业绩行业领先，盈利值得期待 春秋航空（601021.SH）/航空 证券研究报告/公司点评 2024年4月30日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：55.99元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,369 17,938 20,676 23,380 27,150 分析师：杜冲 增长率yoy% -23% 114% 15% 13% 16% 执业证书编号：S0740522040001 净利润（百万元） -3,036 2,257 3,362 4,252 4,530 电话： 增长率yoy% -7862% 174% 49% 26% 7% 每股收益（元） -3.10 2.31 3.44 4.35 4.63 Email：duchong@zts.com.cn 每股现金流量 0.45 6.84 4.66 7.42 6.32 联系人：李鼎莹 净资产收益率 -22% 14% 18% 18% 16% 电话： P/E -18.0 24.3 16.3 12.9 12.1 P/B ...

事件：24Q1 业绩表现靓丽。24Q1 实现营业收入 21.11 亿元，同比+16.98%；实现 归母净利润 1.65 亿元，同比+58.59%；扣非后归母净利润 1.56 亿元，同比+73.81%。 24Q1 业绩表现靓丽，扣非利润位于此前预告中枢以上。 利润率持续改善，信用减值损失造成一定拖累。23 年公司毛利率同比+3.16pp 至 3 6.15%；净利率同比+1.76pp 至 11.34%；期间费用率同比-0.24pp 至 20.26%；其中， 销售费用率-0.28pp 至 9.66%；管理费用率（含研发费用率 3.54%）同比+0.19pp 至 10.14%；财务费用率同比-0.16pp 至 0.46%。降本增效及零售渠道、衣柜产品占比 提升等因素带动毛利率上行，期间费用控制效果良好。减值损失对利润端造成一定 拖累，其中信用减值损失 1.86 亿元，较 22 年增加 1.5 亿元，若剔除异常信用减值 损失，归母净利润率达到 12%。单 Q4 毛利率同比+4.07pp 至 37.42%；净利率同比 +1.82pp 至 9.63%；期间费用率同比-1.72pp 至 19.59%。 期间费用控制得当，盈利 ...

24Q1 增长靓丽，智能化工厂建设快速推进 裕同科技（002831）/轻工 证券研究报告/公司点评 2024 年 4 月 30 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-----------------------------|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company reported a significant improvement in gross margin in Q1 2024, marking the first notable increase during the down cycle, driven by the introduction of high-margin new products and stable pricing for existing products [4][5]. - The overall financial performance is strong, with expectations for continued growth in net profit and revenue, supported by a recovery in demand in the semiconductor industry and the company's competitive advantages [4][5]. - The report highlights the irreversible trend of domestic production, particularly in the automotive analog IC sector, which remains resilient despite global demand challenges [4][5]. Financial Forecast and Valuation - Revenue projections for the company are as follows: - 2023: 2,616 million yuan - 2024E: 3,191 million yuan (growth rate of 22% YoY) - 2025E: 4,000 million yuan (growth rate of 25% YoY) - 2026E: 5,013 million yuan (growth rate of 25% YoY) [2][5]. - Net profit forecasts are: - 2023: 281 million yuan - 2024E: 335 million yuan (growth rate of 19% YoY) - 2025E: 685 million yuan (growth rate of 104% YoY) - 2026E: 1,075 million yuan (growth rate of 57% YoY) [2][5]. - The price-to-earnings (P/E) ratios based on the closing price on April 29, 2024, are projected to be 108.3 for 2024E, 52.9 for 2025E, and 33.7 for 2026E [2][5]. Industry Insights - The report notes a consolidation in the industry as smaller companies face financial pressures, which is expected to benefit leading firms like the one being analyzed [4][5]. - The trend towards domestic production is highlighted as a significant factor, with leading companies benefiting from cost advantages and improved competitive positioning [4][5]. - The semiconductor industry is experiencing a recovery phase, with the company positioned well to capitalize on this trend through its extensive product offerings and customer base [4][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][11]. Core Views - The company achieved a revenue of 491 million yuan in Q1 2024, representing a year-on-year growth of 11.48% and a quarter-on-quarter growth of 5.14% [6][7]. - The net profit attributable to the parent company for Q1 2024 was 139 million yuan, a year-on-year increase of 1.88% [6][7]. - The company is focusing on expanding its product layout and increasing the scale of its X-ray core components business through a planned capital increase of no more than 1.45 billion yuan [11]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 1,549 million yuan - 2023A: 1,864 million yuan - 2024E: 2,352 million yuan - 2025E: 2,851 million yuan - 2026E: 3,406 million yuan - Year-on-year growth rates are projected at 30%, 20%, 26%, 21%, and 19% respectively [5]. - **Net Profit Forecasts**: - 2022A: 641 million yuan - 2023A: 607 million yuan - 2024E: 813 million yuan - 2025E: 1,025 million yuan - 2026E: 1,239 million yuan - Year-on-year growth rates are projected at 32%, -5%, 34%, 26%, and 21% respectively [5]. - **Earnings Per Share (EPS)**: - 2024E: 6.29 yuan - 2025E: 7.97 yuan - 2026E: 10.05 yuan [5]. Industry and Product Development - The company is expanding its CT core component production, focusing on domestic production capabilities [8][10]. - The global CT detector market was valued at approximately 1.68 billion USD in 2021, with an expected annual growth rate of around 4.3% from 2022 to 2027 [8]. - The company has made significant advancements in its R&D, with 62 new intellectual property applications in 2023, including 32 invention patent applications [7][8].

