[Table_StockInfo] 买入 2024年 04月 30日 （维持） 证券研究报告•2024年一季报点评 当前价： 425.02元 石头科技（688169） 家用电器 目标价： ——元（6个月） 业绩持续超预期，Q2 新品势能有望集中释放 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 2024年一季报，2024年Q1公司实现营收18.4亿元，同比增 [分Ta析bl师e_：Au龚th梦or泓] 长 58.7%；实现归母净利润 4亿元，同比增长 95.2%；实现扣非净利润 3.4亿 执业证号：S1250518090001 元，同比增长110%。 电话：023-63786049  国内预计 Q2集中确认新品收入，有望量价双增。公司2024年 2月发布新产品 邮箱：gmh@swsc.com.cn P10S，并于3月 29日推出V系列和 G系列新品开始预售，V系列和G系列新 联系人：方建钊 品预售收入并未确认计入2024年 Q1营收，预计将会在2024年Q2集中释放。 电话：18428374714 此外，P系列新品相较于老品价格有所提升，预计在Q2进行收入确认时能够带 邮 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 78.1 billion yuan in 2023, a year-on-year increase of 13.4% (adjusted), and a net profit attributable to shareholders of 27.2 billion yuan, up 14.8% (adjusted) [2] - The company experienced a decrease in electricity generation due to lower water inflow, but the injection of the Wudongde and Baihetan hydropower stations has brought new momentum [2][3] - The average on-grid electricity price for the company in 2023 was 281.3 yuan per megawatt-hour, an increase of 11.56 yuan per megawatt-hour year-on-year [2] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 15.6 billion yuan, a year-on-year increase of 1.6%, and a net profit of 3.97 billion yuan, up 9.8% [2] - The company's gross margin was 57.8% and net margin was 35.8% in 2023, a decrease of 5.79 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 0.82 yuan per share, with a payout ratio of 73.7% [2] Profit Forecast - The company is expected to achieve net profits of 32.8 billion, 36.5 billion, and 39.0 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.34, 1.49, and 1.59 yuan [3][4] - Revenue growth rates are projected at 4.25%, 7.65%, and 7.50% for the years 2024, 2025, and 2026, respectively [4] Operational Metrics - The company’s total assets were reported at 568.7 billion yuan, with a total market capitalization of 631.0 billion yuan [6] - The company’s return on equity (ROE) is projected to be 14.73%, 15.22%, and 15.14% for the years 2024, 2025, and 2026, respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2023 reached 7.96 billion yuan, a year-on-year increase of 21.3%, while the net profit attributable to shareholders was 1.78 billion yuan, a decrease of 5.4% [2] - The company has received approval for clinical trials of its innovative drug SR604, which is aimed at treating hemophilia and congenital factor VII deficiency [2] - Revenue forecasts for 2024-2026 are projected at 9.11 billion yuan, 10.3 billion yuan, and 11.7 billion yuan respectively, with net profits expected to be 2.36 billion yuan, 2.7 billion yuan, and 3.03 billion yuan [2] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 79.6 billion yuan, with quarterly revenues of 20.6 billion, 18.4 billion, 20.3 billion, and 20.3 billion yuan, reflecting growth rates of +22.4%, +14.3%, +22.7%, and +25.6% respectively [2] - The self-operated blood products revenue was 4.3 billion yuan, up 15%, while the agency sales of imported human albumin reached 3.5 billion yuan, up 28% [2][10] - The company reported a net profit of 1.78 billion yuan for 2023, with a quarterly breakdown of 720 million, 520 million, 550 million, and a loss of 80 million yuan in Q4 [2] Product Development - The innovative drug SR604 received approval for clinical trials, which is expected to significantly improve patient compliance with a proposed administration schedule of once every four weeks [2] Future Projections - Revenue and net profit forecasts for 2024-2026 indicate a steady growth trajectory, with expected revenues of 91.1 billion yuan in 2024, 103 billion yuan in 2025, and 117 billion yuan in 2026 [2][10] - The company anticipates a strong performance in its self-operated blood products business and an enhanced market position through agency sales of imported human albumin [2]

