Investment Rating - The investment rating for Chongqing Beer is maintained at "Buy - B" [1] Core Views - The report highlights a recovery and upgrade in product structure, with cost reduction benefits becoming apparent. The company achieved a revenue of 4.293 billion yuan in Q1 2024, representing a year-on-year increase of 7.16%, and a net profit attributable to shareholders of 0.452 billion yuan, up 16.78% year-on-year [1][3] Revenue Analysis - In Q1 2024, the company experienced steady growth across various regions, with total revenue reaching 4.293 billion yuan, a 7.16% increase year-on-year. The beer business alone generated 4.178 billion yuan, reflecting a 6.59% increase in sales volume to 866,800 kiloliters. The average price per ton increased by 5.25% [1][3] - Revenue by price segment showed that high-end beer (products priced at 8 yuan and above) generated 2.572 billion yuan, up 8.28% year-on-year, accounting for 61.56% of total revenue. Mainstream beer (4-8 yuan products) contributed 1.520 billion yuan, a 3.57% increase, while economy beer (below 4 yuan) generated 0.086 billion yuan, up 12.39% [1] Profit Analysis - The report indicates that the decline in raw material prices and product structure upgrades have led to a steady increase in gross margin. The gross margin for Q1 2024 was 47.90%, an increase of 2.74 percentage points year-on-year [1] - The company’s net profit margin for Q1 2024 was 10.53%, up 0.87 percentage points year-on-year, with a total net profit of 0.452 billion yuan [1] 2024 Outlook - The company plans to enhance its product mix and accelerate growth in high-end products as part of its "Sailing 27" strategy. The focus will be on upgrading economic products to mainstream products, which is expected to drive overall revenue growth [1][3] - The company aims to expand its target cities from 91 to around 100 in 2024, enhancing brand strength through channel expansion [1] - Cost improvements are anticipated due to the cancellation of double anti-dumping policies on barley, which is expected to lower raw material costs [1]

2024年05月10日 行业研究●证券研究报告 传媒 行业快报 通义千问 发布，中文大模型纵深突破 2.5 投资评级 领先大市-A维持 首选股票 评级 投资要点 热点事件：5 月 9 日，阿里云正式发布通义千问 2.5，中文性能全面赶超 一年行业表现 GPT-4Turbo，成为目前最强中文大模型。同时，通义千问最新开源的1100亿 参数模型在多个基准测评收获最佳成绩，超越Meta的Llama-3-70B，成为开源 领域最强大模型。国内大模型持续迭代突破，对标海外顶尖技术，或深度赋能国 内AI生态，长效赋能商业落地和内容创作。 通义千问2.5强势追赶GPT-4Turbo，中文大模型迭代突破。过去一年多里， 在激烈而又多变的行业竞争态势中，通义千问坚持基础模型技术研发路线。从通 义千问2.1至通义千问2.5，最新版本大模型在理解能力方面提升了9%、在逻 辑推理方面提升了16%、在指令遵循方面提升了19%，在代码能力领域亦实现 资料来源：聚源 了10%的提升。据权威基准OpenCompass测评结果显示，通义千问2.5得分 升幅% 1M 3M 12M 追平GPT-4Turbo，是该基准首次录得国产大模型取得此等 ...

