Investment Rating - The report maintains a "Buy" rating for Tianwei Foods (603317) with a current price of 12.40 CNY and a target price not specified for the next six months [2]. Core Views - The company reported a revenue of 3.15 billion CNY for 2023, representing a year-on-year growth of 17%, and a net profit attributable to the parent company of 456.7 million CNY, up 33.7% year-on-year [2]. - The company plans to distribute a cash dividend of 4 CNY per 10 shares, with a payout ratio of 92.6% [2]. - The company is launching an employee stock ownership plan for 120 middle and senior management personnel, with performance targets based on revenue growth of no less than 10% for 2024 and 26.5% for 2025 [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 3.15 billion CNY in 2023 to 4.86 billion CNY by 2026, with growth rates of 17.02%, 15.97%, 15.65%, and 15.10% for the respective years [1][14]. - Net profit attributable to the parent company is expected to increase from 456.7 million CNY in 2023 to 815.67 million CNY in 2026, with growth rates of 33.65%, 20.89%, 21.49%, and 21.60% [1][14]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.43 CNY in 2023 to 0.77 CNY in 2026 [1][14]. - **Return on Equity (ROE)**: - ROE is expected to improve from 10.58% in 2023 to 14.84% in 2026 [1][14]. - **Valuation Metrics**: - The price-to-earnings (PE) ratio is projected to decrease from 29 in 2024 to 16 in 2026, while the price-to-book (PB) ratio is expected to decline from 3.00 to 2.36 over the same period [1][14]. Business Segment Performance - The company’s B-end business showed strong performance, with significant growth in customized meal seasonings and e-commerce channels [2]. - Product growth rates for 2023 include: - Hot pot base: +2% - Chinese seasonings: +28.6% - Winter seasonings: +47.7% - Chicken essence: +14.8% - Spicy sauce: -18.5% [2]. - Revenue growth by channel for 2023: - Distributors: +8.8% - Customized meal seasonings: +32.2% - E-commerce: +93% [2]. Strategic Initiatives - The company is focusing on optimizing product structure and reducing costs to improve profitability, with a gross margin of 37.9% in 2023, up 3.7 percentage points year-on-year [2]. - The company aims to enhance its channel operations and expand its customer base in the B-end market, particularly in the restaurant sector [2].

[Table_StockInfo] 买入 2024年 04月 02日 （维持） 证券研究报告•2023年年报点评 当前价： 38.26元 晨光股份（603899） 轻工制造 目标价： ——元（6个月） 零售大店及科力普较快增长，全年收入业绩增长稳健 投资要点 西南证券研究发展中心 [T ab业le绩_S摘u要mm：a公ry司] 发布 2023 年年报，2023 年公司实现营收 233.5 亿元，同比 [分Ta析bl师e_：Au蔡th欣or ] +16.8%；实现归母净利润15.3亿元，同比+19.1%；实现扣非净利润14亿元， 执业证号：S1250517080002 同比+21%。单季度来看，2023Q4公司实现营收 74.9亿元，同比+19.5％；实 电话：023-67511807 现归母净利润 4.3 亿元，同比+24.6%；实现扣非后归母净利润 4 亿元，同比 邮箱：cxin@swsc.com.cn +28.1%。Q4收入增长提速，全年收入利润增长稳健。 分析师：赵兰亭  毛利率维持稳健，盈利能力持续提升。公司整体毛利率为18.9%，同比-0.5pp， 执业证号：S1250522080002 电话： ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's performance in 2023 met expectations, with a revenue of 67.54 billion yuan, a year-on-year increase of 24.1%, and a net profit of 6.71 billion yuan, up 33.5% year-on-year [2] - The recovery of duty-free business is significant, with duty-free sales revenue reaching 44.23 billion yuan, a 69.9% increase year-on-year [2] - The tourism market is expected to remain strong, with a predicted increase in domestic tourism participation by 24.9% in 2024, which will likely boost the company's sales [2] - The company is accelerating its market layout in Hainan, enhancing its competitive edge by introducing new brands and expanding its product offerings [3] - The company is expanding its international presence through partnerships with major airports and participation in industry events [3] - Earnings per share (EPS) forecasts for 2024-2026 are 3.83 yuan, 4.50 yuan, and 5.19 yuan, with corresponding dynamic price-to-earnings ratios of 22x, 19x, and 16x [3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 67.54 billion yuan, with a gross margin of 31.8% and a net margin of 10.8% [2] - The sales expense ratio increased to 14.0%, reflecting higher leasing costs due to post-pandemic recovery in airport traffic [2] - The company’s financial expenses showed a significant decrease, with a financial expense ratio of -1.3% [2] Market Outlook - The company is expected to benefit from a high tourism market, with a 91.48% willingness to travel among residents in early 2024 [2] - The domestic tourism market is projected to grow significantly, which will likely enhance the company's duty-free sales [2] Strategic Developments - The company has added 177 new domestic and international brands in Hainan, strengthening its competitive position in the duty-free market [2] - New projects and expansions in Hainan, including the opening of new duty-free stores, are underway [3] Earnings Forecast - Revenue projections for 2024-2026 are 78.75 billion yuan, 90.29 billion yuan, and 103.24 billion yuan, with growth rates of 16.59%, 14.66%, and 14.34% respectively [4] - Net profit forecasts for the same period are 7.92 billion yuan, 9.30 billion yuan, and 10.74 billion yuan, with growth rates of 18.04%, 17.36%, and 15.44% respectively [4]