[Table_StockInfo] 买入 2024年 05月 04日 （维持） 证券研究报告•2023年年报点评 当前价： 19.18元 温氏股份（300498） 农林牧渔 目标价： 26.16元（6个月） 规模逆势增长，养殖成绩持续好转竞争力增强 投资要点 西南证券研究发展中心 [T a业ble绩_S总u结m：ma公ry司] 发布 2023 年年报及 2024 年一季报。公司 2023 年实现营收 [分Ta析bl师e_：Au徐th卿or ] 899.21亿元，同比+7.4%，归母净利亏损63.90亿元，同比-220.81%。2024Q1 执业证号：S1250518120001 实现营收 218.48 亿元，同比+9.38%，归母净利亏损 12.36 亿元，同比减亏 电话：021-68415832 55.03%。 邮箱：xuq@swsc.com.cn  点评：规模逆势增长，养殖成绩持续好转竞争力增强。公司利润同比出现大幅下 联系人：赵磐 降主要原因系报告期内黄羽鸡价格总体相对低迷，猪价持续低迷。2023年公司 电话：010-57758503 邮箱：zhaopan@swsc.com.cn 销售肉猪2626万 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][25]. Core Views - The company has shown steady growth in production and sales, with improving profitability trends [14][15]. - The overall revenue for 2023 was 186.9 billion yuan, a year-on-year increase of 1.8%, while the net profit attributable to shareholders was 1.8 billion yuan, a decrease of 20.3% [1][5]. - The company is expected to see significant earnings growth in the coming years, with projected EPS of 0.58 yuan, 0.71 yuan, and 0.82 yuan for 2024, 2025, and 2026 respectively [4][5]. Performance Summary - In Q4 2023, the company achieved a revenue of 50.2 billion yuan, a year-on-year increase of 11%, and a net profit of 2.7 billion yuan, a year-on-year increase of 171.4% [1][5]. - For Q1 2024, the company reported a revenue of 44 billion yuan, a year-on-year increase of 5.7%, and a net profit of 1 billion yuan, a year-on-year increase of 120.2% [1][5]. Production and Sales - The company produced 4.188 million tons of mechanical paper in 2023, a year-on-year increase of 14.1% [2]. - Whiteboard paper revenue reached 11.94 billion yuan in 2023, with production and sales volumes increasing by 2.8% and 9.5% respectively [2]. Revenue Breakdown - Cultural paper revenue increased significantly by 105.9% to 4.25 billion yuan in 2023, driven by stable demand for educational materials [2][23]. - Boxboard paper revenue decreased by 11.2% to 1.83 billion yuan due to weak demand in the domestic real estate market [2][23]. Profitability Analysis - The overall gross margin for the company in 2023 was 10.8%, with a notable improvement in Q4 2023 gross margin to 17.1% [15]. - The gross margin for cultural paper was 12.5%, reflecting a year-on-year increase of 4.9 percentage points [15]. Future Outlook - The company is expected to benefit from a recovery in white card prices and improved margins, with projected revenue growth rates of 13.94%, 10.02%, and 8.48% for 2024, 2025, and 2026 respectively [4][6][23]. - The company has sufficient capacity planning and is expected to improve its profitability margins [4][25].

请务必阅读正文后的重要声明部分 1 在建产能充足，产线效率持续改善。产能方面，公司年产 45万吨高档信息纸机 不断突破瓶颈，实现产能稳步爬坡；江苏基地 80万吨高档特种纸板扩建项目积 极推进，建成后将形成全木浆零塑纸杯原纸、高端社会卡纸和高档烟卡纸等高 附加值品类产能，该项目将为江苏基地规模扩大和生产力提升提供有力支撑， 在成本领先基础上，更好服务华东及海外客户的多元化需求；山东基地将推动 液包、食品卡、高档办公用纸、淋膜纸等差异化产品的持续产量爬坡，同时开 [Table_Author] 分析师：蔡欣 执业证号：S1250517080002 电话：023-67511807 邮箱：cxin@swsc.com.cn 分析师：赵兰亭 执业证号：S1250522080002 电话：023-67511807 邮箱：zhlt@swsc.com.cn 发涂布牛卡、本色纸杯纸、不打水不电晕高档纸杯纸等新型纸品，随着公司新 品产能释放，产线效率进一步提升，公司产品结构有望进一步优化。 | --- | --- | --- | --- | --- | |----------------------------------|---- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 26.16 CNY over the next six months [1][11]. Core Insights - The company reported a revenue of 89.92 billion CNY in 2023, a year-on-year increase of 7.4%, but faced a net loss attributable to shareholders of 6.39 billion CNY, a significant decline of 220.81% compared to the previous year. In Q1 2024, revenue was 21.85 billion CNY, up 9.38% year-on-year, with a reduced net loss of 1.24 billion CNY, a decrease in loss of 55.03% [2][3]. - The company has shown resilience with growth in scale despite adverse market conditions, particularly in the poultry and pig farming sectors. The decline in profits was primarily due to low prices for yellow feathered chickens and pigs during the reporting period [2][3]. - The company sold 26.26 million pigs in 2023, a 46.65% increase year-on-year, generating revenue of 46.26 billion CNY, up 12.67%. The average selling price for pigs was 14.81 CNY/kg, down 22.26% year-on-year. Chicken sales reached 1.183 billion birds, a 9.51% increase, with revenue of 34.69 billion CNY, a 2.21% increase [2][3]. - The company aims to sell between 30 to 33 million pigs in 2024, an increase of 4 to 7 million compared to 2023, with a current effective breeding capacity exceeding 35 million pigs [2][3]. - The yellow chicken farming segment is expected to maintain a high level of profitability, with a projected profit of 2-3 CNY per chicken over the full cycle [2][3]. Financial Projections - The company forecasts earnings per share (EPS) of 1.09 CNY, 1.69 CNY, and 1.35 CNY for 2024, 2025, and 2026 respectively, with corresponding dynamic price-to-earnings (PE) ratios of 18, 11, and 14 times [3][4]. - Revenue is expected to grow to 112.72 billion CNY in 2024, 126.16 billion CNY in 2025, and 136.32 billion CNY in 2026, with growth rates of 25.38%, 11.93%, and 8.05% respectively [4][10]. - The net profit attributable to shareholders is projected to recover to 7.25 billion CNY in 2024, 11.27 billion CNY in 2025, and 8.97 billion CNY in 2026, reflecting growth rates of 213.42%, 55.57%, and -20.42% respectively [4][10]. Market Position and Competitiveness - The company is the largest poultry farming enterprise in China, with an expanding market share. The expected growth rates for chicken output are 10% for 2024 and 2025, and 8% for 2026 [9][11]. - The company is positioned to benefit from a recovery in pig prices and improved cost management, with a projected gross margin of 9% for the pig segment in 2024 [9][11].

