Investment Rating - The report maintains a "Buy" rating for Huakang Stock (605077) with a target price of 25.76 yuan for the next 6 months [1] Core Views - Huakang Stock achieved revenue of 2.78 billion yuan in 2023, a year-on-year increase of 26.5%, with net profit attributable to the parent company of 370 million yuan, up 16.3% year-on-year [1] - In Q1 2024, the company's revenue was 640 million yuan, down 2.4% year-on-year, and net profit attributable to the parent company was 80 million yuan, down 11.2% year-on-year, which was below market expectations [1] - Crystal sugar alcohol sales grew steadily, with revenue of 1.91 billion yuan in 2023, up 14.7% year-on-year, and sales volume of 149,000 tons, up 27.9% year-on-year [1] - Liquid sugar alcohol and other products achieved revenue of 680 million yuan in 2023, up 33.0% year-on-year, with sales volume of 210,000 tons, up 33.9% year-on-year [1] Product Performance - Crystal sugar alcohol gross margin was 28.9% in 2023, up 2.2 percentage points year-on-year, driven by product mix optimization [1] - Liquid sugar alcohol gross margin was 8.8% in 2023, up 1.1 percentage points year-on-year [1] - Overall gross margin in 2023 was 23.7%, up 1.4 percentage points year-on-year, while net margin was 13.4%, down 1.1 percentage points year-on-year [1] Capacity Expansion - The "30,000-ton D-xylose green intelligent upgrading project" has entered trial production, which will improve automation and reduce energy consumption [1] - The first phase of the 1 million-ton corn deep processing project in Zhoushan is expected to be completed in August 2024, focusing on liquid syrup and some crystal sugar alcohol products [1] - The second phase of the Zhoushan project will take 3 years, with new product lines such as dietary fiber and modified starch to be developed [1] Financial Projections - Net profit attributable to the parent company is expected to be 380 million yuan, 460 million yuan, and 550 million yuan for 2024-2026, respectively [1] - EPS is projected to be 1.61 yuan, 1.97 yuan, and 2.32 yuan for 2024-2026, respectively [1] - The company is valued at 16x 2024 PE, corresponding to a target price of 25.76 yuan [1] Industry Comparison - Comparable companies include Bailong Chuangyuan, Layn Natural Ingredients, and Chenguang Biotech [12] - Huakang Stock is valued at a lower PE multiple compared to peers, with 2024 PE of 13x versus the industry average of 20x [12] Key Assumptions - Crystal sugar alcohol revenue is expected to grow 5%, 12%, and 10% in 2024-2026, with gross margins of 29%, 30%, and 31%, respectively [7] - Liquid sugar alcohol and other products revenue is projected to grow 20%, 25%, and 20% in 2024-2026, with gross margins of 9%, 10%, and 11%, respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market index in the next six months [1][26]. Core Insights - The company reported a revenue of 10.99 billion yuan in 2023, a year-on-year increase of 9.8%, and a net profit attributable to shareholders of 430 million yuan, up 19.3% [1][2]. - In Q1 2024, the company achieved a revenue of 2.61 billion yuan, reflecting a 3.7% growth, and a net profit of 90 million yuan, which is a significant increase of 46.9% [1][2]. - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares to all shareholders [1]. Revenue and Profitability - In 2023, the liquid milk segment generated 9.76 billion yuan in revenue, growing by 11.2% year-on-year, supported by a strong product development strategy [2]. - The gross margin for 2023 was 26.9%, an increase of 2.8 percentage points, attributed to lower raw milk prices and optimized product mix [3]. - The net profit margin for 2023 was 4%, showing a 0.4 percentage point improvement [3]. Strategic Planning - The company has outlined a strategic plan for 2023-2027, aiming for double-digit revenue growth and a doubling of net profit margin, focusing on organic growth supplemented by acquisitions [4]. - The product strategy emphasizes low-temperature fresh milk and yogurt, targeting a compound annual growth rate of no less than 20% for high-end fresh milk over five years [4]. - The direct-to-consumer (DTC) channel is expected to be the primary growth driver, with a target revenue contribution of 30% by 2027 [4]. Financial Forecast - The forecasted net profits for 2024, 2025, and 2026 are 570 million yuan, 710 million yuan, and 840 million yuan, respectively, with corresponding earnings per share (EPS) of 0.66 yuan, 0.82 yuan, and 0.97 yuan [4][6]. - The projected price-to-earnings (PE) ratios for the same years are 15x, 12x, and 10x, indicating a favorable valuation trend [4][6].

