[ T able_StockInfo] 2024 年 05 月 01 日 证券研究报告•2024 年一季报点评 买入 （首次） 当前价：34.95 元 南芯科技（688484）电子 目标价：45.00 元（6 个月） 手机持续丰富充电链路产品线，有望持续提升单机价值量。公司通过应用场景 牵引，完善在智能手机整体充电链路的产品布局，逐渐将手机产品从电荷泵为 主，拓宽为电荷泵、charger、锂电保护、无线充、AMOLED供电芯片多产品布 局。公司借助有线充电芯片和国内主流手机厂商达成深度合作关系，并积极推 进其他产品线在手机领域的导入，有望提高公司产品在手机中的单机价值量至 20 元+。 | --- | --- | --- | --- | --- | |----------------------------------|--------|--------------|---------------------------------|--------| | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | ...

[ 2T 0a 2b 4l 年e_S 0t 5o 月ckI 0n 8f 日o] 证券研究报告•2023年年报及2024年一季报点评 当前价： 18.51元 隆基绿能（601012） 电力设备 目标价： ——元（6个月） 计提大额资产减值，期待差异化产品放量 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma2ry0]2 3年实现营业收入1294.98亿元，同比增长0.39%；实现归母净 [分Ta析bl师e_：Au韩th晨or ] 利润 107.51亿元，同比下降27.41%。2024Q1实现营业收入 176.74亿元，同 比下降37.59%；实现归母净利润-23.50亿元，同比下降164.61%。 执业证号：S1250520100002 电话：021-58351923  组件、硅片价格下降，大额减值计提导致 24Q1业绩亏损。2023年，公司硅片 邮箱：hch@swsc.com.cn 及组件出货量持续高速增长，实现硅片出货 125.42GW（其中对外销售 分析师：敖颖晨 53.79GW），同比增长 47.45%，连续九年保持单晶硅片全球出货量第一；电池 对外销售 5.90GW；组件出货 ...

Investment Rating - The report suggests maintaining attention on Shandong Pharmaceutical Glass (600529) with a focus on its growth potential and profitability [3][9]. Core Views - The company achieved a total revenue of 4.982 billion yuan in 2023, representing an increase of 18.98%, and a net profit attributable to shareholders of 776 million yuan, up by 25.48% [2][3]. - The first quarter of 2024 saw a revenue of 1.267 billion yuan, a growth of 2.5%, and a net profit of 220 million yuan, reflecting a significant increase of 32.59% [2][3]. - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares, totaling 270 million yuan [2]. Revenue and Profitability - The revenue from the molded bottle series reached 2.264 billion yuan in 2023, growing by 29.36%, while the profit margin improved to 28.03%, an increase of 1.19 percentage points [2][4]. - The company expects the sales of molded bottles to reach 1.4 billion units in 2024, driven by increased demand [9][10]. Cost Management - The report highlights a continuous decline in costs, contributing to an improved profit margin, particularly in high-margin products [2][3]. - The gross margin for the molded bottle series was reported at 39.17%, despite a slight decrease of 0.6 percentage points [2][4]. Employee Incentives and Management Costs - The management expenses increased by 30.44% in 2023, primarily due to the profit-sharing incentive plan [3][9]. - The management expense ratio for Q1 2024 was reported at 4.37%, an increase of 1.32 percentage points [3]. Earnings Forecast - The forecast for net profit attributable to shareholders is projected at 1 billion yuan for 2024, 1.25 billion yuan for 2025, and 1.516 billion yuan for 2026, with corresponding PE ratios of 19, 15, and 12 [3][4][9].

