Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances, with a target price based on the last closing price of 42.12 [1][6]. Core Insights - Gree Electric Appliances reported a revenue of 203.98 billion yuan in 2023, a year-on-year increase of 7.93%, and a net profit of 29.02 billion yuan, up 18.41% year-on-year. For Q1 2024, the company achieved a revenue of 36.36 billion yuan, a 2.56% increase year-on-year, and a net profit of 4.68 billion yuan, reflecting a 13.77% year-on-year growth [4][6]. - The company plans to invest 3 billion yuan in a "trade-in" program to stimulate consumer purchasing and drive revenue growth [6][8]. - Gree's product matrix has been enhanced with new launches across various segments, including air conditioning and smart equipment, which have contributed to revenue growth [5][6]. Financial Performance - In Q4 2023, Gree's revenue was 48.97 billion yuan, a year-on-year increase of 18.01%, with a net profit of 8.93 billion yuan, up 43.90% year-on-year. The growth was attributed to a low base in Q4 2022 and expansion in the air conditioning sector [4][5]. - The gross margin for Q4 2023 and Q1 2024 was 34.76% and 29.45%, respectively, showing an increase of 6.96 and 2.03 percentage points year-on-year [5][6]. - The company expects net profits for 2024 to reach 32.30 billion yuan, with a projected EPS of 5.73 yuan, corresponding to a PE ratio of 7.34 [7][8]. Market Strategy - Gree is focusing on digital store construction and enhancing its online presence through platforms like JD and Tmall, which has led to increased sales performance [6][8]. - The company has expanded its international sales, reaching over 190 countries, and is enhancing its presence on social media platforms to boost brand visibility [6][8]. Future Outlook - The report anticipates that Gree's net profit will continue to grow, with projections of 35.68 billion yuan in 2025 and 38.69 billion yuan in 2026, indicating a stable growth trajectory [7][8]. - The investment in Gree Titanium is expected to accelerate the development of its new energy business, contributing positively to future earnings [6][8].

宏川智慧，2023 年归母净利增速+32%，承压 Q1 换长期壁垒优势 股票数据 2024 年 05 月 01 日 公司点评 增持/首次 宏川智慧(002930) 目标价: 昨收盘:14.22 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/5/4 23/7/1523/9/2523/12/624/2/1624/4/28 宏川智慧 沪深300 总股本/流通(亿股) 4.6/4.6 总市值/流通(亿元) 65.45/65.45 12 个月内最高/最低价 (元) 24.58/13.19 相关研究报告 证券分析师：程志峰 电话：010-88321701 E-MAIL：chengzf@tpyzq.com 分析师登记编号：S1190513090001 ■ 事件 近期，宏川智慧发布 2023 年报。报告期内，实现营业总收入 15.47 亿，同比去年增加+22.48%；归母净利 2.96 亿，同比去年增长+32.49%； 公司也发布 2024 年 Q1 季报，实现营业总收入 3.8 亿，比去年同期增加 +1.07%；归母净利 0.6 亿，同比回落-12.75%。 2023 年报，公司加权平均净资 ...

2024年05月01日 公 司点评 公 买入 / 维持 司 今世缘(603369) 研 究 目标价: 70.15 昨收盘:57.42 今世缘：一季度开门红顺利收官，开启后百亿征程 事件：今世缘发布2023年年报和2024年一季报，2023年实现营 ◼ 走势比较 收101.00亿元，同比+28.05%，归母净利润31.36亿元，同比+25.30%， 扣非归母净利润 31.36 亿元，同比+25.57%。2023Q4 实现营收 17.35 10% 亿元，同比+26.67%，归母净利润5.00亿元，同比+18.75%。2024Q1实 太 0% 现营收 46.71 亿元，同比+22.82%,归母净利润 15.33 亿元，同比 平 (10%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 +22.12%，扣非归母净利润15.25亿元，同比+22.08%。 洋 2023 年营收破百亿，一季度顺利实现开门红。公司 2023 年顺利 (20%) 证 迈入百亿俱乐部，一季度开门红表现稳健，业绩符合预期。分产品， (30%) 2023 年 公 司 特 A+/ 特 A/A/B/C&D ...

