Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company reported a revenue of 19.21 billion yuan in 2023, a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 2.01 billion yuan, up 10.7% year-on-year [2][3]. - The gross margin for 2023 was 32.8%, an increase of 2 percentage points year-on-year, driven by cost reduction and efficiency improvements [2][3]. - The company has shown strong growth in high-potential categories such as sofas and beds, with sofa revenue reaching 9.35 billion yuan, a 4.2% increase, and bed revenue at 4.10 billion yuan, up 15.4% [3][8]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 5.08 billion yuan, a year-on-year increase of 19.5%, and a net profit of 500 million yuan, up 23.5% [2]. - For Q1 2024, revenue was 4.35 billion yuan, a 10% increase year-on-year, with a net profit of 420 million yuan, up 5% [2]. Product Segmentation - The gross margin for sofas was 35.8%, for beds was 37.1%, and for custom products was 27.5% [2][3]. - The company has focused on enhancing its product mix, with significant growth in the functional sofa segment [3]. Market Strategy - Domestic sales reached 10.94 billion yuan, a 37.6% increase, while export sales were 7.52 billion yuan, up 6.8% [3]. - The company is expanding its channel structure and supply chain efficiency, with 213 new stores opened in 2023 [3][8]. Future Projections - The company forecasts revenue growth of 11.57% in 2024, with EPS expected to be 2.79 yuan [6][9]. - The projected gross margin is expected to improve slightly to 33.1% in 2024 [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company has experienced a decline in performance due to increased depreciation and amortization from investment projects and rising marketing expenses. In 2023, the company reported a revenue of 1.647 billion yuan, a decrease of 0.7% year-on-year, and a net profit of 84 million yuan, down 30.3% year-on-year. The gross margin was 13.0%, down 0.7 percentage points, and the net margin was 5.08%, down 2.1 percentage points. In Q1 2024, revenue was 412 million yuan, an increase of 5.7% year-on-year, while net profit was 20 million yuan, down 13.1% year-on-year [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.647 billion yuan, with a year-on-year growth rate of -0.71%. The net profit attributable to the parent company was 84 million yuan, with a year-on-year decline of 30.34%. The projected revenues for 2024 to 2026 are 2.390 billion yuan, 2.841 billion yuan, and 3.378 billion yuan, respectively, with growth rates of 45.17%, 18.87%, and 18.89% [4][11]. - The earnings per share (EPS) for 2024 to 2026 are projected to be 0.91 yuan, 1.10 yuan, and 1.26 yuan, with corresponding dynamic PE ratios of 15, 12, and 11 times [3][4]. Market Trends - The breeding industry is expected to experience a turnaround, with a significant reduction in the number of breeding sows. As of Q1 2024, the national pig inventory was 40.85 million heads, down 5.2% year-on-year, marking a four-year low. The reduction in breeding sows indicates a potential upward trend in pig prices, which is expected to sustain profitability in the sector [2][10]. Capacity Expansion - The company plans to expand its feed production capacity by 145% over the next three years, increasing from the current capacity of 617,000 tons to an additional 900,000 tons. This expansion is anticipated to align with the recovering demand for pig feed as market conditions improve [2][10].

[Table_StockInfo] 买入 2024年 05月 03日 （维持） 证券研究报告•23年年报及 24年一季报点评 当前价： 62.41元 欧派家居（603833） 轻工制造 目标价： ——元（6个月） 大家居战略持续优化，龙头韧性彰显 投资要点 西南证券研究发展中心 [T ab业le绩_S摘u要mm：a公ry司] 发布 2023 年年报，2023 年公司实现营收 227.8 亿元，同比 [分Ta析bl师e_：Au蔡th欣or ] +1.3%；实现归母净利润30.4亿元，同比+12.9%；实现扣非净利润27.5亿元， 执业证号：S1250517080002 同比+5.9%。单季度来看，2023Q4公司实现营收 62.2亿元，同比+0.1％；实 电话：023-67511807 现归母净利润 7.3 亿元，同比+4%；实现扣非后归母净利润 5.5 亿元，同比 邮箱：cxin@swsc.com.cn -18.8%。2024Q1公司实现营收 36.2亿元，同比+1.4％；实现归母净利润 2.2 分析师：赵兰亭 亿元，同比+43%；实现扣非后归母净利润1.4亿元，同比+10%。24Q1延续增 执业证号：S1 ...

