Investment Rating - The investment rating for the company is "Buy" [2][7]. Core Insights - The company achieved a revenue growth of 12.58% year-on-year in 2023, with a profit growth of 13.19%, indicating stable performance and solid industry position. In Q1 2024, revenue grew by 11.86% and profit by 11.98%, marking a strong start to the year. The company plans to distribute a cash dividend of 46.70 yuan per 10 shares, with a total cash dividend amounting to 18.127 billion yuan, both figures being record highs since its listing [2][3][5]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 832.72 billion yuan and a net profit attributable to shareholders of 302.11 billion yuan. For Q1 2024, revenue was 348.33 billion yuan, with a net profit of 140.45 billion yuan [3][5]. Product and Channel Performance - The company's core product, the eighth generation of Wuliangye, saw a sales increase of 17.98% year-on-year, contributing to a revenue growth of 13.50%. Other liquor products experienced a sales increase of 27.60% and revenue growth of 11.58%. Direct sales and distribution channels both performed well, with direct sales revenue up 12.53% and distribution revenue up 13.56% [2][3]. Profitability and Cost Management - The gross margin for 2023 slightly increased by 0.37% to 75.79%. The net profit margin remained stable at 37.85%. In Q1 2024, the gross margin improved to 78.43%, while the net profit margin slightly decreased to 42.02% [2][3][5]. Forecast and Valuation - The company is expected to achieve net profits of 341.54 billion yuan, 382.68 billion yuan, and 425.68 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 8.80, 9.86, and 10.97 yuan per share. The price-to-earnings ratio is projected to be 17, 15, and 13 for the same years [5][6].

[Table_RightTitle] 证券研究报告|电子 公 [Table_Title] [Table_StockRank] 司 24Q1 扣非同比大幅增长，持续加强高增长 增持 研 (维持) 究 领域布局 [Table_StockName] [Table_ReportDate] ——长电科技（600584）点评报告 2024年04月30日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 公司披露 2023年年度报告及 2024 年一季报。2023年，公司实现营收 总股本（百万股） 1,789.04 296.61亿元（同比-12.15%），归母净利润14.71亿元（同比-54.48%）， 流通A股（百万股） 1,789.04 扣非归母净利润 13.23 亿元（同比-53.26%），其中 2023Q4 实现营收 收盘价（元） 26.20 公 92.31亿元（同比+2.75%），归母净利润4.97亿元（同比-36.16%），扣 总市值（亿元） 468.73 司 非归母净利润5.76亿元（同比-10.72%）。2023年公司拟向全体股东每 流通A股市值（亿元） 468.7 ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 五一黄金周在即，沉浸式旅拍引领出行新风 强于大市 研 (维持) 究 潮 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(04.22-04.28) 2024年04月29日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周（4月22日-4月28日）沪深 300指数上涨1.2%、申万社会服务 指数上涨 2.81%，社会服务指数跑赢沪深 300 指数 1.61 个百分点，在 社会服务 沪深300 10% 申万 31 个一级行业指数涨跌幅排第 11。年初至今沪深 300 指数上涨 5% 0% 行 4.46%、申万社会服务指数下跌9.9%，申万社会指数跑输沪深300指数 -5% -10% 14.36 个百分点，在申万 31 个一级子行业中涨跌幅排名第 25。上周社 业 -15% -20% 会服务子板块中均上涨，酒店餐饮 1.93%、旅游及景区 1.82%、教育 周 -25 ...

