[ T able_StockInfo] 2024 年 03 月 27 日 证券研究报告•2023 年年报点评 买入 （首次） 当前价：9.73 元 长盈精密（300115）电子 目标价：13.00 元（6 个月） | --- | --- | --- | --- | --- | |-------------------------------------------------------|---------|---------------------------------------------|--------|--------| | | | | | | | [Table_MainProfit] 指标 / 年度 营业收入（百万元） | 2023A | 2024E | 2025E | 2026E | | 增长率 | -9.74% | 13722.46 16663.41 20575.01 24109.36 21.43% | 23.47% | 17.18% | | 归属母公司净利润（百万元） | | 85.70 624.37 879.71 1051.98 | | | | 增长率 | 101.41% | 628. ...

[Table_StockInfo] 买入 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 3.72港元 中石化冠德（0934.HK） 交通运输 目标价： ——港元 原油码头服务绝对龙头，业绩大幅改善 投资要点 西南证券研究发展中心 [T ab事le件_S：um中m石a化ry冠] 德公布 2023年年报。2023年实现营收 6.1亿港元，同比下降 [分Ta析bl师e_：Au胡th光or怿] 1.01%，实现归母净利润12.99亿港元，同比增长198.6%。 执业证号：S1250522070002 电话：021-58351859  洗净铅华轻装上阵，核心业务有望持续成长。2023 年公司毛利同比减少约 邮箱：hgyyf@swsc.com.cn 10.23%，主要是由于 2023年，华德石化置换了新海底管线，折旧费用同比增 加所致。同时公司实现扭亏为盈，主要是由于2022年公司不再继续进行巴淡项 [相Tab对le指_Q数u表ot现eP ic] 目，需要对PT. West Point非流动资产作减值拨备。 中石化冠德 恒生指数 54%  全年每股现金股息 25港仙，与投资者共享 ...

Investment Rating - The report maintains a "Buy" rating for Poly Property (6049.HK) [1] Core Views - Poly Property achieved a revenue of 15.06 billion yuan in 2023, representing a year-on-year growth of 10.0%. The gross margin was approximately 19.6%, an increase of 0.8 percentage points year-on-year. The net profit attributable to shareholders was 1.38 billion yuan, up 24.0% year-on-year, with a proposed dividend of 0.998 yuan per share, significantly increasing the payout ratio by 15 percentage points to 40% [2][3] - The company continues to focus on market expansion, with stable business growth. The property management services segment generated revenue of 10.15 billion yuan, a year-on-year increase of 20.5%. Third-party revenue reached approximately 4.17 billion yuan, a substantial growth of 27.6%, accounting for 41.1% of total property management service revenue, up 2.4 percentage points year-on-year [2] - The company is optimizing its property system layout, accelerating the expansion of non-residential segments. The contract amount for newly signed third-party commercial and office projects increased significantly by 109.9% to 880 million yuan [2] Summary by Sections Business Performance - In 2023, the non-owner value-added services segment generated revenue of 2.09 billion yuan, a decrease of 4.6%, accounting for 13.9% of total revenue. The community value-added services segment's revenue was 2.82 billion yuan, down 8.1% [3] - The company expects a compound annual growth rate (CAGR) of 15% for net profit attributable to shareholders from 2024 to 2026, driven by the large property system and the advantages of being backed by a state-owned enterprise [3][4] Financial Projections - Revenue projections for 2024-2026 are as follows: 17.87 billion yuan in 2024, 20.70 billion yuan in 2025, and 23.60 billion yuan in 2026, with respective growth rates of 19%, 16%, and 14% [9][10] - The net profit attributable to shareholders is projected to be 1.61 billion yuan in 2024, 1.87 billion yuan in 2025, and 2.11 billion yuan in 2026, with growth rates of 16.9%, 15.8%, and 12.9% respectively [10]

Investment Rating - The report maintains a "Buy" rating for China Resources Beer (0291.HK) [1] Core Views - The company achieved a revenue of 38.93 billion yuan in 2023, representing a year-on-year growth of 10.4%, and a net profit attributable to shareholders of 5.15 billion yuan, up 18.6% year-on-year [2] - The beer sales volume reached 11.15 million tons, with a slight increase of 0.5% year-on-year, while the premium segment saw a significant growth of 18.9% [2] - The overall gross margin improved to 41.4%, an increase of 2.9 percentage points year-on-year, driven by cost reductions and a successful shift towards higher-end products [2] - The company plans to continue focusing on its core brands and expects double-digit growth in the premium segment in 2024 [2] Summary by Sections Financial Performance - Revenue for 2023 was 38.93 billion yuan, with a growth rate of 10.4% [3] - Net profit attributable to shareholders was 5.15 billion yuan, with a growth rate of 18.6% [3] - The company’s gross margin for 2023 was 41.4%, up 2.9 percentage points from the previous year [2][3] Sales and Volume - Total beer sales volume was 11.15 million tons, with a year-on-year increase of 0.5% [2] - Premium beer sales volume increased by 18.9%, contributing to a higher overall sales mix [2] Profitability and Margins - The overall net profit margin improved to 13.4%, an increase of 1.1 percentage points year-on-year [2] - The company’s EBIT for 2023 was 7.03 billion yuan, reflecting a growth of 28.7% [2] Future Outlook - EPS forecasts for 2024, 2025, and 2026 are 1.85 yuan, 2.11 yuan, and 2.37 yuan respectively, with corresponding dynamic PE ratios of 19x, 17x, and 15x [2][3] - The company anticipates continued growth in both beer and liquor segments, with a focus on premiumization and brand development [2]

