24Q1 业绩超预期，盈利能力提升 汇率变动及产品结构影响，公司工业缝纫机、衬衫及牛仔自动缝制设备毛利率 | --- | --- | --- | --- | --- | |----------------------------|--------|----------------------------------|--------|--------| | | | | | | | 营业收入（百万元） | | 5293.88 6636.33 8692.85 10946.09 | | | | 增长率 | -3.78% | 25.36% | 30.99% | 25.92% | | 归属母公司净利润（百万元） | | 538.43 681.64 880.74 1110.71 | | | | 增长率 | 9.08% | 26.60% | 29.21% | 26.11% | | 每股收益 EPS （元） | | 1.11 1.41 1.82 2.29 | | | | 净资产收益率 ROE | 12.12% | 13.69%15.36% | | 16.65% | | PE | | 22 17 13 11 | | | | P ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in 2023 was strong, with revenue increasing by 26.4% YoY and net profit growing by 33.1% YoY [2] - In Q1 2024, the company achieved revenue of 5.2 billion yuan (+3.5% YoY) and net profit of 900 million yuan (+15.2% YoY) [2] - The company's outpatient visits reached 15.106 million (+34.3% YoY) and surgeries reached 1.184 million (+36% YoY) in 2023 [2] - The company's cataract project revenue grew by 55.2% YoY, and the optometry project revenue increased by 31.3% YoY in 2023 [2] - The company's net profit margin improved to 18% in 2023 (+1.3pp YoY) and 18.7% in Q1 2024 (+0.8pp YoY) [2] Financial Performance - 2023 revenue: 20.367 billion yuan (+26.43% YoY) [4] - 2023 net profit attributable to parent company: 3.359 billion yuan (+33.07% YoY) [4] - 2024E revenue: 25.04 billion yuan (+22.94% YoY) [4] - 2024E net profit attributable to parent company: 4.648 billion yuan (+38.38% YoY) [4] - 2025E revenue: 29.213 billion yuan (+16.67% YoY) [4] - 2025E net profit attributable to parent company: 5.686 billion yuan (+22.34% YoY) [4] - 2026E revenue: 33.375 billion yuan (+14.25% YoY) [4] - 2026E net profit attributable to parent company: 6.782 billion yuan (+19.27% YoY) [4] Business Segments - Cataract project revenue in 2023: 3.33 billion yuan (+55.3% YoY) [3] - Optometry project revenue in 2023: 4.96 billion yuan (+31.3% YoY) [3] - The company introduced new functional intraocular lenses, such as the Vivity IOL, to promote the development of refractive cataract surgery [3] - The company focuses on the 5P myopia prevention and control model, utilizing products like orthokeratology lenses, atropine eye drops, and multifocal lenses for children and adolescents [3] Valuation Metrics - 2023 PE: 35.08x [10] - 2024E PE: 25.35x [10] - 2025E PE: 20.72x [10] - 2026E PE: 17.37x [10] - 2023 PB: 6.25x [10] - 2024E PB: 5.81x [10] - 2025E PB: 4.71x [10] - 2026E PB: 3.84x [10] Key Assumptions - Refractive surgery volume growth is expected to slow down due to weak consumption, with 2024-2026 growth rates of 17.1%/18.2%/16.8% [8] - Cataract surgery volume growth is expected to be 11.1% annually from 2024-2026, with average selling prices affected by national procurement policies [8] - Orthokeratology lens sales growth is expected to be 15% annually from 2024-2026, impacted by consumption downgrading [8]

[Table_StockInfo] 买入 2024年 04月 29日 （首次） 证券研究报告•2023年报&2024一季报点评 当前价： 4.05元 海油发展（600968） 石油石化 目标价： 5.40元（6个月） 三大产业稳中有进，盈利能力持续提升 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司m发ary布] 2023年年报和2024年一季报。2023年实现营收493.1亿，同 [分Ta析bl师e_：Au邰th桂or龙] 比+3.2%；实现归母净利润 30.8亿，同比+27.5%。2024Q1，实现营收92.1亿， 执业证号：S1250521050002 同比-3.5%；实现归母净利润5.0亿元，同比+21.4%。利润增速显著高于收入增 电话：021-58351893 速。 邮箱：tgl@swsc.com.cn  受益中海油增储上产，工作量持续放量增长。2023年，能源技术服务产业营收 联系人：杨云杰 188.8 亿，同比+21.2%，主要系油公司增储上产行动持续深入，带动板块工作 电话：021-58351893 量增长；能源物流服务产业营收230.7亿，同比-8.7%，主要系国际油 ...

Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 14.51 CNY and a target price not specified for the next six months [3][11]. Core Views - The company reported a revenue of 2.69 billion CNY in 2023, a decrease of 1.9% year-on-year, and a net profit of 0.26 billion CNY, down 24.7% year-on-year. In Q4 2023, revenue was 0.79 billion CNY, showing a growth of 5.7% year-on-year, while net profit decreased by 9.5% [3][4]. - In Q1 2024, the company achieved a revenue of 0.43 billion CNY, a year-on-year increase of 1.9%, and a net profit of 0.05 billion CNY, up 94.7% year-on-year [3][4]. - The company is focusing on expanding its energy storage business, which has shown significant growth, particularly after acquiring Ningbo Yongneng New Energy Technology Co., Ltd. [4][11]. Financial Summary - The company’s revenue is projected to grow from 2.69 billion CNY in 2023 to 4.58 billion CNY by 2026, with annual growth rates of 20.0%, 19.7%, and 18.4% for the years 2024, 2025, and 2026 respectively [2][48]. - The net profit is expected to increase from 0.26 billion CNY in 2023 to 0.44 billion CNY in 2026, with growth rates of 29.9%, 15.9%, and 12.2% for the respective years [2][48]. - The company’s EPS is forecasted to be 0.60 CNY in 2024, 0.70 CNY in 2025, and 0.79 CNY in 2026 [11][48]. Business Performance - The company’s gross margin improved to 20.5% in Q1 2024, an increase of 3.5 percentage points year-on-year. The net profit margin also improved to 11.4%, up 5.3 percentage points year-on-year [5][12]. - The revenue breakdown by product shows that the energy storage products have seen a significant increase in revenue, while traditional home appliance segments like vacuum cleaners have faced declines [4][11]. Market Outlook - The company is expected to benefit from a recovery in demand for home appliances in 2024, alongside its strategic expansion into the energy storage sector [11][14]. - The report highlights the importance of improving product profitability and maintaining stable gross margins as key factors for future growth [12][14].

[Table_StockInfo] 买入 2024年 04月 29日 （维持） 证券研究报告•2024年一季报点评 当前价： 133.59元 星宇股份（601799） 汽车 目标价： ——元（6个月） Q1 毛利率承压，静待新项目放量 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] 24年一季报，实现营业收入 24.12亿元，同比+25.5%，环比 [分Ta析bl师e_：Au郑th连or声] -19.9%，归母净利润2.43亿元，同比+19.2%，环比-24.3%，略低于预期。 执业证号：S1250522040001 电话：010-57758531  营收增速持续跑赢行业，毛利率有所承压。24Q1国内汽车产销分别为660.6万 邮箱：zlans@swsc.com.cn 辆和 672万辆，同比分别增长 6.4%和 10.6%（中汽协），公司作为国内车灯龙 头公司，营收增长持续跑赢行业。业绩方面，24Q1毛利率 19.6%，同比-1.9pp， 联系人：冯安琪 环比-0.9pp，净利率10.1%，同比-0.5pp，环比-0.5pp，盈利能力有所承压，预 电话：021-583519 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.60 CNY over the next six months [1][6][18]. Core Insights - The company reported a revenue of 1.01 billion CNY for Q1 2024, reflecting a year-on-year growth of 10.0%. The net profit attributable to the parent company was 70 million CNY, up 2.2% year-on-year. The performance met market expectations, with steady revenue growth and slight pressure on profits [6][11]. - The restaurant business continues to show strong growth, with successful expansion into markets outside the province. The revenue from the restaurant segment reached 380 million CNY, a year-on-year increase of 13.3% [6][11]. - The company is focusing on optimizing its distribution network and expanding production capacity, with plans to enhance its presence in emerging channels while maintaining traditional ones [6][11]. Financial Performance Summary - For Q1 2024, the company's revenue breakdown shows food business revenue at 600 million CNY (up 9.0% YoY) and restaurant business revenue at 380 million CNY (up 13.3% YoY). The decline in mooncake sales is attributed to seasonal factors and high base effects from the previous year [6][11]. - The gross margin for Q1 2024 was 29.8%, down 2.6 percentage points year-on-year, primarily due to a decrease in the proportion of high-margin mooncake products [6][11]. - The company has adjusted its distributor network, reducing the number of distributors by 42, while also expanding its presence in major retail chains such as Hema and Costco [6][11]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 4.90 billion CNY in 2024, with a growth rate of 15.56%. The net profit attributable to the parent company is expected to reach 650 million CNY, reflecting a growth rate of 17.12% [7][12]. - The earnings per share (EPS) forecast for 2024 is 1.13 CNY, with a price-to-earnings (PE) ratio of 20 times, leading to the target price of 22.60 CNY [6][11][18].

