Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [10]. Core Views - The company achieved a total revenue of 20.25 billion yuan in 2023, representing a year-on-year growth of 21.18%, with a net profit of 4.59 billion yuan, up 46.01% [2]. - The first quarter of 2024 showed continued growth, with revenue reaching 8.29 billion yuan, a 25.85% increase year-on-year, and a net profit of 2.07 billion yuan, up 31.61% [2]. - The company plans to distribute a cash dividend of 4.5 yuan per share, with a payout ratio of 51.83% [2]. Revenue and Business Structure - In 2023, the company’s revenue from different segments was 19.64 billion yuan from liquor, 84 million yuan from hotels, and 531 million yuan from other businesses, with respective growth rates of 21.47%, 45.53%, and 8.82% [3]. - The premium product line, particularly the aged liquor, showed significant growth, with revenue of 15.42 billion yuan, a 27.34% increase [3]. - The company’s sales volume for liquor was 118,300 tons, a 3.16% increase, with an average selling price of 166,000 yuan per ton, up 17.75% [3]. - Revenue from online and offline sales was 19.52 billion yuan and 729 million yuan, respectively, with year-on-year growth of 21.25% and 19.48% [3]. Profitability and Financial Performance - The company’s gross margin and net margin improved in 2023, with net profit margin at 23.34% and gross margin at 79.07%, reflecting increases of 3.88 and 1.90 percentage points, respectively [4]. - For Q1 2024, the net profit margin reached 25.65%, an increase of 1.39 percentage points year-on-year, with a gross margin of 80.35% [4]. - The report forecasts net profits for 2024, 2025, and 2026 to be 5.83 billion yuan, 7.22 billion yuan, and 8.82 billion yuan, with growth rates of 27.08%, 23.88%, and 22.16% respectively [4][5].

[Table_Main] 行业研究|可选 消费|汽车与汽车零部件 证 券研究报告 汽车与汽车零部件行业 2024年04月29日 周报、月报 [Table_Invest] [在Tabl小e_T米itle花] 影下：后期大众阶段竞争策略 推荐|维持 [报Ta告bl要e_S点um：ma ry] [过T去ab一le年_P市ic场Qu行ot情e]  月度渗透率越过50%，电动智能车迈入向后期大众转型的阶段 18% 2024 年 4 月上半月乘用车市场零售 51.6 万辆，其中新能源车市场零售 8% 26 万辆。这意味着中国新能源汽车市场渗透率首次突破 50%，市场占比 -1% 首次超过燃油车。虽然只是短期数据，但对市场结构变化有指示性意义。 -11% 根据我们在《2024年汽车行业投资策略报告：骑乘产业周期曲线，需求 -21% 与技术两手抓》中提到的“技术采用曲线”模型，市场进入50%渗透率阶 4/28 7/28 10/27 1/26 4/26 段后，将迎来创新型产品从“早期大众阶段”向“后期大众阶段”的过 汽车与汽车零部件 沪深300 渡。由于创新型产品不同渗透率阶段，消费者结构不同，在阶段转型期， 资料来源：Wi ...

Investment Rating - The report assigns a "Buy" rating to China General Nuclear Power Corporation (CGN) with a target price of 4.04 CNY, indicating a potential upside of 21% from the current price [7]. Core Views - The report highlights steady growth in revenue and net profit, driven by ongoing construction of nuclear power projects and increased operational efficiency [2][4]. - The company is positioned to benefit from the growing demand for nuclear energy as part of China's transition to a greener energy structure, aligning with national carbon reduction goals [5][6]. Summary by Sections Financial Performance - In Q1 2024, CGN achieved revenue of 19.182 billion CNY, a year-on-year increase of 4.88%, and a net profit of 3.604 billion CNY, up 3.38% from the previous year [2]. - The total electricity generated by the company's nuclear units was approximately 51.814 billion kWh, reflecting a 1.83% increase year-on-year [2]. Cost and Profitability - The gross margin for Q1 2024 was 39.28%, a decrease of 1.95 percentage points year-on-year, while the net margin improved to 27.94%, an increase of 0.63 percentage points [3]. - The report notes a decline in R&D expenses by 46.13% year-on-year, indicating a focus on cost management [3]. Project Development - As of the end of 2023, CGN managed 11 nuclear units under construction, with several at various stages of development, including two in commissioning and four in preparation for construction [4]. - The company is also exploring comprehensive utilization of nuclear energy, including heating projects and energy storage solutions [4]. Market Outlook - CGN's operations contributed to significant reductions in coal consumption and emissions, with an estimated reduction of 64.672 million tons of coal and 17.645 million tons of CO2 in 2023 [5]. - The report anticipates robust demand for nuclear power in China, given the current low share of nuclear energy in the national energy mix [5]. Profit Forecast - The projected net profits for CGN from 2024 to 2026 are 11.602 billion CNY, 12.416 billion CNY, and 13.042 billion CNY, respectively, with corresponding P/E ratios of 17.58, 16.43, and 15.64 [6][10].