[Table_StockInfo] 买入 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 51.88元 华润三九（000999） 医药生物 目标价： ——元（6个月） 全年业绩符合预期，昆药融合持续推进 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年年报，2023年实现营收247.4亿元，同比增长36.8%， [分Ta析bl师e_：Au杜th向or阳] 归母净利润 28.5亿元，同比增长 16.5%，扣非归母净利润 27.1亿元，同比增 执业证号：S1250520030002 长 22.2%，剔除昆药并表影响，公司营业收入稳健，符合预期。 电话：021-68416017 邮箱：duxy@swsc.com.cn  CHC业务高基数下实现正增长，品牌力持续强化。CHC健康消费品业务实现营 业收入 117.1亿元（+2.8%），增速放缓主要由于同期较高基数及普药品种规模 [相Tab对le指_Q数u表ot现eP ic] 调整等所致。其中，1）品牌 OTC 业务：感冒用药需求持续旺盛，增长迅速且 领导品牌地位稳固，皮肤、胃肠用药实现高质量 ...

[Table_StockInfo] 2024 年 03 月 26 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：40.60 元 三旺通信（688618）通信 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2023年年报，23年全年公司实现营收 4.4亿元，yoy+30.9%； 归母净利润 1.1亿元，yoy+13.8%。23Q4单季度实现收入 1.3亿元，yoy+12.1%； 归母净利润 0.3 亿元，yoy-5.5%。业绩基本符合预期。 业绩符合预期，利润受股份支付影响。公司全年业绩基本符合预期，增速与 22 年基本持平。利润增速有所下滑主要受股份支付费用影响，加回 1 千万左右的 股份支付费用后的利润增速恢复到 24.5%，与收入增幅匹配。展望 24年，公司 在 23年煤炭智能化投入低于预期的背景下，下游多点开花依旧保持了较高的业 绩增速，随着 24年煤炭逐步复苏和新质生产力设备更新，业绩有望再上台阶。 细分行业多点开花，毛利费用维持稳定。从细分行业来看，各细分子行业均保 持了较高增速。23 年公司在智慧能源领域实现营收 1.8 亿元，yoy+20.9%；工 ...

Investment Rating - The report maintains a "Buy" rating for Dong'e Ejiao (000423) [1] Core Views - The company achieved a robust revenue growth of 16.7% year-on-year, reaching 4.72 billion yuan in 2023, with a net profit increase of 47.6% to 1.15 billion yuan [2] - The implementation of an equity incentive plan is expected to enhance confidence among management and employees, potentially leading to stable growth [2] - The gross margin improved to 70.2%, driven by the strong performance of its flagship products, particularly Ejiao [2] - The company is focusing on a dual business model combining pharmaceuticals and health consumer products, solidifying its leading position in the tonic market [2] - Earnings per share (EPS) forecasts for 2024-2026 are projected at 2.33 yuan, 2.68 yuan, and 3.04 yuan, respectively, with corresponding dynamic PE ratios of 26x, 22x, and 20x [2] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 4.72 billion yuan, a 16.7% increase, and a net profit of 1.15 billion yuan, up 47.6% [2][9] - The fourth quarter of 2023 saw revenue of 1.29 billion yuan, reflecting a 29.3% year-on-year growth, and a net profit of 370 million yuan, up 37.5% [2] Business Strategy - The company is expanding its product lines, including Ejiao blocks and compound Ejiao syrup, while also targeting younger consumers through the "Peach Blossom Princess" brand [2] - The dual business model aims to leverage both traditional and modern health products to drive future growth [2] Profitability Metrics - The gross margin for 2023 was reported at 70.2%, with a decrease in sales expense ratio to 31.5% [2] - The company anticipates continued improvement in profitability, with gross margins projected to rise to 72.1% by 2026 [9] Earnings Forecast - Revenue projections for 2024-2026 are 5.61 billion yuan, 6.39 billion yuan, and 7.27 billion yuan, respectively, with net profits expected to be 1.5 billion yuan, 1.72 billion yuan, and 1.96 billion yuan [9][11]

