Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.25 CNY over the next six months [1][3]. Core Insights - The company reported a significant increase in net profit, achieving 5.61 billion CNY, a year-on-year increase of 104.4%, despite a 7.0% decrease in revenue to 181 billion CNY [2][3]. - The coal-fired power segment showed notable performance with a net profit of 8.53 billion CNY, while the renewable energy segment also experienced substantial growth, contributing 2.23 billion CNY to net profit [2][3]. - Financial expenses decreased, leading to an increase in the net profit margin by 3.1 percentage points year-on-year [2]. Revenue and Profitability - The company’s revenue for 2023 was 181,000 million CNY, down 7.02% from the previous year, while the net profit attributable to shareholders was 5,608.59 million CNY, reflecting a growth rate of 104.41% [4][17]. - The average on-grid electricity price for coal-fired power was 461.3 CNY/MWh, remaining stable compared to the previous year, while the average on-grid prices for wind and solar power decreased by 7.4% and 8.2%, respectively [2][3]. Financial Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is projected at 7.23 billion CNY, 8.22 billion CNY, and 9.23 billion CNY, respectively [3][17]. - The estimated total market value of the company is projected to be 111.54 billion CNY based on the valuation of its various segments [3][13]. Segment Performance - The coal-fired segment is expected to maintain a cost advantage, while the renewable energy segment is projected to grow significantly, with installed capacity increasing by 7.25 million kW [2][3]. - The financial metrics indicate a decrease in financial expense ratio to 3.7%, down 0.2 percentage points year-on-year, primarily due to lower funding costs [2][3].

[Table_StockInfo] 买入 2024年 04月 20日 （维持） 证券研究报告•2024年一季报点评 当前价： 25.77元 森 麒 麟（002984） 汽车 目标价： 36.48元（6个月） 一季度业绩亮眼，盈利水平提升明显 投资要点 西南证券研究发展中心 [T a事ble件_S：（um1）m公ar司y]发 布2024年第一季度报告，2024Q1实现营业收入21.15亿元， [分Ta析bl师e_：Au郑th连or声] 同环比分别+27.59%/ +0.73%；实现归母净利润 5.04 亿元，同环比分别 执业证号：S1250522040001 +101.34%/ +34.28%，实现扣非归母净利润 4.97亿元，同环比分别+106.70%/ 电话：010-57758531 +42.96%。（2）公司发布《2023 年度权益分派实施公告》，公司向全体股东每 邮箱：zlans@swsc.com.cn 10股派4.10元，以资本公积金向全体股东每10股转增4股。 联系人：冯安琪  需求端：半钢胎需求强劲，营收同环比均实现增长。据国家统计局和海关总署数 电话：021-58351905 据，2024Q ...

Group 1 - The report indicates that the overall performance of the Beijing Stock Exchange (BSE) was weak during the week, with a market capitalization of CNY 337.81 billion as of April 19, 2024, and a decline of 3.1% in the BSE 50 index compared to the opening on April 15, 2024 [5][31][39] - The liquidity of the BSE remains strong, with a turnover rate of 22.4% and a weekly trading amount of CNY 26.33 billion, showing an increase from the previous week [8][12][23] - Over 90% of the 99 companies that disclosed their annual reports plan to distribute cash dividends, indicating a positive trend in shareholder returns [7][9][46] Group 2 - The report highlights that 78 out of 111 companies that disclosed their annual reports achieved year-on-year revenue growth, with Xujie Technology reporting a remarkable 127.1% increase in revenue [45][46] - The average market capitalization of BSE A-share component stocks is CNY 1.36 billion, significantly lower than the average market capitalization of CNY 7.3 billion for the ChiNext and CNY 9.07 billion for the Sci-Tech Innovation Board [8][23] - The report notes that the transportation sector performed relatively well, with a median sector return of 3.8%, while the environmental protection sector showed a median return of -7.5% [36][45]

