Investment Rating - The investment rating for the company is "Add" [5][15]. Core Insights - The company reported a slight increase in performance with a revenue of 5.378 billion yuan in 2023, representing a year-over-year growth of 9.13%. The net profit attributable to shareholders was 624 million yuan, up 4.22% year-over-year [3][4]. - The gross margin improved to 42.82%, while the net margin slightly decreased to 11.96%. Sales and management expense ratios increased marginally [4][11]. - High-end products showed strong performance, with revenue from high-end products reaching 3.426 billion yuan, a year-over-year increase of 15.12% [4][11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.378 billion yuan, with a net profit of 624 million yuan and a non-recurring net profit of 557 million yuan [3]. - The fourth quarter of 2023 saw a revenue of 827 million yuan, but the net profit was negative at -20 million yuan, indicating a significant decline [3]. Cost and Margin Analysis - The gross margin for 2023 was 42.82%, an increase of 0.39 percentage points year-over-year. However, the net margin decreased by 0.34 percentage points to 11.96% [4]. - The sales expense ratio was 15.19%, and the management expense ratio was 7.44%, both showing slight increases compared to the previous year [4]. Product and Channel Performance - Revenue from different channels in 2023 included 4.863 billion yuan from regular products, 135 million yuan from supermarkets, 92 million yuan from night venues, and 59 million yuan from e-commerce, with significant growth in supermarket and e-commerce channels [4]. - The company’s high-end products, primarily pure draft beer and snow fortress beer, accounted for 63.70% of total revenue, with a notable growth rate [4][11]. Regional and Distributor Insights - The company generated 5.110 billion yuan in revenue from the South China region, which constituted 95.02% of total revenue, while other regions saw a decline [4]. - The number of distributors increased by 453, with a net addition of 152 in Guangdong province [4]. Research and Development - In 2023, the company initiated 73 new research projects and received several patents, indicating a strong focus on technological advancement and product innovation [11]. - The company is also investing in green energy projects, contributing to significant carbon dioxide reduction [11]. Profit Forecast and Recommendations - The profit forecast for 2024-2026 has been adjusted to 715 million yuan, 791 million yuan, and 863 million yuan respectively, reflecting a growth rate of 14.59%, 10.74%, and 9.11% [11].

Investment Rating - The investment rating for the company is "Add" [10] Core Views - The company achieved a revenue of 33.937 billion yuan in 2023, representing a year-on-year increase of 5.49%, and a net profit attributable to shareholders of 4.268 billion yuan, up 15.02% year-on-year [2][3] - Despite a decline in sales volume due to fluctuations in the domestic beer market, price increases have driven performance growth, with an average price per ton increasing by 6.34% to 4,238.42 yuan/ton in 2023 [3] - The company is focusing on optimizing its product structure, with a notable performance in mid-to-high-end products, which saw a sales volume increase of 10.50% year-on-year [3] Summary by Sections Financial Performance - In 2023, the company reported total beer sales of approximately 8.007 million kiloliters, a decrease of 0.81% year-on-year, with Q4 sales down 10.09% to 713,000 kiloliters [3] - The gross margin for 2023 was 38.66%, an increase of 1.81 percentage points year-on-year, while the net margin was 12.81%, up 0.98 percentage points [3] - The company’s sales expense ratio increased slightly to 13.87% in 2023, attributed to increased brand promotion and employee compensation [3] Product Development - The company is enhancing its product lineup with the "1+1+1+2+N" strategy, focusing on flagship products and high-end offerings, including the launch of new premium products [3][7] - The main brand achieved a sales volume of 4.56 million kiloliters in 2023, with mid-to-high-end products contributing significantly to revenue growth [3] Future Outlook - The company is expected to benefit from the recovery in on-premise consumption and a decrease in raw material costs, with projected net profits for 2024-2026 of 4.991 billion, 5.545 billion, and 6.183 billion yuan respectively [7][8] - The company maintains a leading position in brand value within the Chinese beer industry, with a brand value of 240.689 billion yuan in 2023 [7]

核心观点 【市场回顾】 周一 A 股三大股指全部上涨，上证指数收涨 0.99%，报 3084.93 点； 深证成指收涨 1.46%，报 9752.83 点；创业板指收涨 2.25%，报 1926.40 点。A 股两市全天成交额 11,376.16 亿元人民币，北向资金净买入 28.25 亿元人民币，其中，沪股通净买入 17.67 亿元人民币，深股通 净买入 10.58 亿元人民币；南向资金净买入 29.31 亿港元。A 股两市 个股多数上涨，上涨个股数为 4445。申万行业方面，传媒、电子、电 力设备领涨，煤炭、家电、银行领跌；概念板块方面，低空经济、AI 手机、AI PC 概念指数涨幅居前，送转填权、特钢概念、黄金概念指 数跌幅居前。港股方面，恒生指数收涨 0.10%，恒生科技指数收涨 1.25%；海外方面，美国三大股指全线收涨，道指收涨 0.20%，报 38,790.43 点，标普 500 指数收涨 0.63%，报 5149.42 点，纳指收涨 0.82%，报 16,103.45 点。欧洲股市、亚太股市涨跌互现。 【重要新闻】 【中国 1-2 月份经济运行起步平稳，为全年发展奠定了较好基础】从 生产看，工 ...

