]yrtsudnI_elbaT[ 公 司 研 究 / 基 础 化 工/ 证 券 研 究 报 告 24Q1归母净利+41%，天猫抖快齐发力 2024 年 05 月 08 日 [Table_Title] 丸美股份（603983）2023年报&2024年一季报点评 [【投资要点】 Table_Summary] 恋火高增速+丸美抖快放量，驱动公司业绩持续上行。分品类看，23 年眼部/护肤/洁肤/美容等收入各 4.29/9.25/2.21/6.50 亿，同比各 -1.48%/+16.46%/+7.06%/+121.38%，24Q1 均价同比均有提升。分品牌 看，①丸美：收入 15.6 亿（+11.63%），主营占比 70.09%，夯实"眼 部护理专家+抗衰老心智"。核心 2 大单品小红笔眼霜、小金针次抛全 年 GMV 破 2 亿，四抗、重组胶原蛋白套组占据性价比高位。②恋火： 收入 6.43 亿（+125.14%），占比 28.89%，24Q1 延续获得 42.7%的高增 速，占比进一步提升。品牌持续强化高质极简底妆心智，其中看不见 粉底液、看不见气垫、蹭不掉粉底液等 5 款单品 GMV 破亿。 直营渠道表现优异，分渠 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][7]. Core Views - The company achieved a revenue of 20.254 billion yuan in 2023, representing a year-on-year increase of 21.18%, with a net profit attributable to shareholders of 4.589 billion yuan, up 46.01% year-on-year [3][7]. - The company is expected to maintain stable growth in performance, with projected revenues for 2024, 2025, and 2026 at 24.576 billion, 29.360 billion, and 34.772 billion yuan respectively [7][8]. - The gross profit margin for 2023 was 79.07%, an increase of 1.90 percentage points year-on-year, driven by the rapid growth of mid-to-high-end products [3][8]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 4.301 billion yuan, a year-on-year increase of 8.92%, and a net profit of 0.777 billion yuan, up 49.20% year-on-year [3]. - For Q1 2024, the company achieved a revenue of 8.286 billion yuan, representing a year-on-year increase of 25.85%, with a net profit of 2.066 billion yuan, up 31.61% year-on-year [3]. Product and Regional Performance - The company’s product segments saw significant growth, with revenue from aged raw liquor reaching 15.417 billion yuan, an increase of 27.34% year-on-year [3]. - The North China region experienced rapid growth, with revenue of 1.843 billion yuan, up 39.01% year-on-year [3]. Profitability Metrics - The company’s net profit margin improved to 22.66% in 2023, an increase of 3.85 percentage points year-on-year [3]. - For Q1 2024, the gross profit margin and net profit margin were 80.35% and 24.93% respectively, continuing the trend of improving profitability [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Insights - The company reported a revenue of 5.52 billion yuan in 2023, representing a 10.1% increase, while the net profit attributable to shareholders was 760 million yuan, down 28.0% [2]. - In Q1 2024, the company achieved a revenue of 1.1 billion yuan, up 27.1%, and a net profit of 180 million yuan, up 11.7%, indicating an improvement in profitability margins [2]. - The company is focusing on sensitive skin products, with successful launches in soothing creams and sunscreens, and steady expansion in whitening and anti-aging lines [2]. Financial Performance Summary - The gross margin for Q1 2024 was 72.09%, down 4.02 percentage points year-on-year, primarily due to product formulation and packaging upgrades [2]. - The sales, management, and R&D expense ratios for Q1 2024 were 47.26%, 7.48%, and 5.41%, respectively, reflecting an increase in online customer acquisition costs and production costs [2]. - The net profit margin for 2023 and Q1 2024 was 13.75% and 15.72%, respectively, showing a decline of 7.20 and 2.24 percentage points [2]. Revenue Breakdown - In 2023, the company's skincare, medical devices, and cosmetics generated revenues of 4.87 billion yuan, 460 million yuan, and 170 million yuan, respectively, with year-on-year growth of 7%, 20%, and 217% [2]. - The brand "Winona" generated 5.2 billion yuan in revenue, marking a 6% increase, and has consistently ranked in the top 10 for beauty products on Tmall during the Double 11 shopping festival [2]. - The company has established a Southeast Asia business headquarters in Bangkok and is expected to form a localized operational team in 2024 [3]. Future Earnings Forecast - The company expects net profits of 1.13 billion yuan, 1.32 billion yuan, and 1.53 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 49.3%, 17.2%, and 15.8% [7][8]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.67 yuan, 3.12 yuan, and 3.62 yuan, respectively [8].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [8][21]. Core Views - The company's performance is under short-term pressure due to objective factors, but long-term prospects remain positive. The expansion into overseas markets, collaboration with China Film, and successful project bids are noteworthy [21]. - The company reported a revenue of 658 million yuan in 2023, a year-on-year decrease of 28.77%, and a net profit attributable to shareholders of 13.78 million yuan, down 34.40% year-on-year. For Q1 2024, revenue was 179 million yuan, up 5.22% year-on-year, but net profit dropped significantly by 80.58% [4][21]. - The company plans to distribute a cash dividend of 0.60 yuan per 10 shares, totaling 39.03 million yuan [4]. Financial Performance Summary - In 2023, the company achieved a gross margin of 36.44%, an increase of 0.22 percentage points, attributed to a higher proportion of high-margin overseas business [4]. - The company invested 80.99 million yuan in R&D, with an R&D expense ratio rising to 12.31%. It added 85 new patents and software copyrights during the reporting period [4]. - The company’s overseas revenue reached 316 million yuan, a year-on-year increase of 9.54%, accounting for 48.07% of total revenue [4]. Future Earnings Forecast - The company is expected to achieve revenues of 825 million yuan, 1 billion yuan, and 1.17 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 59.11 million yuan, 70.01 million yuan, and 89.49 million yuan [21][22].