[2T0a2b4l年e_I0n4d月ust2ry0In日fo ] 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0414-0420） OpenAI 在日本东京设立亚洲办事处， 第十四届北京国际电影节开幕 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m本m周ar，y]传 媒板块表现欠佳，下跌 4.48%，跑输创业板约 4.09个百 [分Ta析bl师e_：Au刘th言or ] 分点（创业板指下跌 0.39%）；跑输市场约 6.38 个百分点（沪深 300 上涨 执业证号：S1250515070002 1.89%）。 电话：023-67791663 邮箱：liuyan@swsc.com.cn  细分行业：（1）游戏指数跑输市场：中信游戏指数（CI005577）下跌 6.22%， 沪深 300上涨1.89%。中信游戏指数相对于沪深300指数下跌8.11%；（2） 分析师：苟宇睿 广告指数跑输市场：中信广告指数（CI005847）下跌 4.88%，沪深 300上涨 执业证号：S1250524030001 电话：15882659190 1.89%。中信广告指数相对于沪深 300指 ...

Investment Rating - The report suggests actively monitoring the company due to its stable growth prospects [2][34]. Core Views - The company achieved a revenue of 2.12 billion yuan in 2023, representing a year-on-year growth of 20.3%, and a net profit attributable to shareholders of 450 million yuan, up 22.9% [2][13]. - The dual-driven logic of ultrasound and endoscopy remains unchanged, with steady growth in both business lines [2][10]. - The company has made significant advancements in R&D, enhancing its product offerings and competitive edge in the high-end ultrasound market [17][22]. Summary by Sections 1. Business Overview - The company focuses on high-end medical equipment manufacturing, with a product line that includes ultrasound diagnostic devices, digestive and respiratory endoscopes, minimally invasive surgical products, and cardiovascular intervention products [10][12]. - The company has established a diversified development pattern, expanding from internal medicine to include surgical applications and consumables [10][12]. 2. Financial Performance - In 2023, the company reported quarterly revenues of 470 million, 570 million, 420 million, and 650 million yuan, with respective growth rates of 27.6%, 22.7%, 2.1%, and 27.6% [2]. - The overall gross margin improved to 69.4%, primarily due to an increase in the proportion of high-end models and installations in tertiary hospitals [17][19]. - The company’s net profit margin remained stable at around 21.5% [17]. 3. Business Segments - Ultrasound revenue reached approximately 1.22 billion yuan, growing by 13.3%, while medical endoscopy revenue was about 850 million yuan, increasing by 39% [2][32]. - The company launched new products in the ultrasound field, including the S80/P80 series, enhancing its competitive position [17][22]. - The endoscopy segment has seen significant growth, with the introduction of the HD-580 series, which has received positive recognition in clinical settings [27][28]. 4. R&D and Innovation - The company emphasizes R&D, with over 722 personnel dedicated to innovation, and has established multiple research centers globally [17][22]. - The center laboratory received CNAS accreditation, marking a significant milestone in its research capabilities [17]. - New product launches, such as the SV-M4K100 series in minimally invasive surgery, reflect the company’s commitment to advancing its product lineup [29][30]. 5. Future Outlook - The company forecasts net profits of 590 million, 770 million, and 970 million yuan for 2024, 2025, and 2026, respectively, indicating a robust growth trajectory [2][31]. - The ultrasound and endoscopy segments are expected to continue their growth, with projected sales increases of 16% and 39% for the respective segments in 2024 [31][32].

[Table_StockInfo] 2024 年 04 月 19 日 证券研究报告•2024 年一季报点评 持有 （维持） 当前价：6.08 元 桃李面包（603866）食品饮料 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2024年一季报，一季度实现营业收入 14亿元，同比下滑 5.2%， 实现归母净利润 1.2 亿元，同比下滑 16.9%。 毛利率承压，费用率企稳。1、一季度毛利率 23.1%，同比下滑 0.8pp。2、费 用率方面，销售费用率、管理费用率、研发费用率分别为 8.2%、2.5%、0.6%， 基本持平；财务费用率 0.6%，同比增加 0.3pp，主要由于利息支出增加。3、整 体净利率 8.2%，同比下滑 1.2pp。 盈利预测与投资建议。预计 2024-2026年归母净利润分别为 6.0亿元、6.7亿元、 7.5亿元，EPS 分别为 0.37元、0.42元、0.47元，对应动态 PE 分别为 16倍、 14 倍、13 倍，维持"持有"评级。 经营压力持续，继续推进全国化 Q1 各区域收入普遍下滑，西南保持增长。1、分品类看，一季度面包及糕点实 现收入 13.9 ...

