公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 白酒 ＃investSuggestion＃ ＃ ＃d 泸yCo 州mp 老any＃窖 （ 000568 ） investSug 增持 ( 维ges持tion ）Ch 000009 23 年圆满收 官＃ ，title＃ 24 Q1 增长靓丽 ange＃ ＃ createTime1＃ 2024年 04月 28日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布 2023 年年报及 2024 年一季报：2023 年营业总收入/归母净 司 日期 2024-04-26 利 润 / 扣 非 归 母 净 利 润 分 别 为 302.33/132.46/131.50 亿 元 ， 同 比 点 收盘价（元） 186.42 +20.34%/+27.79%/+27.41%。23Q4 营业总收入/归母净利润/扣非归母净利润 评 总股本（百万股） 1,471.99 分别为82.91/26.80/26.61亿元，同比+9.10%/+24.78%/+23.50%。24Q1营业总 收入/归母净利润/扣非归母净利润分别 ...

司 点评报 公 | --- | --- | |--------------------------------|------------| | ＃市 m 场 a 数 rk 据 etData ＃ | ＃ | | 市场数据日期 | 2024-04-26 | | 收盘价（元） | 16.84 | | 总股本（百万股） | 746.43 | | | | | 流通股本（百万股） | 739.05 | | 净资产（百万元） | 6614.58 | | 总资产（百万元） | 9388.89 | | 每股净资产 (元) | 8.86 | ＃相r关el报ate告dReport＃ 《 【 兴 证 家 电 】 欧 普 照 明 （603515.SH）2023 年三季报点 评：平台化降本成效继续释放， Q3 业绩表现亮眼》2023-10-29 《 【 兴 证 家 电 】 欧 普 照 明 （603515）2023 年中报点评： 平台化降本增效，Q2 业绩增速 亮眼》2023-08-30 《 【 兴 证 家 电 】 欧 普 照 明 （603515）2022 年报及 2023 年 一季报点评：Q1 业绩亮眼，盈 利拐点确立》2023-04- ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 白酒 ＃investSuggestion＃ ＃ ＃dyC 水om 井pan 坊y＃ （ 600779 ） investSug 增持 ( 维ges持tion ）Ch 000009 23 年逐季改 善＃ ，title＃ 24 Q1 稳健增长 ange＃ ＃ createTime1＃ 2024年 04月 28日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布 2023 年年报及 2024 年一季报：2023 年营业总收入/归母净 司 日期 2024-04-26 利 润 / 扣 非 归 母 净 利 润 分 别 为 49.53/12.69/12.25 亿 元 ， 同 比 点 收盘价（元） 46.17 +6.00%/+4.36%/+5.27%；23Q4营业总收入/归母净利润/扣非归母净利润分别 评 总股本（百万股） 488.36 为13.65/2.46/2.27亿元，同比+51.32%/+53.17%/+63.86%。24Q1营业总收入/ 归母净利润/扣非归母净利润分别为 9.33/1.86/ ...

Investment Rating - The report maintains an "Accumulate" rating for the company SanHuan Group (300408) [1] Core Views - The company has shown continuous performance exceeding expectations due to the cyclical recovery and the ramp-up of new products [1] - In 2023, the company achieved a revenue of 5.73 billion yuan, a year-on-year increase of 11.2%, and a net profit attributable to the parent company of 1.58 billion yuan, up 5.1% [2] - The fourth quarter of 2023 saw a significant revenue increase of 35.6% year-on-year, reaching 1.62 billion yuan, with a net profit of 440 million yuan, up 67.9% [2] - The first quarter of 2024 reported a revenue of 1.56 billion yuan, a 31.5% year-on-year increase, and a net profit of 430 million yuan, up 35.3% [2] Summary by Sections Financial Performance - The company’s revenue growth in 2023 was primarily driven by the recovery in consumer electronics demand, with electronic components and materials revenue reaching 2.20 billion yuan, a 50.3% increase [2] - Communication components revenue declined by 19.2% to 1.99 billion yuan, but signs of recovery have begun to emerge [2] - Other business segments generated 1.43 billion yuan, up 28.5%, mainly due to rapid growth in fuel cell diaphragm boards and resistor pastes [2] - The overall gross margin for 2023 was 39.83%, a decrease of 4.27 percentage points from the previous year, but improved to 40.14% in Q1 2024 [2] Market Position and Growth Potential - The company is positioned to capture significant market share in the MLCC (Multi-Layer Ceramic Capacitor) sector, which has a global market size exceeding 100 billion yuan [3] - The company is actively exploring vertical integration in ceramic materials and core processes, with breakthroughs in high-capacity, automotive-grade, and small-sized products [3] - There is substantial potential for domestic substitution in the market, and the company is expanding into new product areas driven by AI, including high-speed optical communication packaging and semiconductor components [3] Earnings Forecast - The earnings forecast for 2024-2026 estimates net profits of 2.07 billion, 2.62 billion, and 3.12 billion yuan, respectively, with corresponding PE ratios of 24.2, 19.1, and 16.0 [5][6] - Revenue projections for the same period are 7.18 billion, 8.86 billion, and 10.64 billion yuan, with year-on-year growth rates of 25.4%, 23.3%, and 20.1% [6]

