Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported Q1 2024 revenue of 4.11 billion yuan, a year-on-year increase of 11.1%, and a net profit attributable to shareholders of 410 million yuan, up 8.3% year-on-year [2] - ODM shipments for televisions decreased by 15.5% year-on-year to 2.12 million units due to high base effects from the previous year, but the company's leading position in the ODM market remains intact [2] - The LED industry chain has shown significant performance improvements, contributing over 50% to the net profit in a single quarter for the first time [2] - The company is expected to return to a normal shipment rhythm in 2024, with Q1 being a traditional off-season [2] Summary by Sections Financial Performance - The company achieved a revenue of 41.1 billion yuan in Q1 2024, with a net profit of 4.1 billion yuan [2] - For the years 2024 to 2026, the expected EPS is projected to be 0.49 yuan, 0.58 yuan, and 0.69 yuan respectively [2][3] Market Position - The company ranks third among professional ODM manufacturers, with major clients like ONN showing strong growth in the North American market [2] - The Mini LED chip market share exceeds 50%, with monthly shipments reaching 10 million units [2] Future Outlook - The company is expected to maintain its leading position in the ODM sector and continue to enhance its LED industry chain layout, focusing on higher value-added products [2] - Revenue growth rates are projected at 22.18% for 2024, followed by 14.57% and 12.03% for 2025 and 2026 respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 47.70 CNY for the next six months [26]. Core Insights - The company achieved a revenue of 3.913 billion CNY in 2023, representing a year-on-year increase of 16.62%, and a net profit attributable to shareholders of 497 million CNY, up 11.05% year-on-year [1]. - The growth in revenue is primarily supported by increased sales from key customers Tesla and Li Auto, with their retail sales in China growing by 37.27% and 182.21% respectively in 2023 [1]. - The company has enhanced its production capacity and automated processes, which are expected to improve cost control and profitability [1]. - The company is expanding its business segments, particularly in lightweight automotive components, with a planned investment of approximately 3 billion CNY in a new project [1]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.166 billion CNY, a year-on-year increase of 21.01% and a quarter-on-quarter increase of 15.25% [1]. - The gross margin for 2023 was 23.21%, a decrease of 1.32 percentage points year-on-year, while the net margin was 12.67%, down 0.63 percentage points [1]. - The company expects a compound annual growth rate (CAGR) of 18.41% in net profit from 2024 to 2026 [1][12]. Capacity Expansion and Business Development - The company has established new subsidiaries to support production and has completed upgrades to its main production lines, enhancing capacity and automation [1]. - A new project for integrated die-casting components is expected to generate sales of approximately 2.1 to 2.3 billion CNY over its lifecycle, with production set to begin in 2025 [1]. - The company is also investing in a new project for precision automotive components with a total investment of about 3 billion CNY, projected to achieve annual sales of 1.7 billion CNY upon full production [1]. Earnings Forecast - The forecast for EPS from 2024 to 2026 is 3.18 CNY, 3.78 CNY, and 4.49 CNY respectively, with corresponding PE ratios of 12, 10, and 8 [1][12]. - Revenue projections for 2024, 2025, and 2026 are 4.528 billion CNY, 5.439 billion CNY, and 6.538 billion CNY, with growth rates of 15.72%, 20.12%, and 20.21% respectively [12][30].

投资评级说明 [Table_QuotePic] 相对指数表现 -40% -31% -21% -12% -3% 7% 23/4 23/6 23/8 23/10 23/12 24/2 24/4 依依股份 沪深300 假设 2：公司产能利用率提升，宠物一次性卫生用品毛利率改善。2024-2026 年分别为 18.5%、18.6%、18.8%。 依依股份（001206）23 年年报及 24 年一季报点评 新客户主要为海外采购体量较大的连锁商超，有望逐步出货并贡献收入增量。 2024 年公司将持续巩固和扩大原有客户资源所对应的市场份额，利用产能释放 的良好契机，积极开发新的国际市场范围及客户资源，不断扩大公司的国际市 场销售规模。 请务必阅读正文后的重要声明部分 1 依依股份（001206）23 年年报及 24 年一季报点评 依依股份（001206）23 年年报及 24 年一季报点评 产能释放有助业绩修复，产品结构逐步优化。从品类来看，2023年宠物一次性 卫生护理用品营收达到 12.5 亿元，同比-13.3%。其中宠物垫营收 11.6 亿元， 同比-13.2%，宠物尿裤实现收入 8385.3万元，同比-14.1%。受 ...

