Compa n y U pda te Ch in a Resea rch Dep t . 阿 2024年04月30日 伊利股份(600887.SH) BUY 买进 顾向君 H70420@capitalcom.tw 主业平稳，非经常性损益造成盈利波动 目标价(元) 35 结论与建议： 公司基本资讯 产业别 食品饮料 业绩概要： A股价(2024/4/29) 28.29 公告2023年实现营收1261.8亿，同比增2.4%，录得净利润104.3亿， 上证指数(2024/4/29) 3113.04 股价12个月高/低 29.92/25.2 同比增10.6%，扣非后净利润100.3亿，同比增16.8%；4Q实现营收287.8亿， 总发行股数(百万) 6366.10 同比下降1.8%，录得净利润10.5亿，同比下降23.5%，录得扣非后净利润15.7 A股数(百万) 6305.09 A市值(亿元) 1783.71 亿，同比增56.5%。 主要股东 香港中央结算 24Q1实现营收325.8亿，同比下降2.6%，录得净利润59.2亿，同比增 有限公司 63.8%，扣非后净利润37.3亿，同比增12.4%。 (13.00%) ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月29日 石头科技(688169.SZ) 买进（Buy） 赵旭东 H70556@capital.com.tw 目标价(元) 446 24Q1利润翻倍增长，后续新品放量将支撑利润继续增长 公司基本信息 业绩概览：公司2024年Q1实现营收18.4亿元,YOY+58.7%,录得归母净利4.0亿 产业别 机械设备 元，YOY+95.2%，扣非后净利3.4亿元，同比+110.0%。 A股价(2024/4/26) 382.30 上证指数(2024/4/26) 3088.64 点评： 股价12个月高/低 391.63/204.37 总发行股数(百万) 131.48  24Q1公司收入增长超5成：公司24Q1实现营收18.4亿元,YOY+58.7%， A股数(百万) 131.48 我们估计公司营收增长主要受海外业务驱动。2023年公司海外渠道取得 A市值(亿元) 502.64 主要股东 昌敬(22.10%) 诸多进展，包括入驻美国target180余家精选店铺、法国线下渠道突破、 每股净值(元) 89.64 德国亚马 ...

2024 年 04 月 29 日 费倩然 H70507@capital.com.tw 目标价(元) 186 | --- | |------------------| | | | 机构投资者占流通 | | 基金 一般法人 | 业绩表现优异，看好半导体复苏 公司是国内CMP抛光液龙头企业，24Q1营收和利润同比大增，Q1毛利率同 比提升。看好公司"3+1"技术平台核心竞争力稳步提高，抛光液、功能性湿 电子化学品、电镀液及添加剂、上游核心原材料协同发展。半导体国产替代 背景下，看好公司加速成长，维持"买进"评级。 国产替代推进，看好半导体复苏：半导体国际贸易形势紧张的背景下， 国产替代需求加速。晶圆制程的进步也推动 CMP 抛光材料的需求，制程 越先进，晶圆制造中平坦化的重复次数就越多，对 CMP 抛光材料的需求 持续增加。我们看好公司在销量和市占上持续提升。 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------|--------------|---------|--------|------------- ...

Compa n y U pda te Ch in a Rese ar ch Dep t . 2024年04月29日 鱼跃医疗(002223.SZ) 买进（Buy） 王睿哲 C0062@capital.com.tw 产品结构优化，毛利率提升明显 目标价(元) 43 结论及建议： 公司基本资讯 产业别 医药生物  公司业绩：公司发布2023年及24Q1财报，2023年实现营收79.7亿元， A股价(2024/4/26) 36.65 YOY+12.3%,录得归母净利润24.0亿元,YOY+50.2%,扣非后归母净利润 深证成指(2024/4/26) 9463.91 18.4亿元,YOY+46.8%,公司净利增速符合预期。分季度来看，23Q4单季 股价12个月高/低 38.03/30.56 总发行股数(百万) 1002.48 度实现营收13.1亿元,YOY+7.7%,录得归母净利润2.1亿元，YOY-55.4%, A股数(百万) 938.67 扣非后归母净利润1.7亿元,YOY-43.2%；24Q1营收22.3亿元，YOY-17.4%, A市值(亿元) 344.02 主要股东 江苏鱼跃科技发 录得归母净利润6.6亿 ...