| --- | --- | --- | --- | --- | --- | |-----------------------|---------|---------|---------|---------|---------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 1731.72 | 2225.59 | 2931.80 | 3689.24 | 4537.06 | | 收入同比 (%) | -3.10 | 28.52 | 31.73 | 25.84 | 22.98 | | 归母净利润 ( 百万元 ) | 174.18 | 259.42 | 349.20 | 453.53 | 573.99 | | 归母净利润同比 (%) | -29.74 | 48.93 | 34.61 | 29.88 | 26.56 | | ROE(%) | 5.46 | 7.75 | 10.01 | 12.39 | 14.83 | | 每股收益 ( 元 ) | 0.43 | 0.65 | 0.87 | 1.13 | 1.43 | | 市盈率 ( ...

[Table_Main] 公司研究|工业|资本货物 证券研究报告 东方电缆(603606)公司点评报告 2024年04月29日 [Tab海le_T风itle景] 气回暖，海缆业务有望加速推进 [Table_Inves 买t] 入|维持 ——东方电缆（603606.SH）2024 年一季报点评 [事Ta件ble：_S ummary] [当Ta前b价le_：T a rgetPr3ic9e.0] 4元 公司发布 2024 年一季报：2024Q1 公司实现营收 13.10 亿元，同比下滑 [基Ta本bl数e_据Ba se] 8.86%，环比下滑33.16%；归母净利润2.63亿元，同比增长2.95%，环比 52周最高/最低价（元）： 54.18 / 32.61 增长47.82%；扣非归母1.93亿元，同比下滑22.17%，环比增长16.14%。 A股流通股（百万股）： 687.72 24Q1公司非经常性损益主要包括资产处置收益0.52亿元和政府补助0.28 A股总股本（百万股）： 687.72 亿元。 流通市值（百万元）： 26848.41 报告要点： 总市值（百万元）： 26848.41  受行业淡季影响，公司业 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 125.46 CNY per share, indicating an expected price increase of over 20% in the next six months [3][14]. Core Views - The company reported a revenue of 21.02 billion CNY in 2023, a year-on-year increase of 4.69%, while the net profit attributable to shareholders was 556 million CNY, down 43.89% year-on-year. The gross margin was 21.76% and the net margin was 2.59% [2][6]. - In Q4 2023, the company achieved a revenue of 5.939 billion CNY, a year-on-year increase of 26.49%, with a net profit of 187 million CNY, up 116.15% year-on-year [2][6]. - In Q1 2024, the company reported a revenue of 5.644 billion CNY, a year-on-year increase of 30.18%, and a net profit of 558 million CNY, up 180.5% year-on-year [2][6]. Summary by Relevant Sections Smartphone Sector - The company benefited from a gradual recovery in consumer electronics demand in the second half of 2023, leading to a significant increase in smartphone CIS revenue, which reached 7.779 billion CNY, up 44.13% year-on-year. The introduction of new 50MP products is expected to enhance the company's product structure and market position [2][6][7]. Automotive Electronics Sector - The automotive sector saw a revenue of 4.547 billion CNY in 2023, a year-on-year increase of 25.15%, driven by the growing trend of electric and intelligent vehicles. The company is expanding its automotive chip offerings and has acquired a new team to enhance its capabilities in this area [2][6][7]. Touch and Display Business - The touch and display business experienced a decline of 14.97% year-on-year due to reduced demand for smartphone LCD-TDDI. However, the company managed to increase its chip shipment volume by 65.33% year-on-year, indicating a gain in market share despite price pressures [2][6][7]. Financial Forecast - The company is projected to achieve net profits of 2.728 billion CNY, 4.333 billion CNY, and 5.872 billion CNY for 2024, 2025, and 2026, respectively, reflecting significant growth rates of 390.94%, 58.86%, and 35.51% year-on-year [3][6].

