Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company has a solid consumer base and continues to achieve steady growth in performance, with 2023 revenue reaching RMB 83.27 billion, a year-on-year increase of 12.6%, and net profit attributable to shareholders of RMB 30.21 billion, up 13.2% [2][3] - In Q1 2024, the company reported revenue of RMB 34.83 billion, a year-on-year growth of 11.9%, and net profit of RMB 14.05 billion, an increase of 12.0% [2][3] - The company has shown consistent double-digit growth in revenue over the past four years, with growth rates between 10% and 16% [2][3] Summary by Relevant Sections Revenue and Profitability - In 2023, the company's liquor revenue was RMB 62.8 billion, up 13.5% year-on-year, with sales volume increasing by 18.0% to 39,000 tons [2][3] - The average selling price of products has slightly decreased, with the price of the flagship product "Pu Wu" at RMB 940-950, which is lower than the previous year [2][3] - The company has increased its market promotion efforts for lower-alcohol products and the "1618" brand, contributing to revenue growth [2][3] Sales Channels and Market Strategy - The company has upgraded its channel capabilities, adding 26,000 core terminals and expanding its specialty store count to over 1,600 across more than 300 cities [2][3] - Revenue from the distribution model reached RMB 46 billion, up 13.6%, while direct sales revenue was RMB 30.46 billion, up 12.5%, indicating synchronized growth in both models [2][3] Future Outlook - The company is expected to maintain steady growth from 2024 to 2026, with projected revenue growth rates of 12.1%, 10.3%, and 9.1% respectively, and net profit growth rates of 12.5%, 11.0%, and 9.8% [2][3] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are RMB 8.76, 9.72, and 10.67 respectively, with corresponding price-to-earnings (P/E) ratios of 17.7X, 15.9X, and 14.5X [2][3]

| --- | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------|---------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n5 月金股组合 | —— 晨会聚焦 \n | | | 2024 年 5 月 8 日 | | 股票代码 | | 股票名称 | | 中银晨会聚焦 -20240508 | | 002352.SZ | | 顺丰控股 | | | | 600309.SH | | 万华化学 | | | | 688019.SH | | 安集科技 | ■ | 重点关注 | | 300274.SZ | | 阳光电源 | 【 | 公用事业 】林洋能源 * ...

Investment Rating - The report maintains a "Buy" rating, expecting the company's stock price to outperform the benchmark index by over 20% in the next 6-12 months [4][34]. Core Views - The company reported a 17% year-on-year growth in 2023, with total revenue reaching 1.946 billion RMB and a net profit of 412 million RMB, reflecting a 16.85% increase [34]. - In Q1 2024, the company experienced a significant decline in net profit, down 70.80% year-on-year, attributed to the transitional phase of new production capacity [34]. - The wind power sector remains stable, with a 6.65% increase in product shipments and a 1.47% rise in revenue from wind power products [34]. - The company plans to invest 2.651 billion RMB in a new project to enhance forging capacity, which is expected to improve competitiveness and profitability in the long term [34]. Financial Summary - Total revenue projections for 2023-2026 are as follows: 1.946 billion RMB in 2023, 2.308 billion RMB in 2024, 3.160 billion RMB in 2025, and 3.857 billion RMB in 2026, with growth rates of 7.4%, 18.6%, 36.9%, and 22.0% respectively [2][9]. - Net profit is projected to grow from 412 million RMB in 2023 to 876 million RMB in 2026, with corresponding growth rates of 16.8%, 23.9%, 37.3%, and 23.9% [2][9]. - The company's earnings per share (EPS) is expected to increase from 1.27 RMB in 2023 to 2.67 RMB in 2026, with a price-to-earnings (P/E) ratio decreasing from 15.2 to 7.2 over the same period [9][34]. Operational Insights - The company is in a transitional phase with new production capacity, which has temporarily impacted profitability, but long-term growth prospects remain positive [34]. - The gross margin for the wind power segment improved by 3.16 percentage points to 33.50% due to a decrease in raw material prices [34]. - The company’s operational cash flow is projected to improve significantly, with expectations of 500 million RMB by 2026 [2].

社会服务 | 证券研究报告 — 业绩评论 2024年5月8日 600754.SH 锦江酒店 增持 收入回归常态增长，海外利息拖累短期利润 原评级：增持 市场价格:人民币 29.90 公司发布2024年一季报。据公告，公司24年一季度营业收入和归母净利润 板块评级:强于大市 实现平稳增长，扣非归母净利润有一定下滑。酒店经营表现在走出23年的快 速修复期后趋于平稳， 24Q1海外部分利息费用拖累利润表现，我们维持增 持评级。 股价表现 支撑评级的要点 0%  收入平稳增长，利息因素拖累利润表现。据公司公告，一季度公司实现 (10%) 营业收入32.06亿元，同比增长6.77%；实现营业利润3.32亿元，同比增 (21%) 长 28.08%；归母净利润 1.90 亿元，同比增长 34.56%；实现扣非归母净 (32%) 利润0.62亿元，同比减少31.19%。非经常性损益共1.28亿元，其中1.20 (42%) 亿元资产处置收益主要为卢浮集团等处置若干酒店物业取得处置收益。 (53%) 此外，海外利率上涨导致的海外借款利息费用增长，对24Q1利润表现造 ya 3M -2 n 3uJ -2 l 3uJ -2 gu ...

