| --- | --- | |------------------------------------|-----------| | | | | 基础数据 | | | | | | [Table_BaseData] 总股本 ( 亿股 ) | 20.60 | | 流通 A 股 ( 亿股 ) | 20.60 | | 52 周内股价区间 ( 元 ) | 5.13-8.27 | | 总市值 ( 亿元 ) | 129.58 | | 总资产 ( 亿元 ) | 230.16 | | 每股净资产 ( 元 ) | 7.64 | 相关研究 [Table_Report] 1. 林洋能源（601222）：三驾马车协同推 进，驱动业绩增长 (2023-08-29) 数据来源：聚源数据 电站销售或不及预期；储能订单或不及预期；光伏电池销售或不及预期。 | --- | --- | --- | --- | --- | |----------------------------|--------|------------------------------------|--------|--------| | | | | | | | 营业收入（ ...

23Q4 盈利短期承压，产能扩张深化竞争力 2023 年盈利同比修复，研发投入持续增长。盈利端：2023 年公司销售毛利率/ 净利率分别为 33%/21.2%，同比增长 3.1pp/1.7pp；单 Q4 毛利率/净利率分别 为 27.7%/13.9%，分别同比下降 5.4pp/5.6pp。费用端：公司 2023 年销售/管理 （不含研发）/财务/研发费用率分别为 0.8%/5.2%/-1.1%/4.1%，分别同比 +0.3pp/+1.3pp/-0.4pp/+0.4pp。销售费用率增长主要系子公司铸件销售团队搭建 和母公司其他精密轴类销售团队扩充所致，管理费用增长主要系子公司铸件业 务管理团队搭建人员增加及公司销量增加发生的管理费用随着增加所致，财务 费用率降低主要系主要是报告期利息收入增加所致。 | --- | --- | --- | --- | --- | |----------------------------------|--------|---------------------------------|--------|--------| | | | | | | | [Table_MainProf ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a strong start in Q1 2024 with revenue of 533 million yuan, a year-on-year increase of 20.42%, and a net profit attributable to shareholders of 88 million yuan, up 8.35% year-on-year [1] - The introduction of the self-developed cat trivalent vaccine "Rui Miao Shu" contributed significantly to revenue, generating 12 million yuan in sales and breaking the monopoly of imported products in China [1] - The company is actively expanding its strategic partnerships with large breeding groups, leading to accelerated growth in the livestock sector [1] Summary by Sections Financial Performance - In Q1 2024, the company achieved operating income of 533 million yuan, a 20.42% increase year-on-year, and a net profit of 88 million yuan, an 8.35% increase year-on-year [1] - The revenue from the preparation and raw material drug business reached 1.084 billion yuan, up 11.20% year-on-year [1] - The poultry biological products business generated 928 million yuan in revenue, a 3.64% increase, while the livestock biological products business achieved 141 million yuan, an 8.47% increase [1] Research and Development - The company invested 233 million yuan in R&D in 2023, accounting for 10.35% of its operating income, focusing on developing cutting-edge pet products [1] - The self-developed dog quadrivalent vaccine has completed clinical trials and is undergoing new veterinary drug registration [1] - The company has obtained registration certificates for three new veterinary drugs, enhancing its product portfolio [1] Strategic Initiatives - The company is actively developing a vaccine for African swine fever and enhancing its competitiveness in the foot-and-mouth disease vaccine market [1] - A strategic acquisition of 100% equity in Baoding Shoujun for 230 million yuan is planned, which will provide the company with production qualifications for foot-and-mouth disease vaccines [1] Earnings Forecast - The company is expected to achieve EPS of 1.1, 1.35, and 1.61 yuan for 2024 to 2026, corresponding to dynamic PE ratios of 14, 11, and 10 times [1]

战略全新升级，产品+渠道+供应链共同发力。2023年公司战略升级为"渠道为 王、产品领先、体系护航"，产品和渠道持续优化。产品方面，聚焦创新主线及 七大核心品类，"大魔王"魔芋素毛肚、"蛋皇"健康鹌鹑蛋获得快速增长。渠 道方面，发力零食量贩、电商、定量装核心渠道等，全面激发全渠道活力。此 外，公司继续强化供应链优势，投资建设新疆 1 万吨马铃薯（雪花）全粉生产 加工基地、江西蛋皇纪二期 300 万羽鹌鹑养殖基地。 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，报告所采用的数据均 来自合法合规渠道，分析逻辑基于分析师的职业理解，通过合理判断得出结论，独立、客观地出具本报告。分析师承 诺不曾因，不因，也将不会因本报告中的具体推荐意见或观点而直接或间接获取任何形式的补偿。 地址：深圳市福田区益田路 6001 号太平金融大厦 22 楼 邮编：518038 [Table_StockInfo] 2024 年 04 月 29 日 证券研究报告•2024 年一季报点评 买入 （维持） 当前价：73.73 元 盐津铺子（002847）食品饮料 目标价：——元（6 个月） 附表：财务预测与估值 ...

[Table_StockInfo] 买入 2024年 04月 27日 （维持） 证券研究报告•2023年年报点评 当前价： 9.36元 协鑫能科（002015） 公用事业 目标价： 13.66元（6个月） 清洁能源盈利修复，持续打造“光储充”一体化 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&2024年一季报，实现收入 101亿元，同比下降 [分Ta析bl师e_：Au池th天or惠] 7.4%，实现归母净利润9.1亿元，同比+32.9%；24Q1实现收入24.1亿元，同 执业证号：S1250522100001 比下降11.1%，实现归母净利润1.9亿元，同比下降39.6%。 电话：13003109597 邮箱：cth@swsc.com.cn  燃料成本下降，清洁能源业务盈利能力修复。2023年公司实现毛利率21.75%， 同比提升6.6pp，实现净利率9.49%，同比提升3.35pp；实现净利率11.24%， 分析师：刘洋 同比+2.66pp；其中，电力销售业务实现收入 59.55亿元，同比下滑 1.4%，毛 执业证号：S1250523070005 电话 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% in the next six months [19][20]. Core Insights - The company reported a revenue of 1.55 billion yuan in 2023, a year-on-year increase of 30.9%, with a net profit attributable to shareholders of 160 million yuan, up 10.9% year-on-year [1]. - The company has expanded its product line and international market presence, enhancing growth momentum through acquisitions and establishing subsidiaries in Canada, the USA, and South Korea [2]. - The overall gross margin for 2023 was 32.5%, an increase of 2.6 percentage points compared to the previous year, reflecting improved operational efficiency [19]. Financial Performance - The company’s operating expenses increased, leading to a slight decline in net profit margin to 12.1% in 2023, down 1.9 percentage points year-on-year [5]. - For Q4 2023, the company achieved a revenue of 390 million yuan, a year-on-year increase of 28.4%, but the net profit decreased by 3.3% year-on-year [1]. - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of 23% from 2024 to 2026, with net profits expected to reach 200 million yuan in 2024, 250 million yuan in 2025, and 310 million yuan in 2026 [20]. Market Expansion and Product Development - The company has extended its product offerings in hard alloy tools and has made strategic acquisitions to enhance its product lines in various sectors, including mining and oil extraction [2]. - The company’s international sales have seen an 18.7% increase, contributing to the overall revenue growth [19]. Future Projections - The company anticipates a revenue growth rate of 18.91% in 2024, followed by 21.07% in 2025 and 19.30% in 2026 [6]. - The projected earnings per share (EPS) are expected to rise from 1.25 yuan in 2024 to 2.36 yuan in 2026 [6].

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 ...