24Q1 利润大幅增长，控费效果明显 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company reported a revenue of 6.378 billion yuan in 2023, a decrease of 8.27% year-on-year, while the net profit attributable to shareholders was 1.432 billion yuan, an increase of 10.4% year-on-year [2]. - The company aims for a revenue target of 7.3 billion yuan in 2024, representing a year-on-year growth of 14.46% [2]. - The company has a strong focus on optimizing channel structures and reducing raw material costs, which significantly improved profitability in 2023, with a gross margin of 44.32%, up 4.56 percentage points year-on-year [2]. - The company has a consistent dividend policy, proposing a cash dividend of 1.257 billion yuan for 2023, with a payout ratio of 87.79%, an increase of 14.17 percentage points year-on-year [2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 6,954 million yuan - 2023A: 6,378 million yuan - 2024E: 7,052 million yuan - 2025E: 7,852 million yuan - 2026E: 8,931 million yuan - Year-on-year growth rates: -8% in 2023, +11% in 2024, +11% in 2025, +14% in 2026 [1][7]. - **Net Profit Forecasts**: - 2022A: 1,297 million yuan - 2023A: 1,432 million yuan - 2024E: 1,462 million yuan - 2025E: 1,582 million yuan - 2026E: 1,791 million yuan - Year-on-year growth rates: +10% in 2023, +2% in 2024, +8% in 2025, +13% in 2026 [1][7]. - **Earnings Per Share (EPS)**: - 2022A: 0.81 yuan - 2023A: 0.90 yuan - 2024E: 0.92 yuan - 2025E: 0.99 yuan - 2026E: 1.13 yuan [1][7]. - **Valuation Ratios**: - P/E: 21.9 in 2022, 19.8 in 2023, 19.4 in 2024, 18.0 in 2025, 15.9 in 2026 - P/B: 5.3 in 2022, 5.1 in 2023, 4.2 in 2024, 3.5 in 2025, 3.0 in 2026 [1][7]. Strategic Outlook - The company is focusing on dual-driven growth from retail and engineering sectors, enhancing its high-quality development strategy [2]. - The company plans to expand its product and service offerings, particularly in waterproofing and water purification, leveraging its established retail capabilities [5]. - The acquisition of Zhejiang Keri is expected to enhance the company's system integration capabilities, complementing its existing product and service model [5].

中颖电子（300327.SZ）/电子 证券研究报告/公司点评 2024 年 4 月 29 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------------|-------------|-------------|-----------------------|-----------------------|---------------|--------------|---------------|---------------------| | 盈利预测表 \n资产负债表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | | 货币资金 | 281 | 948 | 1,420 | 1,498 | 营业收入 | 1,300 | 1,588 | 1,913 | 2,286 | | 应收票据 | ...

收入平稳，利润超预期 重庆啤酒（600132.SH）/饮 证券研究报告/公司点评 2024年4月29日 料制造 [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：68.05 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 14,039 14,815 15,613 16,387 17,150 分析师：范劲松 增长率yoy% 7% 6% 5% 5% 5% 执业证书编号：S0740517030001 净利润（百万元） 1,264 1,337 1,441 1,566 1,668 电话：021-20315733 增长率yoy% 8% 6% 8% 9% 7% 每股收益（元） 2.61 2.76 2.98 3.24 3.45 Email：fanjs@zts.com.cn 每股现金流量 7.75 6.40 6.94 7.52 7.91 分析师：熊欣慰 净资产收益率 35% 37% 27% 22% 18% 执业证书编号：S0740519080002 P/E 26.1 24.6 22.9 21.0 ...

业绩超预期，成本红利显现 青岛啤酒（600600.SH）/饮 证券研究报告/公司点评 2024年4月29日 料制造 [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：79.31 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 32,172 33,937 35,136 36,386 37,664 分析师：范劲松 增长率yoy% 7% 5% 4% 4% 4% 执业证书编号：S0740517030001 净利润（百万元） 3,711 4,268 5,099 5,798 6,378 电话：021-20315733 增长率yoy% 18% 15% 19% 14% 10% 每股收益（元） 2.72 3.13 3.74 4.25 4.67 Email：fanjs@zts.com.cn 每股现金流量 3.58 2.04 4.13 4.68 5.12 分析师：熊欣慰 净资产收益率 14% 15% 16% 17% 17% 执业证书编号：S0740519080002 P/E 29.2 25.4 21. ...

