Investment Rating - The report maintains a "Hold" rating for the company, with a target price not specified for the next six months [49]. Core Views - The company is expected to benefit from a recovery in the breeding industry, which may lead to an increase in both volume and price in the animal health sector [49]. - The report highlights that the company has achieved a revenue of 1.598 billion yuan in 2023, representing a year-on-year growth of 4.55%, and a net profit attributable to the parent company of 284 million yuan, up 34.64% year-on-year [37][38]. - The company has made significant investments in R&D, amounting to 230 million yuan, which is 14.39% of its operating revenue, and is expected to launch over 40 new vaccine products in the next five years [4]. Summary by Sections Financial Performance - In 2023, the company reported an operating income of 1.598 billion yuan, with a net profit of 284 million yuan, and a non-recurring net profit of 254 million yuan, showing growth rates of 4.55%, 34.64%, and 29.74% respectively [37][38]. - The first quarter of 2024 saw a revenue of 348 million yuan, a decrease of 4.42% year-on-year, with a net profit of 106 million yuan, down 1.05% [37]. R&D and Product Development - The company has focused on technological innovation, with a strong emphasis on R&D, which has led to the registration of two new veterinary drug certificates during the reporting period [4]. - The company plans to launch several vaccines in 2024-2025, ensuring sustainable growth in performance over the next two years [4]. Market Outlook - The report indicates that the breeding industry is expected to recover, with a forecasted increase in pig prices due to a decrease in breeding stock, which may positively impact the animal health sector [49]. - The company is projected to achieve net profits of 380 million yuan, 460 million yuan, and 580 million yuan for the years 2024-2026, with corresponding dynamic PE ratios of 27, 22, and 18 times [42].

深圳 重庆 西南证券机构销售团队 请务必阅读正文后的重要声明部分 [ T able_StockInfo] 2024 年 04 月 29 日 证券研究报告•2024 年一季报点评 持有 （维持） 当前价：4.17 元 皖维高新（600063）基础化工 目标价：——元（6 个月） PVA 价差持续修复，静待 PVB 投产 [Table_Summary 事件：公司发布] 2024年一季报，公司一季度实现营收 18.0亿元，同比-18.9%， 实现归母净利润 0.5 亿元，同比-63.7%，扣非后归母净利润 0.5 亿元，同比 -53.3%，实现基本 EPS 0.02 元。 一季度业绩继续承压，PVA 价格跌幅收窄。一季度公司产品价格继续下滑，跌 幅有所收窄：PVA 一季度均价 10462.7元/吨，同比-28.8%，实现收入 4.9亿元； 醋酸乙烯销售均价 6363.5元/吨，同比-7.5%，实现收入 1.2亿元；水泥均价 203.9 元/吨，同比-31.1%，实现收入 7377.0万元；醋酸甲酯销售均价 3814.8元/吨， 同比+5.93%，实现收入 2.4亿元；聚酯切片销售均价 7990.1元/吨，同比-4. ...

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company is experiencing short-term pressure on performance due to macroeconomic factors and a lack of recovery in downstream demand, with a focus on high-end product volume growth in the future [10][29] - The company is actively expanding its overseas business, having successfully developed stable orders from Japanese clients [10] - The company is increasing its R&D investment, which rose by 33.2% year-on-year to 140 million yuan in 2023, enhancing its internal design verification capabilities [10] Financial Performance Summary - In 2023, the company achieved revenue of 2.07 billion yuan, a year-on-year decrease of 11.8%, and a net profit attributable to shareholders of 140 million yuan, down 26.3% year-on-year [10][21] - For Q1 2024, the company reported revenue of 410 million yuan, a decline of 19.5% year-on-year, and a net profit of 34.19 million yuan, down 38.1% year-on-year [10] - The main revenue source remains switch products, accounting for 80.9% of total revenue, with a revenue of 1.68 billion yuan, down 19.9% year-on-year [10] Revenue and Profit Forecast - Revenue growth is expected to rebound with a forecasted annual growth rate of 20% from 2024 to 2026, with gross margins improving to 18%, 19%, and 20% respectively [2][10] - EPS is projected to be 2.61 yuan, 3.49 yuan, and 4.82 yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 30, 23, and 16 [10][21] Product Development and Market Position - The company is making significant advancements in high-end data center switches, with products like the 2.0T/8.0T switches entering mass production [10] - The company is also expanding its product matrix in IoT gateways, particularly in edge computing 4G/5G gateways, which are seeing substantial growth [10]

