证 券 2024 年 04 月 12 日 研 究 龙头地位稳固，业绩有望触底企稳 报 告 —天赐材料（002709.SZ）公司事件点评报告 买入(首次) 事件 分析师：黎江涛 S1050521120002 天赐材料 3 月 25 日发布 2023 年度报告：实现营收 154.05 亿 lijt@cfsc.com.cn 元/yoy-30.97%，实现归母净利润 18.91亿元/yoy-66.92%。 联系人：潘子扬 S1050122090009 panzy@cfsc.com.cn 投资要点 基本数据 2024-04-11 ▌龙头地位稳固，盈利或逐步触底 当前股价（元） 25.55 总市值（亿元） 492 公司 2024 年四季度实现营收 32.8 亿元/yoy-44.3%/qoq- 20.7%，实现归母净利润 1.4 亿元/yoy-89.7%/qoq-70%。公司 总股本（百万股） 1924 业绩同比显著下滑，主要由于市场竞争加剧，产品价格下 流通股本（百万股） 1385 行，此外，公司四季度计提减值损失约 1.5 亿元，对单季度 52周价格范围（元） 16.63-46.89 业绩造成较大扰动。在一体化布局加持 ...

证 2024 年 04 月 11 日 报 告 基本数据 2024-04-11 当前股价（元） 15.45 总市值（亿元） 70 公 研 总股本（百万股） 451 52 周价格范围（元） 9.79-15.45 司 究 利润端增速亮眼，加固单品竞争力 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 2024 年 04 月 10 日，劲仔食品发布 2024 年一季度业绩预 告。 ▌利润快速增长，规模效应持续显现 2024Q1 预计公司归母净利润 0.71-0.78 亿元（同增 80%- 100%），扣非净利润 0.55-0.63 亿元（同增 68%-92%）。主 要系营业收入增长带来的规模效应和供应链效益优化/原材料 价格同比下降/获得政府补助同比增长所致。 ▌延续升级主旋律，多方面夯实鹌鹑蛋竞争优势 2024 年从渠道/原材料/制造/品牌端全方位夯实鹌鹑蛋竞争 优势，延续高质量增长的趋势。在渠道端，深化散称渠道和 鹌鹑蛋品类经销商的布局，同时 2024 年鹌鹑蛋线上销售方案 已出，预期通过渠道拓展带来更多增量贡献；在原材料端， 通过与上游原料基地的建立战略合作关系来保障原材料供 ...

证 公 2024 年 04 月 11 日 较弱，待集采执行后，公司业绩增长有望快速恢复。 推荐逻辑：（1）公司现有品种销售体量有望持续增长：凯力 唯报销适应症扩展后，放量显著；安博司销售额在不断提 升；成熟品种金舒喜和凯因益生市场份额持续领先；（2）乙 肝临床治愈领域潜在市场广阔，公司创新品种长效干扰素派 益生已完成三期，即将报产，上市后有望成为公司业绩增长 的新驱动。 产品销售推广不及预期；产品竞争加剧；研发进展不及预 期；行业政策、集采等不确定性风险。 诚信、专业、稳健、高效 诚信、专业、稳健、高效 ▌ 医药组介绍 谷文丽：中国农科院博士，2023 年加入华鑫证券研究所。 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 荐意见或观点而直接或间接收到任何形式的补偿。 | --- | --- | --- | |-------|----------|----------------------------------------| | | 投资建议 | ...

证 券 2024 年 04 月 11 日 研 究 业绩增长超预期，BD 项目有望贡献新动力 报 告 —济川药业（600566.SH）公司事件点评报告 买入(首次) 事件 分析师：胡博新 S1050522120002 济川药业股份发布公告：2023 年度，公司实现营业收入 hubx@cfsc.com.cn 96.55 亿元，同比增长 7.32%；归属于母公司所有者的净利 润 28.23亿元，同比增长 30.04%；实现归属于母公司所有者 的扣除非经常性损益的净利润 26.92 亿元，同比增长 32.72%。 基本数据 2024-04-10 当前股价（元） 40.25 投资要点 总市值（亿元） 371 总股本（百万股） 922 ▌ 核心品种持续发力 流通股本（百万股） 916 2023 年销售费用率 41.5%，同比下降 4.22 个百分点，销售 52周价格范围（元） 24.32-40.25 费用率下降明显。按季度看，2023 年 Q4 营收 31.18 亿元， 日均成交额（百万元） 220.23 同比增长 0.49%，环比增长 63.42%；归母净利润实现 8.79 市场表现 亿元，同比增长 51.84%，环比 ...

券 研 报 司 告 证 2024 年 04 月 10 日 究 公 研 | --- | --- | --- | |-----------------------------------------------------------------------------------|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company achieved a total revenue of 1.016 billion yuan in 2023, reflecting a year-on-year growth of 1.35%. However, the net profit attributable to shareholders decreased by 11.40% to 147 million yuan [1][5]. - For Q1 2024, the company expects a net profit of 35-37 million yuan, indicating a significant year-on-year growth of 80%-90% [1]. - The company has strategically invested 5 million yuan in Beijing Yicheng Gaoke Technology Development Co., Ltd., focusing on the AIoT industry and expanding its presence in the smart connected vehicle market [1][3]. Financial Performance - The company reported a comprehensive gross margin of 40.40% for 2023, an increase of 5.69 percentage points year-on-year, attributed to factors such as self-developed modules replacing outsourced ones and a higher proportion of high-margin overseas orders [1]. - Revenue projections for 2023-2025 are 1.016 billion, 1.543 billion, and 1.987 billion yuan, respectively, with corresponding EPS of 0.32, 0.46, and 0.58 yuan [5][7]. - The company’s gross margin is expected to remain at a favorable level due to cost reduction and improved procurement conditions [1]. Market Expansion - The company is actively expanding its overseas market presence, with a nearly 10 million yuan increase in sales expenses in 2023 to support this initiative [4]. - A new production line in Vietnam is expected to increase total production capacity by 20%-30%, with an anticipated annual output exceeding 7 million units [4].

