[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 ...

请务必阅读正文后的重要声明部分 1 -4 0% -3 0% -2 0% -1 0% 0% 10% 20% 23-0423-0523-0623-0723-0823-0923-1023-1123-1224-0124-0224-03 南微医学 沪深300 盈利预测 基于以上假设，我们预测公司 2024-2026 年分业务收入成本如下表： 南微医学（688029）2023 年年报及 2024 年一季报点评 南微医学（688029）2023 年年报及 2024 年一季报点评 投资评级说明 西南证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会核准的证券投资咨询业务资格。 本公司与作者在自身所知情范围内，与本报告中所评价或推荐的证券不存在法律法规要求披露或采取限制、静默 措施的利益冲突。 《证券期货投资者适当性管理办法》于 2017 年 7 月 1 日起正式实施，本报告仅供本公司签约客户使用，若您并 非本公司签约客户，为控制投资风险，请取消接收、订阅或使用本报告中的任何信息。本公司也不会因接收人收到、 阅读或关注自媒体推送本报告中的内容而视其为客户。本公司或关联机构可能会持有报告中提到的公司所发行的证券 并 ...

Investment Rating - The report maintains a "Hold" rating for the company, considering the short-term demand remains low [1][25]. Core Views - The lithium battery industry is gradually recovering, with high-rate battery applications expanding rapidly, leading to expected high growth in demand [1]. - The company is projected to achieve a net profit attributable to shareholders of 442 million, 554 million, and 680 million yuan for the years 2024, 2025, and 2026 respectively [1][26]. - The company’s revenue for 2023 is reported at 5.22 billion yuan, a decline of 16.92% year-on-year, while the first quarter of 2024 shows a revenue increase of 46.77% year-on-year [25][26]. Financial Forecasts - Revenue and net profit forecasts for the company are as follows: - 2024E Revenue: 6.48 billion yuan, Net Profit: 442 million yuan - 2025E Revenue: 7.78 billion yuan, Net Profit: 554 million yuan - 2026E Revenue: 9.73 billion yuan, Net Profit: 680 million yuan [2][17]. - The company’s earnings per share (EPS) are expected to rise from 0.12 yuan in 2023 to 0.59 yuan in 2026 [2][17]. - The return on equity (ROE) is projected to improve from 2.95% in 2023 to 8.71% in 2026 [2][17]. Business Segments - The lithium battery segment is expected to recover, with sales projected to reach 400 million units by 2024, following a decline in previous years due to high inventory levels [26]. - The LED business is anticipated to maintain stability, with a projected profit of 50 million yuan for 2024 [13][26]. - The metal logistics business is expected to perform well, with profits exceeding 1.5 billion yuan in 2024 due to expansion in the new energy vehicle parts sector [13][26]. Market Expansion - The company is actively expanding into new application areas such as data center backup power, eVTOL, and AI robotics, which are expected to support overall market capacity growth [3][26]. - The overseas factory construction in Malaysia is progressing, with production expected to start in Q2 2025, which will enhance the company's profitability per unit [26].

Investment Rating - The report maintains a "Buy" rating for the company, with a projected compound annual growth rate (CAGR) of 15% for net profit attributable to the parent company over the next three years [2][12]. Core Insights - The company achieved a revenue of 4.31 billion yuan in Q1 2024, representing a year-on-year growth of 2.5%, while the net profit attributable to the parent company was 390 million yuan, marking a significant year-on-year increase of 48.3% [13][14]. - The gross profit margin improved to 20.6% in Q1 2024, an increase of 2.3 percentage points year-on-year, primarily driven by the rise in overseas revenue, which accounted for approximately 39% of total revenue [3][14]. - The company has seen substantial growth in its electric forklift segment, with sales of various electric models increasing significantly, including a 100.1% growth in high-end electric warehouse trucks [3][12]. Financial Summary - The total revenue forecast for the company is projected to reach 17.47 billion yuan in 2023, with expected growth rates of 11.47% in 2024, 9.70% in 2025, and 13.88% in 2026 [15]. - The net profit attributable to the parent company is expected to be 1.42 billion yuan in 2023, with growth rates of 41.36% in 2024, 24.23% in 2025, and 10.07% in 2026 [15]. - The company's earnings per share (EPS) is projected to increase from 1.63 yuan in 2023 to 2.46 yuan by 2026 [15].

Investment Rating - The report gives a "Hold" rating for the company, with a current price of 37.92 CNY and no specified target price for the next six months [1]. Core Insights - The company's revenue for 2023 was 6.06 billion CNY, a decrease of 12.3% year-on-year, while the net profit attributable to the parent company was 620 million CNY, an increase of 1.8% year-on-year. The first quarter of 2024 showed a revenue of 1.29 billion CNY, a year-on-year increase of 1.8%, but a net profit decrease of 24.2% year-on-year [2][18]. - The company is experiencing short-term performance pressure but maintains a long-term positive trend. The demand for AI is expected to drive a recovery in demand [2][18]. - The company has a 6.3% market share in the global optical device market, ranking fourth globally, with significant positions in telecom transmission networks, data centers, and access networks [2][10]. Summary by Sections 1. Company Overview - The company, founded in 2001 and listed in 2009, is a leading manufacturer of optical devices and modules, focusing on both active and passive chip development [10][11]. - The company has a strong background in research and development, with a focus on expanding into new markets and products [10][12]. 2. Financial Analysis - The company reported a revenue of 6.06 billion CNY in 2023, down 12.3% from the previous year, while the net profit was 620 million CNY, up 1.8% [2][18]. - The first quarter of 2024 showed a revenue of 1.29 billion CNY, a year-on-year increase of 1.8%, but net profit decreased by 24.2% [2][18]. - The company has maintained stable gross margins across its product lines, with transmission products accounting for 55.2% of sales and a gross margin of 29.6% [18][20]. 3. Profit Forecast and Valuation - The forecast for EPS from 2024 to 2026 is 0.98 CNY, 1.26 CNY, and 1.63 CNY, with corresponding dynamic PE ratios of 39x, 30x, and 23x [2][25]. - The report highlights the potential for growth in the data communication market driven by AI, with significant revenue growth expected in the coming years [2][23]. - The company is positioned to benefit from the increasing demand for high-speed connections and new technologies in the optical device market [2][23].