证券研究报告 | 公司动态点评 2024 年 02月 21日 固生堂（02273.HK） 业绩增长势头强劲，持续回购彰显长期发展信心 财务指标 2021A 2022A 2023E 2024E 2025E 买入（维持评级） 营业收入（百万元） 1372 1625 2309 3025 3948 股票信息 增长率yoy（%） 48.3 18.4 42.1 31.0 30.5 归母净利润（百万元） -507.1 183.3 250.1 345.2 500.2 行业 医药 增长率yoy（%） -98.3 136.1 36.5 38.0 44.9 2024年2月21日收盘价（港元） 44.200 经调整净利润（百万元） 157 198 300 405 545 总市值（百万港元） 10,899.24 增长率yoy（%） 85.0 26.6 51.2 35.0 34.6 流通市值（百万港元） 10,899.24 ROE（%） -32.7 10.7 12.7 14.9 17.8 总股本（百万股） 246.59 EPS最新摊薄（元） -2.06 0.74 1.01 1.40 2.03 流通股本（百万股） 246.59 P/E（倍 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [21]. Core Insights - The company reported a strong quarterly performance with revenue of $119.575 billion, a year-over-year increase of 2.07%, and a net profit of $33.916 billion, up 13.06% year-over-year [13]. - The report highlights the strong performance of the iPhone in emerging markets, particularly in Latin America, the Middle East, India, and Indonesia, with a year-over-year revenue increase of 6% [2]. - The company is optimistic about the long-term prospects in the Chinese market despite short-term pressures on iPhone sales due to increased competition from domestic brands [4][2]. - The report anticipates continued double-digit growth in the services sector, driven by advancements in generative AI [16]. Financial Summary - For FY24, the company is projected to achieve a net profit of $100.353 billion, with EPS estimates of $6.50, $6.91, and $7.25 for FY24, FY25, and FY26 respectively [16][25]. - The gross margin for FY24Q1 was reported at 45.87%, reflecting a year-over-year increase of 2.91 percentage points [24]. - The company expects total revenue and iPhone revenue to remain flat year-over-year in FY24Q2, with a gross margin forecasted between 46% and 47% [24]. Product Performance - iPhone revenue for FY24Q1 was $69.702 billion, showing a year-over-year increase of 5.97%, while iPad revenue saw a significant decline of 25.26% due to the absence of new product launches [24][28]. - The report notes that the Vision Pro headset, launched in February 2024, is expected to have significant opportunities in the B2B market, despite its high price point limiting initial consumer adoption [28].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [2][37]. Core Insights - The company is projected to achieve a net profit of $41.12 billion in 2024, with a corresponding PE ratio of 42.82, reflecting strong growth potential driven by continuous investment in cloud services [3]. - The company reported a significant turnaround in 2023, achieving a net profit of $30.43 billion, a year-on-year increase of 1217.74% [18]. - The company plans to increase capital expenditures in 2024 to further explore the potential of its AWS cloud services, which are expected to contribute significantly to revenue growth [22]. Financial Performance Summary - **Revenue Growth**: The company’s revenue is expected to grow from $574.79 billion in 2023 to $643.30 billion in 2024, representing a year-on-year growth rate of 11.92% [2]. - **Net Profit**: The net profit is forecasted to rise from $30.43 billion in 2023 to $41.12 billion in 2024, indicating a growth rate of 35.17% [2]. - **Operating Cash Flow**: The operating cash flow is projected to be $79.69 billion in 2024, showing a strong cash generation capability [6]. - **Key Ratios**: The company’s ROE is expected to improve from 15.07% in 2023 to 16.92% in 2024, reflecting enhanced profitability [2][11]. Business Segment Performance - **AWS Revenue**: In Q4 2023, AWS generated $24.20 billion in revenue, marking a year-on-year growth of 13.22%, with plans for further geographical expansion and service innovation [22][30]. - **Product Innovation**: The company has introduced AI-driven services to enhance customer experience, including a new conversational shopping experience and various intelligent advertising solutions [30].

证券研究报告 | 公司动态点评 2024 年 02月 19日 高通（NASDAQ:QCOM） 持续布局 AI 端侧，FY24Q1 营收净利润实现双增长 财务指标 FY2022A FY2023A FY2024E FY2025E FY2026E 买入（首次评级） 营业收入（百万美元） 44,200.00 35,820.00 38,560.23 42,786.43 46,222.18 股票信息 增长率yoy（%） 31.68 -18.96 7.65 10.96 8.03 归母净利润（百万美元） 12,936.00 7,232.00 9,938.83 12,107.11 13,913.81 行业 通信 增长率yoy（%） 43.05 -44.09 37.43 21.82 14.92 收盘价（美元） 155.98 ROE（%） 71.81 33.51 35.48 33.78 31.03 总市值（百万美元） 170,402.00 EPS最新摊薄（美元） 11.59 6.48 8.91 10.85 12.47 流通市值（百万美元） 170,402.00 P/E（倍） 13.17 23.56 17.15 14.07 12.2 ...

证券研究报告 | 公司动态点评 2024 年 02月 19日 珍酒李渡（06979.HK） 春节反馈积极，板块信心提振，长期优化明确 财务指标 2021A 2022A 2023E 2024E 2025E 买入（维持评级） 营业收入（百万元） 5102 5856 7161 8699 10494 股票信息 增长率yoy（%） 112.7 14.8 22.3 21.5 20.6 归母净利润（百万元） 1032.20 1029.87 1619 2102 2698 行业 食品饮料 增长率yoy（%） 98.5 -0.2 57.2 29.8 28.4 2024年2月16日收盘价（港元） 8.660 ROE（%） -15.1 -27.0 -73.7 -2233.4 103.6 总市值（百万港元） 29,345.48 EPS最新摊薄（元） 0.30 0.30 0.48 0.62 0.80 流通市值（百万港元） 29,345.48 P/E（倍） 28.4 28.5 18.1 14.0 10.9 总股本（百万股） 3,388.62 P/B（倍） -4.3 -7.7 -13.4 -311.8 11.3 流通股本（百万股） 3,38 ...