[Table_StockInfo] 买入 2024年 05月 04日 （维持） 证券研究报告•23年年报及 24年一季报点评 当前价： 26.75元 裕同科技（002831） 轻工制造 目标价： ——元（6个月） 包装龙头经营稳健，Q1 业绩增速亮眼 投资要点 西南证券研究发展中心 [T ab业le绩_S摘u要mm：公ar司y]发 布2023年年报及2024年一季报，2023年公司实现营收152.2 [分Ta析bl师e_：Au蔡th欣or ] 亿元，同比-7%；实现归母净利润14.4亿元，同比-3.3%；实现扣非净利润14.9 执业证号：S1250517080002 亿元，同比-1.4%。单季度来看，2023Q4公司实现营收44.2亿元，同比+2.1％； 电话：023-67511807 实现归母净利润4.5亿元，同比-3.4%；实现扣非后归母净利润4.6亿元，同比 邮箱：cxin@swsc.com.cn +4.5%。2024Q1公司实现营收 34.8亿元，同比+19.4％；实现归母净利润 2.2 分析师：赵兰亭 亿元，同比+20.6%；实现扣非后归母净利润2.4亿元，同比+54.3%。盈利逐期 执业证号：S ...

[Table_StockInfo] 买入 2024年 04月 30日 （维持） 证券研究报告•2023年报&2024一季报点评 当前价： 28.76元 天能股份（688819） 电力设备 目标价： ——元（6个月） 盈利能力稳健，关注新国标最后窗口 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司m发ary布] 2023年报及2024一季报。2023年实现营业收入477.48亿元， 同比+14.00%；实现归母净利润23.05亿元，同比+20.77%。24Q1实现营业收 [分Ta析bl师e_：Au韩th晨or ] 入 93.28亿元，同比-13.24%；实现归母净利润5.02亿元，同比-18.64%。 执业证号：S1250520100002 电话：021-58351923  量：下游两轮车需求强劲，铅续储能规模出货。2023年公司铅酸电池产品收入 444亿元，同比+19%；铅蓄电池出货 125GWh，同比+25%，营业收入、出货 邮箱：hch@swsc.com.cn 量均实现高水平增长。主要系（1）2022年积累的下游需求于23H1集中释放； 分析师：胡泽邦 （2）竞品两轮车锂电池价格高企 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [1]. Core Insights - The innovation drug sector in both A-shares and Hong Kong stocks saw a total of 53 stocks rise and 9 fall during the first week of May 2024, with notable gains from Lepu Biopharma-B (+27.18%), Zai Lab-B (+26.04%), and CStone Pharmaceuticals-B (+22.22) [2][18]. - The A-share innovation drug sector increased by 1.28%, outperforming the CSI 300 index by 0.72 percentage points, while the biopharmaceutical sector rose by 1.42% [19]. - The Hong Kong innovation drug sector rose by 3.7%, underperforming the Hang Seng Index by 0.97 percentage points [21]. - The XBI index in the US increased by 5.25%, with a cumulative increase of 11.84% over the past six months [22]. Summary by Sections Domestic Key Innovation Drug Progress - Five new drugs were approved for market launch in China in May, along with four new indications [3][24]. - The report highlights the approval of several drugs, including Anakinra for non-small cell lung cancer and other treatments for various conditions [33]. Overseas Key Innovation Drug Progress - In the US, one NDA was approved in May, with no BLA approvals reported [27]. - The report notes that Europe and Japan did not have any new drug approvals during the same period [3]. Global Key Innovation Drug Transaction Progress - Four significant transactions occurred globally, including collaborations between Ansai and Poseida Therapeutics for oncology and Evotec for precision cardiology [4]. Market Data - The total market capitalization of the innovation drug sector is approximately 52,549.92 billion yuan, with a TTM P/E ratio of 27.2 compared to the CSI 300's 12.1 [7].

[Table_StockInfo] 买入 2024年 05月 04日 （维持） 证券研究报告•23年年报及 24年一季报点评 当前价： 26.75元 裕同科技（002831） 轻工制造 目标价： ——元（6个月） 包装龙头经营稳健，Q1 业绩增速亮眼 投资要点 西南证券研究发展中心 [T ab业le绩_S摘u要mm：公ar司y]发 布2023年年报及2024年一季报，2023年公司实现营收152.2 [分Ta析bl师e_：Au蔡th欣or ] 亿元，同比-7%；实现归母净利润14.4亿元，同比-3.3%；实现扣非净利润14.9 执业证号：S1250517080002 亿元，同比-1.4%。单季度来看，2023Q4公司实现营收44.2亿元，同比+2.1％； 电话：023-67511807 实现归母净利润4.5亿元，同比-3.4%；实现扣非后归母净利润4.6亿元，同比 邮箱：cxin@swsc.com.cn +4.5%。2024Q1公司实现营收 34.8亿元，同比+19.4％；实现归母净利润 2.2 分析师：赵兰亭 亿元，同比+20.6%；实现扣非后归母净利润2.4亿元，同比+54.3%。盈利逐期 执业证号：S ...