2024Q1持仓分析 医药占比略有下降 www.swsc.com.cn 西南证券研究发展中心 2024年4月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 从公募基金持仓来看  24Q1全部公募基金占比11.13%，环比-2.55pp；剔除主动医药基金占比7.55%，环比-1.81pp；再 剔除指数基金占比5.89%，环比-2pp；申万医药板块市值占比为6.96%，环比-0.97pp。 ...

[Table_StockInfo] 买入 2024年 04月 27日 （维持） 证券研究报告•23年报及24年一季报点评 当前价： 264.50元 古井贡酒（000596） 食品饮料 目标价： ——元（6个月） 顺利跨越 200 亿，24 年再启新征程 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma2r0y2] 3年实现收入202.5亿元，同比+21.2%，归母净利润45.9亿元， [分Ta析bl师e_：Au朱th会or振] 同比+46.0%；其中23单Q4实现收入43.0亿元，同比+8.9%，归母净利润7.8 亿元，同比+49.2%。此外，公司拟每10股派发现金红利45.0元（含税）。24Q1 执业证号：S1250513110001 电话：023-63786049 实现收入82.9亿元，同比+25.9%，归母净利润20.7亿元，同比+31.6%，24Q1 邮箱：zhz@swsc.com.cn 业绩符合市场预期。 分析师：王书龙  23年超额完成目标，24Q1顺利实现开门红。1、2023年白酒行业挤压式增长 的背景下，公司实现收入 202.5亿元，同比+21.2%，超额完成年初制定的 ...

[ T able_StockInfo] 2024 年 04 月 28 日 证券研究报告•2023年年报&2024 年一季报点评 买入 （维持） 当前价：43.53 元 帝尔激光（300776）电力设备 目标价：53.80 元（6 个月） 研发持续高投入，TOPCon+激光设备值得期待 [Table_Summary 业绩总结：公司发布 ] 2023年年报和 2024年一季报。2023年公司实现营收 16.1 亿元，同比+21.5%；归母净利润 4.6亿元，同比+12.2%；扣非净利润 4.3亿元， 同比+10.3%。24 年一季度公司实现营收 4.5 亿元，同比+29.6%；归母净利润 1.4 亿元，同比+44.5%；扣非净利润 1.3 亿元，同比+40.9%。 N型电池新技术设备确收，单位设备价格提升，盈利能力保持稳定。2023年公 司光伏电池激光加工设备营收 13.7亿元，同比增长 17%；销量 645台，销售单 价 212 万元，同比增长 22.3%，主要为单位价值量更高的 N 型电池设备如 TOPCon SE、XBC 电池激光微刻蚀和金属化设备等逐步确收，提升销售均价。 另一方面，电池新技术价值量更高， ...

[Table_StockInfo] 2024 年 04 月 29 日 证券研究报告•23 年年报及 24 年一季报点评 买入 （维持） 当前价：22.89 元 江山欧派（603208）轻工制造 目标价：——元（6 个月） Q1 高基数下增长暂时承压，渠道结构持续优化 2023年毛利率改善，费控良好。2023年公司整体毛利率为 26%，同比+2.2pp； 2023Q4 毛利率为 29.1%，同比+11pp，2023 年全年毛利率改善。分产品看， 公司夹板模压门/实木复合门/柜类产品的毛利率分别为 26.4%（+1.5pp）/22.8% （+2.8pp）/21.8%（+1.2pp）。分渠道看，公司经销商/大宗渠道分别实现毛利 率 24.2%（+2.5pp）/24.7%（+1.2pp）。其中，大宗渠道的直营工程/工程代理 分别实现毛利率 30.3%（+1.7pp）/17.8%（+1pp）。费用率方面，公司总费用 率为 13.8%，同比-2.7pp，费控良好。其中销售费用率/管理费用率/财务费用率 /研发费用率分别为 7.5%/2.6%/0.4%/3.4%，同比-1.9pp/-0.4pp/0pp/-0.5pp，销 售 ...

