Investment Rating - The report maintains a "Buy" rating for Luzhou Laojiao with a target price of 216.7, compared to the last closing price of 189.00 [1][6]. Core Views - Luzhou Laojiao's performance for 2023 met expectations, with a revenue of 30.233 billion, a year-on-year increase of 20.34%, and a net profit of 13.246 billion, up 27.79% year-on-year. The Q4 2023 revenue was 8.291 billion, showing a 9.1% increase year-on-year, while the net profit for the same period was 2.68 billion, up 24.78% year-on-year. For Q1 2024, revenue reached 9.188 billion, a 20.74% increase year-on-year, and net profit was 4.574 billion, up 23.2% year-on-year [4][6]. Summary by Sections Financial Performance - In 2023, Luzhou Laojiao's mid-to-high-end liquor and other liquor segments generated revenues of 26.841 billion and 3.235 billion respectively, with year-on-year growth of 21.28% and 22.87%. Sales volume increased by 1.24% and 19.64%, while average prices rose by 19.79% and 2.7% respectively. The nationalization of Guojiao has progressed steadily, with annual growth expected to exceed 20% [4][6]. Profitability and Cost Management - The company's gross margin for 2023 was 88.30%, an increase of 1.71 percentage points year-on-year, primarily due to a higher proportion of high-end liquor and price increases. The net profit margin improved to 43.95%, a historical high, reflecting a 2.52 percentage point increase year-on-year [5][6]. Future Outlook - For 2024, the company aims for a revenue growth target of no less than 15%. Q1 2024 showed strong performance with double-digit growth in product sales during the Spring Festival, and the company plans to continue enhancing channel potential and network space [4][6]. Earnings Forecast - The report projects earnings per share (EPS) for 2024-2026 to be 10.83, 13.03, and 15.24 respectively, with corresponding price-to-earnings (PE) ratios of 17x, 14x, and 12x. The target price is based on a 22x PE for 2024 earnings [6][7].

2024年04月29日 行 业周报 看好 / 维持 行 化工新材料 业 研 究 基础化工 三代制冷剂价格延续强势，碳纤维价格上涨 ◼ 走势比较 报告摘要 10% 0% 1.重点行业和产品情况跟踪 太 (10%)72/4/32 9/7/32 02/9/32 2/21/32 31/2/42 62/4/42 碳纤维材料：2024年3月风电装机量同比+40.72%，丙烯腈价格支撑 平 (20%) 碳纤维价格上涨。根据国家能源局，2024年3月我国风电新增装机量 洋 (30%) 6.29GW，较2023年同比增长40.72%。本周，原料丙烯腈市场价格持 证 (40%) 续走高，碳纤维企业生产承压，吉林化纤 4 月 22 日宣布旗下各牌号 券 碳纤维价格每吨上调 3000 元。这是吉林化纤近半年来第三次发布涨 基础化工 沪深300 股 价通知，前两次分别在2023年11月与2024年1月。根据百川盈孚 相关研究报告 份 数据，本周碳纤维国产T300（12K）市场价格90元/千克，较上周价 有 格持平；国产T300（24/25K）市场价格80元/千克，较上周上涨3元 <<磷矿石价格维持高位，纯碱现货 限 价格上涨>>--2 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company has demonstrated steady revenue growth, with a reported revenue of 8.087 billion yuan in 2023, reflecting a year-on-year increase of 5.99%. The net profit attributable to shareholders was 1.843 billion yuan, up 13.97% year-on-year [1][2]. - The company benefits from an increase in sewage treatment fees, with the average price rising from 2.15 yuan to 2.63 yuan per ton, representing a 22% increase, which is expected to enhance profit margins in the sewage treatment business [1][2]. - The company is expanding its water supply and environmental protection businesses, with operational and under-construction projects in sewage treatment and water supply reaching approximately 480,000 tons/day and 430,000 tons/day, respectively [1][2]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are estimated at 9.041 billion yuan, 9.805 billion yuan, and 10.651 billion yuan, respectively, with growth rates of 11.81%, 8.44%, and 8.64% [3][5]. - The net profit for the same years is projected to be 2.130 billion yuan, 2.312 billion yuan, and 2.528 billion yuan, with corresponding growth rates of 15.53%, 8.57%, and 9.34% [3][5]. - The earnings per share (EPS) are expected to be 0.71 yuan, 0.77 yuan, and 0.85 yuan for 2024, 2025, and 2026, respectively [3][5].

2024年04月28日 公 司点评 公 买入 / 上调 司 安克创新(300866) 研 究 目标价: 昨收盘:84.78 安克创新：2024Q1 扣非净利快增，2023 年线上独立站增长亮眼 事件:2024 年4 月24日，安克创新发布2023 年年报，4月26 日发 ◼ 走势比较 布2024年一季报。2023年公司实现营收175.07亿元(+22.85%)，归母净 利润 16.15 亿元(+41.22%)，扣非归母净利润 13.44 亿元（+71.88%）。 70% 2024Q1实现营收43.78亿元（+30.09%），归母净利润3.11亿元（+1.60%）， 太 50% 扣非归母净利润3.15亿元（+29.04%）。公司拟以4.06亿股为基数，向 平 全体股东每10股派发现金红利20元（含税），共计8.13亿元，分红比 30% 例50.34%；以资本公积向全体股东每10 股转增3股，共计1.22亿股。 洋 10% 证 券 (10%)72/4/32 9/7/32 02/9/32 2/21/32 31/2/42 62/4/42 2023H2各品类均实现较快增长，全年日本、欧洲地区表现优秀。1） (30%) ...

