24Q1 实现开门红，期待省外扩张成效 开启省外扩张，全国化扩张可期。展望未来：1）休闲食品行业整体正持续扩容， 其中辣味休闲食品得益于年轻消费群体喜辣习惯，增速优于其他子赛道。公司 作为休闲零食凤爪龙头，市占率长期维持在 30%+，有望持续享受行业集中度提 升红利。2）产品矩阵丰富完备，大单品凤爪具备成长性。公司已形成丰富的泡 卤休闲产品矩阵，此外泡椒凤爪大单品在全国范围内享有较高的知名度，随着 后续成本端压力逐渐缓释，未来凤爪有望维持双位数以上增速。3）开启省外扩 张，逐步迈向全国化。公司省外扩张以华东为中心，近五年华东收入占比已提 升 10%；随着公司持续拥抱线上、新零售及量贩连锁等新兴渠道，未来实现全 国化可期。 盈利预测与投资建议。预计 2024-2026 年 EPS 分别为 0.35元、0.45元、0.52 元，对应动态 PE 分别为 19 倍、15 倍、13 倍。考虑到公司凤爪大单品产品力 强，省外扩张步伐持续，给予公司 2024 年 24 倍 PE，对应目标价 8.40 元， 维持"买入"评级。 | --- | --- | --- | --- | --- | |---------------- ...

[ 2T 0a 2b 4l 年e_S 0t 5o 月ckI 0n 7f 日o] 证券研究报告•2023年年报&2024年一季报点评 当前价： 97.32元 固 德 威（688390） 电力设备 目标价： ——元（6个月） 短期业绩承压，24Q2 有望逐步改善 投资要点 西南证券研究发展中心 [T ab业le绩_S总u结mm：公ary司] 发布2023年年报和2024年一季报。2023年公司实现营收73.5 [分Ta析bl师e_：Au韩th晨or ] 亿元，同比+56.1%；归母净利润8.5亿元，同比+31.2%；扣非净利润8.1亿元， 执业证号：S1250520100002 同比+28.5%。24年一季度公司实现营收 11.3亿元，同比-34.5%；归母净利润 电话：021-58351923 -0.3亿元，同比-108.6%；扣非净利润0.3亿元，同比-110.5%。 邮箱：hch@swsc.com.cn  23年并网逆变器销量增长，储能逆变器受欧洲地区库存影响销量同比下降。23 分析师：敖颖晨 年公司光伏并网逆变器营收 28.6亿元，同比增长 43.0%；销量 53.2万台，同 执业证号：S125052 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 45.4 CNY for 2024, based on a 20x PE ratio [2][4][57]. Core Insights - The company is actively expanding its overseas market and has shown impressive performance in Q1 2024, driven by increased product orders and a steady rise in market share [2][4]. - The company focuses on three main sectors: consumer electronics, new energy vehicles, and digital energy, with significant progress reported in each area [2][4]. - The projected compound annual growth rate (CAGR) for net profit from 2024 to 2026 is expected to reach 28.7% [2][4]. Summary by Sections Business Performance - In 2023, the company achieved a revenue of 5.174 billion CNY, a year-on-year increase of 15.8%, and a net profit of 440.94 million CNY, up 0.75% [4][26]. - For Q1 2024, the company reported revenues of 1.36 billion CNY and a net profit of 120 million CNY, reflecting year-on-year increases of 51.1% and 37.7%, respectively [4][26]. Revenue Breakdown - The revenue from the charger segment was 3.96 billion CNY, with a year-on-year growth of 12.7%. The portable energy storage and other products generated 670 million CNY, up 13%, while the new energy vehicle control products saw a significant increase of 50.4%, reaching 550 million CNY [4][24][57]. Profitability Metrics - The company's gross margin for 2023 was 22.3%, with a net margin of 8.5%. The gross margin for the charger segment was 20.6%, while the portable energy storage and new energy vehicle segments had gross margins of 35.2% and 18.0%, respectively [4][45][57]. Future Projections - The company anticipates revenues of 7.055 billion CNY in 2024, with a growth rate of 36.35%, and expects net profits to reach 627.14 million CNY, reflecting a growth rate of 42.23% [5][57]. - The new energy vehicle control system orders are projected to grow at rates of 47.0%, 28.8%, and 16.2% from 2024 to 2026, with gross margins expected to improve to 23% by 2026 [54][57]. Strategic Focus - The company aims to leverage its existing business and technology to expand into wireless chargers, PC adapters, IoT power supplies, and digital energy solutions, enhancing its competitive edge in the energy application sector [38][39]. - The strategic plan includes a focus on energy-efficient applications and aims to achieve long-term goals of generating 10 billion CNY in revenue from each of its three main sectors [35].