[Table_StockInfo] 买入 2024年 05月 05日 （维持） 证券研究报告•2023年年报点评 当前价： 7.18元 上海莱士（002252） 医药生物 目标价： ——元（6个月） 全年收入增长符合预期 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年报&2024年一季报，2023年实现收入79.6亿元，同比 [分Ta析bl师e_：Au杜th向or阳] +21.3%，实现归母净利润17.8亿元，同比-5.4%，扣非归母净利润18.2亿元， 执业证号：S1250520030002 同比-0.6%。2024年一季度实现收入 20.6亿元，同比-0.3%，实现归母净利润 电话：021-68416017 7.6亿元，同比+5.4%，扣非归母净利润5.9亿元，同比-16.6%。 邮箱：duxy@swsc.com.cn  23Q4/24Q1 表观利润受投资收益影响。2023 公司各季度收入分别为 分析师：王彦迪 20.6/18.4/20.3/20.3 亿元(+22.4%/+14.3%/+22.7%/+25.6%)，整体收入增长符 执业证号：S12505240 ...

2024年 05月 05日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（4.29-4.30） 预计 4 月新能源渗透率达 45%，重卡市场仍处上升通道 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m上m周ar，y] SW汽车板块与上周持平，沪深 300上涨 0.6%。估值上， 分析师：郑连声 截止4月30日收盘，汽车行业PE（TTM）为21倍，较前一周上涨2.2%。 执业证号：S1250522040001 电话：010-57758531  投资建议：乘用车方面，4月，乘联会预测狭义乘用车零售约 160.0万辆，环 邮箱：zlans@swsc.com.cn 比-5.3%，同比-1.5%。其中，新能源零售约72.0万辆，与上月持平，同比+37.1%， 联系人：冯安琪 渗透率预计可达45.0%。近期，商务部、财政部等7部门联合印发《汽车以旧 换新补贴实施细则》，在政策推动下，汽车报废量空间较大，新能源乘用车渗 电话：021-58351905 邮箱：faz@swsc.com.cn 透率有望持续提升。商用车方面，4月重卡销量约8.7万辆， ...

[2T0a2b4le年_I0n5du月str0y5In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（4.29-5.5） 2024 年 5 月第一周创新药周报 A股和港股创新药板块及XBI指数本周走势 西南证券研究发展中心 20 2[T4a年ble5_S月u第mm1a周ry，] 陆港两地创新药板块共计 53个股上涨，9个股下跌。其中 [分Ta析bl师e_：Au杜th向or阳] 涨幅前三为乐普生物-B（+27.18%）、开拓药业-B (+26.04%)、基石药业-B 执业证号：S1250520030002 (+22.22%)。跌幅前三为艾迪药业 (-4.89%)、迈博药业-B (-4.82%)、嘉和生物-B 电话：021-68416017 (-2.34%)。 邮箱：duxy@swsc.com.cn 本周 A 股创新药板块上涨 1.28%，跑赢沪深 300 指数 0.72pp，生物医药上涨 [行Ta业bl相e_对Qu指o数te表Pic现] 1.42%。近 6个月 A股创新药累计下跌2%，跑输沪深 300指数 2.39pp，生物医 药累计下跌12.42%。 1% 医药生物 沪深 ...