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].

策略研究|策略周观点 证 券 研 究 报 告 策略周观点 策略研究 正文目录 | --- | --- | --- | |----------|--------------------------------------------------|-------| | | | | | | 图表 1: 4月22日-4月26日当周主要指数涨跌幅（%）. | | | 图表 2: | 4 月 22 日-4 月 26 日当周申万一级板块涨跌幅（%） | | | 图表 3: | A 股日成交额(亿元) | | | 图表 4: | A 股主要宽幅指数单日成交换手率(%) | | | 图表 5: | 4月22日-4月26日当周申万一级行业成交额（亿元） | | | 图表 6: | 市场资金流向（亿元） | | | 图表 7: | 北向资金周成交额与成交净买入额（亿元） | | | 图表 8: | 主要宽幅指数当前估值水平（%）. | | | 图表 9: | 申万一级行业当前估值水平 . | | | 图表 10: | 4月21日-4月26日财经要闻. | | 第2页共10页 证券研究报告|策略报告 1.1 市场涨跌幅 4月22日- ...

[Table_RightTitle] 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 白酒板块上行，食饮龙头企业业绩喜人 (维持) 究 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(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 上周食品饮料板块上涨 4.01%，于申万 31 个子行业中位列第 7。上周 食品饮料 沪深300 （2024年4月22日-2024年4月28日），沪深300指数上涨1.20%， 5% 申万食品饮料指数上涨 4.01%，跑赢沪深 300 指数 2.81 个百分点，在 0% 行 申万31个一级子行业中排名第7。年初至今沪深300指数上涨4.46%， -5% 业 申万食品饮料指数下跌 0.75%，跑输沪深 300 指数 5.21 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 中白酒（+4.93 ...

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 存储巨头宣布超千亿元扩产计划，国产量子 强于大市 研 (维持) 究 芯片交付 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(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 2024年4月22日至4月28日期间，沪深300指数上涨1.20%，申万电子 电子 沪深300 指数上涨5.21%，在31个申万一级行业中排第4，跑赢沪深300指数4.01 10% 5% 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、 0% 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。 -5% -10% 业 -15% 投资要点： -20% 周 -25% 观 产业动态：（1）消费电子：根据Counterpoint的手机销量周度报告数据， -30% -35% 点 2024年第一季度中国智能手机销量同比增长1.5 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 五一档影片供给量提升，票房表现有望维持 (维持) 究 [Table_ReportType] [Table_ReportDate] ——传媒行业跟踪报告 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 2024年五一档共上映8部重点影片，包括《九龙城寨之围城》、《维和防 传媒 沪深300 暴队》、《间谍过家家 代号：白》、《哈尔的移动城堡》、《没有一顿火 10% 锅解决不了的事》、《末路狂花钱》、《穿过月亮的旅行》、《猪猪侠大 0% 行 电影·星际行动》。 -10% 业 -20% 跟 投资要点： -30% 踪 整体票房：五一档影片供给量提升，票房表现有望维持。五一档作为电影 -40% 报 市场黄金档期之一，历来被市场寄予厚望。今年五一小长假为期5天，相 -50% 告 较其他仅有3天的假期，市场空间更加广阔，也更具突破潜力。回顾之前 数据来源：聚源，万联证券研究所 票房情况，总票房自2 ...

