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][3]. Core Views - The company has achieved a record high dividend payout ratio of 70% in 2023, indicating strong cash flow and shareholder returns [3]. - The company is currently in an adjustment phase, with notable growth in low-end liquor products, while overall performance in Q4 2023 was below expectations [3]. - The company aims for a revenue growth of 5%-10% in 2024, focusing on deepening its market presence and enhancing operational efficiency [3]. Financial Performance Summary - In 2023, the company reported revenue of 33.126 billion, a year-on-year increase of 10.04%, and a net profit of 10.016 billion, up 6.80% [3][5]. - For Q1 2024, revenue reached 16.255 billion, reflecting an 8.03% year-on-year growth, with a net profit of 6.055 billion, up 5.02% [3]. - The company’s gross margin for 2023 was 75.25%, with a slight increase in Q1 2024 to 76.03% [3][5]. Product and Market Insights - The company’s mid-to-high-end liquor and regular liquor segments generated revenues of 28.539 billion and 3.950 billion respectively in 2023, with growth rates of 8.82% and 20.70% [3]. - The company has increased the ex-factory price of its M6+ product by 20 yuan per bottle starting April 1, 2024, to support future growth [3]. - The company’s revenue from provincial and non-provincial markets in 2023 was 14.393 billion and 18.096 billion respectively, with non-provincial revenue growing at a faster rate [3]. Expense and Profitability Analysis - Sales expenses increased significantly, leading to a slight pressure on net profit margins, which were 30.25% in 2023 and 37.24% in Q1 2024 [3]. - The company’s advertising and promotional expenses reached 3.461 billion in 2023, a 43.34% increase year-on-year, reflecting intensified competition [3]. - The net profit margin for 2023 was 30.25%, slightly down from the previous year due to increased expenses [3]. Future Projections - The company forecasts revenue growth rates of 9%, 8%, and 7% for 2024, 2025, and 2026 respectively, with net profit growth rates of 7%, 7%, and 6% [3][5]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 7.12, 7.61, and 8.05 respectively [5].

2024年04月30日 公 司点评 公 买入 / 维持 司 君实生物(688180) 研 究 目标价:60.20 昨收盘:27.95 拓益销售收入 Q1 同比增长 57%，适应症扩展成效显著 事件：  走势比较 近日，公司发布2024年第一季度报告。公司2024年第一季度营 业收入为 3.81 亿元（同比+49.24%），研发费用为 2.76 亿元（同比- 10% 47.64%），销售费用为1.92亿元（同比+4.91%），管理费用为1.23亿 太 平 (( 14 8% %))4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 元 亿（ 元同 。比 +8.98%），归母净利润为-2.83亿元，扣非归母净利润为-3.07 洋 (32%) 证 观点： (46%) 券 2024Q1拓益销售收入大幅增长，公司整体运营效率提升，亏损收 (60%) 股 窄。2024 年第一季度公司营收 3.81亿元，同比增长 49.24%，营业收 份 君实生物 沪深300 入增长主要来自商业化药品销售收入的增长，其中，核心产品特瑞普 有  股票数据 利单抗于国内市场实现销售收入 3.07 亿 ...

