Investment Rating - The report maintains a "Buy" investment rating for the company [13]. Core Views - The company's plant extraction business shows steady performance, while the cottonseed business faces pressure due to market conditions. However, the long-term return on the cottonseed business is still viewed positively [13]. - The first quarter of 2024 saw total revenue of 1.732 billion yuan, a decrease of 5% year-on-year, with a net profit of 39 million yuan, down 71% year-on-year. The decline is attributed to the cottonseed business and changes in the fair value of derivatives [27]. - The company is expected to benefit from economies of scale, which will help reduce costs and improve profitability in the long run [27]. Summary by Sections Financial Performance - In Q1 2024, the company's plant extraction revenue was 762 million yuan, with a gross profit of 138 million yuan, reflecting a slight year-on-year increase and a 1% decrease respectively [1]. - The cottonseed revenue was 840 million yuan, down 12%, with a gross profit decrease of 122 million yuan [1]. - The overall gross margin for Q1 2024 decreased by 5 percentage points to 8.21% due to lower cottonseed prices and a higher proportion of low-margin products [27]. Product Performance - The main products in the plant extraction segment maintained stable revenue, with significant growth in sales of certain products like capsicum red and lutein [1]. - The company is expanding its product range and enhancing product value through customized offerings, which is expected to drive profit growth in the future [1]. Future Earnings Forecast - The forecast for earnings per share (EPS) for 2024-2026 is 0.61, 0.99, and 1.32 yuan respectively, with corresponding price-to-earnings (PE) ratios of 15, 9, and 7 times [13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on sufficient order backlog and anticipated performance improvements [41]. Core Insights - The company has significantly improved its performance, with a projected revenue of 1.187 billion yuan in 2023, representing a year-on-year growth of 74.4% [4][41]. - The company’s net profit attributable to shareholders is expected to reach 0.44 billion yuan in 2023, reflecting a remarkable growth rate of 236.4% compared to the previous year [4][41]. - The company is strategically positioned in the deep-sea aquaculture vessel market, having signed a contract worth approximately 250 million yuan for the construction of the world's first natural exchange-type aquaculture vessel [3]. Summary by Sections Revenue and Profit Forecast - The company forecasts revenues of 2.135 billion yuan in 2024, 2.674 billion yuan in 2025, and 3.149 billion yuan in 2026, with respective growth rates of 79.9%, 25.2%, and 17.8% [4]. - The net profit attributable to shareholders is projected to be 0.144 billion yuan in 2024, 0.210 billion yuan in 2025, and 0.270 billion yuan in 2026, with growth rates of 227.3%, 45.6%, and 28.5% respectively [4]. Business Expansion and Market Position - The company has enhanced its production capacity with advanced equipment, allowing for the construction of vessels over 100 meters in length and 2,000 tons in displacement, thereby expanding its order intake capabilities [2]. - The company is actively participating in the deep-sea aquaculture sector, which is becoming increasingly important due to the reduction of suitable coastal aquaculture areas in China [3]. Financial Metrics - The report highlights a projected EPS of 0.38 yuan in 2024, 0.56 yuan in 2025, and 0.71 yuan in 2026, with corresponding P/E ratios of 30, 21, and 16 [41]. - The company’s return on equity (ROE) is expected to improve significantly, reaching 14.0% in 2024 and 17.7% in 2026 [4].