业绩符合预期，盈利能力提升 | --- | --- | --- | --- | --- | |----------------------------|--------|---------------------------------|--------|--------| | | | | | | | 营业收入（百万元） | | 2235.40 2702.08 3278.31 3980.25 | | | | 增长率 | 10.39% | 20.88% | 21.33% | 21.41% | | 归属母公司净利润（百万元） | | 278.65 361.56 493.94 641.33 | | | | 增长率 | 11.77% | 29.75% | 36.62% | 29.84% | | 每股收益 EPS （元） | | 0.33 0.43 0.59 0.77 | | | | 净资产收益率 ROE | 8.37% | 10.48%12.76% | | 14.53% | | PE | | 52 40 29 23 | | | | PB | | 4.38 4.23 3.77 3.30 | | | | 数据来源： Wi ...

[Table_StockInfo] 2024 年 05 月 01 日 证券研究报告•2023年报&2024 年一季报点评 当前价：15.04 元 良品铺子（603719）食品饮料 目标价：——元（6 个月） 线下+线上全面布局，盈利能力承压 [Table_Summary 事件：公司发布] 2023年报及 2024年一季报，2023年实现营业收入 80.5亿元 （-14.8%），实现归母净利润 1.8 亿元（-46.3%）；2024Q1 实现营业收入 24.5 亿元（+2.8%），实现归母净利润 0.6 亿元（-58%）。此外，公司拟向全体股东 每 10 股派发现金股利 2.25元（含税）。 加盟门店业务持续调整，线下+线上全面布局。2023 年电商、加盟、直营、团 购分别实现收入 31.7亿元（-32.6%）、24亿元（-6.7%）、18.9亿元（+21.7%）、 4.9 亿元（-0.5%）；2024Q1 电商、加盟、直营、团购分别实现收入 12.9 亿元 （+6.7%）、6.4亿元（-16%）、6.4亿元（+10.2%）、1.8亿元（+57.3%）。1） 线下方面：截至 2023 年末，公司直营、加盟门店数 ...

[Table_StockInfo] 2024 年 04 月 29 日 证券研究报告•2023 年报&2024 年一季报点评 买入 （维持） 当前价：35.45 元 洽洽食品（002557）食品饮料 目标价：——元（6 个月） 2023 年短期承压，24Q1 毛利率改善 [Table_Summary 事件：公司发布] 2023年报及 2024年一季报，2023年实现营业收入 68.1亿元 （-1.1%），实现归母净利润 8 亿元（-17.8%）；2024Q1 实现收入 18.2 亿元 （+36.4%），实现归母净利润 2.4亿元（+35.1%）。此外，公司拟向全体股东每 10 股派发现金红利 10 元（含税）。 2023年瓜子需求偏弱。1、分品类看，2023年葵花子、坚果、其他产品分别实 现收入 42.7 亿元（-5.4%）、17.5 亿元（+8%）。葵花子收入下滑，公司通过定 制款瓜子培育茶饮、餐饮场景。坚果方面，礼盒坚果增长较快，同时加大风味 坚果试销力度。2、分渠道看，经销、直营（含电商）分别实现收入 57.5 亿元 （-0.8%）、10.6 亿元（-3%）。截至 2023 年末，渠道数字化平台掌控终端网 ...

