| --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|----------------------| | 区域 | [Table_SalesPerson] 姓名 | 职务 | 座机 | 手机 | 邮箱 | | | 蒋诗烽 | 总经理助理、销售总监 | 021-68415309 | 18621310081 | jsf@swsc.com.cn | | | 崔露文 | 销售副总监 | 15642960315 | 15642960315 | clw@swsc.com.cn | | | 谭世泽 | 高级销售经理 | 13122900886 | 13122900886 | tsz@swsc.com.cn | | | 汪艺 | 高级销售经理 | 13127920536 | 13127920536 | wyyf@swsc.com.cn | | | 李煜 | 高级销售经理 | 18801732511 | 18801732511 ...

本报告 须注明出处为"西南证券"，且不得对本报告及附录进行有悖原意的引用、删节和修改。未经授权刊载或者转发本报告 及附录的，本公司将保留向其追究法律责任的权利。 西南证券机构销售团队 请务必阅读正文后的重要声明部分 同庆楼（605108）2023 年报及 2024 年一季报点评 | --- | --- | --- | --- | --- | --- | |-------|--------|--------------------|-------------|-------------|----------------------| | | 张鑫 | 高级销售经理 | 15981953220 | 15981953220 | zhxin@swsc.com.cn | | | 王一菲 | 销售经理 | 18040060359 | 18040060359 | wyf@swsc.com.cn | | | 王宇飞 | 销售经理 | 18500981866 | 18500981866 | wangyuf@swsc.com | | | 路漫天 | 销售经理 | 18610741553 | 18610741553 | lmtyf ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% in the next six months [16][26]. Core Insights - The company has shown steady revenue growth, with a reported revenue of 57.8 billion yuan in Q1 2024, reflecting an 8.3% year-over-year increase, and a net profit of 3 billion yuan, up 15% [38]. - The wholesale business continues to dominate, contributing 81.8% of total revenue, while the retail and industrial segments also show significant growth [1]. - The company is expanding its market presence in the Guangxi region and enhancing its product offerings, particularly in traditional Chinese medicine [16]. Financial Performance Summary - For 2023, the company achieved a total revenue of 208.1 billion yuan, a 9.2% increase, and a net profit of 8.5 billion yuan, up 21.1% [38]. - The forecast for 2024-2026 indicates continued growth, with expected net profits of 10.2 billion yuan, 12.4 billion yuan, and 14.9 billion yuan, corresponding to year-over-year growth rates of 20.2%, 21.1%, and 20.5% respectively [26][44]. - The wholesale segment is projected to grow at rates of 9%, 8%, and 8% over the next three years, while the retail segment is expected to grow at 20%, 15%, and 15% [18][43]. Business Segment Analysis - The wholesale business generated 47 billion yuan in Q1 2024, a 6.2% increase, while the retail segment achieved 7.8 billion yuan, growing by 20% [1]. - The industrial segment reported 2.7 billion yuan in revenue, reflecting an 8.7% increase, with a stable gross margin of 45% expected through 2026 [5][44]. - The company has successfully opened 105 new stores in 2023, increasing its total to 814, with a focus on enhancing its competitive edge in the retail market [27].

