[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 消费呈现缓复苏态势，3 月化妆品零售额同 强于大市 (维持) 研 究 比+2.2% [Table_ReportType] [Table_ReportDate] ——美容护理行业周观点(04.15-04.21) 2024年04月22日 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 行业核心观点： 美容护理 沪深300 近月消费呈现缓复苏态势，2024 年政府工作报告特别明确指出从增加 10% 收入、优化供给、减少限制性措施等方面综合施策，激发消费潜能，预 5% 0% 计未来随着经济的逐步恢复和扩大消费措施的出台，消费活力有望得到 -5% 行 -10% 进一步刺激。建议关注：①化妆品&医美：短期来看，在理性消费背景 -15% 业 -20% 下，消费者更注重产品性价比，部分国货品牌近期表现优异；中长期来 -25% 周 -30% 看，颜值经济下医美、化妆品需求较大，多项化妆品、医美相关法规发 -35% 观 布，行业洗牌背景下合规化妆品 ...

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 科技“十六条”政策发布，华为 Pura70 系 强于大市 研 (维持) 究 列上线先锋计划 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(04.15-04.21) 2024年04月22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15日至4月21日期间，沪深300指数上涨1.89%，申万电子 电子 沪深300 指数下跌2.59%，在31个申万一级行业中排第22，跑输沪深300指数4.48 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% -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。 -10% 业 -15% 投资要点： -20% 周 -25% -30% 观 产业动态：（1）科技金融：为进一步健全资本市场功能，优化资源配置， -35% 点 更大力度支持科技企业高水平发展，中国证监会提出以下措 ...

[Table_RightTitle] 证券研究报告|通信 行 [Table_Title] [Table_IndustryRank] 业 一季度中国 5G 手机出货量达 5643 万部，同 强于大市 研 (维持) 究 期占比 83.7% [Table_ReportType] [Table_ReportDate] ——通信行业周观点(04.15-04.21) 2024年04月22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（4.15-4.19）沪深300指数上涨1.89%，申万通信行业指数下跌 通信 沪深300 0.67%，在31个申万一级行业中排名第13位，跑输沪深300指数2.57个百 15% 10% 分点。建议重点关注5G建设及应用、算力、数据中心、卫星通信等细分 5% 行 板块投资机会。 0% -5% 业 -10% 投资要点： -15% 周 -20% 观 产业动态：（1）6G：2024年4月16日至18日，由国家6G技术研发推进工 -25% -30% 点 作组和总体专家组指导，由未来移动通信论坛、紫金山实验室主办的 2024全球6G技术 ...

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 Meta 发布 Llama3，世界数字技术院首次发 强于大市 研 (维持) 究 布大模型安全国际标准 [Table_ReportType] [Table_ReportDate] ——计算机行业周观点(04.15-04.21) 2024年04月22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 上周沪深300指数上涨1.89%，申万计算机行业下跌3.94%，落后于指数 计算机 沪深300 5.83pct，在申万一级行业中排名25位。本周建议重点关注人工智能大 20% 模型、AIGC应用和数智生态应用的投资机会。 10% 0% 行 投资要点： -10% 业 -20% 周 产业动态：（1）政策：4月16日，工信部发布《工业和信息化部办公厅 -30% -40% 观 关于开展2024年度5G轻量化（RedCap）贯通行动的通知》。（2）人工 -50% 点 智能：4月19日，Meta 公司发布新闻稿，宣布推出下一代大语言模型 ...