2024年05月05日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 医药板块关注度大幅提升，创新药和原料药行情有望延续（附 A+H 创新药企催化剂梳理）  走势比较 报告摘要 10%  本周观点 2% 太 (6%)5/5/32 61/7/32 62/9/32 7/21/32 71/2/42 92/4/42 催化本 剂周 。周 其报 中，我 君们根 实据 生物A股 20和 24H 年股 催的 化年 剂报 包资 括料 ：， 1）梳 特理 瑞了 普29 利家 单创 抗新 （药 PD企 -1业 ） 平 (14%) 3项sNDA获NMPA批准，海外欧盟、英国、新加坡、澳大利亚等地获批上 洋 (22%) 市，围手术ESCC和1L HCC的3期临床数据披露；2）JS004（BTLA）完成 PD-(L)1难治cHL 3期临床入组；3)昂戈瑞西单抗（PCSK9）获NMPA批准 证 (30%) 上市。4)JS005(IL-17A)斑块银屑病3期完成患者入组；4)JS105(PI3Kα） 券 医药 沪深300 启动关键注册临床；5)JS001sc（PD-1皮下注射剂型）启动关键注册临床。 股 诺诚健华2024年催化 ...

2024年04月30日 公 司点评 公 增持 / 维持 司 海天味业(603288) 研 究 目标价: 43.05 昨收盘:39.57 海天味业：2024Q1 开门红略超预期，经营稳步恢复 事件：公司发布 2023年报及 2024年一季报，2023年公司实现营收  走势比较 245.59 亿元，同比-4.10%，归母净利润 56.27 亿元，同比-9.21%，扣非 净利润 53.95 亿元，同比-9.57%；2023Q4 实现营收 59.09 亿元，同比- 10% 9.30%；归母净利润12.98亿元，同比-15.20%；扣非净利润12.43亿元， 太 平 (( 12 4% %))4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 同 利比 润- 11 95 .. 13 99% 亿。 元2 ，02 同4Q 比1 公 +1司 1.实 85现 %，营 扣收 非7 净6. 利94 润亿 1元 8.， 60同 亿比 元+ ，10 同.2 比1% +， 13归 .3母 5%净 。 2023年公司拟每股派现0.66元（含税），拟派发现金红利36.6亿元（含 洋 (26%) 税） ...

2024年04月30日 公 司点评 公 增持 / 维持 司 三七互娱(002555) 研 究 目标价:25.02 昨收盘:16.95 传媒互联网 新游储备丰富，连续分红提升长期投资价值 事件： ◼ 走势比较 公司2023年实现营收165.47亿元，同比增长0.86%；归母净利润26.59 亿元，同比下降-10.01%；归母扣非净利润24.97亿元，同比下降-13.38%。 20% 2024Q1实现营收47.50亿元，同比增长26.17%；归母净利润6.16亿元， 太 4% 同比下降-20.45%；归母扣非净利润6.16亿元，同比下降-8.12%。 平 (12%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 洋 (28%) ➢ 游戏推广力度加大，业绩短期承压 证 2023 年公司游戏运营稳健，全球在运营月均流水破亿产品多达 8 款，全 (44%) 球发行的移动游戏最高月流水超过23亿元。同时，公司《凡人修仙传： 券 (60%) 人界篇》、《霸业》、《扶摇一梦》等新游，以及《寻道大千》、《灵魂序章》 股 等小程序游戏上线，营收实现稳定增长；但因新游戏上线需加大推广， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.00 CNY per share, compared to the last closing price of 11.74 CNY [1]. Core Views - The company achieved a revenue of 4.295 billion CNY in 2023, representing a year-on-year growth of 15.30%. The net profit attributable to shareholders was 1.462 billion CNY, up 42.57% year-on-year. In Q1 2024, the company reported a revenue of 1.308 billion CNY, a 36.93% increase year-on-year, with a net profit of 426 million CNY, reflecting a 47.06% growth [2]. - The company's performance is driven by stable operations of existing games and the successful launch of new titles. Notable games include "Stone Age: Awakening" and "The Legend of Sword and Fairy: A New Beginning," which have performed well in sales rankings [2][3]. - The company has a rich pipeline of games, with several titles expected to launch in 2024, including "Douluo Dalu: The Legend of the Soul" and "That Time I Got Reincarnated as a Slime: New World," which have already received approval [2][3]. Financial Summary - The company is projected to achieve revenues of 5.215 billion CNY, 6.155 billion CNY, and 7.146 billion CNY for 2024, 2025, and 2026, respectively, with corresponding growth rates of 21.40%, 18.03%, and 16.10%. The net profit attributable to shareholders is expected to be 1.831 billion CNY, 2.078 billion CNY, and 2.347 billion CNY for the same years, with growth rates of 25.25%, 13.53%, and 12.94% [4][5]. - The company has implemented a stable dividend distribution plan, with a total dividend amount of approximately 213 million CNY for 2023 and an expected 200 million CNY for 2024, indicating a commitment to returning value to shareholders [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Views - The company is expected to achieve significant growth in its three main business segments: pig farming, feed, and meat products, with a clear development plan and a mature operating model [7]. - The feed business is projected to see further improvements in gross margin, while the meat business has shown notable growth, with a 64.28% increase in sales volume to 100,100 tons in 2023 [7]. - The company aims to leverage its low-cost competitive advantage and is actively promoting strategic transformations across its three major business areas [7]. Financial Summary - Revenue for 2023 was 26.949 billion, with a growth rate of 1.55%. The forecast for 2024 is 34.389 billion, representing a growth rate of 27.61% [8]. - The net profit for 2023 was -1.526 billion, with a projected recovery to 442 million in 2024, and further growth to 1.812 billion in 2025 [8]. - The earnings per share (EPS) is expected to improve from -1.06 in 2023 to 0.31 in 2024, and further to 1.26 in 2025 [8]. Business Performance - The company reported a pig output of 3.7126 million heads in 2023, a year-on-year increase of 72.05%, with a focus on expanding its fattening capacity [17]. - The feed sales volume reached 7.0831 million tons in 2023, an increase of 14.87%, outperforming the overall industry growth [17]. - The gross margin for the feed business improved to 6.52% in 2023, up by 0.5 percentage points from the previous year, driven by a shift towards higher-margin products and increased production efficiency [17].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 60.20 RMB, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [3][8]. Core Insights - The company reported a significant revenue growth of 49.24% year-on-year in Q1 2024, with total revenue reaching 381 million RMB, primarily driven by the sales of its core product, Toripalimab, which generated 307 million RMB in sales, reflecting a 56.82% increase [2][3]. - The company is expected to expand its domestic medical insurance indications to 10 by Q2 2024, with two new indications anticipated to be approved [2][3]. - The company has a strong cash position, with 4.559 billion RMB in cash as of March 31, 2024, which supports its operational efficiency and ongoing development [2][3]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 2.11 billion RMB, 3.44 billion RMB, and 4.70 billion RMB, respectively, with corresponding net profits expected to be -1.063 billion RMB, 12 million RMB, and 1.018 billion RMB [3][4]. - The report indicates a significant improvement in net profit margins, with a projected net profit growth rate of 8072.47% in 2026 [4][6]. Operational Efficiency - The company has improved its operational efficiency, with a reduction in R&D expenses by 47.64% year-on-year in Q1 2024, while maintaining sales and management expenses at manageable levels [2][3]. - The report highlights the company's focus on cost control and resource optimization, which has contributed to narrowing losses in the first quarter [2][3].

Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 106.80, compared to the last closing price of 100.09 [1][4]. Core Views - The company is currently in an adjustment phase, with notable growth in low-end liquor sales. The performance in Q1 2024 was satisfactory, achieving a revenue of 162.55 billion, up 8.03% year-on-year, and a net profit of 60.55 billion, up 5.02% year-on-year [1][4]. - The company aims for a revenue growth of 5%-10% in 2024, focusing on deepening its market presence and enhancing operational efficiency [1][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 331.26 billion, a year-on-year increase of 10.04%, and a net profit of 100.16 billion, up 6.80% year-on-year. The Q4 2023 revenue was 28.43 billion, down 21.51% year-on-year, with a net loss of 1.88 billion, down 161.28% year-on-year [1][4]. - The revenue from mid-to-high-end liquor and ordinary liquor in 2023 was 285.39 billion and 39.50 billion, respectively, with year-on-year growth of 8.82% and 20.70% [1][4]. Cost and Profitability - The gross margin for 2023 was 75.25%, with a slight increase in Q1 2024 to 76.03%. The net profit margin for 2023 was 30.25%, which decreased to 37.24% in Q1 2024 due to increased sales expenses [1][4]. - The company reported a historical high dividend payout of 70.2 billion in 2023, with a dividend rate of 70%, resulting in a current market capitalization corresponding to a dividend yield of 4.7% [1][4]. Market Strategy - The company is focusing on expanding its market presence outside its home province, with revenue from provincial and non-provincial markets reaching 143.93 billion and 180.96 billion, respectively, showing year-on-year growth of 8.05% and 11.85% [1][4]. - The number of distributors increased, with a net addition of 568 distributors in non-provincial areas, indicating ongoing efforts to enhance distribution channels [1][4]. Future Outlook - The company forecasts revenue growth rates of 9%, 8%, and 7% for 2024-2026, with net profit growth rates of 7%, 7%, and 6% for the same period [1][4]. - The report anticipates earnings per share (EPS) of 7.12, 7.61, and 8.05 for 2024-2026, with corresponding price-to-earnings (PE) ratios of 14x, 13x, and 12x [1][4].