买入 [2T0a2b4l年e_0S5t月oc0k6In日fo ] （维持） 证券研究报告•2023年年报点评 当前价： 6.71元 滨江集团（002244） 房地产 目标价： 8.08元（6个月） 销售表现稳健，土储财务持续优化 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] 2023年年报，全年实现营收704.4亿元，同比增长69.7%；实 [分Ta析bl师e_：Au池th天or惠] 现归母净利润25.3亿元，同比下降32.4%。 执业证号：S1250522100001 电话：13003109597  预售房款支撑未来业绩，财务情况持续优化。2023年公司实现营业收入 704.4 邮箱：cth@swsc.com.cn 亿元，同比增69.7%；实现归母净利润25.3亿元，同比下降32.4%，主要受本 期计提存货跌价准备增加影响；期末未结算的预收房款为1430亿元，较年初增 分析师：刘洋 加 9.7%。公司保持合理有息负债水平，“三道红线”监测指标持续保持“绿档”。 执业证号：S1250523070005 电话：18019200867 期末并表有息负债规模为 415.2亿元， ...

[Table_Summary 事件：公司发布] 2024年一季度财报，2024Q1公司实现营业收入 0.6亿元，同 比增长 72.3%；实现归母净利润 0.1 亿元，同比下降 11.1%。 持续推进高端芯片研发，大功率 CW芯片进展顺利。随着数据中心与 AI计算领 域对 400G、800G 或以上高速光模块的需求增加，大光功率激光器需求有望加 速提升。公司不断加大大功率光芯片等产品的相关技术和设备投入， 70mW/100mW 大功率 CW 芯片已经完成产品研发与设计定型，并在客户端送 样测试，若未来验证通过、实现量产，则有望为公司打开新的成长空间。 | --- | --- | --- | --- | --- | |----------------------------|---------|-----------------------------|--------|--------| | | | | | | | 营业收入（百万元） | | 144.40 269.66 383.80 513.89 | | | | 增长率 | -48.96% | 86.74% | 42.33% | 33.90% | | 归属母公 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 96 billion yuan in 2023, representing a year-on-year growth of 19.7%, and a net profit attributable to shareholders of 6.52 billion yuan, up 457% year-on-year [2] - In Q1 2024, the company achieved a revenue of 20 billion yuan, a 13.5% increase year-on-year, with a net profit of 1.82 billion yuan, reflecting a 79.6% growth [2] - The company distributed a cash dividend of 2.5 yuan per 10 shares, with a cash dividend payout ratio of 51.4% [2] Summary by Sections Financial Performance - The company's power business generated revenue of 68.9 billion yuan in 2023, a 7.9% increase, with a gross margin of 7.4%, up 15.75 percentage points year-on-year [2] - The company completed an on-grid electricity volume of 154.5 billion kWh, a 7.5% increase year-on-year, with coal power utilization hours reaching 5,533 hours, an increase of 123 hours [2] - The average coal price in Qinhuangdao for 2023 was 980.8 yuan/ton, down 279 yuan/ton year-on-year, and as of April 30, 2024, the coal price was 840 yuan/ton, indicating a continued low price trend [2] Investment Income - The company reported an investment net income of 4.61 billion yuan in 2023, with 4.24 billion yuan from joint ventures, a 45% increase year-on-year [2] - In Q1 2024, the investment net income was 1.23 billion yuan, a 20.3% increase year-on-year [2] Shareholder Returns - The company has maintained a cash dividend payout ratio above 50% since 2017, emphasizing shareholder returns [2] - The expected total cash dividend distribution for 2023 is 3.35 billion yuan, with a dividend yield of 4.0% based on the stock price as of April 30 [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 7.72 billion yuan, 8.71 billion yuan, and 9.57 billion yuan, respectively, with corresponding EPS of 0.58, 0.65, and 0.71 yuan [2][3]

[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： 36.97元 亿纬锂能（300014） 电力设备 目标价： 50.82 元（6个月） 储能规划清晰，展望 2024 年出货高增 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] 2023年报及2024一季报。2023年实现收入487.84亿元，同 [分Ta析bl师e_：Au韩th晨or ] 比+34.38%；实现归母净利润40.50亿元，同比+15.42%。24Q1实现收入93.17 执业证号：S1250520100002 亿元，同比-16.70%；实现归母净利润10.66亿元，同比-6.49%。 电话：021-58351923  量：下游客户持续开拓，储能出货占比提升。2023 年，公司动力电池出货 邮箱：hch@swsc.com.cn 28.1GWh，同比+31%；储能电池出货26.3GWh，同比+73%，储能出货占比显 分析师：胡泽邦 著提升。2023年内，公司与ABS、EA、PKL、Powin等国际头部企业进行战略 执业证号：S12 ...

[Table_StockInfo] 买入 2024年 05月 02日 （维持） 证券研究报告•2023年年报及2024年一季报点评 当前价： 10.86元 宋城演艺（300144） 社会服务 目标价： 13.44元（6个月） 业绩稳健增长，新项目爬坡值得期待 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] 2023年年报及 2024年一季报。2023年，实现营业收入 19.3 [分Ta析bl师e_：Au杜th向or阳] 亿元，同比增长320.8%；由于公司参股的联营企业花房集团有限公司经营情况 执业证号：S1250520030002 不及预期，公司计提长期股权投资减值准备8.6亿元，导致公司归母净利润为-1.1 电话：021-68416017 亿元，若不考虑该事项的影响，公司归母净利润应为8.3亿元，同比实现扭亏为 邮箱：duxy@swsc.com.cn 盈。由于 2023Q1 公司旗下各个项目还属于疫后逐步复园的准备中，故营收端 及利润端增长显著，2024Q1，实现营业收入 5.6亿元，同比增长 138.7%；实 [相Tab对le指_Q数u表ot现eP ic] 现归母净利润 ...

[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].