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company achieved a revenue of 51.57 billion yuan in 2023, representing a year-on-year growth of 10.1%, and a net profit attributable to shareholders of 7.18 billion yuan, up 11.4% year-on-year [2][3] - In Q1 2024, the company reported a revenue of 7.7 billion yuan, a 24.3% increase year-on-year, and a net profit of 600 million yuan, growing 13.7% year-on-year [2] - The company is experiencing short-term pressure on profitability but maintains high R&D investment, with a R&D expense ratio of 5.3% in 2023, up 0.2 percentage points year-on-year [2] - The smart grid segment generated revenue of 25.64 billion yuan in 2023, a 2.6% increase, while overseas business revenue surged by 104.1% to 1.39 billion yuan [2] - The digital energy integration business grew by 21.7% to 11.13 billion yuan in 2023, and the low-carbon energy segment saw a 33.5% increase in revenue to 9.64 billion yuan [2] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 51.57 billion yuan and a net profit of 7.18 billion yuan, with a gross margin of 26.8% and a net margin of 14.8% [2][3] - For 2024-2026, projected revenues are 58.52 billion yuan, 65.43 billion yuan, and 71.69 billion yuan, with net profit growth rates of 12.1%, 12.5%, and 14.5% respectively [3][11] Business Segments - Smart Grid: Revenue of 25.64 billion yuan in 2023, with a projected growth rate of 8% for 2024-2026 [9] - Digital Energy Integration: Revenue of 11.13 billion yuan in 2023, with a projected growth rate of 20% for 2024 [9] - Low-Carbon Energy: Revenue of 9.64 billion yuan in 2023, with a projected growth rate of 25% for 2024 [9] Market Position - The company is positioned as a leading provider of integrated smart grid solutions and digital energy services, benefiting from increased demand in both domestic and international markets [2][8]

[Table_StockInfo] 买入 2024年 04月 29日 （维持） 证券研究报告•2023年报及2024年一季报点评 当前价： 39.57元 海天味业（603288） 食品饮料 目标价： ——元（6个月） 23 年业绩有所承压，24Q1 实现开门红 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年实现收入245.6亿元， [分Ta析bl师e_：Au朱th会or振] 同比-4.1%，归母净利润为 56.3亿元，同比-9.2%；其中 23Q4实现收入 59.1 执业证号：S1250513110001 亿元，同比-9.3%，归母净利润为 13亿元，同比-15.2%；同时，公司拟向全体 电话：023-63786049 股东按每10股派发现金股利6.60元（含税）。24Q1实现收入 76.9亿元，同比 邮箱：zhz@swsc.com.cn +10.2%，归母净利润为19.2亿元，同比+11.8%；公司业绩符合市场预期。 分析师：舒尚立  23年主业有所承压，24Q1实现开门红。分产品看，23年公司酱油/调味酱/蚝 执业证号：S1 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][26][32] Core Views - The company is expected to achieve a net profit attributable to shareholders of 470 million, 570 million, and 640 million yuan for the years 2024, 2025, and 2026 respectively, driven by favorable tourism policies and the company's strong position in the Huangshan tourism market [2][12][18] - The opening of the Tiandu Peak and the launch of the Chi-Huang high-speed rail are anticipated to boost visitor traffic to Huangshan, enhancing the company's revenue potential [13][26] Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 340 million yuan, a year-on-year decrease of 0.4%, and a net profit of 30 million yuan, down 60.5% year-on-year [12][17] - The gross margin was 39.5%, down 8.3 percentage points year-on-year, while the net margin was 8.6%, a decrease of 12.3 percentage points compared to 2019 [12] Visitor Statistics - The Huangshan scenic area received 827,000 visitors in Q1 2024, a decline of 2.1% year-on-year [12] Future Projections - The company anticipates a revenue growth rate of 12.14% in 2024, with further increases of 19.04% and 11.29% in 2025 and 2026 respectively [18] - The net profit growth rate is projected at 12.03% for 2024, 20.10% for 2025, and 12.49% for 2026 [18] Strategic Initiatives - The "Big Huangshan" policy aims to develop the region into a world-class leisure and tourism destination, targeting a GDP of 1.4 trillion yuan by 2033 and attracting over 670 million domestic tourists [26]

地址：北京市西城区金融大街 35 号国际企业大厦 A 座 8 楼 邮编：100033 地址：重庆市江北区金沙门路 32 号西南证券总部大楼 21 楼 邮编：400025 首药控股（688197）2023 年报及 2024 一季报点评 假设 2：SY-5007 于 2024 年 NDA 获受理，2025 年获批上市，上市后患者用药年费用 约为 16.5 万元，2026 年谈判降价 50%纳入医保目录，二线适应症 2030 年后市占率稳定至 40%，一线适应症 2032 年后市占率稳定至 50%。 首药控股（688197）2023 年报及 2024 一季报点评 [Table_Summary 事件：公司发布] 2023年年报，2023年实现营业收入 0.05亿元（+186.18%）， 归母净利润-1.9亿元，扣非归母净利润-2.0亿元。2024年一季度归母净利润-0.53 亿元，扣非归母净利润-0.56亿元。 多款新药跻身国产第一梯队，展现优异自主研发能力。截至 2024年 4月，公司 具有自主知识产权的在研管线 24 个，其中 12 个自主研发管线。自主研发管线 中，1款处于 pre-NDA 沟通，2款处于关键性 ...