[Table_Summary 业绩总结：公司发布 ] 2023年年度报告。公司 2023年全年实现营收 85.8亿元， 同比-9.2%；实现归母净利润-6.0亿元，同比-789.3%。其中，Q4实现营业收入 24.1 亿元，同比-20.4%；归母净利润-2.5 亿元，同比-681.8%。 点评：生猪出栏维持高增，猪价低迷导致亏损。公司利润同比出现大幅下降主 要原因系随着公司猪场产能持续投产，出栏量迅速增长但受供求关系影响生猪 价格持续低位运行。2023年公司共计销售生猪 230.3万头，同比+91.1%，；销 售均价 15.0元/公斤，同比-23.6%。公司 2023 年屠宰生猪 448.17 万头， 同 比增长 29.38% 。报告期内饲料加工业务目前产能接近 80 万吨；家禽销售数 量约 1131.24 万羽，屠宰量约1101.4 万羽。 能繁母猪进一步加速去化，养殖行业反转成确定性趋势。国家统计局数据显示， 2024 年一季度末，全国生猪存栏 40850万头，对比去年同期减少 2244万头， 同比下降 5.2%，创造 4 年来新低；从生猪存栏量来看，从 2023 年第三季度开 始，已经连续 2个季度出现 ...

[Table_StockInfo] 买入 2024年 04月 26日 （维持） 证券研究报告•23年报及24年一季报点评 当前价： 252.29元 山西汾酒（600809） 食品饮料 目标价： ——元（6个月） 23 年靓丽收官，24Q1 如期高增 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 319.3亿元，同比+21.8%，归母净利润 104.4亿 [分Ta析bl师e_：Au朱th会or振] 元，同比+28.9%；其中23单Q4实现收入 51.8亿元，同比+27.4%，归母净利 执业证号：S1250513110001 润 10.1亿元，同比+1.9%。此外，公司拟每10股派发现金红利43.7元（含税）。 电话：023-63786049 24Q1实现收入153.4亿元，同比+20.9%，归母净利润62.6亿元，同比+29.9%， 邮箱：zhz@swsc.com.cn 24Q1收入端符合预期，利润端略超市场预期。 分析师：王书龙  产品结构持续升级，省外市场增速亮眼。1、分价位看，中高价酒、其他酒类分 别实现营收 232.0亿元（+22.6%）、85.4亿 ...

[Table_StockInfo] 2024 年 04 月 26 日 证券研究报告•2024 年一季报点评 买入 （维持） 当前价：15.09 元 劲仔食品（003000）食品饮料 目标价：——元（6 个月） 盈利能力持续提升。1、毛利率方面，一季度毛利率 30%，同比提升 4pp，主要 由于原材料成本下降、规模效益显现。2、费用率方面，销售费用率 13.1%，同 比增加 1.2pp，主要由于品牌及广告、电商平台推广服务费、工资薪酬增加。管 理费用率 3.9%，基本持平；研发费用率1.8%，同比增加0.2pp；财务费用率-1.5%， 同比下降1pp，主要由于汇兑收益增加。3、一季度净利率13.8%，同比提升4.8pp， 盈利能力持续提升。 投资要点 西南证券研究发展中心 [Table_QuotePic] 相对指数表现 -29% -20% -11% -2% 7% 16% 23/4 23/6 23/8 23/10 23/12 24/2 24/4 劲仔食品 沪深300 相关研究 附表：财务预测与估值 分析师承诺 | --- | --- | |----------|-------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% compared to the relevant market index over the next six months [13][23]. Core Insights - The company, Zhongtung High-tech (000657), reported a revenue of 12.74 billion yuan in 2023, a decrease of 2.6% year-on-year, and a net profit attributable to shareholders of 480 million yuan, down 9.4% year-on-year [13][29]. - The company is expected to see a compound annual growth rate (CAGR) of 15% in net profit attributable to shareholders from 2024 to 2026, with projected profits of 520 million yuan in 2024, 630 million yuan in 2025, and 740 million yuan in 2026 [4][29]. Summary by Sections Financial Performance - In 2023, the company's gross margin was 16.9%, a decrease of 0.7 percentage points year-on-year, primarily due to weak demand and rising raw material prices [13][14]. - For Q1 2024, the company reported a revenue of 2.97 billion yuan, a decrease of 3.0% year-on-year, and a net profit of 64 million yuan, down 36.0% year-on-year [13][14]. Market Dynamics - The report highlights that the domestic industrial sector is at the bottom of the cycle but is expected to recover, with the company’s main products being cyclical in nature [4]. - The overseas market for cutting tools is approximately four times the size of the domestic market, providing significant growth opportunities for the company as a leading domestic tool manufacturer [4]. Strategic Developments - The company announced plans to acquire 100% of the equity of Shizhu Garden Mining Company, which is expected to enhance its governance and stabilize its earnings [4]. - The integration of mining operations is anticipated to reduce the volatility of the company's performance, as tungsten ore prices directly impact the profitability of downstream products [4].

