Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The textile manufacturing and supply chain companies are showing strong performance in Q1 2024, with notable revenue growth and profit increases across several companies, driven by stable domestic and international demand [2][3]. - The report emphasizes the resilience of manufacturing companies in the short term and highlights the long-term potential of leading brands in the sports industry and high-quality enterprises [2][3]. - The cross-border e-commerce sector is identified as a significant growth area, with recommendations to focus on companies with strong operational capabilities and those adapting to the cross-border e-commerce landscape [4]. Summary by Sections Market Review - The market indices for the week of April 22-26, 2024, showed varied performance, with the Shanghai Composite Index increasing by 0.76% and the textile and apparel sector declining by 1.22% [8][10]. - The textile and apparel sector ranked 27th among 31 primary industries, while beauty and retail sectors performed better [8]. Industry Data Tracking - In March 2024, the total retail sales increased by 3.1%, with specific categories such as clothing and cosmetics showing positive growth [31]. - The report notes an improvement in overseas demand, with U.S. apparel retail sales growing by 3.1% year-on-year in March 2024 [40]. Industry News - Companies like Skechers and Columbia reported varying sales performances, with Skechers seeing a 16% increase in the Asia-Pacific market while Columbia's sales fell by 6% [3]. - The report highlights the strong performance of domestic beauty brands and the increasing market share of local cosmetics companies [4]. Recommendations - The report recommends focusing on high-quality companies in the sports apparel sector, such as Anta Sports and Li Ning, as well as manufacturing leaders like Huayi Group and Shenzhou International [4]. - It also suggests monitoring the performance of domestic beauty brands that are gaining traction in the market [4].

2024年04月28日 行 业周报 看好 / 维持 行 生物医药Ⅱ 业 研 究 医药 高股息板块盛行，建议关注医药相关领域  走势比较 报告摘要 10% 本周我们探讨医药高股息板块行情及相关标的。 2% 太 (6%)72/4/32 9/7/32 02/9/32 2/21/32 31/2/42 62/4/42 高股息板块大幅跑赢大盘，未来有望成为长期市场风格 平 (14%) A股方面，年初至今高股息板块大幅跑赢大盘，沪深300指数涨 洋 (22%) 幅4.5%，沪深300价值和国信价值指数分别取得了12.1%、11.7%的 证 (30%) 涨幅。港股方面，近期外资驱动致使市场流动性恢复，带动互联网、 券 医药 沪深300 医药等行业上涨；相对外资较高的资金成本，港股高股息率对内地资 股  子行业评级 金的吸引力更强，因此，高股息板块或将进行跟涨。 份 展望未来，国内宏观经济尚待复苏、通缩持续；且监管机构更加 有 化学制药 无评级 重视上市公司的分红，一方面会加大企业分红力量，另一方面也会使 限 生物医药Ⅱ 无评级 分红能力较强的企业在未来几年内获得更多关注。因此，高股息板块 ...