C o m p a n y U p d a t e 公司基本资讯 产业别 通信 A 股价(2024/4/28) 16.23 深证成指(2024/4/28) 9463.91 股价 12 个月高/低 25.53/11.62 总发行股数(百万) 765.74 A 股数(百万) 530.94 A 市值(亿元) 44.55 主要股东 张天瑜(36.76%) 每股净值(元) 3.96 股价/账面净值 2.12 一个月 三个月 一年 股价涨跌(%) 7.1 6.4 -14.2 广和通（300638） Buy 买进 C h i n a R e s e a r c h D e p t . 公司发布2023年年报、2024年一季报，2023年公司全年营收77.16亿元， YOY+36.7%，归母净利润5.64亿元，YOY+54.6%；扣非后归母净利润5.36亿元， YOY+69.5%。 2023年各项业务稳健发展，并表拉动业绩快速增长：公司车载和FWA业 务增速较高，公司子公司广通远驰+锐凌无线布局，基于 MT2735 平台的 车规 5G 模组 AN768 全球首款量产交付；此外PC方面方面行业竞争压 力放缓，行业较2022年有 ...

Compa n y U pda te Ch in a Resea rch Dep t . 阿 2024年04月29日 泸州老窖(000568.SZ) BUY 买进 顾向君 H70420@capitalcom.tw 目標價(元) 225 圆满实现年度目标，营销升级冲刺2024 公司基本資訊 结论与建议： 產業別 食品饮料 业绩概要： A股价(2024/4/26) 186.42 深证成指(2024/4/26) 9463.91 公告2023年实现营收302.3亿，同比增20.3%，录得净利润132.5亿，同比 股價12個月高/低 250.16/140.01 增27.8%；4Q实现营收82.9亿，同比增9.1%，录得净利润26.8亿，同比增 總發行股數(百萬) 1471.99 24.8%。业绩符合预期。 A股數(百萬) 1467.27 A市值(億元) 123.10 24Q1实现营收92亿，同比增20.7%，录得净利润45.7亿，同比增23.2%， 主要股東 泸州老窖集团 顺利实现开门红。 有限责任公司 分红方案：每10股派发现金股利54元 (25.89%) 每股淨值(元) 31.41 点评： 股價/賬面淨值 0.27 ...

Investment Rating - The investment rating for the company is "BUY" [1][4]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of RMB 83.27 billion in 2023, a year-on-year increase of 12.6%, and a net profit of RMB 30.21 billion, up 13.2% year-on-year [2][3]. - The company aims to maintain a stable pricing strategy while enhancing brand value, with a target price set at RMB 178 [2]. - The company plans to distribute a cash dividend of RMB 46.7 per 10 shares [2]. Summary by Sections Company Overview - The company operates in the food and beverage industry, with a current A-share price of RMB 152.25 as of April 28, 2024, and a market capitalization of RMB 590.96 billion [1]. - Major shareholders include Yibin Development Holdings, holding 34.43% of shares [1]. Financial Performance - In Q4 2023, the company reported revenue of RMB 20.74 billion, a 14% increase year-on-year, and a net profit of RMB 7.38 billion, up 10% year-on-year [2]. - For Q1 2024, the company achieved revenue of RMB 34.83 billion, a year-on-year increase of 11.9%, with a net profit of RMB 14.05 billion, up 12% year-on-year [3]. - The gross profit margin for 2023 was 75.8%, a slight increase of 0.4 percentage points year-on-year [2]. Future Projections - The company is projected to achieve net profits of RMB 34.93 billion, RMB 39.06 billion, and RMB 43.36 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.6%, 11.8%, and 11% [3][7]. - The earnings per share (EPS) are expected to be RMB 9.00, RMB 10.06, and RMB 11.17 for the same years, with corresponding price-to-earnings (P/E) ratios of 17, 15, and 14 [3][7]. Dividend Policy - The company plans to increase its dividend payout ratio to 60%, resulting in a dividend yield of 3% [3].

