[Table_RightTitle] 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 业绩披露完毕，飞天茅台批价回升 (维持) 究 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(04.29-05.05) 2024年05月06日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周食品饮料板块上涨0.65%，于申万31个子行业中位列第22。上周 食品饮料 沪深300 （2024年4月29日-2024年5月5日），沪深300指数上涨0.56%，申 5% 万食品饮料指数上涨 0.65%，跑赢沪深 300 指数 0.09 个百分点，在申 0% 行 万31个一级子行业中排名第22。年初至今沪深300指数上涨5.05%， -5% 业 申万食品饮料指数下跌 0.10%，跑输沪深 300 指数 5.15 个百分点，在 -10% -15% 周 申万31个一级子行业中排名第11。上周食品饮料子板块多数上涨，其 -20% 观 中预加工食品（+7.30%） ...

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 AI 存储需求高景气，晶圆大厂切入先进封 强于大市 研 (维持) 究 装赛道 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(04.29-05.05) 2024年05月06日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年4月29日至5月5日期间，沪深300指数上涨0.56%，申万电子指 电子 沪深300 数上涨 1.91%，在 31 个申万一级行业中排第 10，跑赢沪深 300 指数 1.35 15% 10% 个百分点。把握终端复苏和AI产业链加速建设的催化下，AIPC、AI手机、 5% 行 HBM、先进封装、存储芯片、面板等领域呈现的结构化投资机会。 0% -5% 业 -10% 投资要点： -15% 周 -20% 观 产业动态：（1）科技创新：4 月 30 日中共中央政治局召开会议，会议分 -25% -30% 点 析研究当前经济形势和经济工作，审议《关于持 ...

Investment Rating - The investment rating for Qingdao Beer is maintained at "Add" [1][8]. Core Views - In Q1 2024, the company experienced a decline in revenue due to pressure on product sales, but net profit increased. The revenue for Q1 2024 was 10.15 billion yuan, down 5.19% year-on-year, while the net profit attributable to shareholders was 1.597 billion yuan, up 10.06% year-on-year [2]. - The gross margin and net margin both improved, with the gross margin at 40.44%, up 2.12 percentage points year-on-year, and the net margin at 15.99%, up 2.23 percentage points year-on-year. This improvement is attributed to a decrease in raw material costs and an ongoing optimization of the product mix [2]. - The company is expected to benefit from a recovery in on-premise consumption and a decrease in raw material costs, indicating potential for profit improvement in the short term. As a leading domestic beer brand, Qingdao Beer has significant brand value and is accelerating its expansion into the high-end market, which is expected to drive price increases in the future [2][3]. Summary by Sections Financial Performance - In Q1 2024, beer sales volume decreased by 7.58% year-on-year to 2.184 million kiloliters, with the main brand's sales down 5.64% to 1.322 million kiloliters. The sales of mid-to-high-end products decreased by 2.44% to 960,000 kiloliters, while other brands saw a decline of 10.40% to 862,000 kiloliters [2]. - The company forecasts revenue for 2024 to be 36.38 billion yuan, with a growth rate of 7.20%. The net profit attributable to shareholders is projected to be 4.991 billion yuan, reflecting a growth rate of 16.95% [3][6]. Profitability Metrics - The sales expense ratio, management expense ratio, and R&D expense ratio for Q1 2024 were 12.83%, 3.40%, and 0.18%, respectively, showing a decrease in sales expenses and a slight increase in management and R&D expenses [2]. - The earnings per share (EPS) for 2024 is expected to be 3.66 yuan, with corresponding price-to-earnings (PE) ratios of 22, 20, and 18 for the years 2024, 2025, and 2026, respectively [3][6].

[Table_RightTitle] 证券研究报告|传媒 公 [Table_Title] [Table_StockRank] 司 业绩显著修复，部署垂类营销 AI 大模型构 增持 研 (维持) 究 建数智化优势 [Table_StockName] [Table_ReportDate] ——分众传媒（002027）点评报告 2024年05月06日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 公司发布2023年年度报告及2024年一季报，2023年实现营收119.04 总股本（百万股） 14,442.20 亿元（YoY+26.30%）；归母净利润48.27亿元（YoY+73.02%）；扣非归母 流通A股（百万股） 14,442.20 净利润43.74亿元（YoY+82.68%）。2024年第一季度实现营收27.30亿 收盘价（元） 6.50 公 元（YoY+6.02%）；归母净利润10.40亿元（YoY+10.50%）；扣非归母净 总市值（亿元） 938.74 司 利润9.45亿元（YoY+18.17%）。 流通A股市值（亿元） 938.74 点 [个Ta股ble相 ...

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[Table_Title] 万联晨会 [Table_Summary] 概览 证 券 研 究 报 告 晨会纪要 市场研究 3335 【市场回顾】 五一节前最后一个交易日，A 股三大指数集体收跌。截至收盘，沪指 跌 0.26%，深成指跌 0.90%，创业板指跌 1.55%。沪深两市成交额 10302 亿元，北向资金净卖出 86.17 亿元。行业方面，家用电器、煤炭、公 用事业行业领涨；建筑装饰、电力设备、社会服务行业领跌。概念板 块方面，合成生物、燃料乙醇、阿尔茨海默概念领涨；低空经济、通 用航空、飞行汽车概念领跌。五一期间港股连续上涨，海外市场中美 股表现相对偏强。其中，上周五恒生指数涨 1.48%，恒生科技指数涨 2.74%；道指涨 1.18%，标普 500 指数涨 1.26%，纳指涨 1.99%；欧洲 及亚太股市涨跌不一。 | --- | --- | --- | |---------------------------------------------------------|----------|---------| | [Table_InnerMarketIndex] 国内市场表现 \n指数名称 收盘 ...