宏观周报（4.15-4.19） 请务必阅读正文后的重要声明部分 1 （4）三部门发布优化商业领域支付服务通知，有助于促进消费扩大 （5）央行、外管局介绍一季度金融运行和外汇收支情况，货币政策仍有进一步发力空 间 请务必阅读正文后的重要声明部分 3 点评：美国 3 月零售数据全面超预期，说明消费者支出仍然具有韧性。具体来看，在发 布的 13 个重点品类中，有 9 个品类的销售额与一个月前相比有所上涨。其中汽油、电商增 幅最大，电商环比增长 2.7%，较 2 月涨幅扩大 2.5 个百分点，加油站的支出因本月汽油价 格上涨而增加，环比涨幅扩大 0.5 个百分点至 2.1%；机动车辆及零部件继上个月飙升之后 跌幅最大，环比由 2 月上涨 2.5%转为下降 0.7%，电子和家用电器环比也由上月上涨 1.3% 转为下降 1.2%。零售销售数据公布后，美元指数短线拉升约 20 点，美元兑日元升破 154； 美股期货短线小幅走低，多期限美债收益率再创年内新高；现货黄金短线波动不大。由于美 国 3 月份零售增长再度超预期，美联储的降息预期被再度削弱。美联储基金期货市场对今年 降息幅度的预期已下调至 45BP，9 月首次降息的概 ...

5G-A——通感融合赋能低空经济 西南证券研究发展中心 通信研究团队 2024年4月 www.swsc.com.cn 核心要点 1 政策多次提及低空经济，万亿市场待发掘。从产业来看，低空经济主要包括低空制造、低空飞行、低空保障和综合服务等产业，具有 辐射面广、产业链条长、成长性和带动性强等特点，在拉动有效投资、创造消费需求、提升创新能级方面具有广阔空间。eVTOL 在 个人和公共交通、物流和军事领域都有着广泛的应用前景。据Morgan Stanley预测，2026 年全球eVTOL市场规模将达 619 亿美元， 2030年有望达到305.19亿美元，到 2040 年将高达1.5万亿美元。 中国移动全球首发5G-A商用部署，5G-A再掀热潮。2024年3月28日，中国移动5G-A商用发布会在浙江杭州举行，中国移动网端业 协同加速推进5G-A商用，2024年底5G-A网络部署城市超300个，5G-A终端种类超20款，5G-A终端销量超2000万，5G-A行业标杆 100个。在ITU定义的5G三大标准场景eMBB、mMTC、uRLLC基础上，5G-Advanced进行了深入的增强和扩展，新增了三大新场 景——UCB ...

[Table_ReportInfo] 2024 年 04 月 20 日 证券研究报告•市场投资策略 估值周报（0415-0419） 地址：北京市西城区金融大街 35 号国际企业大厦 A 座 8 楼 邮编：100033 微盘股大跌，全球风险资产普跌 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

立华股份年报一季报解读 240422 西南_原文 2024 年 04 月 22 日 11:51 发言人 1 00:00 由西南研究所白名单客户不构成投资电影。本公司不对投资者使用本次会议内容所导致的投资 损失承担任何责任。专家发言内容仅代表专家个人观点，不代表本公司观点。 发言人 1 00:13 未经本公司一事先书面许可，任何机构和个人不得以任何形式复制、刊载、转载、转发、引用 本次会议内容，否则，由此造成的一切后果及法律责任由该机构或个人承担，本公司保留追究 其法律责任的权利。大家好，欢迎参加西南农业益华股份年报一季报解读。目前所有参会者均 处于静音状态，在演讲结束后将给大家留有提问时间。下面有请主持人开始发言，谢谢。 发言人 2 00:48 发言人 2 01:40 的一些计划应该是完成还是比较好的。 发言人202:30 二三年上市上市这个肉筋 4.571 只，应该说超过我们 8 到 10 的一个目标指引，同比增长 12.16。 肉鹅是 172 万只，同比也有一个 20%左右的一个增长。饿完了去年行情应该还是应该说一枝独 秀。上市肉猪是 85 万多多头，应该也有 50%的一个同比一个增长。所以应该说我们年初 ...