Investment Rating - The investment rating for the company is "Buy" [4][10][13] Core Views - The company achieved a revenue of 16.29 billion yuan in 2023, representing a year-on-year increase of 46.52%, with a net profit of 1.316 billion yuan, up 20.67% year-on-year. In Q1 2024, revenue reached 5.07 billion yuan, a 23.01% increase year-on-year, although net profit decreased by 6.61% to 341 million yuan [2][10] - The company continues to experience strong growth in gold products, with significant online sales growth and an accelerated pace of offline store expansion. The revenue from gold products reached 13.72 billion yuan in 2023, up 62.01% year-on-year, while the revenue from embedded products decreased by 29.4% [2][3] - The company has optimized its channel resources, resulting in a total of 5,106 stores by the end of 2023, with a net increase of 490 stores. In Q1 2024, offline business revenue continued to grow rapidly, with self-operated offline business revenue increasing by 28.73% year-on-year [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company's gross margin decreased by 2.64 percentage points to 18.14%, and the net margin decreased by 1.72 percentage points to 8.06% due to changes in revenue structure from increased gold sales and decreased embedded product sales [3][10] - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares for the 2023 fiscal year, with total cash dividends for the year amounting to 78.36% of the net profit [2] Revenue Forecast - The forecast for the company's revenue is as follows: 19.52 billion yuan in 2024, 22.33 billion yuan in 2025, and 25.56 billion yuan in 2026, with growth rates of 19.82%, 14.39%, and 14.49% respectively [4][11] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.34 yuan, 1.49 yuan, and 1.69 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12, 11, and 10 times [10][11]

Investment Rating - The investment rating for the company is "Add" [5] Core Insights - The company reported a significant increase in performance for Q1 2024, with revenue reaching 661 million yuan, a year-on-year increase of 38.73%, and a net profit attributable to shareholders of 111 million yuan, up 40.62% year-on-year [3][4] - The growth in revenue and net profit is attributed to a decrease in the prices of key raw materials and an increase in sales volume across various product categories [4] - The company has optimized its product structure, leading to a notable increase in average selling prices across different categories, with eye care products seeing a 15.11% increase in average price to 94.24 yuan per unit [4] - The gross margin improved significantly, rising by 5.93 percentage points to 74.61%, driven by product structure optimization and lower raw material costs [4] Summary by Sections Financial Performance - For Q1 2024, the company achieved revenue of 661 million yuan, a 38.73% increase year-on-year, and a net profit of 111 million yuan, reflecting a 40.62% increase [3][4] - The average selling prices for various product categories increased significantly, with skincare products up 37.89% to 84.10 yuan per unit [4] Profitability Metrics - The gross margin increased to 74.61%, while the net profit margin rose to 16.73%, an increase of 0.19 percentage points year-on-year [4] - The sales expense ratio increased to 50.29%, reflecting the company's ongoing investment in brand transformation and online competition [4] Future Projections - The company is expected to see continued growth, with projected net profits of 356 million yuan in 2024, 412 million yuan in 2025, and 486 million yuan in 2026, representing growth rates of 37.10%, 15.90%, and 17.82% respectively [9] - The earnings per share (EPS) are projected to be 0.89 yuan in 2024, 1.03 yuan in 2025, and 1.21 yuan in 2026 [9]

Group 1 - The core viewpoint indicates that the media industry is experiencing significant growth, with companies optimizing their product structures and enhancing research capabilities, leading to a positive development trend after three years of transformation [4][19]. - The report highlights that the company achieved a net profit margin of 16.73% in Q1 2024, reflecting a year-on-year increase of 0.19 percentage points, despite rising sales expenses due to ongoing online transformation efforts [4]. - The company is expected to see a continuous increase in net profit, with projections for 2024-2026 being 3.56 billion, 4.12 billion, and 4.86 billion yuan, representing year-on-year growth rates of 37.10%, 15.90%, and 17.82% respectively [4][19]. Group 2 - The report notes that the gold product segment continues to thrive, with 2023 revenue reaching 16.29 billion yuan, a year-on-year increase of 46.52%, and Q1 2024 revenue of 5.07 billion yuan, up 23.01% year-on-year [5][8]. - The company has expanded its offline store network significantly, with a total of 5,106 stores by the end of 2023, marking a net increase of 490 stores [5]. - The gross profit margin for 2023 decreased by 2.64 percentage points to 18.14%, primarily due to changes in the revenue structure from increased gold sales and decreased embedded product sales [5]. Group 3 - The report emphasizes that the company has successfully transitioned to an online sales model, with online revenue accounting for over 84% of total sales, driven by significant growth in platforms like Douyin and Tmall [9]. - The company’s main brand, Marubi, continues to focus on a big product strategy, while the second brand, PL Lianhuo, has seen a remarkable revenue increase of 125.14% year-on-year [9][20]. - The company has made substantial investments in research and development, collaborating with over 20 domestic and international research institutions, and has filed numerous patents to enhance its competitive edge [9][23].