[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： 7.81元 珠江啤酒（002461） 食品饮料 目标价： ——元（6个月） 高端化升级延续，全年实现量价齐升 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，全年实现收入 53.8亿元，同比+9.1%，实现归 [分Ta析bl师e_：Au朱th会or振] 母净利润6.2亿元，同比+4.2%，实现扣非归母净利润5.6亿元，同比+4.6%； 其中 23Q4实现收入 8.3亿元，同比+1.2%，归母净利润为-0.2亿元，去年同期 执业证号：S1250513110001 电话：023-63786049 为 0.3亿元，公司业绩符合此前业绩快报；同时，公司拟向全体股东每10股派 邮箱：zhz@swsc.com.cn 发现金红利1.25元（含税）。 分析师：舒尚立  高端化升级延续，全年实现量价齐升。量方面，23年公司实现销量140.3万吨， 同比增长4.8%；其中 23Q4实现销量25.3万吨，同比+4%；23年全国啤酒产 执业证号：S125052 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.92 yuan, corresponding to a 28 times PE for 2024 [3][10][20]. Core Insights - The company achieved a revenue of 2.07 billion yuan in 2023, representing a year-on-year growth of 41.3%, and a net profit attributable to shareholders of 210 million yuan, up 68.2% [1][2]. - The company is experiencing significant growth in its product categories, particularly in quail eggs, which have become a potential billion-level product with sales exceeding 300 million yuan [21][28]. - The company is focusing on expanding its distribution channels, with over 50% of its products sold in large packaging and bulk formats, enhancing its presence in high-potential offline channels [21][22]. Financial Performance - The overall gross margin for 2023 was 28.2%, an increase of 2.5 percentage points year-on-year, driven by lower raw material costs and economies of scale [2]. - The net profit margin improved to 10.3%, up 1.9 percentage points year-on-year [2]. - The company forecasts net profits of 290 million yuan, 370 million yuan, and 450 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.64 yuan, 0.82 yuan, and 1.00 yuan [3][4]. Revenue Breakdown - Revenue from fish products reached 1.29 billion yuan, growing by 25.9%, while revenue from poultry products surged by 148% to 450 million yuan [21]. - The company is also seeing strong growth in its bean products and vegetable products, with respective revenue increases of 18.7% and 88.2% [21][28]. Future Growth Projections - The company expects fish product sales to grow at rates of 22%, 18%, and 15% from 2024 to 2026, with gross margins projected to rise to 32.2%, 32.9%, and 33.5% [7][28]. - Poultry products, particularly quail eggs, are anticipated to see significant growth, with sales growth rates of 60%, 45%, and 30% over the same period [28]. Shareholder Confidence - The controlling shareholder has committed not to sell shares for 12 months post-IPO, indicating confidence in the company's future [22]. - The company has announced a share buyback plan of 20 to 40 million yuan to support employee incentive programs [22].

请务必阅读正文后的重要声明部分 1 数据来源：聚源数据 九阳股份（002242）2023 年年报点评 假设 1：考虑到公司着力推进海外业务，海外需求主要体现为西式家电产品，假设 2024-2026 年公司食品加工机营收同比增速为 1%；营养煲营收增速分别为 3%/5%/5%；西 式电器营收增速分别为 15%/10%/10%；炊具营收同比增速为 5%；其他产品营收增速为 15%。 单位：百万元 2023A 2024E 2025E 2026E 附表：财务预测与估值 九阳股份（002242）2023 年年报点评 | --- | --- | --- | |----------|-------|-----------------------------------------------------------------------------------------| | | | | | | | 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： ...

