[Table_Title] 全年业绩表现亮眼，童装及电商高增 [Table_ReportDate] 361度（01361.HK）公司简评报告 | 2023.03.29 [评Ta级ble：_R 买ank入] 核心观点 [ Table_Authors] [Tabl e_Summary] 陈梦 ⚫ 事件：公司发布2023年年报，全年实现营业收入84.23亿元，同比+21%； 首席分析师 归母净利润9.61亿元，同比+28.7%；拟派发末期股息每股13.9港仙。 SAC执证编号：S0110521070002 点评： chenmeng@sczq.com.cn 电话：010-81152649 ⚫ 童装及电商增速亮眼，海外市场拓展顺利。分业务看，23 年大装/童装 分别实现收入63.34/19.58亿元，同比分别增长17.4%/35.7%，营收占比 郭琦 分别为75.2%/23.2%，童装业务增速亮眼，主因公司丰富产品矩阵及以 分析师 科技创新赋能产品迭代升级。分品类看，大装鞋/服销售额分别同增 SAC执证编号：S0110523070001 23%/9.8%，其中销量分别同增19.4%/9.4%，批发均价分别同增3%/0. ...

[Table_Title] 关注周期品涨价的持续性 [Table_ReportDate] 市场策略报告 | 2024.04.01 | --- | --- | --- | |---------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Group 1: Fund Flow Review - This week, net financing outflow was 7.726 billion, with the financing transaction ratio dropping to approximately 8.17% [7][16] - Foreign capital saw a net inflow of 5.381 billion over four trading days, with the 30-day average net inflow trend upward, comparable to mid-June 2021 [8][16] - In terms of industry, northbound funds mainly increased positions in banking, food and beverage, and automotive sectors, while reducing positions in pharmaceuticals, media, and power equipment sectors [49][16] Group 2: Fund Market Review - Overall, ETF funds experienced net redemptions this week, with the major indices seeing net subscriptions for CSI 300 ETF (1.5 billion) and SSE Dividend ETF (190 million), while the top redemptions were for CSI 1000 ETF (-2.03 billion), ChiNext ETF (-1.74 billion), and SSE 50 ETF (-780 million) [27][31] - The issuance scale of funds decreased week-on-week, with equity and index funds issuing a total of 6.159 billion units, down by 0.695 billion units from the previous week [31][16] Group 3: Money Market Tracking - This week, funding prices rose significantly, with R001 and R007 closing at 2.17% and 2.81%, respectively, reflecting week-on-week changes of +27.39 basis points and +73.27 basis points [37][16] - The interest rate spread between R007 and DR007 widened to 0.80%, with a week-on-week change of +58.42 basis points, indicating an intensifying segmentation in the funding market [37][16] Group 4: Bond Market Tracking - In terms of government bonds, the long-term government bond yields decreased this week, with the 10-year and 2-year yields reported at 2.29% and 1.90%, respectively, reflecting week-on-week changes of -1.50 basis points and -7.74 basis points [83][16] - The spread between long-term and short-term government bonds widened to 0.39%, with a week-on-week change of +6.24 basis points [83][16] - For U.S. Treasury bonds, the long-term yields also saw a decline, with the 10-year and 2-year yields reported at 4.20% and 4.59%, respectively, with week-on-week changes of -2 basis points and 0 basis points [69][16]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 29.136 billion yuan in 2023, a year-on-year increase of 2.48%, while the net profit attributable to shareholders was 5.651 billion yuan, a decrease of 10.34% [5] - The increase in revenue was driven by the sales volume of polyolefins and coke, but profit declined due to lower prices and profitability [5] - The company has increased its polyolefin production capacity by 75% to 2.1 million tons per year following the commissioning of new facilities [5] - The industry downturn may be over, and the company's cost advantage in coal-based olefins could lead to a recovery in profitability [5] - Capital expenditures are expected to continue growing, with a projected 12.842 billion yuan in 2023, a year-on-year increase of 28.7% [5] - The company is expected to achieve net profits of 7.438 billion yuan, 11.113 billion yuan, and 14.199 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 1.01, 1.52, and 1.94 yuan [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 29.136 billion yuan and a net profit of 5.651 billion yuan [6] - The sales volumes for polyethylene, polypropylene, and coke were 8.325 million tons, 7.528 million tons, and 6.9755 million tons, respectively, with year-on-year increases of 18.24%, 14.10%, and 12.26% [5] - The average selling prices for polyethylene, polypropylene, and coke decreased by 5.09%, 8.60%, and 22.86%, respectively [5] Future Outlook - The company is expected to see significant revenue growth, with projections of 36.621 billion yuan in 2024, 51.792 billion yuan in 2025, and 61.402 billion yuan in 2026 [6] - The anticipated net profit growth rates for 2024, 2025, and 2026 are 31.6%, 49.4%, and 27.8%, respectively [6] - The company’s capital expenditures are projected to support its growth trajectory, with ongoing projects expected to contribute to profit growth [5]

