Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 382.30 CNY as of April 26, 2024 [1][3] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue reaching 1.841 billion CNY, a YoY increase of 58.69%, and net profit attributable to shareholders of 399 million CNY, a YoY increase of 95.23% [2] - The company's gross margin improved significantly in Q1 2024, reaching 56.49%, a YoY increase of 6.65 percentage points, driven by product and channel structure optimization, scale effects, and cost reduction capabilities [2] - The company's overseas sales growth was strong in Q1 2024, particularly in North America, where both online and offline channels expanded rapidly, while Europe and Asia-Pacific regions also showed high growth [2] - The company's domestic sales also grew rapidly, with online sales of扫地机 and洗地机 increasing by 29.88% and 11.45% YoY, respectively, in Q1 2024, supported by a robust product matrix and strong product capabilities [2] - The company's profitability is expected to continue improving, with EPS forecasts of 20.04 CNY, 23.57 CNY, and 27.79 CNY for 2024, 2025, and 2026, respectively, and a dynamic PE ratio of 19.1x, 16.2x, and 13.8x as of April 26, 2024 [2][3] Financial Performance Summary - The company's revenue in 2023 was 8.654 billion CNY, with a YoY growth of 30.5%, and is expected to reach 11.190 billion CNY, 13.226 billion CNY, and 15.526 billion CNY in 2024, 2025, and 2026, respectively, with YoY growth rates of 29.3%, 18.2%, and 17.4% [2][4] - Net profit attributable to shareholders in 2023 was 2.051 billion CNY, with a YoY growth of 73.3%, and is expected to reach 2.634 billion CNY, 3.099 billion CNY, and 3.653 billion CNY in 2024, 2025, and 2026, respectively, with YoY growth rates of 28.4%, 17.7%, and 17.9% [2][4] - The company's gross margin remained stable at around 55% from 2023 to 2026, with a slight improvement to 56.0% in 2024 [2][4] - ROE is expected to increase from 18.0% in 2023 to 19.7% in 2024 and remain stable at around 19.7%-19.8% in 2025 and 2026 [2][4] Market and Industry Outlook - The company is well-positioned to benefit from the recovery of domestic demand and the structural upgrade红利 in overseas markets, as it is a leading global brand in the扫地机 industry [2] - The company's strong product capabilities, brand strength, and cost control capabilities, combined with accelerated expansion in new channels and markets in Europe and the US, are expected to drive further growth in both domestic and international market share [2]

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" suggestion for investment [6]. Core Views - The company reported a revenue of 5.485 billion yuan, a net profit attributable to shareholders of 380 million yuan, and a net profit excluding non-recurring items of 328 million yuan for Q1 2024, representing year-on-year growth of 12.37%, 13.87%, and 11.10% respectively [4][6]. - The revenue growth in Q1 2024 fell short of the annual guidance of 18%, primarily due to slower growth in traditional office supplies and a temporary slowdown in the KOLIP business, while writing tools and student stationery performed well [4][6]. - The gross margin improved year-on-year, with the overall gross margin at 20.17% and net margin at 6.92%, reflecting a slight increase of 0.49 percentage points and 0.09 percentage points respectively [4][6]. Summary by Sections Revenue Performance - Traditional core business saw online growth outperforming offline, with writing tools and student stationery showing strong revenue and profit performance. In Q1 2024, the growth rates for writing