2024年05月07日 公司研究●证券研究报告 东鹏饮料（ ） 公司快报 605499.SH 食品饮料 | 非乳饮料Ⅲ Q1 延续高增势能，看好全年业绩表现 投资评级 买入-B(维持) 股价(2024-05-06) 220.31元 投资要点 事件：公司发布2024年一季报。根据公告，2024Q1公司实现营业收入34.82亿 交易数据 元，同比增长39.80%，实现归母净利润6.64亿元，同比增长33.51%，实现扣非 总市值（百万元） 88,126.20 后归母净利润6.24亿元，同比增长37.76%。 流通市值（百万元） 35,088.96 总股本（百万股） 400.01 收入分析：第二曲线增势强劲，渠道拓展快速推进。分产品来看，2024Q1东鹏特 流通股本（百万股） 159.27 饮实现收入31.0亿元，同比+30.11%，其中新品500ml金瓶销售持续提升，拉动 12个月价格区间 217.13/160.88 收入快速增长；第二曲线电解质饮料、茶饮料等其他饮料实现收入3.77亿元，同 比+257.01%，收入占比为10.84%，同比大幅提升6.6pct，其中东鹏补水啦和东鹏 一年股价表现 大咖合计收入 ...

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [4][40]. Core Views - The company is expected to continue its multi-category and all-channel development strategy, with stable operations in its core products and promising growth in newly cultivated categories. This, combined with refined and diversified channel management, is anticipated to lead to sustained sales growth and improved operational efficiency [4][26]. Financial Performance - In 2023, the company achieved a revenue of 1.848 billion yuan, a year-on-year increase of 27.36%, and a net profit of 329 million yuan, up 107.8% year-on-year [40]. - For Q1 2024, the company reported a revenue of 586 million yuan, representing a year-on-year growth of 49.75% [40]. - The gross profit margin for 2023 was 36.24%, an increase of 1.98 percentage points year-on-year, primarily due to a decrease in raw material procurement costs [40]. Revenue Projections - The company forecasts revenues of 2.402 billion yuan, 2.940 billion yuan, and 3.491 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30.0%, 22.4%, and 18.7% [4][5]. - The projected net profit for the same years is 406 million yuan, 500 million yuan, and 597 million yuan, with growth rates of 23.2% for both 2024 and 2025, and 19.4% for 2026 [4][5]. Product Segmentation - The core product lines, including sunflower seeds, green peas, and broad beans, are expected to maintain leading market shares, with revenue growth rates projected at 15%, 18%, and 12% for 2024 to 2026, respectively [23]. - The comprehensive nut and bean series is anticipated to see significant growth, with revenue growth rates of 49.35%, 31.30%, and 26.25% from 2024 to 2026 [25]. Operational Strategy - The company plans to enhance product strength, channel capabilities, and operational efficiency through talent development, cost control, and logistics improvements [3]. - A shareholder dividend plan for 2023-2025 has been introduced, committing to distribute at least 30% of the annual distributable profits in cash, subject to certain conditions [3].

Investment Rating - The report assigns a "Buy" rating, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [2]. Core Insights - The company is positioned as a leader in the cybersecurity software sector in China, focusing on safeguarding the industrial internet and becoming a security intelligent platform enterprise in the 5G cloud network era. The forecasted revenue for 2024-2026 is projected to be 19.50 billion, 23.46 billion, and 27.99 billion yuan, with corresponding net profits of 0.26 billion, 1.02 billion, and 1.84 billion yuan, reflecting significant growth rates [30][19]. Financial Projections - Revenue projections for the company are as follows: 2024E at 19.50 billion yuan, 2025E at 23.46 billion yuan, and 2026E at 27.99 billion yuan, with year-on-year growth rates of 21.3%, 20.3%, and 19.3% respectively [7][30]. - The gross profit margins are expected to be 50.7%, 50.6%, and 50.6% for the years 2024, 2025, and 2026 [7][30]. - The net profit for 2024 is projected to be 0.26 billion yuan, with a significant increase to 1.02 billion yuan in 2025 and 1.84 billion yuan in 2026, indicating growth rates of 108.8%, 297.7%, and 80.6% respectively [30][19]. Product Segmentation - The revenue from cybersecurity products is expected to grow from 17.27 billion yuan in 2024 to 24.31 billion yuan in 2026, with a compound annual growth rate (CAGR) of 20.5% [19]. - The cybersecurity services segment is projected to see revenue growth from 1.24 billion yuan in 2024 to 2.31 billion yuan in 2026, with a CAGR of 39.0% [19]. - Revenue from cloud network virtualization software is expected to increase from 0.99 billion yuan in 2024 to 1.37 billion yuan in 2026, with a CAGR of 15.9% [19]. Market Trends - The report highlights that the demand for cybersecurity products and services is expected to rebound due to the ongoing penetration of 5G-A communication technology and the emergence of new market applications such as AI large models [7][30]. - The integration of AI and machine learning technologies in cloud security is anticipated to drive the evolution of automated threat detection and response mechanisms, making cloud security a rapidly growing area in enterprise security and risk management spending [15][30].

