2024 年 04 月 01 日 公司点评 买入/维持 医药 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 Q4 业绩略低于预期，全年盈利能力持续提升 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 Q4 业绩略低于预期，全年盈利能力持续提升 P3 Q4 业绩略低于预期，全年盈利能力持续提升 P4 公 司 研 究 | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------- ...

2024-03-31 行 业周报 看好 / 维持 行 业 研 究 汽车行业 聚焦小米+华为：SU7 强势破圈，问界新 M7 官降 ◼ 走势比较 报告摘要 20% 小米 SU7 强势破圈，“人车家”拼图正式完成，华为问界新 M7 10% 太 0% 官降，智界 S7 开启大规模交付。近日，小米汽车首款车型 SU7 正式 平 (10%)13/3/32 11/6/32 22/8/32 2/11/32 31/1/42 52/3/42 上市，售价 21.59-29.99 万元，小米汽车正式上市标志着小米“人车 洋 (20%) 家全生态”正式闭环，上市 24 小时大定突破 88898 台，小米“人车 证 (30%) 券 家”拼图正式完成，我们认为基于小米的供应链整合能力、出色的软 汽车 沪深300 股 硬件一体解决方案、优秀的渠道铺设能力及品牌效应，小米SU7强势 ◼ 子行业评级 份 破圈带动新一轮产品周期并促进行业景气度整体向上。华为问界新 有 限 M7 官降，订单持续超预期；智界 S7 已解决交付问题，开启大规模交 公 付，智界S7将进一步填补华为智选车的产品矩阵版图，。 司 ◼ 推荐公司及评级 ...

Group 1 - The report indicates a weakening market liquidity and a decline in trading activity, with total A-share trading volume at 4.7 trillion yuan and turnover rate at 6.14%, both down from the previous week [3][30][46] - The net inflow of funds from various sources, including funds, northbound capital, and ETFs, contrasts with a net outflow of margin trading funds [3][30][46] - The IPO financing scale increased compared to the previous week, while the refinancing scale decreased [3][30][46] Group 2 - The report notes a net injection of 828 billion yuan in the open market, with R007 and DR007 rates rising, leading to an expansion of the interest rate spread between them [4][52] - The yield on 10-year government bonds decreased by 2 basis points, while the yield on 1-year bonds remained stable, resulting in a slight narrowing of the yield spread [4][52] - The probability of the Federal Reserve not lowering interest rates in May has risen significantly to 97.1% [4][52] Group 3 - The issuance scale of equity funds decreased to 6.159 billion yuan, down from the previous week [6][46] - The top five industries where equity public funds increased their positions include home appliances, non-ferrous metals, banks, oil and petrochemicals, and food and beverages [6][72] - The report highlights a net inflow of 5.381 billion yuan from northbound capital, with a cumulative net inflow of 68.223 billion yuan for the year [6][70][80] Group 4 - The report details that the total amount of restricted shares released was 46.043 billion yuan, with the highest amounts in beauty care, electronics, and coal [110] - The report also mentions a reduction in industrial capital by 1.994 billion yuan, with banks, electric equipment, and basic chemicals seeing the most significant increases [91][110]

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for the next six months with expected returns exceeding the Shanghai and Shenzhen 300 Index by more than 5% [10][21]. Core Insights - The company, China Merchants Energy Shipping Company (招商南油), is a specialized oil tanker transportation firm under China Merchants Group, focusing on global medium and small-sized liquid cargo transportation services. As of the end of 2023, it operates a fleet of 68 vessels with a total deadweight tonnage of 2.52 million [9]. - The core business of oil transportation contributed 98% to the company's gross profit in 2023, driven by increased domestic oil imports and processing volumes, which rose by 11.5% and 8.7% year-on-year, respectively. Global oil loading volumes also increased by approximately 5.7% [9]. - The report highlights a tight supply-demand situation in the oil transportation sector due to low levels of new oil tanker capacity and the implementation of environmental regulations, leading to fluctuating freight rates throughout the year [9]. Financial Summary - For the fiscal year 2023, the company reported total revenue of 6.2 billion yuan, a slight decrease of 1.1% year-on-year, while net profit increased by 8.6% to 1.56 billion yuan. The total cargo volume transported was 46.8 million tons [9][10]. - The financial forecasts indicate a revenue growth of 8.5% for 2024, with net profit expected to grow by 19.6% [11]. - The company's earnings per share (EPS) for 2023 was 0.32 yuan, with projections of 0.39 yuan for 2024 [11]. Market Outlook - The report anticipates a positive outlook for the refined oil transportation market in 2024, with stable conditions expected in the crude oil transportation market and a recovery in the chemical transportation sector [10].