[Table_StockInfo] 买入 2024年 05月 07日 （首次） 证券研究报告•2024年一季报点评 当前价： 26.92元 光威复材（300699） 国防军工 目标价： 33.30元（6个月） 一季度业绩相对稳健，股权激励计划调整激发内生动力 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2024年一季报，报告期内共实现营业收入5.1亿元，同比下降 [分Ta析bl师e_：Au刘th倩or倩] 8.1%，归属于上市公司股东的净利润1.6亿元，同比下降8.2%。 执业证号：S1250522070003  拓展纤维板块表现相对稳定，新增量迎来业绩新动能。2024Q1拓展纤维板块实 电话：15001276860 邮箱：lqqyf@swsc.com.cn 现营业收入3.2亿元，同比-7.1%。收入小幅下降主要原因为通用高性能碳纤维 价格下降；高强高模碳纤维产品需求节奏放缓。 [相Tab对le指_Q数u表ot现eP ic] 航空碳纤维方面，Q1航空定型产品大合同执行率8.6%，我们计算履行金额1.8 光威复材 沪深300 亿（含税），目前仍有1.8亿合同待执行，面临新 ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company reported a revenue of 11.41 billion yuan in 2023, representing a year-on-year increase of 23.5%, and a net profit of 1.97 billion yuan, up 19.2% [2] - The first quarter of 2024 showed a revenue of 2.35 billion yuan, an increase of 6.2%, and a net profit of 360 million yuan, up 10.2% [2] - The growth in revenue is driven by both domestic and international markets, with domestic revenue at 9.5 billion yuan (+19.7%) and overseas revenue at 1.7 billion yuan (+54.0%) [2] - The company has expanded its business network to cover 65 countries and regions globally, with over 700 product registrations and certifications [2] - The release of restrictions on high-end medical equipment procurement is expected to accelerate demand for mid-to-high-end imaging equipment [2] Summary by Sections Financial Performance - In 2023, the revenue from medical imaging equipment was 9.93 billion yuan (+21.1%), maintenance service revenue was 1.07 billion yuan (+42.8%), and software revenue was 170 million yuan (+124.8%) [2] - The company expects revenues for 2024, 2025, and 2026 to be 13.9 billion yuan, 17.2 billion yuan, and 21.5 billion yuan respectively, with net profits of 2.4 billion yuan, 2.9 billion yuan, and 3.6 billion yuan [3][10] Business Segments - The revenue from imaging equipment is projected to grow at rates of 21% in 2024, 22% in 2025, and 24% in 2026, with a gross margin of approximately 47.8% [9] - Maintenance and technical service revenue is expected to grow at a compound annual growth rate (CAGR) of 30% from 2024 to 2026, with gross margins increasing to 65% by 2026 [9] - Software revenue is anticipated to grow at a CAGR of 50% during the same period, with a gross margin of 40% [9] Market Expansion - The company has achieved significant growth in overseas markets, with overseas revenue accounting for 14.7% of total revenue in 2023, an increase of 3 percentage points from 2022 [2] - The company has received multiple certifications, including CE and FDA approvals, enhancing its competitive position in both developed and emerging markets [2] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected revenue growth rates of 22.25% in 2024, 23.42% in 2025, and 24.68% in 2026 [4] - The net profit growth rates are forecasted to be 20.92% in 2024, 22.77% in 2025, and 24.24% in 2026 [4]

Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [11][16]. Core Insights - The company achieved a revenue of 889 million yuan in 2023, representing a year-on-year growth of 66.1%. The net profit attributable to the parent company was -90 million yuan. In Q1 2024, the company reported a revenue of 180 million yuan, up 32.6% year-on-year, with a net profit of 6.99 million yuan, an increase of 46.8% [16]. - The company is focusing on overseas markets and satellite internet, with significant growth in overseas revenue, which reached 320 million yuan in 2023, a 117.3% increase year-on-year. The company has also secured multiple domestic and international satellite internet core network projects [16][17]. - The gross margin improved to 40.5% in 2023, up 1.4 percentage points year-on-year, due to enhanced product value and effective cost control, with a comprehensive expense ratio of 43.9%, down 23.5 percentage points [16]. - The company is investing in quantum encryption, AI, and integrated scheduling technologies, with R&D expenditure of 200 million yuan in 2023, accounting for 22.8% of total revenue [16]. Financial Forecasts - The company is expected to achieve earnings per share (EPS) of 0.53 yuan, 0.83 yuan, and 1.06 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 35, 22, and 18 [16][17]. - Revenue projections for 2024 to 2026 are 884 million yuan, 1.293 billion yuan, and 1.896 billion yuan, with growth rates of 66.1%, 46.2%, and 46.6% respectively [17].

硅片盈利阶段性承压，行业底部逆势扩张 行业低谷保持正现金流入、逆势扩产锚定行业前三。2023 年、2024Q1 公司经 营活动产生的现金流量净额分别为 13.30、2.33 亿元。虽然 2024Q1 硅片行业 几乎全行业亏损，但公司仍保持正现金流入，行业低谷期体现较强抗风险能力。 2023 年上半年，公司单晶硅二期产能完成爬坡，同时目前公司单晶硅三期产能 已进入产能爬坡阶段，预计全部产能达产后公司产能将进入行业前三位。 盈利预测与投资建议。2024Q1硅片几乎全行业亏损，公司盈利阶段性承压同时， 保持正现金流入。公司在行业底部逆势扩张产能，若后续硅片行情回暖，公司 业绩弹性较大。预计公司 2024~2026年归母净利润分别为 10.21、13.94、19.33 亿元，对应 PE 分别为 12、9、6倍。参考同行业可比公司，给予 24年 14倍估 值，目标价 7.70 元，维持"买入"评级。 | --- | --- | --- | --- | --- | |----------------------------------|----------|----------|----------|---------- ...