tools, student stationery, and office supplies were 15.74%, 17.12%, and 6.41% respectively [4]. - The KOLIP business generated revenue of 2.95 billion yuan in Q1 2024, with a year-on-year growth of 11.59%, although the growth rate has slowed due to short-term demand pressures [4]. Retail Business - The retail segment, particularly the Jiumu miscellaneous store, maintained profitability with a revenue increase of 25.05%, driven by store expansion [5]. - As of Q1 2024, the company operated 678 retail stores nationwide, with a 27% increase in store count [5]. Financial Projections - The company adjusted its earnings forecast, projecting revenues of 27.554 billion yuan and 31.408 billion yuan for 2024 and 2025, respectively, with corresponding net profits of 1.757 billion yuan and 1.987 billion yuan [6][7]. - The projected PE ratios for 2024 and 2025 are 18.0 and 15.9 times, respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [12]. Core Views - The company is recognized as a leader in the small kitchen appliance sector, with ongoing diversification into new product categories. Despite a weak domestic consumption environment and high base effects leading to slight performance pressure, channel restructuring is expected to enhance efficiency and cost control, awaiting subsequent profit improvements [12]. - The earnings per share (EPS) forecasts for 2024-2026 are projected at 3.15, 3.50, and 3.88 yuan respectively, with corresponding price-to-earnings (PE) ratios of 17.5, 15.7, and 14.2 based on the closing price on April 26 [12]. Financial Summary - For Q1 2024, the company reported revenue of 1.194 billion yuan, a year-on-year decrease of 4.58%. The net profit attributable to the parent company was 151 million yuan, down 8.53% year-on-year, while the net profit excluding non-recurring items was 115 million yuan, a decline of 24.26% [13]. - The gross margin for Q1 2024 was 38.51%, reflecting a decrease of 1.25 percentage points year-on-year, and the net profit margin was 12.63%, down 0.54 percentage points year-on-year [13]. - The company’s revenue for 2023 was 4.712 billion yuan, with a projected growth of 14.4%. The net profit for the same year was 445 million yuan, with a year-on-year growth of 15.2% [7][12]. Market Data - As of April 26, 2024, the closing price of the company's stock was 54.97 yuan, with a total share capital of 156.85 million shares and a net asset value of 5.37082 billion yuan [6]. - The company’s total assets amounted to 2.88422 billion yuan, with a net asset per share of 18.39 yuan [6]. Future Projections - The company is expected to see revenue growth of 10.2% in 2024, 9.1% in 2025, and 8.7% in 2026, with net profit growth projected at 10.9% for 2024 and 11.0% for both 2025 and 2026 [7][12]. - The gross margin is anticipated to improve gradually, reaching 37.5% by 2026 [7]. Conclusion - The report highlights the company's strategic adjustments and market positioning, suggesting a potential recovery in profitability as the high base effects diminish and operational efficiencies are realized [12][13].

证券研究报告 ＃industryId＃ 房地产 ＃title＃ 新房二手房周报：成都不再限购，政策持续优化 ＃inve中stSu性ggestion＃ (维持) 2024年 4月28日 ＃ 相r 关el 报ate 告dReport＃ 投资要点 我们跟踪13个城市新房+二手房合计成交面积：本周成交面积282万方，环比 《房地产行业2024年投资策略 报告：新格局、新模式》 +2.1%，同比仍下滑。2024年年初以来，新房二手房整体成交面积同比-32.0%， 2023-12-05 其中，一/二/三四线新房二手房整体成交面积累计同比-22.4%/-33.9%/-34.1%。 ＃emailAuthor＃ 注：13城为有周频新房二手房数据更新的北京、深圳、杭州、南京、成都、青 分析师： 岛、苏州、厦门、南宁、扬州、金华、江门、佛山。（数据口径：本周为4月 靳璐瑜 19日至4月25日，2024年4月以来为4月1日至4月25日，2024年年初以 jinluyu@xyzq.com.cn 来为1月1日至4月25日，下文同。） S0190520080003 释放城镇化所蕴含的巨大内需潜力。4月25日，发改委国民经济综合司副司长 李 ...