[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 爱柯迪(600933)公司点评报告 2024年04月30日 业绩如期产兑现品，结北美构整体持转续盈 优化，产能加速释放 [Table_Inves 买t] 入|维持 ——爱柯迪(600933)公司点评报告 [事Ta件ble：_S ummary] [当Ta前b价le_/目Ta标rg价etP：r 1ic 9e.7] 8元/25.69元 公司发布2023年年报与2024年第一季度报告，业绩符合我们预期。2023 目标期限： 6 个月 年实现营收59.57亿元，同比+39.67%；实现归母净利润 9.13 亿元，同比 [基Ta本bl数e_据Ba se] +40.84%；实现扣非归母净利润8.76亿元，同比+45.15%。2023年Q4实 52周最高/最低价（元）： 25.26 / 17.85 现营收17.23亿元，同比+39.05%，环比+8.25%；实现归母净利润3.16亿 A股流通股（百万股）： 897.22 元，同比+30.94%，环比 56.52%；实现扣非归母净利润 2.87 亿元，同比 A股总股本（百万股）： 963.59 +39 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company has shown steady growth in operations, with total revenue reaching 14.045 billion yuan in 2023, a year-on-year increase of 15.29%. The net profit attributable to shareholders was 1.478 billion yuan, up 34.24% year-on-year [2]. - The company plans to distribute a cash dividend of 1.775 yuan per share (including tax), with a cumulative dividend payout ratio of 53.17% for 2023 [2]. - The frozen prepared food segment has demonstrated robust growth, particularly in the e-commerce channel, which saw a significant increase of 145.92% in revenue [2]. - The company’s gross margin and net margin have steadily improved, with a gross margin of 23.21% in 2023, up 1.25 percentage points year-on-year [2]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.045 billion yuan, with a net profit of 1.478 billion yuan, reflecting a year-on-year growth of 15.29% and 34.24%, respectively [2][3]. - The company’s revenue for Q1 2024 was 3.755 billion yuan, representing a 17.67% increase year-on-year, while net profit grew by 21.24% to 438 million yuan [2]. Product Segments - Revenue from traditional frozen prepared foods showed steady growth, with specific product categories such as frozen meat products and frozen dishes increasing by 10.22% and 29.84%, respectively [2]. - The company’s e-commerce channel has performed exceptionally well, contributing significantly to revenue growth [2]. Regional Performance - The East China region accounted for 43% of total revenue in 2023, with all regions showing steady growth. The North and Northwest regions exhibited the highest growth rates [2]. Profitability Metrics - The company’s gross margin improved to 23.21% in 2023, and the net margin reached 10.52%, both reflecting positive trends in profitability [2][3]. - For Q1 2024, the gross margin further increased to 26.55%, indicating continued improvement in operational efficiency [2]. Future Projections - The company is expected to achieve net profits of 1.688 billion yuan, 1.928 billion yuan, and 2.176 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 14.22%, 14.19%, and 12.86% [2][3].

[Table_Main] 公司研究|日常消费|食品与主要用品零售Ⅱ 证券研究报告 孩子王(301078)公司点评报告 2024 年 04 月 29 日 ——孩子王(301078) 2023 年年报及 2024 年一季报点评 点评： 投资建议与盈利预测 [Table_ 过去一年股价走势 PicQuote] -50% -32% -14% 4% 21% 5/4 8/1 10/29 1/26 4/24 孩子王 沪深300 《国元证券公司研究-孩子王（301078）2023 年三季报 点评：Q3 收入增速环比改善，双品牌协同完善市场布 局》2023.11.01 请务必阅读正文之后的免责条款部分 1 / 5 请务必阅读正文之后的免责条款部分 2 / 5 图 3：2019-2023 公司期间费用率 图 4：2019-2023 公司毛利率和净利率 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------ ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 五粮液(000858)公司点评报告 2024年04月29日 [Table_Title业] 绩增长稳健，分红比例提升 [Table_Inves 买t] 入|维持 ——五粮液 2023年报及 2024年一季报点评 [报Ta告ble要_S点um：m ary] [ Table_TargetPr ice]  事件 公司公告 2023年报及2024 年一季报。2023年，公司实现总收入832.72 亿元（+12.58%），归母净利302.11亿元（+13.19%），扣非归母净利301.16 [基Ta本bl数e_据Ba se] 亿元（+12.96%）。2023Q4，公司实现总收入207.36亿元（+14.00%），归 母净利 73.78 亿元（+10.07%），扣非归母净利 73.75 亿元（+11.01%）。 52周最高/最低价（元）： 184.08 / 123.82 2024Q1，公司实现总收入 348.33 亿元（+11.86%），归母净利 140.45 亿 A股流通股（百万股）： 3881.53 元（+11.98%），扣非归母净利140 ...