Investment Rating - The report initiates coverage with a "Buy" rating for Qingdao Beer Co., Ltd. [3][27] Core Views - The beer industry is experiencing structural upgrades, cost reductions, and a stable competitive landscape, which are expected to enhance shareholder returns gradually. The company is projected to achieve a compound annual growth rate (CAGR) of 13.48% in profits from 2024 to 2026, with earnings per share (EPS) forecasts of 3.66, 4.16, and 4.71 yuan for 2024, 2025, and 2026 respectively. The current stock price corresponds to a price-to-earnings (PE) ratio of 16X for 2024 [3][27]. Summary by Sections 1. State-Owned Control and Enhanced Shareholder Returns - As of Q1 2024, the Qingdao State-owned Assets Supervision and Administration Commission indirectly holds 32.51% of the company's shares, demonstrating strong state-owned control. The management team is experienced, with a significant increase in the dividend payout ratio from 40.2% in 2022 to 63.9% in 2023, resulting in a current dividend yield of 4% [10][27]. 2. Strategic Focus on "Qingdao Main Brand" and Price Increase Potential - The company is concentrating on the "Qingdao Main Brand" while phasing out local brands. The strategic focus includes a product upgrade and the "1+1+N" product combination to strengthen the mid-to-high-end market. The average price per ton is expected to rise from approximately 3,500 yuan to around 5,000 yuan [12][18][20]. 3. Cost and Competitive Advantages Leading to Potential Record Profit Margins - The company is benefiting from a cost reduction cycle, with a gross margin of 40.4% in Q1 2024, marking a historical high. The overall expense ratio has decreased, contributing to a net profit margin of 14.91% in Q1 2024, also a record high. The strategic focus on market development along the Yellow River is expected to release ongoing profits [20][21][23]. 4. Financial Summary - The financial projections indicate a steady increase in revenue from 32,172 million yuan in 2022 to 35,172 million yuan in 2024, reflecting a growth rate of 7% in 2022 and 5% in 2023. The operating profit is expected to rise from 3,727 million yuan in 2022 to 5,420 million yuan in 2024, with a net profit forecast of 4,988 million yuan for 2024 [7][27].

Investment Rating - The investment rating for Kangtai Biological (300601) is "Buy" [2][4][12] - The target price is set at 30.03, down from the previous forecast of 37.20 [2][4] Core Views - The company is experiencing steady growth in routine vaccines and is making progress in internationalization [2][4] - The company has a rich pipeline of products and is expected to see significant contributions from the new human diploid rabies vaccine, which is set to launch in April 2024 [2][4] - The earnings per share (EPS) forecast for 2024-2025 has been adjusted to 0.91/1.16, down from 0.93/1.29, with a projected EPS of 1.40 for 2026 [2][4] Financial Summary - In 2023, the company achieved revenue of 34.77 billion (+10.14%) and a net profit of 8.61 billion, marking a turnaround from losses [2][4] - The first quarter of 2024 saw a revenue drop to 4.52 billion (-39.65%) and a net profit of 0.54 billion (-73.69%) [2][4] - The company’s routine vaccines generated revenue of 35.05 billion in 2023, with a 55.64% year-on-year increase in sales of the 13-valent pneumococcal conjugate vaccine [2][4] Product Pipeline and Internationalization - The company has over 30 products in its research pipeline, with several vaccines in various stages of clinical trials [2][4] - The 13-valent pneumococcal vaccine has received market approval in Indonesia, expected to contribute to revenue in 2024 [2][4] - Collaborations have been established with multiple countries for the registration and commercialization of vaccines [2][4]