Investment Rating - The investment rating for the company is "Add" [14] Core Views - The company has achieved significant breakthroughs in channel transformation, with its second brand, PL Lianhuo, showing remarkable performance [7][12] - The company reported a revenue of 2.226 billion yuan in 2023, representing a year-on-year growth of 28.52%, and a net profit of 259 million yuan, up 48.93% year-on-year [3][4] - The online channel accounted for over 80% of total revenue, with online sales reaching 1.871 billion yuan, a 50.40% increase year-on-year [4] Financial Summary - For 2023, the company achieved a gross margin of 70.69% and a net margin of 12.47%, with both margins showing improvements compared to the previous year [4][9] - The forecast for 2024-2026 indicates a net profit of 356 million yuan, 412 million yuan, and 486 million yuan respectively, with growth rates of 37.10%, 15.90%, and 17.82% [7][9] - The earnings per share (EPS) are projected to be 0.89 yuan, 1.03 yuan, and 1.21 yuan for 2024, 2025, and 2026 respectively [7][9] Business Strategy - The company has shifted its sales model from a traditional distribution and offline focus to an online and direct sales approach, enhancing its operational thinking to be more consumer-centric [4][7] - The main brand, Marubi, continues to focus on a big product strategy, while the second brand, PL Lianhuo, has achieved a revenue of 643 million yuan, growing 125.14% year-on-year [7][12] - The company emphasizes research and development, with 76 new patent applications in 2023 and collaborations with over 20 domestic and international research institutions [7][12]

[Table_MeetReportDate] 2024 年 04 月 29 日 星期一 核心观点 上周五，A 股放量大涨，上证综指涨 1.17%，报 3088.64 点，深证成 指涨 2.15%，创业板指涨 3.34%。A 股两市全天成交额约 10,860.92 亿 元人民币，北向资金净买入 224.49 亿元人民币，其中，沪股通净买 入 113.23 亿元人民币，深股通净买入 111.26 亿元人民币；南向资金 净买入 11.74 亿港元。A 股两市个股超 3700 只上涨。申万行业方面， 非银金融、房地产行业领涨，银行、煤炭行业领跌；概念板块方面， 量子科技、期货概念指数涨幅居前，ST 板块、PEEK 材料概念指数跌 幅居前。港股方面，香港恒生指数涨 2.12%，恒生科技指数涨 4.61%。 海外方面，美国三大股指全线上涨，道指涨 0.40%，标普 500 指数涨 1.02%，纳指跌 2.03%。欧洲股市亦全线上涨，亚太股市主要股指则涨 跌不一。 【重要新闻】 【中美达成五点共识】4 月 26 日，中共中央政治局委员、外交部长 王毅在北京同美国国务卿布林肯举行会谈，双方在全面交换意见基础 上形成五点共识。 ...

策略研究|策略跟踪报告 证 券 研 究 报 告 策略跟踪报告 策略研究 证券研究报告|策略报告 ⚫ 4 月新"国九条"发布，资本市场改革持续深化。证监会及 交易所出台系列配套政策，公募基金降费改革稳步推进。 证监会表示通过规范基金管理人证券交易佣金及分配管 理,保护基金份额持有人合法权益,提升证券公司机构投资 者服务能力。预计后续政策仍将继续细化，以更加有力有 效措施，着力稳市场、稳信心。当前国内经济继续回升向 好，有望带动企业盈利预期逐步改善。叠加市场估值仍处 于相对低位，若流动性和市场情绪进一步回暖，A 股的配置 性价比将更为突出。行业配置方面：（1）把握发展新质生 产力主线配置机遇，关注人工智能、新能源、新材料、数字 经济等方向。（2）年报及一季报中业绩改善幅度较大，且 具备高分红、低估值属性的标的。 万联证券研究所 www.wlzq.cn 第2 页共13 页 | --- | --- | |------------------------------------------------------------------------------------------------------------ ...

证券研究报告|食品饮料 [Table_StockName] ——广州酒家（603043）点评报告 [Table_ReportDate] 2024 年 04 月 26 日 投资要点: | --- | --- | |------------------|------------------| | | | | 基础数据 | [Table_BaseData] | | 总股本（百万股） | | | 流通 A | 股（百万股） | | 收盘价（元） | | | 总市值（亿元） | | | 流通 | A 股市值（亿元） | -50% -40% -30% -20% -10% 0% 10% 广州酒家 沪深300 | --- | --- | |--------------------------|---------------------| | | | | [Table_Authors] 分析师 : | 陈雯 | | 执业证书编号： | S0270519060001 | | 电话： | 02032255207 | | 邮箱： | chenwen@wlzq.com.cn | | 分析师 : | 叶柏良 | | 执业证书编号： | ...