Investment Rating - The report gives a "Buy" rating for Yituo Co., Ltd. [4] Core Insights - The agricultural machinery market is expected to exceed 1 trillion yuan, comparable to the construction machinery sector. The global agricultural machinery market reached $162 billion in 2022 and is projected to grow to $194.9 billion by 2026. In China, the agricultural machinery market was valued at 561.1 billion yuan in 2022, with an expected growth to 719.6 billion yuan by 2027 [2][25]. - The agricultural machinery industry in China is characterized by a large but not strong market, with policies and technological upgrades driving the demand for equipment replacement. The implementation of subsidies for the scrapping and replacement of old agricultural machinery is expected to accelerate industry capacity clearing and structural adjustments, leading to a cyclical turning point and recovery growth in the sector [2][22]. - Tractors, as a key agricultural machinery, are showing signs of weak recovery, with wheel tractors leading sales in 2023, accounting for 30% of total agricultural machinery sales [2][3]. Summary by Sections Agricultural Machinery Products - Agricultural machinery encompasses a wide range of equipment used in planting, livestock, aquaculture, processing, transportation, and basic agricultural construction. It is categorized into 32 major categories and 107 subcategories, with applications varying across different stages of agricultural production [9][10]. Market Development - The global agricultural machinery market is experiencing robust growth, with the Asia-Pacific region being the largest production area. In 2022, the market size reached $162 billion, with expectations of further expansion [18][19]. - China's agricultural machinery industry has developed later than in developed countries, but with government policies supporting mechanization, the comprehensive mechanization rate is steadily increasing, projected to reach 75% by 2025 [22][25]. Key Company Recommendations - Yituo Co., Ltd. is highlighted as a leading player in the tractor industry, benefiting from strong brand recognition and policy support. Revenue forecasts for 2024-2026 are 12.779 billion, 14.377 billion, and 16.070 billion yuan, respectively [3][4]. - Weima Agricultural Machinery is recommended for continued attention due to its unique position in the hilly and mountainous machinery sector, offering customized products and global reach [3].

证 券 2024 年 03 月 31 日 研 究 年报业绩平稳落地，继续关注中期空间与确定性 报 告 —食品饮料行业周报 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 ▌ 一周新闻速递 sunss@cfsc.com.cn 行业新闻： 1）宜宾 2000 亿级白酒规划出炉；2）3 月中旬全 分析师：廖望州 S1050523100001 国白酒价格指数下跌；3）贵州新增 118亿元酒类招商项目。 liaowz@cfsc.com.cn 联系人：肖燕南 S1050123060024 公司新闻：1）五粮液：完善 1+3 产品矩阵；2）贵州茅台： xiaoyn@cfsc.com.cn 台源酒 i 茅台销售额破 1000 万元；3）山西汾酒：川酒集团 与汾杏战略合作。 行业相对表现 ▌投资观点 表现 1M 3M 12M 食品饮料(申万) 1.6 -0.9 -19.2 当前我们仍维持之前子板块顺序：白酒>啤酒>休闲食品=软饮 沪深300 0 .6 3.1 -12.7 料>速冻食品>调味品>乳制品。 市场表现 白酒板块：步入销售淡季，库存和批价仍是第一观察指标。 (%) 食品饮料 沪深300 板块进入淡 ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, with specific recommendations for companies such as Wuxi Zhenhua and Mould Technology [7][36]. Core Insights - Xiaomi's SU7 has been officially launched, achieving over 88,898 pre-orders within 24 hours, indicating strong market demand and competitive pricing compared to rivals like Tesla's Model 3 [4][5]. - The humanoid robot industry is experiencing continuous catalysts, with the launch of the "Navigator 1" by the Zhejiang Humanoid Robot Innovation Center, aiming for small-scale industrialization by 2026 [6][7]. - The automotive sector is expected to benefit from Xiaomi's strong sales and the related supply chain, while the humanoid robot sector is projected to see growth as T Company's production progresses [7][36]. Summary by Sections Market Performance and Valuation Levels - The automotive index fell by 2.1%, ranking 22nd among 30 industries, while the overall market (CSI 300) dropped by 0.2% [15][22]. - The automotive industry's PE (TTM) is at 30.1, and the PB is at 2.3, indicating a valuation within the historical range [22]. Industry Data Tracking and Commentary - In March, the average daily wholesale of passenger vehicles reached 63,000 units, a 19% year-on-year increase, with total wholesale for the month at 1.207 million units, up 17% year-on-year [30][32]. - The retail market for passenger vehicles in March saw a daily average of 47,000 units, reflecting an 11% year-on-year increase [32][33]. Industry Ratings and Investment Strategies - The report suggests focusing on companies with strong production capabilities and high certainty in performance, particularly in the humanoid robot components sector [7][36]. - Recommendations include companies involved in lightweight components, interior and exterior parts, and smart automotive technologies [36][35]. Company Announcements, Industry News, and New Vehicle Launches - Geely is set to launch a new hybrid system with a range exceeding 2000 km, showcasing advancements in hybrid technology [40]. - BYD has reached a milestone of producing its 7 millionth new energy vehicle, highlighting its rapid growth in the electric vehicle market [42].