Investment Rating - The investment rating for the company is maintained at "Buy-B" [4]. Core Views - The company reported a revenue of 10.15 billion yuan in Q1 2024, a year-on-year decrease of 5.19%, while the net profit attributable to shareholders was 1.597 billion yuan, an increase of 10.06% year-on-year [1][2]. - The decline in revenue is attributed to high base effects leading to short-term sales pressure, but the product structure upgrade continues to enhance profitability [2][3]. - The company is expected to benefit from improved cost conditions and a favorable sales environment in the second half of 2024, driven by events like the UEFA European Championship and the Olympics [4]. Revenue Analysis - In Q1 2024, the company's beer sales volume was 2.184 million kiloliters, down 7.6% year-on-year, with an average price per ton of 4,647.44 yuan, up 2.6% year-on-year [2]. - The Qingdao brand achieved a sales volume of 1.322 million kiloliters, a decrease of 5.64% year-on-year, while other brands saw a decline of 10.40% [2]. - The mid-to-high-end brand sales volume was 960,000 kiloliters, down 2.44% year-on-year, but its market share increased by 2.31 percentage points to 43.96% [2]. Profit Analysis - The company achieved a gross profit margin of 40.44% in Q1 2024, an increase of 2.12 percentage points year-on-year, driven by product structure upgrades and lower raw material costs [3]. - The cost per ton decreased by 0.96% year-on-year, while the operating expense ratio was 15.01%, down 0.96 percentage points year-on-year [3]. - The net profit margin attributable to shareholders was 15.74%, an increase of 2.18 percentage points year-on-year [3]. Outlook for 2024 - The company anticipates good sales growth in the second half of 2024 due to seasonal demand and low base effects [4]. - The cancellation of double-reverse policies on barley is expected to improve raw material costs, alongside declining prices for packaging materials [4]. - The ongoing recovery in dining and tourism sectors is likely to support the high-end product mix and profit elasticity [4]. Financial Projections - Revenue projections for 2024 to 2026 are 35.424 billion yuan, 36.946 billion yuan, and 38.474 billion yuan, with year-on-year growth rates of 4.4%, 4.3%, and 4.1% respectively [4]. - Net profit projections for the same period are 4.943 billion yuan, 5.618 billion yuan, and 6.325 billion yuan, with growth rates of 15.8%, 13.7%, and 12.6% respectively [4]. - The expected earnings per share (EPS) for 2024 to 2026 are 3.62 yuan, 4.12 yuan, and 4.64 yuan, with corresponding price-to-earnings (P/E) ratios of 23.9x, 21.0x, and 18.7x [4].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company faced significant revenue decline in 2023, with total revenue of 2.83 billion yuan, down 30.14% year-on-year, and a net profit of 548 million yuan, down 47.77% year-on-year. The first quarter of 2024 also showed a decline in revenue and profit, indicating ongoing challenges [1][2]. - The report highlights the company's focus on product reform and market expansion, particularly in the Hunan province, aiming to enhance brand presence and sales performance [3][4]. - Future revenue projections for 2024-2026 are optimistic, with expected revenues of 2.92 billion, 3.22 billion, and 3.66 billion yuan, representing growth rates of 3.3%, 10.3%, and 13.6% respectively [3][4]. Financial Performance Summary - In 2023, the company reported a gross margin of 78.35%, a decrease of 1.28 percentage points from the previous year, primarily due to a shift in product mix towards lower-priced items [2][4]. - The net profit margin for 2023 was 19.36%, down 6.53 percentage points year-on-year, with a significant drop in profitability observed in the fourth quarter [2][4]. - The company’s cash collection in 2023 was 2.51 billion yuan, down 26.07% year-on-year, with a cash collection rate of 89% [1][2]. Revenue Breakdown - The company’s revenue from its main product lines showed a decline, with the "Jiu Gui" series generating 1.65 billion yuan, down 27.45%, and the "Nei Can" series at 715 million yuan, down 38.21% [1][4]. - The report indicates that the company is focusing on high-end products, particularly the "52-degree Nei Can" and "Hong Tan Jiu Gui" as core offerings to drive future growth [3][4]. Market Strategy - The company is enhancing its distribution channels, achieving 97% coverage in provincial markets and 73% in city-level markets, with a total of 1,831 signed distributors and over 30,000 core terminals established [1][3]. - The report emphasizes the importance of cost control and marketing efficiency, with a focus on improving the quality of distributors and maintaining healthy sales dynamics [3][4].

