[Table_StockInfo] 买入 2024年 04月 25日 （维持） 证券研究报告•2023年报及2024一季报点评 当前价： 22.35元 芒果超媒（300413） 传媒 目标价： 30.24元（6个月） 会员规模突破，广告逐步复苏 投资要点 西南证券研究发展中心 [T ab业le绩_S总u结mm：a芒ry果] 超媒发布2023年度报告及 2024年一季度报告，1）公司2023 [分Ta析bl师e_：Au刘th言or ] 实现主营收入 146.3亿元，同比增长 4.7%；归母净利润 35.6亿元，同比增长 90.7%；扣非归母净利润17亿元，同比增长5.7%。2）2024Q1实现营收33.2 执业证号：S1250515070002 电话：023-67791663 亿，同比增长7.2%；归母净利润4.7亿，同比下降13.9%。 邮箱：liuyan@swsc.com.cn  24Q1加大内容投入叠加税收政策变化，收入增速大于利润增速。24Q1公司营 分析师：苗泽欣 业收入增速7.2%，营业利润增速3.7%，归母净利润下降13.9%，主要原因：1） 公司营业成本上升，主要是内容成本上升，因为随着用户 ...

[Table_Summary 事件：公司发布] 2023年年度报告，实现营业收入 31.6亿元，同比增长 2.3%； 实现归母净利润 3.6亿元，同比增长 229.5%；实现扣非归母净利润 3.3亿元， 同比增长 178.5%。 医卫信息化收入稳健增长，人效提升利润恢复亮眼。 1）医卫信息化业务：2023 年实现收入 28.5亿元，同比增长 12.7%，其中核心产品软件销售及技术服务实 现收入 23.7亿元，同比增长 14.6%。虽然客观因素对行业订单释放产生一定影 响，公司医疗卫生信息化业务新签订单合同额同比仍然呈现增长趋势。2）互联 网医疗业务：2023年实现收入 3.1亿元，同比下滑 44.5%，其中卫宁科技新签 合同金额达到 2.7亿元，同比增长 122%。公司互联网医疗业务仍处于销售拓展、 研发投入阶段，但积极进行战略调整，亏损同比减少 44.6%。此外，报告期内 公司进行人员优化调整，2023 年人均创收 50.6 万元，同比提升 12.8%；综合 毛利率达到 45.0%，同比提升1.31pp，期间费用率达到32.9%，同比减少1.46pp， 助推盈利能力快速恢复。 "1+X"战略升级推进，WiN ...

Investment Rating - The report maintains a "Buy" rating for CNOOC Services (601808) [1] Core Views - The company reported strong performance in Q1 2024, with revenue of 10.15 billion yuan, a year-on-year increase of 20.0%, and a net profit attributable to shareholders of 640 million yuan, up 57.3% year-on-year [2] - The company benefits from its full industry chain advantages, with significant growth in the drilling segment due to structural adjustments in high-day-rate platforms [2] - High oil prices are driving capital expenditure growth, with the offshore oil and gas sector expected to remain buoyant [2] - The company is projected to achieve net profits of 4.0 billion, 5.03 billion, and 5.64 billion yuan for 2024-2026, with a compound annual growth rate of 23.2% [2] Summary by Sections Financial Performance - Q1 2024 revenue reached 10.15 billion yuan, a 20.0% increase year-on-year - Q1 2024 net profit attributable to shareholders was 640 million yuan, reflecting a 57.3% year-on-year growth - The gross margin for Q1 2024 was 16.4%, up 2.6 percentage points year-on-year, driven by increased overseas platform utilization [2][3] Business Segments - Drilling Segment: Q1 2024 saw a slight decrease in self-elevating platform operating days by 2.6% but an increase of 1.6% for semi-submersible platforms, leading to significant revenue and profit growth [2] - Technology Segment: The company effectively leveraged its technology-driven business strategy, resulting in continuous revenue growth [2] - Vessel Segment: The company operated 172 workboats, achieving 14,227 operational days in Q1 2024, a 3.9% increase year-on-year [2] - Geophysical Segment: Accelerated digital geophysical construction led to a 502.7% year-on-year increase in 3D acquisition workload [2] Market Outlook - The global oil demand is expected to continue growing in 2024, with upstream exploration and development capital expenditure projected at approximately 607.9 billion USD, a 5.7% year-on-year increase [2] - Offshore exploration and development capital expenditure is anticipated to grow by 19.5% year-on-year, benefiting companies like CNOOC Services [2] Earnings Forecast - Projected net profits for 2024, 2025, and 2026 are 4.0 billion, 5.03 billion, and 5.64 billion yuan, respectively, with corresponding EPS of 0.84, 1.05, and 1.18 yuan [3]

