Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance exceeded expectations, with a 45.58% year-on-year increase in net profit attributable to shareholders in Q1 2024. In 2023, the company achieved revenue of 8.905 billion yuan (up 39.45% year-on-year) and a net profit of 1.194 billion yuan (up 46.06% year-on-year) [3] - The main brand, Proya, has fully upgraded its core products, with significant growth in multiple sub-brands. Proya's revenue in 2023 was 7.177 billion yuan (up 36.36% year-on-year), accounting for 80.73% of total revenue [3] - The company has seen rapid growth in its online channels, achieving revenue of 8.274 billion yuan (up 42.96% year-on-year) in 2023, with online direct sales accounting for 75.91% of total revenue [10] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 3.656 billion yuan (up 50.86% year-on-year) and a net profit of 448 million yuan (up 39.06% year-on-year) [3] - For Q1 2024, revenue was 2.182 billion yuan (up 34.56% year-on-year) and net profit was 303 million yuan (up 45.58% year-on-year) [3] - The company’s operating cash flow for 2023 was 1.469 billion yuan (up 32.19% year-on-year) [3] Brand and Product Development - Proya has upgraded its core product lines, including the "Double Anti-aging Series" and "Ruby Series," and launched a high-end product line focused on mature skin [3] - The sub-brand Caitang achieved revenue of 1.001 billion yuan (up 75.06% year-on-year), while OR and Yuefuti also saw significant revenue growth of 71.17% and 61.82% respectively [3] Profitability and Forecast - The company’s gross margin improved to 69.93% in 2023, with a net margin of 13.82%. For Q1 2024, gross margin was 70.11% and net margin was 14.44% [10] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.599 billion yuan, 1.970 billion yuan, and 2.407 billion yuan respectively, with corresponding PE ratios of 26, 21, and 17 times [10]

[Table_RightTitle] [Table_Title] 口服剂表现亮眼，费用优化 [Table_Summary] 报告关键要素: 投资要点: 2024Q1，公司各剂型产品收入分别为凝胶剂 0.09 亿元（+260.97%）、口 服液 3.70 亿元（+30.24%）、片丸剂 0.82 亿元（+1.84%）、胶囊 1.97 亿 元（-4.88%）、注射液 5.38 亿元（-8.87%）、贴剂 0.51 亿元（-13.10%）、 颗粒剂及冲剂 1.05 亿元（-15.40%）。口服液主要系金振口服液销售同 比增长推动，凝胶剂主要系筋骨止痛凝胶销售同比增长推动。 2024Q1，公司整体毛利率为 74.61%（同比减少 0.49 个百分点）。分剂 型看毛利率，凝胶剂 86.05%（减少 0.34 个百分点）、口服液 80.92%（减 少 1.05 个百分点）、片丸剂 74.42%（增加 3.78 个百分点）、胶囊 69.51% （增加 2.86 个百分点）、注射液 71.60%（减少 2.09 个百分点）、贴剂 78.91%（减少 4.60 个百分点）、颗粒剂及冲剂 78.08%（减少 2.78 个百 分点 ...

Investment Rating - The investment rating for the company is "Maintain Buy" [29] Core Views - The company has maintained revenue growth, achieving a revenue of 4.438 billion yuan in 2023, a year-on-year increase of 12.37%, although the growth rate has slightly decreased compared to the previous year's 14.64% [2][20] - The net profit for 2023 was 404 million yuan, reflecting a year-on-year growth of 3.70%, significantly lower than the previous year's growth of 30.66% [2][20] - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares to all shareholders [20] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.438 billion yuan, with a net profit of 404 million yuan and a non-recurring net profit of 389 million yuan [2][20] - The fourth quarter of 2023 saw a revenue of 928 million yuan, a year-on-year increase of 12.46%, with net profits of 53 million yuan [2][20] - The gross profit margin for 2023 was 18.63%, a slight decrease of 0.18 percentage points from the previous year [2] Product Performance - Major products saw revenue growth, with fine wool yarn, cashmere, and wool tops achieving revenues of 2.497 billion, 1.222 billion, and 661 million yuan respectively, all showing over 10% growth [2] - The revenue growth rate for fine wool yarn improved from 8.93% last year to 11.30%, while cashmere revenue growth significantly declined from 29.03% to 14.11% [2] Market Conditions - Domestic consumption of woolen products showed a good recovery in 2023, with retail sales of clothing, shoes, hats, and textiles reaching 1.4095 trillion yuan, a year-on-year increase of 8.39% [16] - However, woolen exports slightly decreased, with total exports of woolen raw materials and products amounting to 12.1 billion USD, down 1.40% year-on-year [16] Profit Forecast and Investment Suggestion - The company is expected to maintain its position as a global leader in the fine wool industry, with projected net profits of 461 million, 492 million, and 542 million yuan for 2024-2026 [16][21] - The earnings per share are forecasted to be 0.63, 0.67, and 0.74 yuan for the same period, with corresponding price-to-earnings ratios of 10.81, 10.12, and 9.19 [21]

