2024年04月26日 公 司点评 公 买入 / 维持 司 蓝晓科技(300487) 研 究 业绩同比增长，平台型公司行稳致远 事件：公司近期发布2023年报及2024年一季报，2023年实现营 ◼ 走势比较 收24.89亿元，同比+29.62%，实现归母净利润7.17亿元，同比+33.35%， 10% 公司2023年度拟向全体股东每10股派发现金红利5.68元（含税）， 0% 太 (10%)52/4/32 7/7/32 81/9/32 03/11/32 11/2/42 42/4/42 共计派发现金红利2.87亿元，占2023年归母净利润的39.97%。2024Q1 实现营业收入6.31亿元，同比+25.99%，实现归母净利润1.69亿元， 平 (20%) 洋 (30%) 同比+26.35%。 证 (40%) 公司深耕吸附分离材料领域，2023盈利能力稳步提升。公司深耕 券 蓝晓科技 沪深300 股 吸附分离材料及技术领域20余年，产品广泛应用于金属资源、生命科 份 ◼ 股票数据 学、水处理与超纯水、食品加工、节能环保诸多领域。2023年，公司 有 总股本/流通(亿股) 5.05/5.05 营业收入与净利润双 ...

2024年04月28日 行 业周报 看好 / 维持 行 机械 业 研 究 机械 一季度业绩同比表现突出，建议关注叉车以及出口链 ◼ 走势比较 报告摘要 10% 本期（4月22日-4月26日），沪深300上涨1.2%，机械板块上涨0.9%， 2% 太 (6%)82/4/32 9/7/32 91/9/32 03/11/32 01/2/42 22/4/42 在所有一级行业中排名19。细分行业看，3C设备涨幅最大，上涨7.1%； 平 (14%) 叉车跌幅最大，下跌7.5%。 洋 (22%) 证 (30%) 本周观点 券 机械 沪深300 一季度业绩同比表现突出，建议关注叉车以及出口链 股 ◼ 子行业评级 份 有 事件：截止至2024年4月27日，归属申万一级机械行业的公司已有494 限 ◼ 推荐公司及评级 家已经披露2023年度财务报告，其中330家实现营业收入同比正增长， 公 司 相关研究报告 236 家实现归母净利润同比正增长；已有 396 家已经披露 2024 年 ...

2024年04月26日 公 司点评 公 买入 / 维持 司 迎驾贡酒(603198) 研 究 目标价: 83.03 昨收盘:65.75 洞藏放量产品结构优化明显，2024Q1 顺利实现开门红 事件：迎驾贡酒发布2023年年报和2024年一季报，2023年实现 ◼ 走势比较 营收67.20亿元，同比+22.07%，归母净利润22.88亿元，同比+34.17%， 扣非归母净利润 22.33 亿元，同比+35.97%。2023Q4 实现营收 19.16 30% 亿元，同比+18.80%，归母净利润6.33亿元，同比+26.03%。2024Q1实 太 20% 现营收23.25亿元，同比+21.33%,归母净利润9.13亿元，同比+30.43%。 平 10% 2023年业绩超额完成目标，一季度顺利实现开门红。2023年公司 洋 超额完成年初营收目标，一季度开门红表现亮眼。分产品，2023年公 0% 证 (10%)62/4/32 8/7/32 91/9/32 1/21/32 21/2/42 52/4/42 司中高档白酒/普通白酒分别实现营收 50.22/13.80 亿元，同比 +27.84%/+8.68%，中高档白酒占比 ...

2024年04月28日 公 司点评 公 买入 / 维持 司 新产业(300832) 研 究 昨收盘:70.15 新产业点评报告：24Q1 利润快速增长，盈利能力稳定提升 事件：4 月 26 日，公司发布 2024 年第一季度报告：实现营业收入 ◼ 走势比较 10.21亿元，同比增长16.62%；归母净利润4.26亿元，同比增长20.04%； 扣非净利润 3.99 亿元，同比增长 25.49%；经营性现金流量净额 2.62 亿 50% 太 34% 元，同比增长45.73%。 平 18% 洋 国内仪器装机受短暂性压制，今年有望逐季恢复 2% 证 (14%)72/4/32 9/7/32 02/9/32 2/21/32 31/2/42 62/4/42 分地区来看，公司2024年第一季度国内市场主营业务收入同比增长 券 12.17%，我们预计主要是医疗行业整顿行动使得招标采购活动出现延期 (30%) 股 所致，但是我们预计推迟的采购在未来仍将逐季释放；海外市场主营业务 份 新产业 沪深300 收入同比增长24.95%，依旧维持了高速增长。 有 ◼ 股票数据 分产品来看，第一季度公司试剂收入同比增长 26.42%；仪器类 ...