2024年05月07日 公司研究●证券研究报告 古井贡酒（ ） 公司快报 000596.SZ 食品饮料 | 白酒Ⅲ 23 年顺利完成目标，24Q1 开局表现靓丽 投资评级 买入-B(首次) 股价(2024-05-06) 279.12元 事件： 公司发布2023年年报及2024年一季报，2023全年公司实现营业收入202.54亿元， 交易数据 同比+21.18%，实现归母净利润45.89亿元，同比+46.01%，实现扣非归母净利润44.95 总市值（百万元） 147,542.83 亿元，同比+46.59%。单季度来看，23Q4公司实现营业收入43.01亿元，同比+8.92%， 流通市值（百万元） 114,048.43 实现归母净利润7.77亿元，同比+49.20%，实现扣非归母净利润7.52亿元，同比 总股本（百万股） 528.60 +53.98%。 流通股本（百万股） 408.60 24Q1公司实现营收82.86亿元，同比+25.85%，实现归母净利润20.66亿元，同比 12个月价格区间 290.50/201.60 +31.61%，实现扣非归母净利润20.50亿元，同比+32.67%。 一年股价表现 202 ...

Investment Rating - The report maintains an "Accumulate-B" rating for the company, with a target price of 20.94 yuan [3]. Core Insights - The company achieved a revenue of 456 million yuan in 2023, representing a year-on-year growth of 13.65%, and a net profit attributable to shareholders of 134 million yuan, up 9.63% year-on-year [3][15]. - In Q1 2024, the company reported a significant revenue increase of 71.79% year-on-year, reaching 44 million yuan, although the net profit decreased by 27.27% to 4.05 million yuan [3]. - The company is actively expanding its capabilities in commercial aerospace and low-altitude economy sectors, aligning with national development priorities [3][15]. - The company has made substantial investments in R&D, totaling 48 million yuan in 2023, which is a 6.55% increase from the previous year [3]. Financial Data and Valuation - The company’s projected revenues for 2024-2026 are 636 million yuan, 870 million yuan, and 1.155 billion yuan, with year-on-year growth rates of 39.4%, 36.9%, and 32.7% respectively [5][15]. - The net profit for the same period is expected to be 187 million yuan, 253 million yuan, and 339 million yuan, with corresponding growth rates of 38.8%, 35.4%, and 34.1% [5][15]. - The company’s gross margin for 2023 was 51.19%, a decrease of 8.47 percentage points compared to the previous year [3]. Business Development - The company has successfully secured a significant order for the C929 project, valued at up to 175 million yuan, which is expected to positively impact its operational performance [14][15]. - The company is enhancing its production capabilities in the drone industry, with a new drone industrial park project expected to partially commence production in the first half of 2024 [3][15].

2024年05月06日 公司研究●证券研究报告 华勤技术（ ） 深度分析 603296.SH 电子 | 消费电子设备Ⅲ ODM 龙头强者更强，高性能计算成长动能充沛 投资评级 买入-A(维持) 股价(2024-05-06) 73.66元 国产ODM龙头，布局稳健、强者更强：公司成立于2005年，经过18年的探索和 交易数据 发展，华勤技术从成立之初的以研发设计为主的IDH业务模式逐步发展到目前集研 总市值（百万元） 53,462.56 发设计与生产制造为一体的ODM业务模式，并由手机单一产品逐步发展为以智能 流通市值（百万元） 4,534.13 手机为主，笔记本电脑、平板电脑、智能穿戴、AIoT产品及服务器共生发展的多 总股本（百万股） 725.80 品类智能硬件平台。市场研究机构CounterpointResearch发布了2023年度全球 流通股本（百万股） 61.55 智能手机IDH/ODM厂商出货量市场份额报告，显示华勤技术以27.8%的市场份额 12个月价格区间 82.50/54.96 位居第一，紧随其后的则是龙旗、闻泰、天珑、Mobiwire。2015年至2019年，华 一年股价表现 勤技术逐渐 ...

