[Table_Title] 万联晨会 [Table_Summary] 核心观点 产能延续去化态势，预计生猪养殖利润逐季提升 业绩增速放缓，研发投入持续加强 2023 年业绩稳步增长，加强内容精细化运营 营收小幅增长，净利润增速提升 多个治疗领域收入高增长，整体盈利能力提升 | --- | --- | --- | |-------------------------------|---------------------|----------| | [Table_InterIndex] \n指数名称 | 国际市场表现 \n收盘 | 涨跌幅 % | | 道琼斯 | 38,085.80 | -0.98% | | S&P500 | 5,048.42 | -0.46% | | 纳斯达克 | 15,611.76 | -0.64% | | 日经 225 | 37,628.48 | -2.16% | | 恒生指数 | 17,284.54 | 0.48% | | 美元指数 | 106.15 | 0.00% | | [Table_MeetContact] 主持人: | 李中港 | | 万千财富，与您相连 【市场回顾】 [Tabl ...

[Table_RightTitle] 证券研究报告|美容护理 公 [Table_Title] [Table_StockRank] 司 买入 研 业绩增速放缓，研发投入持续加强 (维持) 究 [Table_StockName] [Table_ReportDate] ——爱美客（300896）2024Q1 业绩点评报告 2024年04月25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 24 日，公司发布 2024 年一季报。2024Q1,公司实现营收 总股本（百万股） 216.36 8.08亿元（同比+28.24%），归母净利润5.27亿元（同比+27.38%）， 流通A股（百万股） 149.24 扣非归母净利润5.28亿元（同比+36.53%）。 收盘价（元） 287.86 公 总市值（亿元） 622.81 司 投资要点: 流通A股市值（亿元） 429.59 点 业绩持续增长，但增速有所放缓：2024Q1,公司实现营收8.08亿元（同 [个Ta股ble相_C对ha沪rt] 深 300 指数表现 评 比+28.24%），归母净利润5.27亿元 ...

Investment Rating - The investment rating for the company is "Buy" [5][17]. Core Views - The company has shown steady growth in revenue and profit for 2023, with revenue reaching 1.523 billion yuan (YoY +6.64%) and net profit of 708 million yuan (YoY +2.36%). The first quarter of 2024 saw revenue of 401 million yuan (YoY +12.30%), although net profit decreased by 13.19% due to the removal of corporate income tax exemptions [2][12]. - The company is focusing on enhancing content operations and user experience in its IPTV business, maintaining stable partnerships with major telecom operators and improving product offerings [3][10]. - The company is actively exploring XR and ultra-high-definition fields, collaborating with industry leaders to innovate and enhance its technological capabilities [11][12]. Financial Summary - For 2023, the company achieved a revenue of 1.523 billion yuan, with a projected revenue of 1.634 billion yuan for 2024, reflecting a growth rate of 7.25% [4][14]. - The net profit for 2023 was 708 million yuan, with a forecasted decline to 680 million yuan in 2024 due to tax rate adjustments [4][12]. - The earnings per share (EPS) for 2023 was 3.06 yuan, expected to decrease to 2.94 yuan in 2024, with a projected recovery in subsequent years [4][12]. Business Operations - The IPTV basic business generated revenue of 808.93 million yuan in 2023, with effective users reaching 19.51 million [3][10]. - The company has integrated high-quality content from various providers, enhancing user engagement and platform activity, resulting in a revenue of 400.43 million yuan from IPTV value-added services [3][10]. - The overall business revenue reached 205.14 million yuan, with a 7.96% year-on-year growth, and the number of effective smart terminal devices serviced by the company increased by 22% [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [13]. Core Insights - The company reported a revenue of 1.108 billion yuan in Q1 2024, representing a year-over-year increase of 7.05%. The net profit attributable to shareholders reached 121 million yuan, up 39.37% year-over-year, with a non-recurring net profit of 104 million yuan, reflecting a 45.79% increase [3][4]. - Both gross margin and net margin improved, with the gross margin at 42.13% (up 1.34 percentage points) and net margin at 11.37% (up 2.50 percentage points). The sales expense ratio slightly increased [4]. - The average price per ton of beer rose to 4,200.15 yuan, a 6.24% increase year-over-year, while beer sales volume grew by 0.77% to 263,800 tons, with high-end beer product sales increasing by 15.05% [4]. Financial Forecast - The company is expected to maintain steady growth, with projected net profits for 2024-2026 at 715 million, 791 million, and 864 million yuan, respectively, indicating growth rates of 14.59%, 10.74%, and 9.11% [4][5]. - Earnings per share (EPS) are forecasted to be 0.32, 0.36, and 0.39 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 25, 23, and 21 [5].

