[Table_StockInfo] 买入 2024年 04月 01日 （维持） 证券研究报告• 2023年年报点评 当前价： 6.90港元 浦林成山（1809.HK） 汽车 目标价： 11.98港元 全年业绩大幅增长，加码泰国三期项目 投资要点 西南证券研究发展中心 [T ab事le件_S：u3m月m2a8ry日] ，公司发布2023年年度业绩公告，2023年实现营业收入99.49 亿元，同比增长22.04%；归母净利润10.33亿元，同比增长162.18%；毛利率 [分Ta析bl师e_：Au郑th连or声] 为 21.3%，同比提高7.0pp，净利率为10.4%，同比提高5.6pp。 执业证号：S1250522040001 电话：010-57758531  2023年轮胎行业需求复苏，公司产品销量大增。据国家统计局和海关总署数据， 邮箱：zlans@swsc.com.cn 2023年，国内橡胶轮胎外胎产量累计9.9亿条，同比增长15.5%；出口累计6.2 亿条，同比增长11.6%，轮胎消费需求回升明显。2023年公司实现轮胎销量2500 联系人：冯安琪 万条，同比增长 35.1%。其中，全钢胎销量 81 ...

Investment Rating - The report assigns a "Hold" rating for the company [1]. Core Views - The company achieved a revenue of 6.45 billion yuan in 2023, representing a year-on-year growth of 14.8%, and a net profit of 700 million yuan, up 5.2% year-on-year [2]. - The four main business segments are driving growth, with the Beidou navigation business experiencing rapid expansion due to a replacement cycle and application development [2][6]. - The company is well-positioned in the defense informationization, satellite navigation, and satellite internet sectors, with a positive outlook for growth [34]. Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 6.45 billion yuan and a net profit of 700 million yuan, with respective growth rates of 14.8% and 5.2% [2]. - The Beidou navigation segment generated 940 million yuan in revenue, a significant increase of 113.3% year-on-year [2]. - The wireless communication segment achieved 2.67 billion yuan in revenue, growing by 3.4% [2]. - The aerospace segment's revenue reached 420 million yuan, up 26.0% [2]. - The smart ecosystem segment generated 2.34 billion yuan, with a growth of 6.2% [2]. Business Segments - The Beidou navigation segment is expected to maintain high growth due to military and civilian demand, with a projected revenue growth of 60% in 2024 [31]. - The wireless communication segment remains a cornerstone of the business, with a stable growth forecast of 10% in 2024 [31]. - The aerospace segment is anticipated to grow steadily at 25% annually through 2026 [32]. - The smart ecosystem segment is expected to grow at a rate of 8% annually [32]. Profitability and Valuation - The company's gross margin decreased by 2.4 percentage points to 32.6% in 2023, while the net margin fell by 1.0 percentage point to 11.4% [2]. - The earnings per share (EPS) for 2024-2026 are projected to be 0.33 yuan, 0.42 yuan, and 0.53 yuan, respectively, with corresponding dynamic PE ratios of 35, 28, and 22 [31][34]. - The report highlights the company's strong position in the Beidou navigation and satellite communication markets, which are expected to drive future growth [34]. Future Outlook - The company plans to invest in projects related to "Beidou + 5G" integration, unmanned systems, and satellite internet, with a total planned investment of 18.6 billion yuan [25][26]. - The Beidou navigation system is expected to see increased demand in both military and civilian applications, particularly as the new Beidou III system is fully deployed [11][15]. - The report emphasizes the potential for significant growth in the low-altitude economy, benefiting various business segments [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.90 CNY over the next six months [1]. Core Insights - The company achieved a revenue of 2.25 billion CNY in 2023, representing a year-on-year growth of 7.9%, and a net profit attributable to shareholders of 450 million CNY, up 30.6% year-on-year [1]. - The main business segments showed steady growth, with the pet segment's layout progressing, including the launch of a cat trivalent vaccine and the completion of clinical trials for a dog quadrivalent vaccine [1][2]. - The company has increased its R&D investment to 233 million CNY, accounting for 10.35% of its revenue, focusing on developing cutting-edge pet products [2]. - The company is actively expanding its portfolio in the African swine fever vaccine market and enhancing its competitiveness in the foot-and-mouth disease vaccine market through strategic acquisitions [3]. Revenue and Profit Summary - In Q4 2023, the company reported a revenue of 660 million CNY, a year-on-year increase of 8.9%, and a net profit of 180 million CNY, up 57.7% year-on-year [1]. - The sales revenue from the formulation and raw materials business reached 1.08 billion CNY, growing by 11.20% year-on-year, while the poultry biological products segment generated 928 million CNY, up 3.64% [1][4]. Financial Forecast - The company is projected to achieve earnings per share (EPS) of 1.10 CNY, 1.35 CNY, and 1.61 CNY for the years 2024, 2025, and 2026, respectively, with corresponding dynamic price-to-earnings ratios of 13, 11, and 9 [3][4]. - Revenue is expected to grow significantly, with forecasts of 2.79 billion CNY in 2024, 3.40 billion CNY in 2025, and 4.06 billion CNY in 2026, reflecting growth rates of 24.75%, 22.48%, and 20.00% respectively [10]. Strategic Developments - The company signed a cooperation agreement for the development of a recombinant African swine fever vaccine and plans to acquire 100% of Baoding Shoujun for 230 million CNY, enhancing its production capacity for foot-and-mouth disease vaccines [3][4]. - The company has received several new veterinary drug registration certificates, including for a pet anesthetic, marking a significant step in breaking the monopoly of imported products in China [2].

