[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].

[Table_RightTitle] 证券研究报告|电子 公 [Table_Title] [Table_StockRank] 司 24Q1 扣非同比大幅增长，持续加强高增长 增持 研 (维持) 究 领域布局 [Table_StockName] [Table_ReportDate] ——长电科技（600584）点评报告 2024年04月30日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 公司披露 2023年年度报告及 2024 年一季报。2023年，公司实现营收 总股本（百万股） 1,789.04 296.61亿元（同比-12.15%），归母净利润14.71亿元（同比-54.48%）， 流通A股（百万股） 1,789.04 扣非归母净利润 13.23 亿元（同比-53.26%），其中 2023Q4 实现营收 收盘价（元） 26.20 公 92.31亿元（同比+2.75%），归母净利润4.97亿元（同比-36.16%），扣 总市值（亿元） 468.73 司 非归母净利润5.76亿元（同比-10.72%）。2023年公司拟向全体股东每 流通A股市值（亿元） 468.7 ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 五一黄金周在即，沉浸式旅拍引领出行新风 强于大市 研 (维持) 究 潮 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(04.22-04.28) 2024年04月29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22日-4月28日）沪深 300指数上涨1.2%、申万社会服务 指数上涨 2.81%，社会服务指数跑赢沪深 300 指数 1.61 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 11。年初至今沪深 300 指数上涨 5% 0% 行 4.46%、申万社会服务指数下跌9.9%，申万社会指数跑输沪深300指数 -5% -10% 14.36 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% 会服务子板块中均上涨，酒店餐饮 1.93%、旅游及景区 1.82%、教育 周 -25 ...

Investment Rating - The investment rating for the company is "Buy" [4][10][13] Core Views - The company achieved a revenue of 16.29 billion yuan in 2023, representing a year-on-year increase of 46.52%, with a net profit of 1.316 billion yuan, up 20.67% year-on-year. In Q1 2024, revenue reached 5.07 billion yuan, a 23.01% increase year-on-year, although net profit decreased by 6.61% to 341 million yuan [2][10] - The company continues to experience strong growth in gold products, with significant online sales growth and an accelerated pace of offline store expansion. The revenue from gold products reached 13.72 billion yuan in 2023, up 62.01% year-on-year, while the revenue from embedded products decreased by 29.4% [2][3] - The company has optimized its channel resources, resulting in a total of 5,106 stores by the end of 2023, with a net increase of 490 stores. In Q1 2024, offline business revenue continued to grow rapidly, with self-operated offline business revenue increasing by 28.73% year-on-year [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company's gross margin decreased by 2.64 percentage points to 18.14%, and the net margin decreased by 1.72 percentage points to 8.06% due to changes in revenue structure from increased gold sales and decreased embedded product sales [3][10] - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares for the 2023 fiscal year, with total cash dividends for the year amounting to 78.36% of the net profit [2] Revenue Forecast - The forecast for the company's revenue is as follows: 19.52 billion yuan in 2024, 22.33 billion yuan in 2025, and 25.56 billion yuan in 2026, with growth rates of 19.82%, 14.39%, and 14.49% respectively [4][11] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.34 yuan, 1.49 yuan, and 1.69 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12, 11, and 10 times [10][11]

Investment Rating - The investment rating for the company is "Add" [5] Core Insights - The company reported a significant increase in performance for Q1 2024, with revenue reaching 661 million yuan, a year-on-year increase of 38.73%, and a net profit attributable to shareholders of 111 million yuan, up 40.62% year-on-year [3][4] - The growth in revenue and net profit is attributed to a decrease in the prices of key raw materials and an increase in sales volume across various product categories [4] - The company has optimized its product structure, leading to a notable increase in average selling prices across different categories, with eye care products seeing a 15.11% increase in average price to 94.24 yuan per unit [4] - The gross margin improved significantly, rising by 5.93 percentage points to 74.61%, driven by product structure optimization and lower raw material costs [4] Summary by Sections Financial Performance - For Q1 2024, the company achieved revenue of 661 million yuan, a 38.73% increase year-on-year, and a net profit of 111 million yuan, reflecting a 40.62% increase [3][4] - The average selling prices for various product categories increased significantly, with skincare products up 37.89% to 84.10 yuan per unit [4] Profitability Metrics - The gross margin increased to 74.61%, while the net profit margin rose to 16.73%, an increase of 0.19 percentage points year-on-year [4] - The sales expense ratio increased to 50.29%, reflecting the company's ongoing investment in brand transformation and online competition [4] Future Projections - The company is expected to see continued growth, with projected net profits of 356 million yuan in 2024, 412 million yuan in 2025, and 486 million yuan in 2026, representing growth rates of 37.10%, 15.90%, and 17.82% respectively [9] - The earnings per share (EPS) are projected to be 0.89 yuan in 2024, 1.03 yuan in 2025, and 1.21 yuan in 2026 [9]

Group 1 - The core viewpoint indicates that the media industry is experiencing significant growth, with companies optimizing their product structures and enhancing research capabilities, leading to a positive development trend after three years of transformation [4][19]. - The report highlights that the company achieved a net profit margin of 16.73% in Q1 2024, reflecting a year-on-year increase of 0.19 percentage points, despite rising sales expenses due to ongoing online transformation efforts [4]. - The company is expected to see a continuous increase in net profit, with projections for 2024-2026 being 3.56 billion, 4.12 billion, and 4.86 billion yuan, representing year-on-year growth rates of 37.10%, 15.90%, and 17.82% respectively [4][19]. Group 2 - The report notes that the gold product segment continues to thrive, with 2023 revenue reaching 16.29 billion yuan, a year-on-year increase of 46.52%, and Q1 2024 revenue of 5.07 billion yuan, up 23.01% year-on-year [5][8]. - The company has expanded its offline store network significantly, with a total of 5,106 stores by the end of 2023, marking a net increase of 490 stores [5]. - The gross profit margin for 2023 decreased by 2.64 percentage points to 18.14%, primarily due to changes in the revenue structure from increased gold sales and decreased embedded product sales [5]. Group 3 - The report emphasizes that the company has successfully transitioned to an online sales model, with online revenue accounting for over 84% of total sales, driven by significant growth in platforms like Douyin and Tmall [9]. - The company’s main brand, Marubi, continues to focus on a big product strategy, while the second brand, PL Lianhuo, has seen a remarkable revenue increase of 125.14% year-on-year [9][20]. - The company has made substantial investments in research and development, collaborating with over 20 domestic and international research institutions, and has filed numerous patents to enhance its competitive edge [9][23].