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月26日 汇川技术(300124.SZ) 买进（Buy） 赵旭东 H70556@capital.com.tw 目标价(元) 69 新能源车业务高速增长，海外业务有望突破 业绩概览： 公司基本信息 2023年实现营收304.2亿元，YOY+32.2%；录得归母净利润47.4亿 产业别 电气设备 A股价(2024/4/25) 57.43 元,YOY+9.8%；扣非后净利润40.7亿元，YOY+20.1%。其中，23Q4实现营收103.0 深证成指(2024/4/25) 9264.48 亿元,YOY+52.2%，录得归母净利润14.2亿元，YOY+15.2%；扣非后净利润10.2 股价12个月高/低 75.74/52.22 亿元，YOY+55.5%，非经常性损益主要包含海外基金项目公允价值变动收益。 总发行股数(百万) 2677.13 A股数(百万) 2336.79 24Q1实现营收64.9亿元,YOY+35.8%；录得归母净利8.1亿元，YOY+8.6%； A市值(亿元) 1342.02 扣非后净利润7.9亿 ...

Investment Rating - The report assigns a "BUY" rating for Shanxi Fenjiu (600809.SH) with a target price of 285 CNY [1]. Core Insights - The company achieved a revenue of 31.93 billion CNY in 2023, representing a year-on-year increase of 21.8%, and a net profit of 10.44 billion CNY, up 29% year-on-year [4]. - The company is expected to continue its growth trajectory, with projected net profits of 12.94 billion CNY, 15.4 billion CNY, and 18.22 billion CNY for 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 24%, 19%, and 18.4% [4][6]. Company Overview - Shanxi Fenjiu operates in the food and beverage industry, specifically focusing on high-end liquor products [2]. - As of April 25, 2024, the stock price was 245.58 CNY, with a market capitalization of approximately 299.6 billion CNY [2]. Financial Performance - The company reported a gross margin of 75.31% in 2023, which remained stable compared to the previous year [4]. - The company’s earnings per share (EPS) for 2023 was 8.56 CNY, with projections of 10.61 CNY, 12.61 CNY, and 14.93 CNY for the next three years [6]. Shareholder Information - Major shareholders include Shanxi Xinghuacun Fen Wine Group Co., Ltd., holding 56.58% of shares [2]. - Institutional investors hold 15.2% of the circulating A-shares, with general corporations holding 70.4% [3]. Market Position - The company has seen significant growth in both domestic and international markets, with revenue from domestic sales reaching 12.08 billion CNY, a 20.4% increase year-on-year, and revenue from outside the province reaching 19.66 billion CNY, up 22.8% [4]. - The premium liquor segment, particularly the Qinghua series, has shown strong performance, contributing to 46% of total sales [4].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 11 CNY [1]. Core Insights - The company has experienced rapid growth in parcel volume and a quarterly recovery in gross margin, achieving a revenue of 40.92 billion CNY in 2023, representing a year-over-year increase of 18.4% [1]. - The company implemented a price reduction strategy to capture market share, resulting in a significant increase in parcel volume, projected to reach 175.1 billion parcels in 2023, a year-over-year growth of 35.2% [1]. - The gross margin for 2023 was reported at 4.2%, showing a slight decrease from the previous year, but with a recovery trend observed in the latter quarters [1]. Financial Performance Summary - The company achieved a net profit of 3.4 billion CNY in 2023, reflecting a year-over-year increase of 20.8% [1]. - Revenue for Q4 2023 was 12.1 billion CNY, with a year-over-year growth of 55.9%, while Q1 2024 revenue reached 10.13 billion CNY, up 21.5% year-over-year [1]. - The projected net profit for 2024 is expected to be 7.86 billion CNY, with an EPS of 0.51 CNY, indicating a strong recovery and growth trajectory [9]. Market Position and Strategy - The company has increased its market share by 1.55 percentage points to 13.3%, outperforming competitors such as YTO Express and Yunda Express [1]. - The company is focusing on enhancing digital management and optimizing transportation routes, which is expected to further reduce costs and improve profitability [1]. - The report highlights the company's commitment to investing in automated sorting facilities, which has led to a 26% year-over-year increase in daily capacity [1].