respectively [23]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 3.49 billion yuan, 3.99 billion yuan, and 4.83 billion yuan, respectively, with corresponding EPS of 1.23 yuan, 1.66 yuan, and 2.14 yuan [37]. - The company anticipates a revenue growth rate of 7.7% in 2024, 14.6% in 2025, and 20.9% in 2026 [38].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The traditional business of the company is under pressure, but the computing power leasing business has shown significant results [1] - The company reported a revenue of 1.893 billion yuan in 2023, a year-on-year decrease of 6.53%, primarily due to reduced sales orders and price cuts from major clients like Hisense and TCL [1][4] - The computing power leasing business began generating revenue in Q4 2023, with an income of 0.12 billion yuan and a gross margin of 44.03% [4] Summary by Sections Traditional Business Performance - The company's main business, which includes precision metal components for LCD TVs, experienced a decline in revenue, with specific segments like LCD TV metal components and electronic components seeing decreases of 3.89% and 9.97% respectively [1][4] - The gross margin for the main business segments also declined, with the average selling price of precision metal stamping components dropping by 19.18% [1] Computing Power Leasing Business - The company has established a professional computing power business team and has formed strategic partnerships with several key clients, including NVIDIA [4] - The computing power leasing business is expected to become a significant growth driver for revenue and profit as customer orders are executed [4] Financial Forecast - The company is projected to achieve revenues of 2.66 billion yuan, 3.164 billion yuan, and 3.762 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.61 yuan, 0.82 yuan, and 1.14 yuan [5] - The current stock price corresponds to a PE ratio of 39, 29, and 21 for the years 2024, 2025, and 2026 respectively, indicating a positive outlook for the company's traditional and new business lines [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance met expectations, with a focus on optimizing traditional store operations [1] - The company is a leading player in the rice dumpling industry, leveraging a dual strategy of "food + catering" for growth [4] - The company is actively expanding its product lines beyond rice dumplings, with promising developments in mooncakes and rice balls [4] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 2.635 billion yuan, a year-on-year increase of 7%, primarily driven by strong sales of rice dumplings [1] - The net profit attributable to shareholders for 2023 was 166 million yuan, up 20% year-on-year [1] - The company's gross margin for 2023 was 36.39%, a decrease of 1 percentage point year-on-year [1] - For Q1 2024, total revenue was 207 million yuan, a decrease of 4% year-on-year, with a net profit of -70 million yuan [1] Product Segments - The rice dumpling segment generated revenue of 1.940 billion yuan in 2023, an increase of 11% year-on-year, with sales volume reaching 54,400 tons [1] - The mooncake segment reported revenue of 228 million yuan in 2023, a decrease of 4% year-on-year [1] - The rice ball segment showed growth potential, with revenue of 36 million yuan in Q1 2024, reflecting a 656.41% increase year-on-year [1] Channel Performance - Revenue from chain stores was 364 million yuan in 2023, up 27% year-on-year, while Q1 2024 saw a decline of 5% [3] - E-commerce revenue was 887 million yuan in 2023, an increase of 8%, but dropped 24% in Q1 2024 [3] - The company is focusing on optimizing its traditional store network while expanding in key cities [3] Profit Forecast - The earnings per share (EPS) forecast for 2024-2026 is projected at 1.41, 1.73, and 2.03 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 16, and 14 times [4]

证 券 2024 年 04 月 25 日 研 究 收入增长平稳，多因素贡献利润增长弹性 报 告 —珠江啤酒（002461.SZ）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 24 日，珠江啤酒发布 2024 年一季度业绩报 sunss@cfsc.com.cn 告。 分析师：廖望州 S1050523100001 liaowz@cfsc.com.cn 投资要点 基本数据 2024-04-24 ▌收入增长平稳， 利润增速亮眼 当前股价（元） 8.15 总市值（亿元） 180 公司 2024 年 Q1 营收实现 11.08 亿元（同比+7.05%），归母 净利润实现 1.21 亿元（同比+39.37%），扣非归母净利润实 总股本（百万股） 2213 现 1.04 亿元（同比+45.79%）。公司 2024 年 Q1 啤酒销量实 流通股本（百万股） 2213 现 26.38 万吨，同比增长 0.77%，其中高档产品销量同比增 52周价格范围（元） 6.79-9.59 长 15.05%；公司平均吨价实现 4201 元/吨，同比增长 日均成交额（百万元） 51. ...

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证 券 2024 年 04 月 25 日 研 究 提效控费，释放利润弹性 报 告 —燕京啤酒（000729.SZ）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 24 日，燕京啤酒发布 2024 年一季度业绩公 sunss@cfsc.com.cn 告。 分析师：廖望州 S1050523100001 liaowz@cfsc.com.cn 投资要点 基本数据 2024-04-24 ▌ 收入保持平稳，利润快速增长 当前股价（元） 9.62 总市值（亿元） 271 公司 2024 年 Q1 营收实现 35.87 亿元（同比+1.72%），营业 利润实现 1.69 亿元（同比+34%），其中其他收入实现 0.22 总股本（百万股） 2819 亿元（同比+135.83%），主要系报告期内增值税进项加计抵 流通股本（百万股） 2510 免增加所。公司实际所得税率同比下降 7.3pcts 至 21.41%， 52周价格范围（元） 7.78-13.59 归母净利润实现 1.03 亿元（同比+58.90%），扣非归母净利 日均成交额（百万元） 184.17 润为1.03 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company is positioned as a leading content creator and enabler in the film and television industry, leveraging new technologies such as AI to enhance content production and innovation [4][3] - The company aims to strengthen its core business by focusing on high-quality content and effective management of its intellectual property throughout its lifecycle [18] - The company has established an AI strategy, launching an AIGC application research institute and developing various AI-driven tools to enhance content creation and distribution [3][4] Financial Projections - The company is projected to achieve revenues of 25.1 billion, 27.5 billion, and 30.3 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.22, 0.25, and 0.27 yuan [4][6] - The company's revenue for 2023 was reported at 22.67 billion yuan, reflecting a year-over-year decline of 8.4% [48] - The company anticipates a growth rate of 10.7% in 2024, followed by 9.4% in 2025 and 10.4% in 2026 [6] Business Developments - The company plans to increase its investment in short-form content, with several new projects in the pipeline for 2024, including collaborations with platforms like Douyin [2] - The company has expanded its copyright business, acquiring additional assets and increasing its total film and television copyright hours to 50,000 [2] - The company has established over 100 channels for overseas media dissemination, significantly increasing its international user base to over 20 million [2] Strategic Initiatives - The company has introduced an incentive plan for employees, granting restricted stock to enhance motivation and align interests with long-term growth targets [21] - The company is committed to enhancing its technological capabilities, with a focus on AI applications that are expected to drive future growth [3][4]