[TABLE_INVEST] 买入|维持 一品红(300723)公司点评报告 2024 年 05 月 10 日 | --- | --- | --- | --- | --- | --- | |-----------------------|---------|---------|---------|---------|---------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 2280.20 | 2503.45 | 2873.20 | 3313.41 | 3778.10 | | 收入同比 (%) | 3.68 | 9.79 | 14.77 | 15.32 | 14.02 | | 归母净利润 ( 百万元 ) | 290.68 | 184.61 | 248.68 | 303.26 | 388.20 | | 归母净利润同比 (%) | -5.29 | -36.49 | 34.71 | 21.94 | 28.01 | | ROE(%) | 14.17 | 7.32 | 9.30 | 10.64 | 12.60 | | 每 ...

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 贝泰妮(300957)公司点评报告 2024年05月10日 [T多able因_Ti素tle] 致 23 年盈利承压，24Q1 环比修复 [Table_Inves 买t] 入|维持 ——贝泰妮(300957)2023 年年报及 2024年一季报点评 [事Ta件ble：_S ummary] [ Table_TargetPr ice] 公司发布2023年年报及2024年第一季度报告。 点评： [基Ta本bl数e_据Ba se]  23年营收增长稳健，多重因素致盈利承压，24Q1业绩明显改善 52周最高/最低价（元）： 110.2 / 54.58 23年公司实现营收55.22亿元，同比提升10.14%，归母净利润7.57亿元， A股流通股（百万股）： 423.60 同比下降 28.02%，扣非归母净利润 6.18 亿元，同比下降 35.2%，业绩波 A股总股本（百万股）： 423.60 动系 1）大促销售不及预期；2）配方、工艺及外包装升级导致毛利率略有 流通市值（百万元）： 26174.24 下降；3）中央工厂新基地项目建成投产，长期资产 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 口子窖(603589)公司点评报告 2024年5月8日 [Table_Title] 产品结构升级，稳健增长 [Table_Inves 买t] 入|维持 ——口子窖 2023年报及 2024一季报点评 [T abl事e_件Su mmary] [基Ta本bl数e_据Ba se] 公司公告 2023年报及2024一季报。23年，公司实现总营收 59.62亿元，同 52周最高/最低价（元）： 61.06 / 37.73 比+16.10%，归母净利17.21亿元，同比+11.04%。23Q4，公司实现总营收15.16 A股流通股（百万股）： 596.87 亿元，同比+10.42%，归母净利3.73亿元，同比+6.95%。24Q1，公司实现总 营收17.68亿元，同比+11.05%，归母净利5.89亿元，同比+10.02%。公司拟 A股总股本（百万股）： 600.00 每股派发现金股利1.50元（含税），分红率52.23%。 流通市值（百万元）： 25557.79  高档白酒增速较快，省内稳健增长 总市值（百万元）： 25692.00 1） ...

执业证书编号 S0020519070002 索辰科技(688507)公司点评报告 2024 年 05 月 09 日 2023 年，公司实现营业收入 32038.14 万元，同比增长 19.52%；实现归母 净利润 5747.70 万元，同比增长 6.89%；实现扣非归母净利润 5169.47 万 元，同比增长 92.72%。分产品来看，工程仿真软件实现收入 18763.77 万 元，同比增长 39.37%，毛利率为 95.11%；仿真产品开发实现收入 13102.42 万元，同比下降 1.78%，毛利率为 33.23%；技术服务实现收入 33.28 万元。 2024 年第一季度，公司实现营业收入 3186.42 万元，同比增长 346.22%； 实现归母净利润-2126.80 万元；实现扣非归母净利润-2553.73 万元。 盈利预测与投资建议 | --- | --- | |------------------------------|------------------| | | | | [ 基本数据 Table_Base] | | | 52 周最高 / 最低价（元）： | 232.00 / 73.07 | ...

