]yrtsudnI_elbaT[ [Table_Title] 泸州老窖（000568）2023年年报和2024年一季报点评 泸州老窖 沪深300 盈利能力提升，增长动能向好 2024 年 04 月 30 日 [【投资要点】 Table_Summary] 公司发布 23 年年报和 24 年一季报。公司 2023 年实现营收 302.33 亿 元（同比+20.34%），归母净利润 132.46 亿元（同比+27.79%），扣非 净利润 131.50 亿元（同比+27.41%）。单季度看，公司 Q4 实现营收 82.91 亿元（同比+9.10%），归母净利润 26.80 亿元（同比+24.78%），扣非 净利润 26.61 亿元（同比+23.50%）。2024 年一季度，公司实现营收 91.88 亿元（同比+20.74%），归母净利润 45.74 亿元（同比+23.20%）， 扣非净利润 45.52 亿元（同比+23.41%）。 产品多元发力，中高档均价提升。分产品看，公司中高档酒/其它酒 类分别实现营收 268.41/32.36 亿元，同比+21.28%/+22.87%，其中中 高档酒均价提升 19.79%，其它 ...

T* [Table_Title] 策略周报 短期市场情绪得到基本面保障，节前 有望交投相对企稳 2024 年 04 月 29 日 [Table_Summary] 【策略观点】 (只) 及規模（亿元） 图表 19:2023 年与 2022 年全国法院新收知识产权民事一审案件数量对比 1.1 市场涨跌概览 -25.00 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 计算机(申万) 非银金融(申万)美容护理(申万)电子(申万)通信(申万)医药生物(申万)食品饮料(申万)房地产(申万)传媒(申万)国防军工(申万)社会服务(申万)汽车(申万)商贸零售(申万)农林牧渔(申万)轻工制造(申万)环保(申万)电力设备(申万)交通运输(申万)基础化工(申万)机械设备(申万)综合(申万)建筑材料(申万)建筑装饰(申万)家用电器(申万)公用事业(申万)银行(申万)纺织服饰(申万)有色金属(申万)钢铁(申万)石油石化(申万)煤炭(申万) 5日涨跌幅 10日涨跌幅 20日涨跌幅 年初至今 资料来源：Choice 股票板块，东方财富证券研究所，数据截至 2024 年 4 月 ...

[ 轻Ta 工bl 制e_ 造T 行itl 业e] 动 态点评 行 业 研 特种纸行业回暖，掘金稳增长高分红企 究 挖掘价值 投资成长 / 业 轻 [Table_Rank] 工 制 强于大市 （上调） 造 2024 年 04 月 29 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：高博文 券 [Table_Summary] 研 【事项】 证书编号：S1160521080001 究 证券分析师：陈子怡 报  国务院4月12日印发《关于加强监管防范风险推动资本市场高质量 告 证书编号：S1160522070002 发展的若干意见》。强化上市公司现金分红监管。对多年未分红或分 联系人：刘雪莹 红比例偏低的公司，限制大股东减持、实施风险警示。加大对分红优 电话：021-23586475 质公司的激励力度，多措并举推动提高股息率。增强分红稳定性、持 续性和可预期性，推动一年多次分红、预分红、春节前分红。 [相 T对 a指 bl数 e表 _现 Pi cQuote]  工业生产者购进价格指数（PPIRM）：木材及纸浆类连续九个月同比下 2.55% ...

Q1利润增长强劲，AI业务表现可期 公司于 4 月 26 日发布一季报，2024Q1 公司实现营业收入 3.82 亿元， 同比增长 11.05%；实现归母净利润 7673 万，同比增长 57.92%；实现 扣非归母净利润 7297 亿元，同比增长 57.02%。 [Table_Rank] 买入（维持） | --- | --- | |-------------------------------|--------------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 10925.83 | | 流通市值（百万元 ) | 6964.45 | | 52 周最高/最低（元） | 47.61/21.53 | | 52 周最高/最低（PE） | 47.38/19.76 | | 52 周最高 /最低（PB） | 6.50/2.88 | | 52 周涨幅（%） | 4.37 | | 52 周换手率（%） | 1553.85 | | [Table_Report] 相关研究 | | | 《核心业务稳健发展， | AI 业务增长可 | | 期》 | | | | ...

