[Table_StockInfo] 2024 年 03 月 21 日 证券研究报告•2023 年报点评 持有 （维持） 当前价：6.95 元 桃李面包（603866）食品饮料 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2023年报，全年实现营业收入 67.6亿元，同比增长 1.1%，实 现归母净利润 5.7亿元，同比下滑 10.3%。其中 2023Q4实现营业收入 16.9亿 元，同比增长 2%，实现归母净利润 1.1亿元，同比下滑 23.6%。此外，公司拟 向全体股东每 10 股派发现金红利1.80 元（含税）。 毛利率承压，费用率企稳。1、全年整体毛利率 22.8%，同比下降 1.2pp，主要 由于：1）部分原材料价格同比上涨导致生产成本增加；2）部分新建项目投产 后产能未完全释放且前期费用较高。2、费用率方面，全年销售费用率、管理费 用率、研发费用率分别为 8.1%、2%、0.5%，基本持平；财务费用率 0.4%，同 比增加 0.2pp，主要由于利息支出增加。3、全年整体净利率 8.5%，同比下滑 1.1pp。 盈利预测与投资建议。预计 2024-2026年归母净利润分 ...

| --- | --- | |---------------------------------------|-------| | | | | 表 1: A股主要指数 PE估值情况 | | | 表 2: A 股主要指数 PB(LF)估值情况 | | | 表 3: 港股及海外主要指数 PE估值情况 | | | 表 4：港股及海外主要指数 PB 估值情况… | | | 表 5: Ａ股各行业 PE 估值情况 … | | | 表 6: A股各行业 PB(LF)估值情况 | | | 表 7: A股热门板块 PE估值情况 | | | 袁 8: A股热门板块 PB(LF)估值情况 . | | 1 A 股主要指数估值 图 1：近 10 年全部 A 股 PE(TTM)估值情况 图 2：近 10 年全部 A 股 PB(LF)估值情况 估值周报（0318-0322） 夜 1: A 股主要指數 PE 估值情况 | --- | --- | --- | --- | |----------|--------------|-------------|-------| | 胎教 | PB-LF (本周) | 1年PB分位费 | | | 万得全 ...

[2T0a2b4l年e_I0n3d月ust2ry4In日fo ] 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0318-0324） NVIDIA 发布系列重大成果，构建 GR00T 等 AI 驱动机器人基础设施 投资要点 西南证券研究发展中心  行[Ta情ble回_S顾um：m本ar周y] （3月 18日-3月24日）机器人指数微跌。中证机器人指数下 [分Ta析bl师e_：Au邰th桂or龙] 跌 1.9%，跑输沪深300指数约 1.2个百分点，跑输创业板指约1.1个百分点； 执业证号：S1250521050002 国证机器人指数下跌 1.3%，跑输沪深 300指数约 0.6个百分点，跑输创业板 电话：021-58351893 指约0.5个百分点。 邮箱：tgl@swsc.com.cn  NVIDIA构建了 AI驱动机器人的基础设施，包括全新 Blackwell构架的 B200 分析师：周鑫雨 GPU、GR00T大模型、Jetson Thor计算平台、NVIDIA Isaac平台等。1） 执业证号：S1250523070008 Blackwell GPU：拥有 2080亿个晶体管， ...

2024年 03月 24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（3.18-3.22） 预计 3 月狭义乘用车零售 165 万辆，新能源渗透率达 45.5% 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汽车板块上涨1%，沪深 300下跌 0.7%。估值上，截止 分析师：郑连声 3月22日收盘，汽车行业PE（TTM）为21倍，较前一周上涨0.4%。 执业证号：S1250522040001  投资建议：乘联会预计，3月狭义乘用车零售约 165万辆，同比增长 3.7%； 电话：010-57758531 新能源乘用车零售约 75.0万辆左右，同比增长 37.1%，环比增长 93.2%，渗 邮箱：zlans@swsc.com.cn 透率预计可达45.5%，电动化迈向更高台阶。此外，随着北京车展临近，汽车 联系人：冯安琪 行业迎来新一轮催化，整车销量有望在新车供给和政策推动下持续提升。投资 电话：021-58351905 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 邮箱：faz@sws ...

