证券研究报告 | 公司动态点评 2024 年 05 月 08 日 靴子落地，大象起舞 事件：1、4 月 26 日，贵州茅台发布《2024 年第一季度报告》，公司一季度 实现营业收入 457.76 亿元，同比增长 18.1%；实现归母净利润 240.65 亿元， 同比增长 15.7%；基本 EPS 19.16 元/股，同比增长 15.7%。 张德芹是在产业中成长起来的地道茅台人，自 1995 年大学毕业进入茅台酒 厂，从生产一线干起，2010 年出任习酒公司董事长，推出窖藏 1988，用 8 年时间使习酒规模增长近 5 倍。在张董事长带领下，习酒跨越 200 亿元大关， 单飞后仍稳坐酱酒第一梯队。张董事长对茅台文化和管理极为熟悉，对市场 规律和行业走向都有着深刻理解，此时回到公司执掌新一阶段发展，为稳定 公司及行业高质量发展预期展示积极信号。 作者 邮箱：luxiaohang@cgws.com 3、《强者恒强，变革深化》2023-08-21 贵州茅台（600519.SH） Q1 营收增速继续高于 15%目标，高增势能延续。24Q1，按产品分，公司 茅台酒 /系 列酒 销售 收 入分 别为 397.07/59.3 ...

晨光生物（300138.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------------------------|-------|-------|--------|-----------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 6,296 | 6,872 | 7,353 | 8,823 | 10,764 | 股票信息 | | | 增长率 yoy （ % ） | 29.2 | 9.1 | 7.0 | 20.0 | 22.0 | | | | 归母净利润（百万元） | 434 | 480 | 357 | 604 | 741 | 行业 | 农林牧渔 | | 增长率 yoy （ % ） | 23.5 | 10.5 ...

证券研究报告 | 公司动态点评 2024 年 05月 08日 福斯特（603806.SH） 胶膜龙头实力强劲，新材料快速放量 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 18,877 22,589 26,475 31,604 36,672 股票信息 增长率yoy（%） 46.8 19.7 17.2 19.4 16.0 归母净利润（百万元） 1,579 1,850 2,596 3,187 3,955 行业 电力设备及新能源 增长率yoy（%） -28.1 17.2 40.3 22.8 24.1 2024年5月7日收盘价（元） 27.52 ROE（%） 11.3 11.7 14.5 15.6 16.6 总市值（百万元） 51,301.82 EPS最新摊薄（元） 0.85 0.99 1.39 1.71 2.12 流通市值（百万元） 51,301.82 P/E（倍） 29.8 25.4 18.1 14.7 11.9 总股本（百万股） 1,864.17 P/B（倍） 3.5 3.1 2.7 2.4 2.0 流通股本（百万股） 1,864.17 资料来源：公 ...

博众精工（688097.SH） 事件。公司 4 月 24 日发布 2023 年年报以及 2024 年一季报，2023 年公司实 现营业收入 48.40 亿元，同比+0.59%；归母净利润为 3.90 亿元，同比 +17.80%。2024 年一季度，公司营业收入为 7.43 亿元，同比-15.88%；归 母净利润为-0.21 亿元，同比-140.85%。 请仔细阅读本报告末页声明 期内形成产能。目前该产品已经实现量产，且已交付 40 余条至生产线。 公司动态点评 P.3 请仔细阅读本报告末页声明 免责声明 分析师 何 文雯 执业证书编号：S1070523050001 投资建议。公司实行"1+N"业务格局，深耕消费电子领域，同时积极推进 新技术业务领域。在我国科技水平飞速发展的背景下，高端装备领域国产化 需求迫切，技术实力成为未来竞争的关键要素，公司持续技术研发投入助力 业绩稳定发展，首次覆盖给予"增持"评级。我们预计 2024-2026 年归母净 利润分别为 4.75、6.02、7.16 亿元，EPS 为 1.06、1.35、1.60 元，PE 为 19.6、 15.4、13.0 倍。 资产负债表（百万元） 利 ...

Q1 业绩回归正常节奏，高股息政策有望延续 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,960 | 2,172 | 2,356 | 2,545 | 2,774 | 股票信息 | | | 增长率 yoy （ % ） | 12.5 | 10.8 | 8.5 | 8.0 | 9.0 | | | | 归母净利润（百万元） | 330 | 421 | 471 | 525 | 599 | 行业 | 医药 | | 增长率 yoy （ % ） | -4.1 | 27.8 | 11.8 | 11.5 | 14.0 | 2024 年 4 月 3 ...