Investment Rating - Buy (First Coverage) with a target price of 14.30 yuan (6 months) [1] Core Views - The company reported Q1 2024 revenue of 2.33 billion yuan, up 8.97% YoY, and net profit attributable to shareholders of 120 million yuan, up 8.00% YoY [2] - The company's refined management has shown results, with a significant decrease in the period expense ratio [2] - The company is riding the wave of the low-altitude economy, and its aviation engine business is expected to become a second growth curve [4] - The company is actively expanding into the new energy sector, covering power systems, energy storage, and hydrogen energy [9] Business Performance - Q1 2024 gross margin was 13.5%, down 0.6 percentage points YoY, while net margin was 5.6%, up 0.1 percentage points YoY [2] - The period expense ratio for Q1 2024 was 7.75%, down 1.15 percentage points YoY, with sales, management, R&D, and financial expense ratios decreasing [2] - The company's aviation engine subsidiary has developed a product line of 200HP and below, with over 20 derivative products and propellers [4] - The company's new energy products cover power systems, energy storage, and hydrogen fuel cell systems [9] Financial Forecasts - The company is expected to achieve net profits of 630 million, 720 million, and 820 million yuan for 2024-2026, with EPS of 0.55, 0.62, and 0.71 yuan, respectively [9] - The company's PE ratios for 2024-2026 are expected to be 21x, 19x, and 16x, with a three-year net profit CAGR of 31.2% [9] - The target price of 14.3 yuan is based on a 2024 PE of 26x [9] Business Segments - The company's general machinery segment has become its largest business, accounting for 47.3% of revenue in 2023 [27] - The engine segment saw revenue growth of 19.0% in 2023, driven by increased production efficiency [62] - The company's aviation engine segment has built five product platforms, covering over 20 end products for military and civilian drones and light aircraft [34] Historical Performance - From 2016 to 2023, the company's revenue grew from 4.69 billion yuan to 8.15 billion yuan, with a CAGR of 8.2% [30] - The company's net profit attributable to shareholders in 2023 was 360 million yuan, down 7.3% YoY, mainly due to increased R&D and financial expenses [30] - The company's gross margin in 2023 was 14.6%, up 1.8 percentage points YoY, driven by lower raw material costs [36]

Investment Rating - The report maintains a "Hold" rating for Hengshun Vinegar Industry [1][2] Core Views - The company reported a revenue of 2.11 billion yuan in 2023, a decrease of 1.5% year-on-year, and a net profit attributable to shareholders of 87 million yuan, down 37% year-on-year. The fourth quarter of 2023 saw a revenue of 470 million yuan, an increase of 2.4% year-on-year, but a net loss of 51 million yuan [1][16] - For the first quarter of 2024, the company achieved a revenue of 460 million yuan, a decline of 24.9% year-on-year, and a net profit of 55 million yuan, down 24.2% year-on-year [1][16] - The company is expected to experience a recovery in vinegar sales due to brand strength and increased market penetration, with projected sales growth rates of 2%, 1.5%, and 1% for 2024-2026 [6][20] Financial Summary - 2023 revenue: 2.11 billion yuan, 2024E: 2.20 billion yuan, 2025E: 2.30 billion yuan, 2026E: 2.42 billion yuan [3] - 2023 net profit: 87 million yuan, 2024E: 176.68 million yuan, 2025E: 193.07 million yuan, 2026E: 210.03 million yuan [3] - EPS for 2024-2026 is projected at 0.08 yuan, 0.16 yuan, and 0.17 yuan respectively [2][3] - The company’s gross margin for 2023 was 33%, down 1.4 percentage points year-on-year, while the gross margin for Q1 2024 was 41.4%, up 6.3 percentage points year-on-year [17] Business Segmentation - The vinegar segment generated 1.29 billion yuan in revenue in 2023, with a growth rate of 0.8%. The wine and sauce segments generated 330 million yuan and 190 million yuan, with declines of 8.4% and 23.6% respectively [17][33] - For Q1 2024, the vinegar, wine, and sauce segments reported revenues of 307 million yuan, 77 million yuan, and 33 million yuan, with year-on-year declines of 20%, 30.9%, and 49.3% respectively [17] Future Outlook - The company plans to focus on optimizing its organizational structure and enhancing its brand recognition across its product lines, aiming for double-digit revenue growth in 2024 [42] - The company is currently undergoing a reform period, which may lead to short-term performance pressure, but long-term operational improvements are anticipated [42]

[ T able_StockInfo] 2024 年 04 月 30 日 证券研究报告•2023 年年报点评 持有 （下调） 当前价：97.71 元 极米科技（688696）家用电器 目标价：——元（6 个月） 行业下行压制业绩，创新产品寻求突破 [Table_Summary 事件：2023年公司实现营收 ] 35.6亿元，同比下降 15.8%；实现归母净利润 1.2 亿元，同比下降 76%；实现扣非后归母净利润 0.7 亿元，同比下降 84.6%。单 季度来看，Q4公司实现营收 11.3亿元，同比下降 15.3%；实现归母净利润 0.3 亿元，同比下降 80%；实现扣非后归母净利润 0.3亿元，同比下降 84.4%。2023 年公司现金分红 3694.7亿元，业绩分红率达 30.7%。2024 年 Q1公司实现营收 8.3 亿元，同比下降 6.6%；实现归母净利润 0.1 亿元，同比下降 72.6%；实现 扣非净利润 0.1 亿元，同比下降 80.5%。 长焦产品随行业承压而承压，超短焦产品逆势增长。分行业来看，2023年公司 投影整机产品/配件/互联网增值服务分别实现营业收入 32.1亿元/1.7亿元/1 ...