切片代工开工率高位、设备耗材自用盈利有底线支撑。24Q1受硅片排产高等影 响，公司切片开工率保持在 80%以上。随着宜宾一期 25GW 产能爬坡，至下半 年公司切片产能将提升至 63GW，保障全年 50GW 切片代工的出货目标。 请务必阅读正文后的重要声明部分 2 [Table_Summary 业绩总结：公司发布 ] 2024年一季度报告。24Q1公司实现营收 14.2亿元，同比 +12.8%；归母净利润 2.1亿元，同比-36.7%；扣非净利润 1.9亿元，同比-42.7%。 24Q1 公司综合毛利率 32.4%，环比-2.6pp，净利率 14.9%，环比+0.3pp，业绩 符合预期。 [Table_Report] 1. 高测股份（688556）：金刚线盈利持续 提升，碳化硅切割值得期待 (2024-04-10) 2. 高测股份（688556）：切割设备收入大 幅增长，代工盈利稳健 (2023-10-31) 3. 高测股份（688556）：盈利稳健，未来 可期 (2023-08-08) 4. 高测股份（688556）：实控人定增落地， 切片盈利有望趋于稳定 (2023-06-25) 本报告及附录版权为西南证 ...

[Table_StockInfo] 买入 2024年 04月 24日 （维持） 证券研究报告•2023年报&2024一季报点评 当前价： 96.98元 阳光电源（300274） 电力设备 目标价： ——元（6个月） 盈利能力全面提升，光储龙头竞争力凸显 投资要点 西南证券研究发展中心 [T ab业le绩_S总u结mm：公ar司y]发 布2023年年报和2024年一季报。2023年公司实现营收722.5 [分Ta析bl师e_：Au韩th晨or ] 亿元，同比+79.5%；归母净利润 94.4亿元，同比+162.7%；扣非净利润 92.2 执业证号：S1250520100002 亿元，同比+172.2%。23年四季度公司计提资产减值损失+信用减值损失 14.4 电话：021-58351923 亿元。24年一季度公司实现营收126.1亿元，同比+0.3%；归母净利润21.0亿 邮箱：hch@swsc.com.cn 元，同比+39.1%；扣非净利润 20.8亿元，同比+42.8%。24Q1公司综合毛利 分析师：敖颖晨 率 36.7%，环比+8.0pp；净利率16.7%，环比+7.9pp。 执业证号：S1250521 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified for the next six months [5][22]. Core Views - The company achieved a revenue of 3.625 billion yuan in 2023, representing a year-on-year growth of 15.9%, and a net profit attributable to the parent company of 280 million yuan, up 31% [22]. - The company has successfully completed its equity incentive plan for 2023, which is expected to enhance employee motivation and support long-term development [22]. - The management team has shown confidence in the company's future by planning to increase their shareholdings [22]. Financial Performance - The company reported a revenue of 7.2 billion yuan in Q1 2024, a year-on-year increase of 6.8%, with a net profit of 30 million yuan, up 331% [22]. - The gross profit margin for 2023 was 37.5%, an increase of 3.7 percentage points, while the net profit margin was 7.7%, up 0.9 percentage points [22]. - The company expects net profits for 2024, 2025, and 2026 to be 350 million yuan, 430 million yuan, and 510 million yuan respectively, with corresponding EPS of 0.84 yuan, 1.04 yuan, and 1.25 yuan [22]. Business Segments - The company’s revenue from the brewing segment was 2.686 billion yuan in 2023, growing by 9.4%, while the ready-to-drink segment generated 901 million yuan, up 41.2% [22]. - The ready-to-drink sales team has improved its channel service capabilities, leading to faster growth in this segment [22]. - The company has established a nationwide sales network with 1,611 distributors as of Q1 2024, an increase of 80 from the beginning of the year [22]. Cost and Profitability - The company’s operating costs for 2023 were 2.265 billion yuan, with a projected increase to 2.657 billion yuan in 2024 [22]. - The sales expense ratio for 2023 was 23.7%, reflecting an increase due to higher marketing and advertising costs, while the management expense ratio decreased to 6.3% [22]. - The company anticipates a continued improvement in profitability, with gross margins expected to rise gradually over the next few years [22].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - 2024 is expected to be a significant year for the company with multiple IP projects scheduled for release, including films, TV series, and games, which may enhance the company's visibility and performance [2][13] - The acquisition of Tencent Animation assets is anticipated to strengthen the company's IP operation across various media [25][26] - Continuous investment in AIGC (Artificial Intelligence Generated Content) is expected to improve efficiency and enhance the content ecosystem [31][32] Summary by Sections 1. 2024 Film and TV Lineup - The company is set to release several major projects in 2024, including the film "Hot and Spicy" which has already grossed 3.46 billion RMB, and the anticipated second season of "Qing Yu Nian" with over 13.39 million reservations on Tencent Video [2][13][15] - The lineup includes multiple adaptations of popular IPs, indicating a strong focus on leveraging existing fan bases [15][16] 2. Tencent Animation Acquisition - The company has signed an agreement to acquire Tencent Animation assets for 600 million RMB, which includes various IPs and platforms, enhancing its ability to manage and monetize its content [25][26] - This acquisition is expected to create a comprehensive IP ecosystem encompassing novels, animations, games, and films [26][27] 3. Investment in AIGC - The company plans to invest 100-200 million RMB in AIGC in 2024, focusing on improving existing products and exploring new applications [31] - Current AI products include a writer's assistant and an interactive chat platform, which have shown promising user engagement and efficiency improvements [32][36] 4. Financial Forecasts - The company is projected to achieve Non-IFRS net profits of 1.399 billion RMB, 1.47 billion RMB, and 1.55 billion RMB for 2024, 2025, and 2026 respectively, reflecting a positive growth outlook [3][38] - Revenue is expected to grow from 7.012 billion RMB in 2023 to 7.827 billion RMB in 2024, indicating a recovery and growth trajectory [38]

