Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 38.84 [1]. Core Views - The report indicates that the company achieved a revenue of 24.56 billion yuan in 2023, a year-on-year decrease of 4.10%, and a net profit of 5.63 billion yuan, down 9.21% year-on-year. The report anticipates a rebound in performance in 2024, with expectations for revenue growth driven by improved consumer demand and internal reforms [5][6]. Summary by Sections Financial Performance - Total shares outstanding: 5,561 million - Market capitalization: 215,974 million yuan - Revenue forecast for 2024 is 26.57 billion yuan, with a projected growth rate of 8% [2][5]. - Net profit for 2024 is expected to be 6.12 billion yuan, reflecting a year-on-year growth of 9% [5]. Revenue Breakdown - In 2023, the company’s soy sauce revenue was 12.64 billion yuan, down 8.83% year-on-year. Oyster sauce revenue was 4.25 billion yuan, down 3.74%, while other seasoning products saw a revenue increase of 19.35% [5]. - The company reported a total revenue of 136.03 billion yuan for Q4 2023 and Q1 2024 combined, with a slight year-on-year growth of 0.79% [5]. Cost and Margin Analysis - The gross margin for the company decreased by 0.96 percentage points to 36.15% in 2023. However, the gross margin for soy sauce improved by 2.34 percentage points due to lower raw material costs [5]. - The report highlights a decrease in sales and management expense ratios, indicating improved operational efficiency [5]. Future Outlook - The company is expected to see a recovery in demand, with revenue projections for 2024-2026 set at 26.57 billion, 28.81 billion, and 30.96 billion yuan respectively [6]. - The report maintains a "Buy" rating based on anticipated improvements in the consumer environment and internal operational enhancements [6].

[公Ta司ble盈_F利in预anc测e]及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 7,738 8,553 10,643 12,985 15,650 增长率 yoy% 28.6% 10.5% 24.4% 22.0% 20.5% 净利润（百万元） 710 664 1,116 1,396 1,677 增长率 yoy% -30.1% -6.5% 68.2% 25.0% 20.2% 每股收益（元） 1.01 0.94 1.58 1.98 2.38 每股现金流量 0.10 0.09 1.72 1.67 2.21 净资产收益率 10.3% 9.0% 13.5% 15.0% 15.9% P/E 18.0 19.2 11.4 9.1 7.6 P/B 1.9 1.7 1.5 1.4 1.2 备注：股价信息为 4 月 26 日收盘价 仙鹤股份（603733）/轻工 证券研究报告/公司点评 2024 年 4 月 28 日 投资要点 公司持有该股票比例 相关报告 公司点评 来源:Wind、中泰证券研究所 | --- | --- | --- | --- | --- | --- | - ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [5]. Core Views - The company's medical IT business is experiencing stable growth, with new products and services accelerating their implementation [1]. - The revenue for 2023 is projected at 1,616 million, with a growth rate of 6% year-over-year, while the net profit is expected to be 37 million, reflecting a decline of 14% year-over-year [8]. - The company has secured significant contracts in the healthcare sector, with a notable increase in revenue from its medical IT services, which accounted for 91.56% of total revenue [8]. Financial Summary - Revenue Forecast: - 2023: 1,616 million - 2024E: 1,944 million (20% growth) - 2025E: 2,314 million (19% growth) - 2026E: 2,761 million (19% growth) [4] - Net Profit Forecast: - 2023: 37 million - 2024E: 249 million (578% growth) - 2025E: 340 million (37% growth) - 2026E: 470 million (38% growth) [4] - Earnings Per Share (EPS): - 2023: 0.02 - 2024E: 0.16 - 2025E: 0.22 - 2026E: 0.30 [4] - Cash Flow: - Operating cash flow for 2023 is projected at 158 million, increasing to 459 million by 2026 [4]. Business Development - The company has successfully launched new products in the Internet of Things and smart healthcare sectors, with significant contracts signed for hospital management systems [8]. - The company has integrated its services with major partners like Philips, enhancing its product offerings and market reach [8]. - The customer base has been optimized, with a notable increase in the number of registered healthcare professionals and institutions utilizing the company's platforms [8].

- Q1 产销同比双增，煤价下降业绩走弱 兖矿能源（600188.SH）/煤 证券研究报告/公司点评 2024年4月28日 炭 [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：23.23元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 200,829 150,025 180,174 187,596 192,405 分析师：杜冲 增长率yoy% 32% -25% 20% 4% 3% 执业证书编号：S0740522040001 净利润（百万元） 30,774 20,140 21,740 25,221 28,369 电话： 增长率yoy% 89% -35% 8% 16% 12% 每股收益（元） 4.14 2.71 2.92 3.39 3.81 Email：duchong@zts.com.cn 每股现金流量 7.18 2.17 7.66 7.30 7.61 联系人：鲁昊 净资产收益率 25% 17% 14% 14% 13% 电电话话： P/E 5.6 8.6 7.9 6.9 6.1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][7]. Core Insights - The demand for barcode scanning is gradually recovering, while the automotive and medical optics sectors continue to show high growth trends. The company has achieved significant sales in high-end microscopes and is expanding its overseas market presence [1]. - The company's core optical components for barcode scanning have the highest global shipment volume, and it collaborates closely with leading global clients [1]. - The report highlights a recovery in the company's performance, with a projected revenue increase of 38.6% in 2024 and a net profit growth of 28.9% [1]. Financial Summary - **Revenue Forecast**: - 2022A: 829 million - 2023A: 854 million (3% YoY growth) - 2024E: 1,184 million (38.6% YoY growth) - 2025E: 1,557 million (31.5% YoY growth) - 2026E: 1,926 million (23.8% YoY growth) [1][4] - **Net Profit Forecast**: - 2022A: 279 million - 2023A: 235 million (-15.6% YoY) - 2024E: 303 million (28.9% YoY growth) - 2025E: 380 million (25.3% YoY growth) - 2026E: 483 million (27.0% YoY growth) [1][4] - **Earnings Per Share (EPS)**: - 2023A: 2.12 - 2024E: 2.73 - 2025E: 3.42 - 2026E: 4.34 [1][4] - **Return on Equity (ROE)**: - 2023A: 13% - 2024E: 15% - 2025E: 16% - 2026E: 17% [1][4] - **Price-to-Earnings (P/E) Ratio**: - 2024E: 29.1 - 2025E: 26.7 - 2026E: 21.3 [1][4] - **Price-to-Book (P/B) Ratio**: - 2024E: 4.5 - 2025E: 3.9 - 2026E: 3.3 [1][4]

[Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： 【非银】蒋峤：政策│如何理解国务院的金融企业国有资产管理报告？—— 优化国有金融资本管理，来推动金融国企提质增效 【政策】杨畅：利润短期波动下的三个特点——当前经济与政策思考 请务必阅读正文之后的重要声明部分 晨会聚焦 中泰证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会许可的证券投资咨 询业务资格。 。本公司不会因接收人收到本报告而视其为客户。 本报告基于本公司及其研究人员认为可信的公开资料或实地调研资料，反映了作者的研究观点，力 求独立、客观和公正，结论不受任何第三方的授意或影响。本公司力求但不保证这些信息的准确性 和完整性，且本报告中的资料、意见、预测均反映报告初次公开发布时的判断，可能会随时调整。 本公司对本报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修 改。本报告所载的资料、工具、意见、信息及推测只提供给客户作参考之用，不构成任何投资、法 律、会计或税务的最终操作建议，本公司不就报告中的内容对最终操作建议 ...

Email：xiaoyu@zts.com.cn ◼ 风险提示：开工率整体上行，食品价格整体下行。 执业证书编号：S0740520110001 [Table_Summary] 投资要点 钢材库存全面下行：从库存来看，本周螺纹钢、线材、热轧板库存周环比分别下降 6.3 8%、6.27%、1.39%。相较于上月以及去年同期，热轧板库存目前处于相对高位。 固定收益周报 本周乘用车销量全面上行：截至 4 月 21 日的一周，乘用车批发日均销量为 5.68 万 辆，周环比上升 32.56%，月初至今同比下降 26.58%，乘用车零售日均销量为 4.80 万 辆，周环比上升 23.72%，月初至今同比下降 32.34%。 进出口表现涨跌互现：出口数据全面上行，截至 4 月 26 日，中国出口集装箱运价指数 周环比上升 0.60%；上海出口集装箱运价指数周环比上升 9.67%。进口数据全面下 行，BDI 周环比下降 10.32%，中国进口干散货运价指数（CDFI）周环比下降 5.23%。 证券研究报告/高频数据观察 2024 年 4 月 27 日 联系人：薛瑶 ◼ 生产：主要开工率整体上行。汽车轮胎开工率涨跌互现：截至 4 ...

如何看待出口变化对市场的影响？ [Table_Industry] [Table_Title] 分析师：徐驰 执业证书编号：S0740519080003 投资要点 证券研究报告/策略周刊 2024 年 4 月 27 日 分析师：张文宇 n 二、投资建议 n 风险提示：宏观政策调控不及预期，产业政策落地不及预期，考虑到政策不及预 期的风险以及市场情绪不稳定的风险，研究报告中使用的公开资料可能存在信息 滞后或更新不及时的风险。 另一方面，今年以来我国出口数据表现亮眼，出口的良好预期也带动了近期家电 出口链相关板块的上涨。然而出口经济很大程度上取决于我国外部环境的演化。 请务必阅读正文之后的重要声明部分 Email:xuchi@zts.com.cn [Table_Report] 相关报告 二季度整体上以"稳健"为核心思路，结构上：在关注中小市值（金融监管强 化），地产链（地产政策定力超预期）、新能源等中下游细分（中游国央企产能 扩张与贸易摩擦）风险的同时，需积极关注：央企红利、债券（总量政策定力超 预期），央企科技龙头（新质生产力发力）与有色、设备国产替代等中上游的机 会。对于出口链而言，依然建议关注"稳健类""传统 ...

盈利拐点出现，一体压铸加速拓展 文灿股份(603348.SH)/汽车 证券研究报告/公司点评 2024 年 4 月 27 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|---------|-------|-------|-------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 28.19 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：何俊艺 | 营业收入（百万元） | 5,230 | 5,101 | 7,550 | 9,060 | 10,691 | | | 增长率 yoy% | 27% | -2% | 48% ...

2024Q1业绩贴近预告上限，盈利能力大幅提升 捷佳伟创（300724） 证券研究报告/公司点评 2024年4月27日 /机械设备 [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：62.86元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6005 8733 13275 17788 21168 分析师：王可 增长率yoy% 19% 45% 52% 34% 19% 执业证书编号：S0740519080001 净利润（百万元） 1047 1634 2534 3382 3995 Email：wangke03@zts.com.cn 增长率yoy% 46% 56% 55% 33% 18% 每股收益（元） 3.01 4.69 7.28 9,71 11.48 分析师：谢校辉 每股现金流量 4.17 10.10 52.96 36.94 39.24 执业证书编号：S0740522100003 净资产收益率 14.53% 18.67% 22.53% 23.16% 21.51% Email：xie ...