Investment Rating - The report maintains a "Buy" investment rating for the company [20][18]. Core Insights - The company achieved a total revenue of 1.95 billion yuan in 2023, representing a 4% increase, while the net profit attributable to shareholders reached 180 million yuan, up 82% [19][18]. - The revenue growth was primarily driven by a decline in raw material prices and increased consumer demand [19]. - The company has optimized its cost structure, leading to an improved gross profit margin of 26.04%, an increase of 2 percentage points [19]. - The company launched 13 new products in 2023, contributing to steady revenue growth [19]. - Online revenue growth was particularly strong, with a 20% increase, while offline revenue grew by 1% [19]. Financial Forecast - The company forecasts earnings per share (EPS) of 1.31 yuan for 2024, 1.61 yuan for 2025, and 1.92 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 14, 11, and 10 times [19][18]. - The report projects a steady revenue growth rate of 12.6% in 2024, 10.2% in 2025, and 8.4% in 2026 [4][6]. - The net profit growth rate is expected to be 14.6% in 2024, 22.5% in 2025, and 19.1% in 2026 [4][6].

Investment Rating - The report initiates coverage on the company with a "Buy" rating [1] Core Views - The company is well-positioned in the air traffic control (ATC) industry and has promising prospects in the low-altitude economy sector [1] - Excluding the impact of the acquisition, the company's net profit is forecasted to be RMB 259 million, RMB 334 million, and RMB 419 million for 2024-2026, with EPS of RMB 0.25, RMB 0.33, and RMB 0.41, respectively [1] - The current stock price corresponds to a PE ratio of 52x, 40x, and 32x for 2024-2026 [1] Company Overview - The company is the largest military and civilian ATC system and equipment R&D and production base in China, serving as a key supplier in the domestic ATC market [8] - It focuses on the R&D, manufacturing, and sales of ATC and related avionics equipment, with over 100 proprietary ATC products covering the entire flight process [8] - The company is expected to benefit significantly from the development of the low-altitude economy [8] Acquisition of Zhiliang Electronics - The company announced plans to acquire 100% of Zhiliang Electronics for RMB 6.57 per share, aiming to expand into electronic warfare and enhance its market competitiveness [8] - Zhiliang Electronics is a high-growth enterprise in the military electronics sector, specializing in electronic reconnaissance, electronic jamming, radar countermeasures, and simulation training [8] Financial Performance - In 2023, the company reported revenue of RMB 3.832 billion, a slight decrease of 1.36% YoY, with net profit attributable to shareholders of RMB 200 million, up 1.23% YoY [17] - The company's core businesses—smart terminals, ATC products, and microwave RF—showed steady growth, with ATC product revenue increasing by 11.20% YoY to RMB 1.113 billion [17] - The company's gross margin improved to 23.80%, up 1.48 percentage points YoY [17] Low-Altitude Economy Development - The low-altitude economy has gained policy support, with the market size expected to reach RMB 1.5 trillion by 2025 and RMB 3.5 trillion by 2035 [13] - The company is well-positioned to capitalize on this growth opportunity, given its strong presence in the ATC sector [8][13] Financial Forecasts - Revenue is projected to grow from RMB 3.832 billion in 2023 to RMB 5.913 billion in 2026, with a CAGR of 16.4% [23][30] - Net profit attributable to shareholders is expected to increase from RMB 200 million in 2023 to RMB 419 million in 2026, with a CAGR of 29.4% [23][30] - The company's ROE is forecasted to rise from 6.2% in 2023 to 10.5% in 2026 [23][30] Valuation Metrics - The company's P/E ratio is expected to decline from 66.9x in 2023 to 32.0x in 2026, reflecting improved profitability [23] - The P/S ratio is projected to decrease from 3.5x in 2023 to 2.3x in 2026, indicating better valuation attractiveness [23]