行 业 研 证券研究报告 究 ＃industryId＃ 建筑材料 ＃title＃ 推＃ 荐 （维持） 玻纤价格稳步回暖，当前配置性价比高 investSuggest ion＃ ＃createTime1＃ 2024年 4月 28日 投资要点 重点公司 行 ⚫ ＃玻s纤um行mar业y＃有 望走出底部，当前配置性价比高。随着宏观经济好转，有望拉动玻 重点公司 评级 业 纤需求改善，对冲地产相关需求下行；供给上，前期玻纤企业亏损使得当前产 东方雨虹 增持 能投放节奏明显放缓，一季度计划点火产线低于预期，后续产能增量较为可控； 周 三棵树 增持 粗纱月内厂库削减明显下，部分厂库存已处低位水平，行业前期涨价逐步落实。 报 森鹰窗业 增持 整体上我们认为随着宏观经济复苏，玻纤行业需求有望改善，供给增量较为可 伟星新材 增持 控，玻纤价格和企业有望走出底部，目前配置的性价比高，重点推荐【中国巨 科顺股份 增持 石】【长海股份】【山东玻纤】。 坚朗五金 增持 兔宝宝 增持 ⚫ 重点推荐北新建材：并购嘉宝莉助力公司跃居涂料领先地位，股权激励锁定高 中国巨石 增持 增长。北新建材是我国石膏板行业的主导厂商，在石膏板领域的竞争优势 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and future potential [4][19]. Core Insights - The company reported a revenue of 2.267 billion yuan in 2023, a decrease of 8.39% year-on-year, with a net profit attributable to shareholders of 382 million yuan, down 5.08% year-on-year [4][23]. - The first quarter of 2024 saw a significant decline in revenue, dropping 81.69% year-on-year to 177 million yuan, primarily due to reduced sales scale in television dramas [4][23]. - The company is focusing on enhancing the quality of its content and expanding its intellectual property (IP) portfolio, with a strategic emphasis on AI integration to improve efficiency and reduce costs [4][25][27]. Financial Performance Summary - **Revenue and Profitability**: - 2023 revenue: 2.267 billion yuan, down 8.39% - 2023 net profit: 382 million yuan, down 5.08% - 2024E revenue forecast: 2.770 billion yuan, with a projected growth of 22.2% [4][23]. - **Profit Margins**: - Gross margin for 2023 was 28.50%, a decrease of 5.17 percentage points year-on-year [4][24]. - **Earnings Per Share (EPS)**: - Projected EPS for 2024: 0.25 yuan, with a PE ratio of 32.5 [4][16]. Content Strategy and Development - The company is enhancing its content strategy by focusing on high-quality productions and delaying the development of less promising projects [4][25]. - It has a robust pipeline with 8 projects in post-production or review, and plans to initiate 4 new series in the second quarter of 2024 [4][14]. - The company has expanded its international reach, distributing 150,000 hours of content across over 200 countries [4][15]. AI Integration and Innovation - The company has significantly increased its investment in AI, with a 70.84% rise in R&D spending, focusing on AI talent acquisition and project development [4][27]. - AI tools are being utilized to streamline script evaluation and translation processes, significantly reducing the time required for these tasks [4][27].

使用本研究报告的风险提示及法律声明 请务必阅读正文之后的信息披露和重要声明 - 5 - 证券研究报告 食品综合 分析师： 涪陵榨菜 （ 002507 ） 事件：公司公告 24Q1 季报，24Q1 公司实现营收/归母净利润/扣非归母净 利润 7.49/2.72/2.59 亿元，同比-1.53%/+3.93%/+6.29%。24Q1 基本 EPS 为 0.24 元。 公司调整继续，收入同比承压。24Q1 收入同比-1.53%，收现同比-1.84%， 与收入增速基本吻合，预收账款环比-41.59%，预计与公司架构调整下主 动控货有关，当前预计公司仍在进行大经销商的调研和规划，收入同比下 降与高基数有关，其中预计榨菜增长仍存压力，为支持经销商共克时艰， 相应公司加大了对客户的授信额度，应收账款同比+221.33%。23Q4+24Q1 收入同比-1.25%，基本符合预期。 收费用对冲毛利率压力，盈利能力同比改善。24Q1 归母净利率 36.29%， 同比+1.91pct，扣非归母净利率 34.57%，同比+2.54pct，拆分如下：1） 24Q1 毛利率为 52.11%，同比-4.17pct，23Q4+24Q1 毛利率 ...