[Table_StockInfo] 买入 2024年 04月 01日 （维持） 证券研究报告•2023年年报点评 当前价： 64.47元 重庆啤酒（600132） 食品饮料 目标价： 82.08元（6个月） Q4 盈利有所承压，期待主流产品增长 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，全年实现收入148.2亿元，同比+5.5%，实现归 母净利润13.4亿元，同比+5.7%；其中 23Q4实现营收 17.9亿元，同比-3.8%， [分Ta析bl师e_：Au朱th会or振] 归母净利润为-0.07亿元，去年同期为 0.81亿元，公司业绩符合前期的业绩快 执业证号：S1250513110001 报。此外，公司拟每10股派送现金红利28元（含税），分红率101.4%。 电话：023-63786049 邮箱：zhz@swsc.com.cn  Q4吨价有所承压，主流产品表现出色。量方面，全年公司实现销量299.8万吨， 同比增长4.9%；其中23Q4实现销量 34.6万吨，同比+4.7%；公司全年销量表 分析师：舒尚立 现显著优于行业平均水平。分价格带看，202 ...

[Table_StockInfo] 持有 2024年 04月 01日 （维持） 证券研究报告•2023年年报点评 当前价： 58.53元 苏 泊 尔（002032） 家用电器 目标价： ——元（6个月） 外销增幅明显，盈利能力保持稳定 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司m发ar布y] 2023年年报，2023年公司实现营收213亿元，同比增长5.6%； [分Ta析bl师e_：Au龚th梦or泓] 实现归母净利润21.8亿元，同比增长5.4%；实现扣非净利润19.9亿元，同比 执业证号：S1250518090001 增长 5.6%。单季度来看，Q4公司实现营收 59.4亿元，同比增长14.4％；实现 电话：023-63786049 归母净利润 8.2亿元，同比增长 7.8%；实现扣非后归母净利润 6.6亿，同比增 邮箱：gmh@swsc.com.cn 长 6.8%。2023年公司实现现金分红21.8亿元，业绩分红率达到99.8%。 联系人：方建钊  外销增幅明显。分产品来看，公司烹饪电器/食物料理电器/炊具及用具/其他家用 电话：18428374714 邮箱：fjz@swsc. ...

[Table_StockInfo] 买入 2024年 03月 29日 （维持） 证券研究报告•2023年年报点评 当前价： 33.88元 太极集团（600129） 医药生物 目标价： ——元（6个月） 中药高速增长，毛利率持续提升 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，实现营业收入 156.23亿元（+10.6%），归母净 利润为8.2亿元（+132%），扣非归母净利润为7.7亿元（+111.4%）。 [分Ta析bl师e_：Au杜th向or阳] 执业证号：S1250520030002  收入端：工商业增速放缓，省外快速发展。2023 年工业收入 103.9 亿元 电话：021-68416017 （+19.4%），医药商业 77.3亿元（-3.3%）。具体来看，现代中药收入 66亿元 邮箱：duxy@swsc.com.cn （+31.6%），化药收入37.8亿元（+2.7%）。核心品种实现高速增长，太极藿香 分析师：阮雯 正气口服液22.7亿元，同比增长45%；急支糖浆8.8亿元，同比增长67%；通 天口服液 3.2亿元，同比增长 10%；鼻窦炎口服 ...

