Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 39.38 CNY for the next six months [1][11]. Core Insights - The company reported a revenue of 21.45 billion CNY in 2023, a year-on-year increase of 12.7%, and a net profit of 2.46 billion CNY, up 44% [2][3]. - The infusion business showed strong performance, with sales revenue reaching 10.11 billion CNY, a growth of 7% [2]. - The innovative platform of Kelun Biotech is progressing, with significant revenue from licensing agreements and ongoing clinical trials for over ten innovative projects [2][11]. - The company expects EPS of 1.79 CNY, 2.06 CNY, and 2.37 CNY for 2024-2026, with net profit growth rates of 16.5%, 15.4%, and 14.7% respectively [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 21.45 billion CNY, with a net profit of 2.46 billion CNY, reflecting a 44% increase [2][3]. - For Q1 2024, the revenue was 6.22 billion CNY, a 10.3% year-on-year increase, and the net profit was 1.03 billion CNY, up 26% [2]. Business Segments - The infusion segment generated sales of 10.11 billion CNY, with a volume of 4.38 billion bottles/bags, marking a 10.6% increase [2]. - The antibiotic intermediates and raw materials segment saw revenue of 4.84 billion CNY, a growth of 23.8% [2][9]. Future Projections - The company forecasts revenue growth rates of 13.44%, 9.91%, 12.71%, and 13.07% for 2023-2026 [3][9]. - The projected net profit for 2024 is 2.86 billion CNY, with a growth rate of 16.46% [3][11]. Valuation Metrics - The report assigns a PE ratio of 22 for 2024, corresponding to the target price of 39.38 CNY [11][12]. - The company’s average PE among comparable firms is 20, indicating a competitive valuation [11].

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company achieved a revenue of 1.634 billion yuan in 2023, representing a growth of 65.7%, but the net profit attributable to the parent company decreased by 24.9% to 57.58 million yuan [16]. - In Q1 2024, the company reported a revenue of 400 million yuan, a decline of 11.1%, while the net profit attributable to the parent company increased by 9.3% to 30 million yuan [16]. - The integration of Yunyang Runying and the supply chain of Fan Yuan has shown positive effects, with significant revenue growth in various segments [16]. - The company plans to distribute a cash dividend of 0.10 yuan per share and a capital reserve conversion of 0.4 shares per share [16]. Financial Performance Summary - Revenue projections for 2024-2026 are 1.902 billion yuan, 2.253 billion yuan, and 2.587 billion yuan, with growth rates of 16.4%, 18.4%, and 14.8% respectively [2]. - The net profit attributable to the parent company is expected to be 78.10 million yuan, 102.88 million yuan, and 134.49 million yuan for the years 2024-2026, with growth rates of 35.6%, 31.7%, and 30.7% respectively [2]. - The earnings per share (EPS) are projected to be 0.18 yuan, 0.24 yuan, and 0.31 yuan for 2024-2026 [2]. Business Segment Analysis - Probiotics beverage sales are expected to maintain a growth rate of 3% from 2024 to 2026, with price increases anticipated [6]. - The probiotics food segment is projected to see significant growth, with sales growth rates of 85%, 80%, and 40% for 2024-2026, maintaining stable pricing and high gross margins [34]. - The supply chain business is expected to grow at rates of 13%, 10%, and 10% from 2024 to 2026, with a consistent gross margin of 10% [20]. Profitability Metrics - The gross margin for 2023 was 24.4%, with an increase to 29.5% in Q1 2024, indicating a recovery in profitability [16]. - The net profit margin for 2023 was 4%, which improved to 6.5% in Q1 2024 [16]. - The report highlights the impact of business restructuring on profitability, with expectations for gradual recovery as new products are launched and prices are adjusted [16].

[Table_StockInfo] 买入 2024年 04月 26日 （维持） 证券研究报告•23年年报和24年一季报点评 当前价： 19.87元 老白干酒（600559） 食品饮料 目标价： ——元（6个月） 经营变革成效显著，期待业绩持续释放 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，2023年实现营业总收入 52.6 [分Ta析bl师e_：Au朱th会or振] 亿元，同比+13.0%，实现归母净利润6.7亿元，同比-5.9%，实现扣非归母净利 执业证号：S1250513110001 润 6.1亿元，同比+28.6%。23年单 Q4实现营业总收入14.1亿元，同比+17.9%， 电话：023-63786049 实现归母净利润 2.5亿元，同比+42.2%，实现扣非归母净利润 2.3亿元，同比 邮箱：zhz@swsc.com.cn 增长+41.3%。24年单 Q1实现营业总收入11.3亿元，同比+12.7%，实现归母 分析师：王书龙 净利润1.4亿元，同比+33.0%，实现扣非归母净利润1.3亿元，同比增长+33.4%， 执业证号： ...