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The report highlights the continuous de-capacity of pig production and the potential for profit in the food sector, particularly in the snack food category [1] Summary by Sections 1. Important Information Updates - The food and beverage sector saw a decline of 0.85%, underperforming the Shanghai Composite Index by 0.64 percentage points. The agricultural sector, however, increased by 4.49%, outperforming the index by 4.70 percentage points [5][7] - Notable companies with significant weekly gains include Huadong Group (18.98%) and Liziyuan (15.14%) in the food sector, while Shennong Group (34.23%) and Aonong Biological (29.06%) led in the agricultural sector [5] 2. Industry Data Tracking - As of March 22, 2024, the wholesale price index for agricultural products decreased by 0.21% to 123.61, with a year-on-year decline of 6.24%. Vegetable prices also saw a year-on-year decrease of 7.01% [17] - The price of live pigs and pork has been declining, with the number of breeding sows decreasing by 1.80% month-on-month and 6.90% year-on-year as of January 2024 [17] - The price of fresh milk has decreased by 11.03% year-on-year, with the current price at 3.55 yuan/kg [11] - The price of chicken has risen to 7.77 yuan/kg, while chick prices have increased to 4.02 yuan each as of March 22, 2024 [20] - The price of sea cucumbers has dropped to 170 yuan/kg, while scallops remain at 10 yuan/kg and abalone at 110 yuan/kg [22] 3. Industry Information and Important Company Announcements - The report mentions that the company "Peach Li Bread" achieved a revenue of 6.76 billion yuan in 2023, a year-on-year increase of 1.08%, but net profit decreased by 10.29% due to rising raw material costs and increased management expenses [28] - "Wahaha" has launched a laboratory water support plan for 2024, aiming to provide 596 tons of pure water to research institutions and medical facilities [30] - "Golden Dragon Fish" reported a revenue of 251.5 billion yuan in 2023, a decrease of 2.3%, with net profit down by 5.4% [31] - "Qianyin High-Tech" achieved a revenue of 410.29 million yuan, a year-on-year increase of 17.54%, with net profit rising by 17.37% [32]

[Table_Title] 药明康德：业绩稳健增长，TIDES 业务表现亮眼 [Table_ReportDate] 药明康德(603259)公司简评报告 | 2024.03.28 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 王斌 ⚫ 事件：公司发布2023年年报，2023年全年实现营业收入403.41亿元， 医药首席分析师 同比增长 2.5%；实现归母净利润 96.07 亿元，同比增长 9.0%；实现扣 SAC执证编号：S0110522030002 非归母净利润97.48亿元，同比增长16.8%。 wangbin3@sczq.com.cn 电话：86-10-81152644 陈智博 点评： 分析师 ⚫ 常规业务持续稳健增长，在手订单充沛助力 24 年业绩。公司持续强化 SAC执证编号：S0110524020001 一体化 CRDMO 和 CTDMO 业务模式，一体化的赋能平台持续带来产 chenzhibo@sczq.com.cn 电话：86-10-81152642 出成果：2023 年全年剔除掉新冠商业化项目收入同比+25.6%（前三季 ...