[2T0a2b4l年e_I0n4d月ust2ry8In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（0422-0428） Optimus 预计 2025 年对外销售， 北京人形创新中心推出通用人形母平台“天工” 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ar（y] 4月 22日-4月28日）机器人指数收涨。中证机器人指数上 [分Ta析bl师e_：Au邰th桂or龙] 涨 3.3%，跑赢沪深300指数约 2.1个百分点，跑输创业板指约0.5个百分点； 国证机器人指数上涨 3.0%，跑赢沪深 300指数约 1.8个百分点，跑输创业板 执业证号：S1250521050002 指约0.9个百分点。 电话：021-58351893 邮箱：tgl@swsc.com.cn  特斯拉 Optimus预计 2025年对外销售。4月 24日，马斯克在特斯拉 2024 年一季度财报电话会议上透露，公司正加速人形机器人Optimus的开发，目前 分析师：周鑫雨 能够在实验室中完成简单的工厂任务。预计在 2024年年底前完成有限的工厂 执业证号：S12505230700 ...

| --- | --- | --- | --- | --- | |----------------------------------|--------|---------------------------------|--------|--------| | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 3148.56 3651.43 4222.76 4860.55 | | | | 增长率 | 17.02% | 15.97% | 15.65% | 15.10% | | 归属母公司净利润（百万元） | | 456.70 552.12 670.77 815.68 | | | | 增长率 | 33.65% | 20.89% | 21.49% | 21.60% | | 每股收益 EPS （元） | | 0.43 0.52 0.63 0.77 | | | | 净资产收益率 ROE | 10.58% | 11.88% | 13.31% | 14.84% | | PE | | 31 26 21 18 | | | ...

[Table_StockInfo] 2024 年 04 月 26 日 证券研究报告•2024 年一季报点评 买入 （维持） 当前价：1709.43 元 贵州茅台（600519）食品饮料 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2024年一季报，24Q1实现收入 457.8亿元，同比+18.1%，归 母净利润 240.7亿元，同比+15.7%；24Q1 收入端略超市场预期。 24Q1 收入超预期，顺利实现开门红。1、公司积极备战春节动销旺季，茅台酒 和系列酒均 15%以上的较快增长，各大单品在酒业弱周期下皆保持良性增长态 势，彰显出公司强大的品牌力和增长韧性。2、分产品，24Q1 茅台酒实现收入 397.1 亿元，同比+17.7%，其中普飞投放量加大带动销量增加，23Q4普飞直接 提价带动整体吨价提升；24Q1 系列酒实现收入 59.4 亿元，同比增长 18.4%， 系列酒产品力突出，渠道利润丰厚，竞争优势持续强化。3、分渠道，24Q1 批 发渠道实现收入 263.2亿元，同比+25.8%，预计主要系传统经销渠道茅台酒投 放量加大贡献；直销渠道实现收入亿元 193.2亿元，同 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 28.25 yuan, based on a 25x PE for 2024 [15][17]. Core Insights - The company has successfully expanded into multiple fields, with a notable increase in domestic business driven by major clients, particularly in the Apple supply chain [2][59]. - The company reported a revenue of 48.4 billion yuan in 2023, a year-on-year increase of 0.6%, and a net profit of 3.9 billion yuan, up 17.8% year-on-year [15][32]. - In Q1 2024, the company experienced a revenue decline of 15.9% year-on-year, primarily due to the early project cycle in the 3C sector [15][32]. Summary by Sections Business Performance - In 2023, the automation equipment segment generated revenue of 41.5 billion yuan, a year-on-year increase of 1.3%, while the fixtures and components segment saw a revenue of 6.9 billion yuan, down 3.8% [2]. - Domestic revenue reached 33.2 billion yuan, up 31.7% year-on-year, while overseas revenue was 15.2 billion yuan, down 33.7% [2][59]. - The company focuses on key projects in the consumer electronics sector, including flexible modular production lines and MR equipment, with significant advancements in production capabilities [2][27]. Financial Metrics - The company's gross margin for 2023 was 33.8%, an increase of 1.5 percentage points year-on-year, while the net margin was 7.9%, up 1.1 percentage points [16][37]. - For Q1 2024, the gross margin decreased to 32.7%, and the net margin turned negative at -2.3% [16][37]. Future Outlook - The company is expected to achieve net profits of 5.0 billion yuan, 6.5 billion yuan, and 7.9 billion yuan for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 26% [17][44]. - The report anticipates growth in the consumer electronics sector driven by AI and MR technologies, with projected revenue growth rates of 24.0%, 18.0%, and 15.0% for 2024 to 2026 [66].

