Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 22.62 CNY and a target price not specified for the next 6 months [1]. Core Views - The report highlights that Huawang Technology (605377) has a high barrier to cost advantages and is steadily expanding as a leader in decorative base paper [1]. - The company is expected to benefit from the release of new production capacity and a decrease in costs, which will enhance profitability [10]. - The report projects significant revenue growth and improved profit margins due to favorable market conditions and strategic expansion efforts [22]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 39.8 billion CNY, a year-on-year increase of 15.7%, and a net profit attributable to the parent company of 5.7 billion CNY, up 21.1% [22]. - For Q1 2024, the company reported a revenue of 9.5 billion CNY, a 4.1% increase year-on-year, and a net profit of 1.5 billion CNY, reflecting a 36.6% increase [22]. - The overall gross margin for 2023 was 19%, improving by 0.6 percentage points year-on-year, with Q4 2023 gross margin reaching 22.1%, up 4.6 percentage points [22]. Revenue Breakdown - Decorative base paper revenue reached 31.1 billion CNY in 2023, a 30.4% increase year-on-year, with production and sales volumes of 310,000 tons and 305,000 tons respectively [22]. - The report indicates that the company is expanding its overseas market presence, with foreign sales growing by 66.9% year-on-year, contributing to 19.6% of total revenue [22]. Profitability Forecast - The forecast for EPS is 1.99 CNY for 2024, 2.33 CNY for 2025, and 2.65 CNY for 2026, with corresponding PE ratios of 11, 10, and 9 respectively [22]. - The report maintains a "Buy" rating based on the company's strong product capabilities, high market share, and orderly release of new production capacity [22].

Company Overview - The company achieved a revenue of 8.55 billion yuan in 2023, a year-on-year increase of 10.5%, with a net profit attributable to the parent company of 660 million yuan, a year-on-year decrease of 6.5% [35] - In Q4 2023, the company's revenue was 2.34 billion yuan, a year-on-year increase of 5.1%, with a net profit attributable to the parent company of 280 million yuan, a year-on-year increase of 96.7% [35] - In Q1 2024, the company's revenue was 2.21 billion yuan, a year-on-year increase of 20.2%, with a net profit attributable to the parent company of 270 million yuan, a year-on-year increase of 120.1% [35] Product Performance - The daily consumer goods series achieved revenue of 4.11 billion yuan in 2023, a year-on-year increase of 15.5%, with a gross margin of 11% [1][4] - The food and medical packaging materials series achieved revenue of 1.73 billion yuan in 2023, a year-on-year increase of 14.6%, with a gross margin of 6.9% [1][4] - The business communication and publishing printing materials series achieved revenue of 710 million yuan in 2023, a year-on-year decrease of 8.0%, with a gross margin of 14.3% [1][4] - The tobacco industry supporting series achieved revenue of 810 million yuan in 2023, a year-on-year increase of 0.8%, with a gross margin of 16.5% [1][4] - The electrical and industrial paper series achieved revenue of 680 million yuan in 2023, a year-on-year increase of 17.9%, with a gross margin of 14.3% [1][4] Regional Performance - Domestic sales revenue reached 7.53 billion yuan in 2023, a year-on-year increase of 11.2%, with a gross margin of 10.6% [1][4] - Export sales revenue reached 570 million yuan in 2023, a year-on-year decrease of 5.1%, with a gross margin of 20.3% [1][4] Financial Projections - The company's revenue is expected to reach 10.54 billion yuan in 2024, 12.50 billion yuan in 2025, and 14.72 billion yuan in 2026 [3][27] - Net profit attributable to the parent company is expected to be 1.03 billion yuan in 2024, 1.31 billion yuan in 2025, and 1.64 billion yuan in 2026 [3][27] - EPS is projected to be 1.46 yuan in 2024, 1.86 yuan in 2025, and 2.33 yuan in 2026 [31][36] Capacity Expansion - The company's two major projects, the "High-performance Paper-based New Materials in Sanjiangkou New District" and the "Annual 2.5 Million Tons of High-performance Paper-based New Materials Circular Economy in Hubei Shishou," are progressing as planned, with the first phase nearing completion and expected to start production in 2024 [5] Industry Outlook - The company's product matrix is rich, and downstream demand is expected to recover marginally, maintaining a "Hold" rating [36] - The company's profitability is improving, and new production capacity is gradually being released [38]