[Table_MeetReliefTip] 免责声明 本报告由万联证券股份有限公司（以下简称"本公司"）制作及发布。 本晨会纪要仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为本公司的当然客户。 本晨会纪要是基于本公司认为可靠的且目前已公开的信息撰写，本公司力求但不保证该信息的准确性和完 整性，客户也不应该认为该信息是准确和完整的。同时，本公司不保证文中观点或陈述不会发生任何变 更，在不同时期，本公司可发出与本晨会纪要所载资料、意见及推测不一致的研究报告。本公司会适时更 新我们的研究，但可能会因某些规定而无法做到。除了一些定期出版的报告之外，绝大多数研究报告是在 分析师认为适当的时候不定期地发布。 在任何情况下，本晨会纪要中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到个别客 户特殊的投资目标、财务状况或需求。客户应考虑本报告中的任何意见或建议是否符合其特定状况，若有 必要应寻求专家意见。本晨会纪要所载的资料、工具、意见及推测只提供给客户作参考之用，并非作为或 被视为出售或购买证券或其他投资标的的邀请或向人作出邀请。 本晨会纪要中提及的投资价格和价值以及这些投资带来的收入可能会波动。过 ...

[Table_Title] 万联晨会 [Table_Summary] 概览 【市场回顾】 周一 A 股三大股指全部上涨，上证指数收涨 0.99%，报 3084.93 点； 深证成指收涨 1.46%，报 9752.83 点；创业板指收涨 2.25%，报 1926.40 点。A 股两市全天成交额 11,376.16 亿元人民币，北向资金净买入 28.25 亿元人民币，其中，沪股通净买入 17.67 亿元人民币，深股通 净买入 10.58 亿元人民币；南向资金净买入 29.31 亿港元。A 股两市 个股多数上涨，上涨个股数为 4445。申万行业方面，传媒、电子、电 力设备领涨，煤炭、家电、银行领跌；概念板块方面，低空经济、AI 手机、AI PC 概念指数涨幅居前，送转填权、特钢概念、黄金概念指 数跌幅居前。港股方面，恒生指数收涨 0.10%，恒生科技指数收涨 1.25%；海外方面，美国三大股指全线收涨，道指收涨 0.20%，报 38,790.43 点，标普 500 指数收涨 0.63%，报 5149.42 点，纳指收涨 0.82%，报 16,103.45 点。欧洲股市、亚太股市涨跌互现。 【重要新闻】 【中国 1- ...

[Table_RightTitle] 证券研究报告|房地产 行 [Table_Title] [Table_IndustryRank] 业 广州拟优化商品房预售审批，二手房成交环 强于大市 (维持) 研 究 比延续涨幅 4533 [Table_ReportType] [Table_ReportDate] ——房地产行业周观点(03.18-03.24) 2024年03月26日 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 ⚫ 投资要点： 上周行情回顾：2024/3/18-2024/3/22，申万一级行业房地产指数下跌 房地产 沪深300 10% 1.33%，沪深300指数下跌0.70%，板块表现弱于大市。2024年以来，截至 5% 0% 3 月 22 日，房地产行业下跌 7.92%，沪深 300 指数上涨 3.32%，板块表现 行 -5% -10% 弱于大市。 业 -15% -20% 周 ⚫ 重点政策要闻：（1）3月18日，国家统计局公布了1-2月房地产行 -25% -30% 观 业数据。1—2 月份，全国房地产开发投资 11,842 亿元，同比下降 -35% -40 ...