[Table_StockInfo] 买入 2024年 04月 27日 （维持） 证券研究报告•23年报及24年一季报点评 当前价： 186.42元 泸州老窖（000568） 食品饮料 目标价： ——元（6个月） 23 年圆满收官，24Q1 延续高增 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 302.3亿元，同比+20.3%，归母净利润 132.5亿 [分Ta析bl师e_：Au朱th会or振] 元，同比+27.8%；其中 23单Q4实现收入 82.9亿元，同比+9.1%，归母净利 润 26.8亿元，同比+24.8%。此外，公司拟每10股派发现金红利54.0元（含税）。 执业证号：S1250513110001 电话：023-63786049 24Q1实现收入91.9亿元，同比+20.7%，归母净利润45.7亿元，同比+23.2%， 邮箱：zhz@swsc.com.cn 24Q1业绩符合市场预期。 分析师：王书龙  国窖、特曲稳健增长，2023年圆满收官。1、2023年外部需求缓慢复苏的背景 下，公司强化消费者培育和渠道建设，国窖、特曲 60版、头曲等单品实 ...

[Table_StockInfo] 买入 2024年 04月 26日 （维持） 证券研究报告•2023年年报点评 当前价： 4.45元 内蒙华电（600863） 公用事业 目标价： 5.41元（6个月） 煤价平滑电价风险，利润正向增长 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2023年年报及 2024年一季报，2023年公司实现营收 225亿 [分Ta析bl师e_：Au池th天or惠] 元，同比下降2.3%；实现归母净利润20.1亿元，同比增长 13.4%；24Q1实现 执业证号：S1250522100001 归母净利润 55.7亿元，同比下降 7.4%，实现归母净利润 8.9亿元，同比增长 电话：13003109597 3%。 邮箱：cth@swsc.com.cn  标煤价格降低平滑电价风险。报告期内公司电力产品销售实现收入193.5亿元， 分析师：刘洋 同比下降6.8%，毛利率16.34%，同比增长 0.97pp，实现上网电量563亿千瓦 执业证号：S1250523070005 电话：18019200867 时，同比下降 0.6%，其中市场化交易电量占比 97. ...

Investment Rating - The investment rating for the company is "Neutral," indicating that the stock is expected to perform within -10% to 10% relative to the market index over the next six months [3]. Core Views - The company reported a revenue of 500 million yuan in 2023, a decrease of 9.4% year-on-year, and a net profit attributable to shareholders of 18 million yuan, down 33.9% year-on-year. However, the net profit after deducting non-recurring items increased by 370% to 3 million yuan [8][9]. - In Q1 2024, the company achieved a revenue of 70 million yuan, a year-on-year increase of 5.9%, but reported a net loss of 26 million yuan, a significant decline of 774.6% year-on-year [8][9]. - The company is facing short-term performance pressure due to industry policy impacts, increased management and R&D expenses [8][9]. Financial Performance Summary - The company's quarterly revenue for 2023 was as follows: Q1: 70 million yuan (+25%), Q2: 170 million yuan (-7.2%), Q3: 120 million yuan (-13.7%), Q4: 140 million yuan (-18.6%) [8]. - The gross margin for 2023 was 93.6%, an increase of 0.69 percentage points, while the net margin was 2.3%, a decrease of 2.54 percentage points [8]. - The company’s R&D expense ratio was 23.1%, reflecting increased investment in research and development [8]. Product Insights - The clinical III phase of the Staphylococcus aureus vaccine is expected to be completed by 2025, with significant market potential as it targets a large number of surgical patients [9]. - The tetanus vaccine remains a significant revenue contributor, generating 460 million yuan in revenue, a 5.8% increase, with stable sales channels [9]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.19 yuan, 0.31 yuan, and 0.48 yuan, respectively [11]. - Revenue forecasts for 2024 to 2026 are 604 million yuan, 714 million yuan, and 847 million yuan, with growth rates of 21.69%, 18.33%, and 18.54% respectively [12][20]. Valuation Metrics - The company’s price-to-earnings (PE) ratio is projected to decrease from 194 in 2024 to 17 in 2026, indicating improving valuation as earnings grow [12][20]. - The return on equity (ROE) is expected to rise from 7.68% in 2024 to 14.78% in 2026, reflecting enhanced profitability [12][20].

