Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.69 CNY over the next six months [1][10]. Core Insights - The company achieved a revenue of 346.8 billion CNY in 2023, representing a year-on-year growth of 23.4%. However, the net profit attributable to shareholders decreased by 34.1% to 12.1 billion CNY. The gross profit margin for the year was 16.0%, down by 6.0 percentage points [2][3]. - The company plans to distribute a cash dividend of 4.10 CNY per 10 shares, reflecting a dividend payout ratio of 42.4% [2]. Summary by Sections Sales Performance - In 2023, the company recorded sales of 422.2 billion CNY, leading the industry, with a sales area of 23.86 million square meters. The focus on core cities contributed to nearly 90% of sales from 38 key cities, which saw a year-on-year increase of 2 percentage points in market share [2][3]. - The company’s market share rose to 3.6%, an increase of 0.2 percentage points year-on-year, with a market share of 6.8% in the core 38 cities, up by 0.7 percentage points [2]. Land Reserve and Resource Optimization - The company expanded its project portfolio with 103 new projects in 2023, with a total land cost of 163.2 billion CNY, marking a 26% increase year-on-year. The proportion of equity land cost increased by 16 percentage points to 83% [2][3]. - The total land reserve is 77.9 million square meters, with a decreasing share of existing projects, now at 85% [2]. Financial Structure and Cost Management - The company’s asset-liability ratio, excluding advance receipts, was 67.14%, down by 1.34 percentage points, while the net debt ratio decreased to 61.20%, down by 2.37 percentage points. The cash-to-short-term debt ratio stood at 1.28 [3]. - The company achieved a cash inflow of 430.4 billion CNY from sales, with a sales recovery rate of 102%, and a net cash flow from operating activities of 13.9 billion CNY, maintaining positive cash flow for six consecutive years [3]. Profit Forecast and Valuation - The company is expected to have a compound annual growth rate (CAGR) of 7.6% in net profit attributable to shareholders from 2024 to 2026. The estimated price-to-earnings (PE) ratio for 2024 is set at 8.5 times, supporting the target price of 9.69 CNY [3][10].

基础数据 [Table_BaseData] 总股本(亿股) 2.02 流通 A 股(亿股) 0.71 52 周内股价区间(元) 24.61-70.9 总市值(亿元) 53.34 总资产(亿元) 18.15 每股净资产(元) 7.93 核心单品增长亮眼，产品结构持续优化 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究发展中心 相关研究 [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 7.5 亿元（同比+20.2%）；实现归母净利润 1.6亿元（同比+15.7%）；实现扣非净 利润 1.4亿元（同比+47%）。单季度来看，2023Q4公司实现营收 1.9亿元（同 比+10.4％）；实现归母净利润 0.4亿元（同比-28.3%）；实现扣非后归母净利 润 0.3亿元（同比+9.4%）。2024Q1公司实现营收 1.9亿元（同比+11.9％）； 实现归母净利润 0.4亿元（同比+20.4%）；实现扣非后归母净利润 0.3亿元（同 比+15%）。收入稳步增长，彰显品牌韧性。 [Table_Author] 分析师：蔡欣 执业证号：S1250517 ...

[ T able_StockInfo] 2024 年 04 月 25 日 证券研究报告•2024 年一季报点评 持有 （维持） 当前价：28.40 元 华中数控（300161）机械设备 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 1.99 流通 A 股(亿股) 1.69 52 周内股价区间(元) 21.45-58.8 总市值(亿元) 56.43 总资产(亿元) 47.12 每股净资产(元) 8.00 风险提示：宏观经济波动风险；行业竞争加剧风险；技术研发不及预期风险。 数控系统同比高增，受智能产线交付节奏影响业绩 [Table_Summary 事件：公司发布] 2024年一季报，2024Q1营收实现 2.43亿元，同比下降 31.96%， 实现归母净利润-0.69 亿元，同比下降 78.24%。公司业绩有所下滑，主要受到 智能产线收入交付节奏影响，一般集中在 Q4 交付。 数控系统同比高增，智能产线受交付节奏影响有所下滑。1）2024Q1公司数控 系统与机床收入 1.63 亿元，同比增长 42.15%，公司作为国内高端数控系统龙 头，坚持"顶天立地"战略，积极拓展市 ...