Investment Rating - The investment rating for the company is "Buy" [4][15]. Core Views - The company achieved a revenue of 24.739 billion yuan in 2023, representing a year-on-year growth of 36.83%, with a net profit attributable to shareholders of 2.853 billion yuan, up 16.50% [2][4]. - The CHC (Consumer Health Care) business reported a revenue of 11.707 billion yuan, growing by 2.83%, with a gross margin of 60.60%, an increase of 3.89 percentage points year-on-year [3]. - The prescription drug business saw a revenue decline of 12.64% to 5.220 billion yuan, with a gross margin of 52.15%, down 0.68 percentage points [3]. - The integration with Kunming Pharmaceutical Group is progressing steadily, with the group generating a revenue of 7.703 billion yuan, a decrease of 6.99% [3]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 6.131 billion yuan, a growth of 2.72%, but a net profit of 450 million yuan, down 9.29% [2]. - The operating cash flow for 2023 was 4.192 billion yuan, an increase of 39.43% [2]. - The overall gross margin for 2023 was 53.24%, a decrease of 0.78 percentage points, and the net profit margin was 12.83%, down 0.98 percentage points [2]. Business Segments - The CHC business is driven by strong growth in OTC (Over-the-Counter) products, particularly the 999 brand, which includes products like 999 Cold Medicine and 999 Anti-Virus Oral Liquid [3]. - The professional brand business experienced a slight decline due to adjustments in generic drug varieties, while the children's health segment focused on digital marketing strategies [3]. - The prescription drug segment faced challenges due to national standard changes and the initiation of collective procurement in 15 provinces, leading to lower-than-expected performance [3]. Future Outlook - Revenue forecasts for 2024, 2025, and 2026 are projected at 29.191 billion yuan, 33.509 billion yuan, and 37.284 billion yuan, respectively, with corresponding net profits of 3.390 billion yuan, 3.845 billion yuan, and 4.263 billion yuan [4][11]. - The company is expected to maintain its leading position in the OTC market and achieve steady growth through the ongoing integration with Kunming Pharmaceutical Group [11].

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。 [Table_MeetReliefTip] 免责声明 本报告由万联证券股份有限公司（以下简称"本公司"）制作及发布。 本晨会纪要仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为本公司的当然客户。 本晨会纪要是基于本公司认为可靠的且目前已公开的信息撰写，本公司力求但不保证该信息的准确性和完 整性，客户也不应该认为该信息是准确和完整的。同时，本公司不保证文中观点或陈述不会发生任何变 更，在不同时期，本公司可发出与本晨会纪要所载资料、意见及推测不一致的研究报告。本公司会适时更 新我们的研究，但可能会因某些规定而无法做到。除了一些定期出版的报告之外，绝大多数研究报告是在 分析师认为适当的时候不定期地发布。 在任何情况下，本晨会纪要中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到个别客 户特殊的投资目标、财务状况或需求。客户应考虑本报告中的任何意见或建议是否 ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [36]. Core Insights - The report highlights a significant focus on investment opportunities in the artificial intelligence sector, particularly in product technology updates, AIGC applications, and smart ecological applications [1][2]. - The computer industry outperformed the Shanghai Composite Index, with a 2.49% increase compared to a 0.70% decrease in the index, ranking 4th among the primary industries [1][12]. - The report notes a slight undervaluation of the industry, with a current PE (TTM) of 45.63, below the historical average of 48.65 [15]. Summary by Sections Industry Dynamics - **Artificial Intelligence**: Moonshot AI announced a breakthrough in long-context window technology, with its Kimi assistant now supporting 2 million characters in lossless context [5]. - **Cybersecurity**: 360 launched its 3.0 security model, claiming superior performance compared to GPT-4 [6]. - **Artificial Intelligence**: Alibaba's Tongyi Qianwen upgraded to offer free processing of 10 million characters in long documents, surpassing capabilities of existing AI applications [7]. - **Data Elements**: The National Internet Information Office released regulations to promote and standardize cross-border data flow [8]. - **5G**: The world's first 5G-A smart airport integrated sensing base station was opened in Yunnan, marking a significant application of AI in airport security [11]. Market Performance - The computer industry saw a trading volume of 586.45 billion yuan over the past week, with an average daily trading volume increase of 14.98% [17]. - Among 355 stocks in the computer sector, 262 stocks rose, indicating a strong upward trend [19]. Investment Recommendations - The report suggests focusing on the dual themes of digitalization and intelligence, with particular attention to the ecological construction of the Xinchuang industry [33]. - It recommends monitoring the entire data element industry chain, public data operations, and the impact of new AI models on the industry chain [33].

[Table_Chart] 个股相对沪深 300 指数表现 -25% -20% -15% -10% -5% 0% 5% 10% 15% 招商银行 沪深300 数据来源：聚源，万联证券研究所 [Table_ReportList] 相关研究 业绩增长放缓 资产质量保持稳健 零售信贷增速稳定 客户基础进一步夯实 规模稳健扩张 [Table_Authors] 分析师: 郭懿 执业证书编号： S0270518040001 电话： 01056508506 邮箱： guoyi@wlzq.com.cn [Table_Pagehead] | --- | --- | --- | --- | --- | |----------------------------------------------|-------------------------------------------------------------|-------|-------|--------------| | 利润表 至 12 月 31 日 \n净利息收入 | 2023A 2024E 2025E 2026E \n 214,669 219,780 232, ...