Investment Rating - The report maintains a "Buy" rating for Luzhou Laojiao with a target price of 216.7, compared to the last closing price of 189.00 [1][5]. Core Insights - Luzhou Laojiao's 2023 performance met expectations, with revenue reaching 30.233 billion, a year-on-year increase of 20.34%, and net profit of 13.246 billion, up 27.79% [3][5]. - The company achieved a revenue of 9.188 billion in Q1 2024, reflecting a 20.74% year-on-year growth, with net profit at 4.574 billion, increasing by 23.2% [3][5]. - The growth in high-end liquor sales contributed to an overall increase in gross margin, which was 88.30% for 2023, up 1.71 percentage points year-on-year [4][5]. Summary by Sections Financial Performance - In 2023, Luzhou Laojiao's revenue was 30.233 billion, with a net profit of 13.246 billion, showing significant growth rates of 20.34% and 27.79% respectively [3][6]. - For Q4 2023, revenue was 8.291 billion, a 9.1% increase year-on-year, while net profit reached 2.68 billion, up 24.78% [3][5]. - The company aims for a revenue growth target of no less than 15% for 2024, supported by strong sales during the Spring Festival [3][5]. Product and Market Insights - The revenue from mid-to-high-end liquor reached 26.841 billion, growing by 21.28%, while other liquor categories saw a 22.87% increase [3][5]. - The company reported that its national customer base surpassed 20 billion, with an expected growth rate of over 20% for the year [3][5]. - Luzhou Laojiao is focusing on enhancing its market presence in key regions such as North China, Southwest, and East China, with a strategy to deepen market penetration [3][5]. Cost and Profitability Metrics - The gross margin for 2023 was 88.30%, primarily driven by an increase in high-end liquor sales and price adjustments [4][5]. - The net profit margin improved to 43.95%, marking a historical high for the company, attributed to both gross margin enhancement and cost optimization [4][5]. - The company reported a significant increase in cash flow from sales, with growth rates of 21.91% and 32.31% for 2023 and Q1 2024 respectively [5].

2024年04月29日 公 司点评 公 增持 / 下调 司 古井贡酒(000596) 研 究 目标价: 300.78 昨收盘:264.50 双百亿目标顺利达成，净利率稳步上升 事件：古井贡酒发布2023年年报和2024年一季报，2023年实现 ◼ 走势比较 营收202.54亿元，同比+21.18%，归母净利润45.89亿元，同比+46.01%， 扣非归母净利润 44.95 亿元，同比+46.59%。2023Q4 实现营收 43.01 10% 亿元，同比+8.92%，归母净利润7.77亿元，同比+49.20%。2024Q1实 太 0% 现营收 82.86 亿元，同比+25.85%，归母净利润 20.66 亿元，同比 平 (10%)4/5/32 41/7/32 32/9/32 3/21/32 21/2/42 32/4/42 +31.61%，扣非归母净利润20.50亿元，同比+32.67%。 洋 2023 年营收突破 200 亿，一季度开门红表现亮眼。2023 年双百 (20%) 证 亿目标顺利达成，一季度开门红表现亮眼。分产品，2023年公司年份 (30%) 原浆/古井贡酒/黄鹤楼及其他分别实现营收 154.17 ...

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公 司 研 究 2024 年 04 月 28 日 公司点评 买入/维持 帝尔激光(300776) 昨收盘:43.53 技术驱动成长，业务多点开花 ◼ 走势比较 (40%) (26%) (12%) 2% 16% 30% 23/4/2823/7/923/9/19 23/11/3024/2/1024/4/22 帝尔激光 沪深300 ◼ 股票数据 总股本/流通(亿股) 2.73/2.73 总市值/流通(亿元) 118.87/118.87 12 个月内最高/最低价 (元) 107.94/36.71 相关研究报告 <<帝尔激光深度报告：帝承创新光辉 照，尔赋光伏领未来>>--2024-03-04 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 分析师登记编号：S1190524010001 研究助理：钟欣材 电话： E-MAIL：zhongxc@tpyzq.com 一般证券业务登记编号：S1190122090007 事件：公司发布 2023 年年报及 2024 年一季报， ...

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2024年04月27日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 基因泰克 Ocrelizumab 三期临床结果积极，用于治疗 RMS/PPMS ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)72/4/32 9/7/32 02/9/32 2/21/32 31/2/42 62/4/42 0.122 p0 c2 t4 ，涨年 跌4 幅月 居申26 万日 3， 1医 个药 子行板 业块 第涨跌 12幅 名+1 。. 各65 医%， 药跑 子赢 行沪 业深 中，30 医0 疗指 研数 平 (14%) 发外包(+3.92%)、医院(+2.90%)、疫苗（+2.63%）表现居前，血液制品(- 洋 (22%) 0.68%)、线下药店(+0.23%)、医药流通(+0.86%)表现居后。个股方面，日 涨幅榜前 3 位分别为艾力斯(+20.00%)、健帆生物(+12.23%)、圣达生物 证 (30%) (+9.98%)；跌幅榜前3位为金域医学（-9.61%）、华兰疫苗(-8.87%)、桂 券 医药 沪深300 林三金(-8.42%)。 股 ◼ 子行业评级 份 行业要闻： 近日，基因泰克宣布，其重磅抗 ...