Investment Rating - The report maintains a "Buy" investment rating for the company [18][19]. Core Views - The company experienced a slight pressure on performance due to rising raw material costs, leading to a decrease in profitability [18]. - In 2023, the total operating revenue was 966 million yuan, a decrease of 6% year-on-year, with a net profit attributable to shareholders of 116 million yuan, down 24% [18][19]. - The company is focusing on solidifying its market presence through channel expansion and product price adjustments to cope with cost pressures [19]. Financial Forecasts - The forecasted operating revenue for 2024 is 1,087 million yuan, with a growth rate of 12.5% [1]. - The net profit attributable to shareholders is expected to reach 140 million yuan in 2024, reflecting a growth rate of 20.6% [1]. - The diluted earnings per share (EPS) is projected to be 0.33 yuan in 2024, with further increases to 0.37 yuan in 2025 and 0.42 yuan in 2026 [1][19]. Performance Metrics - The gross margin for 2023 was 29.37%, down 2 percentage points year-on-year, while the net margin was 12.02%, down 3 percentage points [18]. - The company reported a cash flow from operating activities of -0.04 million yuan in 2023, a decrease of 102% [18]. - The company aims to maintain a stable pricing strategy for its products while expanding its market reach [19].

证券研究报告 行业周报 政策持续支持医药创新 医药行业周报 投资评级： 推荐 维持 报告日期： 2024年03月18日  分析师：胡博新 ...

策 报 研 究 —北交所策略深度报告 投资要点 ▌ 超半数公司营收同比上涨，盈利能力强者恒强 分析师：黄俊伟 S1050522060002 huangjw@cfsc.com.cn 联系人：华潇 S1050122110013 huaxiao@cfsc.com.cn 最近一年大盘走势 (%) 沪深300 -5 0 5 10 -25 -20 -15 -10 1、《北交所整体成交缩量，北证行 业指数短期回调》2024-03-11 2、《成交快速放量助推指数上行， 北证年度业绩快报表现分化》2024- 03-03 3、《沪深大盘带动北证持续回暖， 65 家上市公司已披露年度业绩快 报》2024-02-26 4、《成交缩量指数下行，北证行业 与个股均表现低迷》2024-02-04 5、《指数震荡估值偏低，行业与个 股均呈现分化》2024-01-28 6、《北证估值整体右偏，修复空间 值得期待》2024-01-22 7、《指数修复量能企稳，行业与个 股均表现强势》2024-01-21 8、《指数下行成交缩量，上市新股 表现亮眼》2024-01-15 9、《北交所政策趋于完善，成交放 量推动北证综指上涨》2023-12-26 ...

证 券 2024 年 03 月 18 日 研 究 原油价格上涨，建议继续关注低估值高股息中国 报 海油 告 —基础化工行业周报 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 ▌碳酸锂橡胶涨幅居前，天然气焦炭跌幅较大 zhangwb@cfsc.com.cn 周环比涨幅较大的产品：电池级碳酸锂（江西 99.5%min， 联系人：刘韩 S1050122080022 16.92%），硫酸（浙江和鼎 98%，16.67%），盐酸（华东合 liuhan@cfsc.com.cn 成酸，10.46%），炭黑（江西黑豹 N330，10.06%），煤焦油 行业相对表现 （山西市场，5.72%），丁二烯（东南亚 CFR，5.60%），PS （华东地区 GPPS，5.38%），二氯甲烷（华东地区， 表现 1M 3M 12M 基础化工(申万) 11.0 -1.9 -21.6 5.29%），PA66（华中 EPR27，4.55%），天然橡胶（上海市 沪深300 7 .1 8.2 -9.0 场，4.18%）。 市场表现 周环比跌幅较大的产品：黄磷（四川地区，-2.64%），液化 (%) 基础化工 沪深300 气（长 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [3] Core Views - The company is expected to recover its main business, driven by both internal and external growth strategies, with a focus on AI technology integration and digital transformation [2][3] - Revenue forecasts for 2024-2026 are projected at 1.899 billion, 2.130 billion, and 2.350 billion yuan, respectively, with corresponding net profits of 151 million, 201 million, and 251 million yuan [3][6] - The company’s market share remains stable, and the implementation of new tax policies is anticipated to impact its financials starting January 1, 2024 [3] Summary by Sections Financial Performance - In 2023, the company reported revenues of 1.72 billion yuan and a net profit of 116 million yuan, reflecting a year-on-year decline of 4.7% and 7.7%, respectively [3][16] - The company’s gross margin and net margin were slightly improved at 34.87% and 6.96% [16] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.80, 1.06, and 1.32 yuan, respectively [3][6] Market Position - The company holds a 3.25% share of the overall book retail market in 2023, an increase of 0.22 percentage points from the previous year, maintaining its leading position in various segments [16] - The retail book market in China saw a total scale of 912 billion yuan in 2023, with a year-on-year growth of 4.72% [16] Strategic Initiatives - The company is enhancing its digital infrastructure and collaborating with major AIGC model technology firms to develop intelligent reading brands [2] - The introduction of the "CITIC Academy AI Reading Assistant" in partnership with Baidu aims to innovate reading experiences and drive future business growth [2]