[Table_StockInfo] 买入 2024年 04月 25日 （维持） 证券研究报告•2023年报及2024一季报点评 当前价： 22.35元 芒果超媒（300413） 传媒 目标价： 30.24元（6个月） 会员规模突破，广告逐步复苏 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芒ry果] 超媒发布2023年度报告及 2024年一季度报告，1）公司2023 [分Ta析bl师e_：Au刘th言or ] 实现主营收入 146.3亿元，同比增长 4.7%；归母净利润 35.6亿元，同比增长 90.7%；扣非归母净利润17亿元，同比增长5.7%。2）2024Q1实现营收33.2 执业证号：S1250515070002 电话：023-67791663 亿，同比增长7.2%；归母净利润4.7亿，同比下降13.9%。 邮箱：liuyan@swsc.com.cn  24Q1加大内容投入叠加税收政策变化，收入增速大于利润增速。24Q1公司营 分析师：苗泽欣 业收入增速7.2%，营业利润增速3.7%，归母净利润下降13.9%，主要原因：1） 公司营业成本上升，主要是内容成本上升，因为随着用户 ...

[Table_Summary 事件：公司发布] 2023年年度报告，实现营业收入 31.6亿元，同比增长 2.3%； 实现归母净利润 3.6亿元，同比增长 229.5%；实现扣非归母净利润 3.3亿元， 同比增长 178.5%。 医卫信息化收入稳健增长，人效提升利润恢复亮眼。 1）医卫信息化业务：2023 年实现收入 28.5亿元，同比增长 12.7%，其中核心产品软件销售及技术服务实 现收入 23.7亿元，同比增长 14.6%。虽然客观因素对行业订单释放产生一定影 响，公司医疗卫生信息化业务新签订单合同额同比仍然呈现增长趋势。2）互联 网医疗业务：2023年实现收入 3.1亿元，同比下滑 44.5%，其中卫宁科技新签 合同金额达到 2.7亿元，同比增长 122%。公司互联网医疗业务仍处于销售拓展、 研发投入阶段，但积极进行战略调整，亏损同比减少 44.6%。此外，报告期内 公司进行人员优化调整，2023 年人均创收 50.6 万元，同比提升 12.8%；综合 毛利率达到 45.0%，同比提升1.31pp，期间费用率达到32.9%，同比减少1.46pp， 助推盈利能力快速恢复。 "1+X"战略升级推进，WiN ...

Investment Rating - The report maintains a "Buy" rating for CNOOC Services (601808) [1] Core Views - The company reported strong performance in Q1 2024, with revenue of 10.15 billion yuan, a year-on-year increase of 20.0%, and a net profit attributable to shareholders of 640 million yuan, up 57.3% year-on-year [2] - The company benefits from its full industry chain advantages, with significant growth in the drilling segment due to structural adjustments in high-day-rate platforms [2] - High oil prices are driving capital expenditure growth, with the offshore oil and gas sector expected to remain buoyant [2] - The company is projected to achieve net profits of 4.0 billion, 5.03 billion, and 5.64 billion yuan for 2024-2026, with a compound annual growth rate of 23.2% [2] Summary by Sections Financial Performance - Q1 2024 revenue reached 10.15 billion yuan, a 20.0% increase year-on-year - Q1 2024 net profit attributable to shareholders was 640 million yuan, reflecting a 57.3% year-on-year growth - The gross margin for Q1 2024 was 16.4%, up 2.6 percentage points year-on-year, driven by increased overseas platform utilization [2][3] Business Segments - Drilling Segment: Q1 2024 saw a slight decrease in self-elevating platform operating days by 2.6% but an increase of 1.6% for semi-submersible platforms, leading to significant revenue and profit growth [2] - Technology Segment: The company effectively leveraged its technology-driven business strategy, resulting in continuous revenue growth [2] - Vessel Segment: The company operated 172 workboats, achieving 14,227 operational days in Q1 2024, a 3.9% increase year-on-year [2] - Geophysical Segment: Accelerated digital geophysical construction led to a 502.7% year-on-year increase in 3D acquisition workload [2] Market Outlook - The global oil demand is expected to continue growing in 2024, with upstream exploration and development capital expenditure projected at approximately 607.9 billion USD, a 5.7% year-on-year increase [2] - Offshore exploration and development capital expenditure is anticipated to grow by 19.5% year-on-year, benefiting companies like CNOOC Services [2] Earnings Forecast - Projected net profits for 2024, 2025, and 2026 are 4.0 billion, 5.03 billion, and 5.64 billion yuan, respectively, with corresponding EPS of 0.84, 1.05, and 1.18 yuan [3]