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's revenue decreased by 11.5% year-on-year in 2023, totaling 8.79 billion yuan, while the net profit attributable to shareholders increased by 8.4% to 1.12 billion yuan [1][12] - In Q1 2024, the company achieved a revenue of 2.31 billion yuan, representing a year-on-year growth of 11.7%, and a net profit of 270 million yuan, up 36% year-on-year [1][12] - The company is focusing on optimizing its business structure, which has led to a decline in revenue but an improvement in profit margins [2][11] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 8.79 billion yuan, down 11.5% year-on-year, with a net profit of 1.12 billion yuan, up 8.4% [1][12] - Q4 2023 revenue was 3.01 billion yuan, down 6% year-on-year, while net profit increased by 53.5% to 320 million yuan [1] - For Q1 2024, revenue was 2.31 billion yuan, up 11.7% year-on-year, with net profit also increasing by 36% [1][12] Business Structure and Revenue Sources - The decline in revenue is attributed to reduced demand in Europe and the US, along with the company's decision to abandon lower-margin businesses [2] - The company sold 13.46 million units of cleaning and health appliances, down 7.4% year-on-year, while sales of gardening tools and components increased by 2.5% to 132.76 million units [2] - Revenue from exports was 5.83 billion yuan, down 6.5%, while domestic sales fell by 20.2% to 2.78 billion yuan [2] Profitability and Margin Improvement - The gross margin for 2023 improved by 2.6 percentage points to 25.6%, with cleaning and health appliances achieving a gross margin of 26.4% [11] - The company expects gross margins for cleaning and health appliances to improve to 26% in 2024 and further in subsequent years [7] - The net profit margin for 2023 increased by 1.7 percentage points to 12.7%, indicating enhanced profitability [11] Future Outlook - The company anticipates revenue growth of 15.8% in 2024, reaching approximately 10.18 billion yuan, with net profit projected to grow by 10.85% to 1.24 billion yuan [13] - EPS is expected to be 2.16 yuan in 2024, increasing to 3.02 yuan by 2026 [12][16]

Investment Rating - The investment rating for the company is "Hold" [1] Core Insights - The company reported a revenue of 430 million RMB in 2023, representing a year-on-year growth of 25%, while the adjusted net profit decreased by 3.6% to 74.4 million RMB [2] - The IP creation and operation business saw a significant revenue increase of 82.9% to 190 million RMB, driven by the commercial value of Jay Chou's IP and the monetization of the celebrity matrix through live streaming [2][3] - The company completed a placement to raise 220 million HKD, primarily for concert investments and building a metaverse ecosystem [3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 430 million RMB, with a growth rate of 25% [4] - The adjusted net profit for 2023 was 74.4 million RMB, showing a decline of 3.6% [4] - Revenue projections for 2024-2026 are 674 million RMB, 961.8 million RMB, and 1.23 billion RMB, with growth rates of 56.7%, 42.7%, and 27.8% respectively [4][10] Business Segments - The IP creation and operation segment is expected to continue its growth momentum, with revenue projected to increase significantly in the coming years [3][8] - The new retail business maintained stable revenue of 240 million RMB in 2023, with a focus on expanding public domain channels [2][3] Future Outlook - The company plans to launch new IP-related projects and collaborations, including video ringtones and upcoming variety shows [3] - The expected adjusted net profits for 2024-2026 are 140 million RMB, 210 million RMB, and 270 million RMB, indicating strong growth potential [4][10]

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company achieved a revenue of 81.556 billion yuan in 2023, representing a year-on-year growth of 11.74%, and a net profit of 7.039 billion yuan, up 27.21% year-on-year. However, in Q1 2024, revenue dropped to 15.971 billion yuan, a decline of 22.02%, with a net loss of 0.483 billion yuan, down 118.70% year-on-year [2][11]. - The company has a strong presence in the overseas market, with 48% of its solar module shipments going abroad in 2023, contributing significantly to profitability. The gross margin for solar modules was 18.28%, an increase of 3.97 percentage points year-on-year [2][11]. - The company is expanding its N-type battery production capacity, which is expected to enhance efficiency and profitability in the future. The N-type battery production capacity exceeded 57 GW by the end of 2023, with a conversion efficiency of 26.3% [2][11]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 81.556 billion yuan and a net profit of 7.039 billion yuan. The Q1 2024 revenue was 15.971 billion yuan, with a net loss of 0.483 billion yuan [2][11]. - The company’s gross margin for solar modules was 18.28% in 2023, with a forecasted decline in Q1 2024 to 5.06% due to increased competition and lower delivery prices [2][11]. Production Capacity and Market Position - The company’s total production capacity exceeded 95 GW by the end of 2023, with N-type battery capacity leading the market. The company is also constructing new facilities in Vietnam and the United States to support its overseas market strategy [2][11]. - The company plans to increase its production capacity to over 100 GW for silicon wafers, batteries, and modules by the end of 2024, enhancing its vertical integration [2][11]. Profit Forecast - The company is expected to face challenges in Q1 2024 due to industry competition and pricing pressures. However, profitability is anticipated to recover as production capacity ramps up and costs are controlled. Projected net profits for 2024, 2025, and 2026 are 2.840 billion yuan, 4.398 billion yuan, and 7.626 billion yuan, respectively [2][11].

