Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance above the market index over the next six months [24][33]. Core Insights - The company has demonstrated strong growth in both e-commerce and peripheral channels, with Q1 2024 revenue reaching 770 million yuan, a year-on-year increase of 46.4% [23]. - The company's net profit attributable to shareholders for Q1 2024 was 100 million yuan, reflecting a year-on-year growth of 28.1% [23]. - The e-commerce channel achieved revenue of 300 million yuan in Q1 2024, marking a significant year-on-year increase of 150.5% [2]. - The company is focusing on enhancing its brand presence through targeted promotions on platforms like Douyin, which has led to increased brand awareness and sales across various e-commerce platforms [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a gross margin of 54.4%, up 7.5 percentage points year-on-year, benefiting from a higher proportion of high-margin products like probiotics [13]. - The total expense ratio was 39%, an increase of 9.8 percentage points year-on-year, with sales expenses rising significantly to 34.4% [13]. - The net profit margin for Q1 2024 was 13.4%, which is better than the full-year level of 2023 [13]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are 2.72 billion yuan, 3.34 billion yuan, and 4.07 billion yuan, respectively, with corresponding net profits of 307 million yuan, 397 million yuan, and 504 million yuan [16]. - The expected EPS for 2024-2026 is 0.72 yuan, 0.93 yuan, and 1.18 yuan, with PE ratios of 25, 20, and 16 [24][34]. Market Expansion - The company is expanding its market presence in peripheral provinces, with revenue from these areas growing significantly [2]. - The focus on high-end product lines and the health series, particularly probiotics, is expected to enhance the company's market position and profitability [33].

[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： 30.06元 安琪酵母（600298） 食品饮料 目标价： ——元（6个月） 短期经营压力，全球布局明确 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司m发ar布y] 2024年一季报，一季度实现营业收入34.8亿元，同比增长2.5%， [分Ta析bl师e_：Au朱th会or振] 实现归母净利润3.2亿元，同比下滑9.5%。 执业证号：S1250513110001 电话：023-63786049  国内收入下滑，海外带动增长。1、分品类看，酵母及深加工产品、制糖产品分 邮箱：zhz@swsc.com.cn 别实现营业收入24.5亿元（+5.4%）、4亿元（-17.6%）。2、分区域看，国内、 分析师：夏霁 国外分别实现营业收入21亿元（-4.5%）、13.7亿元（+16.7%）。国内经营仍有 执业证号：S1250523070006 压力，国外增速相对领先。公司经营面向全球，在国内、全球酵母市占率分别 电话：021-68415380 约 55%、18%，出口至160 ...

Investment Rating - The report maintains a "Buy" rating for Huangshan Tourism (600054) [1][2] Core Views - The company has shown significant growth in its cableway business revenue and gross margin compared to pre-pandemic levels, with 2023 cableway revenue reaching 700 million yuan, a 26.3% increase from 2019, and a gross margin of 88.52%, up 1.3 percentage points from 2019 [1] - The overall revenue for the company in 2023 was 1.93 billion yuan, a 20.1% increase compared to 2019, with a net profit of 420 million yuan, marking a return to profitability and a 24.3% increase from 2019 [13] - The company is expected to benefit from favorable policies and a steady increase in tourist traffic, with projected net profits for 2024-2026 being 520 million, 620 million, and 710 million yuan respectively [2][5] Summary by Sections Revenue and Profitability - The company's revenue for 2023 was 1.93 billion yuan, with a gross margin of 54.0%, down 2.0 percentage points from 2019, and a net profit margin of 23.6%, up 1.0 percentage point from 2019 [13] - The forecast for revenue from 2024 to 2026 is 1.93 billion, 2.18 billion, 2.61 billion, and 2.91 billion yuan, with growth rates of 141.21%, 13.21%, 19.44%, and 11.68% respectively [15] Business Segments - The cableway business is projected to continue its growth trajectory, with expected revenue growth rates of 208.23%, 12.26%, 11.55%, and 9.23% from 2024 to 2026 [40] - The hotel business is expected to see a revenue increase of 106.76% in 2024, followed by more modest growth in subsequent years [40] Market Opportunities - The opening of the Chihuang High-speed Railway is anticipated to enhance tourist traffic to Huangshan, with a target of 5 million visitors in 2024, representing a 9.3% year-on-year increase [36] - The "Great Huangshan" policy aims to develop the region into a world-class leisure and wellness tourism destination, with significant investment planned to boost tourism infrastructure and services [14]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the relevant market index within the next six months [9][18]. Core Insights - The company's profitability continues to improve, with a gross margin of 35.8% and a net margin of 13.5% for 2023, reflecting year-on-year increases of 5.5 and 3.9 percentage points, respectively. This improvement is attributed to enhanced cost control and economies of scale [1]. - The company achieved a revenue of 3.75 billion yuan in 2023, a year-on-year growth of 33.6%, with a net profit of 500 million yuan, marking an 88.2% increase [13]. - The company is well-positioned in the renewable energy sector, with significant growth in its new energy control business, which generated 3 billion yuan in revenue, up 36.1% year-on-year [1]. Financial Performance - In 2023, the company reported a revenue of 3.75 billion yuan, with a gross margin of 35.8% and a net profit margin of 13.5% [13]. - The fourth quarter of 2023 saw a revenue of 1.14 billion yuan, a 7.8% increase year-on-year, and a net profit of 100 million yuan, up 4.2% [13]. - The company expects revenue growth of 39.04% in 2024, with projected revenues of 5.22 billion yuan, and a net profit growth of 29.7% [25]. Business Segments - The new energy control business is expected to see order delivery growth rates of 38% in 2024, 20% in 2025, and 14% in 2026, with a gross margin slightly declining due to competitive pressures [28]. - The engineering transmission business achieved a revenue of 480 million yuan in 2023, with a growth rate of 29.7%, and is projected to maintain a gross margin of 45.6% [29]. - The company's overseas business revenue reached 120 million yuan in 2023, a significant increase of 104.6% year-on-year, with a gross margin of 47.1% [1].