Investment Rating - The investment rating for the company is "Hold" [1][18] Core Views - The company reported a revenue of 180.74 billion RMB in 2023, a year-on-year decrease of 27.9%, with a net profit attributable to shareholders of 12.85 billion RMB, down 47.3% year-on-year [3][4] - The company maintains a stable financial position with a cash-to-short-term debt ratio of 1.96 and a net debt ratio of 55.9%, which is a decrease of 2.2 percentage points year-on-year [3] - The operational business showed resilience with rental income increasing by 8.9% to 12.94 billion RMB, contributing significantly to profits [4] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 180.74 billion RMB, down 27.9% year-on-year, and a net profit of 12.85 billion RMB, down 47.3% year-on-year. The core net profit, excluding fair value changes, decreased by 49.6% to 11.35 billion RMB [3][4] - The gross profit was 30.58 billion RMB, with a gross margin of 16.9%. The core after-tax profit margin was 8.7%, a decrease of 3.6 percentage points year-on-year [3] Development Business - The development business generated revenue of 155.86 billion RMB, with a total delivered property area of 10.708 million square meters and a settlement gross margin of 11.0% [3] - The company focused on core regions, with contract sales amounting to 173.49 billion RMB, corresponding to a sales area of 10.796 million square meters, with an average price of 16,070 RMB per square meter [3] Operational Business - The operational business achieved rental income of 12.94 billion RMB, with a year-on-year growth of 8.9%. The overall occupancy rate for opened shopping malls was 96.2% [4] - The company opened 12 new shopping malls in 2023, with same-store sales and foot traffic both increasing by over 30% year-on-year [4] Profit Forecast - The forecast for net profit attributable to shareholders from 2024 to 2026 is expected to maintain a compound annual growth rate (CAGR) of 4.0% [4][7]

Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [17]. Core Insights - The company achieved a revenue of 2.115 billion yuan in 2023, representing a year-on-year growth of 27.13%, and a net profit attributable to shareholders of 27.09 million yuan, up 45.70% year-on-year [17]. - The company's CNC system revenue grew by 26%, significantly outperforming the machine tool industry, which saw a decline in revenue [17][4]. - The report highlights the company's strong position in the domestic high-end CNC system market, benefiting from the trend of domestic substitution [17][4]. Revenue and Profitability - The CNC system and machine tool segment generated revenue of 889.2 million yuan in 2023, with a growth rate of 26.22% [31]. - The gross margin for the CNC system and machine tool business improved to 38.65%, an increase of 2.76 percentage points year-on-year [17]. - The company expects a compound annual growth rate (CAGR) of 24% in revenue from 2024 to 2026, with net profits projected to reach 93.47 million yuan in 2024 and 146.97 million yuan in 2025 [17][31]. Business Segments - The report indicates that the company's industrial robots and smart production lines achieved revenue of 1.118 billion yuan in 2023, a year-on-year increase of 35.53% [17]. - The smart production line segment is expected to see order growth of 25% to 20% from 2024 to 2026, maintaining a stable gross margin of around 30% [23]. - The company has a robust order backlog of 850 million yuan for smart production lines, reflecting a year-on-year increase of 76% [17]. Market Position and Strategy - The company is positioned as a leader in the domestic high-end CNC system market, with ongoing collaborations with various enterprises to develop advanced machining solutions [17]. - The report emphasizes the company's focus on innovation and technology upgrades, including the launch of new high-end CNC system products that meet international standards [17]. - The company has made significant inroads into overseas markets, securing over 500 million yuan in export orders in 2023 [17].

2024年 03月 24日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（3.18-3.24） 2024 年 3 月第四周创新药周报 （附小专题 Syk 靶点研发概况） A股和港股创新药板块及XBI指数本周走势 西南证券研究发展中心 202[4Ta年ble3_S月u第mm四a周ry，] 陆港两地创新药板块共计 7个股上涨，55个股下跌。其中 [分Ta析bl师e_：Au杜th向or阳] 涨幅前三为创盛集团-B（+9.05%）、南模生物(+3.90%)、亚虹医药(+3.12%)。跌 执业证号：S1250520030002 幅前三为圣诺医药-B(-20.68%)、康诺亚-B(-16.71%)、信达生物(-15.59%)。 电话：021-68416017 本周 A 股创新药板块下跌 2.60%，跑赢沪深 300 指数 1.90pp，生物医药下跌 邮箱：duxy@swsc.com.cn 4.49%。近 6个月 A股创新药累计上涨 1.38%，跑赢沪深 300指数 5.10pp，生物 医药累计下跌7.59%。 [行Ta业bl相e_对Qu指o数te表Pic现] 本周港股创新药板块下跌 6.78%， ...