买入 原评级：买入 市场价格:人民币 20.94 板块评级:强于大市 本报告要点 ◼ 绝味食品 2023 年年报及 2024 年 1 季报业 绩点评 股价表现 证券分析师：汤玮亮 绝味食品公告 2023 年年报及 2024 年 1 季报业绩。2023 年公司实现营收 72.6 亿元，同比增长 9.6%，归母净利润 3.4 亿元，同比增长 46.6%，扣非归母净 利 4.0 亿元，同比增 54.5 亿元。1Q24 公司实现营收 17.0 亿元，同比降 7.0%， 归母净利 1.7 亿元，同比增 20.0%。 支撑评级的要点 ◼ 2023 年公司门店整体净增数量同比减少，1Q24 公司营收增速同比降 7.0%，同店销售整体承压。（1）截至 2023 年末，公司全国门店数量合 计 15950 家，全年净增门店数量为 874 家。其中上半年净增门店数量为 1086 家，下半年环比上半年减少 212 家。根据我们测算，公司单店鲜货 平均销售额同比基本持平。1Q24 公司营收增速同比降 7.0%，我们判断同 店销售整体承压。受消费环境变化及新型零食渠道及线上渠道冲击，公司 主动放缓开店节奏，优化门店结构，改善加盟商生存质 ...

Investment Rating - The report assigns a rating of "Accumulate" to the company, down from "Buy" [1] Core Views - The company's revenue showed steady growth in Q4 2023 and Q1 2024, with Q4 2023 revenue at RMB 735 million, a QoQ increase of 4% and YoY increase of 17%. The gross margin was 26.8%, with a QoQ increase of 1.1 percentage points but a YoY decrease of 5.4 percentage points [4] - The food business of the company maintained robust growth in 2023, with revenue of RMB 1.718 billion, a YoY increase of 28%. The gross margin for this segment was 21.8%, a YoY increase of 1.5 percentage points [4] - The pharmaceutical business experienced a significant decline in 2023, with revenue of RMB 315 million, a YoY decrease of 43%. This decline is attributed to a high sales base from 2022 due to health and epidemic factors [4] - The semiconductor-related business faced challenges, with revenue of RMB 662 million, a YoY decrease of 7%. However, a rebound is expected in 2025 as the semiconductor industry recovers [4] Financial Summary - The company’s projected EPS for 2024, 2025, and 2026 are RMB 0.78, RMB 1.07, and RMB 1.35 respectively. As of May 6, 2024, the total market capitalization is approximately RMB 10.3 billion, corresponding to PE ratios of 32.2, 23.6, and 18.6 for the respective years [4][10] - The company’s revenue is projected to grow from RMB 2.711 billion in 2023 to RMB 3.243 billion in 2024, reflecting a growth rate of 19.6% [11] - The net profit is expected to recover from RMB 236 million in 2023 to RMB 319 million in 2024, with a growth rate of 35.3% [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [3][11]. Core Views - The company's 2023 annual report and 2024 Q1 results met expectations, with a profit of 4.05 billion RMB in 2023, reflecting a year-on-year increase of 15.42%. The Q1 2024 profit was 1.07 billion RMB, down 6.49% year-on-year but up 70.30% quarter-on-quarter [3][4]. - The company's power battery business showed steady growth, with a significant increase in energy storage shipments, achieving a total of 28.08 GWh in power battery shipments, up 64.22% year-on-year, and 26.29 GWh in energy storage battery shipments, up 121.14% year-on-year [3][4]. - The company is advancing new technology products and accelerating overseas expansion, including plans to build cylindrical battery production capacity in Hungary and exploring new business models through licensing agreements with international companies [3][4]. Financial Summary - In 2023, the company reported total revenue of 48.78 billion RMB, a 34.4% increase from 2022. The net profit for 2023 was 4.05 billion RMB, with a growth rate of 15.4% [4][9]. - The forecasted earnings per share (EPS) for 2024-2026 are adjusted to 2.30 RMB, 2.88 RMB, and 3.44 RMB, respectively, with corresponding price-to-earnings ratios of 16.9, 13.5, and 11.3 [3][4][9]. - The company's gross profit margin for 2023 was 17.04%, with a net profit margin of 9.27% [5][9]. Market Position - The company holds a 4.45% market share in the domestic power battery market, ranking fourth nationally, and is the third-largest globally in energy storage cell shipments [3][4]. - The revenue breakdown shows that consumer batteries generated 8.36 billion RMB, down 1.78% year-on-year, while power batteries generated 23.98 billion RMB, up 31.41%, and energy storage batteries generated 16.34 billion RMB, up 73.24% [3][4]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 49.09 billion RMB in 2024, 60.37 billion RMB in 2025, and 70.71 billion RMB in 2026, reflecting growth rates of 0.6%, 23.0%, and 17.1%, respectively [4][9]. - The EBITDA is forecasted to increase from 6.34 billion RMB in 2024 to 9.24 billion RMB in 2026, indicating strong operational performance [4][9].