[Table_Title] 桂林三金（002275）2023年年报&2024Q1点评 [【投资要点】 Table_Summary] 2022.08.24 [Table_PicQuote] 相对指数表现 公 司 研 究/ 医 药 生 物/ 证 券 研 究 报 告 全年业绩稳定增长，新季度受高基数影 响 [Table_yemei]桂林三金（002275）2023 年年报&2024Q1 点评 | --- | --- | --- | --- | --- | |-----------------------------------|---------|---------|-------------------------|---------| | [Table_FinanceInfo 项目\年度 ] | | | 2023A 2024E 2025E 2026E | | | 营业收入（百万元） | 2171.60 | 2397.88 | 2636.18 | 2888.01 | | 增长率 (%) | 10.81% | 10.42% | 9.94% | 9.55% | | EBITDA （百万元） | 623.73 | 63 ...

2024 年 04 月 29 日 T[ [【投资要点】 Table_Summary] 挖掘价值 投资成长 [Table_Rank] 增持（维持） 电话：021-23586475 | --- | --- | |-----------------------------------------|-----------------------------| | | | | [Table_PicQuote] 相对指数表现 | | | 117.16% 88.68% 60.21% | | | 31.73% 3.26% -25.22% 4/28 6/28 8/28 | 10/28 12/28 2/28 4/28 | | 沃尔核材 | 沪深 300 | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 18659.10 | | 流通市值（百万元 ) | 18499.90 | | 52 周最高/最低（元） | 14.81/4.97 | | 52 周最高/最低（ PE） | 26.64/9.89 | | 52 周最高/最低（PB） | 3.80/1.31 | | 52 周涨幅（%） | 11 ...