公司快报/休闲食品Ⅲ 一、盈利预测 2024-2026 年公司收入预计同比增长 14.06%/11.10%/10.29%，毛利率为 29.37%/30.22%/ 31.04%，预计受益于原料采购成本下降和产品结构优化： （1） 葵花子：公司将不断优化产品，持续打造葵珍葵花子高端第一品牌和打手瓜子第一 品牌，持续推出经典红袋和蓝袋系列新产品，不断进行风味延伸，海外亦借助产品 口味、形态创新等持续丰富产品矩阵，伴随着下沉渠道拓展、终端网点开拓及新渠 道发展等，葵花子有望实现稳健增长，预计 2024-2026 年葵花子收入增速为 10%/ 8%/7%，毛利率为 29.0%/30%/31%。 （2） 坚果类：伴随着渠道开拓精耕及产品优化推新，坚果品类每日坚果屋顶盒有望持续 渗透、洽洽坚果礼较快增长，同时风味坚果等逐步发力，有望培育成为新的增长点。 预计 2024-2026 年坚果类收入增速为 25%/18%/16%，毛利率为 32.0%/32.5%/33. 0%。 http://www.huajinsc.cn/ 1 / 7 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- ...

本次会议为华清证券客户开发设计在任何情形下都不构成对会议参加者的投资建议敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险本次会议内容的知识产权仅为华清证券所有未经华清证券事先书面许可 不得个人不得以任何形式转发翻版复制发布或引用会议全部或部分内容亦不得从未经华经证券书面授权的任何机构个人或其运营的媒体平台接收翻版复制或引用会议的全部或部分内容不得制作会议纪要对外发送擅自制作会议纪要引起不当传播的后果自负版权所有违者必究 好的 各位投资人晚上好我是法经证券通信分析师李洪涛今天和我们一起开会的还有我们组员主要管算力这块的宋辰超我们两人今晚给大家汇报一下算力的情况这块的话就是我们各位领导如果和我们参加我们平时的会议然后还有周观点的会议等等的话不知道我们最近推算力其实推的比较多了 然后从去年和今年也在推但是呢行业出现了新的变化所以我们就把这个拉出来再做一个专题就是做一个主题给做一下系统的梳理和汇报今天的话大概分三块第一个来讲话就是行业最新的一些变化和数据这块话就是已有的一些年报里有的东西我们简单带一下然后呢主要讲一下我们的观点和判断第二呢就是说今年算力的投资和 去年那个算力投资它有什么 ...

Investment Rating - The report maintains a "Buy-A" rating for Nexchip (688249 SH) [1] Core Views - Nexchip achieved rapid growth in Q1 2024 with revenue of 2 228 billion yuan up 104 44% YoY and net profit attributable to shareholders of 792 59 million yuan up 123 98% YoY [1] - The growth is attributed to the recovery of the semiconductor industry improved product competitiveness and high capacity utilization [1] - CIS and 55nm process revenue increased significantly with CIS becoming the second major product line [1] - The company is expected to benefit from the recovery of the display panel industry and the mass production of its OLED platform [1] Business Performance - In Q1 2024 Nexchip's revenue breakdown by product was DDIC (71 82%) CIS (13 27%) PMIC (8 69%) Logic (3 48%) and MCU (2 66%) [1] - By process node 55nm accounted for 10 23% of revenue 90nm for 44 69% 110nm for 30 88% and 150nm for 14 21% [1] - The 55nm process saw rapid growth due to mass production and high market demand [1] Future Outlook - Nexchip is expected to achieve revenue of 10 069 billion yuan in 2024 12 890 billion yuan in 2025 and 15 210 billion yuan in 2026 with YoY growth rates of 39 0% 28 0% and 18 0% respectively [3] - Net profit attributable to shareholders is forecasted to be 817 million yuan in 2024 1 213 billion yuan in 2025 and 1 515 billion yuan in 2026 [3] - The company is advancing its OLED platform with 40nm high-voltage OLED display driver chips expected to achieve small-scale mass production in Q2 2024 [1] Industry Context - The display panel industry is expected to recover in 2024 with display panel sales projected to grow by 7% YoY [1] - DDIC demand is expected to rebound to 8 2 billion units a 4% YoY increase [1] - Chinese panel manufacturers like BOE Visionox and Tianma are expanding OLED production which is expected to drive demand for OLED panel driver chips [1]