2024年04月28日 行 业周报 看好 / 维持 行 基础化工 业 研 究 基础化工 三代制冷剂延续强势，纯碱现货价格继续上涨 ◼ 走势比较 报告摘要 10% 1.重点行业和产品情况跟踪 0% 太 (10%)82/4/32 9/7/32 91/9/32 03/11/32 01/2/42 22/4/42 制冷剂：三代制冷剂价格延续强势。根据百川盈孚数据，截至4 月26日，二代制冷剂R142b价格为1.65万元/吨，较上周持平；R22 平 (20%) 价格为 2.45 万元/吨，较上周上涨 1500 元/吨。三代制冷剂方面， 洋 (30%) R125价格为4.50万元/吨，较上周价格持平；R134a价格为3.2万元 证 (40%) /吨，较上周价格持平；R32价格为3.1万元/吨，较上周上涨1000元 券 基础化工 沪深300 /吨。目前，替代品方面，四代制冷剂因仍在专利保护期内，供给受 股 相关研究报告 限、售价极高。而在专利全面到期后，由于主流工艺物料单耗高，其 份 价格仍有望长期倍数级高于三代现价，给予三代制冷剂巨大发展空 有 <<磷矿石价格维持高位，纯碱现货价 间。需求方面，由于全球空调渗透率持续增长， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set based on the last closing price of 297.01 [1][4]. Core Insights - The company's Q1 2024 financial results met expectations, with a revenue growth of 27% year-on-year, driven primarily by the stable growth of the "Hi Body" series and the rapid expansion of the "Ruh White Angel" product line [2][3]. - The gross profit margin and net profit margin for Q1 2024 were reported at 94.55% and 65.27% respectively, indicating strong profitability [2]. - The company is expected to continue benefiting from a robust product pipeline, with several new products in the approval stage, which will contribute to sustained revenue growth [2][3]. Financial Performance Summary - Q1 2024 revenue was 8.1 billion yuan, reflecting a year-on-year increase of 28% [2]. - The company forecasts a revenue of 38.33 billion yuan for 2024, with a growth rate of 34% [2]. - The projected net profit for 2024 is 2.445 billion yuan, with a growth rate of 32% [2]. - The diluted earnings per share for 2024 is estimated at 11.3 yuan, with a corresponding PE ratio of 26.3 [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance [5]. Core Views - The company is expected to achieve revenues of 2.62 billion, 3.15 billion, and 3.77 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at 308 million, 382 million, and 476 million yuan for the same years [5][6]. - The company has shown resilience in its smart manufacturing segment, with significant customer expansion and a focus on domestic and intelligent opportunities [4][17]. - The report highlights a recovery in Q3 profits and the acquisition of Beijing Sinobo to strengthen its market position among central state-owned enterprises [3][17]. Summary by Sections Financial Performance - For 2023, the company reported revenues of 2.254 billion yuan, a decrease of 0.75% year-on-year, while net profit was 254 million yuan, an increase of 1.98% [17]. - In Q1 2024, revenues increased by 4.51% year-on-year to 540 million yuan, with net profit rising significantly by 216.45% to 20.38 million yuan [17][18]. Business Segments - The company's ERP segment generated 1.219 billion yuan in revenue, down 1.70% year-on-year, while the smart manufacturing segment achieved 830 million yuan, up 2.56% year-on-year [17]. - The self-developed product licensing revenue exceeded 130 million yuan, indicating a growing recognition and potential for margin improvement [17]. Market Position and Strategy - The company has successfully expanded its customer base, adding over 230 new clients, which represents 21.66% of total customers, laying a solid foundation for future growth [17]. - The report emphasizes the company's collaboration with Huawei to develop new solutions aimed at enhancing smart manufacturing capabilities [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6][24]. Core Views - The company is expected to benefit from industry growth, particularly in the refrigerator export sector, and the implementation of a "replace old with new" policy is likely to boost domestic demand for white goods [24]. - The company's Q1 2024 performance showed significant revenue growth of 24.60% year-on-year, reaching 4.198 billion yuan, driven by both external and internal factors [1]. - The net profit attributable to shareholders for Q1 2024 was 225 million yuan, reflecting a year-on-year increase of 27.83%, indicating improved operational efficiency and a rise in export and ODM orders [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a gross margin of 20.28%, a slight decrease of 1.88 percentage points year-on-year, while the net margin was 10.08%, down 0.41 percentage points, showing better cost management [9]. - The company’s operating expenses as a percentage of revenue decreased across various categories, including sales, management, and R&D expenses [9]. Revenue and Profit Forecast - The projected revenues for the company from 2023 to 2026 are as follows: 15.18 billion yuan in 2023, 16.88 billion yuan in 2024, 18.88 billion yuan in 2025, and 21.24 billion yuan in 2026, with growth rates of 30.15% in 2023 and 11.18% in 2024 [10]. - The forecasted net profit for the same period is 787 million yuan in 2023, 876 million yuan in 2024, 1.004 billion yuan in 2025, and 1.286 billion yuan in 2026, with corresponding growth rates of 69.37% in 2023 and 11.34% in 2024 [10]. Market Position and Strategy - The company is positioned as a leading ODM in the refrigerator sector, with expectations of continued growth due to strategic acquisitions and market conditions [24]. - The report highlights the potential for revenue growth driven by the integration of TCL's Hefei home appliances, which may enhance operational synergies [24].