证 券 2024 年 03 月 17 日 研 究 批价稳中求进，估值持续修复 报 告 —五粮液（000858.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 03 月15日，五粮液发布集团增持股票进展公告。 sunss@cfsc.com.cn 投资要点 基本数据 ▌ 集团增持时间过半，公司元春反馈积极 2024-03-15 当前股价（元） 152.49 公司于 2023 年 12 月 14 日披露集团增持计划，自 12 月 14 日 总市值（亿元） 5919 起 6 个月内集团增持金额 4-8 亿元。截止 2024 年 03 月 14 总股本（百万股） 3882 日，时间过半，集团已增持 130.46 万股，占总股本比 0.034%，增持金额 1.8 亿元。元春期间，公司八代五粮液全国 流通股本（百万股） 3882 动销农历同比保持两位数稳健增长，经济基础好、消费复苏快 52周价格范围（元） 123.82-198.39 的区域动销情况相对良好。 日均成交额（百万元） 2654.13 ▌ 稳步提升分红率，品牌价值加速回归 市场表现 分红方面，公司持续践行“ ...

证 报 券 研 告 公 司 研 究 2024 年 03 月 15 日 究 | --- | --- | --- | --- | |---------------------------------------------|-----------------------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 券 2024 年 03 月 17 日 研 究 春糖反馈相对平稳，市场信心仍在恢复途中 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）汾阳 2023 年白酒产值超 250 亿元；2）2024 分析师：廖望州 S1050523100001 习水力争白酒销售收入破 400亿元。 liaowz@cfsc.com.cn 公司新闻：1）泸州老窖：泸州老窖全面打响“十四五”攻坚 行业相对表现 战；2）酒鬼酒：40.8 度酒鬼酒（臻藏）南京上市；酒鬼酒 表现 1M 3M 12M 启动全国样板市场；3）迎驾贡酒：迎驾贡酒拟分红 10.4 亿 食品饮料(申万) 5.9 4.6 -14.5 元；4）仰韶酒业：仰韶酒业 2023销售突破 50亿元。 沪深300 6 .1 6.8 -9.8 ▌投资观点 市场表现 当前我们仍维持之前子板块顺序：白酒>啤酒>休闲食品=软饮 (%) 食品饮料 沪深300 料>速冻食品>调味品>乳制品。 10 5 0 白酒板块：酒企回款进度符合预期，库存和批价仍是第一观 -5 察指标。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company achieved steady growth in 2023 with total revenue of RMB 2.548 billion, up 27% YoY, and net profit attributable to shareholders of RMB 329 million, up 17% YoY [1] - In Q4 2023, revenue was RMB 529 million, up 17% YoY, but net profit attributable to shareholders decreased by 15% YoY to RMB 56 million [1] - The company's product structure has been significantly optimized, with revenue from products priced above RMB 300 increasing by 37% YoY to RMB 401 million [1] - The company plans to achieve revenue of RMB 3 billion and net profit of RMB 400 million in 2024 [1] Financial Performance - Gross margin in 2023 was 62.44%, down 0.3 percentage points YoY, mainly due to rising raw material costs [1] - Sales expense ratio in 2023 was 21.02%, up 0.1 percentage points YoY, driven by new market development and brand promotion [1] - Net profit margin in 2023 was 12.66%, down 1 percentage point YoY [1] - Contract liabilities in 2023 were RMB 575 million, up 13% YoY, and operating cash flow was RMB 450 million, up 41% YoY [1] Product and Channel Analysis - Revenue from products priced above RMB 300, RMB 100-300, and below RMB 100 were RMB 401 million, RMB 1.288 billion, and RMB 816 million, respectively, with YoY growth rates of 37%, 32%, and 14% [1] - Revenue from dealer channels, direct sales, and internet channels were RMB 2.377 billion, RMB 70 million, and RMB 59 million, respectively, with YoY growth rates of 26%, 10%, and 128% [1] - Revenue from domestic and external markets were RMB 1.921 billion and RMB 585 million, respectively, both up 27% and 