[Table_Title] 主营产品价格下滑拖累业绩，分红率提高保障股东利 益 [Table_ReportDate] 云天化(600096)公司简评报告 | 2024.03.28 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm ary] 翟绪丽 公司发布2023年年度报告，报告期内实现营业收入690.60亿元，同比 首席分析师 减少8.30 %；实现归母净利润45.22亿元，同比减少24.90 %；2023Q4 SAC执证编号：S0110522010001 实现营业收入157.58亿元，同比减少16.42 %，环比减少12.86 %；实 zhaixuli@sczq.com.cn 电话：010-81152683 现归母净利润8.18亿元，同比减少8.20 %，环比减少20.36 %。 ⚫ 主营产品价格同比下降，多数产品销量保持增长。 甄理 根据经营数据公告，2023 年公司主营产品磷铵、复合肥、尿素、聚甲 化工行业研究助理 醛、黄磷以及磷酸钙盐均价分别为3290元/吨、3077元/吨、2322元/吨、 zhenli@sczq.com.cn 11 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company maintains high profitability from premium coking coal and offers attractive dividends, making it a long-term hold [2] - The company reported a significant increase in performance in the first three quarters, with expectations for continued high growth throughout the year [4] - The company is focusing on a premium coal strategy and efficiency improvements, highlighting its long-term value through high dividends [4] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 31.561 billion yuan, a year-on-year decrease of 12.44%. The net profit attributable to shareholders was 4.003 billion yuan, down 30.25% year-on-year [4] - The coal segment generated revenue of 30.815 billion yuan, accounting for 97.63% of total revenue, with a gross margin of 31.81%, down 3.09 percentage points year-on-year [4] - The company sold a total of 31.0283 million tons of coal in 2023, with a sales price of 983.17 yuan per ton, down 12.07% year-on-year [4] Production and Sales - The company produced 30.71 million tons of raw coal, a slight increase of 1.35% year-on-year, while the sales volume of coking coal rose by 6.29% to 12.7136 million tons [4] - The company plans to increase its premium coal production to 13.05 million tons in 2024, reflecting a growth strategy in premium coal sales [4] Dividend Policy - The company announced a cash dividend of 9.90 yuan per 10 shares, totaling 2.425 billion yuan, which represents 60.59% of the net profit available for distribution [4] - The company aims to distribute at least 60% of its annual distributable profits as cash dividends, emphasizing its commitment to shareholder returns [4] Profit Forecast - The forecasted net profit for 2024-2026 is 4.42 billion, 5.00 billion, and 5.30 billion yuan respectively, with corresponding PE ratios of 6.8, 6.0, and 5.7 times [4][5] - The company is expected to maintain high profitability as a leading regional coking coal producer [4]

Investment Rating - The report maintains a "Buy" rating for the company [19][26]. Core Views - The company achieved impressive performance in 2023, with revenue of 1.78 billion yuan, a year-on-year increase of 36.87%, and a net profit attributable to shareholders of 261 million yuan, up 6.16% year-on-year [2]. - The company has strong competitiveness in certain product segments, maintaining a stable gross margin of 42.30% in 2023, with a net margin of 14.68%, which increased by 4.25 percentage points year-on-year [2]. - The company is actively expanding its product layout around smartphone applications, with significant growth in automotive electronics revenue, which reached 30.64 million yuan in 2023, a year-on-year increase of 89.02% [2]. - The company is expected to see steady growth in revenue from charge pump chips due to the increasing charging power trends in smartphones [2]. - Profit forecasts for the company indicate net profits of 331 million yuan, 505 million yuan, and 637 million yuan for 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 40, 26, and 21 times based on the stock price as of March 25 [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.78 billion yuan, with a quarterly revenue of 575 million yuan in Q4, reflecting a year-on-year increase of 124.78% [2]. - The gross margin for 2023 was 42.30%, with a net margin of 14.68% [2]. - R&D investment reached 293 million yuan, up 57.02% year-on-year, with the number of R&D personnel increasing to 378, a growth of 32.17% [2]. Product Development - The company has established deep collaborations with major domestic smartphone manufacturers, expanding its product offerings to include wired and wireless charging chips, display driver chips, and lithium battery protection chips [2]. - The automotive electronics segment is experiencing rapid growth, with significant advancements in product sampling and project design phases for new products [2]. Market Outlook - The report anticipates continued growth in the company's revenue and profitability, driven by the increasing demand for high-power charging solutions in consumer electronics [2]. - The company is well-positioned to benefit from the ongoing trends in smartphone charging power enhancements, which are expected to drive up the unit price of its charge pump chips [2].

赵瑞 食饮与农业分析师 SAC 执证编号：S0110522120001 zhaorui2022@sczq.com.cn 市场指数走势（最近 1 年） 资料来源：聚源数据 -0.4 -0.2 0 0.2 17-Mar 28-May 8-Aug19-Oct 30-Dec 11-Mar 金徽酒 沪深300 金徽酒(603919)公司简评报告 | 2024.3.27 事件：2023 年 3 月 16 日，公司发布 2023 年年报，23 年营业总收入 25.48 亿元，同比增长 26.64%；归母净利润 3.29 亿元，同比增长 17.35%。对 应 23 年第四季度营业总收入 5.29 亿元，同比增长 17.35%；归母净利润 5625.8 万元，同比减少 15.44%。 产品升级优化持续推进，100 元以上产品营收占比继续提升。23 年 300 元以上产品营业收入 4.01 亿元，同比增长 37.13%。100-300 元产品营业 收入 12.88 亿元，同比增长 32.28%。100 元以下产品营业收入 8.16 亿 元，同比增长 14.22%。分产品结构来看，公司 100+以上产品，尤其是 300+以上产品的 ...