Core Insights - The banking industry continues to face operational pressure, with a projected revenue growth rate of -0.89% for 2024, a decline of 0.04 percentage points from the previous quarter. Net profit growth is expected to be 1.6%, down 1 percentage point from the previous quarter. The positive contribution to revenue in 2023 was primarily due to high scale expansion and low base investment income growth, while net interest margins and non-interest income are weakening [10][17] - The overall interest rates are expected to remain on a downward trend, with the U.S. Federal Reserve's interest rate target range currently at 5.25%-5.5%. The long-term interest rates may have limited room for further decline unless there is a significant economic downturn in the U.S. [10][17] Market Review - On a recent trading day, all three major A-share indices rose, with the Shanghai Composite Index increasing by 2.14% to 3,071.38 points, and the Shenzhen Component Index rising by 2.48%. The total trading volume in A-shares reached 918.2 billion RMB, with over 4,800 stocks rising. In the Hong Kong market, the Hang Seng Index rose by 0.02% [7][25] Diamond Industry Insights - In March, India's rough diamond imports decreased by 12.39% year-on-year, while exports of polished diamonds increased by 11.03%. The penetration rates for both imported and exported cultivated diamonds improved, with export penetration at 9.61% and import penetration at 5.88% [12][18] - The natural diamond market saw a significant decline in rough diamond imports, down 15.66% year-on-year, while polished diamond exports remained stable with a decline of 27.43%. The price index for finished diamonds has slightly decreased, indicating a low demand recovery [12][21]

[Table_RightTitle] 证券研究报告|食品饮料 公 [Table_Title] [Table_StockRank] 司 增持 研 营业收入突破百亿，第二曲线表现亮眼 (维持) 究 [Table_StockName] [Table_ReportDate] ——东鹏饮料（605499）2023 年业绩点评报告 2024年04月16日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 2024年4月14日，公司发布2023年年度报告。2023年全年，公司实 总股本（百万股） 400.01 现营收 112.63 亿元（同比+32.42%），归母净利润 20.40 亿元（同比 流通A股（百万股） 159.27 +41.60%），扣非归母净利润18.70亿元（同比+38.29%）。其中，2023Q4 收盘价（元） 193.00 公 实现营收 26.22 亿元（同比+40.88%），归母净利润 3.84 亿元（同比 总市值（亿元） 772.02 司 +39.69%），扣非归母净利润3.68亿元（同比+27.72%）。此外，公司 流通A股市值（亿元） 307.39 点 ...

证 券 研 究 报 告 宏观快评报告 宏观研究 次文件中，资本市场服务实体经济的属性更加突出，强调了对 于科创、绿色、国企改革、中小企业、民企等的服务方向。未 来符合国家战略方向的数字经济、新兴产业和未来产业发展服 务有望进一步加强，推动新质生产力发展。资本市场也将配合 央行做好科技、绿色、普惠、养老数字金融五大篇章相关工 作。 证券研究报告|宏观报告 [Table_AdressInfo] 万联证券股份有限公司 研究所 [Table_RightTitle] 证券研究报告|宏观报告 万联证券研究所 www.wlzq.cn 第2 页共3页 虑的因素。投资者应阅读整篇报告，以获取比较完整的观点与信息，不应仅仅依靠投资评级来推断结论。 [Table_PromiseInfo] 证券分析师承诺 本人具有中国证券业协会授予的证券投资咨询执业资格并登记为证券分析师，以勤勉的执业态度，独立、客观地 出具本报告。本报告清晰准确地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推荐意 见或观点而直接或间接收到任何形式的补偿。 [Tale_ReliefInfo] 免责条款 万联证券股份有限公司（以下简称"本公司"）是 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 4 月份 14 款进口版号下发，网易暴雪国服 强于大市 研 (维持) 究 回归正式官宣 [Table_ReportType] [Table_ReportDate] ——传媒行业周观点(04.08-04.14) 2024年04月15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 上周传媒行业（申万）下跌 3.88%，居市场第20 位，跑输沪深 300 指 数。4月进口版号下发，14款游戏过审。4月8日，国家新闻出版署公 传媒 沪深300 30% 布了2024年最新一批进口版号，本次共有14款游戏过审，包括7款移 20% 动端产品、5款客户端产品和3款NS/复合载体产品。值得关注的产品 10% 行 有：腾讯《宝可梦 走吧！伊布》《洛克人11》、完美世界《乖离性百万 0% 业 -10% 亚瑟王：环》、雷霆游戏《王都创世录》、4399游戏《怪物乐土》、东方 周 -20% 明珠《侍魂 晓》、咪咕互动《刺猬索尼克团队赛车》等。 ...

