Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company reported a revenue of RMB 1.11 billion in Q1 2024, representing a year-on-year increase of 7.0%. The net profit attributable to shareholders was RMB 120 million, up 39.4% year-on-year [4] - The company is expected to continue benefiting from a dual increase in volume and price in its beer business, with a focus on the synergy between beer sales and cultural industry development [4] - The estimated EPS for 2024-2026 is projected to be RMB 0.33, RMB 0.37, and RMB 0.42, respectively, with corresponding PE ratios of 25.4, 22.3, and 19.8 [4][5] Summary by Sections Financial Performance - In Q1 2024, the company achieved a sales volume of 264,000 kiloliters, with a price per ton of RMB 4,201, reflecting a year-on-year increase of 0.8% in volume and 6.2% in price [4] - The gross profit margin increased by 1.3 percentage points to 42.1%, despite a 3.8% rise in cost per ton to RMB 2,431 [4] - The net profit margin rose by 2.5 percentage points to 10.9% due to reduced asset impairment losses [4] Future Outlook - The company is expected to maintain a strong growth trajectory in its beer business, driven by marketing reforms and a focus on high-end products, which saw a 15.1% increase in sales [4] - The cancellation of anti-dumping duties on Australian barley is anticipated to alleviate raw material cost pressures in 2024 [4] Valuation Metrics - The projected revenue for 2024 is RMB 5.79 billion, with a growth rate of 7.7% [5] - The estimated net profit for 2024 is RMB 724 million, reflecting a growth rate of 16.2% [5] - The company’s dividend per share is expected to remain at RMB 0.1 for 2024, with a dividend yield of 1.7% [5]

电子 | 证券研究报告 — 调整盈利预测 2024年4月26日 688008.SH 澜起科技 买入 D5 接口芯片出货持续攀升，互联新品开疆拓土 原评级：买入 市场价格:人民币 48.30 公司发布2023年报和2024年一季报，受终端去库等因素叠加公司23全年业绩承压。 24Q1公司业绩环比改善显著。AI时代，公司产品深度契合高算力要求，看好公司业 板 块评级:强于大市 绩随行业景气上行加速回暖，维持买入评级。 支撑评级的要点 股价表现  公司 23 全年业绩承压，24Q1 业绩显著改善。公司 2023 年全年实现收入 22.86 亿元，同比下降37.76%，实现归母净利润4.51亿元，同比下降65.3%，实现扣非 净利润3.7亿元，同比下降58.11%。2024年一季度，公司实现营收7.37亿元， 4% 同比+75.74%/环比-3.06%，实现归母净利润 2.23 亿元，同比+1032.86%/环比 (3%) +2.88%,实现扣非净利润2.20亿元，同比+74117.63%/环比+2.57%。盈利能力方面， (11%) 公司2023年毛利率58.91%，同比增加12.47pcts，归母净利率19.7 ...

Core Insights - The report highlights the strong performance of companies in various sectors, particularly in the electronics and beverage industries, with significant revenue growth and profit recovery expected in 2024 [4][5][14]. Group 1: Electronics Sector - The report on Pengding Holdings indicates that the company achieved a revenue of 6.687 billion yuan in Q1 2024, reflecting a year-on-year increase of 0.29% and a quarter-on-quarter decrease of 42.41% [4]. - The net profit attributable to shareholders for Q1 2024 was 497 million yuan, up 18.81% year-on-year, while the non-deductible net profit reached 504 million yuan, increasing by 24.78% year-on-year [4]. - The report emphasizes the recovery in the PCB industry and the company's focus on innovation, particularly in AI and automotive applications, which are expected to drive future growth [4]. Group 2: Beverage Sector - Jinwei Wine reported a revenue of 1.08 billion yuan in Q1 2024, representing a year-on-year growth of 20.4%, with a net profit of 220 million yuan, up 21.6% year-on-year [5][17]. - The company's cash flow from operating activities reached 340 million yuan, a significant increase of 46.6% year-on-year, indicating strong operational efficiency [5][17]. - The product structure is continuously upgrading, with the company benefiting from a growing market presence in Gansu province, where it holds a leading position [5][17]. Group 3: Transportation Sector - The report on Jiayou International shows that the company achieved a revenue of 6.995 billion yuan in 2023, with a year-on-year increase of 44.85%, and a net profit of 1.039 billion yuan, up 52.60% year-on-year [14]. - The growth is attributed to the steady increase in Mongolian coal imports and the contribution from the African Kasai project, which has significantly boosted performance [14]. - The company is expected to continue its growth trajectory, with projected net profits of 1.22 billion yuan, 1.44 billion yuan, and 1.617 billion yuan for 2024, 2025, and 2026 respectively [14].