[Table_RightTitle] 证券研究报告|中药Ⅱ 公 [Table_Title] [Table_StockRank] 司 多个治疗领域收入高增长，整体盈利能力提 买入 研 (维持) 究 升 [Table_StockName] [Table_ReportDate] ——达仁堂（600329）点评报告 2024年04月25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3月30日，公司发布2023年年报。2023年，公司实现营业收 总股本（百万股） 770.16 入82.22亿元（-0.33%），归母净利润9.87亿元（+14.49%），扣非归母 流通A股（百万股） 565.87 净利润9.52亿元（+23.80%）。2023Q4，公司实现营业收入24.29亿元 收盘价（元） 33.58 公 （-9.57%），归母净利润1.29亿元（-3.01%），扣非归母净利润1.10亿 总市值（亿元） 258.62 司 元（-8.33%）。 流通A股市值（亿元） 190.02 点 [个Ta股ble相_C对ha沪rt] 深 300 指数表现 评 投资要点: 报 ...

[Table_RightTitle] 证券研究报告|农林牧渔 行 [Table_Title] [Table_IndustryRank] 业 产能延续去化态势，预计生猪养殖利润逐 强于大市 (维持) 研 季提升 究 [Table_ReportType] ——生猪养殖 3 月份数据点评 [Table_ReportDate] 2024年04月25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 ⚫ 产能延续去化态势，预计生猪供给收缩将贯穿 2024 年整 农林牧渔 沪深300 年：2024年 1季度末生猪存栏量达 40,850万头，创 2021 5% 年以来的新低，同比-5.2%，环比-5.9%，同比环比均回 0% -5% 行 落，较本轮周期存栏量最高位的 2022 年 4 季度末去化达 -10% 业 9.7%。2024 年 3 月末能繁母猪存栏量 3992 万头,创 2020 -15% 年 11 月以来的新低，同比-7.3%，环比-1.2%，持续 9 个 跟 -20% 月出现同比、环比双降。据农业农村部颁布的《生猪产能 -25% 踪 调控实施方案（2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The company reported a revenue of 10.06 billion yuan in 2023, representing a growth of 15.69%, and a net profit attributable to shareholders of 2.80 billion yuan, up by 13.15% [5][6]. - The core products, including "Pian Zai Huang" and "An Gong Niu Huang Wan," have shown strong growth, while the cosmetics segment has turned profitable and is expected to continue high growth [6][7]. - The company has adjusted its revenue forecasts for 2024, 2025, and 2026 to 11.64 billion yuan, 13.28 billion yuan, and 15.06 billion yuan, respectively, with corresponding net profits of 3.47 billion yuan, 4.08 billion yuan, and 4.73 billion yuan [9]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 10,058.50 million yuan and a net profit of 2,797.35 million yuan. The fourth quarter of 2023 saw a revenue of 2,458 million yuan, with a net profit of 392 million yuan [5]. - For Q1 2024, the company reported a revenue of 3,171 million yuan, reflecting a growth of 20.58%, and a net profit of 975 million yuan, up by 26.61% [5]. Product Performance - The liver disease medication generated revenue of 4,463 million yuan in 2023, with a gross margin of 78.79%. The cardiovascular medication saw a revenue increase of 60.57% to 266 million yuan, but its gross margin decreased significantly [6]. - The cosmetics segment achieved a revenue of 707 million yuan in 2023, turning profitable with a gross margin of 62.18%. In Q1 2024, the cosmetics revenue surged to 200 million yuan, marking an 83.18% increase [7]. Cost and Margin Analysis - The overall gross margin for 2023 was 46.76%, with a net margin of 28.35%. In Q1 2024, the gross margin slightly improved to 47.26%, while the net margin increased to 31.50% [9]. - The company faced rising material costs, impacting the gross margins of its core products, particularly in the liver and cardiovascular medication segments [6]. Future Outlook - The company is expected to maintain strong growth in its core products and cosmetics, with a focus on brand marketing and expanding its product lines [7][9]. - The adjusted earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 5.74 yuan, 6.77 yuan, and 7.84 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 39.93, 33.90, and 29.25 [9].

