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].

[Table_Title] AI 行情持续，后续关注业绩及应用落地的确定性 [Table_ReportDate] 传媒 | 行业简评报告 | 2024.3.27 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[Tabalbel _eS_Sumummmarayr]y ] 李甜露 ⚫ 【核心观点】国内外大模型领域取得积极进展，国外，LTX Studio 联席首席分析师 带来比Sora更细节化的文生视频效果；国内，KIMI助手、PixVerse SAC执证编号：S0110516090001 等AI产品访问量加速提升，新模型不断涌现。我们认为，大模型能 litianlu@sczq.com.cn 电话：86-10-8115 2690 力的不断突破，推动AI投资逻辑切换至应用层，当前AIGC行业进 展，大大提升其产业生产力价值，有望赋能以图片、视频为代表的 辛迪 多模态内容生产，加速内容制作端生产效率升级，叠加国内政策和 分析师 应用端均有所进展，不断释放积极信号。世界级游戏开发者盛会GDC SAC执证编号：S0110522110003 举行，各行业巨头探讨了AI等技术趋势。我们认 ...

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 ...

[Table_Title] 玉龙铜矿改扩建项目投产 持续高分红回馈股东 [Table_ReportDate] 西部矿业(601168)公司简评报告 | 2024.03.27 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm公a司ry]2 023年实现营业收入427.48亿元，同比+6.24%；归母净利 吴轩 润 27.89 亿元，同比-18.38%；扣非后归母净利润 25.56 亿元，同比 有色行业首席分析师 -22.19%。主因电池级碳酸锂、锌现货均价分别同比下跌 47%、14%， SAC执证编号：S0110521120001 影响公司享有联营单位东台锂资源的投资收益和锌精矿毛利贡献同比 wuxuan123@sczq.com.cn 下降。其中，Q4 实现营业收入 105.15 亿元，环比+10.11%；归母净利 刘崇娜 润5.92亿元，环比-14.39%；扣非后归母净利润2.09亿元，环比-75.72%。 有色行业研究助理 ⚫ 玉龙铜矿改扩建项目建成投产，多项目扩产稳步推进。玉龙铜业一、二 liuchongna@sczq.com.cn 选厂优 ...

[Table_Title] 库存消化顺利，索康尼贡献利润 [Table_ReportDate] 特步国际（01368.HK）公司简评报告 | 2024.03.27 [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，2023年实现营业收入143.46亿元，同比 首席分析师 增长10.9%；实现归母净利润10.3亿元，同比增长11.8%；拟派发末期 SAC执证编号：S0110521070002 股息每股8港仙。 chenmeng@sczq.com.cn 电话：010-81152649 点评： ⚫ 主品牌增长稳健，盈利能力有所改善。2023年特步主品牌实现收入119.5 郭琦 亿元，同增7.4%，儿童业务增速预计快于大装；全年零售流水同增20% 分析师 以上，快于收入增速，助力库存顺利消化。产品：鞋/服收入分别同增 SAC执证编号：S0110523070001 2.7%/13.9%。特步主品牌持续夯实跑步领域优势，23年中国马拉松男子 guoqi@sczq.com.cn 电话：010-81152647 /女子运 ...

[Table_Title] 周期低谷韧性十足，新材料成长曲线日渐清晰 [Table_ReportDate] 万华化学(600309)公司简评报告 | 2024.03.27 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm公a司ry]发 布2023年年报，报告期内，实现营业收入1753.61亿元， 翟绪丽 同比+5.92%，实现归母净利润 168.16亿元，同比+3.59%，其中Q1-Q4 首席分析师 单季度归母净利润分别为 40.53/45.15/41.35/41.13 亿元，同比分别为- SAC执证编号：S0110522010001 24.58%/-9.86%/+28.21%/+56.65。 zhaixuli@sczq.com.cn 电话：010-81152683 ⚫ 产品产销量和整体盈利能力提升，利润同比持续改善。2023 年，公司 PC 项目产能增加至 48 万吨/年，收购巨力化学新增 TDI 产能 15 万吨/ [市Ta场bl指e数_Ch走a势rt]（ 最近1年） 年，福建新增TDI产能25万吨/年，BC工业园MDI产能由35万吨/年 ...