Investment Rating - The report maintains a "Buy" rating for Zhujiang Beer (002461) [1] Core Views - The company reported a revenue of 1.11 billion yuan in Q1 2024, representing a year-on-year increase of 7%. The net profit attributable to shareholders reached 120 million yuan, up 39.4% year-on-year, and the net profit excluding non-recurring items was 104 million yuan, reflecting a 45.8% increase year-on-year, exceeding market expectations [2] - The high-end product segment showed steady growth, with a 15.1% year-on-year increase in high-end beer sales. The average price per ton increased by 6.2% year-on-year to 4,201 yuan/ton, driven by the rising sales of premium products [2] - The company is expected to benefit from a favorable cost trend and a strong consumer base in South China, with significant room for product structure upgrades. The "3+N" brand strategy for high-end products is clear, and the company aims to increase the market share of its premium offerings [2] Financial Summary - For 2024, the expected earnings per share (EPS) are projected to be 0.34 yuan, with dynamic price-to-earnings (PE) ratios of 24 times, 21 times, and 18 times for 2024, 2025, and 2026 respectively [3] - The forecasted revenue for 2024 is 5.378 billion yuan, with a growth rate of 7.88%. The net profit attributable to shareholders is expected to be 624 million yuan, reflecting a growth rate of 19.47% [4] - The company's return on equity (ROE) is projected to increase from 6.41% in 2023 to 7.24% in 2024, indicating improved profitability [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.78 CNY over the next six months [1][10]. Core Insights - The company reported a revenue of 8.25 billion CNY in 2023, representing a year-on-year growth of 11.9%. The net profit attributable to shareholders was 1.00 billion CNY, a turnaround from a loss, with a year-on-year increase of 13.9 billion CNY. The non-recurring net profit reached 1.08 billion CNY, up 136.8% year-on-year [2][12]. - The company's payment services transaction volume grew by approximately 8% to 2.5 trillion CNY in 2023, benefiting from the recovery in domestic consumption and a gradual increase in service fees due to reduced competition [2][10]. - The integration of the acquired company, Shanhai Intelligent, has enhanced the company's SaaS capabilities for merchants, contributing to a significant increase in revenue from merchant value-added services, which grew by 33.6% to 3.88 billion CNY [2][10]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 8,249.52 million CNY, with a growth rate of 11.94%. The net profit attributable to the parent company was 1,003.59 million CNY, reflecting a growth rate of 362.91% [3][12]. - The company expects revenues for 2024, 2025, and 2026 to be 9,223.06 million CNY, 10,415.46 million CNY, and 11,786.62 million CNY, respectively, with corresponding growth rates of 11.8%, 12.9%, and 13.2% [9][12]. Business Segments - The electronic payment and recognition business is projected to grow at a rate of 6.2% annually from 2024 to 2026, while the merchant operation and value-added services are expected to see growth rates of 19.6%, 19.4%, and 18.9% in the same period [8][9]. - The company has made significant investments in AI and big data technologies, leading to successful bids for projects with major clients, indicating a promising outlook for future growth in this segment [8][10]. Valuation Metrics - The company is currently trading at a PE ratio of 14 for 2024, which is slightly below the industry average of 15. The expected EPS for 2024, 2025, and 2026 are 1.21 CNY, 1.46 CNY, and 1.71 CNY, respectively [10][12]. - The report suggests that the company's profitability is expected to improve significantly due to cost control measures and enhanced service capabilities, making it an attractive investment opportunity [2][10].

[Table_StockInfo] 持有 2024年 04月 19日 （维持） 证券研究报告•2023年报&2024一季报点评 当前价： 12.16元 华测检测（300012） 社会服务 目标价： ——元（6个月） 24Q1 营收增长，外部环境影响毛利率承压下滑 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年年报和2024年一季报，23年公司实现营收56.0亿， [分Ta析bl师e_：Au邰th桂or龙] 同比+9.2%；归母净利润9.1亿，同比+0.8%。23Q4营收 15.2亿，同比+0.5%， 归母净利润1.69亿，同比-29.3%；24Q1营收 11.9亿，同比+6.7%，归母净利 执业证号：S1250521050002 电话：021-58351893 润 1.33亿，同比-8.1%。阶段性外部环境影响营收增长，毛利率承压下滑。 邮箱：tgl@swsc.com.cn  传统领域稳定发展，工业测试、消费品检测板块拉动公司营收增长。23年，公 司持续拓展半导体、集成电路、汽车检测等重点行业，消费品测试板块营收9.8 [相Tab对le指_Q数u表ot现eP i ...

3 风险提示 请务必阅读正文后的重要声明部分 9 | --- | --- | --- | |----------|-------|-----------------------------------------------------------------------------------------| | | | | | | | 买入：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 20% 以上 | | | | 持有：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 10% 与 20% 之间 | | 公司评级 | | 中性：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 -10% 与 10% 之间 | | | | 回避：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 -20% 与 -10% 之间 | | | | 卖出：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 -20% 以下 | | | | | 强于大市：未来 6 个月内，行业整体回报高于同期相关证券市场代表性指数 5%以上 | --- | --- | --- | |-------- ...