Investment Rating - The report assigns a "Buy" rating for TCL Electronics, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8]. Core Insights - TCL Electronics reported a total revenue of HKD 78.986 billion for 2023, representing a year-on-year increase of 10.70%, and a net profit attributable to shareholders of HKD 744 million, up 66.36% [2][3]. - In the second half of 2023, the company achieved a total revenue of HKD 44.070 billion, a growth of 16.98%, and a net profit of HKD 480 million, reflecting a significant increase of 142.33% [2][3]. - The company's high-end strategy and effective cost control have led to improved profitability, with the gross profit margin for the second half of 2023 at 18.73% [3][5]. Summary by Sections Financial Performance - TCL Electronics' revenue for 2023 was HKD 78.986 billion, with a 10.70% increase year-on-year, and a net profit of HKD 744 million, marking a 66.36% rise [2][4]. - For the second half of 2023, revenue reached HKD 44.070 billion, up 16.98%, and net profit was HKD 480 million, an increase of 142.33% [2][3]. Business Segments - Display Business: Revenue in the second half of 2023 was HKD 31.689 billion, with large-size displays contributing HKD 27.590 billion, reflecting an 8.05% increase [2][3]. - Internet Business: Revenue reached HKD 1.650 billion, growing by 21.68%, with domestic and overseas markets showing strong performance [2][3]. - Innovative Business: Revenue surged to HKD 9.952 billion, a remarkable increase of 91.94%, driven by the solar energy sector and partnerships with major platforms [3][5]. Strategic Developments - The company is focusing on high-end and large-screen products, with a global market share of 12.5% in TV shipments and 10.7% in sales revenue [3][5]. - The solar business has seen exponential growth, with over 70 new commercial contracts and more than 500 new distributors added in 2023 [3][5]. - The AR/XR smart glasses segment has also gained traction, with the company launching new products that have achieved significant market share [3][5]. Future Projections - The report forecasts net profits for TCL Electronics to be HKD 1.094 billion, HKD 1.291 billion, and HKD 1.601 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of HKD 0.44, HKD 0.51, and HKD 0.64 [4][5].

2024年04月02日 公 司点评 公 买入 / 维持 司 海尔智家(600690) 研 究 目标价: 昨收盘:24.95 海尔智家：2023Q4 业绩稳健增长，分红比例预计逐步提升 事件：2024 年03 月27 日，海尔智家发布 2023 年年报。2023 年公 ◼ 走势比较 司实现总营收2614.28亿元（+7.33%)，归母净利润165.97亿元（+12.81%）， 扣非归母净利润158.24亿元（+13.33%）。单季度来看，2023Q4公司实现 20% 营业收入627.70亿元（+6.82%）；归母净利润34.47亿元（+13.20%），扣 太 10% 非归母净利润31.03亿元（+13.19%）。公司拟以92.93亿股为基数，向全 平 体股东每10股派发现金红利8.04元（含税），共计74.71亿元，分红比 0% 洋 (10%)3/4/32 41/6/32 52/8/32 5/11/32 61/1/42 82/3/42 例45 .02%，预计2024-2026年现金分红比例稳步提升。 证 (20%) 2023年空调收入双位数提升，欧洲市场贡献增长。1）分产品： 2023 券 (30%) 年公司电 ...

2024年03月29日 公 司点评 公 买入 / 维持 司 比亚迪(002594) 研 究 目标价: 昨收盘:208.38 汽车 乘用车 比亚迪 2023 年报点评：新一轮车型产品周期开启 事件：比亚迪发布 2023 年度报告，报告期内，公司实现营业收入 ◼ 走势比较 6023.15 亿元，同比+42.04%，归母净利润 300.41 亿元，同比+80.72%； 扣非归母净利润 284.62 亿元，同比+82.01%。业绩符合预期。四季度来 20% 看，实现营业收入1805.41亿元，同环比分别为+15.1/+11.4%；归母净利 太 8% 润86.74亿元，同环比分别为+18.6%/-16.7%；扣非归母净利润91.14亿 平 元，同环比分别为+25.3%/-5.6%。 洋 (1( 64 %% ))92/3/32 01/6/32 22/8/32 3/11/32 51/1/42 82/3/42 23 全年营收利润双增创新高：2023 年整车销量达 302.44 万辆，同 比增长67.79%，助力全年营收6023.15亿元，同比+42.04%，归母净利润 证 (28%) 300.41亿元，同比+80.72%。销 ...

