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 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------|----------------------------|-------------------------------------------|-------|-------|---------- ...

政治局会议加强部署，美联储保持利率不变 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------- ...

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 | | | | ...

Investment Rating - The report maintains a "Buy" rating for Yili Co., Ltd. (600887) [1] Core Views - The company reported a total revenue of 126.2 billion yuan in 2023, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 10.43 billion yuan, up 10.6% year-on-year. In Q1 2024, the revenue was 32.6 billion yuan, a decrease of 2.6% year-on-year, while the net profit reached 5.92 billion yuan, a significant increase of 63.8% year-on-year. The company plans to distribute a cash dividend of 12.00 yuan per 10 shares (including tax) to all shareholders [2][3] Summary by Sections Financial Performance - In 2023, the revenue from liquid milk, milk powder, and dairy products, and ice cream was 85.5 billion yuan (+0.7%), 27.6 billion yuan (+5.1%), and 10.7 billion yuan (+11.7%) respectively. In Q1 2024, the revenue from these segments was 20.3 billion yuan (-6.8%), 7.4 billion yuan (-0.2%), and 4.3 billion yuan (+14.2%) respectively [2] - The gross margin for 2023 and Q1 2024 was 32.6% (+0.3pp) and 35.8% (+2pp) respectively, mainly due to the decline in raw milk prices [2] - The net profit margin for 2023 and Q1 2024 was 8.2% (+0.6pp) and 18.3% (+7.5pp) respectively, significantly boosted by increased investment income from the transfer of subsidiary equity [2] Profitability Outlook - The company expects profitability to improve as cost stabilizes, product structure enhances, and efficiency in expense allocation increases. The company plans to repurchase 1 to 2 billion yuan worth of shares within 12 months to enhance investor returns, reflecting confidence in future development [2][3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 13 billion yuan, 13.3 billion yuan, and 13.9 billion yuan respectively, with corresponding EPS of 2.04 yuan, 2.07 yuan, and 2.18 yuan. The dynamic PE ratios are projected to be 14 times, 14 times, and 13 times respectively [3][4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 129.00 CNY over the next six months [3][12][23]. Core Insights - The company achieved a significant revenue increase of 72.59% year-on-year in 2023, reaching 6.39 billion CNY, and a net profit increase of 676.58%, amounting to 345.04 million CNY. In Q1 2024, revenue surged by 122.47% year-on-year to 1.81 billion CNY, with net profit growing by 297.18% to 154 million CNY [23][24]. - The company's growth is driven by increased demand in overseas markets such as the Middle East, Latin America, and India, leading to substantial growth in its mounting bracket business [23][24]. - The report highlights the company's strategic focus on vertical and horizontal integration in the photovoltaic mounting bracket sector, which has enhanced its global marketing network and supply chain capabilities [23][24]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023 Revenue: 6,390.16 million CNY, 2024E: 9,830.00 million CNY, 2025E: 12,080.00 million CNY, 2026E: 14,430.00 million CNY [4][27]. - 2023 Net Profit: 345.04 million CNY, 2024E: 700.88 million CNY, 2025E: 883.66 million CNY, 2026E: 1,080.41 million CNY [4][27]. - **Earnings Per Share (EPS)**: - 2023: 2.54 CNY, 2024E: 5.16 CNY, 2025E: 6.51 CNY, 2026E: 7.95 CNY [4][27]. - **Valuation Ratios**: - PE Ratio: 2023: 42, 2024E: 20, 2025E: 16, 2026E: 13 [4][27]. - PB Ratio: 2023: 5.12, 2024E: 4.20, 2025E: 3.45, 2026E: 2.83 [4][27]. Business Segment Performance - The photovoltaic mounting bracket business generated 5.66 billion CNY in revenue in 2023, a 74.83% increase year-on-year. The revenue from fixed brackets was 2.06 billion CNY (up 26.34%), while tracking brackets generated 3.60 billion CNY (up 124.13%) [23][24]. - The company expects to maintain strong growth in tracking bracket shipments, projecting 15 GW in 2024, 20 GW in 2025, and 25 GW in 2026 [25][26]. Market Position and Competitive Advantage - The company is positioned as a leader in the export of tracking brackets, benefiting from the explosive demand in regions like the Middle East, Latin America, and India. Its overseas supply chain advantages are expected to enhance its market share alongside Chinese EPC companies [12][23][24].

Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 15.49 CNY and a target price not specified for the next six months [7]. Core Insights - The company achieved a revenue of 32.1 billion CNY in 2023, representing a year-on-year growth of 31.6%, and a net profit attributable to the parent company of 5.3 billion CNY, up 54.2% year-on-year [7][27]. - In Q4 2023, the company reported a revenue of 8.8 billion CNY, a slight decline of 0.8% year-on-year, and a net profit of 1.4 billion CNY, down 8.5% year-on-year [7]. - For Q1 2024, the company achieved a revenue of 8.9 billion CNY, reflecting a growth of 9.3% year-on-year, and a net profit of 1.5 billion CNY, up 6.7% year-on-year [7]. Revenue and Profitability - The soy sauce segment generated 20.4 billion CNY in revenue in 2023, with a year-on-year growth of 34.9%, driven by the trend towards zero-additive products [7][27]. - The vinegar and other segments reported revenues of 4.2 billion CNY and 7.0 billion CNY, respectively, with year-on-year growth rates of 11.7% and 28.9% [7]. - The gross margin for 2023 was 37.2%, an increase of 0.6 percentage points year-on-year, while the gross margin for Q1 2024 was 36%, a decrease of 3.1 percentage points year-on-year [7][27]. Future Outlook - The company is expected to continue expanding its zero-additive product line and enhance its market presence, particularly in vinegar and cooking wine categories, with a focus on increasing the proportion of high-margin products [7][27]. - The report forecasts that the company's earnings per share (EPS) for 2024-2026 will be 0.62 CNY, 0.73 CNY, and 0.86 CNY, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 25, 21, and 18 [7][27].