司京评报 | --- | --- | |------------------------------|--------------------------------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-4-26 | | 收盘价（元） | 3.42 | | 总股本（百万股） | 6,694.62 | | 流通股本（百万股） | 6,694.62 | | 净资产（百万元） | 28,017.11 | | 总资产（百万元） | 90,391.65 | | 每股净资产（元） | 3.21 | | 来源： WIND | ，兴业证券经济与金融研究院整理 | zhulixian@xyzq.com.cn caiyi@xyzq.com.cn S0190518030002 朱理显 点评：减值影响短期业绩，一季度盈利持续修复。2023 年公司新投产燃煤机 组 198 万千瓦（京宁二期 3 号机组、京泰二期 3&4 机组），叠加利用小时数 同比+225h 至 4855h，公司完成火电上网电量 841.49 亿千瓦时，同比+15.30%。 受蒙西、山西等区域电价下行影响，公司平均交易电 ...

证券研究报告 ＃industryId＃ 调味品 ＃investSuggestion＃ ＃ ＃d海yCo天mpa味ny＃业 （ 603288 ） investSug 增持 ( 维ges持tionC）h 000009 23 年调整改革＃ ，title＃ 24 年目标稳健 ange＃ ＃createTime1＃ 2024年4月28 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃公司公告2023年报及24Q1季报，2023年实现营收/归母净利润/扣非归母净利润 245.59/56.27/53.95亿元，同比-4.10%/-9.21%/-9.57%。23Q4公司实现营收/归母净利润/扣 日期 2024-4-26 非归母净利润59.09/12.98/12.43亿元，同比-9.30%/-15.20%/-15.39%。24Q1公司实现营收/ 收盘价（元） 38.84 归母净利润/扣非归母净利润76.94/19.19/18.60亿元，同比+10.21%/+11.85%/+13.34%。 23Q4+24Q1收入同比+0.79%，归母净利润同比-0.90%，基本符合预期。 总股本（百万股） 5560.6 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported a revenue of 11.202 billion yuan in 2023, representing a year-on-year growth of 9.06%. The net profit attributable to shareholders was 1.733 billion yuan, up 10.20% year-on-year [2][4] - The company has a robust dividend policy, with a total dividend payout ratio of 54.48% for 2023, including a special dividend of 472 million yuan in January 2024 [2][4] - The company is implementing a stock option incentive plan for 2024, aiming to enhance employee motivation and align interests with shareholders [2][4] Financial Performance Summary - **Revenue Forecast**: Expected to grow from 12.343 billion yuan in 2024E to 14.962 billion yuan in 2026E, with a compound annual growth rate (CAGR) of approximately 10.2% [2][5] - **Net Profit Forecast**: Projected to increase from 1.922 billion yuan in 2024E to 2.365 billion yuan in 2026E, with a CAGR of around 10.3% [2][5] - **Earnings Per Share (EPS)**: Expected to rise from 2.03 yuan in 2024E to 2.49 yuan in 2026E, with corresponding price-to-earnings (PE) ratios decreasing from 11.1 to 9.0 [2][5] Business Segment Analysis - The company’s main products, including range hoods and gas stoves, showed stable growth, with revenue increases of 10.13% and 8.71% respectively in 2023. New product categories like dishwashers and integrated stoves also contributed positively [2][4] - The retail channel is expected to maintain steady growth, while the engineering channel faces pressure due to high base effects and policy impacts [2][4] Dividend and Shareholder Return Strategy - The company has outlined a shareholder return plan for 2024-2026, committing to a cash dividend ratio of no less than 50% each year [2][4] Incentive Plans - The stock option incentive plan aims to grant up to 5.75 million options, representing 0.61% of total shares, to middle management and key technical personnel [2][4]