策略研究|策略周观点 证 券 研 究 报 告 策略周观点 策略研究 正文目录 | --- | --- | --- | |----------|--------------------------------------------------|-------| | | | | | | 图表 1: 4月22日-4月26日当周主要指数涨跌幅（%）. | | | 图表 2: | 4 月 22 日-4 月 26 日当周申万一级板块涨跌幅（%） | | | 图表 3: | A 股日成交额(亿元) | | | 图表 4: | A 股主要宽幅指数单日成交换手率(%) | | | 图表 5: | 4月22日-4月26日当周申万一级行业成交额（亿元） | | | 图表 6: | 市场资金流向（亿元） | | | 图表 7: | 北向资金周成交额与成交净买入额（亿元） | | | 图表 8: | 主要宽幅指数当前估值水平（%）. | | | 图表 9: | 申万一级行业当前估值水平 . | | | 图表 10: | 4月21日-4月26日财经要闻. | | 第2页共10页 证券研究报告|策略报告 1.1 市场涨跌幅 4月22日- ...

[Table_RightTitle] 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 白酒板块上行，食饮龙头企业业绩喜人 (维持) 究 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(04.22-04.28) 2024年04月29日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周食品饮料板块上涨 4.01%，于申万 31 个子行业中位列第 7。上周 食品饮料 沪深300 （2024年4月22日-2024年4月28日），沪深300指数上涨1.20%， 5% 申万食品饮料指数上涨 4.01%，跑赢沪深 300 指数 2.81 个百分点，在 0% 行 申万31个一级子行业中排名第7。年初至今沪深300指数上涨4.46%， -5% 业 申万食品饮料指数下跌 0.75%，跑输沪深 300 指数 5.21 个百分点，在 -10% -15% 周 申万31个一级子行业中排名第11。上周食品饮料子板块多数上涨，其 -20% 观 中白酒（+4.93 ...

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 存储巨头宣布超千亿元扩产计划，国产量子 强于大市 研 (维持) 究 芯片交付 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(04.22-04.28) 2024年04月29日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年4月22日至4月28日期间，沪深300指数上涨1.20%，申万电子 电子 沪深300 指数上涨5.21%，在31个申万一级行业中排第4，跑赢沪深300指数4.01 10% 5% 个百分点。把握终端复苏和AI产业链加速建设的催化下，AIPC、AI手机、 0% 行 HBM、先进封装、存储芯片、面板等领域呈现的结构化投资机会。 -5% -10% 业 -15% 投资要点： -20% 周 -25% 观 产业动态：（1）消费电子：根据Counterpoint的手机销量周度报告数据， -30% -35% 点 2024年第一季度中国智能手机销量同比增长1.5 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 五一档影片供给量提升，票房表现有望维持 (维持) 究 [Table_ReportType] [Table_ReportDate] ——传媒行业跟踪报告 2024年04月29日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年五一档共上映8部重点影片，包括《九龙城寨之围城》、《维和防 传媒 沪深300 暴队》、《间谍过家家 代号：白》、《哈尔的移动城堡》、《没有一顿火 10% 锅解决不了的事》、《末路狂花钱》、《穿过月亮的旅行》、《猪猪侠大 0% 行 电影·星际行动》。 -10% 业 -20% 跟 投资要点： -30% 踪 整体票房：五一档影片供给量提升，票房表现有望维持。五一档作为电影 -40% 报 市场黄金档期之一，历来被市场寄予厚望。今年五一小长假为期5天，相 -50% 告 较其他仅有3天的假期，市场空间更加广阔，也更具突破潜力。回顾之前 数据来源：聚源，万联证券研究所 票房情况，总票房自2 ...