Investment Rating - The investment rating for the company is "Accumulate" [3][7]. Core Views - The company achieved a revenue of 10.098 billion yuan in 2023, representing a year-on-year increase of 28.07%, with a net profit attributable to shareholders of 3.136 billion yuan, up 25.30% year-on-year [2]. - The company has a clear path for high-quality development post the 100 billion yuan revenue milestone, with a target of 15 billion yuan in revenue by 2025 [3]. - The company is expected to maintain stable growth in performance due to the gradual recovery of the macro economy [7]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 1.735 billion yuan, a year-on-year increase of 27.76%, and a net profit of 500 million yuan, up 18.75% year-on-year [2]. - For Q1 2024, the company achieved a revenue of 4.671 billion yuan, reflecting a year-on-year growth of 22.84%, with a net profit of 1.533 billion yuan, up 22.12% year-on-year [2]. - The company's gross margin for 2023 was 78.34%, an increase of 1.75 percentage points year-on-year, while the net profit margin was 31.06%, a slight decrease of 0.68 percentage points year-on-year [2]. Product and Market Strategy Summary - The company optimized its product structure, with revenue from premium products (Special A+ and Special A) growing by 25.13% and 37.11% respectively in 2023 [2]. - The direct sales channel saw a revenue increase of 38.89% year-on-year, indicating a strong growth trajectory [2]. - Revenue growth was notable across various regions, with significant increases in Suzhong and outside the province, achieving growth rates of 38.78% and 40.18% respectively [2]. Future Earnings Forecast - The company is projected to generate revenues of 12.374 billion yuan, 15.029 billion yuan, and 18.037 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 3.801 billion yuan, 4.676 billion yuan, and 5.494 billion yuan [7][8]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 3.03 yuan, 3.73 yuan, and 4.38 yuan respectively, with price-to-earnings (P/E) ratios of 18.81, 15.29, and 13.01 [8].

光伏行业竞争格局持续恶化； 下游需求不及预期； 技术迭代导致公司产品竞争力下降等。 敬请阅读本报告正文后各项声明 2 敬请阅读本报告正文后各项声明 3 [Table_yemei] 京山轻机（000821）2023 年报&2024 年一季报点评 [Table_Finance] 资产负债表（百万元） 现金流量表（百万元） 至 12 月 31 日 2023A 2024E 2025E 2026E 至 12 月 31 日 2023A 2024E 2025E 2026E 流动资产 13751.00 16963.20 19225.04 22171.15 经营活动现金流 1191.19 1076.57 1190.59 1745.72 货币资金 2739.56 3774.59 4915.03 6599.45 净利润 393.16 598.96 745.20 972.53 应收及预付 3176.80 4076.91 4433.72 4834.74 折旧摊销 100.19 107.57 110.96 114.49 存货 7125.27 8089.58 8784.08 9565.62 营运资金变动 567.40 303.99 257 ...