2024年04月28日 公 司点评 公 买入 / 维持 司 神州数码(000034) 研 究 目标价: 昨收盘:30.15 业绩符合预期，AI 算力业务大幅增长 ◼ 走势比较 事件：神州数码发布 2024 年一季报。公司 2024Q1 实现营业收入 292.72 亿元，同比+7.95%；归母净利润 2.35 亿元，同比+12.35%；扣非 40% 净利润2.03亿元，同比-14.73%。 太 26% 战略业务收入占比持续提升，自主品牌表现亮眼。24Q1，公司云及数 平 12% 字化业务营收实现16.8亿元，其中高价值的数云业务（MSP+ISV）实现营 洋 (2%) 证 (16%)82/4/32 9/7/32 91/9/32 03/11/32 01/2/42 22/4/42 收 信创3. 业66 务亿 实元 现， 营同 收比 1增 1.长 381 亿27 元%。 ，自 同主 比品 增牌 长业 16务 6%营 ；收 AI实 算现 力1 相2. 关5 业亿 务元 实， 现其 爆中 券 (30%) 发性增长，单季营收规模接近去年全年。公司业务结构进一步优化，带动 股 盈利能力持续提升，24Q1毛利率同比提升0.89p ...

2024年04月27日 公 司点评 公 买入 / 维持 司 石头科技(688169) 研 究 昨收盘:382.30 24Q1 业绩超预期，海内外成长性持续兑现 事件：公司发布24年一季报，24Q1实现营业收入18.41亿元，同比  走势比较 增长58.69%；归母净利润3.99亿元，同比增长95.23%；扣非后归母净利 润3.42亿元，同比增长110.03%。 30% 海内外成长性持续兑现，24Q1 业绩超预期。公司海外品牌建设不断 太 20% 推进，同时精耕渠道运营，北美KA渠道实现突破，入驻超180家Target 平 10% 门店，美亚平台领先地位确立，欧洲自营渠道实现高成长，迈入业绩兑现 期。国内布局多价格段产品，强化品牌力，渠道端布局线下体验店，助力 洋 0% 渗透率再提升。伴随公司产品结构升级，高价值量机型占比提升，叠加成 证 (10%) 本优化效果逐步体现，24Q1毛利率56.49%，同比增加6.64pct。 券 (20%) 规模效应体现，盈利能力优化。公司24Q1净利率21.66%，同比提升 股 4.05pct，其中销售、管理、研发、财务费用率分别为 20.75%、2.76%、 份 石头科技 ...

天味食品：2024Q1 收入符合预期，盈利水平持续改善 太 平 证 券 股 份 有 公 证 券 研 报 告 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 天味食品：2024Q1 收入符合预期，盈利水平持续改善 P2 | --- | --- | --- | --- | --- | |--------------------|--------|--------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 3,149 | 3,646 | 4,233 | 4,974 | | 营业收入增长率 (%) | 17.02% | 15.80% | 16.10% | 17.50% | | 归母净利（百万元） | 457 | 549 | 647 | 752 | | 净利润增长率 (%) | 33.65% | 20.17% | 17.90% | 16.21% | | 摊薄每股收益（元） | 0.43 | 0.52 | 0.61 | 0.71 | | 市盈率（PE） | 30.56 | 27.08 | 22.97 | 19.77 ...

2024年4月28日 公司深 度研究 公 买入 / 首次 司 诺诚健华(688428.SH) 研 究 目标价:16.10 0.00 昨收盘:8.32 血液瘤先发优势稳固，自免管线收获期临近  走势比较 报告摘要 10% 诺诚健华（688428.SH）是一家商业化阶段的生物医药公司，2015年成立 太 平 (( 12 4% %))72/4/32 9/7/32 02/9/32 2/21/32 31/2/42 62/4/42 至 瘤今 、， 自免2 款 疾血 病及液瘤 实体产 瘤品已 。公获 司批 的上 推市 荐， 逻13 辑款 如产 下品 ：处 于临床阶段，覆盖血液 洋 (26%)  奥布替尼有望保持快速放量，坦昔妥单抗将贡献新增量 证 (38%) 1） 中国 NHL 患者五年生存率仍与发达国家存在较大差距，未满足 券 (50%) 临床需求巨大； 股 份 诺诚健华 沪深300 2） 奥布替尼适应症增加和出海预期：奥布替尼获批的3项适应症均 已纳入国家医保； 4 项中国注册性 3 期临床（1L CLL/SLL，r/r 有  股票数据 MZL，1L MCL，1L MCD DLBCL）正在进行中，有望于2024- ...