员工持股+股票期权，双重激励彰显信心。1、公司发布员工持股及股票期权计 划，分别对不超过 60人、41人实施激励。本次激励覆盖范围较广，公司层面考 核目标合理，将充分激发员工及公司的活力。2、太原、贵州、北京合资公司已 设立，由公司统一管理，有效完成资源整合。 [Table_StockInfo] 2024 年 04 月 23 日 证券研究报告•2023年报&2024 年一季报点评 当前价：15.31 元 祖名股份（003030）农林牧渔 目标价：——元（6 个月） 投资要点 西南证券研究发展中心 投资评级说明 祖名股份（003030）2023 年报&2024 年一季报点评 盈利预测：预计 2024-2026年归母净利润分别为 5048万元、6244万元、7679 万元，EPS 分别为 0.40元、0.50元、0.62元，对应动态 PE 分别为 38倍、31 倍、25 倍。 | --- | --- | |------------------------------------|-------------| | | | | [Table_BaseData] 总股本 ( 亿股 ) | 1.25 | | 流通 A 股 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1][3] Core Views - The Q1 performance exceeded market expectations with revenue of 8.836 billion yuan, a year-on-year increase of 25.3%, and a net profit of 1.388 billion yuan, up 51.8% year-on-year [2] - The company continues to outperform the industry with a gross margin of 36.8%, which has increased for five consecutive quarters [2] - The proportion of high-value-added products is rising, contributing to an increase in average selling price (ASP) [2] - The company plans to expand production capacity with a capital expenditure of 8.123 billion yuan in 2024 [2] Summary by Sections Financial Performance - Q1 2024 revenue was 88.36 billion yuan, up 25.3% year-on-year, while net profit reached 13.88 billion yuan, up 51.8% year-on-year [2] - Gross margin improved to 36.8%, a year-on-year increase of 3.6 percentage points [2] - Net profit margin was 15.7%, up 2.7 percentage points year-on-year [2] Product and Market Dynamics - The ASP for automotive glass in 2023 was 213.24 yuan/square meter, a year-on-year increase of 5.94% [2] - The penetration of high-value-added products like panoramic and HUD glass is increasing, driving ASP growth [2] - The company’s automotive glass sales volume in 2023 was 140.16 million square meters, a year-on-year increase of 10.24% [2] Capacity Expansion and Market Share - The company is expanding its production capacity with a planned capital expenditure of 81.23 billion yuan in 2024 [2] - Fuyao Glass is expected to continue increasing its market share due to its stable supply chain and cost advantages [2] Earnings Forecast - EPS for 2024-2026 is projected to be 2.33, 2.80, and 3.42 yuan, respectively, with a corresponding PE of 19, 16, and 13 times [3] - The compound annual growth rate (CAGR) for net profit is estimated at 16.58% [3]