证 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 告 司 究 报 公 研 2024 年 04 月 24 日 | --- | --- | --- | |-----------------------------------------------------------------------------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证 券 研 报 公 司 研 2024 年 04 月 24 日 究 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4][7]. Core Views - The company's revenue performance is in line with expectations, supported by a high dividend yield [4]. - The walnut milk segment shows steady growth, while functional beverages have exceeded expectations [5]. - The company is expanding its product offerings and enhancing brand visibility through collaborations [6]. Revenue Performance - In 2023, revenue from walnut milk, functional beverages, and other plant-based drinks was 5.708 billion, 0.448 billion, and 0.0001 billion respectively, with year-on-year growth rates of +1.11%, +68.24%, and -82.57% [5]. - The gross margin for walnut milk improved to 47.04%, an increase of 1.25 percentage points year-on-year [5]. Channel Performance - Direct sales have shown significant growth, with revenue from distribution and direct sales channels reaching 5.905 billion and 0.252 billion respectively, reflecting year-on-year growth of +3.84% and +8.62% [6]. - The company plans to enhance its presence in the snack and e-commerce channels, leveraging brand recognition [6]. Profitability Forecast - The company is expected to achieve EPS of 1.29, 1.43, and 1.60 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 20, 18, and 16 times [7]. - The forecasted revenue for 2024 is 6.568 billion, with a growth rate of 6.6% [9]. Market Performance - The company has seen stable growth in its base markets, with notable increases in emerging markets such as Northeast and Northwest China, where revenue growth rates were 69.59% and 20.47% respectively in Q1 2024 [6].

证 2024 年 04 月 24 日 研 报 告 基本数据 2024-04-23 当前股价（元） 77.62 总市值（亿元） 152 总股本（百万股） 196 流通股本（百万股） 173 52 周价格范围（元） 61.45-136.5 日均成交额（百万元） 89.58 公 司 研 究 业绩高增势能延续，供应链护航渠道扩容 —盐津铺子（002847.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 投资要点 ▌Q1 实现开门红，净利率持续优化 2024 年 4 月 23 日，盐津铺子发布 2024 年第一季度报告。 2024Q1 总营收 12.23 亿元（+37%），归母净利润 1.60 亿元 （+43%），业绩落于预告区间中枢。由于渠道/产品结构变 化，2024Q1 毛利率同降 2pct 至 32.10%，随着成本端下行/鹌 鹑蛋产能爬坡/供应链效率提升，毛利率有望逐步回升。 2024Q1 销售/管理费用率分别为 13.00%/4.23%，分别同减 1pct/0.1pct，预计主要系规模效应摊薄费率，综合导致 2024Q1 净利率同增 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][3]. Core Views - The company has shown significant improvement in profitability due to the effectiveness of reforms and a strategy to upscale soy sauce products [2]. - In Q1 2024, the company reported total revenue of 1.485 billion yuan, a 9% increase year-on-year, and a net profit attributable to shareholders of 239 million yuan [2]. - The gross profit margin increased by 6 percentage points to 36.98%, benefiting from a decrease in raw material procurement prices [2]. - The company is focusing on high-end product strategies, with plans to launch organic, reduced-salt, and zero-additive products in the future [2]. Summary by Sections Financial Performance - In Q1 2024, the company's revenue from soy sauce was 1.461 billion yuan, up 10%, with a net profit of 244 million yuan, a 60% increase [2]. - The company’s sales and management expense ratios decreased to 7.73% and 6.36%, respectively, despite increased advertising and e-commerce spending [2]. - Operating cash flow for Q1 2024 was 403 million yuan, a 106% increase [2]. Market Strategy - The company is enhancing its distribution channels, with revenue from distribution and direct sales channels reaching 1.401 billion yuan and 42 million yuan, respectively, both showing growth [2]. - The total number of distributors increased by 97 to 2,181, indicating an acceleration in recruitment and improved management of distributors [2]. - The company is also focusing on the restaurant chain sector and developing large packaging products suitable for this channel [2]. Earnings Forecast - The company’s EPS is projected to be 1.11 yuan, 1.37 yuan, and 1.68 yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 25, 20, and 16 times [3].