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，投资者应当自行关注相应的更新或修改。 本报告仅供参考之用，不构成出售或购买证券或其他投资标的要约或邀请。在任何情况下，本报告中的信息和意 见均不构成对任何个人的投资建议。投资者应结合自己的投资目标和财务状况自行判断是否采用本报告所载内容和信 息并自行承担风险，本公司及雇员对投资者使用本报告及其内容而造成的一切后果不承担任何法律责任。 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。 上海 地址：上海市浦东新区陆家嘴 21 世纪大厦 10 楼 邮编：200120 地址：北京市西城区金融大街 3 ...

[ T able_StockInfo] 2024 年 04 月 19 日 证券研究报告•2023年报及 2024 一季报点评 持有 （维持） 当前价：11.57 元 盾安环境（002011）家用电器 目标价：——元（6 个月） 数据来源：聚源数据 [Table_Summary 事件：公司发布] 2023年年报及 2024年一季报，2023年公司实现营收 113.8亿 元，同比增长 12.2%；实现归母净利润 7.4 亿元，同比-12%；实现扣非净利润 8.2 亿元，同比增长 78.1%，其中归母净利润同比下滑主要原因在于公司 2022 年公司为盾安控股提供担保的担保义务解除后进行了预计负债冲回，导致的高基 数效应。单季度来看，Q4公司实现营收 29.4亿元，同比增长 1.4％；实现归母 净利润 2亿元，同比增长 43.1%；实现扣非后归母净利润 2亿，同比增长 126.8%。 2024 年 Q1公司实现营收 26.3亿元，同比增长 7.3%；实现归母净利润 2.1亿元， 同比 28.9%；实现扣非净利润 2 亿元，同比 13.9%。 冷配份额逐步提升，积极发展汽车热管理业务。分产品来看，公司 2023年制冷 ...

[Table_Summary] 事件：公司发布 2023 年年报，2023 年实现营收 6.0 亿元，同比增长 45.5%； 归母净利润为 0.97 亿元，同比增长 55.0%。Q4 单季度来看，实现营收 1.8 亿 元，同比增长 25.6%，环比增长 0.6%；归母净利润为 0.23亿元，同比下降 21.0%， 环比下降 38.0%。 风险提示：宏观经济波动风险，新产品开发或不及预期，行业竞争加剧风险。 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：王宁 执业证号：S1250523070007 电话：021-58351893 邮箱：wn@swsc.com.cn | --- | --- | |------------------------------------------|-------------| | | | | 总股本 ( 亿股 ) 流通 A 股 ( 亿股 ) | 1.53 1.37 | | 52 周内股价区间 ( 元 ) | 11.80-32.95 | | 总市值 ( 亿元 ) | ...

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]