[Table_Message2]0 24-04- 29 行业周 报 行 看好/维持 业 航空航天与国防Ⅲ 研 究 [Table_Title] 工业 资本货物 报 告 军工行业周报(2024.04.29)：神舟十八号载人飞船发射成功 [报T告ab摘le要_S ummary]  走势对比 太 本周要闻： 平 神舟十八号载人飞船发射成功 洋 证 北京时间4月25日20时59分，搭载神舟十八号载人飞船的 券 长征二号F遥十八运载火箭在酒泉卫星发射中心点火发射，约10 股 分钟后，神舟十八号载人飞船与火箭成功分离，进入预定轨道，本 份 次发射取得圆满成功。飞船入轨后，将按照预定程序与空间站组合 有 体进行自主快速交会对接，神舟十八号航天员乘组将与神舟十七号 限 [ Table_ReportInfo] 航天员乘组进行在轨轮换。在空间站工作生活期间，神舟十八号航 公 天员乘组将进行多次出舱活动，开展微重力基础物理、空间材料科 司 学、空间生命科学、航天医学、航天技术等领域实（试）验与应 [ Table_Author] 证 用，完成空间站碎片防护加固装置安装，舱外载荷和舱外平台设备 券 安装与回收等各项任务。 研 究 报 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leading domestic manufacturer of functional shading materials, with a significant global market presence and a strong reputation in the building shading sector [3][19] - The company reported a revenue of 660 million yuan in 2023, a year-on-year increase of 21.3%, and a net profit of 165 million yuan, up 5.4% [3][19] - The company is expected to enter a new growth phase starting in 2024, with projected net profits of 210 million yuan, 260 million yuan, and 320 million yuan for 2024, 2025, and 2026 respectively [3][19] Company Overview - The company specializes in functional shading materials, with main products including blackout fabrics, adjustable light fabrics, and sunlight fabrics, with exports accounting for two-thirds of its sales [3][19] - The company has established long-term stable relationships with domestic and international clients, enjoying high recognition in the global building shading field [3][19] - The company has a strong R&D capability, with a research expense ratio consistently above 3% and 110 patents [3][19] Industry Analysis - The functional shading materials industry has a mature overseas market with a market share exceeding 70%, while domestic penetration is low at less than 5%, indicating significant growth potential [3][60] - The domestic market for functional shading materials is expected to grow at a CAGR of 23% from 2021 to 2025, driven by increasing awareness of energy-saving and environmentally friendly materials [3][64] Financial Analysis - The company's revenue and net profit have shown steady growth, with a revenue of 826 million yuan and a net profit of 211 million yuan projected for 2024 [3][12] - The company’s gross profit margin was 39.8% in 2023, indicating strong profitability compared to industry peers [3][19] - The company has a well-controlled expense structure, with sales expense ratio increasing slightly due to post-pandemic activities [3][27] Growth Drivers - The company is expanding its production capacity, with new functional shading materials expected to reach full production by the end of 2023 [3][19] - The company is also exploring cross-border e-commerce channels, which are anticipated to contribute to new growth momentum [3][19]

2024年04月29日 公 司点评 公 买入 / 维持 司 科沃斯(603486) 研 究 目标价: 昨收盘:45.68 科沃斯：2024Q1 业绩跌幅收窄拐点将至，新品 X5 Pro 丰富中高端产品布局 ◼ 走势比较 事件：2024 年 4 月 26 日，科沃斯发布 2023 年年报及 2024 年一季 报。2023年公司实现总营收155.02亿元（同比+1.16%），归母净利润6.12 20% 亿元（同比-63.96%），扣非归母净利润4.84亿元（同比-70.26%）。2024Q1 太 4% 公司总营收 34.74 亿元（同比+7.35%），归母净利润 2.98 亿元（同比- 平 (12%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 8.71%），扣非归母净利润2.87亿元（同比+0.26%）。 洋 (28%) 证 (44%) 2024Q1业绩端跌幅显著收窄，智能生活电器业务实现逆势稳健增长。 券 (60%) 1）分季度看：2024Q1 公司总营收 34.74 亿元（同比+7.35%），单季度收 股 入增速由负转正；归母净利润2.98亿元（同比-8.71 ...

2024年04月30日 行 业周报 看好 / 维持 行 家电 业 研 究 家电 本周铜价同比+15%，2024M5 空冰洗排产同比增长 15.2% ◼ 走势比较 报告摘要 20% 10% 市场行情回顾：1）指数方面，本周家电板块小幅下跌 0.80%， 太 0% 平 (10%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 2 第0 一24 。年 2初 ）至 个今 股家 方电 面板 ，块 TC涨 L电幅 子为 、15 海.1 信7% 家， 电在 、申 四万 川一 九级 洲行 2业 02中 4涨 年幅 初排 以名 来 洋 (20%) 累计涨幅位居前三，其中TCL电子年涨幅为98.04%。3）资金方面， 证 (30%) 北向资金净流入 257.96 亿元，转上周流出为流入，增加 324.87 亿 券 家电 沪深300 元；南向资金净流入93.33亿元，较上周流入减少198.18亿元。 股 ◼ 子行业评级 份 楼市数据跟踪：2024年3月，国内30大中城市商品房成交面积 有 白色家电Ⅱ 无评级 和成交套数分别为 967.72 万平方米（-45.47%）和 9.80 万套（ ...

[Table_Message2]0 24-04- 29 行业周 报 行 看好/维持 业 航空航天与国防Ⅲ 研 究 [Table_Title] 工业 资本货物 报 告 军工行业周报(2024.04.29)：神舟十八号载人飞船发射成功 [报T告ab摘le要_S ummary]  走势对比 太 本周要闻： 平 神舟十八号载人飞船发射成功 洋 证 北京时间4月25日20时59分，搭载神舟十八号载人飞船的 券 长征二号F遥十八运载火箭在酒泉卫星发射中心点火发射，约10 股 分钟后，神舟十八号载人飞船与火箭成功分离，进入预定轨道，本 份 次发射取得圆满成功。飞船入轨后，将按照预定程序与空间站组合 有 体进行自主快速交会对接，神舟十八号航天员乘组将与神舟十七号 限 [ Table_ReportInfo] 航天员乘组进行在轨轮换。在空间站工作生活期间，神舟十八号航 公 天员乘组将进行多次出舱活动，开展微重力基础物理、空间材料科 司 学、空间生命科学、航天医学、航天技术等领域实（试）验与应 [ Table_Author] 证 用，完成空间站碎片防护加固装置安装，舱外载荷和舱外平台设备 券 安装与回收等各项任务。 研 究 报 ...