Investment Rating - The report maintains a "Hold" rating for the company, indicating a projected relative performance between 10% and 20% over the next six months [10][16]. Core Insights - The company benefited from a high growth in the shipbuilding and offshore oil and gas industries, achieving a revenue of 1.93 billion yuan in 2023, a year-on-year increase of 27.3%, and a net profit attributable to shareholders of 236.51 million yuan, up 58.7% year-on-year [10][11]. - The company is a global leader in anchor chains, with a significant increase in orders and revenue driven by the recovery in the shipbuilding sector and high demand in offshore oil and gas exploration [10][11]. - The report forecasts a compound annual growth rate (CAGR) of 26% for net profit from 2024 to 2026, with projected net profits of 293.69 million yuan, 375.52 million yuan, and 475.27 million yuan for the respective years [10][11]. Financial Performance Summary - **Revenue and Growth Rates**: - 2023 Revenue: 1,931.11 million yuan, with a growth rate of 27.34% - 2024E Revenue: 2,399.57 million yuan, with a growth rate of 24.26% - 2025E Revenue: 2,984.48 million yuan, with a growth rate of 24.38% - 2026E Revenue: 3,653.91 million yuan, with a growth rate of 22.43% [2][10][24]. - **Net Profit and Growth Rates**: - 2023 Net Profit: 236.51 million yuan, with a growth rate of 58.71% - 2024E Net Profit: 293.69 million yuan, with a growth rate of 24.18% - 2025E Net Profit: 375.52 million yuan, with a growth rate of 27.86% - 2026E Net Profit: 475.27 million yuan, with a growth rate of 26.56% [2][10][24]. - **Earnings Per Share (EPS)**: - 2023 EPS: 0.25 yuan - 2024E EPS: 0.31 yuan - 2025E EPS: 0.39 yuan - 2026E EPS: 0.50 yuan [2][10][24]. - **Return on Equity (ROE)**: - 2023 ROE: 6.49% - 2024E ROE: 7.65% - 2025E ROE: 9.04% - 2026E ROE: 10.43% [2][10][24]. - **Price-to-Earnings (PE) Ratio**: - 2024E PE: 28 - 2025E PE: 22 - 2026E PE: 17 [2][10][24]. Business Outlook - The company is expected to maintain stable growth in its ship chain business, with order growth rates projected at 24%, 22%, and 18% for 2024-2026, respectively [6][23]. - The report highlights the potential for significant growth in the high-strength mining chain market, as approximately 80% of large-scale high-strength round mining chains in China are currently imported [10][11]. - The offshore wind power mooring chain segment is anticipated to become a new growth driver, with global floating offshore wind capacity expected to exceed 1 GW annually by 2026 [10][11].

深度变革积聚势能，拐点向上趋势延续 经营势能持续向好，经营质量显著提升。1、受益于百元以上价位产品动销持续 向好，营收占比提升显著，毛利率同比增 1.0个百分点至 63.0%。2、费用方面， 费用合计增加 18.2%至 4.4亿元，受益于营收规模高增，规模效应下费用率同比 下降 1.7个百分点至 36.7%。3、2023年末合同负债 0.81亿元，同比+39.6%， 蓄水池进一步扩容；2023年经营现金流净额 1.0亿元，同比+3214%，经营质量 显著提升。 | --- | --- | --- | --- | --- | |----------------------------------|--------|-------------------------|--------|--------| | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | | | | | | | 营业收入（亿元） | | 12.10 14.83 17.62 20.59 | | | | 增长率 | 23.50% | 22.58% | 18.78% | 16 ...