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 网信办发布第五批境内深度合成服务算法 强于大市 研 (维持) 究 备案信息 [Table_ReportType] [Table_ReportDate] ——计算机行业周观点(04.08-04.14) 2024年04月15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 上周沪深300指数下跌2.58%，申万计算机行业下跌4.22%，落后于指数 计算机 沪深300 1.64pct，在申万一级行业中排名24位。本周建议重点关注人工智能大 10% 模型应用、算力、大规模设备更新带来的投资机会。 0% 行 -10% 投资要点： 业 -20% -30% 周 产业动态：（1）政策：近日，市场监管总局、国家发展改革委、工业 -40% 观 和信息化部、生态环境部、住房城乡建设部、商务部、应急管理部七部 -50% 点 门联合印发《以标准提升牵引设备更新和消费品以旧换新行动方案》。 （2）安全：4月11日，中国第三代自主超导量子计算机 ...

[Table_RightTitle] 证券研究报告|银行 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 二季度关注政府债发行情况 (维持) 究 [Table_ReportType] [Table_ReportDate] ——银行行业月报 2024年04月15日 [事Ta件ble：_S ummary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年4月12日，中国人民银行发布2024年3月金融统计数据 报告、社融存量以及增量统计数据报告。 银行 沪深300 10% 投资要点： 5% 0% 3月社融存量增速8.7%，增速环比下降0.3%：3月，社融新增4.87 行 -5% 万亿元，同比少增5142亿元。其中，新增贷款和政府债是主要拖 -10% 业 累项。一季度合计增量为12.93万亿元，同比少增1.61万亿元。 -15% 月 -20% 存量规模达到390.32万亿元，同比增速8.7%，较2月同比增速环 报 -25% 比下降 0.3%。基本符合市场预期。综合看，我们预计二季度发债 有望提速，或对社融增速有一定的支撑。 数据来源：聚源，万联证券研究 ...

Core Insights - The A-share market experienced fluctuations with the Shanghai Composite Index falling by 0.49% to 3019.47 points, while the Shenzhen Component Index and the ChiNext Index dropped by 0.78% and 1.08% respectively. The total trading volume in the A-share market was 810 billion RMB, with northbound funds recording a net sell of 7.385 billion RMB [1][6][8] - The State Council issued a new set of guidelines aimed at enhancing regulation and preventing risks in the capital market, emphasizing the protection of small and medium investors and the need for a high-quality development framework [2][5][8] - The new "National Nine Articles" introduces stricter regulations for IPOs, daily supervision of listed companies, and delisting processes, aiming to improve the overall quality of listed companies and enhance market stability [7][8][33] Market Performance - The A-share market saw over 3500 stocks decline, with the telecommunications sector leading gains while the real estate sector faced the largest losses. Concept sectors such as gold, home appliances, and cultivated diamonds showed significant increases [1][6] - The Hong Kong market also faced declines, with the Hang Seng Index dropping by 2.18% and the Hang Seng Tech Index falling by 1.81%. In the overseas markets, all three major US indices closed lower, with the Dow Jones down 1.24% [1][6] Regulatory Developments - The new guidelines consist of nine parts, focusing on maintaining the correct development direction of the capital market, enhancing investor protection, and strengthening regulatory measures to prevent risks [2][5][8] - The guidelines emphasize the need for a market-oriented and law-based approach to deepen capital market reforms, ensuring that the market serves the national economy and modern industrial system [2][5][8] - The guidelines also call for stricter entry standards for IPOs, enhanced ongoing supervision of listed companies, and increased delisting regulations to ensure market integrity [7][8][33] Investment Recommendations - The report suggests focusing on companies with stable operations, significant performance improvements, and a history of high dividend payouts. Additionally, attention should be given to technology firms with strong R&D capabilities, particularly those classified as "specialized and innovative small giants" [9][33]