24Q1 开局表现靓丽，收入利润显著改善 [Table_Summary 业绩摘要：公司发布 ] 2023年年报及 2024年一季报，2023年公司实现营收 13.4 亿元，同比-11.8%；实现归母净利润 1亿元，同比-31.4%；实现扣非净利润 1.1 亿元，同比-4.3%。单季度来看，2023Q4公司实现营收 3.5亿元，同比-6.5％； 实现归母净利润 0.2亿元，同比-33.2%；实现扣非后归母净利润 0.3亿元，同比 +24.6%。2024Q1 公司实现营收 3.8 亿元，同比+35.2％；实现归母净利润 0.4 亿元，同比大幅扭亏；实现扣非后归母净利润 0.4 亿元，同比大幅扭亏。24Q1 公司订单边际修复，收入利润显著改善。 产能释放有助业绩修复，产品结构逐步优化。从品类来看，2023年宠物一次性 卫生护理用品营收达到 12.5 亿元，同比-13.3%。其中宠物垫营收 11.6 亿元， 同比-13.2%，宠物尿裤实现收入 8385.3万元，同比-14.1%。受海外客户去库存 周期影响，下游客户的订单有所延迟，宠物一次性卫生护理用品营收暂时承压。 2023 年底下游客户去库存已经接近尾声，恢复常态 ...

2024Q1持仓分析 医药占比略有下降 www.swsc.com.cn 西南证券研究发展中心 2024年4月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 从公募基金持仓来看  24Q1全部公募基金占比11.13%，环比-2.55pp；剔除主动医药基金占比7.55%，环比-1.81pp；再 剔除指数基金占比5.89%，环比-2pp；申万医药板块市值占比为6.96%，环比-0.97pp。 ...

Investment Rating - The report maintains a "Buy" rating for Meta (META O) with a target price of $443 29 [12][13] Core Views - Meta has raised its 2024 capital expenditure guidance to $35-40 billion (previously $30-37 billion) to accelerate AI infrastructure investments [1] - The company expects total operating expenses for 2024 to be $96-99 billion (previously $94-99 billion) due to higher infrastructure and legal costs [1] - Meta's Q1 2024 revenue was $36 46 billion, up 27 3% YoY, with operating profit of $13 82 billion, up 91 2% YoY, and net profit of $12 37 billion, up 116 7% YoY [5] - The company forecasts Q2 2024 revenue to be between $36 5-39 billion [5] Financial Performance - Meta's Q1 2024 advertising revenue was $35 64 billion, up 26 8% YoY, with ad impressions increasing by 20% and average ad price rising by 6% [12] - The company's Family of Apps segment generated $36 02 billion in revenue, up 27 2% YoY, with an operating profit of $17 66 billion, up 57 5% YoY [12] - Meta's Reality Labs segment reported revenue of $440 million, up 29 8% YoY, but fell short of the expected $494 million, with a quarterly loss of $3 85 billion [12] AI and Ecosystem Development - Meta has launched the latest open-source large model, Llama 3, and upgraded its AI assistant, MetaAI, integrating it across all apps in its ecosystem [23] - AI-driven advertising continues to grow, with 30% of Facebook posts and over 50% of Instagram content recommended by AI systems [23] - The company has opened its mixed reality operating system, Meta Horizon OS, allowing developers to run applications on more hardware and expand market reach [23] Financial Projections - Meta's revenue is expected to grow from $134 9 billion in 2024 to $191 7 billion in 2026, with a CAGR of 18 22% in 2024, 12 15% in 2025, and 7 19% in 2026 [29] - Net profit is projected to increase from $52 6 billion in 2024 to $66 4 billion in 2026, with a CAGR of 34 56% in 2024, 16 62% in 2025, and 8 24% in 2026 [14] - The company's PE ratio is expected to decline from 28 76x in 2024 to 16 93x in 2026 [14] Market Position and Valuation - Meta's market capitalization stands at $1 12 trillion, with a current stock price of $443 29 [9][12] - The company is a global leader in social networking and AI open-source models, with a projected three-year net profit CAGR of 19 3% [16] - Meta's valuation is supported by its strong position in the global social network and AI sectors, with a 2024 average PE of 34x compared to peers [16]