Investment Rating - The report maintains a "Buy" rating for Zhujiang Beer (002461) [1] Core Views - The company reported a revenue of 1.11 billion yuan in Q1 2024, representing a year-on-year increase of 7%. The net profit attributable to shareholders reached 120 million yuan, up 39.4% year-on-year, and the net profit excluding non-recurring items was 104 million yuan, reflecting a 45.8% increase year-on-year, exceeding market expectations [2] - The high-end product segment showed steady growth, with a 15.1% year-on-year increase in high-end beer sales. The average price per ton increased by 6.2% year-on-year to 4,201 yuan/ton, driven by the rising sales of premium products [2] - The company is expected to benefit from a favorable cost trend and a strong consumer base in South China, with significant room for product structure upgrades. The "3+N" brand strategy for high-end products is clear, and the company aims to increase the market share of its premium offerings [2] Financial Summary - For 2024, the expected earnings per share (EPS) are projected to be 0.34 yuan, with dynamic price-to-earnings (PE) ratios of 24 times, 21 times, and 18 times for 2024, 2025, and 2026 respectively [3] - The forecasted revenue for 2024 is 5.378 billion yuan, with a growth rate of 7.88%. The net profit attributable to shareholders is expected to be 624 million yuan, reflecting a growth rate of 19.47% [4] - The company's return on equity (ROE) is projected to increase from 6.41% in 2023 to 7.24% in 2024, indicating improved profitability [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.78 CNY over the next six months [1][10]. Core Insights - The company reported a revenue of 8.25 billion CNY in 2023, representing a year-on-year growth of 11.9%. The net profit attributable to shareholders was 1.00 billion CNY, a turnaround from a loss, with a year-on-year increase of 13.9 billion CNY. The non-recurring net profit reached 1.08 billion CNY, up 136.8% year-on-year [2][12]. - The company's payment services transaction volume grew by approximately 8% to 2.5 trillion CNY in 2023, benefiting from the recovery in domestic consumption and a gradual increase in service fees due to reduced competition [2][10]. - The integration of the acquired company, Shanhai Intelligent, has enhanced the company's SaaS capabilities for merchants, contributing to a significant increase in revenue from merchant value-added services, which grew by 33.6% to 3.88 billion CNY [2][10]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 8,249.52 million CNY, with a growth rate of 11.94%. The net profit attributable to the parent company was 1,003.59 million CNY, reflecting a growth rate of 362.91% [3][12]. - The company expects revenues for 2024, 2025, and 2026 to be 9,223.06 million CNY, 10,415.46 million CNY, and 11,786.62 million CNY, respectively, with corresponding growth rates of 11.8%, 12.9%, and 13.2% [9][12]. Business Segments - The electronic payment and recognition business is projected to grow at a rate of 6.2% annually from 2024 to 2026, while the merchant operation and value-added services are expected to see growth rates of 19.6%, 19.4%, and 18.9% in the same period [8][9]. - The company has made significant investments in AI and big data technologies, leading to successful bids for projects with major clients, indicating a promising outlook for future growth in this segment [8][10]. Valuation Metrics - The company is currently trading at a PE ratio of 14 for 2024, which is slightly below the industry average of 15. The expected EPS for 2024, 2025, and 2026 are 1.21 CNY, 1.46 CNY, and 1.71 CNY, respectively [10][12]. - The report suggests that the company's profitability is expected to improve significantly due to cost control measures and enhanced service capabilities, making it an attractive investment opportunity [2][10].

[Table_StockInfo] 持有 2024年 04月 19日 （维持） 证券研究报告•2023年报&2024一季报点评 当前价： 12.16元 华测检测（300012） 社会服务 目标价： ——元（6个月） 24Q1 营收增长，外部环境影响毛利率承压下滑 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，23年公司实现营收56.0亿， [分Ta析bl师e_：Au邰th桂or龙] 同比+9.2%；归母净利润9.1亿，同比+0.8%。23Q4营收 15.2亿，同比+0.5%， 归母净利润1.69亿，同比-29.3%；24Q1营收 11.9亿，同比+6.7%，归母净利 执业证号：S1250521050002 电话：021-58351893 润 1.33亿，同比-8.1%。阶段性外部环境影响营收增长，毛利率承压下滑。 邮箱：tgl@swsc.com.cn  传统领域稳定发展，工业测试、消费品检测板块拉动公司营收增长。23年，公 司持续拓展半导体、集成电路、汽车检测等重点行业，消费品测试板块营收9.8 [相Tab对le指_Q数u表ot现eP i ...

3 风险提示 请务必阅读正文后的重要声明部分 9 | --- | --- | --- | |----------|-------|-----------------------------------------------------------------------------------------| | | | | | | | 买入：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% 以上 | | | | 持有：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介于 10% 与 20% 之间 | | 公司评级 | | 中性：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介于 -10% 与 10% 之间 | | | | 回避：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介于 -20% 与 -10% 之间 | | | | 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 | | | | | 强于大市：未来 6 个月内，行业整体回报高于同期相关证券市场代表性指数 5%以上 | --- | --- | --- | |-------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% in the next six months [10][11]. Core Insights - The company achieved a revenue of 1.42 billion yuan in Q1 2024, representing a year-on-year increase of 12.8%. However, the net profit attributable to the parent company was 210 million yuan, down 36.7% year-on-year, and the net profit after deducting non-recurring gains and losses was 190 million yuan, down 42.7% year-on-year [3][11]. - The comprehensive gross margin for Q1 2024 was 32.4%, a decrease of 2.6 percentage points from the previous quarter, while the net profit margin increased by 0.3 percentage points to 14.9% [3][11]. - The company's slicing capacity is expected to increase to 63 GW in the second half of the year, supporting the annual target of 50 GW for slicing outsourcing [1][11]. Financial Performance Summary - In Q1 2024, the company reported a revenue of 1.42 billion yuan, with a year-on-year growth of 12.8% [3]. - The net profit attributable to the parent company was 210 million yuan, reflecting a year-on-year decline of 36.7% [3]. - The gross margin for Q1 2024 was 32.4%, down from the previous quarter, while the net profit margin was 14.9%, showing a slight improvement [3]. - The company expects to maintain stable revenue from photovoltaic cutting equipment, with a projected revenue of approximately 7 billion yuan in Q1 2024, contributing around 900 million yuan to profits [10][11]. Profit Forecast and Investment Recommendations - The company is expected to maintain its leading position in the photovoltaic cutting equipment sector, with projected net profits of 1.15 billion yuan, 1.45 billion yuan, and 1.82 billion yuan for 2024, 2025, and 2026, respectively [11]. - The report highlights the strong profitability of the company's diamond wire segment, with external sales expected to reach approximately 9 million kilometers in Q1 2024 [23][11].

[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].