[Table_RightTitle] 证券研究报告|中药Ⅱ 公 [Table_Title] [Table_StockRank] 司 多个治疗领域收入高增长，整体盈利能力提 买入 研 (维持) 究 升 [Table_StockName] [Table_ReportDate] ——达仁堂（600329）点评报告 2024年04月25日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 2024年3月30日，公司发布2023年年报。2023年，公司实现营业收 总股本（百万股） 770.16 入82.22亿元（-0.33%），归母净利润9.87亿元（+14.49%），扣非归母 流通A股（百万股） 565.87 净利润9.52亿元（+23.80%）。2023Q4，公司实现营业收入24.29亿元 收盘价（元） 33.58 公 （-9.57%），归母净利润1.29亿元（-3.01%），扣非归母净利润1.10亿 总市值（亿元） 258.62 司 元（-8.33%）。 流通A股市值（亿元） 190.02 点 [个Ta股ble相_C对ha沪rt] 深 300 指数表现 评 投资要点: 报 ...

[Table_RightTitle] 证券研究报告|农林牧渔 行 [Table_Title] [Table_IndustryRank] 业 产能延续去化态势，预计生猪养殖利润逐 强于大市 (维持) 研 季提升 究 [Table_ReportType] ——生猪养殖 3 月份数据点评 [Table_ReportDate] 2024年04月25日 [投Ta资ble要_S点um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 ⚫ 产能延续去化态势，预计生猪供给收缩将贯穿 2024 年整 农林牧渔 沪深300 年：2024年 1季度末生猪存栏量达 40,850万头，创 2021 5% 年以来的新低，同比-5.2%，环比-5.9%，同比环比均回 0% -5% 行 落，较本轮周期存栏量最高位的 2022 年 4 季度末去化达 -10% 业 9.7%。2024 年 3 月末能繁母猪存栏量 3992 万头,创 2020 -15% 年 11 月以来的新低，同比-7.3%，环比-1.2%，持续 9 个 跟 -20% 月出现同比、环比双降。据农业农村部颁布的《生猪产能 -25% 踪 调控实施方案（2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The company reported a revenue of 10.06 billion yuan in 2023, representing a growth of 15.69%, and a net profit attributable to shareholders of 2.80 billion yuan, up by 13.15% [5][6]. - The core products, including "Pian Zai Huang" and "An Gong Niu Huang Wan," have shown strong growth, while the cosmetics segment has turned profitable and is expected to continue high growth [6][7]. - The company has adjusted its revenue forecasts for 2024, 2025, and 2026 to 11.64 billion yuan, 13.28 billion yuan, and 15.06 billion yuan, respectively, with corresponding net profits of 3.47 billion yuan, 4.08 billion yuan, and 4.73 billion yuan [9]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 10,058.50 million yuan and a net profit of 2,797.35 million yuan. The fourth quarter of 2023 saw a revenue of 2,458 million yuan, with a net profit of 392 million yuan [5]. - For Q1 2024, the company reported a revenue of 3,171 million yuan, reflecting a growth of 20.58%, and a net profit of 975 million yuan, up by 26.61% [5]. Product Performance - The liver disease medication generated revenue of 4,463 million yuan in 2023, with a gross margin of 78.79%. The cardiovascular medication saw a revenue increase of 60.57% to 266 million yuan, but its gross margin decreased significantly [6]. - The cosmetics segment achieved a revenue of 707 million yuan in 2023, turning profitable with a gross margin of 62.18%. In Q1 2024, the cosmetics revenue surged to 200 million yuan, marking an 83.18% increase [7]. Cost and Margin Analysis - The overall gross margin for 2023 was 46.76%, with a net margin of 28.35%. In Q1 2024, the gross margin slightly improved to 47.26%, while the net margin increased to 31.50% [9]. - The company faced rising material costs, impacting the gross margins of its core products, particularly in the liver and cardiovascular medication segments [6]. Future Outlook - The company is expected to maintain strong growth in its core products and cosmetics, with a focus on brand marketing and expanding its product lines [7][9]. - The adjusted earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 5.74 yuan, 6.77 yuan, and 7.84 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 39.93, 33.90, and 29.25 [9].