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 [13][20]. Core Insights - The company reported a significant increase in profits for Q1 2024, with core businesses in headphones and audio equipment experiencing rapid growth [13]. - In 2023, the company achieved a revenue of 2.694 billion yuan, representing a year-on-year growth of 21.64%, and a net profit of 420 million yuan, which is a 70.17% increase [3][10]. - For Q1 2024, the company recorded a revenue of 679 million yuan, up 25.08%, and a net profit of 109 million yuan, reflecting a 43.44% increase [3][10]. Financial Performance - The gross profit margin for Q1 2024 was 40.08%, an increase of 5.56 percentage points year-on-year, attributed to improved product mix [4]. - The net profit margin for Q1 2024 was 18.18%, up 2.85 percentage points year-on-year, driven by the increase in gross profit margin [4]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares to all shareholders [3]. Product and Market Development - The company launched several new products in 2023, including gaming mice and headphones, and expanded its product matrix with the introduction of open Bluetooth headphones in March 2024 [5][11]. - The domestic sales strategy includes a "regional exclusive distributor system," with hundreds of distributors across the country, while online sales on major platforms like JD and Tmall are leading the market [5]. - Internationally, the company has seen rapid growth in e-commerce channels such as Amazon and Lazada, with positive user feedback and brand influence [5]. Business Segmentation - In 2023, the company's revenue from headphones, audio equipment, and automotive audio products reached 1.791 billion yuan (+22.48%), 828 million yuan (+20.65%), and 11 million yuan (+11.90%) respectively, indicating strong growth in core business areas [10]. - Domestic revenue was 2.072 billion yuan (+17.90%), while overseas revenue grew significantly by 36.02% to 621 million yuan [10]. - The company's distribution model saw revenue from distribution and direct sales reach 1.812 billion yuan (+29.28%) and 621 million yuan (+7.37%) respectively, with distribution business showing rapid improvement [10]. Future Outlook - The report anticipates that the company will benefit from the growth of the smart speaker market, leveraging its hardware advantages in collaboration with software partners [13]. - The TWS (True Wireless Stereo) headphone segment is expected to enhance market share through strategic positioning in the mid-range segment, while AI and open wireless headphones are projected to contribute additional revenue [13]. - Forecasted net profits for 2024, 2025, and 2026 are 531 million yuan, 629 million yuan, and 723 million yuan respectively, with corresponding EPS of 0.60, 0.71, and 0.81 yuan [14].

请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 2024 年 04 月 27 日 公司点评 买入/首次 德昌股份(605555) 目标价: 昨收盘:19.95 德昌股份：2024Q1 利润增速靓丽，小家电和 EPS 电机业务表现亮眼 | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|-----------------------------------------------------------------|---------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu with a target price of 295 CNY, compared to the last closing price of 245.58 CNY [1][4]. Core Insights - Shanxi Fenjiu reported a revenue of 31.928 billion CNY in 2023, a year-on-year increase of 21.80%, and a net profit of 10.438 billion CNY, up 28.93% year-on-year. For Q1 2024, the company achieved a revenue of 15.338 billion CNY, a 20.94% increase year-on-year, and a net profit of 6.262 billion CNY, reflecting a 29.95% year-on-year growth [4][5]. - The growth momentum of the Qinghua series is strong, with its revenue contribution reaching 46% and a growth rate of approximately 25%-30%. The company has established a dedicated division for Qinghua 30 to enhance high-end product marketing [4][6]. - The company aims for a revenue growth target of around 20% for 2024, with expectations for Qinghua 20 to become a billion-level product [4][6]. Summary by Sections Financial Performance - In 2023, Shanxi Fenjiu's revenue was 31.928 billion CNY, with a net profit of 10.438 billion CNY. For 2024, the expected revenue is 38.594 billion CNY, with a projected net profit of 13.402 billion CNY, indicating a growth rate of 20.88% and 28.40% respectively [5][6]. - The gross profit margin for 2023 was 75.31%, with an increase to 77.46% in Q1 2024 due to price adjustments and product structure optimization [4][6]. Product and Market Analysis - The mid-to-high-end liquor segment generated 23.203 billion CNY in revenue, growing by 22.56% year-on-year, while other liquor products contributed 8.540 billion CNY, with a growth of 20.15% [4][5]. - The company has 3,940 distributors as of the end of 2023, with a net increase of 303 distributors, indicating a robust distribution network [4][6]. Future Outlook - The company forecasts revenue growth of 21% for 2024, 17% for 2025, and 16% for 2026, with net profit growth of 28%, 22%, and 16% respectively [4][5]. - The report highlights the potential for the Qinghua series to drive future growth, particularly with the introduction of new high-end products [4][6].

