Investment Rating - The report assigns a "Hold" rating for the company, with a current price of 34.96 CNY and a target price not specified for the next six months [1][4]. Core Insights - The company, Haomai Technology, reported a revenue of 7.17 billion CNY in 2023, representing a year-on-year growth of 7.9%. The net profit attributable to shareholders was 1.61 billion CNY, up 34.3% year-on-year [3][12]. - The demand for tire molds is improving, leading to stable revenue growth. The gross margin increased significantly due to changes in raw material prices and exchange rates, reaching 34.7% in 2023, an increase of 6.6 percentage points year-on-year [3][13]. - The company is a global leader in tire molds and is expanding its presence in the high-end CNC machine tool market, with a notable revenue increase of 111.8% in CNC machine tools in 2023 [3][4]. Summary by Sections 1. Company Overview - Haomai Technology is recognized as a global leader in tire molds and has expanded into large components and CNC machine tools. The company has transitioned from manual operations to CNC processing, establishing itself as a key player in the industry [9][10]. - The company has seen continuous growth in performance, with an increasing proportion of overseas revenue [12][16]. 2. Financial Performance - In 2023, the company achieved a revenue of 7.17 billion CNY, with a compound annual growth rate (CAGR) of 10.6% from 2021 to 2023. The net profit for the same period showed a CAGR of 17.0% [12][18]. - The gross margin for 2023 was 34.7%, reflecting a significant improvement due to favorable exchange rates and reduced raw material costs [13][19]. 3. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 1.76 billion CNY, 1.90 billion CNY, and 2.11 billion CNY, respectively, indicating a compound growth rate of 9.3% over the next three years [4][20]. - The report highlights the company's strong market position and growth potential in the tire mold and CNC machine tool sectors, with expected revenue growth rates of 8% for tire molds and 50% for CNC machine tools in the coming years [18][19].

[2T0a2b4l年e_I0n3d月ust2ry4In日fo ] 强于大市(维持) 证券研究报告•行业研究•房地产 房地产行业周报（3.18-3.24） 1-2 月商品房销售额下降 29%，新开工、竣工同步走弱 投资要点 西南证券研究发展中心 [T a1bl月e_S4u4m城m新a房ry]成 交面积同比-29.6%，环比-18.0%；14城二手房成交面积同比 [分Ta析bl师e_：Au池th天or惠] +25.1%，环比+2.8%。截至 1 月 19 日，1 月 44 城新房累计成交面积同比 执业证号：S1250522100001 -29.6%，环比12月同期-18.0%；全年累计同比-29.6%。其中，一线城市1月 电话：13003109597 累计成交同比-28.1%，环比12月同期-16.4%，全年累计同比-28.1%。二线城 邮箱：cth@swsc.com.cn 市 1月累计成交同比-29.9%，环比12月同期-21.9%；全年累计同比-29.9%。 分析师：刘洋 三四线城市 1月累计成交同比-30.5%，环比 12月同期-5.7%；全年累计同比 执业证号：S1250523070005 -30.5% ...

[Table_StockInfo] 买入 2024年 03月 19日 （维持） 证券研究报告•2023年年报点评 当前价： 52.75元 百克生物（688276） 医药生物 目标价： ——元（6个月） 业绩符合预期，带状疱疹疫苗放量可期 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 18.3亿元，同比增长 70.3%；实 [分Ta析bl师e_：Au杜th向or阳] 现归属于母公司股东净利润 5 亿元，同比增长 176%；实现扣非后归母净利润 执业证号：S1250520030002 4.9亿元，同比增长195.9%。 电话：021-68416017  带状疱疹疫苗持续放量。分季度看，公司2023Q1/Q2/Q3/Q4分别实现营业收入 邮箱：duxy@swsc.com.cn 1.8/3.8/6.8/5.8 亿元（+30%/+25%/+61%/+182.7%），实现归母净利润 0.2/0.9/2.2/1.7亿元（+6%/+65%/+58.9%/+661.1%），主要系Q2季度公司带状 [相Tab对le指_Q数u表ot现eP ic] 疱疹疫苗首次实现 ...