| --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|----------------------| | 区域 | [Table_SalesPerson] 姓名 | 职务 | 座机 | 手机 | 邮箱 | | | 蒋诗烽 | 总经理助理、销售总监 | 021-68415309 | 18621310081 | jsf@swsc.com.cn | | | 崔露文 | 销售副总监 | 15642960315 | 15642960315 | clw@swsc.com.cn | | | 谭世泽 | 高级销售经理 | 13122900886 | 13122900886 | tsz@swsc.com.cn | | | 汪艺 | 高级销售经理 | 13127920536 | 13127920536 | wyyf@swsc.com.cn | | | 李煜 | 高级销售经理 | 18801732511 | 18801732511 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.13 CNY over the next six months [1][10]. Core Insights - The company experienced a decline in revenue and a shift to net losses in 2023 due to low overall breeding market conditions, with a revenue of 110.86 billion CNY, down 11.19% year-on-year, and a net loss of 4.26 billion CNY [2][4]. - Despite the challenges, the company has a strong cost advantage in pig farming, with a significant reduction in breeding costs from 15.7 CNY/kg in 2022 to around 15 CNY/kg in 2023, and an expected increase in pig sales volume in 2024 [2][4]. - The company is projected to improve its profitability significantly in the coming years, with expected EPS of 2.31 CNY, 2.81 CNY, and 3.06 CNY for 2024, 2025, and 2026 respectively, corresponding to dynamic PE ratios of 19, 16, and 14 [3][4]. Summary by Sections Financial Performance - In 2023, the company sold 63.82 million pigs, an increase of 4.3% year-on-year, but the average selling price dropped by 17.6% to 14.5 CNY/kg [2]. - The company’s slaughtering capacity utilization improved, with 13.26 million pigs slaughtered in 2023, an 80% increase year-on-year, leading to a revenue of 21.86 billion CNY from meat products, up 48.54% [2][4]. Future Projections - Revenue is expected to rebound with forecasts of 132.77 billion CNY in 2024, representing a growth rate of 19.76% [4][9]. - The company anticipates a pig output range of 66 to 72 million heads for 2024, supported by a stable breeding capacity of around 80 million heads per year [2][4]. Valuation Metrics - The report provides a comparative valuation, assigning a PE of 23 for 2024, which is lower than the average of 23.6 for comparable companies in the industry [10][11]. - The projected net profit for 2024 is expected to recover to 12.62 billion CNY, marking a significant turnaround from the losses in 2023 [4][9].

Investment Rating - The report maintains a "Buy" rating for the company [1][3][11] Core Views - The company reported a revenue of 580.16 billion yuan in 2023, a year-on-year increase of 0.6%, while the net profit attributable to shareholders decreased by 7.9% to 3.62 billion yuan [2][10] - The "One Body, Two Wings" strategy is beginning to show results, with significant contributions from the smart supply chain integration services, financial services, and high-end manufacturing sectors [2][3] - The company has strengthened its research and development efforts, increasing R&D expenditure by 41% to over 1 billion yuan in 2023, which has positively impacted the performance of various segments [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 580.16 billion yuan, with a net profit of 3.62 billion yuan and an EPS of 0.68 yuan [2][10] - The revenue from the smart supply chain integration services was 542.22 billion yuan, contributing 93.5% to total revenue [2][10] - The high-end manufacturing segment saw a gross margin increase of 3.3 percentage points to 16.8% [2][10] Strategic Developments - The company has acquired a 33% stake in Xintai Life Insurance and completed the acquisition of 82.3% of Qixin Company, a leader in the magnesium industry, which is expected to enhance its financial capabilities and resource control [2][3] - The company sold 71.52 million tons of steel and 37.55 million tons of iron ore in 2023, maintaining a leading position in the supply chain services for metals and energy [2][10] Earnings Forecast - The forecast for EPS from 2024 to 2026 is 0.79, 0.87, and 0.95 yuan, with corresponding PE ratios of 6x, 5x, and 5x [3][10] - The company is expected to see stable revenue growth, with projected revenues of 592.44 billion yuan in 2024, 613.67 billion yuan in 2025, and 639.20 billion yuan in 2026 [10][11]