Investment Rating - The report maintains a "Hold" rating for the company [6][35]. Core Views - The company is expected to see a recovery in its main product categories in 2024, with a focus on enhancing brand influence through strategic initiatives [6][8]. - The company's overall gross margin improved to 50.3%, reflecting effective management and a shift away from low-margin direct supply business [8][9]. - The company achieved a significant increase in operating cash flow, with a net cash flow of 1.93 billion in 2023, up 198.8% year-on-year [8][9]. Financial Performance Summary - In 2023, the company reported revenue of 55.8 billion, a decrease of 4.03% year-on-year, while net profit attributable to the parent company was 8 billion, an increase of 13.25% [13][35]. - The company forecasts revenue growth of 15.87% in 2024, with projected revenues of 64.64 billion [13][17]. - Earnings per share (EPS) are expected to be 2.21 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 16 [6][13]. Product Performance - The mattress and bed frame segments generated revenues of 2.58 billion and 1.67 billion respectively in 2023, with declines of 5.4% and 2.6% year-on-year [6][17]. - The sofa segment saw a revenue of 0.43 billion, down 3.6%, while other products experienced a 12.7% increase in revenue [6][17]. Channel Performance - The company’s distribution channels showed robust growth, with revenue from the distribution channel reaching 41.6 billion, up 7.0%, and e-commerce revenue at 10.3 billion, up 29.2% [9][35]. - The company plans to enhance its online and offline marketing strategies to improve overall scale and profitability [9][35].

Investment Rating - The report maintains a "Hold" rating for the company [2][4]. Core Views - The company has shown robust revenue growth, with a 2023 revenue of 1.688 billion yuan, representing a year-on-year increase of 22.2%. The net profit attributable to the parent company reached 327.26 million yuan, up 49.7% year-on-year [4][5]. - The company is focusing on both online and offline channels, with significant growth in the smart home product category, which saw a revenue increase of 26.4% in 2023 [6][7]. - The overall gross margin improved to 51.4% in 2023, benefiting from product structure optimization and cost reduction measures [5][6]. Financial Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue of 1,688.33 million yuan, net profit of 327.26 million yuan - 2024E: Revenue of 2,032.17 million yuan, net profit of 399.78 million yuan - 2025E: Revenue of 2,406.07 million yuan, net profit of 479.47 million yuan - 2026E: Revenue of 2,793.84 million yuan, net profit of 567.63 million yuan [3][4][19]. - **Earnings Per Share (EPS)**: - 2023: 0.81 yuan - 2024: 0.99 yuan - 2025: 1.19 yuan - 2026: 1.40 yuan [3][4]. - **Return on Equity (ROE)**: - 2023: 12.13% - 2024: 13.88% - 2025: 14.90% - 2026: 15.71% [3][4]. Product and Channel Development - The smart home segment is expected to continue its growth trajectory, with a projected revenue of 1.7708 billion yuan in 2024, reflecting a year-on-year growth of 23.6% [19]. - The company is enhancing its channel management efficiency, with offline and online revenues of 6.7 billion yuan and 10.1 billion yuan in 2023, respectively [7][19]. Cost and Margin Analysis - The gross margin for smart home products was 53.1% in 2023, an increase of 4.8 percentage points year-on-year [5][19]. - The total expense ratio for the company was 28.2% in 2023, with a net profit margin of 19.4%, up 3.6 percentage points year-on-year [5][19].

[2T0a2b4l年e_I0n5d月ust0ry5In日fo ] 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0429-0505） 机器人公司 Sanctuary AI 和微软战略合作， 触觉传感器厂商帕西尼完成数亿元融资 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m本m周ary（] 4月 29日-5月 5日）机器人指数跑赢大盘。中证机器人指 数上涨 1.9%，跑赢沪深 300指数约 1.4个百分点，和创业板指持平；国证机 [分Ta析bl师e_：Au邰th桂or龙] 器人指数上涨2.2%，跑赢沪深300指数约 1.6个百分点，跑赢创业板指约0.3 执业证号：S1250521050002 个百分点。 电话：021-58351893 邮箱：tgl@swsc.com.cn  人形机器人公司 Sanctuary AI和微软战略合作。加拿大机器人公司Sanctuary AI 宣布和微软就具身智能和机器人展开合作。合作包括：1）研究通用人形机 分析师：周鑫雨 器人AI模型，包括机器人PhoenixTM；2）利用微软的Azure基础设施来为其 执业证号：S1250523070 ...

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].