[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 行业需求回暖，业绩边际改善 (维持) 究 [Table_ReportType] [Table_ReportDate] ——社会服务行业 2023 年年度业绩综述报告 2024年05月06日 [投Ta资ble要_S点um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 社服需求回暖，业绩大幅改善。2023年社会服务行业实现营收1396.53 社会服务 沪深300 亿元（YoY+31.16%），归母净利润合计90.20亿元（YoY+233.12%）， 5% 0% 营收和归母净利润增速在申万31个一级子行业中分别排名第1和第2， -5% 行 -10% 业绩大幅改善，盈利能力触底反弹，费用小幅下行。 -15% 业 -20% -25% 跟 ⚫ 旅游及景区板块：2023 年板块业绩显著提升，费用率大幅回落，营收 -30% -35% 踪 及归母净利润同比分别+115.88%、+150.81%。行业限制逐渐放宽，不断 -40% 报 恢复发展，国家层 ...

Investment Rating - The investment rating for the company is "Buy" [9][26]. Core Views - The company's revenue from gold and jewelry business has seen significant growth, while the women's bag business is under short-term pressure. The company is actively exploring the cultivated diamond market [2]. - In 2023, the company achieved a revenue of 59.00 billion yuan, a year-on-year increase of 33.56%, with a net profit attributable to shareholders of 3.33 billion yuan, up 67.41% year-on-year [21]. - The company has launched several new products in the fashion jewelry and traditional gold jewelry categories, with revenues of 29.89 billion yuan and 22.65 billion yuan respectively, reflecting year-on-year growth of 20.43% and 56.75% [2]. Summary by Sections Business Performance - The company has strengthened its operations in the fashion product category, launching several new national style series products [2]. - The revenue from the leather goods segment was 3.71 billion yuan in 2023, with a year-on-year increase of 14.41% [2]. - The company has actively explored the cultivated diamond market, launching new brands and products in collaboration with a joint venture [2]. Financial Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.43, 0.49, and 0.56 yuan per share respectively, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 times based on the stock price as of May 6, 2024 [9]. - The company expects revenue growth rates of 14.79%, 13.80%, and 13.33% for the years 2024, 2025, and 2026 respectively [22]. Market Strategy - The company is expanding its offline presence by increasing the number of jewelry franchise stores and enhancing its online sales through live streaming and other digital marketing strategies [14]. - In 2023, the company added 293 new jewelry franchise stores and achieved online sales revenue of 12.24 billion yuan, a year-on-year increase of 14.91% [14].

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[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 05 月 07 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大指数集体上涨，截至收盘，沪指涨 1.16%，深成指涨 2.00%，创业板指涨 1.98%，沪深两市成交额 11021 亿元，北向资金 净买入 93.16 亿元。行业方面，美容护理、基础化工、轻工制造行业 领涨；仅通信、银行行业小幅收跌。概念板块方面，合成生物、染料、 燃料乙醇概念领涨；ST 板块、量子科技、云办公概念领跌。港股方 面，恒生指数涨 0.55%，恒生科技指数跌 0.92%。海外方面，美国三 大股指集体收涨，道指涨 0.46%，标普 500 指数涨 1.03%，纳指涨 1.19%；欧洲及亚太股市多数收涨。 政策推动加量提质，聚焦当下重点问题 行业需求回暖，业绩边际改善 | --- | --- | --- | |-------------------------------|---------------------|----------| | [Table_InterIndex] \n指数名称 | ...

[Table_RightTitle] 证券研究报告|房地产 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 首提消化存量房产，关注后续政策进展 (维持) 究 [Table_ReportType] [Table_ReportDate] ——房地产行业快评报告 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 房地产行业修复仍曲折推进，基于此次政治局会议表态，我 们认为后续政策端在围绕供给端以项目为主体的保交楼政策 房地产 沪深300 10% 仍会持续推进、以房企为主体的融资端政策仍会获得支持； 5% 0% 行 需求端核心城市尤其是一线城市限购、首付比例调降等政策 -5% -10% 业 仍值得期待，房贷利率调降预计仍有空间，近期北京、天津 -15% -20% 快 均出台了放松限购等政策，对于释放部分需求以及提振购房 -25% -30% 评 者信心具有重要意义；库存方面，预计未来围绕新房库存去 -35% -40% 报 化以及“以旧换新”等盘活库存类的政策或将逐步推出。此 -45% 告 外，此次 ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 五一出行需求旺盛，出境游与县域旅游备受 强于大市 研 (维持) 究 青睐 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(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（4月29日-5月5日）沪深300指数上涨0.56%、申万社会服务 指数上涨 0.49%，社会服务指数跑输沪深 300 指数 0.07 个百分点，在 社会服务 沪深300 10% 申万 31 个一级行业指数涨跌幅排第 23。年初至今沪深 300 指数上涨 5% 0% 行 5.05%、申万社会服务指数下跌9.45%，申万社会指数跑输沪深 300指 -5% -10% 数14.5个百分点，在申万31个一级子行业中涨跌幅排名第25。上周社 业 -15% -20% 会服务子板块中旅游及景区、专业服务出现下跌，分别为-1.67%、- 周 -25% -30% ...

Economic Outlook - The current economic recovery in China is primarily restorative, with insufficient internal momentum and demand challenges[3] - By December 2023, the economy is expected to show a rebound, with a focus on qualitative improvements and reasonable quantitative growth[3] Policy Direction - The policy focus is on stabilizing and expanding demand to support ongoing economic recovery[3] - Active fiscal policies are to be enhanced for effectiveness, with an emphasis on timely issuance of special bonds and maintaining necessary fiscal spending intensity[3] Monetary Policy - A prudent monetary policy is expected to remain flexible and effective, with potential for interest rate cuts and reserve requirement ratio adjustments[3] - The issuance of long-term special bonds is anticipated in Q2 2024, which may enhance coordination with monetary policy[10] Real Estate Sector - Policies will continue to address real estate risks, promoting a new development model while ensuring housing supply meets demand[10] - The focus will be on local policies to support housing needs and stabilize the market[10] Investment Recommendations - The stock market may benefit from ongoing policy support, with attention to liquidity and price indicators such as M1 and PPI[3] - The bond market may face pressure in the long term as the economy stabilizes, despite short-term rate declines[3] Risk Factors - Potential risks include policy implementation falling short of expectations and external economic conditions adversely affecting exports[12]

[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].