[Table_StockInfo] 买入 2024年 04月 28日 （维持） 证券研究报告•2023年报及2024年一季报点评 当前价： 25.27元 华厦眼科（301267） 医药生物 目标价： ——元（6个月） 业绩符合预期，经营稳健 投资要点 西南证券研究发展中心 [T ab业le绩_S总u结mm：a公ry司] 发布 2024年一季报和 2023年年报。2024年一季度实现收入 [分Ta析bl师e_：Au杜th向or阳] 9.8亿元（+5.1%），归母净利润1.6亿元（+3.8%），扣非后约1.6亿元（+6.9%）。 执业证号：S1250520030002 2023年公司实现收入40.1亿元（+24.1%），归母净利润6.7亿元，（+29.6%）， 电话：021-68416017 扣非后约6.2亿元（+22.4%）。 邮箱：duxy@swsc.com.cn  23年业绩稳健增长，24年Q1业绩符合预期。公司2023年收入同比增长24.1%， 分析师：王钰畅 净利润增速 33%。24年一季度收入增速 5.1%，净利润增速 4.5%。23年公司 执业证号：S1250524010001 电话：021-6 ...

[Table_StockInfo] 买入 2024年 04月 28日 （维持） 证券研究报告•2023年报及2024一季报点评 当前价： 60.13元 雅克科技（002409） 电子 目标价： 75.18元（6个月） 半导体市场稳步复苏，看好全年业绩表现 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ar布y] 2023年报及 24年一季报，2023年全年公司实现营业收入47.4 亿元，同比增长11.2%，实现归属于母公司所有者的净利润5.8亿元，同比上升 [分Ta析bl师e_：Au黄th寅or斌] 10.4%，实现基本每股收益1.22元。2024年Q1公司实现收入16.2亿元，同比 执业证号：S1250523030001 +51.1%，实现归母净利润2.5亿元，同比+42.2%，实现基本每股收益0.52元。 电话：13316443450  LNG保温绝热材料需求旺盛，销量大幅增长。2023年，公司半导体化学材料实 邮箱：hyb@swsc.com.cn 现营收11.4亿元，同比-0.5%，毛利率50.2%，同比-0.2pp；光刻胶及配套试剂 分析师：徐一丹 业务实现营收 13.0亿元 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 4.95 billion yuan in 2023, representing a year-on-year growth of 6.0%, and a net profit of 1.27 billion yuan, up 4.4% year-on-year. In Q4 2023, revenue reached 1.36 billion yuan, a significant increase of 51.3% year-on-year, with net profit rising by 53.2% to 250 million yuan [2] - The company plans to distribute a cash dividend of 9.15 yuan per 10 shares (including tax) [2] - For Q1 2024, the company reported revenue of 930 million yuan, a year-on-year increase of 9.4%, and a net profit of 190 million yuan, up 16.8% year-on-year [2] - The company successfully completed its growth plan for 2023, focusing on product upgrades, brand premiumization, and marketing breakthroughs [2] - The company aims to maintain growth in both revenue and net profit for 2024, with strategies to enhance brand positioning and expand market share [2] Summary by Sections Financial Performance - In 2023, the company's high-end liquor revenue was 4.67 billion yuan, up 3.7% year-on-year, while mid-range liquor revenue was 200 million yuan, a substantial increase of 64.1% [2][9] - The overall gross margin for 2023 was 83.2%, a decrease of 1.3 percentage points year-on-year, while the net profit margin was 25.6%, down 0.4 percentage points [2][9] - For Q1 2024, the gross margin was 80.5%, with a net profit margin of 20.0%, reflecting a 1.3 percentage point increase [2][9] Earnings Forecast - The company forecasts earnings per share (EPS) of 3.01 yuan, 3.50 yuan, and 4.04 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 [2][9] - The projected revenue growth rates for 2024-2026 are 14.3%, 15.1%, and 13.9%, respectively [3][9] Market Strategy - The company plans to focus on enhancing its presence in key markets and increasing the number of high-quality distributors [2] - The strategy includes optimizing organizational structure and improving sales personnel capabilities to strengthen competitive advantages [2] Industry Outlook - The company is expected to benefit from the recovery of consumer confidence and economic conditions, particularly in the mid-to-high-end liquor market [2]

[Table_StockInfo] 买入 2024年 04月 28日 （维持） 证券研究报告•2023年报及2024一季报点评 当前价： 60.13元 雅克科技（002409） 电子 目标价： 75.18元（6个月） 半导体市场稳步复苏，看好全年业绩表现 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ar布y] 2023年报及 24年一季报，2023年全年公司实现营业收入47.4 亿元，同比增长11.2%，实现归属于母公司所有者的净利润5.8亿元，同比上升 [分Ta析bl师e_：Au黄th寅or斌] 10.4%，实现基本每股收益1.22元。2024年Q1公司实现收入16.2亿元，同比 执业证号：S1250523030001 +51.1%，实现归母净利润2.5亿元，同比+42.2%，实现基本每股收益0.52元。 电话：13316443450  LNG保温绝热材料需求旺盛，销量大幅增长。2023年，公司半导体化学材料实 邮箱：hyb@swsc.com.cn 现营收11.4亿元，同比-0.5%，毛利率50.2%，同比-0.2pp；光刻胶及配套试剂 分析师：徐一丹 业务实现营收 13.0亿元 ...