股 票研店 究 2024.05.09 岳鑫(分析师) 0755-23976758 yuexin@gtjas.com 本报告导读： 2024年五一假期出游再创历史新高，航空受天气影响客流增幅。预计2024年航空市 场淡旺季明显且将持续，国际增班将继续推动淡季供需恢复。提示市场预期回落低位。 摘要： 五一出游再创新高，短途出游增长显著。五一假期出游在高基数下继 续增长。据文旅部测算，五一假期全国国内旅游出游合计2.95亿人 次，同比增长7.6%，按可比口径较2019年同期增长28.2%；国内游 客出游总花费1668.9亿元，同比增长12.7%，按可比口径较2019年 同期增长13.5%。五一假期出行客流创历史新高。据交通部统计，五 一假期全社会跨区域人员流动量超13亿人次，日均同比增长2%，较 2019年增长24%。较2023年，公路+2%，铁路+1%，民航+8%；较2019 年，公路+24%，铁路+23%，民航+11%，疫后短途出游增长更显著。 券研究报告 五一航空市场：雷雨影响客流增幅，票价如期同比回落。1）量：五 一假期预售自4月中旬启动，OTA机票查询与预订量同比显著增长， 且考虑2023年五一假期航班量 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][17] - The target price is set at 16.25, down from the previous forecast of 17.82 [17] Core Views - The company's profitability is under pressure, but the automotive electronics segment has achieved breakthroughs, potentially opening new profit avenues [17] - The report indicates a downward revision of profit forecasts, with the net profit for 2023 expected to be 3.31 billion, lower than previous expectations [17] - The automotive electronics business is expected to grow significantly due to the ongoing electrification and connectivity trends in the automotive industry [17] Financial Summary - Revenue for 2023 is projected at 7,507 million, a year-on-year increase of 25.85% [17] - The net profit for 2024 is forecasted to be 608 million, representing a 89% increase [17] - The company's EBIT is expected to rise to 694 million in 2024, reflecting a 26% growth [17] Profitability Metrics - The report highlights a decline in net profit margin from 7.3% in 2022 to 4.4% in 2023, with an expected recovery to 6.4% in 2024 [17] - Return on equity (ROE) is projected to improve from 7.3% in 2023 to 12.2% in 2024 [17] - The report notes a decrease in operating profit margin from 8.5% in 2022 to 4.9% in 2023, with a forecasted recovery to 7.4% in 2024 [17] Market Position - The company is recognized as a leading player in the domestic smart controller industry, with a strong position in various sectors including home appliances and automotive electronics [17] - The automotive electronics segment has seen significant growth, with sales revenue reaching 5.52 billion, a year-on-year increase of 82.52% [17]

股 从票研究 公司更新报告 证券研究报告 中航沈飞（600760） 军机龙头实现开门红，业绩持续增长，盈利稳步提升 一中航沈飞2024年一季报点评 彭磊(分析师) 杨天昊(分析师) 010-83939806 010-83939791 penglei018712@gtjas.com yangtianhao027639@gtjas.co 证书编号S0880518100003 S0880523080010 本报告导读： 公司一季报基本符合预期，业绩持续增长，盈利稳步提升。公司坚定主责主业，聚焦 优质运营，加速创新变革，持续推进高质量发展，业绩有望保持高增长。 投资要点： 维持目标价71.83元，维持增持。公司受益于练兵备战背景下战斗机 旺盛需求释放，叠加聚焦提质增效，盈利能力持续改善，业绩有望保 持高速增长。我们维持2024-26年EPS1.43/1.85/2.25元，给予公司24 年52.43倍PE，维持目标价71.83元，维持“增持”评级。 业绩基本符合预期，延续增长势头，盈利稳步提升。1）公司24Q1实 现营收94.9亿元（+3.5%），归母净利润7.2亿元（+11.6%），扣非归 母净利润7.2亿元（+12 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 85.77 yuan, down from the previous target of 85.95 yuan [1][4]. Core Views - The company has shown strong growth in direct sales channels, and the expected organizational changes are anticipated to enhance operational efficiency and profitability [1]. - The company's revenue for 2023 reached 22.782 billion yuan, a year-on-year increase of 1.35%, while the net profit attributable to shareholders was 3.036 billion yuan, up 13% [1]. - The direct sales revenue in Q1 2024 increased by 66.95% year-on-year, indicating the effectiveness of the company's strategy in the home furnishing sector [1]. Summary by Sections Financial Performance - The company achieved a revenue of 22.782 billion yuan in 2023, with a net profit of 3.036 billion yuan, reflecting a 1.35% and 13% increase respectively [1][2]. - For Q1 2024, the revenue was 3.621 billion yuan, showing a 1.43% increase year-on-year, while the net profit was 218 million yuan, up 43% [1]. Operational Efficiency - The company has optimized store operations and is expected to see the benefits of organizational changes, which should lead to steady growth in performance [1]. - The gross margin for Q1 2024 was reported at 29.98%, an increase of 3.30 percentage points year-on-year, while the net margin was 6.03%, up 1.88 percentage points [1]. Market Position - The company is positioned as a leader in the customized home furnishing market, with a focus on integrating various product categories to enhance customer experience and drive sales [1][4]. - The report highlights the company's competitive advantage and the potential for growth as it continues to adapt to market demands and consumer preferences [4].