Investment Rating - Buy (Maintained) [1] Core Views - The company faces pressure from market demand, but its dual expansion strategy supports medium to long-term growth [1] - Cost increases have impacted profitability, but efficiency in expense allocation is expected to improve [1] - Product category expansion is progressing, with e-commerce and catering channels gaining traction [1] - The company is expected to see a gradual recovery in gross margin in 2024 due to raw material price stabilization and increased procurement of semi-finished products [1] Financial Performance Summary - In 2023, the company reported total revenue of 2.45 billion yuan (-4% YoY) and net profit attributable to shareholders of 827 million yuan (-8% YoY) [1] - Q4 2023 revenue was 498 million yuan (-1% YoY), with net profit attributable to shareholders of 167 million yuan (-17% YoY) [1] - Gross margin in 2023 was 50.72%, down 2 percentage points YoY, mainly due to rising raw material prices and the launch of lower-priced bulk products [1] - Sales expense ratio and management expense ratio in 2023 were 13.37% and 3.59%, respectively, with sales expenses decreasing due to reduced advertising and optimized expense structure [1] Product and Channel Development - In 2023, pickled vegetable revenue was 2.076 billion yuan (-5% YoY), accounting for a decreased proportion of total revenue, while other products, especially sauces, saw significant growth [1] - Direct sales revenue increased by 28% YoY, driven by e-commerce, while catering channels showed growth potential, with seasoning product shipments exceeding 80 million yuan (+30% YoY) [1] - The number of distributors increased by 112 to 3,239 by the end of 2023, supporting cross-channel expansion [1] Financial Forecast - Revenue is expected to grow to 2.757 billion yuan in 2024 (+12.5% YoY), 3.052 billion yuan in 2025 (+10.7% YoY), and 3.336 billion yuan in 2026 (+9.3% YoY) [13] - Net profit attributable to shareholders is forecasted to reach 923 million yuan in 2024 (+11.7% YoY), 1.029 billion yuan in 2025 (+11.5% YoY), and 1.139 billion yuan in 2026 (+10.7% YoY) [13] - EPS is projected to be 0.80 yuan in 2024, 0.89 yuan in 2025, and 0.99 yuan in 2026, with a current PE ratio of 17x for 2024 [3][13] Strategic Focus - The company continues to implement its "dual-wheel drive" strategy, focusing on consolidating its core pickled vegetable business while expanding into new product categories and channels [3]

Investment Rating - The report maintains a "Buy" investment rating for the company [15][29]. Core Insights - The company has demonstrated stable growth in performance, driven by both specialty gases and bulk gases [4][12]. - In 2023, the company achieved a total revenue of 2.427 billion yuan, representing a year-on-year increase of 23.4%, and a net profit attributable to shareholders of 315 million yuan, up 37.48% year-on-year [12]. - The specialty gas business has shown significant contribution, with revenue reaching 1.09 billion yuan in 2023, a 46.5% increase, and its revenue share rising from 39.23% to 46.34% [31]. - The electronic bulk gas segment also saw growth, with revenue of 852 million yuan, a 7.5% increase, and a gross margin of 34.2% [14]. Summary by Sections Financial Performance - The company forecasts revenues of 2.888 billion, 3.426 billion, and 4.417 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.81, 1.01, and 1.32 yuan [14][17]. - The projected growth rates for revenue are 19.0% in 2024, 18.6% in 2025, and 28.9% in 2026 [17]. Business Development - The company has made progress in new product development, with several electronic bulk gas projects expected to contribute to future growth [15][31]. - Strategic partnerships, such as the collaboration with CIMC for liquid helium storage tanks, are aimed at enhancing supply channels and meeting customer demands in the semiconductor industry [14]. Market Position - The company is positioned to benefit from the domestic substitution demand in the integrated circuit sector, with a focus on expanding its specialty gas product offerings [31].