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by 10%-20% over the next 6-12 months [30][33]. Core Views - The company reported a revenue of 4.519 billion RMB in 2023, a year-on-year increase of 1.96%, and a net profit attributable to shareholders of 496 million RMB, up 14.17% year-on-year [3][4]. - The first quarter of 2024 showed a revenue of 1.093 billion RMB, representing a year-on-year increase of 7.71%, and a net profit of 109 million RMB, up 44.73% year-on-year [3]. - The company is focusing on optimizing its product structure, improving production efficiency, and reducing customer acquisition costs, which contributed to the profit margin improvements [3][4]. Financial Summary - The company achieved a gross margin of 21.32% in 2023, an increase of 2.49 percentage points year-on-year, and a net profit margin of 10.97%, up 1.17 percentage points year-on-year [3][4]. - For 2024, the company is projected to generate revenues of 5.423 billion RMB, with a net profit of 605 million RMB, reflecting a growth rate of 20.0% and 22.1% respectively [4][29]. - The earnings per share (EPS) for 2024 is estimated at 0.92 RMB, with a price-to-earnings (P/E) ratio of 18.6 [4][29]. Market and Growth Drivers - The company is leveraging both domestic and international markets for growth, with successful collaborations in the automotive electronics and AI sectors [3][31]. - The company has established partnerships with major brands like Tesla and Samsung, enhancing its position in the supply chain for new energy vehicles and AI products [3][31]. - The ongoing expansion of production capacity, particularly through a new project aimed at producing 3 million square meters of circuit boards, is expected to support long-term growth [3][31].

香港花园道一号 中银大厦二十楼 电话:(852)39886333 致电香港免费电话: 中国网通 10 省市客户请拨打：108008521065 中国电信 21 省市客户请拨打：108001521065 新加坡客户请拨打：8008523392 传真:(852)21479513 中银国际证券有限公司 香港花园道一号 中银大厦二十楼 电话:(852)39886333 传真:(852)21479513 qiyan.fan@bocichina.com 一般证券业务证书编号：S1300123030023 | --- | --- | --- | --- | |-----------------------------------------------------|-----------|-----------------------|-----------------| | 图表 1. 公司 2023 年财务报告摘要 \n（百万元） | 2023 年 | 2022 年 | 同比增长（ % ） | | 一、营业总收入 | | 931.98 928.52 0.37 | | | 二、营业总成本 | | 841.80 819.3 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price performance exceeding the benchmark index by more than 20% in the next 6-12 months [9][23]. Core Views - The company reported strong financial performance in 2023, with total revenue of RMB 6.995 billion, a year-on-year increase of 44.85%, and a net profit attributable to shareholders of RMB 1.039 billion, up 52.60% year-on-year [3][12]. - The growth was driven by stable increases in Mongolian coking coal imports and contributions from the African Kasai project, indicating a promising growth outlook for the company [3][11]. - The company is expected to achieve net profits of RMB 1.220 billion, RMB 1.440 billion, and RMB 1.617 billion for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 17.4%, 18.1%, and 12.3% [3][12]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 6.995 billion, with a quarterly breakdown of RMB 15.84 million, RMB 12.24 million, RMB 22.93 million, and RMB 18.94 million for Q1 to Q4, showing significant year-on-year growth [3][12]. - The net profit for 2023 was RMB 1.039 billion, with quarterly net profits of RMB 2.02 million, RMB 3.01 million, RMB 2.51 million, and RMB 2.84 million for Q1 to Q4, indicating strong performance across the year [3][12]. Market Dynamics - The company benefitted from a 98.54% increase in cargo throughput at the Ganqimodu port, with coal imports rising by 102.37% to 36.51 million tons in 2023 [3][11]. - The supply chain trade business saw a significant increase, with revenues from the China-Mongolia main coking coal business reaching RMB 4.431 billion, a year-on-year increase of 145.89% [3][11]. Future Projections - The report projects continued growth in net profits for the years 2024 to 2026, with expected earnings per share (EPS) of RMB 1.75, RMB 2.06, and RMB 2.31, corresponding to price-to-earnings (PE) ratios of 15.2, 12.9, and 11.5, respectively [3][12]. - The international land port operations revenue grew by 322% in 2023, indicating a successful expansion of the company's business model [3][11].