业绩实现快速增长，航空航天领域表现突出 盈利能力优异，期间费用率持续优化。2023 年，公司毛利率、净利率分别为 51.6%，21.6%，同比分别-1.7pp、-0.1pp；期间费用率为 28.5%，同比-0.9pp。 24Q1，公司毛利率、净利率分别为 53.9%、21.1%，同比分别-3.1pp、+0.8pp； 期间费用率为 30.9%，同比-2.8pp，其中管理、销售费用率同比分别-1.7pp、 -1.8pp。公司毛利率维持在较高水平，营收高增下带来规模效应显现，费用率有 望持续下行。 风险提示：关键核心器件依赖进口、技术路线替代、募投项目进展不及预期等 风险。 | --- | --- | --- | --- | --- | |----------------------------------|--------|--------|-------------------------------|--------| | | | | | | | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | | 606 ...

西南证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会核准的证券投资咨询业务资格。 本公司与作者在自身所知情范围内，与本报告中所评价或推荐的证券不存在法律法规要求披露或采取限制、静默 措施的利益冲突。 《证券期货投资者适当性管理办法》于 2017 年 7 月 1 日起正式实施，本报告仅供本公司签约客户使用，若您并 非本公司签约客户，为控制投资风险，请取消接收、订阅或使用本报告中的任何信息。本公司也不会因接收人收到、 阅读或关注自媒体推送本报告中的内容而视其为客户。本公司或关联机构可能会持有报告中提到的公司所发行的证券 并进行交易，还可能为这些公司提供或争取提供投资银行或财务顾问服务。 本报告中的信息均来源于公开资料，本公司对这些信息的准确性、完整性或可靠性不作任何保证。本报告所载的 资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可 升可跌，过往表现不应作为日后的表现依据。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报 告，本公司不保证本报告所含信息保持在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做出修 改，投 ...

[Table_StockInfo] 买入 2024年 04月 26日 （维持） 证券研究报告•2024年一季报点评 当前价： 25.56元 中船防务（600685） 国防军工 目标价： ——元（6个月） 造船市场火热，利润开始释放 投资要点 西南证券研究发展中心 [T ab事le件_S：u中m船m防ary务] 公布2023年年度报告及2024年第一季度报告。2023年全年实 [分Ta析bl师e_：Au胡th光or怿] 现营业收入 161.5亿元，同比增长 26.2%；归属于上市公司股东的扣除非经常 性损益的净利润-176.4万元，同比减亏 7754.9万元。2024年一季度公司实现 执业证号：S1250522070002 营收 28.1亿元，同比增长47.8%，归属于上市公司股东的扣除非经常性损益的 电话：021-58352190 邮箱：hgyyf@swsc.com.cn 净利润2522.9万元，同比扭亏。  生产产量稳步提升，利润开始进入逐步释放阶段。随着公司陆续交付低价船订单， [T相ab对le指_Q数u表ot现eP ic] 同时生产效率整体得到提升，产品毛利同比增加，2024 年一季度公司经营毛利 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 74.957 billion yuan in 2023, a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 10.624 billion yuan, up 17.91% year-on-year [2] - The nuclear power segment provided stable income, with revenue of 63.5 billion yuan, a slight increase of 0.1% year-on-year, although the gross margin decreased by 1.68 percentage points [2] - The wind and solar power segments showed significant growth, with wind power revenue increasing by 70.4% to 3.93 billion yuan and solar power revenue rising by 38.9% to 5.88 billion yuan [2] - The company is expanding its non-nuclear clean energy business, with a total installed capacity of 21.3 GW in renewable energy as of Q1 2024 [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 74.957 billion yuan and a net profit of 10.624 billion yuan, with projected net profits for 2024, 2025, and 2026 expected to be 11.7 billion yuan, 12.7 billion yuan, and 13.5 billion yuan respectively [4][9] - The gross margin for nuclear power was 43.0%, while wind and solar power had gross margins of 56.5% and 62.2% respectively [2][4] Operational Metrics - The company operated 25 nuclear power units with a total installed capacity of 23.8 GW, and the total installed capacity for renewable energy is expected to reach 27.6 GW by 2026 [3][9] - The average electricity prices for wind and solar power were 0.369 yuan/kWh and 0.476 yuan/kWh respectively, with year-on-year changes of +2.3% and -16.4% [2] Future Outlook - The company anticipates steady growth in its nuclear business and rapid development in its renewable energy sector, leading to a positive outlook for future performance [3][4]