Investment Rating - Buy/Upgrade with a target price of 33.1, compared to the previous closing price of 29.30 [1] Core Views - The company's Q1 2024 profit exceeded expectations, driven by the gradual release of supply chain optimization benefits [1] - Revenue in Q1 2024 reached 1.485 billion yuan, up 8.64% YoY, while net profit attributable to the parent company was 239 million yuan, up 59.70% YoY [2] - The gross profit margin of the company's subsidiary, Meixian, increased by 6.08 percentage points YoY to 37.28% in Q1 2024, mainly due to optimized procurement costs and a higher proportion of high-margin products [2] - The company's net profit margin in Q1 2024 was 18.21%, up 5.91 percentage points YoY, reflecting stable cost control [2] - The company's three-year plan and equity incentive scheme are in line with expectations, indicating confidence in high-speed and steady growth [2] Financial Performance Summary Revenue and Profit - Q1 2024 revenue: 1.485 billion yuan, up 8.64% YoY [2] - Q1 2024 net profit attributable to the parent company: 239 million yuan, up 59.70% YoY [2] - Q1 2024 non-GAAP net profit: 237 million yuan, up 63.91% YoY [2] - Forecasted revenue for 2024-2026: 5.756 billion yuan, 6.705 billion yuan, and 7.912 billion yuan, with growth rates of 12.0%, 16.5%, and 18.0% respectively [3] - Forecasted net profit attributable to the parent company for 2024-2026: 746 million yuan, 940 million yuan, and 1.148 billion yuan, with growth rates of -56.01%, 25.93%, and 22.13% respectively [3] Product and Regional Breakdown - Q1 2024 revenue breakdown by product: soy sauce (947 million yuan, up 13.4% YoY), chicken essence and powder (181 million yuan, up 16.8% YoY), edible oil (101 million yuan, down 5.5% YoY), and other products (213 million yuan, down 0.3% YoY) [2] - Q1 2024 revenue breakdown by region: East (372 million yuan, up 24.5% YoY), South (522 million yuan, up 2.6% YoY), Central-West (324 million yuan, up 9.9% YoY), and North (225 million yuan, up 7.6% YoY) [2] Cost and Margin Analysis - Q1 2024 gross profit margin: 37.28%, up 6.08 percentage points YoY [2] - Q1 2024 net profit margin: 18.21%, up 5.91 percentage points YoY [2] - Forecasted gross profit margin for 2024-2026: 33.40%, 34.20%, and 34.50% respectively [4] - Forecasted net profit margin for 2024-2026: 12.97%, 14.02%, and 14.51% respectively [4] Valuation Metrics - Forecasted PE ratios for 2024-2026: 30.83X, 24.48X, and 20.04X respectively [3] - Forecasted PB ratios for 2024-2026: 4.22X, 3.60X, and 3.05X respectively [4] - Forecasted PS ratios for 2024-2026: 4.00X, 3.43X, and 2.91X respectively [4] Strategic Outlook - The company plans to achieve its growth targets through brand marketing, R&D innovation, operational optimization, and investment acquisitions [2] - The company's distributor network expanded by 97 to 2,181 in Q1 2024, indicating steady progress in channel expansion [2] - The company's supply chain optimization strategy, including annual/quarterly bidding for procurement and supplier consolidation, has contributed to cost savings [2]

米奥会展(300795) 目标价: 51 昨收盘:33.82 公 司 研 究 24Q1 季报点评：业绩符合预期 期间费用率持续优化 P2 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 24Q1 季报点评：业绩符合预期 期间费用率持续优化 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|----------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 Q1 增长超预期，合同负债创新高 ◼ 走势比较 (20%) (2%) 16% 34% 52% 70% 23/4/2523/7/723/9/18 23/11/3024/2/1124/4/24 行动教育 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.18/1.18 总市值/流通(亿元) 62.01/62.01 12 个月内最高/最低价 (元) 55.77/32.77 相关研究报告 <<业绩符合预期，大客户战略持续推 进>>--2024-04-21 <<业绩预告符合预期 大客户战略效 果显著>>--2024-01-23 <<业绩符合预期，Q4 迎行业旺季>>- -2023-10-27 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 事件：公司发布 2024Q1 季报，报告期内公司实现营业收入 1.41 亿 /+28.11%；实现净利润 2399 万元/+34.42%；实现归母扣非净利润 2555 万 元/+67.05%。 点评： Q1 收入利润双双实现高增长。2024Q1 公司实现收入 1.41 亿元，收 入大部分来自 ...