本报告要点 金徽酒 2024 年 1 季报点评 股价表现 证券分析师：汤玮亮 (86755)82560506 weiliang.tang@bocichina.com 证券投资咨询业务证书编号：S1300517040002 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|-----------------------------------|--------|-------------|-------|-------|-----------| | 图表 1. 金徽酒 2023 年年报及 \n（人民币，百万元） | 2024 年 1 季报业绩 \nFY2022 | FY2023 | 同比（ % ） | 1Q23 | 1Q24 | 同比 | | 营业收入 | 2,012 | 2,548 | 26.6 | 893 | 1,076 | 20.4 | | 营业成本 | 749 | 957 | 27.8 | 313 | 372 | 18.9 | | 毛利率 ( ...

社会服务 | 证券研究报告 — 业绩评论 2024 年 4 月 25 日 增持 原评级：增持 市场价格:人民币 10.25 板块评级:强于大市 (31%) (25%) (18%) (12%) (5%) 1% Apr-23May-23Jun-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 002033.SZ 股价表现 相关研究报告 《丽江股份》20240312 《丽江股份》20240124 《丽江股份》20231024 中银国际证券股份有限公司 具备证券投资咨询业务资格 社会服务：旅游及景区 证券分析师：李小民 (8621)20328901 xiaomin.li@bocichina.com 证券投资咨询业务证书编号：S1300522090001 联系人：宋环翔 丽江股份 索道停运拖累 Q1 营收，供给优化增量可期 | --- | --- | --- | --- | --- | --- | |---------------------------------|---------|---------|-------|-------|-------| ...

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]. Core Views - The company has shown a year-on-year recovery in profits for Q1 2024, with a notable improvement in net profit compared to revenue. The Q1 2024 revenue reached 6.687 billion RMB, up 0.29% year-on-year, while net profit was 497 million RMB, up 18.81% year-on-year [3]. - The report highlights that despite a challenging 2023 for the consumer electronics industry, the company continues to innovate, particularly in the smartphone sector, which is expected to drive future growth [3]. - The company is actively expanding into high-growth markets such as AI and automotive applications, with significant revenue growth in automotive and server products [3]. Financial Summary - For Q1 2024, the company achieved a gross margin of 20.37%, a slight decrease of 0.53 percentage points year-on-year, while the net profit margin improved by 1.16 percentage points to 7.44% [3]. - The projected revenues for 2024, 2025, and 2026 are 37.631 billion RMB, 42.812 billion RMB, and 48.845 billion RMB, respectively, with corresponding net profits of 4.370 billion RMB, 4.899 billion RMB, and 5.437 billion RMB [4][12]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 12.1, 10.8, and 9.7, respectively, indicating a favorable valuation trend [4][12].

计算机 | 证券研究报告 — 调整盈利预测 2024年4月25日 002230.SZ 科大讯飞 买入 一季度收入延续增长态势，大模型实现多领域落地 原评级：买入 市场价格:人民币 41.97 近期，公司发布2023年年报，全年实现营业收入196.5亿元（同比+4.4%）， 板块评级:强于大市 归母净利6.6亿元（同比+17.1%），扣非归母净利1.2亿元（同比-71.7%）。 公司坚定投入认知大模型研发，已在汽车、金融等领域实现落地应用。公司 一季度收入延续增长态势，维持买入评级。 股价表现 支撑评级的要点 38% 23%  持续加大研发投入，一季度收入延续增长态势。23 年公司加大认知大模 型研发导致扣非归母净利同比下滑，四季度公司扭转下滑趋势，实现营 9% 收 70.4 亿元（同比+14.2%），归母净利 5.6 亿元（同比+295.8%）。24 (6%) 年一季度公司收入36.5亿元（同比+26.3%），归母净利及扣非净利分别 (20%) 较去年同期减少2.4亿元和1.0亿元，主要是由于公司继续加大大模型投 (35%) rp 3A -2 ya 3M -2 n 3uJ -2 gu 3A -2 pe 3S ...