23 年营收高速增长，业务有望多点开花 | --- | --- | --- | --- | --- | |----------------------------------|--------|---------------------------------|--------|--------| | | | | | | | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 7182.68 7661.19 8243.13 8720.89 | | | | 增长率 | 38.82% | 6.66% | 7.60% | 5.80% | | 归属母公司净利润（百万元） | | 55.37 444.20 575.90 627.94 | | | | 增长率 | 4.18% | 702.22% | 29.65% | 9.04% | | 每股收益 EPS （元） | | 0.06 0.50 0.65 0.71 | | | | 净资产收益率 ROE | 4.71% | 12.29% | 13.34% | 12.81% | | ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's performance in 2023 met expectations, with revenue of 50.46 billion yuan, a year-on-year increase of 8.7%, and a net profit attributable to shareholders of 1.33 billion yuan, a year-on-year decrease of 44.2% [2] - The company is expected to benefit from the recovery of the wind power industry in 2024, with significant growth in revenue and net profit projected for the next three years [3][4] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 21.14 billion yuan, a year-on-year increase of 4.3% and a quarter-on-quarter increase of 104.9%. The net profit for Q4 was 70 million yuan, a year-on-year increase of 277.6% and a quarter-on-quarter increase of 644% [2] - The gross profit margin for 2023 was 17.1%, and the net profit margin was 3%, both showing a decline compared to the previous year [2] - The company’s total revenue for 2024 is projected to be 57.43 billion yuan, with a year-on-year growth rate of 13.82% [4] Business Segments - Wind farm investment and development revenue reached 10.9 billion yuan in 2023, a year-on-year increase of 58%. The overall gross margin for wind farm business was 47.3%, down 18 percentage points year-on-year [2] - The company shipped 17.1 GW of wind turbines in 2023, a decrease of 10.5% year-on-year, but still maintained a 20% market share in the domestic market, ranking first for thirteen consecutive years [2] - The company’s energy storage business achieved a breakthrough in 2023, establishing a capacity of 3 GWh and ranking among the top four in the country for bidding volume [2] Future Outlook - The company is expected to see a significant rebound in net profit in 2024, with a projected year-on-year growth rate of 52.6% [3] - The global wind power market presents vast opportunities, and the company is focusing on technological innovation and optimizing product sales structure to enhance profitability [3][4]

[ T able_StockInfo] 2024 年 04 月 01 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：9.22 元 长虹美菱（000521）家用电器 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2023 年年报，2023 年公司实现营收 242.5 亿元，同比增长 19.9%；归母净利润 7.4亿元，同比增长 203%；扣非净利润 7.5亿元，同比增 长 629.4%。单季度来看，Q4公司实现营收 50.8亿元，同比增长 5％；归母净 利润 2.4亿元，同比增长 194.2%；扣非后归母净利润 2.4亿，同比增长 869.6%。 2023 年公司现金分红率有所提升，现金分红 3.1亿元，现金分红比例达到 2023 年全年利润的 41.7%。 各板块快速增长，形成套系化综合家电品牌商。分产品来看，公司 2023年空调 /冰箱/洗衣机/小家电及厨卫分别实现营收 115.7 亿元/90.9 亿元/13.3 亿元/18.5 亿元，分别同比增长 18.2%/18.6%/76.4%/15.2%。公司各项业务均实现较为快 速成长，各项业务产业协同性加强，与母公 ...

[ 2T 0a 2b 4le 年_S 0t 3oc 月kIn 29fo 日] 证券研究报告•2023年报点评 当前价： 9.87港元 君实生物（1877.HK） 医疗保健 目标价： ——港元 PD-1 单抗获 FDA 批准上市，在研管线加速推进 投资要点 西南证券研究发展中心 [T a业ble绩_S总u结m：ma公ry司] 2023年度实现营业收入15.03亿元（同比增长3.38%），实现 [分Ta析bl师e_：Au杜th向or阳] 归母净利润-22.83亿元（同比减亏1.05亿元），扣非归母净利润-22.98亿元（同 执业证号：S1250520030002 比减亏1.53亿元）。 电话：021-68416017 邮箱：duxy@swsc.com.cn  首款获FDA批准的国产PD-1单抗，新增3项适应症纳入医保。2023 年 10 月， 特瑞普利单抗联合顺铂/吉西他滨作为转移性或复发性局部晚期鼻咽癌成人患者 [相Tab对le指_Q数u表ot现eP ic] 的一线治疗，以及作为单药治疗既往含铂治疗过程中或治疗后疾病进展的复发 性、不可切除或转移性鼻咽癌的成人患者的BLA获得 FDA批准，特瑞普利单抗 君实 ...