年04月02日 公司点评 公 司 研 究 昭衍新药(603127) 目标价: 昨收盘:18.08 ◼ 走势比较 ◼ 股票数据 相关研究报告 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 3 月 29 日，公司发布 2023 年年报，2023 年实现营业收入 23.76 亿 元，同比增长 4.78%，归母净利润为 3.97 亿元，同比下滑 63.04%，扣非 后归母净利为 3.38 亿元，同比下滑 66.89%。 点评： 全年收入稳定增长，海外业务增速亮眼。单季度来看，2023Q4 实现 营业收入 7.89 亿元，同比下滑 20.39%，归母净利润为 0.69 亿元，同比 下滑 84.31%，扣非后归母净利为 0.26 亿元，同比下滑 93.61%。全年来 看，公司 2023 年收入同比增长 4.78%，利润同比下滑 63.04%，主要原因 是生物资产公允价值变动带来损失 2.67 亿元（2022 年为收益 3.33 亿元， 我们预计主要和猴价波动有关）以及资金管理收益为 1.31 亿元。若剔除 上述影响因素后，扣非后归母净利为 4.73 亿元，同比下滑 17.90%。分地 区来看 ...

2024年04月02日 公 司点评 公 买入 / 首次 司 苏泊尔(002032) 研 究 目标价: 昨收盘:58.53 苏泊尔：2023Q4 毛利率明显提升，H2 外销贡献增长 事件：2024 年03 月29 日，苏泊尔发布 2023 年年报。2023 年公司 ◼ 走势比较 实现总营收213.04亿元（+5.62%)，归母净利润21.80亿元（+5.42%）。 单季度来看，2023Q4公司营收59.37亿元（+14.40%），归母净利润8.18 20% 亿元（+7.75%）。公司拟以7.97亿股为基数，向全体股东每10股派发现 太 10% 金红利27.30元（含税），合计21.76亿元。 平 0% 洋 (10%)3/4/32 41/6/32 52/8/32 5/11/32 61/1/42 82/3/42 分地区SE 看B有 ，机 20增 23长 年+渠 内道 销补 收库 入存 15需 1.求 08,2 亿02 元3H （2 +外 0.销 88业 %）务 ，取 表得 现较 较快 为增 稳长 健。 ，1 虽） 证 (20%) 行业整体线上零售增速放缓，但公司线上各平台及品类市场份额有所提 券 (30%) 升；外 ...

2024年04月07日 行 业周报 看好 / 维持 行 纺织服装 业 研 究 纺织服装 纺服&零售周报：百丽时尚招股说明书梳理，关注外需和出口订 单边际改善 ◼ 走势比较 报告摘要 10% 年报披露期：本周森马服饰、七匹狼发布23年年报。1）森马服饰： 2% 太 (6%)7/4/32 81/6/32 92/8/32 9/11/32 02/1/42 1/4/42 收 升入 ，2/ 4归 年母 获净 重利 启润 净分 开别 店同 恢比 复+2 规.5 模%/ 增+7 长6. 。1 2% ）至 七1 匹36 狼.6 ：/1 收1. 入2亿 /归元 母，运 净营 利效 润率 分别提 平 (14%) 同比+6.7%/+79.3%至34.5/2.7亿元，23年是确定“七匹狼夹克专家”品 洋 (22%) 牌战略、开启战略升级的元年，期待品牌焕新、渠道变革带来的经营提质。 证 (30%) 本周专题：百丽时尚招股说明书梳理。百丽时尚作为中国时尚行业历 券 纺织服装 沪深300 史最悠久的连锁品牌之一，以 12.3%的市场份额（以 22 年零售额计）位 股 居中国时尚鞋履市场第一，目前旗下运营19个核心品牌的组合，包括12 份 ...