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 [16][35]. Core Insights - The company has shown significant improvement in profitability, achieving a turnaround to profitability in Q1 2024. The revenue from new products accounted for 58.9% of total revenue in 2023, contributing to a notable increase in net profit margin [35][38]. - The company is projected to have earnings per share (EPS) of 0.99 yuan, 1.44 yuan, and 1.85 yuan for the years 2024, 2025, and 2026, respectively [35][38]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.2748 billion yuan, a year-on-year increase of 42.3%. The net profit attributable to the parent company was -50.87 million yuan, showing a 59% year-on-year improvement [38]. - For Q1 2024, the company achieved a revenue of 290 million yuan, a 28.6% increase year-on-year, and a net profit of 20 million yuan, marking a 956.1% increase year-on-year, thus completing its turnaround to profitability [38]. Revenue Breakdown - The company’s product sales in 2023 included 602,000 units of eye massagers, 281,000 units of neck massagers, and 1,373,000 units of head and shoulder massagers, with respective revenues of 190 million yuan, 170 million yuan, and 480 million yuan [38]. - Revenue from online direct sales reached 590 million yuan, reflecting a year-on-year growth of 67.5%, while offline direct sales generated 260 million yuan, up 32% year-on-year [38]. Profitability Metrics - The gross margin for 2023 improved by 9.5 percentage points to 59.3%. The gross margins for various product lines ranged from 39.2% to 67.1% [38]. - The net profit margin for Q1 2024 was 5.3%, an increase of 6.1 percentage points compared to the previous year, indicating continued improvement in profitability [38]. Future Projections - The company expects to maintain a growth trajectory with projected revenues of 1.5633 billion yuan, 1.8369 billion yuan, and 2.1501 billion yuan for 2024, 2025, and 2026, respectively [17][38]. - The report highlights a focus on cost control and efficiency improvements, which are expected to support ongoing profitability enhancements [35][38].

业绩增长稳健，隐形眼镜获批在即 盈利能力显著提升，四费率维持健康状态。从盈利能力看，2023年公司毛利率 为 59.3%（+14.5pp），得益于订单成本得到有效控制。从费用率看，2023年公 司销售/管理/研发/财务费用率分别为 6.7%/18.8%/6.9%/-1.6%，同比变动 +2.0pp/-0.9pp/-2.7pp/+1.3pp。其中销售费用增长主要因营销奖金和业务拓展所 需的展览展会、业务招待等费用增加所致。2023 年研发费用为 3318 万元 （-9.5%），部分研发项目形成销售，已从研发费用转出。 投资要点 西南证券研究发展中心 [ T able_StockInfo] 2024 年 04 月 28 日 证券研究报告•2023 年报及 2024 一季报点评 当前价：23.67 元 迈得医疗（688310）医药生物 目标价：——元（6 个月） 业绩符合预期，血液净化类和新增产品增速亮眼。按产品类型分，2023年安全 输注类营收 3.34亿元（+5.5%），市场订单需求表现稳定；血液净化类营收 0.8 亿元（+76.7%），主要因中空纤维膜纺丝线、透析器自动组装机等设备订单需 求增加；其他收入 0 ...

[Table_StockInfo] 买入 2024年 04月 29日 （首次） 证券研究报告•23年年报&24Q1季报点评 当前价： 16.12元 三一重工（600031） 机械设备 目标价： 19.60元（6个月） 24Q1 归母净利润同比+4.2%，盈利能力提升 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年年报和2024Q1业绩，2023年实现营收740.2亿，同 比-8.4 %；归母净利润45.3亿，同比+5.5%。单Q4营收 17.9亿，同比-17.6%，； [分Ta析bl师e_：Au邰th桂or龙] 归母净利润4.8亿，同比-30.7%。2024Q1公司实现营收178.3亿，同比-0.95%， 执业证号：S1250521050002 归母净利润15.8亿，同比+4.2%。公司海外业务稳定增长，盈利能力提升。 电话：021-58351893  国内工程机械下滑周期影响，挖掘机械、路面机械、桩工机械板块承压下滑。 邮箱：tgl@swsc.com.cn 2023年，公司挖掘机械实现营收276.4亿元，同比-22.7%，挖掘机收入下滑明 显，主要系国内工程机 ...