Group 1: Skincare and Cosmetics Market Insights - The report highlights the rapid growth of functional skincare products in China, with the market size increasing from 13.3 billion yuan in 2017 to 30.8 billion yuan in 2021, achieving a CAGR of 23.4% [5] - The top brands in the skincare category during the 38th Douyin Goods Festival included brands like "Chanel" and "Estée Lauder," with significant year-on-year GMV growth for several brands [2] - Domestic brands are gaining market share, with five local brands among the top 20 in the Chinese cosmetics market, reflecting a growing acceptance among Gen Z consumers [7] Group 2: Regulatory Environment - The new cosmetic supervision regulations implemented in January 2021 aim to enhance industry standardization, benefiting compliant companies with strong R&D and management capabilities [8] - The regulations classify cosmetics based on risk levels and require sufficient scientific evidence for efficacy claims, ensuring that manufacturers are accountable for product safety and claims [31][32] Group 3: Alcoholic Beverages Market - The report indicates that major liquor companies have shown steady growth in performance, with high-end liquor brands like Kweichow Moutai and Wuliangye experiencing significant profit increases in the first three quarters of 2023 [11][12] - The demand for high-end liquor is expected to improve as business needs recover, with a notable increase in banquet consumption post-pandemic [34] - The beer industry is transitioning towards high-end products, with a steady increase in high-end beer consumption from 5.9 billion liters in 2013 to an expected 10.2 billion liters in 2023, reflecting a CAGR of 5.63% [27] Group 4: Beer Industry Dynamics - The beer industry is facing a decline in overall production, with a 29.49% decrease from 2013 to 2022, indicating a shift from volume growth to quality improvement [25] - The concentration of the beer market is increasing, with the top five companies holding over 90% of the market share, indicating a stable oligopoly [42] - The average price per ton of beer has been on the rise, with significant increases observed from 2017 to 2022, suggesting a shift towards premiumization in the market [30][48]

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15日-4月19日当周主要指数涨跌幅（%）. | | | 图表 2: | 4 月 15 日-4 月 19 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15日-4月19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 15 日-4月 19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15 ...

Core Insights - The report highlights the overall recovery of the domestic economy and the continuous release of consumer demand, with the domestic stock market indices and valuations currently at low points after a comprehensive adjustment [36][34][19] - The report emphasizes the importance of rational consumption and the structural coexistence of consumption upgrades and downgrades in the current market environment [36][34] Market Review - The A-share market experienced a volume contraction with the Shanghai Composite Index down by 0.29% to 3,065.26 points, and the Shenzhen Component Index down by 1.04% to 9,279.46 points [15][18] - The total trading volume in the A-share market was approximately 860 billion RMB, with northbound funds net selling 6.49 billion RMB [15][18] - The report notes that over 3,000 stocks in the A-share market declined, with the oil and petrochemical, and defense industries leading gains, while electronics and power equipment sectors lagged [15][18] Industry Insights - **Gold and Jewelry**: The dual attributes of gold as an investment and consumption product are resonating, with leading companies like Chow Tai Fook and Lao Feng Xiang expanding their market share through category diversification [21][36] - **Cosmetics**: The demand for cosmetics is gradually recovering, with domestic brands outperforming international ones. The report suggests focusing on companies with strong R&D capabilities and product quality [21][36] - **Liquor**: The report anticipates a recovery in business demand in 2024, with high-end liquor companies expected to see valuation recovery as inventory clears and consumer confidence improves [21][36] - **Beer**: The decline in raw material prices is expected to enhance profitability, with a continued trend towards premiumization in the beer industry [21][36] - **Dairy Products**: The report indicates that the decline in raw milk prices will relieve cost pressures, and the diversification of consumption scenarios presents growth opportunities [21][36] - **Condiments**: The profitability of soy sauce companies is expected to improve due to lower soybean prices, with a growing consumer demand for healthy condiments [21][36] - **Tourism**: The report highlights a recovery in tourism demand supported by policy changes, with new opportunities arising for emerging tourist cities [21][36] - **Hotels**: The hotel industry is seeing significant improvements in operating performance, with a focus on mid-range expansion and high-end brand development [21][36] Company-Specific Insights - **Proya**: The company reported a revenue of 8.905 billion RMB in 2023, a year-on-year increase of 39.45%, with a net profit of 1.194 billion RMB, reflecting a growth of 46.06% [39][23] - The main brand Proya has upgraded its core products significantly, with a focus on anti-aging lines and a new high-end product line [39][23] - The online sales channel has shown robust growth, accounting for 93.07% of total revenue, with significant performance during major sales events [39][23] - The report projects net profits for Proya to reach 1.599 billion RMB, 1.970 billion RMB, and 2.407 billion RMB for 2024, 2025, and 2026 respectively, maintaining a "buy" rating [23][39]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance exceeded expectations, with a 45.58% year-on-year increase in net profit attributable to shareholders in Q1 2024. In 2023, the company achieved revenue of 8.905 billion yuan (up 39.45% year-on-year) and a net profit of 1.194 billion yuan (up 46.06% year-on-year) [3] - The main brand, Proya, has fully upgraded its core products, with significant growth in multiple sub-brands. Proya's revenue in 2023 was 7.177 billion yuan (up 36.36% year-on-year), accounting for 80.73% of total revenue [3] - The company has seen rapid growth in its online channels, achieving revenue of 8.274 billion yuan (up 42.96% year-on-year) in 2023, with online direct sales accounting for 75.91% of total revenue [10] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 3.656 billion yuan (up 50.86% year-on-year) and a net profit of 448 million yuan (up 39.06% year-on-year) [3] - For Q1 2024, revenue was 2.182 billion yuan (up 34.56% year-on-year) and net profit was 303 million yuan (up 45.58% year-on-year) [3] - The company’s operating cash flow for 2023 was 1.469 billion yuan (up 32.19% year-on-year) [3] Brand and Product Development - Proya has upgraded its core product lines, including the "Double Anti-aging Series" and "Ruby Series," and launched a high-end product line focused on mature skin [3] - The sub-brand Caitang achieved revenue of 1.001 billion yuan (up 75.06% year-on-year), while OR and Yuefuti also saw significant revenue growth of 71.17% and 61.82% respectively [3] Profitability and Forecast - The company’s gross margin improved to 69.93% in 2023, with a net margin of 13.82%. For Q1 2024, gross margin was 70.11% and net margin was 14.44% [10] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.599 billion yuan, 1.970 billion yuan, and 2.407 billion yuan respectively, with corresponding PE ratios of 26, 21, and 17 times [10]