Investment Rating - The report upgrades the investment rating to "Buy" [6][10] Core Views - The company has seen a significant improvement in profitability, driven by increased production volume and recovery in the consumer electronics and new energy markets [6][10] - The company is benefiting from the recovery in the consumer electronics and new energy sectors, with a projected revenue growth of approximately 30% year-on-year in Q1 2024, reaching a historical high for the first quarter [6][10] - The company has strengthened its technological innovation, achieving major progress in new materials and processes, which has revitalized its consumer electronics business [6][10] Summary by Sections Financial Performance - In 2023, the company reported revenue of 13.72 billion yuan, a decrease of 9.74% year-on-year, but net profit attributable to shareholders increased by 102.23% to 0.86 billion yuan [6][10] - For Q1 2024, the company expects net profit to be between 250 million and 350 million yuan, indicating a turnaround [6][10] Revenue Forecast - The company forecasts revenues of 16.99 billion, 20.53 billion, and 24.07 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.58, 0.74, and 0.91 yuan [10][11] Market Position - The company has become a core supplier for the Wanjie automotive brand, supplying battery box assemblies and Busbar products, and is expanding its overseas production capabilities in Vietnam, Mexico, and Europe [2][10]

证 2024 年 04 月 10 日 报 告 基本数据 2024-04-09 当前股价（元） 13.64 总市值（亿元） 54 总股本（百万股） 394 流通股本（百万股） 394 52 周价格范围（元） 9.82-26.73 日均成交额（百万元） 57.21 公 司 研 究 -50 -40 -30 -20 -10 0 10 20 (%) 李子园 沪深300 ▌ 业绩符合预期，分红率大幅提升 ▌ 含乳饮料多样创新，期待提产增效 券 研 究 业绩符合预期，期待渠道发力 —李子园（605337.SH）公司事件点评报告 买入(维持) 事件 2024 年 4 月 9 日，李子园发布 2023 年年报。 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 投资要点 2023 年总营收 14.12 亿元（同增 0.6%），归母净利润 2.37 亿元（同增 7.21%）；2023Q4 总营收 3.43 亿元（同增 0.22%），归母净利润 0.48 亿元（同减 27.31%），整体业绩 符合预期，收入基本持平， ...

Investment Rating - The report maintains a "Buy" rating for the company [15][24]. Core Views - The company has turned profitable, with a significant revenue increase of 113% in 2023, reaching 504 million yuan, driven by a recovery in the regional tourism market [15][16]. - The gross margin improved by 18 percentage points to 46.04%, attributed to better management of raw material costs and increased production efficiency [15][16]. - The company is expected to achieve revenue and net profit of at least 550 million yuan and 66 million yuan, respectively, in 2024 [15][16]. - The product structure is continuously optimized, with steady expansion of sales channels, including a notable increase in direct sales and distribution revenue [15][16]. Financial Forecast - The company's revenue is projected to grow from 734 million yuan in 2024 to 1.269 billion yuan in 2026, with growth rates of 45.7%, 35.9%, and 27.2% respectively [4][6]. - Net profit is expected to rise from 94 million yuan in 2024 to 187 million yuan in 2026, with growth rates of 53.8%, 45.4%, and 37.1% respectively [4][6]. - The diluted earnings per share (EPS) is forecasted to increase from 0.47 yuan in 2024 to 0.93 yuan in 2026 [4][6]. Key Financial Metrics - The company's return on equity (ROE) is projected to improve from 9.2% in 2024 to 15.9% in 2026 [4][6]. - The gross profit margin is expected to remain strong, with estimates of 47.2% in 2024 and 49.7% in 2026 [4][6]. - The company's total assets are projected to grow from 1.101 billion yuan in 2024 to 1.257 billion yuan in 2026 [4][6].

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company, as a leading producer of mushroom sauce, is solidifying its core product while expanding into a second growth curve with Shanghai scallion oil, ensuring strong and stable growth in performance [2] - The earnings per share (EPS) forecasts for 2024-2026 are projected to be 2.30, 2.83, and 3.34 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19, 15, and 13 times [2] Financial Summary - The company reported total revenue of 994 million yuan in 2023, reflecting a 13% increase, driven by channel expansion [20] - The net profit attributable to shareholders for 2023 was 172 million yuan, up 37%, with a non-recurring net profit of 164 million yuan, increasing by 75% [20] - The gross margin for 2023 was 41.59%, an increase of 5 percentage points, attributed to product structure optimization and alleviated cost pressures [20] - The company plans to achieve double-digit growth in both revenue and profit for 2024 [20] Product and Channel Development - The company is optimizing its product structure and steadily advancing its all-channel layout, with significant growth in Shanghai scallion oil as a second growth driver [20] - In 2023, the revenue from seasoning products was 558 million yuan, up 18.96%, with sales volume increasing by 15.87% [20] - The company has established a development department for catering and special channels, focusing on group meals and banquet hotels, which has received positive market feedback [20]