[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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 4.95 billion yuan in 2023, representing a year-on-year growth of 6.0%, and a net profit of 1.27 billion yuan, up 4.4% year-on-year. In Q4 2023, revenue reached 1.36 billion yuan, a significant increase of 51.3% year-on-year, with net profit rising by 53.2% to 250 million yuan [2] - The company plans to distribute a cash dividend of 9.15 yuan per 10 shares (including tax) [2] - For Q1 2024, the company reported revenue of 930 million yuan, a year-on-year increase of 9.4%, and a net profit of 190 million yuan, up 16.8% year-on-year [2] - The company successfully completed its growth plan for 2023, focusing on product upgrades, brand premiumization, and marketing breakthroughs [2] - The company aims to maintain growth in both revenue and net profit for 2024, with strategies to enhance brand positioning and expand market share [2] Summary by Sections Financial Performance - In 2023, the company's high-end liquor revenue was 4.67 billion yuan, up 3.7% year-on-year, while mid-range liquor revenue was 200 million yuan, a substantial increase of 64.1% [2][9] - The overall gross margin for 2023 was 83.2%, a decrease of 1.3 percentage points year-on-year, while the net profit margin was 25.6%, down 0.4 percentage points [2][9] - For Q1 2024, the gross margin was 80.5%, with a net profit margin of 20.0%, reflecting a 1.3 percentage point increase [2][9] Earnings Forecast - The company forecasts earnings per share (EPS) of 3.01 yuan, 3.50 yuan, and 4.04 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 [2][9] - The projected revenue growth rates for 2024-2026 are 14.3%, 15.1%, and 13.9%, respectively [3][9] Market Strategy - The company plans to focus on enhancing its presence in key markets and increasing the number of high-quality distributors [2] - The strategy includes optimizing organizational structure and improving sales personnel capabilities to strengthen competitive advantages [2] Industry Outlook - The company is expected to benefit from the recovery of consumer confidence and economic conditions, particularly in the mid-to-high-end liquor market [2]

[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 ...

[Table_StockInfo] 买入 2024年 04月 28日 （维持） 证券研究报告•23年报及24年一季报点评 当前价： 46.17元 水 井 坊（600779） 食品饮料 目标价： ——元（6个月） 臻酿八号稳健增长，23 年如期完成目标 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49.5亿元，同比+6.0%，归母净利润12.7亿元， [分Ta析bl师e_：Au朱th会or振] 同比+4.4%；其中23单 Q4实现收入13.6亿元，同比+51.3%，归母净利润2.5 执业证号：S1250513110001 亿元，同比+53.2%。此外，公司拟每10股派发现金红利9.15元（含税）。24Q1 电话：023-63786049 实现收入9.3亿元，同比+9.4%，归母净利润1.9亿元，同比+16.8%。 邮箱：zhz@swsc.com.cn  臻酿八号双位数稳健增长，23 年顺利完成增长规划。1、在白酒行业挤压式竞 分析师：王书龙 争的背景下，公司管理层持续落地“产品升级创新、品牌高端化、营销突破” 三大策略，23年公司收入和利润较 22年均保持增 ...

[ T able_StockInfo] 2024 年 04 月 27 日 证券研究报告•2023 年报及 2024 一季报点评 买入 （维持） 当前价：20.56 元 华康股份（605077）基础化工 目标价：25.76 元（6 个月） | --- | --- | --- | --- | --- | |----------------------------------|--------|--------|-------------------------|--------| | 产能不及预期风险。 | | | | | | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（亿元） | | | 27.83 30.21 34.79 39.23 | | | 增长率 | 26.48% | 8.56% | 15.16% | 12.76% | | 归属母公司净利润（亿元） | | | 3.71 3.78 4.63 5.45 | | | 增长率 | 16.34% | 1.81% | 22.31% | 17.81% | | 每股收益 EPS ...

[Table_StockInfo] 买入 2024年 04月 26日 （维持） 证券研究报告•2023年报&2024一季报点评 当前价： 28.25元 华友钴业（603799） 有色金属 目标价： 33.92元（6个月） 三元需求显著回升，公司现金流改善 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年报及 2024年一季报。2023年实现收入663.04亿元， 同比+5.19%；实现归母净利润33.51亿元，同比-14.25%。24Q1实现收入149.63 [分Ta析bl师e_：Au韩th晨or ] 亿元，同比-21.70%；实现归母净利润5.22亿元，同比-48.99%。 执业证号：S1250520100002 电话：021-58351923  量：23年材料出货量提升、结构优化，三元终端需求提升。2023年，公司前驱 体产品出货量近15万吨（含自供），同比+31%，逆势增长（全球三元前驱体产 邮箱：hch@swsc.com.cn 量-5%，鑫椤数据）。正极材料出货量约9.5万吨，同比+5%，高镍出货量超6.7 分析师：胡泽邦 万吨，占比83%；钴酸锂出货量超 ...