Investment Rating - Buy/Maintain with a target price of 111.26 CNY, compared to the previous closing price of 83.99 CNY [1] Core Views - The company's operations continue to improve, with profitability reaching new highs [1] - The company is expected to maintain steady growth driven by new and secondary products, with a focus on regional and national product strategies [3] - The company aims to exceed equity incentive targets, with a focus on product upgrades and market expansion [3] Financial Performance - 2023 revenue reached 14.045 billion CNY, a year-on-year increase of 15.28%, with net profit attributable to shareholders of 1.478 billion CNY, up 34.24% [2] - 2024 Q1 revenue was 3.755 billion CNY, up 17.67% year-on-year, with net profit attributable to shareholders of 438 million CNY, up 13% [2] - The company's gross profit margin increased by 1.3 percentage points to 23.2% in 2023, with a net profit margin of 10.3%, up 1.9 percentage points [2] - 2024 Q1 gross profit margin rose to 26.6%, driven by lower raw material costs and seasonal scale effects [2] Product Performance - Frozen fish paste products, meat products, and prepared dishes showed steady growth, with prepared dishes achieving a 29.8% year-on-year increase in revenue [2] - The company's "Lock Fresh" series and new products contributed significantly to revenue growth, with frozen fish paste products and meat products growing by 31.5% and 27.7% respectively in Q1 2024 [2] Regional Performance - Except for a slight decline in Central China due to the impact of new acquisitions, other regions experienced rapid growth in Q1 2024 [2] Future Projections - Revenue is expected to reach 15.907 billion CNY in 2024, 18.032 billion CNY in 2025, and 20.521 billion CNY in 2026, with year-on-year growth rates of 13.25%, 13.36%, and 13.81% respectively [4] - Net profit attributable to shareholders is projected to be 1.629 billion CNY in 2024, 1.831 billion CNY in 2025, and 2.032 billion CNY in 2026, with growth rates of 10.23%, 12.37%, and 10.99% respectively [4] - The company's PE ratio is expected to be 15.12X in 2024, 13.45X in 2025, and 12.12X in 2026 [4] Strategic Focus - The company will continue to focus on product innovation, regional market penetration, and national product expansion [3] - Upgrades to the "Lock Fresh" series and increased promotion of sausage products are key strategies for future growth [3]

2024 年 04 月 29 日 公司点评 买入/维持 光峰科技(688007) 目标价: 昨收盘:19.92 光峰科技：2024Q1 利润迎来拐点增速靓丽，车载业务收入实现从 0 到 1 突破 | --- | --- | --- | --- | |-------|--------------------------------------------------|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ◼ 走势比较 | | 事件： 2024 年 4 月 26 日，光峰科技发布 2023 年年报以及 2024 年一 | | | 50% | | 季报。 2023 年公司实现总营收 22.13 亿元（同比 -12.90% ），归母净利润 | | | ...

2024年04月30日 行 业周报 看好 / 维持 行 家电 业 研 究 家电 本周铜价同比+15%，2024M5 空冰洗排产同比增长 15.2% ◼ 走势比较 报告摘要 20% 10% 市场行情回顾：1）指数方面，本周家电板块小幅下跌 0.80%， 太 0% 平 (10%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 2 第0 一24 。年 2初 ）至 个今 股家 方电 面板 ，块 TC涨 L电幅 子为 、15 海.1 信7% 家， 电在 、申 四万 川一 九级 洲行 2业 02中 4涨 年幅 初排 以名 来 洋 (20%) 累计涨幅位居前三，其中TCL电子年涨幅为98.04%。3）资金方面， 证 (30%) 北向资金净流入 257.96 亿元，转上周流出为流入，增加 324.87 亿 券 家电 沪深300 元；南向资金净流入93.33亿元，较上周流入减少198.18亿元。 股 ◼ 子行业评级 份 楼市数据跟踪：2024年3月，国内30大中城市商品房成交面积 有 白色家电Ⅱ 无评级 和成交套数分别为 967.72 万平方米（-45.47%）和 9.80 万套（ ...