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 04 月 25 日 星期四 【市场回顾】 周三，A 股震荡反弹，上证指数涨 0.76%报 3044.82 点，深证成指涨 0.74%，创业板指涨 0.70%。A 股两市全天成交额约 7951.58 亿元人民 币，北向资金净买入 46.06 亿元人民币，其中，沪股通净买入 30.70 亿元人民币，深股通净买入 15.36 亿元人民币；南向资金净买入 19.95 亿港元。A 股两市个股超 4000 只上涨。申万行业方面，通信、计算 机行业领涨，煤炭、农林牧渔行业领跌；概念板块方面，铜缆高速连 接、飞行汽车概念指数涨幅居前，草甘膦、转基因概念指数跌幅居前。 港股方面，香港恒生指数收涨 2.21%报 17201.27 点，恒生科技指数 涨 3.61%。海外方面，美国三大股指涨跌不一，道指跌 0.11%，标普 500 指数涨 0.02%，纳指涨 0.10%。欧洲股市小幅下跌，亚太股市主 要股指多数收涨。 【重要新闻】 【新一批智能交通先导应用试点项目公布】4 月 23 日，交通运输部 公布第二批智能交通先导应用试点项目（自 ...

Investment Rating - The investment rating for the company is "Buy" [5][14]. Core Insights - The company reported a revenue of 7.294 billion yuan in Q1 2024, representing a year-on-year growth of 14.82%. The net profit attributable to shareholders was 1.364 billion yuan, up 18.49%, while the net profit excluding non-recurring items was 1.328 billion yuan, an increase of 17.38% [3][11]. - The CHC (Consumer Health Care) business is experiencing rapid growth, with a strong performance in prescription drugs. The demand for the 999 cold medicine has been boosted by ongoing consumer needs and the high incidence of colds [4]. - The integration with Kunming Pharmaceutical Group is progressing steadily, laying a solid foundation for future collaboration. The strategic development plan for the next five years focuses on chronic disease management and premium traditional Chinese medicine [4]. - The company is actively developing innovative drugs, improved innovative drugs, generic drugs, and classic formulas. As of Q1 2024, the R&D pipeline includes several projects in various therapeutic areas, with one product recently approved for market [4][11]. Financial Forecast - The forecasted revenues for 2024, 2025, and 2026 are 29.191 billion yuan, 33.509 billion yuan, and 37.284 billion yuan, respectively. Corresponding net profits are expected to be 3.390 billion yuan, 3.847 billion yuan, and 4.265 billion yuan [5][11]. - The earnings per share (EPS) are projected to be 3.43 yuan, 3.89 yuan, and 4.32 yuan for the years 2024, 2025, and 2026, respectively [5][11].

[Table_RightTitle] 证券研究报告|房地产 公 [Table_Title] [Table_StockRank] 司 买入 研 利润端承压下降，市占率持续提升 (维持) 究 [Table_StockName] [Table_ReportDate] ——保利发展（600048）点评报告 2024年04月24日 [事Ta件bl:e4_S月um23m日ar，y公] 司披露了2023年年报，公司实现营业收入3468.94 [基Ta础ble数_B据ase Data] 亿元，同比上升23.40%，公司实现净利润178.99亿元，同比下降33.68%； 总股本（百万股） 11,970.44 归母净利润120.67亿元，同比下降34.13%。 流通A股（百万股） 11,970.44 点评： 收盘价（元） 8.04 公 公司2023年业绩与业绩快报一致，利润端承压下降：（1）收入端，公 总市值（亿元） 962.42 司 司积极推进保交付，全年实现竣工面积4053万平，同比增长2%，支撑 流通A股市值（亿元） 962.42 点 结算收入实现稳定增长。公司2023年新开工面积1491万平，同比下降 [个Ta股ble相 ...

证券研究报告|轻工制造 [Table_StockName] ——好太太（603848）点评报告 [Table_ReportDate] 2024 年 04 月 24 日 投资要点: 产品结构持续优化，线上线下双驱发展。分产品：公司主营产品从传统 晾晒产品向智能晾晒产品持续升级，2023 年，公司智能家居产品实现 收入 14.33 亿元（同比+26.39%），占主营业务收入比例提升至 85.70%； 毛利率上升 4.84 个 pct 至 53.10%；晾衣架产品收入 2.16 亿元（同比 +1.58%），占主营业务比例下滑至 12.89%，毛利率上升 6.62 个 pct 至 44.04%。分渠道：公司积极拓宽线下渠道，实现线上线下双驱发展。2023 年线下渠道实现销售收入快速增长，同比+37.51%，占比提升至 39.82%。 线上渠道实现销售收入 10.06 亿元，同比+13.71%。 -30% -20% -10% 0% 10% 20% 30% 40% 好太太 沪深300 | --- | --- | --- | --- | --- | |------------------------|---------|- ...