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 04 月 25 日 星期四 【市场回顾】 周三，A 股震荡反弹，上证指数涨 0.76%报 3044.82 点，深证成指涨 0.74%，创业板指涨 0.70%。A 股两市全天成交额约 7951.58 亿元人民 币，北向资金净买入 46.06 亿元人民币，其中，沪股通净买入 30.70 亿元人民币，深股通净买入 15.36 亿元人民币；南向资金净买入 19.95 亿港元。A 股两市个股超 4000 只上涨。申万行业方面，通信、计算 机行业领涨，煤炭、农林牧渔行业领跌；概念板块方面，铜缆高速连 接、飞行汽车概念指数涨幅居前，草甘膦、转基因概念指数跌幅居前。 港股方面，香港恒生指数收涨 2.21%报 17201.27 点，恒生科技指数 涨 3.61%。海外方面，美国三大股指涨跌不一，道指跌 0.11%，标普 500 指数涨 0.02%，纳指涨 0.10%。欧洲股市小幅下跌，亚太股市主 要股指多数收涨。 【重要新闻】 【新一批智能交通先导应用试点项目公布】4 月 23 日，交通运输部 公布第二批智能交通先导应用试点项目（自 ...

Investment Rating - The investment rating for the company is "Buy" [5][14]. Core Insights - The company reported a revenue of 7.294 billion yuan in Q1 2024, representing a year-on-year growth of 14.82%. The net profit attributable to shareholders was 1.364 billion yuan, up 18.49%, while the net profit excluding non-recurring items was 1.328 billion yuan, an increase of 17.38% [3][11]. - The CHC (Consumer Health Care) business is experiencing rapid growth, with a strong performance in prescription drugs. The demand for the 999 cold medicine has been boosted by ongoing consumer needs and the high incidence of colds [4]. - The integration with Kunming Pharmaceutical Group is progressing steadily, laying a solid foundation for future collaboration. The strategic development plan for the next five years focuses on chronic disease management and premium traditional Chinese medicine [4]. - The company is actively developing innovative drugs, improved innovative drugs, generic drugs, and classic formulas. As of Q1 2024, the R&D pipeline includes several projects in various therapeutic areas, with one product recently approved for market [4][11]. Financial Forecast - The forecasted revenues for 2024, 2025, and 2026 are 29.191 billion yuan, 33.509 billion yuan, and 37.284 billion yuan, respectively. Corresponding net profits are expected to be 3.390 billion yuan, 3.847 billion yuan, and 4.265 billion yuan [5][11]. - The earnings per share (EPS) are projected to be 3.43 yuan, 3.89 yuan, and 4.32 yuan for the years 2024, 2025, and 2026, respectively [5][11].

[Table_RightTitle] 证券研究报告|房地产 公 [Table_Title] [Table_StockRank] 司 买入 研 利润端承压下降，市占率持续提升 (维持) 究 [Table_StockName] [Table_ReportDate] ——保利发展（600048）点评报告 2024年04月24日 [事Ta件bl:e4_S月um23m日ar，y公] 司披露了2023年年报，公司实现营业收入3468.94 [基Ta础ble数_B据ase Data] 亿元，同比上升23.40%，公司实现净利润178.99亿元，同比下降33.68%； 总股本（百万股） 11,970.44 归母净利润120.67亿元，同比下降34.13%。 流通A股（百万股） 11,970.44 点评： 收盘价（元） 8.04 公 公司2023年业绩与业绩快报一致，利润端承压下降：（1）收入端，公 总市值（亿元） 962.42 司 司积极推进保交付，全年实现竣工面积4053万平，同比增长2%，支撑 流通A股市值（亿元） 962.42 点 结算收入实现稳定增长。公司2023年新开工面积1491万平，同比下降 [个Ta股ble相 ...