[2T0a2b4le年_I0n3du月str2y3In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（3.18-3.22） 关注 AI 医疗方向 投资要点 西南证券研究发展中心  行[T情ab回le_顾S：um本m周ar医y]药 生物指数下跌2.13%，跑输沪深300指数1.43个百分点， [分Ta析bl师e_：Au杜th向or阳] 行业涨跌幅排名第 31。2024年初以来至今，医药行业下跌 9.99%，跑输沪深 执业证号：S1250520030002 300 指数 13.31 个百分点，行业涨跌幅排名第 32。本周医药行业估值水平 电话：021-68416017 (PE-TTM)为 25倍，相对全部 A股溢价率为 83.66% (－6.28pp)，相对剔除银 邮箱：duxy@swsc.com.cn 行后全部A股溢价率为35.49% (－3.99pp)，相对沪深300溢价率为127.86% (－6.19pp)。本周相对表现最好的是体外诊断，上涨1.5%。 [行Ta业bl相e_对Qu指o数te表Pic现]  本周 AI+医药投资热情再度点燃，从 AIGC角度看医药产业图谱。3 ...

Investment Rating - The report maintains a "Hold" rating for the company [1]. Core Insights - In 2023, the company achieved revenue of 3.2 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 410 million yuan, up 41.4% year-on-year [1]. - The company reported a cash dividend of 210 million yuan, with a payout ratio of 51% [1]. - The company is focusing on expanding its overseas business, which is expected to continue its rapid growth [7][19]. Financial Performance - The company’s revenue for Q4 2023 was 710 million yuan, representing a year-on-year growth of 20.2%, with a net profit of 60 million yuan, up 140.1% year-on-year [1]. - The company’s gross margin improved by 6 percentage points to 29.7% in 2023, driven by an increase in overseas business and a decrease in raw material prices [19]. - The company’s net profit margin increased by 2.8 percentage points to 12.9% in 2023, indicating a significant improvement in profitability [19]. Revenue Breakdown - The company sold 1.304 million units of frozen display cabinets in 2023, a year-on-year increase of 12.2%, generating revenue of 2.08 billion yuan, up 17.9% [19]. - Revenue from refrigerated display cabinets was 570 million yuan, a 5.1% increase year-on-year, while revenue from supermarket display cabinets decreased by 30.6% to 220 million yuan [19]. - The company’s revenue from smart vending machines reached 1.76 billion yuan, a year-on-year increase of 9.5% [19]. Future Projections - The company is projected to achieve revenues of 3.52 billion yuan, 3.9 billion yuan, and 4.29 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 9.94%, 10.78%, and 10% [20]. - The earnings per share (EPS) are expected to be 1.25 yuan, 1.38 yuan, and 1.56 yuan for the years 2024, 2025, and 2026, respectively [20].

[Table_StockInfo] 买入 2024年 03月 23日 （维持） 证券研究报告•2023年年报点评 当前价： 338.60元 爱 美 客（300896） 美容护理 目标价： ——元（6个月） 业绩符合预期，产品管线丰富 投资要点 西南证券研究发展中心 [T a业ble绩_S总u结m：m公ar司y]发 布2023年年报，2023年全年实现收入28.7亿元，同比+48%， [分Ta析bl师e_：Au杜th向or阳] 归母净利润18.6亿元，同比+47.1%，扣非后约为18.3亿元，同比约+53%，公 执业证号：S1250520030002 司业绩稳健增长。 电话：021-68416017 邮箱：duxy@swsc.com.cn  毛利率稳中有升净利率同比下降，费用率改善提升公司盈利能力。公司2023年 毛利率95.1%，较去年同期提升0.2pp，溶液类注射产品毛利率94.5%，同比增 分析师：王钰畅 长 0.3pp；凝胶类注射产品毛利率 97.5%，同比增长 1pp。费用率方面，公司 执业证号：S1250524010001 电话：021-68416017 2023年销售费用率为9.1%，同比增长 ...