Core Insights - The report highlights a mixed performance in the domestic market, with the Shanghai Composite Index closing at 3,021.98, down 0.74%, while the ChiNext Index saw a slight increase of 0.15% [6][9] - The report indicates that the A-share market experienced a total trading volume of approximately 775.71 billion RMB, with northbound funds showing a net sell of 2.997 billion RMB [6][9] - The beauty and food & beverage sectors led the gains in the Shenwan industry classification, while non-ferrous metals and steel sectors faced declines [6][9] Company Analysis - The report discusses Mango TV's strong performance in 2023, with effective playback volume for variety shows increasing by 31% and for series by 46%, leading the long video industry [13] - The company achieved an annual revenue of 14.628 billion RMB in 2023, reflecting a year-on-year increase of 4.66%, and a net profit of 3.556 billion RMB, up 90.73% year-on-year [12] - In Q1 2024, Mango TV reported a revenue of 3.324 billion RMB, a 7.21% increase year-on-year, but a decline in net profit by 13.85% [12] Industry Trends - The report notes that the bond custody volume growth has slowed, with a total custody balance of 143.4 trillion RMB, reflecting a month-on-month increase of 0.79 trillion RMB [27] - The report highlights a significant increase in local government bonds, while the growth in national bonds has notably decreased [27] - The leverage ratio in the bond market is estimated at 108.7%, showing a slight increase of 0.4 percentage points month-on-month [28]

Investment Rating - The investment rating for the company is "Add" [5][11]. Core Insights - The company has solidified its position as a leader in variety shows and optimized its layout for long and short dramas, with significant increases in effective playback volume for both genres in 2023 [3][8]. - The membership business has entered a new phase of high-quality development, with a notable increase in member revenue and a strong recovery trend in advertising business [3][8]. - The acquisition of Hunan Golden Eagle Cartoon Media Co., Ltd. has enriched the company's content matrix and expanded its "four-platform" model, enhancing its core competitiveness [3][8]. Summary by Sections Financial Performance - In 2023, the company achieved an annual revenue of 14.628 billion yuan, a year-on-year increase of 4.66%, and a net profit attributable to shareholders of 3.556 billion yuan, a year-on-year increase of 90.73% [3][4]. - For Q1 2024, the company reported a revenue of 3.324 billion yuan, a year-on-year increase of 7.21%, and a net profit of 472 million yuan, a year-on-year decrease of 13.85% [3][4]. Business Development - The company is focusing on deepening its variety show offerings and exploring new markets, with plans for new shows and collaborations, including a partnership with Douyin for micro-short dramas [3][8]. - The membership revenue grew by 35.64% year-on-year in Q4, with the total number of effective members reaching 66.53 million, marking a new high [3][8]. Forecast and Valuation - The revenue forecast for 2024-2026 is set at 16.2778 billion yuan, 17.7625 billion yuan, and 19.336 billion yuan, respectively, with corresponding net profits of 2.1729 billion yuan, 2.3279 billion yuan, and 2.6513 billion yuan [4][8]. - The earnings per share (EPS) are projected to be 1.16 yuan, 1.24 yuan, and 1.42 yuan for the years 2024, 2025, and 2026, respectively [4][8].

[Table_RightTitle] 证券研究报告|食品饮料 公 [Table_Title] [Table_StockRank] 司 增持 研 业绩表现超预期，盈利能力有所下降 (维持) 究 [Table_StockName] [Table_ReportDate] ——东鹏饮料（605499）点评报告 2024年04月23日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 2024年4月23日，公司发布2024年一季度报告。2024年第一季度， 总股本（百万股） 400.01 公司实现营收34.82亿元（同比+39.80%），归母净利润6.64亿元（同 流通A股（百万股） 159.27 比+33.51%），扣非归母净利润6.24亿元（同比+37.76%）。 收盘价（元） 195.60 公 总市值（亿元） 782.42 司 投资要点: 流通A股市值（亿元） 311.53 点 ⚫ 公司业绩表现超预期。2024Q1，公司实现营收 34.82 亿元（同比 [个Ta股ble相_C对ha沪rt] 深 300 指数表现 评 +39.80%），归母净利润6.64亿元（同比+33.5 ...