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Insights - The company has shown strong revenue growth in oral liquid and gel formulations, with significant increases in sales for these products [5]. - The overall gross margin for Q1 2024 is 74.61%, a slight decrease of 0.49 percentage points year-on-year, with varying gross margins across different product types [2]. - The company has optimized its expense ratios, with a sales expense ratio of 37.44% (down 6.52 percentage points year-on-year) and a total expense ratio of 45.34% (down 2.44 percentage points year-on-year) [2]. - Research and development expenses have increased by 8.24% to 204 million yuan, indicating a continued commitment to innovation [2]. Revenue and Profit Forecast - The company is projected to achieve revenues of 57.20 billion yuan, 67.47 billion yuan, and 79.34 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 6.46 billion yuan, 7.75 billion yuan, and 9.39 billion yuan [3][5]. - The earnings per share (EPS) is expected to rise to 1.10 yuan, 1.33 yuan, and 1.61 yuan for the years 2024, 2025, and 2026, respectively, with a decreasing price-to-earnings (PE) ratio forecasted [3][10].

Investment Rating - The investment rating for the company is "Maintain Buy" [29] Core Views - The company has maintained revenue growth, achieving a revenue of 4.438 billion yuan in 2023, a year-on-year increase of 12.37%, although the growth rate has slightly decreased compared to the previous year's 14.64% [2][20] - The net profit for 2023 was 404 million yuan, reflecting a year-on-year growth of 3.70%, significantly lower than the previous year's growth of 30.66% [2][20] - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares to all shareholders [20] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.438 billion yuan, with a net profit of 404 million yuan and a non-recurring net profit of 389 million yuan [2][20] - The fourth quarter of 2023 saw a revenue of 928 million yuan, a year-on-year increase of 12.46%, with net profits of 53 million yuan [2][20] - The gross profit margin for 2023 was 18.63%, a slight decrease of 0.18 percentage points from the previous year [2] Product Performance - Major products saw revenue growth, with fine wool yarn, cashmere, and wool tops achieving revenues of 2.497 billion, 1.222 billion, and 661 million yuan respectively, all showing over 10% growth [2] - The revenue growth rate for fine wool yarn improved from 8.93% last year to 11.30%, while cashmere revenue growth significantly declined from 29.03% to 14.11% [2] Market Conditions - Domestic consumption of woolen products showed a good recovery in 2023, with retail sales of clothing, shoes, hats, and textiles reaching 1.4095 trillion yuan, a year-on-year increase of 8.39% [16] - However, woolen exports slightly decreased, with total exports of woolen raw materials and products amounting to 12.1 billion USD, down 1.40% year-on-year [16] Profit Forecast and Investment Suggestion - The company is expected to maintain its position as a global leader in the fine wool industry, with projected net profits of 461 million, 492 million, and 542 million yuan for 2024-2026 [16][21] - The earnings per share are forecasted to be 0.63, 0.67, and 0.74 yuan for the same period, with corresponding price-to-earnings ratios of 10.81, 10.12, and 9.19 [21]