Investment Rating - The investment rating for the company is "Accumulate" [3][5]. Core Insights - The company's net profit attributable to shareholders showed steady growth, with a net profit of 295 million yuan in Q1 2024, representing an increase of 11.58% year-on-year. However, total revenue decreased by 1.73% year-on-year to 2.049 billion yuan, primarily due to a significant decline in pharmaceutical commercial sales, which dropped by 33.74% [2][5]. - The company is increasing its R&D investment, with R&D expenses reaching 199 million yuan in Q1 2024, up 19.88% year-on-year, accounting for 9.71% of total revenue. The company has a robust pipeline with 98 products under development, including 41 innovative drugs [2][5]. - The company's profitability remains stable, with a gross margin of 67.17% and a net profit margin of 14.30% in Q1 2024, both showing improvements compared to the previous year [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 2.049 billion yuan, down 1.73% year-on-year, while the net profit attributable to shareholders was 295 million yuan, up 11.58% year-on-year. The pharmaceutical industrial revenue increased by 4.83%, while the traditional Chinese medicine segment generated 1.441 billion yuan, up 3.83% [2][5]. - The company forecasts revenue for 2024-2026 to be 9.416 billion yuan, 10.211 billion yuan, and 11.064 billion yuan, respectively, with net profits projected at 1.314 billion yuan, 1.477 billion yuan, and 1.596 billion yuan [5][6]. R&D and Product Pipeline - The company has a diverse R&D pipeline with 98 products, including 41 innovative drugs. In Q1 2024, the R&D expenses were 199 million yuan, reflecting a year-on-year increase of 19.88% [2][5]. - Several innovative traditional Chinese medicine products are in advanced clinical stages, indicating a strong commitment to expanding its product offerings [2]. Profitability Metrics - The company reported a gross margin of 67.17% and a net profit margin of 14.30% in Q1 2024, both of which improved compared to the previous year. The sales, management, and financial expense ratios were 33.83%, 13.28%, and 0.28%, respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 6.518 billion yuan in 2023, representing a year-on-year growth of 47.56%, and a net profit attributable to shareholders of 332 million yuan, up 53.61% year-on-year [3][10] - The "Yimai Ecological Platform" has accelerated its development, generating revenue of 786 million yuan, a significant increase of 188.52% year-on-year, and accounting for 12.05% of total revenue in 2023 [1][8] - The company is expanding its product categories and exploring new markets, including furniture and toys, while also targeting emerging platforms like TikTok and Temu [11] Financial Performance - In 2023, the gross margin and net margin were 36.96% and 5.35%, respectively, with slight declines of 0.97 and 0.17 percentage points year-on-year [2] - The company expects revenues of 8.478 billion yuan, 10.228 billion yuan, and 11.909 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 448 million yuan, 551 million yuan, and 648 million yuan [8][9] - The cross-border e-commerce segment generated 5.696 billion yuan in revenue, reflecting a year-on-year growth of 38.62% [10] Strategic Initiatives - The company is focusing on a dual strategy of enhancing its core business while developing premium products and the Yimai Ecological Platform, aiming for sustained growth [8] - The introduction of a "semi-managed" service model on the Yimai platform is expected to help small and medium-sized sellers expand their overseas markets efficiently [11]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Views - The company's performance shows significant recovery, with a notable increase in profitability and product advantages. The report anticipates substantial growth in the company's performance for 2024 due to the ongoing development of its proprietary brand and the expansion of its nursing robot business [6][12]. Financial Performance Summary - In 2023, the company achieved revenue of 1.216 billion yuan, a year-on-year decrease of 5.27%. However, the net profit attributable to shareholders increased by 8.43% to 175 million yuan, and the net profit after deducting non-recurring items rose by 18.45% to 161 million yuan. The fourth quarter of 2023 saw a revenue of 380 million yuan, up 51.07%, and a net profit of 50 million yuan, up 86.90% [1][6]. - For Q1 2024, the company reported revenue of 326 million yuan, a year-on-year increase of 33.80%, and a net profit of 43 million yuan, up 126.69% [1]. - The company’s product segments include wet and dry vacuum cleaners, air compressors, industrial fans, and accessories, with revenues of 653 million yuan, 436 million yuan, 31 million yuan, and 96 million yuan respectively in 2023 [1]. Product and Market Development - The company is continuously enhancing product functionality and variety, launching new products such as floor washing machines to improve competitiveness. The overseas sales account for over 99% of total revenue, primarily focused on the North American market, with plans to expand into Europe, South America, Australia, Japan, and South Korea [1]. - The company has received a procurement commitment from The Home Depot for its small air compressor series, with an estimated annual procurement amount of approximately 20 million USD (about 144.8 million yuan), representing 11.91% of the company's 2023 revenue [1]. - The nursing robot business is expected to accelerate growth, with the global healthcare robot market projected to reach hundreds of billions. The company’s nursing robot products have reached the fifth generation, showcasing industry-leading technology [1]. Future Projections - The report forecasts the company's revenue for 2024, 2025, and 2026 to be 1.561 billion yuan, 1.914 billion yuan, and 2.258 billion yuan respectively, with net profits of 227 million yuan, 290 million yuan, and 348 million yuan. The expected EPS for these years is 1.25 yuan, 1.59 yuan, and 1.90 yuan, with corresponding P/E ratios of 17.47, 13.68, and 11.42 [6][15].

] y r t s u d n I _ e l b a T [ [ 爱Ta 美bl 客e_ （Ti 3t 0l 0e 8] 9 6）2024年一季报点评 公 24Q1归母净利润同比+27%，关注医美龙 司 研 头的中长期成长空间 挖掘价值 投资成长 究 / [Table_Rank] 增持 医 （维持） 药 生 2024 年 04 月 26 日 物 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 研 究 证书编号：S1160521080001 报 证券分析师：陈子怡 告  公司发布2024年一季报。2024Q1公司实现营收8.08亿元（+28.2%）， 归母净利5.27亿元（+27.4%），扣非后5.28亿元（+36.5%），业绩基 证书编号：S1160522070002 联系人：班红敏 本符合预期。 电话：021-23586475  盈利能力稳定，费用管控优化。①毛利率：94.55%（-0.75pct），同 [相T对ab指le数_P表ic现Qu ote] 比略有下降。②费率：销售费率8.34%（-2.08pct）；管理费率为4 ...