[Table_StockInfo] 买入 2024年 04月 28日 （维持） 证券研究报告•23年报及24年一季报点评 当前价： 46.17元 水 井 坊（600779） 食品饮料 目标价： ——元（6个月） 臻酿八号稳健增长，23 年如期完成目标 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a2ry0]2 3年实现收入49.5亿元，同比+6.0%，归母净利润12.7亿元， [分Ta析bl师e_：Au朱th会or振] 同比+4.4%；其中23单 Q4实现收入13.6亿元，同比+51.3%，归母净利润2.5 执业证号：S1250513110001 亿元，同比+53.2%。此外，公司拟每10股派发现金红利9.15元（含税）。24Q1 电话：023-63786049 实现收入9.3亿元，同比+9.4%，归母净利润1.9亿元，同比+16.8%。 邮箱：zhz@swsc.com.cn  臻酿八号双位数稳健增长，23 年顺利完成增长规划。1、在白酒行业挤压式竞 分析师：王书龙 争的背景下，公司管理层持续落地“产品升级创新、品牌高端化、营销突破” 三大策略，23年公司收入和利润较 22年均保持增 ...

[ T able_StockInfo] 2024 年 04 月 27 日 证券研究报告•2023 年报及 2024 一季报点评 买入 （维持） 当前价：20.56 元 华康股份（605077）基础化工 目标价：25.76 元（6 个月） | --- | --- | --- | --- | --- | |----------------------------------|--------|--------|-------------------------|--------| | 产能不及预期风险。 | | | | | | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（亿元） | | | 27.83 30.21 34.79 39.23 | | | 增长率 | 26.48% | 8.56% | 15.16% | 12.76% | | 归属母公司净利润（亿元） | | | 3.71 3.78 4.63 5.45 | | | 增长率 | 16.34% | 1.81% | 22.31% | 17.81% | | 每股收益 EPS ...

[Table_StockInfo] 买入 2024年 04月 26日 （维持） 证券研究报告•2023年报&2024一季报点评 当前价： 28.25元 华友钴业（603799） 有色金属 目标价： 33.92元（6个月） 三元需求显著回升，公司现金流改善 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年一季报。2023年实现收入663.04亿元， 同比+5.19%；实现归母净利润33.51亿元，同比-14.25%。24Q1实现收入149.63 [分Ta析bl师e_：Au韩th晨or ] 亿元，同比-21.70%；实现归母净利润5.22亿元，同比-48.99%。 执业证号：S1250520100002 电话：021-58351923  量：23年材料出货量提升、结构优化，三元终端需求提升。2023年，公司前驱 体产品出货量近15万吨（含自供），同比+31%，逆势增长（全球三元前驱体产 邮箱：hch@swsc.com.cn 量-5%，鑫椤数据）。正极材料出货量约9.5万吨，同比+5%，高镍出货量超6.7 分析师：胡泽邦 万吨，占比83%；钴酸锂出货量超 ...

2023 年利润承压，期待汽车行业毛利率修复 [Table_Summary 事件：1）公司发布] 2023年年报，2023年公司实现营业收入 40.70亿元，同比 增长 26.42%；实现归母净利润 3.20亿元，同比下降 20.68%。2023Q4公司实 现营业收入 9.28亿元，同比下降 18.45%，环比下降 13.47%；实现归母净利润 0.28 亿元，同比下降 84.63%，环比下降 71.07%。2）公司发布 2024年一季报， 2024Q1 实现营业收入 5.55亿元，同比下降 42.84%，环比下降 40.19%；实现 归母净利润-0.19 亿元，同比下降 120.83%，环比下降 168.73%。 2023 年光伏和汽车行业实现较快增长，安防和消费电子行业有所下滑。在 SolarEdge、Enphase、比亚迪等国内大客户的带动下，2023 年公司光伏和新 能源汽车行业实现较快增长。2023年公司光伏行业实现营收 23.62亿元，同比 增长 33.30%；汽车行业实现营收 11.89 亿元，同比增长 49.30%；安防行业实 现营收 3.61 亿元，同比下降 0.86%；消费电子行业实现营收 ...