2023 年利润承压，期待汽车行业毛利率修复 [Table_Summary 事件：1）公司发布] 2023年年报，2023年公司实现营业收入 40.70亿元，同比 增长 26.42%；实现归母净利润 3.20亿元，同比下降 20.68%。2023Q4公司实 现营业收入 9.28亿元，同比下降 18.45%，环比下降 13.47%；实现归母净利润 0.28 亿元，同比下降 84.63%，环比下降 71.07%。2）公司发布 2024年一季报， 2024Q1 实现营业收入 5.55亿元，同比下降 42.84%，环比下降 40.19%；实现 归母净利润-0.19 亿元，同比下降 120.83%，环比下降 168.73%。 2023 年光伏和汽车行业实现较快增长，安防和消费电子行业有所下滑。在 SolarEdge、Enphase、比亚迪等国内大客户的带动下，2023 年公司光伏和新 能源汽车行业实现较快增长。2023年公司光伏行业实现营收 23.62亿元，同比 增长 33.30%；汽车行业实现营收 11.89 亿元，同比增长 49.30%；安防行业实 现营收 3.61 亿元，同比下降 0.86%；消费电子行业实现营收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported Q1 2024 revenue of 4.11 billion yuan, a year-on-year increase of 11.1%, and a net profit attributable to shareholders of 410 million yuan, up 8.3% year-on-year [2] - ODM shipments for televisions decreased by 15.5% year-on-year to 2.12 million units due to high base effects from the previous year, but the company's leading position in the ODM market remains intact [2] - The LED industry chain has shown significant performance improvements, contributing over 50% to the net profit in a single quarter for the first time [2] - The company is expected to return to a normal shipment rhythm in 2024, with Q1 being a traditional off-season [2] Summary by Sections Financial Performance - The company achieved a revenue of 41.1 billion yuan in Q1 2024, with a net profit of 4.1 billion yuan [2] - For the years 2024 to 2026, the expected EPS is projected to be 0.49 yuan, 0.58 yuan, and 0.69 yuan respectively [2][3] Market Position - The company ranks third among professional ODM manufacturers, with major clients like ONN showing strong growth in the North American market [2] - The Mini LED chip market share exceeds 50%, with monthly shipments reaching 10 million units [2] Future Outlook - The company is expected to maintain its leading position in the ODM sector and continue to enhance its LED industry chain layout, focusing on higher value-added products [2] - Revenue growth rates are projected at 22.18% for 2024, followed by 14.57% and 12.03% for 2025 and 2026 respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 47.70 CNY for the next six months [26]. Core Insights - The company achieved a revenue of 3.913 billion CNY in 2023, representing a year-on-year increase of 16.62%, and a net profit attributable to shareholders of 497 million CNY, up 11.05% year-on-year [1]. - The growth in revenue is primarily supported by increased sales from key customers Tesla and Li Auto, with their retail sales in China growing by 37.27% and 182.21% respectively in 2023 [1]. - The company has enhanced its production capacity and automated processes, which are expected to improve cost control and profitability [1]. - The company is expanding its business segments, particularly in lightweight automotive components, with a planned investment of approximately 3 billion CNY in a new project [1]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.166 billion CNY, a year-on-year increase of 21.01% and a quarter-on-quarter increase of 15.25% [1]. - The gross margin for 2023 was 23.21%, a decrease of 1.32 percentage points year-on-year, while the net margin was 12.67%, down 0.63 percentage points [1]. - The company expects a compound annual growth rate (CAGR) of 18.41% in net profit from 2024 to 2026 [1][12]. Capacity Expansion and Business Development - The company has established new subsidiaries to support production and has completed upgrades to its main production lines, enhancing capacity and automation [1]. - A new project for integrated die-casting components is expected to generate sales of approximately 2.1 to 2.3 billion CNY over its lifecycle, with production set to begin in 2025 [1]. - The company is also investing in a new project for precision automotive components with a total investment of about 3 billion CNY, projected to achieve annual sales of 1.7 billion CNY upon full production [1]. Earnings Forecast - The forecast for EPS from 2024 to 2026 is 3.18 CNY, 3.78 CNY, and 4.49 CNY respectively, with corresponding PE ratios of 12, 10, and 8 [1][12]. - Revenue projections for 2024, 2025, and 2026 are 4.528 billion CNY, 5.439 billion CNY, and 6.538 billion CNY, with growth rates of 15.72%, 20.12%, and 20.21% respectively [12][30].

投资评级说明 [Table_QuotePic] 相对指数表现 -40% -31% -21% -12% -3% 7% 23/4 23/6 23/8 23/10 23/12 24/2 24/4 依依股份 沪深300 假设 2：公司产能利用率提升，宠物一次性卫生用品毛利率改善。2024-2026 年分别为 18.5%、18.6%、18.8%。 依依股份（001206）23 年年报及 24 年一季报点评 新客户主要为海外采购体量较大的连锁商超，有望逐步出货并贡献收入增量。 2024 年公司将持续巩固和扩大原有客户资源所对应的市场份额，利用产能释放 的良好契机，积极开发新的国际市场范围及客户资源，不断扩大公司的国际市 场销售规模。 请务必阅读正文后的重要声明部分 1 依依股份（001206）23 年年报及 24 年一季报点评 依依股份（001206）23 年年报及 24 年一季报点评 产能释放有助业绩修复，产品结构逐步优化。从品类来看，2023年宠物一次性 卫生护理用品营收达到 12.5 亿元，同比-13.3%。其中宠物垫营收 11.6 亿元， 同比-13.2%，宠物尿裤实现收入 8385.3万元，同比-14.1%。受 ...