] y r t s u d n I _ e l b a T [ [ 分Ta 众bl 传e_ 媒T （itl 0e 0] 2 027）2023年报&2024年一季报点评 公 司 研 核心业务稳健，点位有序扩张 究 挖掘价值 投资成长 / [Table_Rank] 传 增持 （维持） 媒 互 2024 年 05 月 07 日 联 网 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 研 证书编号：S1160521080001 究 报  公司发布2023年报及2024年一季报。 证券分析师：陈子怡 告 证书编号：S1160522070002 2023年，公司实现营业收入119.04亿元，同比增长26.03%；实现归 证券分析师：潘琪 母净利润48.27亿元，同比增长73.02%；实现扣非归母净利润43.74 证书编号：S1160524040001 亿元，同比增长82.68%。 联系人：陈子怡 电话：021-23586305 2024年一季度，公司实现营业收入27.30亿元，同比增长6.02%；实 [相T对ab指le数_P表ic现Qu o ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue and net profit growth for 2024-2026 [7]. Core Insights - The company's performance showed a slight decline in Q1 2024, with revenue of 2.086 billion yuan, down 3.19% year-on-year, and a net profit of 387 million yuan, down 3.36% year-on-year. The industrial segment saw revenue growth of 4.38%, while the commercial segment experienced a decline of 16.19% [2]. - The company has a strong core competitiveness in its product offerings, with 599 approved drug varieties covering 13 major health management areas. Key products like Su Xiao Jiu Xin Wan and Jing Wan Hong Ointment have extensive market coverage [2]. - The gross profit margin improved significantly, reaching 51.54% in Q1 2024, an increase of 2.76 percentage points year-on-year, while the net profit margin was 18.38%, down slightly by 0.08 percentage points [2]. Financial Data Summary - Total market capitalization is approximately 27.33 billion yuan, with a circulating market value of about 20.08 billion yuan [3]. - The company’s projected revenues for 2024, 2025, and 2026 are 8.998 billion yuan, 9.710 billion yuan, and 10.390 billion yuan, respectively, with corresponding net profits of 1.189 billion yuan, 1.271 billion yuan, and 1.356 billion yuan [8]. - The earnings per share (EPS) are forecasted to be 1.54 yuan, 1.65 yuan, and 1.76 yuan for the years 2024, 2025, and 2026, respectively, with price-to-earnings (P/E) ratios of 23, 21, and 20 [8].

[Table_Title] 策略周报 【风险提示】 策略周报 教清阅读本报告正文后各项声明 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 30 日 2017 1.2 资金流向概览 [Table_Summary] 【策略观点】 | --- | |-------------------------------------------------------| | | | 证券分析师：曲一平 | | 证书编号： S1160522060001 | | 联系人：陈然 | | 电话： 021-23586458 | | 联系人：李嘉文 | | | | 电话： 021-23586458 [Table_Reports] | | 相关研究 《政策面继续向好， | | 绪持续恢复》 | | 《短期市场情绪得到基本面保 障，节前有望交投相对企稳》 | 图表目录 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 房地产(申万) 家用电器(申万)医药生物(申万)基础化工(申万)商贸零售(申万)环保(申万)建筑材料(申万)轻工制 ...

[Table_Title] 策略月报 2024 年 05 月 07 日 2024 年 4 月，A 股全行业（中信一级行业口径）的中位数回报为 0.44%， 基本仍属于窄幅震荡。涨幅前 5 名的行业为家电（7.90%）、银行 （4.79%）、基础化工（4.57%）、综合金融（3.03%）、有色金属（3.02%）。 回报率排名靠后的 5 个行业为综合（-7.69%）、传媒（-5.69%）、消费 者服务（-5.33%）、房地产（-3.78%）、计算机（-3.04%）。近一半的 行业单月录得负回报。风格方面，大盘强于小盘，价值强于成长。 2024 年前 4 个月，我们的推荐组合的累计收益率为 4.02%，相较行业 等权组合的累计超额收益率为 4.67 个百分点。 结合市场环境特点，我们在 2024 年 5 月推荐配置的行业是：纺织服 装、银行、食品饮料、电力设备及新能源、商贸零售、轻工制造、家 电。 测试结果基于有限的历史数据和量化模型，模型可能存在过拟合风 险，不能保证对样本外的数据做出有效判断。 [Table_Author] 东方财富证券研究所 | --- | --- | |------------------- ...