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].

请务必阅读正文后的重要声明部分 1 在建产能充足，产线效率持续改善。产能方面，公司年产 45万吨高档信息纸机 不断突破瓶颈，实现产能稳步爬坡；江苏基地 80万吨高档特种纸板扩建项目积 极推进，建成后将形成全木浆零塑纸杯原纸、高端社会卡纸和高档烟卡纸等高 附加值品类产能，该项目将为江苏基地规模扩大和生产力提升提供有力支撑， 在成本领先基础上，更好服务华东及海外客户的多元化需求；山东基地将推动 液包、食品卡、高档办公用纸、淋膜纸等差异化产品的持续产量爬坡，同时开 [Table_Author] 分析师：蔡欣 执业证号：S1250517080002 电话：023-67511807 邮箱：cxin@swsc.com.cn 分析师：赵兰亭 执业证号：S1250522080002 电话：023-67511807 邮箱：zhlt@swsc.com.cn 发涂布牛卡、本色纸杯纸、不打水不电晕高档纸杯纸等新型纸品，随着公司新 品产能释放，产线效率进一步提升，公司产品结构有望进一步优化。 | --- | --- | --- | --- | --- | |----------------------------------|---- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 26.16 CNY over the next six months [1][11]. Core Insights - The company reported a revenue of 89.92 billion CNY in 2023, a year-on-year increase of 7.4%, but faced a net loss attributable to shareholders of 6.39 billion CNY, a significant decline of 220.81% compared to the previous year. In Q1 2024, revenue was 21.85 billion CNY, up 9.38% year-on-year, with a reduced net loss of 1.24 billion CNY, a decrease in loss of 55.03% [2][3]. - The company has shown resilience with growth in scale despite adverse market conditions, particularly in the poultry and pig farming sectors. The decline in profits was primarily due to low prices for yellow feathered chickens and pigs during the reporting period [2][3]. - The company sold 26.26 million pigs in 2023, a 46.65% increase year-on-year, generating revenue of 46.26 billion CNY, up 12.67%. The average selling price for pigs was 14.81 CNY/kg, down 22.26% year-on-year. Chicken sales reached 1.183 billion birds, a 9.51% increase, with revenue of 34.69 billion CNY, a 2.21% increase [2][3]. - The company aims to sell between 30 to 33 million pigs in 2024, an increase of 4 to 7 million compared to 2023, with a current effective breeding capacity exceeding 35 million pigs [2][3]. - The yellow chicken farming segment is expected to maintain a high level of profitability, with a projected profit of 2-3 CNY per chicken over the full cycle [2][3]. Financial Projections - The company forecasts earnings per share (EPS) of 1.09 CNY, 1.69 CNY, and 1.35 CNY for 2024, 2025, and 2026 respectively, with corresponding dynamic price-to-earnings (PE) ratios of 18, 11, and 14 times [3][4]. - Revenue is expected to grow to 112.72 billion CNY in 2024, 126.16 billion CNY in 2025, and 136.32 billion CNY in 2026, with growth rates of 25.38%, 11.93%, and 8.05% respectively [4][10]. - The net profit attributable to shareholders is projected to recover to 7.25 billion CNY in 2024, 11.27 billion CNY in 2025, and 8.97 billion CNY in 2026, reflecting growth rates of 213.42%, 55.57%, and -20.42% respectively [4][10]. Market Position and Competitiveness - The company is the largest poultry farming enterprise in China, with an expanding market share. The expected growth rates for chicken output are 10% for 2024 and 2025, and 8% for 2026 [9][11]. - The company is positioned to benefit from a recovery in pig prices and improved cost management, with a projected gross margin of 9% for the pig segment in 2024 [9][11].

[Table_StockInfo] 买入 2024年 05月 05日 （维持） 证券研究报告•2023年年报点评 当前价： 7.18元 上海莱士（002252） 医药生物 目标价： ——元（6个月） 全年收入增长符合预期 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年报&2024年一季报，2023年实现收入79.6亿元，同比 [分Ta析bl师e_：Au杜th向or阳] +21.3%，实现归母净利润17.8亿元，同比-5.4%，扣非归母净利润18.2亿元， 执业证号：S1250520030002 同比-0.6%。2024年一季度实现收入 20.6亿元，同比-0.3%，实现归母净利润 电话：021-68416017 7.6亿元，同比+5.4%，扣非归母净利润5.9亿元，同比-16.6%。 邮箱：duxy@swsc.com.cn  23Q4/24Q1 表观利润受投资收益影响。2023 公司各季度收入分别为 分析师：王彦迪 20.6/18.4/20.3/20.3 亿元(+22.4%/+14.3%/+22.7%/+25.6%)，整体收入增长符 执业证号：S12505240 ...

2024年 05月 05日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（4.29-4.30） 预计 4 月新能源渗透率达 45%，重卡市场仍处上升通道 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m上m周ar，y] SW汽车板块与上周持平，沪深 300上涨 0.6%。估值上， 分析师：郑连声 截止4月30日收盘，汽车行业PE（TTM）为21倍，较前一周上涨2.2%。 执业证号：S1250522040001 电话：010-57758531  投资建议：乘用车方面，4月，乘联会预测狭义乘用车零售约 160.0万辆，环 邮箱：zlans@swsc.com.cn 比-5.3%，同比-1.5%。其中，新能源零售约72.0万辆，与上月持平，同比+37.1%， 联系人：冯安琪 渗透率预计可达45.0%。近期，商务部、财政部等7部门联合印发《汽车以旧 换新补贴实施细则》，在政策推动下，汽车报废量空间较大，新能源乘用车渗 电话：021-58351905 邮箱：faz@swsc.com.cn 透率有望持续提升。商用车方面，4月重卡销量约8.7万辆， ...

[2T0a2b4le年_I0n5du月str0y5In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（4.29-5.5） 2024 年 5 月第一周创新药周报 A股和港股创新药板块及XBI指数本周走势 西南证券研究发展中心 20 2[T4a年ble5_S月u第mm1a周ry，] 陆港两地创新药板块共计 53个股上涨，9个股下跌。其中 [分Ta析bl师e_：Au杜th向or阳] 涨幅前三为乐普生物-B（+27.18%）、开拓药业-B (+26.04%)、基石药业-B 执业证号：S1250520030002 (+22.22%)。跌幅前三为艾迪药业 (-4.89%)、迈博药业-B (-4.82%)、嘉和生物-B 电话：021-68416017 (-2.34%)。 邮箱：duxy@swsc.com.cn 本周 A 股创新药板块上涨 1.28%，跑赢沪深 300 指数 0.72pp，生物医药上涨 [行Ta业bl相e_对Qu指o数te表Pic现] 1.42%。近 6个月 A股创新药累计下跌2%，跑输沪深 300指数 2.39pp，生物医 药累计下跌12.42%。 1% 医药生物 沪深 ...

[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 ...