公 司 研 证券研究报告 究 ＃industryId＃ 汽车 ＃investSuggestion＃ ＃ ＃d爱yCo玛mpa科ny＃技 （ 603529 ） investSug 增持 ( 维ges持tionC）h 000009 24Q1 业绩符合预＃ti 期tle＃ ，盈利依旧稳健 ange＃ ＃createTime1＃ 2024年4月 29日 投资要点 公 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2023年年度报告以及2024年一季报。2023年营收210.36亿元，同 司 日期 2024-4-26 比+1.12%，归母净利润18.81亿元，同比+0.41%。其中2023四季度营收35.81亿元， 点 收盘价（元） 34.46 同比+0.18%，环比-50.54%，归母净利润3.24亿元，同比-34.89%，环比-51.18%。2024 一季度营收49.54亿元，同比-8.97%，环比+38.35%。归母净利润4.83亿元，同比 评 总股本（百万股） 861.93 +1.16%，环比+49.37%。 报 流通股本（百万股） 223.53  行业价格战承压，公司业绩逆势提升。 ...

公 司 研 证券研究报告 究 ＃industryId＃ 白酒 ＃investSuggestion＃ ＃ ＃dyC 酒om 鬼pan 酒y＃ （ 000799 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 业绩阶段性承压，期待逐季改善 ange＃ ＃ createTime1＃ 2024年 4月 29 日 公 投资要点 ＃市场ma数rk据et Data＃ ＃summary＃ 司 事件：2023年公司实现营收28.30亿元，同比-30.14%，归母净利润5.48亿 日期 2024-4-26 点 收盘价（元） 50.20 元，同比-47.77%。23Q4公司实现营收6.87亿元，同比+21.72%，归母净利润 0.69亿元，同比-10.05%。24Q1公司实现营收4.94亿元，同比-48.80%，归母 评 总股本（百万股） 324.93 净利润0.73亿元，同比-75.56%。 报 流通股本（百万股） 324.93 告 净资产（百万元） 4352.31 营销模式转型下动销向好，回款前置拖累Q1表观增速 总资产（百万元） 5560.03 2023年公司主动求变，以费用改革为 ...

证券研究报告 ＃industryId＃ 金属制品 ＃investSuggestion＃ ＃相关报告 relatedReport＃ 《【兴证电子】新莱应材深度报 告：半导体零部件国产化正当 时，真空/气体类龙头深度受益》 2023-03-05 ＃dyCompany＃ 新莱应材 （ 300260 ） 000009 ＃title＃ 半导体业务逐渐向好，零部件龙头替代空间广阔 ＃createTime1＃ 2024 年 04 月 29 日 ⚫ 单季度毛利率保持稳定，未来细分业务毛利率有望回升。公司 2023Q4、 2024Q1 毛利率分别为 26.79%、25.32%，2023 年以来基本保持稳定。公司 2023 年全年毛利率为 25.58%，分业务来看，食品类毛利率 21.75%，同比+1.50pct； 泛半导体毛利率 30.38%，同比-6.78pct，系产能增加但需求平淡、产能利用率 受到影响；医药类毛利率 36.73%，同比-6.47pct，系下游需求及公司产能利用 率低迷。随着公司半导体业务回暖，未来毛利率有望回升；同时食品类业务 在原材料成本改善及降本增效下利润率也有望提升。 公司点评报告(带市场行情) 公 ...

laifuyang@xyzq.com.cn S0190522050001 镁价下滑致 Q1 业绩环比回落。分季度来看，23Q1-24Q1 公司归母净利润分 别为 0.51/0.71/0.86/0.99/0.61 亿元，对应镁锭现货均价分别为 22923/24995/ ＃分e析m师ail：Author＃ 23736/23074/21074 元/吨，行业平均吨毛利分别为 350/4337/3861/2341/1088 元。24Q1 镁价环比下滑 8.7%至 21074 元/吨，导致行业平均吨毛利环比回落 赖福洋 1253 元至 1088 元，因此公司业绩环比下滑 38.4%。 公司点评报告(带市场行情) | --- | --- | --- | --- | --- | |-----------------------------------------|--------|-------|-------|-------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 7652 | 10277 | 1182 ...

1）公司发布 2023 年年报，全年实现营业收入 107.57 亿元，同比增长 2.31%； 归母净利润 9.36 亿元，同比下滑 12.16%。其中 2023Q4 营业收入 30.05 亿元， 同比增长 7.41%；归母净利润 2.36 亿元，同比下滑 26.03%。 风险提示：原材料价格持续上涨，新工厂产能爬坡低预期，下游需求放缓。 | --- | --- | --- | --- | --- | |-------|------------------------------------------|----------------------------|-------------------------------------------|------------------------------------------| | 上 海 | | 北 京 | | 深 圳 | | | 地址：上海浦东新区长柳路36号兴业证券大厦 | | 地址：北京市朝阳区建国门大街甲6号SK大厦32 | 地址：深圳市福田区皇岗路5001号深业上城T2 | | 15层 | | 层01-08单元 | | 座52楼 | | | 邮 ...