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 6.668 billion yuan, a year-on-year increase of 40.50%, and a net profit of 505 million yuan, up 78.15% [2][3] - The strong performance is attributed to growth in overseas business, digital transformation, and increased sales in the new energy sector [2][4] - The company has expanded its overseas business significantly, with overseas sales reaching 1.177 billion yuan, a year-on-year increase of 79.54%, accounting for 18% of total revenue [2][3] Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 22.81%, an increase of 2.52 percentage points year-on-year, and a net profit margin of 7.53% [2] - The transformer and power distribution product lines saw revenue growth of 36% to 6.141 billion yuan, while energy storage product revenue surged 547% to 414 million yuan [2][3] Business Segments - The new energy sector's revenue grew by 68.21% to 3.723 billion yuan, with solar power contributing 51%, wind power 30%, and energy storage 17% [2] - The company has successfully built digital factories and secured digital solution orders totaling 229 million yuan in 2023, with cumulative orders exceeding 600 million yuan [3] Future Outlook - Revenue projections for 2024-2026 are adjusted to 9.116 billion yuan, 11.897 billion yuan, and 14.637 billion yuan, respectively, with EPS estimates of 1.84 yuan, 2.55 yuan, and 3.24 yuan [4][6] - The company is expected to continue benefiting from its digital solutions and strong growth in the energy storage sector, with new orders for energy storage systems reaching 641 million yuan, a 144.87% increase year-on-year [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 3.197 billion yuan in 2023, representing a year-on-year growth of 5.06%. The net profit attributable to shareholders was 461 million yuan, up by 28.73% year-on-year [4]. - The demand for explosion-proof electrical equipment is expected to surge due to stricter safety production requirements and the growing industrialization in emerging markets. The global explosion-proof electrical market is projected to reach 8 billion USD by 2025, with a CAGR of 8% [4]. - The company has diversified its business operations, enhancing its product transformation and service capabilities, and has established overseas operational centers in Europe, Central Asia, and Southeast Asia [4]. - In Q4 2023, the company reported a significant revenue increase of 76.6% year-on-year, with a net profit growth of 110.23% year-on-year, driven by the recognition of revenue in the new energy EPC business and operational efficiency improvements [4]. Summary by Sections Financial Performance - The company’s revenue for 2023 was 3.197 billion yuan, with a growth rate of 5.1% projected for 2024 at 4.586 billion yuan, and further growth to 5.339 billion yuan in 2025 [5]. - The net profit for 2023 was 461 million yuan, with expected growth rates of 14.5% in 2024 and 23.5% in 2025 [5]. - The diluted earnings per share (EPS) for 2023 was 1.37 yuan, projected to increase to 1.56 yuan in 2024 and 1.93 yuan in 2025 [5]. Market Outlook - The report highlights that the explosion-proof electrical industry is closely linked to the level of industrialization, with emerging markets driving future growth due to increasing energy demands [4]. - The domestic demand structure for explosion-proof electrical equipment is evolving, expanding beyond traditional sectors to include food, pharmaceuticals, military, and nuclear power industries [4]. Operational Strategy - The company has implemented significant reforms in its domestic and international marketing organizations, aiming to enhance its core competitiveness [4]. - The merger with its wholly-owned subsidiary is expected to lower operational costs and improve overall efficiency [4].

报 券 研 司 2024 年 03 月 29 日 ▌ 盈利预测 公司月饼与速冻产品借助广东省内先发优势夯实省内份额， 随着产能释放不断发力华东等省外市场，同时公司旗下的广 州酒家/陶陶居/利口福品牌可承接餐饮行业发展增量，整体 品牌势能强劲，业绩稳健。根据年报，预计 2024-2026 年 EPS 分别为 1.10/1.30/1.53 元，当前股价对应 PE 分别为 16/13/12 倍，维持"买入"投资评级。 ▌ 风险提示 请阅读最后一页重要免责声明 2 证 公 研 究 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|--------------------------------------|----------------------------------------------------------------------------------------------------- ...