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 35 号国际企业大厦 A 座 8 楼 邮编：100033 地址：深圳市福田区益田路 6001 号太平金融大厦 22 楼 邮编：518038 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 请务必阅读正文后的重要声明部分 [Table_Summary 事件：广州酒家发布 ] 2023年年报，全年实现营收 49.0亿元，同比+19.2%；归 母净利润 5.5亿元，同比+5.8%。其中 Q4实现营收 10.2亿元，同比+32.7%； 归母净利润 0.6 亿元，同比+11.1%。 食品主业保持平稳，餐饮业务持续高增。分产品看，2023年公司食品业务营收 为 35.3 亿元，同比+8.6%；餐饮业务营收为 12.6 亿元，同比+65.7%。食品业 务方面，分产品看月饼/速冻食品/其他产品及商品分别实现收入 16.7/10.6/8.0 亿元，分别同比变动+9.9%/+0.3%/+18.8%。由于市场竞争激烈，公司加大速冻 食品促销力度，速冻食品毛利率下降 5.8pp 至 30.8%。公司把握餐饮市场快速 复苏的关键 ...

2024年 04月 01日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（3.25-3.29） 小米汽车迎来上市，行业销量值得期待 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m上m周ar，y]S W汽车板块下跌2%，沪深 300下跌 0.2%。估值上，截止 分析师：郑连声 3月29日收盘，汽车行业PE（TTM）为21倍，较前一周下跌3.5%。 执业证号：S1250522040001  投资建议：乘联会预计，3 月新能源乘用车零售约 75.0 万辆左右，同比增长 电话：010-57758531 37.1%，环比增长 93.2%，渗透率预计加速提升至45.5%，国内电动化程度持 邮箱：zlans@swsc.com.cn 续加深。近期，小米SU7正式上市，新进者在价格、配置、智能化等方面均受 联系人：冯安琪 到广泛关注，24小时大定突破 88898台车，后续小米的交付值得期待。投资 机会方面，建议关注车展背景下大批新车上市，叠加政策催化给整车板块带来 电话：021-58351905 的阶段性机会以及小米新车上市给产业链带来的相关机会； ...

Investment Rating - The report suggests a "Neutral" rating for the company, indicating that the stock is expected to perform within a range of -10% to 10% relative to the market index over the next six months [33]. Core Insights - The company, Frontline Bio (688221), has achieved significant growth in its revenue, primarily driven by the sales of its innovative HIV drug, Aikenin, which has surpassed 100 million yuan in annual sales for the first time [2][6]. - The report highlights the increasing number of patients using Aikenin and the extended duration of treatment, which has led to improved patient adherence and a positive reputation for the product [2][12]. - The company has expanded its coverage to over 280 HIV treatment hospitals and 180 DTP pharmacies across 28 provinces and municipalities in China, with Aikenin included in various medical insurance lists [2][26]. Financial Performance - In 2023, the company reported a revenue of 114 million yuan, representing a year-on-year growth of 34.82%, while the net profit attributable to the parent company was a loss of 329 million yuan, a reduction in losses compared to the previous year [6][8]. - The forecast for net profit for 2024-2026 is projected to be -300 million yuan, -260 million yuan, and -190 million yuan, respectively, indicating a gradual improvement in financial performance [3][8]. - Revenue growth rates for the years 2024, 2025, and 2026 are expected to be 164.61%, 97.16%, and 33.40%, respectively, driven by the increasing penetration of Aikenin in the market [8][12]. Pipeline Strategy - The company is focusing on optimizing and upgrading its pipeline strategy, balancing innovation with cost advantages, and plans to explore additional indications for existing HIV products [7][26]. - There is an emphasis on developing long-acting injections and complete formulations for new HIV drugs, as well as addressing clinical needs arising from an aging population through peptide and transdermal patch developments [7][26]. Diversification Strategy - Frontline Bio is pursuing a diversified business strategy, including HIV testing services and CDMO (Contract Development and Manufacturing Organization) services, which have begun to generate sales revenue [26]. - The company has established partnerships with over 80 cities for HIV viral load and drug resistance testing services, enhancing its market penetration [26].

[Table_StockInfo] 买入 2024年 03月 29日 （首次） 证券研究报告•2023年年报点评 当前价： 6.82元 中国中车（601766） 机械设备 目标价： 8.28元（6个月） 轨交龙头，业绩稳步增长 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 2023年年报，23年实现2342.6亿，同比+5.1%；归母净利润 [分Ta析bl师e_：Au邰th桂or龙] 117.1亿，同比+0.5%；扣非归母净利润91.1亿，同比+14.2%。单季度看，23Q4 执业证号：S1250521050002 实现营收644.6亿，同比+5.8%，环比+2.9%；实现归母净利润133.2亿，同比 电话：021-58351893 +163.3%，环比-87.5%。业绩小幅增长，毛利率提升。 邮箱：tgl@swsc.com.cn  铁路装备业务高增，新产业稳中有升，助力公司业绩稳步提升。分业务看，23 年公司铁路转装备业务、新产业实现较快增长，拉动公司营收增长，铁路装备 [相Tab对le指_Q数u表ot现eP ic] 营收 981.9亿，同比+18.1%，主要是动车组和 ...