Investment Rating - Buy rating maintained for the company [1] Core Views - The company's operating quality continues to improve, with significant business synergy effects [2] - Revenue growth in 2023 was driven by new business segments, with a 1.58% YoY increase to RMB 4.507 billion [4] - Net profit attributable to the parent company increased by 18.37% YoY to RMB 741 million, while non-GAAP net profit decreased by 9.61% YoY to RMB 471 million [4] - New business segments (cloud security, data security 2.0&3.0, industrial internet security, and security operations) contributed RMB 2.142 billion, accounting for 47.54% of total revenue, with cloud security revenue growing 34.50% YoY [4] - In Q1 2024, the company achieved revenue of RMB 923 million, a 17.13% YoY increase, but reported a net loss of RMB -114 million [4] - China Mobile Group became the company's actual controller in January 2024, leading to significant business synergy and strategic upgrades in network security [5] - The company accelerated the commercialization of new technologies and expanded its customer base, with identity trust products and 5G+ industrial internet security detection products growing over 200% YoY [6] Financial Forecasts - Revenue is projected to grow to RMB 5.338 billion, RMB 6.284 billion, and RMB 7.340 billion in 2024, 2025, and 2026, respectively [7] - Net profit attributable to the parent company is expected to reach RMB 912 million, RMB 1.116 billion, and RMB 1.359 billion in 2024, 2025, and 2026, respectively [7] - EPS is forecasted to be RMB 0.74, RMB 0.91, and RMB 1.11 per share for 2024, 2025, and 2026, respectively [7] - The company's PE ratio is expected to be 25.57x, 20.90x, and 17.16x for 2024, 2025, and 2026, respectively [7] Business Synergy with China Mobile - The company signed 62 strategic cooperation agreements with China Mobile and its subsidiaries, focusing on integrated security operation centers, security cloud, dedicated line security, and AI security models [5] - The collaboration aims to provide diversified security protection and subscription services for government, enterprise, SME, and individual/home users [5] New Product and Customer Expansion - The company achieved rapid growth in new product revenue, with data security management platforms, network security ranges, full-flow detection, and EDR products growing over 50% YoY [6] - The company expanded its customer base to include individual/home users, with 3 million mobile cloud computer users and 50,000 QingSong Guardian users [6] Financial Ratios and Metrics - The company's ROE is expected to improve from 6.18% in 2023 to 9.35% in 2026 [12] - Gross margin is projected to remain stable at around 57.7% from 2024 to 2026 [15] - Net margin is forecasted to increase from 16.44% in 2023 to 18.51% in 2026 [15] - The company's debt-to-asset ratio is expected to remain below 20% from 2024 to 2026 [15]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [25][36]. Core Views - The company reported a total revenue of 26.485 billion yuan in 2023, a year-on-year decrease of 6.13%, while the net profit attributable to shareholders was 0.967 billion yuan, an increase of 168.19% year-on-year [1][3]. - The first quarter of 2024 showed a total revenue of 6.417 billion yuan, down 9.25% year-on-year, with a net profit of 0.172 billion yuan, down 8.07% year-on-year [1][3]. - The company plans to distribute a cash dividend of 0.22 yuan per share, with a payout ratio of 31.35% [1]. Revenue Analysis - In 2023, the company's revenue from liquid milk, other dairy products, livestock products, and other products was 15.648 billion, 7.359 billion, 1.757 billion, and 1.384 billion yuan, respectively, showing a year-on-year change of 2.75%, -8.02%, -33.47%, and +24.75% [2]. - For Q1 2024, the revenue from liquid milk was 3.514 billion yuan, down 13.68% year-on-year, while other dairy products saw a slight increase of 0.96% [2]. Regional Performance - In 2023, the company's revenue from Shanghai, other regions, and overseas was 7.112 billion, 11.715 billion, and 7.321 billion yuan, with year-on-year changes of -4.13%, -13.30%, and +5.95% respectively [2]. - In Q1 2024, revenue from Shanghai was 1.736 billion yuan, down 10.95% year-on-year, while overseas revenue increased by 5.64% [2]. Channel Performance - In 2023, the revenue from direct sales, distributors, and other channels was 5.904 billion, 20.133 billion, and 0.011 billion yuan, with year-on-year changes of -17.65%, -1.92%, and -23.22% respectively [2]. - For Q1 2024, revenue from direct sales was 1.383 billion yuan, down 15.67% year-on-year, while distributor revenue decreased by 7.15% [2]. Profitability Metrics - In 2023, the company's net profit margin and gross profit margin were 3.14% and 19.66%, respectively, with year-on-year increases of 1.75 and 1.01 percentage points [3]. - For Q1 2024, the net profit margin and gross profit margin were 2.33% and 19.64%, respectively, showing a decline compared to the previous year [3]. Financial Forecast - The company is expected to achieve net profits of 0.585 billion, 0.633 billion, and 0.667 billion yuan for 2024, 2025, and 2026, with growth rates of -39.52%, 8.23%, and 5.26% respectively [3][21].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company achieved rapid revenue growth in 2023, with total revenue reaching 1.481 billion yuan, a year-on-year increase of 25.49%. The net profit attributable to shareholders was 86.21 million yuan, up 113.20% year-on-year [2][4]. - The company continues to invest heavily in R&D, with R&D expenses amounting to 403 million yuan in 2023, a 15.73% increase from the previous year [2][4]. - The company launched several AI-generated content (AIGC) features across its product lines, enhancing user experience and expanding its market reach [3][4]. Financial Performance - In 2023, the company reported a gross margin of 94.64% for video creative products, 94.31% for drawing creative products, and 93.82% for document creative products [2]. - The first quarter of 2024 saw a revenue of 358 million yuan, a 0.90% year-on-year increase, with a non-GAAP net profit of 22.77 million yuan, up 26.59% year-on-year [2][4]. - Revenue projections for 2024-2026 are estimated at 1.813 billion, 2.187 billion, and 2.606 billion yuan, respectively, with net profits expected to reach 114.33 million, 151.18 million, and 198.88 million yuan [4][6]. Product Development - The company has introduced various AIGC functionalities, including video face-swapping, image tracking, AI music generation, and AI voice enhancement [3][4]. - The document creative line has launched an intelligent document processing robot, "Lumi," which offers features such as dialogue discussion, document summarization, and content rewriting [3][4]. - The practical tools line has enhanced its data recovery software with AI capabilities, including intelligent analysis and AI restoration features [3].