2024年05月06日 公司研究●证券研究报告 明阳智能（ ） 公司快报 601615.SH 电力设备及新能源 | 风电Ⅲ 新能源装备综合经营，业务多点开花 投资评级 买入-B(首次) 股价(2024-04-30) 9.81元 投资要点 交易数据 事件： 总市值（百万元） 22,285.96 流通市值（百万元） 22,210.80 公司发布2023年年报及2024年一季报。2023年，公司实现营业收入278.59亿 总股本（百万股） 2,271.76 元，同比下滑9.39%，归母净利润3.72亿元，同比下滑89.19%，扣非后归母净 流通股本（百万股） 2,264.10 利润为2.06亿元，同比下滑93.36%。2024Q1，公司实现营业收入50.75亿元， 12个月价格区间 18.84/8.52 同比增长84.6%，归母净利润3.04亿元，扣非后归母净利润为2.91亿元。 一年股价表现 海陆并进，引领风电新技术。公司是国内风电整机龙头企业，产品种类丰富，包括 单机功率覆盖 1.5-11MW 系列陆上型风机和单机功率覆盖 5.5-22MW 系列海上 型风机。2023年，公司实现风机对外销售 9.69GW， ...

资料来源:华金证券研究所,21 世纪财经,证券时报网等 周度策略:节后Ａ股可能继续震荡上行 http://www.huajinsc.cn/ 8 / 17 资料来源：华金证券研究所，中国路网 资料来源：华金证券研究所，中国路网 图 9: 近期美元指数出现明显调整 图 10: 2008 年次贷危机下美国房屋销售量降幅约为 78.1% ■ 美国:新增非农就业人数:初值 千人 600 500 400 300 200 100 0 资料来源:华金证券研究所,Wind 图 18: CME 预测类联储最早于9月降息 资料来源:华金证券研究所,CME FedWatch Tool 资料来源:华金证券研究所,Wind(注:图中统计天数为交易日) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------|----------|---------|---------|---------|-----------------|---------|-------------------- ...

证券研究报告 公司深度报告 2024年5月6日 华金证券电子团队一走进“芯”时代系列深度之七十八“韦尔股份” CIS技术全球领先，穿越周期再启航 韦尔股份（603501.SH）深度报告 评级：买入-A（维持） ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 37.26 CNY, indicating an expected return exceeding 15% over the next six months compared to the CSI 300 index [12]. Core Views - The company has achieved significant growth in the renewable energy sector, with a focus on intelligent distribution equipment. It has successfully transitioned from traditional energy to renewable markets, enhancing its market share and competitive advantage in offshore renewable energy [13]. - The acquisition of Borui Tianceng Energy Technology Co., Ltd. has facilitated the formation of a new business model and accelerated the development of the new energy booster station business, which is expected to become a second growth driver for the company [2]. Financial Performance Summary - For the fiscal year 2023, the company reported revenue of 4.948 billion CNY, a year-on-year increase of 52.9%, and a net profit attributable to shareholders of 498 million CNY, up 87.7% year-on-year [12]. - The company forecasts revenues of 6.486 billion CNY, 8.206 billion CNY, and 10.354 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 651 million CNY, 804 million CNY, and 1.041 billion CNY [4][12]. - The gross margin for 2023 is projected at 22.7%, with a net margin of 10.1% [4][12]. Product and Market Insights - The company has seen a doubling in revenue from the new energy sector, with significant contributions from products such as box-type substations, complete switchgear, and transformers. The box-type substations accounted for 69.9% of total revenue in 2023, generating 3.458 billion CNY [12]. - The solar energy segment achieved revenue of 2.074 billion CNY, a year-on-year increase of 83%, while the energy storage segment saw a remarkable growth of 237% [12]. Research and Development - The company has increased its R&D expenditure to 161 million CNY in 2023, a rise of 53.81% year-on-year, focusing on high-voltage and large-capacity products [12]. - New products developed include a 66kV prefabricated intelligent offshore booster system and a 72.5kV environmentally friendly gas-insulated switchgear, which are designed to meet the rising capacity of wind turbines [12].