Investment Rating - The report maintains a "Hold" rating for HNA Technology (600751) [4][6][16] Core Views - HNA Technology reported a significant increase in revenue for 2023, achieving 650.69 million yuan, a year-on-year growth of 342.9%, and a net profit attributable to shareholders of 241.73 million yuan, up 24.1% year-on-year [4][5][6] - The company has effectively resolved historical related guarantee debt risks, leading to a continuous decrease in the asset-liability ratio to 16.8%, highlighting its future growth potential [4][5] - The shipping business is operating steadily, with flexible and effective market strategies, and the company has expanded its fleet and trade routes, covering regions such as South America, Australia, and Southeast Asia [5][6][37] Financial Summary - Revenue projections for 2024-2026 are estimated at 1.1 billion, 1.3 billion, and 1.4 billion yuan, respectively, with net profits of 112.35 million, 189.66 million, and 265.29 million yuan [6][15] - Earnings per share (EPS) are forecasted to be 0.04, 0.07, and 0.09 yuan for the years 2024, 2025, and 2026, respectively [6][15] - The price-to-earnings (PE) ratios are projected to be 59, 35, and 25 for the same years [6][15] Operational Insights - As of the end of 2023, the company owned 9 self-owned dry bulk vessels with a total capacity of approximately 750,000 deadweight tons, and has increased its controllable capacity to 1.05 million deadweight tons by chartering additional vessels [5][6] - The company has successfully launched its commodity trading business, aiming to provide comprehensive services from procurement to sales, leveraging its shipping capabilities to reduce costs for clients [37]

Investment Rating - The report maintains a "Hold" rating for the company [2][4]. Core Insights - The company reported Q1 2024 revenue of 160 million yuan, a year-on-year decrease of 6.5%, while net profit attributable to shareholders increased by 28.3% to 20 million yuan [2]. - The company's OEM and distribution business showed signs of recovery, with OEM revenue growing by 32.5% to 37.82 million yuan, while self-branded revenue declined by 14.4% to 120 million yuan [2]. - The overseas market has shown significant growth, with overseas revenue increasing by 28.2% to 11.72 million yuan, attributed to the improvement of overseas distribution channels [2][3]. Revenue and Profitability - The company's gross margin decreased by 2 percentage points to 49.7%, primarily due to the rising proportion of lower-margin OEM and distribution businesses [3]. - The company effectively controlled costs, with a sales expense ratio of 23.6%, down 3.3 percentage points year-on-year, and a net profit margin of 14.2%, up 3.8 percentage points [3]. Future Outlook - The company is expected to focus on improving dietary needs through its brand "BUYDEEM" and OEM/ODM services, with anticipated EPS of 0.28 yuan, 0.35 yuan, and 0.40 yuan for 2024-2026 [4]. - The report suggests that the ongoing channel reforms are likely to yield positive results in the future [4].

西南证券研究发展中心 海外研究团队 2024年5月 | 1 市场表现 1 2024年五一假期期间，全球权益市场多数上涨，农产品上涨，原油调整幅度较大，美债及美元指数下跌。权益市场方面，美股有所上 涨，纳斯达克指数、道琼斯工业指数、标普500指数涨幅分别为3.2%、2.3%、1.8%，港股市场涨幅领先全球股市，恒生科技上涨 7.3%、恒生指数上涨4.0%。大宗商品方面，大豆、小麦、玉米等农产品涨幅领先，COMEX黄金上涨0.6%，原油跌幅较大。债券及 汇率方面，美债收益率及美元指数有所下行，截至5月3日，十年期美债收益率下行至3.7%、美元指数下跌1.2%，美元兑离岸人民币 汇率下跌，报7.18。 数据来源：Wind，西南证券整理 数据来源：Wind，西南证券整理 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------|----------------------------|-------------------------------------------|-------|-------|---------- ...

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业绩短期有所承压，期待餐饮渠道表现 | --- | --- | --- | --- | --- | |----------------------------|--------|---------------------------------|--------|--------| | | | | | | | / 营业收入（亿元） | 2023A | 2024E 70.56 72.56 76.46 81.10 | 2025E | 2026E | | 增长率 | -5.09% | 2.83% | 5.38% | 6.06% | | 归属母公司净利润（亿元） | | 7.49 7.60 8.14 8.73 | | | | 增长率 | -6.55% | 1.47% | 7.00% | 7.27% | | 每股收益 EPS （元） | | 0.85 0.86 0.93 0.99 | | | | 净资产收益率 ROE | 17.27% | 15.49% | 14.70% | 14.07% | | PE | | 14 14 13 12 | | | | PB | | 2.45 2.17 1.92 1.71 | | | | ...