[2T0a2b4l年e_I0n3d月ust2ry3In日fo ] 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0317-0323） Suno 推出 AI 音乐生成模型， 湖南广电推出首个 AI 导演“爱芒 AIM” 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾S：um本m周ar，y]传 媒板块表现优秀，上涨9.40%，跑赢创业板约10.19个百 [分Ta析bl师e_：Au刘th言or ] 分点（创业板指下跌 0.79%）；跑赢市场约 10.10个百分点（沪深 300下跌 执业证号：S1250515070002 0.70%）。 电话：023-67791663 邮箱：liuyan@swsc.com.cn  细分行业：（1）游戏指数跑赢市场：中信游戏指数（CI005577）上涨 3.75%， 沪深 300下跌0.70%。中信游戏指数相对于沪深300指数上涨4.45%。；（2） [行Ta业bl相e_对Qu指o数te表Pic现] 广告指数跑赢市场：中信广告指数（CI005847）上涨 8.34%，沪深 300下跌 0.70%。中信广告指数相对于沪深 300指数上涨 9.04%；（3 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 13.58 billion yuan in 2023, a year-on-year increase of 5.7%, while the net profit attributable to shareholders was 1.27 billion yuan, a decrease of 3.9% [2] - The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included) [2] - The main business shows steady growth, with overseas revenue growth leading at 22% year-on-year, while domestic revenue decreased by 1.2% [2] - The company is the largest supplier of YE globally and the second-largest yeast supplier, with a total yeast production capacity of 370,000 tons [2] Financial Performance Summary - Revenue by category: Yeast and deep processing products generated 9.5 billion yuan (+5.4%), while sugar products generated 1.7 billion yuan (-3.2%) [2] - The company achieved a gross margin of 24.2%, a decrease of 0.6 percentage points year-on-year [2] - The net profit margin for the year was 9.7%, down 0.8 percentage points from the previous year [2] - The company expects net profits for 2024-2026 to be 1.35 billion yuan, 1.55 billion yuan, and 1.81 billion yuan respectively, with corresponding EPS of 1.55 yuan, 1.78 yuan, and 2.09 yuan [3][4] Capacity and Cost Management - The company is actively improving its self-produced hydrolyzed sugar process, which is expected to reduce costs effectively [2] - The company has successfully launched three production lines for hydrolyzed sugar, which will help lower single sugar costs [2] - The company is expanding its production capacity overseas, particularly in Egypt and Russia, which will enhance its cost advantages [2] Future Projections - Revenue is projected to grow to 15.67 billion yuan in 2024, with a growth rate of 15.39% [4] - The company anticipates a gradual improvement in gross margins, reaching 25.8% by 2024 [4] - The expected dynamic PE ratios for 2024, 2025, and 2026 are 19 times, 17 times, and 14 times respectively [3][4]

[ 2T 0a 2b 4l 年e_S 0t 3o 月ckI 1n 9f 日o] 证券研究报告•2023年年报点评 当前价： 49.95港元 康方生物（9926.HK） 医疗保健 目标价： ——港元 业绩符合预期，期待依沃西单抗上市 投资要点 西南证券研究发展中心 [T ab事le件_S：u康m方m生ar物y] 发布2023年全年业绩，2023年度综合收入45.3亿元（+440%）， [分Ta析bl师e_：Au杜th向or阳] 产品市场销售额达16.3亿元，其中卡度尼利单抗销售额达13.6亿元（+149%）。 执业证号：S1250520030002 业绩符合预期。 电话：021-68416017 邮箱：duxy@swsc.com.cn  卡度尼利 2023年销售额达 13.6亿元，一线宫颈癌及一线胃癌适应症临床进展 顺利。凭借优异的临床价值，卡度尼利单抗覆盖患者数量持续增加，2023年销 分析师：汤泰萌 售额达13.6亿元。卡度尼利一线宫颈癌及一线胃癌适应症临床进展顺利。2023 执业证号：S1250522120001 电话：021-68416017 年 11月，卡度尼利联合含铂化疗联合或不联合贝伐珠单抗一 ...