股 票 研 究 [Table_industryInfo] 煤炭/能源 [ Table_Main[宝ITnaf 丰bol]e 能_Ti源tle]( 600989) [评Tab级le_：Inv est] 增持 上次评级： 增持 煤焦下滑拖累 Q1 业绩，煤制烯烃景气持续 目标价格： 21.78 上次预测： 18.15 公 ——宝丰能源2024 年一季报点评 当前价格： 16.59 司 孙羲昱(分析师) 杨思远(分析师) 陈浩越(研究助理) 2024.05.05 更 021-38677369 021-38032022 021-38031035 [交Ta易bl数e_M据a rket] 新 sunxiyu@gtjas.com yangsiyuan026856@gtjas.com chenhaoyue028692@gtjas.com 证书编号 S0880517090003 S0880522080005 S0880123070130 52周内股价区间（元） 12.05-17.17 报 总市值（百万元） 121,660 告 本报告导读： 总股本/流通A股（百万股） 7,333/7,333 流通 B股/H股（百万股） 0/0 ...

股 票 研 究 [Table_industryInfo] 基础化工 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 2] [评Tab级le_：Inv est] 增持 上次评级: 增持 本周天然气纯碱价格大涨，关注旺季涨价品种 [细T分ab行le_业s评ub级In dustry] 行 ——基础化工行业周报 业 钟浩(分析师) 钱伟伦(分析师) 陈传双(研究助理) 周 021-38038445 021-38038878 021-38676675 报 zhonghao027638@gtjas.com qianweilun027712@gtjas.co chenchuanshuang027603@gtjas.com 证书编号 S0880522120008 mS0 880523040003 S0880123060038 本报告导读： 一季度GDP及3月份PMI数据超预期，基础化工推荐处于估值底部的龙头白马，同 [相Ta关bl报e_告Do cReport] 时应关注在先进制造方面与强链、补链相关的新材料标的。 《供给增速放缓，需求预期改善》 摘要： 2024.05.09 ...

股 票 研 究 [Table_industryInfo] 煤炭 [ Table_Main[ITnafbol]e _Title] [评Tab级le_：Inv est] 增持 2024.04.29 上次评级: 增持 一季报业绩压力释放完毕 [细Ta分bl行e_s业ub评In级du stry] 行 煤炭行业周报 业 黄涛(分析师) 邓铖琦(分析师) 周 021-38674879 010-83939825 报 huangtao@gtjas.com dengchengqi024452@gtjas.co 证书编号 S0880515090001 mS0 880523050003 本报告导读： 动力煤底部预计就在4月下旬，800元/吨底部价格判断不改；炼焦煤：判断24Q4价 [相Ta关ble报_D告ocR eport] 格可能创23年新高。 《内外资一季度继续增配煤炭板块》 摘要： 2024.04.23 《焦煤、动力煤价格底部确认》 [投Ta资ble建_S议um：m我ar们y]认 为煤炭板块估值的重塑正在途中，背后反应的不仅是 2024.04.21 煤炭行业深刻供需结构变化，逐步“公用事业化”，而且也反映了稀缺无 《【国君煤 ...

股 票 研 究 [Table_industryInfo] 环保 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 2] [评Tab级le_：Inv est] 增持 上次评级： 增持 电建如火如荼，主、辅机需求接连爆发 [细Ta分bl行e_业su评bI级nd ustry] 行 业 徐强(分析师) 邵潇(分析师) 于歆(分析师) 更 010-83939805 0755-23976520 021-38038345 新 xuqiang@gtjas.com shaoxiao@gtjas.com yuxin024466@gtjas.com 证书编号 S0880517040002 S0880517070004 S0880523050005 本报告导读： 新能源装机规模增加倒逼火电放量。火电兼具基荷及调峰能力的支撑性电源，保障电 [相Ta关ble报_D告oc Report] 网稳定。火电电建提速叠加三改联动，火电配套主辅机采购及改造需求加速释放。 环保《CCER方法论逐步成熟，静待碳交易 摘要： 扩容落地》 2024.05.05 [投Ta资bl建e_议Su：m火ma电ry仍] ...