Investment Rating - The report maintains a "Hold" rating for Qin Chuan Machine Tool (000837) [1][9]. Core Views - The company's Q1 2024 performance showed a revenue of 981 million yuan, a year-on-year decrease of 2.62% but a quarter-on-quarter increase of 5.25%. The net profit attributable to shareholders was 25 million yuan, down 56.12% year-on-year but up 176.67% quarter-on-quarter, indicating that the performance met expectations [1][14]. - The gross margin for Q1 2024 was 16.78%, down 1.81 percentage points year-on-year, while the net margin was 3.39%, down 2.83 percentage points year-on-year. The expense ratio for the period was 16.10%, an increase of 0.34 percentage points year-on-year [2][14]. - The company aims for a revenue growth of no less than 15% in 2024, despite the challenges faced in the industry [15][16]. Summary by Sections Financial Performance - Q1 2024 revenue was 981 million yuan, down 2.62% year-on-year, but up 5.25% quarter-on-quarter. The net profit was 25 million yuan, down 56.12% year-on-year, but up 176.67% quarter-on-quarter [1][14]. - The gross margin was 16.78%, down 1.81 percentage points year-on-year, and the net margin was 3.39%, down 2.83 percentage points year-on-year [2][14]. Future Outlook - The company forecasts a compound annual growth rate (CAGR) of 17% in revenue from 2024 to 2026, with net profits expected to be 132 million yuan in 2024, 196 million yuan in 2025, and 277 million yuan in 2026 [16][17]. - The company is positioned as a leader in domestic gear machine tools, contributing to the localization of high-end five-axis machine tools [16][17].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% compared to the relevant market index within the next six months [6][7]. Core Insights - The company has demonstrated stable and robust growth, with 2023 revenue reaching 1.37 billion, a year-on-year increase of 12.7%, and a net profit of 350 million, up 12.1% year-on-year. The fourth quarter of 2023 saw revenue of 380 million, a 22.8% increase year-on-year, and a net profit of 98.46 million, up 40.0% year-on-year [22]. - The company has implemented an equity incentive plan, reflecting management's confidence in future performance, with targets set for net profit growth rates of no less than 25%, 35%, and 45% for the years 2024, 2025, and 2026, respectively [23]. Financial Performance - The company's comprehensive gross margin for 2023 was 49.7%, a decrease of 1.7 percentage points year-on-year, primarily due to an increase in the proportion of incremental business. The net profit margin was 25.3%, down 0.1 percentage points year-on-year. In Q1 2024, the gross margin was 48.0%, down 6.0 percentage points year-on-year, and the net profit margin was 24.7%, down 3.4 percentage points year-on-year [6][7]. - The company’s operating expense ratio for 2023 was 21.7%, remaining stable year-on-year. In Q1 2024, this ratio decreased to 19.9%, down 3.2 percentage points year-on-year [2]. Revenue and Profit Forecast - The company is expected to achieve a compound annual growth rate (CAGR) of 17% in net profit from 2024 to 2026, with projected net profits of 405 million, 481 million, and 555 million for the years 2024, 2025, and 2026, respectively [7][24]. - Revenue from the equipment manufacturing sector is projected to grow by 12.73% in 2024, with further increases expected in subsequent years [28]. Business Segments - The oil and chemical sector is anticipated to see a 20% year-on-year increase in orders from 2024 to 2026, with gross margins expected to improve to 66% by 2026 [11]. - The mining machinery segment is expected to recover to pre-pandemic levels, with projected order growth of 20%, 15%, and 10% from 2024 to 2026, and gross margins increasing to 38% by 2026 [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported a revenue of 270 million yuan in Q1 2024, a year-on-year decrease of 7.0%, and a net profit attributable to the parent company of 30 million yuan, down 49.7% year-on-year [1] - The increase in expense ratio and significant decline in net profit margin are attributed to insufficient scale effects and a decrease in gross profit margin [2] - The company is expected to benefit from the end of the destocking cycle in the industrial sector, with a potential new replenishment cycle on the horizon [2][6] - The domestic market for CNC cutting tools is still in the early stages of localization, presenting significant opportunities for domestic substitution [2][6] - The overseas market for cutting tools is approximately four times the size of the domestic market, and the company has increased its overseas revenue contribution from 10% in 2022 to 19% in Q1 2024 [2] Summary by Sections Financial Performance - In Q1 2024, the company's comprehensive gross profit margin was 25.1%, a decrease of 7.2 percentage points year-on-year, primarily due to insufficient capacity utilization of CNC cutting tools [5] - The expense ratio for Q1 2024 was 15.0%, an increase of 6.0 percentage points year-on-year, with R&D expenses rising by 2.9 percentage points [2][5] Future Outlook - The company is projected to achieve net profits of 200 million yuan, 280 million yuan, and 390 million yuan for the years 2024, 2025, and 2026, respectively, indicating a compound annual growth rate of 33% over the next three years [7][8] - The revenue growth rates for the years 2024, 2025, and 2026 are expected to be 32.27%, 28.70%, and 27.21%, respectively [8] Market Position - The company is positioned as a leading domestic manufacturer of cutting tools, focusing on enhancing product quality and cost-effectiveness to expand its presence in overseas markets [2][6]

[Table_StockInfo] 买入 2024年 04月 29日 （维持） 证券研究报告•23年年报和 24年一季报点评 当前价： 95.86元 洋河股份（002304） 食品饮料 目标价： ——元（6个月） 分红率进一步提升，省外增长较为稳健 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年年报和2024年一季报，2023年实现营业总收入331.3 [分Ta析bl师e_：Au朱th会or振] 亿元，同比+10.0%，实现归母净利润100.2亿元，同比+6.8%；2024年一季度 执业证号：S1250513110001 实现营业总收入 162.6亿元，同比+8.0%，实现归母净利润 60.6亿元，同比增 电话：023-63786049 长 5.0%，业绩略低于市场预期。2023年每 10股派发现金红利46.6元(含税)， 邮箱：zhz@swsc.com.cn 股利支付率提升10.0个百分点至70.1%；2024年营业收入增长目标为5%-10%。 分析师：王书龙  中高档略承压，省外增长稳健。2023 年：1、分产品结构看，中高档酒、普通 执业证号：S12505 ...