| --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|-------|-------|-------|-------|-----------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 6,229 | 5,921 | 6,087 | 6,686 | 7,371 | 股票信息 | | | 增长率 yoy （ % ） | -10.8 | -4.9 | 2.8 | 9.8 | 10.3 | | | | 归母净利润（百万元） | -381 | 266 | 428 | 477 | 545 | 行业 | 建材 | | 增长率 yoy （ % ） | -220.9 | 169.9 | 60.7 | 11.5 | 14.3 | 2024 年 5 月 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for future performance [22][37]. Core Insights - The company has shown strong performance in 2023, with significant growth in revenue and profit margins, particularly in its main product lines [17][22]. - The company is expanding its product categories, which is expected to drive future growth [22]. - The financial outlook for 2024-2026 shows a steady increase in net profit, with projections of 1.71 billion, 2.08 billion, and 2.48 billion respectively, reflecting year-on-year growth rates of 17%, 21%, and 19% [22][24]. Financial Performance Summary - In Q1 2024, the company reported revenue of 88.57 million, a year-on-year increase of 3.22%, while the net profit was -1.76 million, showing a significant improvement of 68.59% compared to the previous year [20]. - For the full year 2023, the company achieved revenue of 9.40 billion, a growth of 5.94%, and a net profit of 1.46 billion, up 35.21% year-on-year [20]. - The gross margin for 2023 was 36.19%, an increase of 2.85 percentage points from the previous year, while the net margin was 15.53%, up 3.36 percentage points [17]. Revenue Breakdown - In 2023, the revenue from the company's main products was as follows: energy-saving aluminum-clad wooden windows at 790 million, aluminum alloy windows at 114 million, and curtain walls and sunrooms at 20 million, with respective year-on-year growth rates of 5.17%, 11.98%, and 4.91% [17]. - The sales model showed that bulk sales accounted for 55.71% of total revenue, while dealer sales contributed 42.62%, with the latter growing by 8.17% year-on-year [17]. Cash Flow and Expenses - The operating cash flow for 2023 was 1.49 billion, a remarkable increase of 660.80% year-on-year, primarily due to increased sales collections [17]. - The company’s expense ratio was 12.35%, a slight decrease of 0.82 percentage points compared to the previous year [17]. Dividend Policy - The company announced a cash dividend plan for 2023, proposing a distribution of 5 yuan per 10 shares, totaling 46.45 million, and outlined a three-year shareholder return plan [17][18].

长城证券产业金融研究院 传真：021-31829681 传真：86-10-88366686 Q1 盈利能力同比改善，研发费用、政府补助增加影响扣非业绩。Q1 公司毛 利率/净利率分别为 10.59/4.59%，同比分别增加 1.34/0.59pct。公司经营性 现金流净额为 8421.14 万元，同比下降 49.97%，主要系本期营业收入减少 所致。公司期间费用率为 7.18%，同比增长 2.54pct。其中销售/管理（含研 发）/财务费用率分别为 0.51/4.98/1.70%，同比分别增长 0.05/2.14/0.36pct， 主要系研发投入增加所致。Q1 研发费用为 1.57 亿元，同比增长 105.44%。 其他收益为 1.54 亿元，同比增长 107.92%，主要系本期确认的与公司日常经 营活动相关的政府补助增加所致。 风险提示：宏观经济政策变化；主要原材料价格波动风险；用工风险；市场 邮箱：huajiangyue@cgws.com 1、《订单增势向好，吨盈利有所下滑》2024-04-02 2、《订单及产量维持高增，吨盈利阶段性承压—鸿路钢 构（002541）三季报点评》2023-10-27 3、《 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [10][32]. Core Insights - The company has successfully divested the "Songlin Home" business, allowing it to focus more on its core operations [11][32]. - The first quarter of 2024 showed strong performance with a revenue of 681 million yuan, a year-on-year increase of 12.61%, and a net profit of 111 million yuan, up 154.72% year-on-year [22]. - The company is expected to see significant growth in net profit over the next few years, with projections of 482 million yuan, 584 million yuan, and 716 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 37%, 21%, and 23% [32]. Financial Performance Summary - In 2023, the company reported a revenue of 2,983 million yuan, a decrease of 6.2% year-on-year, while the net profit was 352 million yuan, an increase of 34.9% year-on-year [10][22]. - The gross margin and net margin for 2023 were 35.02% and 13.11%, respectively, both showing improvements compared to the previous year [12][22]. - The company's operating cash flow for Q1 2024 was 131 million yuan, reflecting a year-on-year growth of 37.25% [11]. Product and Market Dynamics - The company has optimized its product structure, with steady growth in kitchen and bathroom health products as well as beauty health products [11][12]. - The average selling price for kitchen health products decreased by 6.73% to 47.26 yuan per unit, while beauty health products saw a price increase of 9.61% to 59.86 yuan per unit [12]. - The company aims to become a hidden champion in the health hardware IDM business, focusing on niche categories after the divestment of "Songlin Home" [32].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index within the next six months [37]. Core Insights - The company is expected to achieve a robust revenue growth, with projected net profits for 2024-2026 at 1.59 billion, 2.13 billion, and 2.67 billion CNY, representing year-on-year growth rates of 142%, 33%, and 26% respectively [5]. - The company is benefiting from the growth in the pharmaceutical glass market, with the introduction of borosilicate molded bottles expected to significantly enhance future performance [5][15]. - The company reported a revenue of 2.67 billion CNY in Q1 2024, marking an 18.99% year-on-year increase, while the net profit was 24.81 million CNY, up 8.22% year-on-year [24]. Financial Summary - The company's revenue for 2022 was 822 million CNY, which increased to 947 million CNY in 2023, with an expected revenue of 1.287 billion CNY in 2024, reflecting a year-on-year growth rate of 35.9% [2][30]. - The gross profit margin for 2023 was reported at 17.44%, a decrease of 4.65 percentage points year-on-year, while the net profit margin was 6.96%, down 7.23 percentage points year-on-year [3]. - The company's operating cash flow for 2023 was 61 million CNY, a 32.35% increase compared to the previous year, primarily due to increased revenue [3][17].