Investment Rating - The report does not specify a clear investment rating for the company, but it suggests maintaining attention to the stock based on future performance expectations [2]. Core Views - The company reported a total revenue of 10.06 billion yuan in 2023, a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 2.80 billion yuan, up 13.2% year-on-year [2]. - In Q1 2024, the company achieved a revenue of 3.171 billion yuan, representing a growth of 20.58%, and a net profit of 975 million yuan, an increase of 26.61% [2]. - The company plans to distribute a cash dividend of 23.2 yuan per 10 shares, totaling 1.4 billion yuan, which accounts for 50% of the net profit attributable to shareholders in 2023 [2]. Summary by Sections Revenue and Profitability - The pharmaceutical manufacturing segment generated revenue of 4.802 billion yuan in 2023, a growth of 25.94%, driven by significant sales increases in liver disease and cardiovascular drugs [2]. - The revenue from the pharmaceutical circulation segment was 4.205 billion yuan, a 3.6% increase, attributed to expanded sales channels and marketing efforts [2]. - The cosmetics business achieved revenue of 707 million yuan, up 11.42%, with notable sales from the Queen brand Pearl Cream exceeding 100 million yuan [2]. Cost and Margin Analysis - The gross margin for pharmaceutical manufacturing decreased by 2.93 percentage points due to rising costs of raw materials, particularly natural cow bile and other traditional Chinese medicine ingredients [2]. - The company’s R&D expenses were 232 million yuan in 2023, a 1.01% increase, with a focus on secondary development of its key products [2]. Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 3.38 billion yuan, 3.84 billion yuan, and 4.39 billion yuan, respectively, with corresponding P/E ratios of 43, 38, and 33 [2][3]. - The company expects to maintain a revenue growth rate of approximately 15% for its pharmaceutical manufacturing segment and 12% for its cosmetics business over the next few years [8]. Market Performance - The stock price has fluctuated between 188.51 yuan and 314.44 yuan over the past 52 weeks, with a current price of 242.98 yuan [6]. - The total market capitalization of the company is approximately 146.59 billion yuan [6]. Financial Metrics - The company’s return on equity (ROE) for 2023 was 20.48%, with projections of 20.91% for 2024 [3]. - The earnings per share (EPS) are expected to grow from 4.64 yuan in 2024 to 7.28 yuan by 2026 [3].

[Table_StockInfo] 买入 2024年 05月 05日 （维持） 证券研究报告•2023年年报及2024年一季报点评 当前价： 26.63元 福 莱 特（601865） 电力设备 目标价： 32.40元（6个月） 24Q1 业绩超预期，行业底部凸显盈利韧性 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma2ry02] 3年实现营业收入215.24亿元，同比增长39.21%；实现归母净 利润 27.60亿元，同比增长30.00%。2024Q1实现营业收入57.26亿元，同比 [分Ta析bl师e_：Au韩th晨or ] 增长6.73%；实现归母净利润7.60亿元，同比增长48.57%。 执业证号：S1250520100002 电话：021-58351923  光伏玻璃销量大增，行业底部盈利凸显韧性。2023年光伏组件价格大幅下跌刺 激了下游组件装机需求大幅增长。受益于公司新增产能释放和光伏行业需求旺 邮箱：hch@swsc.com.cn 盛，公司光伏玻璃营收、销量再创新高。2023年公司光伏玻璃销量12.20亿平 分析师：敖颖晨 （折合2.0mm口径），同比增长49.52%。 ...

[Table_StockInfo] 2024 年 05 月 03 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：14.55 元 天马科技（603668）农林牧渔 目标价：19.80 元（6 个月） 收入韧性强，利润受极端天气及周期波动有所下滑。2023 年公司业绩变化主要 系①饲料行业持续承压，饲料原料价格大幅波动、下游养殖业亏损，饲料企业运 营成本和资金周转压力加大；②特种水产养殖业务受 2023年一季度倒春寒和夏 季极端高温，以及近两年投苗量大而养殖基地建设尚未完全配套影响，目前养殖 密度整体偏高，客观上影响整体出鱼节奏；③宏观经济大环境等多重因素影响， 报告期内鳗鲡销售市场价格走势偏弱。 天马科技 沪深300 [Table_Report] 1. 天马科技（603668）：费用摊销影响利 润，鳗鱼业务弹性可期 (2023-11-08) 数据来源：Wind，西南证券 1）公司为特种水产饲料领导者，饲料业务预计稳定增长。预计 2024-2026 年畜禽饲料 销量增速分别为 10%、10%、5%；吨价增速分别为 0.4%、0%、0%。预计 2024-2026 年毛 利率分别为 8.5%、8.5 ...