26% YoY [1] Share Repurchase Plan - The company plans to repurchase 3.57-7.14 million shares, accounting for 0.70%-1.41% of the total share capital, with a maximum repurchase price of RMB 28 per share [3] Profit Forecast - The company is expected to achieve revenue of RMB 3.050 billion, RMB 3.596 billion, and RMB 4.148 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 19.7%, 17.9%, and 15.4% [6] - Net profit attributable to shareholders is expected to be RMB 406 million, RMB 512 million, and RMB 628 million in 2024, 2025, and 2026, respectively, with YoY growth rates of 23.6%, 25.9%, and 22.6% [6] - EPS is expected to be RMB 0.80, RMB 1.01, and RMB 1.24 in 2024, 2025, and 2026, respectively [6] Valuation - The current stock price corresponds to a PE ratio of 28x, 22x, and 18x for 2024, 2025, and 2026, respectively [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2][3]. Core Views - The company is positioned in a high-barrier industry, specifically in blood products, and currently ranks among the top players in the sector. As of now, there are only 28 companies in China with production qualifications in this field [2][3]. - The strategic cooperation with Xinjiang Deyuan is expected to enhance the company's operational performance by extending the cooperation period and increasing the supply of raw plasma, which is crucial for the company's growth [2][3]. - The company is projected to achieve significant revenue growth, with forecasts of 2.453 billion, 2.942 billion, and 3.382 billion yuan for the years 2023, 2024, and 2025 respectively, alongside earnings per share (EPS) of 0.82, 1.06, and 1.25 yuan for the same years [3]. Summary by Sections Company Overview - The company has a total market capitalization of 21 billion yuan and a current stock price of 28.62 yuan. It has a total share capital of 733 million shares, with 688 million shares in circulation [2]. Strategic Cooperation - The strategic cooperation agreement with Xinjiang Deyuan has been extended by two years, now lasting until June 21, 2028. This extension is expected to stabilize the partnership and enhance the company's plasma supply capabilities [2][3]. Financial Projections - Revenue projections for the company are as follows: 2.453 billion yuan in 2023, 2.942 billion yuan in 2024, and 3.382 billion yuan in 2025, indicating a growth rate of 2.0%, 19.9%, and 15.0% respectively [4]. - The net profit is expected to grow from 605 million yuan in 2023 to 920 million yuan in 2025, with corresponding growth rates of 3.0% and 18.6% [4]. Market Position - The company is expected to exceed 1,000 tons of plasma collection in 2023, entering the first tier of blood product companies in China. The number of plasma stations and the volume of plasma collected are key drivers for the company's development [3].