证 券 2024 年 04 月 23 日 研 究 尿素甘氨酸等涨幅居前，建议继续关注轮胎、 报 油气开采板块 告 —基础化工行业周报 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 ▌尿素甘氨酸等涨幅居前，顺丁橡胶原油等跌幅较大 zhangwb@cfsc.com.cn 周环比涨幅较大的产品：硫磺（高桥石化出厂价格， 联系人：刘韩 S1050122080022 6.60%），硝酸（安徽 98%，4.88%），尿素（重庆建峰(小颗 liuhan@cfsc.com.cn 粒)，4.65%），甲醇（华东地区，4.06%），HDPE（余姚市场 行业相对表现 5000S/扬子，3.45%），醋酸（华东地区，3.06%），甘氨酸 （山东地区，2.70%），乙基氯化物（华东地区，2.63%）， 表现 1M 3M 12M 基础化工(申万) -0.9 5.0 -18.3 丁酮（华东，2.52%），丙烯腈（华东 AN，2.43%）。 沪深300 -1 .1 8.5 -13.1 周环比跌幅较大的产品：电池级碳酸锂（新疆 99.5%min，- 市场表现 2.21%），盐酸（华东合成酸，-2.38%），PVC（CF ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first time this rating has been given [1]. Core Insights - The company achieved a revenue of 17.536 billion yuan in 2023, representing a year-on-year growth of 6.17%, and a net profit of 400 million yuan, which is a significant increase of 157.87% year-on-year [1][3]. - The company plans to distribute a dividend of 3.38 yuan per 10 shares, totaling approximately 502 million yuan [1]. - The company is recognized as the largest LED manufacturer in China, benefiting from an integrated layout that enhances production efficiency and quality through smart manufacturing [1][3]. - The overseas brand LEDVANCE contributed significantly to revenue, with 10.606 billion yuan in sales from international markets, accounting for 60.48% of total revenue [1][3]. - The company has a strong focus on R&D, with expenses reaching 381 million yuan in 2023, a 28.37% increase from the previous year, and holds 1,665 patents, showcasing its industry-leading R&D capabilities [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 17.536 billion yuan and a net profit of 430 million yuan, with projected revenues for 2024, 2025, and 2026 expected to be 19.974 billion, 22.831 billion, and 26.475 billion yuan respectively [9][10]. - The net profit is forecasted to grow to 702 million yuan in 2024, 970 million yuan in 2025, and 1.102 billion yuan in 2026, indicating a robust growth trajectory [10]. Market Position - The company has established a comprehensive supply chain and marketing network, leveraging both domestic and international markets to support its growth [1][3]. - The integrated production capabilities across multiple bases in Guangdong and Jiangxi enhance its competitive edge in the lighting industry [1]. R&D and Innovation - The company is deeply engaged in R&D, focusing on smart and health lighting, with significant advancements in energy-efficient products [3]. - The competitive landscape in the LED industry is expected to improve, with a reduction in the number of competitors, allowing the company to capitalize on recovering downstream demand [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [14]. Core Insights - The company achieved a revenue of 746 million yuan in Q1 2024, representing a year-over-year increase of 41.36%, and a net profit of 62 million yuan, up 146.93% year-over-year, showcasing strong growth [4][9]. - The gross margin for Q1 2024 was 29.5%, a decrease of 3.22 percentage points year-over-year, attributed to intensified industry competition and rising raw material costs. However, the net margin improved by 2.85 percentage points to 8.26%, driven by effective cost control and significant scale effects [9]. - The company is well-positioned in the liquid cooling market, with substantial investments in technology and a leading delivery scale, which is expected to continue benefiting from the growth in AI applications and data center demands [10][11]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 746 million yuan, a 41.36% increase year-over-year, and a net profit of 62 million yuan, reflecting a 146.93% growth [4][9]. - The projected net profits for 2024, 2025, and 2026 are 530 million yuan, 680 million yuan, and 920 million yuan respectively, with corresponding EPS of 0.93, 1.20, and 1.61 yuan [14]. Market Trends - The demand for liquid cooling solutions is expected to accelerate due to the increasing heat density in data centers driven by AI applications. Major companies are rapidly adopting liquid cooling technologies, with plans for significant implementation in new data centers [10]. - The energy storage sector is experiencing rapid growth, with new installations in China reaching 21.5 GW in 2023, indicating a robust market for the company's products [11][13]. Competitive Position - The company has established itself as a leader in the liquid cooling sector, with a cumulative delivery of 900 MW in liquid cooling solutions by March 2024. Its revenue from liquid cooling related to data centers and computing equipment was approximately four times that of 2022 [10]. - The company has consistently innovated in the energy storage temperature control market, launching several advanced cooling solutions that enhance efficiency and performance [13].