[Table_StockInfo] 买入 2024年 04月 23日 （维持） 证券研究报告•2023年报及24年一季报点评 当前价： 66.50元 科 博 达（603786） 汽车 目标价： ——元（6个月） Q1 业绩超预期，新产品新客户逐渐放量 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年报及24年一季报，23全年实现营收 46.25亿元，同比 [分Ta析bl师e_：Au郑th连or声] +36.7%；归母净利润 6.09亿元，同比+35.3%；毛利率 29.6%，同比-3.3pp， 执业证号：S1250522040001 净利率14.1%，同比-0.7pp。24Q1实现营收14.17亿元，同比+55.2%，环比-1%； 电话：010-57758531 归母净利润2.19亿元，同比+66.2%，环比+42.5%，超出预期。 邮箱：zlans@swsc.com.cn  季度营收创新高，费用控制有效：23年公司主要客户销量实现增长，其中主要 联系人：冯安琪 客户大众集团全球销量866万辆（Marklines），同比+9.5%，23Q4公司营收首 电话：021 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][2]. Core Insights - The company reported a total revenue of 1.08 billion yuan for Q1 2024, representing a year-on-year growth of 20.4%, and a net profit attributable to shareholders of 220 million yuan, up 21.6%, aligning with market expectations [1]. - The product structure continues to improve, with significant revenue growth in high-priced products, and the company is actively expanding its market presence outside its home province [1]. - The company aims for a revenue target of 3 billion yuan and a net profit of 400 million yuan for 2024, alongside plans to repurchase shares worth 100 to 200 million yuan to implement employee stock ownership plans [1][2]. Summary by Sections Financial Performance - Q1 2024 revenue breakdown: products priced above 300 yuan generated 190 million yuan (+86.5%), products priced between 100-300 yuan generated 550 million yuan (+24.1%), and products below 100 yuan generated 320 million yuan (-4.2%) [1]. - Revenue from the domestic market reached 850 million yuan (+22.6%), while revenue from outside the province was 220 million yuan (+13.2%) [1]. - The company’s gross margin improved by 0.43 percentage points to 65.4%, with a slight increase in net profit margin to 20.4% [1]. Market Strategy - The company is focusing on a strategy of "national layout, deepening in the northwest, and key breakthroughs," enhancing brand influence and market share [1]. - The company is also advancing its user engagement strategy, which has significantly boosted brand recognition [1]. Earnings Forecast - Expected EPS for 2024-2026 are 0.87 yuan, 1.15 yuan, and 1.48 yuan, with corresponding PE ratios of 22, 17, and 13 [2][3]. - The company is projected to benefit from national expansion and consumption upgrades, indicating strong long-term growth potential [2].

收入稳健增长，Q1 盈利能力同比改善 假设 3：产品结构有所优化，遮光面料毛利率稳步提升，2024-2026 年分别为 41%、41.5%、 表 1：分业务收入及毛利率 公司评级 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 [ T able_StockInfo] 2024 年 04 月 23 日 证券研究报告•23年年报及 24年一季报点评 持有 （维持） 当前价：12.30 元 玉马遮阳（300993）轻工制造 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 3.08 流通 A 股(亿股) 0.99 52 周内股价区间(元) 8.39-14.1 总市值(亿元) 37.90 总资产(亿元) 14.57 每股净资产(元) 4.45 [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 6.6 亿元（同比+21.3%）；实现归母净利润 1.7 亿元（同比+5.4%）；实现扣非净 利润 1.6亿元（同比+5.6%）。单季度来看，2023Q4公司实现营收 1.9亿元（同 比+28.2％ ...

[ T able_StockInfo] 2024 年 04 月 23 日 证券研究报告•2024 年一季度业绩预告点评 买入 （维持） 当前价：10.62 元 天佑德酒（002646）食品饮料 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2024年一季度业绩预告，一季度实现营业总收入 5.2-5.3亿元， 同比增长 31.31%-33.84%；实现归母净利润 1.05-1.10 亿元，同比增长 36.1%-42.6%，业绩符合预期。 省外积极开拓，成长空间广阔。1、全国化布局更加清晰，不断夯实青海大本营 市场，甘肃市场基地市场化；省外聚焦晋、陕、豫等战略核心市场，积极布局无 锡，福州、南宁、张家口等点状市场，为深度全国化打下坚实基础，成长空间持 续拓宽。 2、阿拉嘉宝在西藏区域聚焦高端，作为当地的名优酒企，极具品牌力 和产品力，经过多年运作在当地具有较为深厚的资源基础，当前已具备放量条件； 此外，公司积极布局青藏高原酒旅融合项目，差异化丰富营销内容，有利于公司 整体品牌力的提升。 盈利预测与投资建议。预计 2024-2026 年 EPS 分别为 0.34 元、0.48 元、0. ...