公 司 研 究 公 司 点 评 报 告 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [4][8] Core Views - The company reported a total revenue of 832.72 billion RMB and a net profit attributable to shareholders of 302.11 billion RMB for 2023, reflecting a year-on-year growth of 12.58% and 13.19% respectively [6][7] - The company plans to distribute a cash dividend of 46.70 RMB per 10 shares, totaling 181.27 billion RMB, with a cash dividend rate of 60%, marking a record high since its listing [6][7] - The main brand, Wuliangye, saw a revenue increase of 13.50% in 2023, with sales volume rising by 17.98% [3][7] Financial Performance Summary - For 2023, the company achieved a gross margin of 75.79% and a net profit margin of 36.28% [7][8] - The first quarter of 2024 showed a revenue growth of 12%, driven by strong sales during the Spring Festival [8] - The projected revenues for 2024-2026 are 928.92 billion RMB, 1,036.28 billion RMB, and 1,173.49 billion RMB, with corresponding net profits of 340.79 billion RMB, 386.03 billion RMB, and 444.72 billion RMB [4][8] Market Data - As of April 26, 2024, the closing price of the company's stock was 152.25 RMB, with a total share capital of 3,881.61 million shares [1]

请务必阅读正文之后的信息披露和重要声明 - 3 - 信息披露 本公司在知晓的范围内履行信息披露义务。客户可登录 www.xyzq.com.cn 内幕交易防控栏内查询静默期安排和关联公司 持股情况。 使用本研究报告的风险提示及法律声明 兴业证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 本报告仅供兴业证券股份有限公司（以下简称"本公司"）的客户使用，本公司不会因接收人收到本报告而视其为客户。 本报告中的信息、意见等均仅供客户参考，不构成所述证券买卖的出价或征价邀请或要约，投资者自主作出投资决策并自行 承担投资风险，任何形式的分享证券投资收益或者分担证券投资损失的书面或口头承诺均为无效，任何有关本报告的摘要或 节选都不代表本报告正式完整的观点，一切须以本公司向客户发布的本报告完整版本为准。该等信息、意见并未考虑到获取 本报告人员的具体投资目的、财务状况以及特定需求，在任何时候均不构成对任何人的个人推荐。客户应当对本报告中的信 息和意见进行独立评估，并应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商业、财务、税收等方面咨 询专家的意见。对依据或者使用本报告所造成的一切后果， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the relevant market index by more than 15% over the next 12 months [4]. Core Insights - The company reported a revenue of 5.897 billion yuan in 2023, representing a year-on-year increase of 23.44%, and a net profit attributable to shareholders of 379 million yuan, up 76.92% year-on-year [9][11]. - In Q1 2024, the company achieved a revenue of 1.483 billion yuan, a year-on-year increase of 24.94%, but a quarter-on-quarter decrease of 14.89% [6][11]. - The growth in revenue is attributed to the expansion of air suspension and sensor businesses, which significantly boosted overall performance [9][19]. - The company has a strong order backlog and is expanding its customer base, particularly in traditional valve and tire pressure monitoring systems (TPMS) [12][13]. Summary by Sections Financial Performance - In 2023, the company’s revenue was 58.97 billion yuan, with a net profit of 3.79 billion yuan. The Q4 2023 revenue was 17.42 billion yuan, with a net profit of 0.40 billion yuan [9][11]. - The revenue breakdown by product for 2023 includes TPMS (1.911 billion yuan), automotive metal parts (1.421 billion yuan), valve stems (0.784 billion yuan), air suspension (0.701 billion yuan), and sensors (0.531 billion yuan), with respective year-on-year growth rates of 29.44%, 6.09%, 9.64%, 174.75%, and 45.16% [9][19]. Profitability Metrics - The overall gross margin for 2023 was 27.4%, with a projected increase to 29.1% in 2024 [16]. - The company’s net profit margin for 2023 was 6.4%, with an expected increase to 6.0% in 2024 [16]. Future Projections - The report adjusts the net profit forecast for 2024 to 483 million yuan and for 2025 to 596 million yuan, with a first-time forecast for 2026 at 735 million yuan [13][16]. - The company is expected to maintain growth in its air suspension and sensor businesses, with profitability likely to improve as these segments expand [12][13].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][18]. Core Insights - The company's performance is expected to grow steadily, driven by both its in-vehicle and Fixed Wireless Access (FWA) businesses, with a strong outlook for future earnings growth [4][19]. - The company has strategically positioned itself in the robotics and edge computing sectors, leveraging its first-mover advantage to benefit from the growing demand for AIoT solutions [5][18]. - The recovery in downstream demand is reflected in the company's Q1 revenue and net profit growth, indicating a positive trend in its operational performance [19]. Summary by Sections Business Performance - In Q1 2024, the company achieved revenue of 2.123 billion yuan, representing a year-on-year increase of 17.11% and a quarter-on-quarter increase of 17.81%. The net profit attributable to the parent company was 188 million yuan, up 33.78% year-on-year and 73.36% quarter-on-quarter [17][19]. - The company anticipates net profits of 725 million, 906 million, and 1.115 billion yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 18, 15, and 12 based on the closing price on April 29 [18]. Financial Projections - The company is projected to achieve revenue growth rates of 36.7% in 2023, 24.6% in 2024, 21.8% in 2025, and 20.3% in 2026 [16]. - The gross profit margin is expected to remain stable around 23.1% to 23.5% over the forecast period [16]. Market Position - The company has established partnerships with over 20 mainstream automakers and 30 Tier 1 suppliers, enhancing its competitive position in the automotive sector [4]. - The integration of its acquired assets is expected to create synergies that will positively impact profitability [4].