[Table_StockInfo] 买入 2024年 03月 27日 （维持） 证券研究报告•2023年年报点评 当前价： 83.76元 青岛啤酒（600600） 食品饮料 目标价： ——元（6个月） 高端化升级步履坚定，全年实现量稳价增 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339.4亿元，同比+5.5%，实现归 [分Ta析bl师e_：Au朱th会or振] 母净利润为42.7亿元，同比+15%，实现扣非归母净利润37.2亿元，同比+15.9%； 执业证号：S1250513110001 其中 23Q4实现收入 29.6亿元，同比-3.4%，实现归母净利润-6.4亿元，上年 电话：023-63786049 同期为-5.6亿元，实现扣非归母净利润-8.8亿元，上年同期为-8.8亿元；公司业 邮箱：zhz@swsc.com.cn 绩符合市场预期。 分析师：舒尚立  Q4 短期销量有所波动，全年实现量稳价增。量方面，公司全年实现啤酒销量 执业证号：S1250523070009 800.7万吨，同比-0.8%，其中23Q4实现销量71.3万吨，同 ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power (000338) with a target price of 19.95 CNY over the next six months [1][11]. Core Views - Weichai Power's 2023 annual report shows a significant increase in revenue and profit, with total revenue reaching 213.96 billion CNY, up 22.2% year-on-year, and net profit attributable to shareholders at 9.01 billion CNY, up 83.8% year-on-year [2][3]. - The company has benefited from the recovery in the heavy truck industry, with commercial vehicle sales reaching 4.031 million units, a 22.1% increase year-on-year, and heavy truck engine sales up 96.0% year-on-year [2][3]. - The report highlights the strong performance of natural gas heavy trucks, which saw a 307% increase in sales, indicating a sustained demand for this segment [2][3]. Summary by Sections Financial Performance - In Q4 2023, Weichai Power achieved revenue of 53.58 billion CNY, a 20% increase year-on-year, and a net profit of 2.51 billion CNY, a 57.7% increase year-on-year [2]. - The company expects a compound annual growth rate (CAGR) of 20.4% in net profit from 2024 to 2026, with projected net profits of 11.59 billion CNY, 13.70 billion CNY, and 15.73 billion CNY for those years respectively [3][4]. Market Opportunities - The report emphasizes the structural opportunities in the industry, particularly the optimization of product structure, which is expected to support future profit growth [2][3]. - The company is expanding its high-margin products, particularly in the large-bore and high-power segments, which are anticipated to play a crucial role in enhancing profitability [2][3]. Competitive Position - Weichai Power's market share in natural gas heavy truck engines has reached 65%, reflecting its strong competitive position in this segment [2]. - The report compares Weichai Power's valuation with peers, suggesting a target price based on a 15x PE ratio for 2024, indicating confidence in the company's growth trajectory [11].

Investment Rating - The report maintains a "Hold" rating for Bukoo Technology (688160) with a target price of 51.19 RMB [1] Core Views - The company's gross margin remained stable, while management and R&D expenses increased, leading to a decline in net profit margin [1] - The robot business grew by 30% year-on-year, with expected order growth rates of 30% for 2024-2026 [3] - The medical imaging equipment business saw a decline of 21.42% in 2023 but is expected to grow by 30% in 2024 [32] - The machine IoT business is expected to grow at 20%, 15%, and 15% for 2024-2026 respectively [14] - The general automation business declined by 29.75% in 2023 but is expected to grow by 30% in 2024 [47] Financial Performance - In 2023, the company achieved revenue of 506.48 million RMB, a year-on-year decrease of 6.09%, and net profit of 60.68 million RMB, a year-on-year decrease of 33.36% [11] - The gross margin in 2023 was 38.18%, with a slight increase of 0.24pp year-on-year [1] - The net profit margin in 2023 was 12.03%, a decrease of 4.80pp year-on-year [1] - The company's ROE in 2023 was 8.10%, with expected increases to 10.22%, 12.05%, and 13.84% for 2024-2026 respectively [30] Business Segments - The robot business achieved revenue of 189.22 million RMB in 2023, a year-on-year increase of 30.60% [43] - The medical imaging equipment business achieved revenue of 34.87 million RMB in 2023, a year-on-year decrease of 21.42% [43] - The machine IoT business achieved revenue of 156.63 million RMB in 2023, a year-on-year decrease of 7.40% [43] - The general automation business achieved revenue of 122.72 million RMB in 2023, a year-on-year decrease of 29.75% [43] Market Position - The company holds a 13% market share in the DC servo market, ranking first in 2022 [43] - In the mobile robot industry, the company holds a 42% market share in the DC servo supplier segment, ranking first in 2022 [43] Future Projections - The company is expected to achieve net profits of 84.15 million RMB, 110.52 million RMB, and 143.79 million RMB for 2024-2026 respectively [22] - The compound annual growth rate (CAGR) of net profit is expected to be 33% for the next three years [22] - The PE ratios for 2024-2026 are projected to be 52X, 39X, and 30X respectively [22] Industry Analysis - The industrial automation industry is highly competitive, with the company maintaining stable gross margins through new product launches and cost control [4] - The company is expected to achieve gross margins of 38.5%, 39.0%, and 39.0% for 2024-2026 respectively [4]