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company achieved a net profit attributable to shareholders of RMB 939 million in 2023, representing a year-on-year increase of 201.28% [4]. - The company's revenue for 2023 was RMB 31.61 billion, up 37.11% year-on-year, with a significant increase in both energy storage and overseas business performance [4]. - The report highlights the company's ongoing global expansion, with overseas revenue reaching RMB 6.43 billion, a year-on-year growth of 115.69% [4]. Summary by Sections Financial Performance - In 2023, the company reported a net profit of RMB 939 million, a 201.28% increase from the previous year, and a revenue of RMB 31.61 billion, up 37.11% [4][6]. - The fourth quarter of 2023 saw a remarkable net profit of RMB 647 million, reflecting a year-on-year growth of 300.57% and a quarter-on-quarter increase of 677.57% [4]. - For Q1 2024, the company reported a net profit of RMB 69.14 million, a decrease of 8.56% year-on-year, while the non-recurring net profit turned positive at RMB 10.60 million [7]. Product and Market Development - The company's power battery system business generated RMB 23.05 billion in revenue, a 24.72% increase year-on-year, while the energy storage battery system revenue surged to RMB 6.93 billion, up 97.61% [4][9]. - The total product delivery exceeded 40 GWh in 2023, marking an increase of over 40% year-on-year, with an optimized customer structure including new strategic clients [4][9]. Global Expansion - The company has established a new global layout with production bases in Germany, Indonesia, Thailand, and the Silicon Valley in the USA, with ongoing developments in Vietnam, Chicago, Michigan, Slovakia, Argentina, and Indonesia [4][9]. - The overseas revenue growth indicates a successful penetration into international markets, contributing significantly to the overall revenue [4][9]. Valuation - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to RMB 0.66, 0.93, and 1.26 respectively, with corresponding price-to-earnings ratios of 29.2, 20.8, and 15.4 [4][10].

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 20.55 and a sector rating of "Outperform" [1] Core Views - The company reported a year-on-year revenue increase of 24.53% in 2023, reaching RMB 57.25 billion, but the net profit attributable to shareholders decreased by 8.27% to RMB 3.69 billion [4][6] - The first quarter of 2024 saw a 10.06% decline in net profit to RMB 1.08 billion, although it represented a 55.49% increase compared to the previous quarter [4][7] - The low-voltage electrical equipment segment continues to grow, with revenue of RMB 20.14 billion in 2023, up 7.84% year-on-year, and an increase in gross margin by 1.85 percentage points to 28.04% [4][6] - The household photovoltaic business experienced rapid growth, with revenue from photovoltaic power station contracting reaching RMB 27.30 billion, a 126.86% increase year-on-year, and a market share of 29% in new installations [4][6] - The company is enhancing its global presence, with over 30 localized subsidiaries and a 65% localization rate, achieving international revenue of RMB 4.47 billion, a 16% increase [4][6] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of RMB 57.25 billion, with a net profit of RMB 3.69 billion, reflecting an 8.27% decrease [4][6] - The first quarter of 2024 reported a net profit of RMB 1.08 billion, down 10.06% year-on-year but up 55.49% quarter-on-quarter [4][7] Business Segments - The low-voltage electrical segment generated RMB 20.14 billion in revenue, growing 7.84% year-on-year, with a gross margin of 28.04% [4][6] - The household photovoltaic segment saw a revenue increase of 126.86% to RMB 27.30 billion, with a significant market share in new installations [4][6] Global Expansion - The company has established over 30 localized subsidiaries, achieving a 65% localization rate, and reported international revenue growth of 16% [4][6]

盈利阶段性承压，新产品、新技术取得突破 公司投资评级： 本报告发布的特定客户包括：1) 基金、保险、QFII、QDII 等能够充分理解证券研究报告， 具备专业信息处理能力的中银国际证券股份有限公司的机构客户；2) 中银国际证券股份有 限公司的证券投资顾问服务团队，其可参考使用本报告。中银国际证券股份有限公司的证券 投资顾问服务团队可能以本报告为基础，整合形成证券投资顾问服务建议或产品，提供给接 受其证券投资顾问服务的客户。 中银国际证券股份有限公司不以任何方式或渠道向除上述特定客户外的公司个人客户提供 本报告。中银国际证券股份有限公司的个人客户从任何外部渠道获得本报告的，亦不应直接 依据所获得的研究报告作出投资决策；需充分咨询证券投资顾问意见，独立作出投资决策。 中银国际证券股份有限公司不承担由此产生的任何责任及损失等。 本报告内含保密信息，仅供收件人使用。阁下作为收件人，不得出于任何目的直接或间接复 制、派发或转发此报告全部或部分内容予任何其他人，或将此报告全部或部分内容发表。如 发现本研究报告被私自刊载或转发的，中银国际证券股份有限公司将及时采取维权措施，追 究有关媒体或者机构的责任。所有本报告内使用的商 ...