| --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------| | 2024 年 05 月 09 日 \n中端品低基数温和推升出口，能否持续？ \n国际贸易数据点评（2024.4） | 宏观类 ● 证券研究报告 \n事件点评 \n分析师 秦泰 SAC 执业证书编号： S0910523080002 | | 投资要点 | qintai@huajinsc.cn | | 4 月出口较 3 月春节调整后增速温和回升，但主要原因是中端消费品基数的大幅走 | 报告联系人 周欣然 | | 低；当前美国等发达经济体针对我国先进产业链的新一轮贸易壁垒正逐步成型，可 | zhouxinran@huajinsc.cn | | ...

Investment Rating - The report initiates coverage with a rating of "Accumulate - A" for the company [3][15]. Core Insights - The company has a diversified global content ecosystem and rich quality copyright content, positioning itself as a key central platform integrating data, copyright, and links across the industry [3]. - The company aims to explore AI-related innovative business scenarios and business models based on its quality copyright content dataset [3]. - Revenue forecasts for the company from 2024 to 2026 are projected at 160 million, 195 million, and 237 million yuan respectively, with EPS expected to be 0.23, 0.28, and 0.34 yuan [3]. Financial Data and Valuation - The company achieved a revenue of 781 million yuan in 2023, representing a year-on-year growth of 11.94%, and a net profit of 146 million yuan, recovering from a loss in the previous year [15]. - The company’s revenue is expected to grow to 921 million yuan in 2024, 1,040 million yuan in 2025, and 1,176 million yuan in 2026, with corresponding gross margins of 50%, 49%, and 49% [21]. - The company’s P/E ratios are projected to decrease from 59.6 in 2024 to 40.4 in 2026, indicating an expected improvement in valuation as profits grow [19]. Business Strategy and Market Position - The company focuses on building a full industry chain ecosystem around content copyright trading, leveraging over 20 years of experience in the digital copyright industry [15]. - The strategic direction is centered on "AI + Content + Scenarios," aiming to enhance business scenarios based on customer needs [21]. - The company is expanding its audio-visual market presence through strategic investments, including a 61.6% stake in Chengdu Guangchang Creative Technology Co., enhancing its sales scale in the audio-visual business [15][21]. Comparable Company Analysis - The report compares the company with peers in the digital content and copyright operation sectors, highlighting that the company operates in a high-valuation environment due to the nature of the industry [7][22]. - The average P/E ratio of comparable companies is noted to be significantly lower than that of the company, suggesting potential for valuation adjustment as the company matures its new business lines [7][22].

2024年05月08日 公司研究●证券研究报告 洋河股份（ ） 公司快报 002304.SZ 食品饮料 | 白酒Ⅲ 分红比率提升，经营节奏稳健 投资评级 增持-A(首次) 股价(2024-05-08) 95.94元 事件： 交易数据 总市值（百万元） 144,528.34 公司发布23年年报及24年一季报，23年实现营收331.26亿元，同比+10.04%；归 流通市值（百万元） 144,116.83 母净利润100.16亿元，同比+6.80%。其中，23Q4实现营收28.43亿元，同比-21.51%； 总股本（百万股） 1,506.45 归母净利润-1.87亿元，同比-161.28%。 流通股本（百万股） 1,502.16 24Q1实现营收162.55亿元，同比+8.03%；归母净利润60.55亿元，同比+5.02%。 12个月价格区间 145.74/92.30 公司拟每10股派发现金股利46.60元（含税），分红总额为70.02亿元，分红比率 一年股价表现 达 70.09%。 24年目标：力争营业收入同比增长5%-10%。 报表分析：现金回款增速高于收入增速。23年现金回款348.54亿元，同比+12.8 ...