证券研究报告|食品饮料 投资要点: | --- | --- | --- | --- | --- | |------------------------|---------|---------|---------|---------| | [Table_ForecastSample] | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 3499.10 | 4083.46 | 4732.66 | 5492.27 | | 增长比率 ( % ) | 20.22 | 16.70 | 15.90 | 16.05 | | 归母净利润(百万元 ) | 73.03 | 251.79 | 291.32 | 337.96 | | 增长比率 ( % ) | -49.21 | 244.79 | 15.70 | 16.01 | | 每股收益(元 ) | 0.43 | 1.49 | 1.72 | 2.00 | | 市盈率(倍 ) | 84.52 | 24.51 | 21.19 | 18.26 | | 市净率（倍） | 2.50 | 2.39 | 2.22 | 2.04 | | --- | -- ...

[Table_RightTitle] 证券研究报告|房地产 公 [Table_Title] [Table_StockRank] 司 买入 研 持续聚焦核心城市，保持销售龙头地位 (维持) 究 [Table_StockName] [Table_ReportDate] ——保利发展（600048）点评报告 2024年04月30日 [事Ta件bl:e4_S月um30m日ary，] 公司披露了 2024 年一季报，公司实现营业收入 497.48 [基Ta础ble数_B据ase Data] 亿元，同比上升24.41%，公司实现归母净利润22.24亿元，同比下降18.28%。 总股本（百万股） 11,970.44 点评： 流通A股（百万股） 11,970.44 受项目结转毛利率下降及权益比例下降等因素影响公司 24Q1 利润端仍下 收盘价（元） 9.28 公 降，但新开工面积有所恢复：（1）公司24Q1竣工面积保持正增长，新开工 总市值（亿元） 1,110.86 司 面积大幅提升，公司 24Q1 竣工面积实现 542 万平，同比增长 5%，推动公 流通A股市值（亿元） 1,110.86 点 司结算收入实现稳定增长。24Q ...

Investment Rating - The report maintains a rating of "Add" for the company, indicating a projected relative price increase of 5% to 15% over the next six months [3][25]. Core Insights - In 2023, the company achieved a revenue of 3.499 billion yuan, representing a year-on-year growth of 20.22%. However, the net profit decreased by 49.21% to 73 million yuan, primarily due to increased expenses and a decline in gross margin [9][18]. - The company’s gross margin slightly decreased by 0.38 percentage points to 31.39%, attributed to a drop in the gross margin of its main product, frozen baked goods [6][18]. - The report forecasts a recovery in profitability due to the expected decrease in raw material prices and the reduction of stock option expenses, projecting net profits of 252 million yuan, 291 million yuan, and 338 million yuan for 2024, 2025, and 2026 respectively [6][19]. Revenue Breakdown - In 2023, revenue from frozen baked goods reached 2.211 billion yuan, a year-on-year increase of 23.93%. Revenue from baking ingredients was 1.262 billion yuan, up 12.71% [3][10]. - The sales channels showed significant differentiation, with direct sales growing by 49.23% to 1.489 billion yuan, while retail sales dropped by 21.82% to 13 million yuan [3][10]. Expense Analysis - Sales expenses increased by 36.61% to 474 million yuan, with the sales expense ratio rising by 1.62 percentage points to 13.54% due to higher transportation and marketing costs [6][18]. - Management expenses rose by 35.10% to 334 million yuan, with the management expense ratio increasing by 1.05 percentage points to 9.56% [6][18]. Profit Forecast - The report projects a significant recovery in net profit for 2024, with an expected growth of 244.79% compared to 2023, followed by growth rates of 15.70% and 16.01% in 2025 and 2026 respectively [6][19].

Investment Rating - The investment rating for the company is "Buy" [2][7]. Core Insights - The company achieved a revenue growth of 12.58% year-on-year in 2023, with a profit growth of 13.19%, indicating stable performance and solid industry position. In Q1 2024, revenue grew by 11.86% and profit by 11.98%, marking a strong start to the year. The company plans to distribute a cash dividend of 46.70 yuan per 10 shares, with a total cash dividend amounting to 18.127 billion yuan, both figures being record highs since its listing [2][3][5]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 832.72 billion yuan and a net profit attributable to shareholders of 302.11 billion yuan. For Q1 2024, revenue was 348.33 billion yuan, with a net profit of 140.45 billion yuan [3][5]. Product and Channel Performance - The company's core product, the eighth generation of Wuliangye, saw a sales increase of 17.98% year-on-year, contributing to a revenue growth of 13.50%. Other liquor products experienced a sales increase of 27.60% and revenue growth of 11.58%. Direct sales and distribution channels both performed well, with direct sales revenue up 12.53% and distribution revenue up 13.56% [2][3]. Profitability and Cost Management - The gross margin for 2023 slightly increased by 0.37% to 75.79%. The net profit margin remained stable at 37.85%. In Q1 2024, the gross margin improved to 78.43%, while the net profit margin slightly decreased to 42.02% [2][3][5]. Forecast and Valuation - The company is expected to achieve net profits of 341.54 billion yuan, 382.68 billion yuan, and 425.68 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 8.80, 9.86, and 10.97 yuan per share. The price-to-earnings ratio is projected to be 17, 15, and 13 for the same years [5][6].