公 司 研 证券研究报告 究 速冻食品 ＃investSuggestion＃ 安井食品 （ 603345 ） 增持 ( 维持 ） 基本 面企稳， Q1 主 业盈 利创新高 ＃ ＃ 2024年 4月 28日 投资要点 公 市场数据  事件：公 司公告 2023 年报和 24Q1 季报，2023 年公司实现营收/归母净利润/扣非归母净利润 司 140.45/14.78/13.65亿元，同比+15.29%/+34.24%/+36.80%。23Q4公司实现营收/归母净利润/扣非 日期 2024-4-26 归母净利润37.74/3.56/3.38 亿元，同比-6.27%/-13.41%/-13.93%。24Q1 公司实现营收/归母净利 点 收盘价（元） 83.99 润 23Q/扣 4+非 24归 Q母 1收净 入利 同润 比3 +7 4.5 .35 1/4 %.3 ，8/ 归4.2 母0 净亿 利元 润， 同同 比比 ++ 21 .87 0.6 %7 ，%/ 基+2 本1. 符24 合%/ 预+2 期1.5 。6% ，24Q1 略超预期， 评 总股本（百万股） 293.29  全年主业量级单品驱动收入稳增，Q4旺季 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, General Shares (601500) [1][5]. Core Views - The company has shown strong performance with a revenue of 5.064 billion yuan in 2023, representing a year-on-year growth of 22.91%. The net profit attributable to shareholders reached 216 million yuan, a significant increase of 1175.49% [4][14]. - In Q1 2024, the company achieved a revenue of 1.443 billion yuan, marking a year-on-year growth of 37.58% and a quarter-on-quarter increase of 4.23%. The net profit attributable to shareholders was 153 million yuan, reflecting a year-on-year growth of 1270.57% and a quarter-on-quarter growth of 164.65% [4][14]. - The company is expanding its production capacity overseas, with new projects in Thailand and Cambodia underway, which is expected to enhance its international competitiveness and growth potential [5][14]. Financial Summary - **Revenue (Million Yuan)**: - 2023: 5064 - 2024E: 6375 (25.9% growth) - 2025E: 8581 (34.6% growth) - 2026E: 10341 (20.5% growth) [3][16] - **Net Profit (Million Yuan)**: - 2023: 216 - 2024E: 625 (188.9% growth) - 2025E: 828 (32.5% growth) - 2026E: 1249 (50.8% growth) [3][16] - **Gross Margin**: - 2023: 15.7% - 2024E: 24.2% - 2025E: 24.6% - 2026E: 24.7% [3][16] - **Return on Equity (ROE)**: - 2023: 3.9% - 2024E: 10.4% - 2025E: 12.3% - 2026E: 16.1% [3][16] - **Earnings Per Share (EPS)**: - 2023: 0.14 - 2024E: 0.40 - 2025E: 0.53 - 2026E: 0.79 [3][16]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company reported a revenue of 170.87 billion yuan in 2023, a year-on-year increase of 2.4%, while the net profit attributable to shareholders was 21.24 billion yuan, a decrease of 39.7% [3][4]. - The company plans to reduce capital expenditures to 2.333 billion yuan in 2024, down by 21.91 billion yuan, which is expected to strengthen its cash flow and support its dividend policy [4][5]. - The company has committed to distributing at least 60% of its distributable profits in cash from 2022 to 2024, with a proposed dividend of 1.315 yuan per share for 2023, resulting in a total dividend of 12.749 billion yuan and a dividend yield of 5.2% based on the closing price on April 26 [4][5]. Financial Summary - In 2023, the coal business generated revenue of 165.02 billion yuan, a year-on-year increase of 1.5%, with a gross margin of 37.85%, down by 7.06 percentage points [4]. - The company produced 164 million tons of coal in 2023, an increase of 4.1%, and sold 253 million tons, an increase of 12.6% [4]. - The average selling price of coal decreased by 14% to 574.5 yuan per ton, while the cost per ton increased by 8% to 256 yuan, resulting in a gross margin of 55.4% for self-produced coal [4]. - The company expects net profits for 2024, 2025, and 2026 to be 21.6 billion yuan, 22.8 billion yuan, and 24.2 billion yuan, respectively, with corresponding EPS of 2.23 yuan, 2.35 yuan, and 2.49 yuan [5].