[Table_Profit] 基本状况 总股本(百万股) 484 流通股本(百万股) 474 市价(元) 24.13 市值(百万元) 11,689 流通市值(百万元) 11,427 [Table_Title] 评级：增持(维持) 市场价格：24.13 元 分析师：王可 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn Email：zhengym@zts.com.cn 公司持有该股票比例 相关报告 1 2023Q3 收入反弹，看好行业周期与 公司成长共振 2 2023Q2 业绩大超市场预期，看好行 业周期反弹 3 缝纫机械设备龙头，行业周期与公 司成长共振 ◼ 事件：公司发布 2023 年年报和 2024 年一季报，2023 年，公司实现营业收入 52.94 亿元，同比下降 3.78%，实现归母净利润 5.38 亿元，同比增长 9.08%，实现扣非归 母净利润 4.69 亿元，同比增长 7.27%；2024 年一季度，公司实现营业收入 16.29 亿 元，同比增长 12.56%；实现归母净利润 1.88 亿元，同比增长 67.56%；实现扣非归 母净利润 1.64 ...

24Q1 利润大幅增长，AI服务器增长近两倍 工业富联(601138.SH)/电子 证券研究报告/公司点评 2024年4月29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：24.52元 指标 2022A 2023A 2024E 2025E 2026E 分 析师：王芳 营业收入（百万元） 511,850 476,340 561,553 652,212 736,658 增长率yoy% 16% -7% 18% 16% 13% 执业证书编号： S0740521120002 净利润（百万元） 20,073 21,040 25,014 30,068 33,111 Email：wangfang02@zts.com.cn 增长率yoy% 0% 5% 19% 20% 10% 分析师：张琼 每股收益（元） 1.01 1.06 1.26 1.51 1.67 执业证书编号：S0740523070004 每股现金流量 0.77 2.17 0.69 2.12 1.67 净资产收益率 16% 15% 16% 16% 15% Email： ...

[Table_Industry] 山东出版：利润端展现韧性，创新业务成果丰硕 山东出版(601019.SH)/传媒 证券研究报告/公司点评 2024 年 04月 30日 [Table_Industry] [评Ta级ble：_In买ve入st（] 维持） [公Ta司ble盈_F利ina预nc测e1及] 估值 市场价格：10.04元4 指标 2022 2023 2024E 2025E 2026E 营业收入（百万元） 11,215 12,154 13,348 14,826 16,491 [Table_Authors] 分析师： 康雅雯 增长率 yoy% 3% 8% 10% 11% 11% 执业证书编号：S0740515080001 净利润（百万元） 1,680 2,376 1,847 2,055 2,301 增长率 yoy% 10% 41% -22% 11% 12% 电话：18521305887 每股收益（元） 0.81 1.14 0.89 0.98 1.10 Email：kangyw@zts.com.cn 每股现金流量 1.03 1.16 0.80 1.18 1.32 净资产收益率 13% 16% 11% 11% ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved significant revenue and profit growth in Q1 2024, with revenue reaching 17.607 billion yuan, a year-on-year increase of 85.32%, and net profit of 306 million yuan, up 64.39% year-on-year [4]. - The company leads the Chinese liquid cooling server market, with a market share of 36.8% in sales and 40.9% in shipments for 2023 [5]. - The report highlights the launch of the "Yuan Nao Qi Zhi EPAI," which provides efficient fine-tuning tools for large models, addressing the needs of high-density AI computing [5]. Financial Performance Summary - Revenue projections for 2024-2026 are 75.966 billion yuan, 87.703 billion yuan, and 99.473 billion yuan, respectively, with corresponding net profits of 2.066 billion yuan, 2.606 billion yuan, and 3.265 billion yuan [4][5]. - The company's gross margin for Q1 2024 was 8.08%, a decrease of approximately 4.93 percentage points compared to the same period in 2023 [4]. - The report indicates a decline in R&D expenses by 2.36% year-on-year, while sales expenses increased by 19.36% [4]. Market Position and Future Outlook - The company is positioned to benefit from the growing demand for high-density cooling solutions in data centers, driven by advancements in AI and computing technologies [5]. - The report forecasts a PE ratio of 27.4 for 2024, decreasing to 17.4 by 2026, indicating an expected improvement in valuation as earnings grow [5].

Q1业绩表现符合预期，全年盈利高增可期 吉祥航空（603885.SH）/航空 证券研究报告/公司点评 2024年4月29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：12.19元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,210 20,096 25,036 28,638 30,468 分析师：杜冲 增长率yoy% -30% 145% 25% 14% 6% 执业证书编号：S0740522040001 净利润（百万元） -4,148 751 1,839 3,122 3,389 电话： 增长率yoy% -734% 118% 145% 70% 9% 每股收益（元） -1.87 0.34 0.83 1.41 1.53 Email：duchong@zts.com.cn 每股现金流量 0.09 2.89 3.46 2.63 2.70 联系人：李鼎莹 净资产收益率 -43% 9% 14% 20% 17% 电话： P/E -6.5 35.9 14.7 8.6 8.0 P/B 2 ...