医药行业2023年年报及2024年一季报总结 业绩低点已过，看好后续医药行情 西南证券研究发展中心 2024年5月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 核心观点  我们选取了314家医药上市公司（包含科创板），2023年收入总额21786亿元（+6%）；归母净利润1815.9亿元（-2.4%） ；扣非归母净利润1674.7亿元（-0.9%），分别占申万医药全成分比例是：87%、115%、125% ，主要剔除了在2022-2023 年提取巨额商誉减值损失的企业、ST类和2023年以后上市的公司。剔除新冠相关业务数据，2023年收入总额21680亿元（ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2023 met expectations, with a revenue of 2.33 billion yuan, a year-on-year decrease of 3.2%, and a net profit attributable to shareholders of 610 million yuan, a year-on-year increase of 4.3% [2] - In Q1 2024, the company achieved a revenue of 440 million yuan, a year-on-year increase of 67%, and a net profit attributable to shareholders of 120 million yuan, a year-on-year increase of 116.3% [2] - The company is expected to experience a growth inflection point in plasma collection due to the establishment of new plasma stations [2] Summary by Sections Financial Performance - In 2023, the company's quarterly revenues were 260 million, 450 million, 670 million, and 950 million yuan respectively, showing a significant recovery in the latter half of the year [2] - The overall gross profit margin for 2023 was 51.5%, with a net profit margin of 26.3%, reflecting a year-on-year increase of 1.9 percentage points [2] Growth Drivers - The company has received approval for eight new plasma collection stations since August 2022, which is expected to accelerate plasma collection in 2024 [2] - The estimated net profit for 2024-2026 is projected to be 780 million, 890 million, and 1.02 billion yuan respectively, with corresponding valuations of 28x, 25x, and 21x [2] Market Position - The company has a total market capitalization of 21.84 billion yuan and a total asset value of 8.72 billion yuan [5] - The company's earnings per share (EPS) for 2023 is 0.84 yuan, with a projected increase to 1.39 yuan by 2026 [3][10]

绝味食品（603517）2023 年报&2024 年一季报点评 附表：财务预测与估值 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------|-------|----------------------------------|-------|----------------------------------------|--------------------------------------|---------|----------------------------------|---------------------|--------| | [Table_ProfitDetail] 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | 现金流量表（百万元） | 2023A | 2024E | 2025E | 2026E | | 营业收入 | | 7261.33 7932.09 8656.78 9320.00 | | ...

基础数据 [Table_BaseData] 总股本(亿股) 2.27 流通 A 股(亿股) 2.27 52 周内股价区间(元) 22.93-41.2 总市值(亿元) 74.07 总资产(亿元) 30.33 每股净资产(元) 9.09 3.7 亿元，维持"买入"评级。 相关研究 [Table_Report] 1. 卫光生物（002880）：收入增长符合预期， 三季度研发投入有所增长 (2023-11-05) 2. 卫光生物（002880）：产品收入大幅增长， 全年业绩可期 (2023-09-03) [Table_Summary 事件：公司发布] 2023年报&2024年一季报，2023年实现收入 10.5亿元，同比 +57%，实现归母净利润 2.2亿元，同比+86.1%，扣非归母净利润 2.1亿元，同 比+95.9%；2024年一季度收入 2.3亿元，同比+8.5%，归母净利润 4683万元， 同比+2.4%，扣非归母净利润 4552 万元，同比+1.3%。 2023年采浆 517吨，纤原收入增长超出整体业务增速。公司 2023年采浆 517 吨，同比增长超过 10%。全年人白、静丙、纤原、狂免 2023 年收 ...