公 司 研 证券研究报告 究 ＃industryId＃ 饲料 ＃investSuggestion＃ ＃ ＃d 海yCo 大mp 集any＃团 （ 002311 ） investSug 买入 ( 维ges持tion ）Ch 002311 主业 优势仍在 ，＃tit Qle 1＃ 养猪 逆势盈利 ange＃ ＃ createTime1＃ 2024年 04月 28日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 2023年公司实现营收1161.2亿元（同比+10.9%），归母净利润27.4 司 市场数据日期 2024-04-26 亿元（同比-7.3%），扣非净利润25.4亿元（同比-11.9%）。其中单四季度， 点 收盘价（元） 50.00 公司营收291.9亿元（同比+13.3%），归母净利润4.9亿元（同比-42.8%）。 评 总股本（百万股） 1663.75 2024年一季度，公司实现营收231.7亿元（同比-0.8%），归母净利润8.6 报 流通股本（百万股） 1662.56 亿元（同比+111.0%）。公司拟向全体股东每 10 股派发现金红利 5.00 元 净资产 ...

Investment Rating - The report maintains a "Buy" rating for China Ping An (601318) [2] Core Views - The overall performance is in line with expectations, with a 4.3% year-on-year decline in net profit attributable to shareholders, primarily due to the technology, asset management, and property insurance sectors [2] - The OPAT decreased by 3% year-on-year, influenced by a high base from the previous year, capital market fluctuations, and small and micro enterprise credit business [2] - The NBV saw a significant increase of 20.7% year-on-year on a retrospective basis, driven by improvements in productivity and value rate [2] Summary by Sections Performance Overview - In Q1 2024, net profit attributable to shareholders was 36.7 billion yuan, down 4.3% year-on-year, mainly affected by technology (-107%), asset management (-30%), and property insurance (-14%) [2] - OPAT decreased by 3% year-on-year, with life and health insurance segments showing a slight increase of 2.2% due to asset scale growth and operational deviations [2] - The retrospective NBV growth of 20.7% was attributed to enhanced productivity and value rates [2] Life Insurance - The agency channel's per capita NBV increased by 56.4%, benefiting from improved sales capabilities and product structure adjustments [2] - The number of agents decreased by 4% from the beginning of the year to 333,000, which may limit sustainable business growth [2] - The first-year new business decreased by 13.6% due to regulatory policies and high base effects, but the overall value growth remains promising with a 6.5 percentage point increase in value rate [2] Property Insurance - Property insurance premium income grew by 2.8% year-on-year, with auto insurance growth slowing down [2] - The combined operating ratio (COR) increased by 0.9 percentage points to 99.6%, primarily due to claims from snow disasters and guarantee insurance [2] - Excluding guarantee insurance, the overall COR was 98.4%, with expectations for gradual improvement in the coming quarters [2] Investment Income - The annualized net investment return rate fell to 3.0%, mainly due to declining interest rates affecting asset yields [2] - The annualized comprehensive investment return rate decreased to 3.1%, influenced by equity market volatility [2] - Estimated non-bank business interest income and investment returns decreased by 3.3% year-on-year [2] Investment Recommendations - Short-term new business sales face growth pressure due to high base effects, but value rate improvements alleviate concerns about value growth [2] - Asset-side risks, particularly in real estate, remain a core valuation pressure, though trends indicate potential alleviation with economic recovery [2] - The report adjusts EPS forecasts for 2024, 2025, and 2026 to 5.57, 6.12, and 7.10 yuan, respectively, while maintaining the "Buy" rating [2]

证券研究报告 ＃industryId＃ 房地产 ＃investSuggestion＃ ＃ ＃dyCompany＃ 华发股份 （ 600325 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ ange＃ 2023年年报点评：业绩有所承压，分红率大幅提升，销售排名更进一步 ＃createTime1＃ 2024年04月28日 投资要点 ＃市场ma数rk据etData＃ ＃sum2m0a2r3y＃年营收快增，归母净利润有所下降，分红率大幅提高。2023年全年公 司实现营业收入721.45亿元，同比增长19.4%，年底预收楼款达1008.18亿 日期 2024/4/26 元，较年初增长15.66%，待结算资源充沛；实现归母净利润18.38亿元，同 收盘价（元） 6.26 比减少29.6%。加权平均净资产收益率9.7%，同比下降4.5个百分点。营收 总股本（百万股） 2752 增长而归母净利润下降的主因为：1）毛利率下降：2023年公司销售毛利率 流通股本（百万股） 2571 为18.1%，同比下降2.1个百分点；2）投资净收益下降：2023年公司实现投 净资产（百万元） 22 ...