[2T0a2b4l年e_I0n3d月ust2ry4In日fo ] 强于大市(维持) 证券研究报告•行业研究•公用事业 公用事业与环保行业周报（3.18-3.24） 煤价加速下跌，24 年能源工作指导意见印发 投资要点 西南证券研究发展中心  本[Ta周bl秦e_皇Su岛m动m力ar煤y]价 小幅下滑，预计后期逐渐企稳。截至 3月 22日，秦皇岛 [分Ta析bl师e_：Au池th天or惠] Q5500动力煤价格为 860元/吨，周环比下跌 2.8%。截至 3月18日，CCTD 执业证号：S1250522100001 主流港口库存 5650 万吨，库存周环比下滑 0.4%；发电企业库存可用天数达 电话：13003109597 18.1天，周环比减少0.6天。 邮箱：cth@swsc.com.cn  增强供应保障能力，优化能源结构。3月 22日，国家能源局印发《2024年 分析师：刘洋 能源工作指导意见》。《意见》提出，2024年非化石能源发电装机占比提 执业证号：S1250523070005 电话：18019200867 高到55%左右，风电、太阳能发电量占全国发电量的比重达到 17%以上， 邮箱：ly21@ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.14 billion yuan in 2023, representing a year-on-year growth of 33%. The net profit attributable to shareholders was 240 million yuan, up 27.2% year-on-year [1] - The e-commerce channel revenue reached 750 million yuan, growing by 101.5% year-on-year, with live-streaming e-commerce showing even faster growth [2] - The company is expanding its market presence in key provinces, achieving a revenue of 1.04 billion yuan in five core provinces, a 13.5% increase year-on-year [2] - The overall gross margin for 2023 was 50.3%, an increase of 5.2 percentage points year-on-year, driven by a higher proportion of high-margin health products [26] - The company expects EPS for 2024-2026 to be 0.7 yuan, 0.88 yuan, and 1.1 yuan respectively, with corresponding PE ratios of 23x, 18x, and 15x [9] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 670 million yuan, a year-on-year increase of 38.4%, but the net profit decreased by 8.6% to 60 million yuan [1] - The company’s total expenses for 2023 were 36.9% of revenue, with a sales expense ratio of 31.2%, reflecting increased marketing efforts [26] Market Expansion - The company is focusing on expanding its presence in peripheral provinces, with significant revenue growth observed in regions like Guangdong and Hunan [2] - The health product series, including probiotics, has contributed to new customer acquisition and regional expansion [27] Future Projections - Revenue is projected to grow to 2.66 billion yuan in 2024, with a year-on-year growth rate of 24.2% [28] - The company anticipates a steady increase in gross margin for sanitary napkin products, reaching 54% by 2026 [30]

Investment Rating - The report maintains a "Buy" rating for Greentown Management Holdings (9979.HK) [1][3] Core Views - The company has shown steady growth in business scale, with 2023 revenue reaching 3.302 billion RMB, a year-on-year increase of 24.3%, and net profit of 970 million RMB, up 30.8% [2][3] - Greentown continues to lead the light-asset development sector in real estate, maintaining over 20% market share in the construction agency market for eight consecutive years [2] - The company has diversified its client base, with 74.7% of new construction agency projects coming from government and state-owned enterprises [2] Summary by Sections Business Performance - In 2023, the company achieved a total revenue of 3.302 billion RMB, with a gross profit of approximately 1.72 billion RMB, maintaining a gross margin of about 52.2% [2] - The cash flow from operating activities was 960 million RMB, reflecting a 31.8% increase year-on-year [2] Market Position - As of the end of 2023, Greentown's construction agency projects spanned 122 major cities across 29 provinces, with a total contracted area of 119 million square meters, a 17.9% increase from the previous year [2] - The estimated total saleable value of contracted projects is approximately 693.3 billion RMB, with significant contributions from key economic regions [2] Client Diversification - The company has adapted its business structure to deepen opportunities with state-owned enterprises and financial institutions, resulting in a 25% year-on-year increase in new contracted area [2] - The breakdown of new projects shows that government projects account for 26.8%, state-owned enterprises for 34.2%, and private enterprises for 31.7% of the total contracted area [2] Profit Forecast - The forecast for net profit for 2024-2026 is 1.253 billion RMB, 1.546 billion RMB, and 1.874 billion RMB respectively, with EPS projected at 0.62, 0.77, and 0.93 RMB [3][4]

上海 深圳 西南证券机构销售团队 北交所周报（3.18-3.22） X` 202[Table_ReportInfo] 4 年 03 月 23 日 证券研究报告•市场周评 北交所周报（3.18-3.22） 摘要 西南证券研究发展中心 [Table_Summary] 周观点：本周，北交所整体有所回调，北证 50指数较周一开盘市值下降 3.45%， 区间换手率 25.32%。本周多家北交所公司公布 2023 年度年报，其中民士达 （833394）实现营业收入 3.4亿元，同比增长 20.7%，归母净利润 8163.4万 元，同比增长 28.7%；许昌智能（831396）实现营业收入 5.9 亿元，同比增 长 21.7%，归母净利润 4635.5万元，同比增长 10.7%，同时多家公司积极分 红。3 月 23 日，北交所开展股票启用新证券代码号段第一次全网测试，启动 920 证券代码备受关注。在"920"新号段有望落地的背景下，建议关注年报 绩优、高分红标的。 北证 A 股板块对比。截至 2024 年 3 月 22 日，北证 A 股成分股个数共 245 个，公司平均市值 15.0亿元，同期创业板个股平均市值为 80. ...