Investment Rating - The investment rating for the company is "Hold" [16] Core Views - The company reported a significant decline in revenue and net profit for 2023, with revenue at 1.92 billion yuan, down 22.8% year-on-year, and net profit attributable to shareholders at 440 million yuan, down 50.9% year-on-year. However, in Q1 2024, the company saw a revenue increase of 30% year-on-year to 740 million yuan and a net profit increase of 44.9% to 285 million yuan [1][11] - The company is undergoing internal restructuring and cost-cutting measures, which have started to show positive results, as evidenced by a net profit margin increase to 38.2% in Q1 2024 [1][11] - The company has developed a comprehensive product line in the nephrology sector, which includes three series of blood purification products, and has adjusted pricing strategies to enhance market competitiveness [1][11] - The company is actively expanding its overseas market presence, with its blood purification devices generating 230 million yuan in revenue, a 19.26% increase year-on-year [1][11] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.92 billion yuan and a net profit of 440 million yuan, with a significant decline in both metrics compared to the previous year. In Q1 2024, revenue was 740 million yuan, showing a 30% increase year-on-year, while net profit reached 285 million yuan, up 44.9% [1][11] - The company’s gross margin for Q1 2024 was 78.7%, slightly down due to price reductions in its HA130 product line [1][11] Product Development - The company has established a three-product system in the nephrology field, including HA series, KHA series, and pHA series blood purification devices. The HA series has been in clinical use for 20 years and is widely adopted across over 6000 hospitals [1][11] - The KHA series, aimed at uremia treatment, saw a revenue increase of 79.5% in 2023, while the pHA series was launched in November 2023 and is currently undergoing trials in multiple hospitals [1][11] Market Expansion - The company’s blood purification equipment sales reached 230 million yuan, with the DX-10 blood purification machine being a key product, generating 227 million yuan in revenue, a 22.64% increase year-on-year. The DX-10 is now used in approximately 1800 hospitals nationwide [1][11] - The company has successfully entered 92 countries with its products, and 13 countries have included its products in their medical insurance systems [1][11] Profit Forecast - The company forecasts net profits of 800 million yuan, 1.03 billion yuan, and 1.31 billion yuan for 2024, 2025, and 2026, respectively, indicating a recovery trajectory following the restructuring efforts [1][11]

[ T able_StockInfo] 2024 年 04 月 26 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：21.25 元 华统股份（002840）食品饮料 目标价：25.53 元（6 个月） [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。 ...

Investment Rating - The report assigns a "Buy" rating for Runze Technology (300442) with a target price of 38.7 CNY over the next six months [1]. Core Insights - Runze Technology reported a robust revenue growth of 60.3% year-on-year in 2023, reaching 4.35 billion CNY, with a net profit of 1.76 billion CNY, up 47% [2][19]. - The company is expanding its AIDC business, which is becoming a new growth driver alongside its established IDC operations [2][11]. - The data center industry is projected to continue growing, driven by digital transformation and AI technology, with a market size nearing 200 billion CNY in 2022 and a compound annual growth rate (CAGR) of 30.69% over the past three years [2][19]. Summary by Sections 1. Business Overview - Runze Technology focuses on IDC and AIDC businesses, establishing a comprehensive layout across six major regions in China, with plans for approximately 61 intelligent computing centers and 320,000 cabinets [2][11][19]. - The company has successfully completed asset restructuring and is enhancing its data center construction investments [11]. 2. Financial Analysis - The company achieved a net profit margin of 40.4% in 2023, despite a slight decline of 8.4% year-on-year [2][21]. - The revenue from IDC business is expected to grow steadily, while AIDC is anticipated to see a significant increase due to rising demand for AI computing power [28][30]. - R&D expenses have increased to 101.24 million CNY in 2023, reflecting a commitment to technological advancement [25][27]. 3. Earnings Forecast and Valuation - The forecasted earnings per share (EPS) for 2024-2026 are 1.29 CNY, 1.67 CNY, and 2.25 CNY, respectively, with a projected compound growth rate of 29.93% for net profit [3][30]. - The report suggests a valuation of 30 times earnings for 2024, leading to a target price of 38.7 CNY [3][30].

新增订单成绩亮眼，氢能布局进展迅速 深化改革持续推进，盈利能力逐步修复。2023年，公司毛利率、净利率分别为 15.9%，1.3%，同比分别+0.4pp、+0.4pp；期间费用率为 14.4%，同比+0.5pp。 24Q1，公司毛利率、净利率分别为 14.5%、1.9%，同比分别+0.3pp、+1.4pp； 期间费用率为 13.0%，同比+2.0pp。公司坚持深化改革，优化管理，盈利能力 有望进一步改善。 盈利预测与投资建议。预计公司 2024-2026年归母净利润分别为 1.5、2.3、3.3 亿元，对应 EPS 为 0.16、0.24、0.35元，对应当前股价 PE 为 40、26、18倍， 未来三年归母净利润复合增速为 54%，维持"持有"评级。 [ T able_StockInfo] 2024 年 04 月 26 日 证券研究报告•2023 年报&2024 一季报点评 持有 （维持） 当前价：6.22 元 石化机械（000852）机械设备 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2023年年报和 2024年一季报。2023年实现营收 84.0亿，同 比+8.3%；实 ...

[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 | --- | --- | |----------|-------------------------- ...