五粮液：增长符合预期，验证需求韧性 五粮液（000858.SZ）/食品饮料 证券研究报告/公司点评 2024年5月1日 [Table_Industry] [评Ta级bl：e_买Tit入le（] 维持） [公Ta司bl盈e_利Fin预an测ce及1] 估值 市场价格：150.43元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 73,969 83,272 92,803 102,640 113,122 分析师：范劲松 增长率yoy% 11.72% 12.58% 11.45% 10.60% 10.21% 执业证书编号：S0740517030001 净利润（百万元） 26,691 30,211 34,124 38,186 42,793 电话：021-20315138 增长率yoy% 14.17% 13.19% 12.95% 11.90% 12.06% 每股收益（元） 6.88 7.78 8.79 9.84 11.02 Email：fanjs@zts.com.cn 每股现金流量 6.29 10.75 8.05 19.11 3.00 分析师：何长天 净资产收益率 23.41% 23 ...

新冠基数扰动Q1，全年非新冠业务有望持续稳健增长 药明康德（603259.SH）/医药生物 证券研究报告/公司点评 2024年04月30日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：44.57元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 39354.78 40340.81 39403.85 43631.07 49615.55 分析师：祝嘉琦 增长率yoy% 71.84% 2.51% -2.32% 10.73% 13.72% 执业证书编号：S0740519040001 净利润（百万元） 8813.71 9606.75 9845.00 11057.59 12925.37 电话：021-20315150 增长率yoy% 72.91% 9.00% 2.48% 12.32% 16.89% 每股收益（元） 2.97 3.24 3.32 3.72 4.35 Email：zhujq@zts.com.cn 每股现金流量 3.58 4.51 3.98 4.11 4.56 分析师：崔少煜 ...

[Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 13,024 15,627 18,752 21,940 25,231 增长率 yoy% 23% 20% 20% 17% 15% 净利润（百万元） 594 736 897 1,084 1,259 增长率 yoy% 16% 24% 22% 21% 16% 每股收益（元） 0.56 0.69 0.85 1.02 1.19 每股现金流量 0.94 1.71 1.28 0.97 1.34 净资产收益率 6% 7% 8% 9% 10% P/E 19.3 15.6 12.8 10.6 9.1 P/B 1.3 1.2 1.1 1.0 0.9 备注：股价以 4 月 29 日收盘价为准。 招商积余（001914.SZ）/房地 产行业 证券研究报告/公司点评 2024 年 4 月 30 日 [Table_Industry] 市场价格：10.79 元 分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 执业证书编号：S07405201100 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [11][10]. Core Insights - The company reported a revenue of 799 million yuan in 2023, a slight increase of 0.10% year-on-year, while the net profit was 135 million yuan, down 5.42% year-on-year [4]. - The company is experiencing a slow recovery in demand and is steadily expanding new channels, with significant revenue contributions from various product categories [4]. - Increased expenditure on various costs has pressured profitability, with a gross margin of 25.00% in Q1 2024, down 1.21 percentage points year-on-year [4]. - The company is focusing on expanding its retail channels, particularly in the East China region, and enhancing its product offerings to maintain competitiveness [4]. - Revenue projections for 2024 to 2026 are set at 870 million yuan, 987 million yuan, and 1,088 million yuan respectively, with net profits expected to be 144 million yuan, 164 million yuan, and 177 million yuan [4]. Financial Summary - The company’s total shares outstanding are 138 million, with a market price of 28.08 yuan, resulting in a market capitalization of 3,875 million yuan [1]. - The earnings per share (EPS) for 2024 is projected to be 1.05 yuan, with a price-to-earnings (P/E) ratio of 26.8 [4]. - The return on equity (ROE) is expected to stabilize around 10% to 11% over the next few years [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [10][7]. Core Insights - In 2023, the company achieved total revenue of 1.901 billion yuan, a year-on-year increase of 27.69%, and a net profit attributable to the parent company of 134 million yuan, up 31.43% year-on-year [2][3]. - The company has increased its focus on large clients, with the number of major clients rising to 197, a 27.92% increase year-on-year. Direct sales to large clients reached 775.19 million yuan, growing by 49.89% year-on-year [2][3]. - The company’s gross profit margin improved, with the overall gross margin increasing to 25.45% in Q1 2024, up 1.49 percentage points year-on-year [2][3]. Financial Performance Summary - For 2023, the company reported total revenue of 1.901 billion yuan, with a year-on-year growth rate of 28%. The net profit for the same year was 134 million yuan, reflecting a 32% increase [5]. - The projected revenues for 2024, 2025, and 2026 are 2.233 billion yuan, 2.619 billion yuan, and 3.052 billion yuan, respectively, with a consistent growth rate of approximately 17% [5]. - The net profit forecasts for the next three years are 161 million yuan, 200 million yuan, and 256 million yuan, indicating a growth rate of 20% to 28% [5]. Market and Product Strategy - The company is focusing on expanding its product lines and enhancing service capabilities for existing large clients while also targeting new emerging markets such as snack foods and coffee chains [2][3]. - The company aims to solidify its leading position in the fried food segment while developing and promoting other key products, with a goal of establishing 3 to 5 core products generating over 100 million yuan each within the next 3 to 5 years [2][3].