Investment Rating - The report maintains a "Buy" rating for the company [20][24]. Core Insights - The company achieved rapid revenue growth, with a total revenue of 827.59 million yuan in 2023, representing a year-on-year increase of 37.71%. The net profit attributable to shareholders reached 61.41 million yuan, a significant increase of 922.84% year-on-year [21][24]. - The company is expanding its domestic and international market presence, enhancing industry solutions and channel development. The overseas business revenue grew by 71.14% year-on-year [22][24]. - The company is increasing its R&D investment, which reached 40.38 million yuan in 2023, up 27.58% year-on-year. It has also made strategic acquisitions in the fluid simulation sector [23][24]. Financial Performance - Revenue projections for 2024-2026 are 1.01 billion yuan, 1.21 billion yuan, and 1.42 billion yuan, respectively. The net profit forecasts for the same period are 80.18 million yuan, 103.07 million yuan, and 129.12 million yuan, respectively [9][24]. - The company's earnings per share (EPS) are projected to be 0.66 yuan, 0.85 yuan, and 1.06 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 118.56, 92.23, and 73.63 [24].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's revenue and profit were under pressure in 2023, but business adjustments showed initial results in Q1 2024, with significant optimization in sales expense ratio [3] - The raw material business grew steadily, with overseas expansion and synthetic biology layout progressing steadily [3] - The medical aesthetics segment showed strong growth, while the skincare business underwent phased adjustments [4] - The company is expected to achieve EPS of 1.71/2.10/2.49 for 2024-2026, with PE ratios of 37/30/25X [5] Financial Performance - 2023 revenue was 6.076 billion yuan, down 4.45% YoY, with net profit attributable to the parent company at 593 million yuan, down 38.97% YoY [3] - Q1 2024 revenue was 1.361 billion yuan, up 4.24% YoY, with net profit attributable to the parent company at 243 million yuan, up 21.39% YoY [3] - The raw material business achieved revenue of 1.129 billion yuan in 2023, up 15.22% YoY [3] - The medical terminal business achieved revenue of 1.090 billion yuan in 2023, up 58.95% YoY [4] - The functional skincare business achieved revenue of 3.757 billion yuan in 2023, down 18.45% YoY [4] Business Segments - The raw material business saw steady growth, with overseas expansion and new product launches [3] - The medical aesthetics segment added coverage to over 3,500 institutions, with skin-related medical products achieving revenue of 747 million yuan, up 60.29% YoY [4] - The skincare business is undergoing phased adjustments, with a focus on building blockbuster product series and optimizing channel structure [4] Future Outlook - The company is expected to continue its growth trajectory, driven by its core hyaluronic acid business and diversified bio-active material product matrix [5] - The report forecasts revenue growth of 11.59%, 14.77%, and 13.29% for 2024-2026, respectively [9]

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 [Table_Title] 业务多元布局，高分红回馈股东 [Table_Summary] 事件： 公司发布 2023 年年报及 2024 年一季报。 点评： 净利润提升明显，高分红率回报股东 2023 年公司实现营业收入 43.07 亿元，同比提升 10.01%；归母净利润 5.62 亿元，同比增长 61.37%；扣非归母净利润 5.19 亿元，同比增加 51.72%。 24Q1 单季度实现营收 9.82 亿元，同比下降 17.38%；归母净利润 1.51 亿 元，同比下降 23.94%。公司公布 2023 年度利润分配方案，拟向全体股东 每 10 股派发现金股利人民币 9.00 元（含税），合计派发现金红利 3.71 亿 元（含税），占年度归母净利润的 65.94%。 游戏业务维持高毛利水平，数字营销稳健增长 2023 年公司游戏/数字营销业务实现营收 12.26/19.12 亿元，同比分别提升 1.94%/24.90%，业务毛利率分别为 96.01%/5.46%，游戏业务维持高毛利 率水平。游戏业务，公司坚持"聚焦精品，研运一体化"原 ...