食品饮料 | 证券研究报告 — 行业点评 2024年4月3日 强于大市 食品饮料酒类行业点评 白酒优势公司市占率加速提升，啤酒结构升级趋 势确定 近期酒业协会公布了行业数据。2023年全国白酒产量同比降5.1%，收入7563 亿元，同比增9.7%，利润总额 2328亿元，同比增7.5%。啤酒产量3789万 kl，同比增0.8%，收入1863亿元，同比增8.6%，实现利润总额260亿元， 同比增长15.1%。葡萄酒产量30万kl，同比增3.4%，收入90.9亿元，同比 增4.8%，利润总额2.2亿元，同比增2.8%。黄酒产量同比增3.2%，收入同 比增 2.1%，利润总额同比增 8.5%。对比主要酒种，白酒收入和均价增速最 快，啤酒利润率升幅较大。白酒税前利润率小幅下降，优势公司市占率有望 加速提升。白酒和葡萄酒、黄酒收入增速的差值有所收窄。产品结构升级推 动啤酒利润率较快提升。关注酒类大众价格带升级的机会。 支撑评级的要点  对比主要酒种，白酒收入和均价增速最快，啤酒利润率升幅较大。（1） 由于绝对值与历史数据可能存在统计口径上的差异，我们重点关注同比 数的变化。（2）2023年白酒产量下滑5.1%，是各个 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][3] Core Views - The company reported a 48.5% year-on-year decline in net profit for 2023, with total revenue of RMB 6.778 billion, down 16.91% from the previous year. The net profit attributable to shareholders was RMB 446 million, a decrease of 48.5% [3][5] - Despite the decline in overall performance, the sales volume of EVA particles increased by 13% year-on-year, reaching 160,200 tons in 2023. The revenue from EVA particles was RMB 2.024 billion, down 28.62% year-on-year, with a gross margin of 40.95%, a decrease of 10.10 percentage points [3][5] - The company is expected to benefit from a stabilization in EVA particle prices, which may lead to a recovery in profitability [3][5] - The company has a current EVA particle production capacity of 150,000 tons per year, with an additional 200,000 tons under construction, expected to be operational by 2025. A new 90,000 tons/year VA facility has successfully started operations, ensuring stable supply for EVA production [3][5] - The company is also expanding into new business areas, including UHMWPE and lithium battery materials, with several projects expected to come online in 2024 [3][5] Financial Summary - In 2023, the company's main revenue was RMB 6,778 million, with a growth rate of -16.9%. The EBITDA was RMB 960 million, and the net profit attributable to shareholders was RMB 446 million, reflecting a growth rate of -48.5% [4][6] - The forecasted earnings per share (EPS) for 2024-2026 are adjusted to RMB 0.51, 0.57, and 0.65, respectively, with corresponding price-to-earnings ratios of 32.3, 29.0, and 25.1 [3][4] - The company’s gross margin for 2023 was 16.16%, down from 20.22% in 2022, indicating a decline in profitability [5][7]

基础化工 | 证券研究报告 — 调整盈利预测 2024 年 4 月 3 日 联系人：范琦岩 利尔化学 公司发布 2023 年年报，2023 年实现营收 78.51 亿元，同比下降 22.55%；实现归母净利润 6.04 亿元，同比下降 66.68%。其中四季度实现营收 18.44 亿元，同比下降 22.96%，环比 上升 19.97%；实现归母净利润 0.44 亿元，同比下降 86.29%，环比下降 45.27%。看好公 司保持草铵膦、精草铵膦行业领先地位，规模效应和技术优势筑牢公司未来成长性，维 持买入评级。 支撑评级的要点 ◼ 2023年公司归母净利润及毛利率同比下滑，管理费用率提升。2023年公司农药原药实现 营收 47.94亿元，同比下降 26.09%；农药制剂实现营收 16.56亿元，同比下降 25.98%；化 工材料实现营收 7.12 亿元，同比下降 17.49%。2023 年营收同比下降 22.55%，主要系市 场需求下降及农药产品价格下跌所致。同时，核心产品价格下跌及大规模建设投入导致 2023年归母净利润同比下滑。根据公司2023年年报，2023年农药原药毛利率为26.26%， 同比下降 8 ...

计算机 | 证券研究报告 — 调整盈利预测 2024年4月3日 600588.SH 用友网络 买入 大客户收入确认节奏致短期业绩承压，云服务收 原评级：买入 入快速增长 市场价格:人民币 11.95 板块评级:强于大市 近期公司发布23年年报，全年实现收入97.96亿元（+5.8%），归母净利-9.67 亿元（-541.3%），扣非归母净利-11.04 亿元（-854.0%）。公司云服务收入 股价表现 大体量下实现快速增长，YonGPT进一步增强产品竞争力。维持买入评级。 3% 支撑评级的要点 (10%)  业务组织模式升级导致亏损，Q4 恢复盈利。公司 23 年归母净利亏损主 (23%) 要是由于：（1）业务组织模式升级，导致大客户收入确认周期变长、增 (36%) 速放缓，23年大客户业务收入同比增长4.3%；除此之外，政府与其它公 (49%) 共组织收入同比下滑12.5%。（2）公司23年年平均人数较22年增加1,896 (62%) rp 3A -2 ya 3M -2 n 3uJ -2 l 3uJ -2 gu 3A -2 用友网pe 3S -2 络 tc 3O -2 vo 3N -2 上证ce 3D - ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company has shown significant recovery in performance, with a projected stable growth for 2024 [3] - The company achieved a total revenue of RMB 14.649 billion in 2023, representing a year-on-year growth of 29.53% [3] - The net profit attributable to shareholders reached RMB 1.002 billion, a remarkable increase of 691.14% compared to the previous year [3] - The company plans to open 1,200 new hotels in 2024, aiming for steady and high-quality growth [3] Financial Performance Summary - The company reported a total revenue of RMB 14,649 million for 2023, with a growth rate of 33.1% [4] - The EBITDA for 2023 was RMB 4,213 million, with a significant increase of 57.5% [4] - The net profit attributable to shareholders for 2023 was RMB 1,002 million, reflecting a growth rate of 782.7% [4] - The latest diluted EPS for 2023 was RMB 0.94, with a growth of 782.7% [4] - The projected EPS for 2024 is RMB 1.40, with a corresponding P/E ratio of 19.8 [4][5] Operational Metrics - The RevPAR for domestic limited-service hotels increased by 46.86% in 2023, reaching 106.28% of the 2019 level [3] - The company opened 1,407 new hotels in 2023, exceeding its target of 1,200 [3] - The company aims to achieve a revenue of RMB 15.4-16.0 billion in 2024, representing a growth of 5-9% [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 190.77 and an industry rating of "Outperform" [7][9]. Core Views - The company's core product revenue has declined, but it has a rich reserve of game licenses, which supports the investment rating [3][9]. - The company is experiencing a decrease in revenue from core games, with a projected revenue of RMB 4.426 billion for 2024, reflecting a 5.77% increase from 2023 [4][14]. - The net profit attributable to the parent company is expected to be RMB 1.198 billion in 2024, showing a growth of 6.48% from 2023 [4][14]. Financial Summary - The company's sales revenue for 2023 was RMB 4.185 billion, down 19.02% year-on-year, while the net profit was RMB 1.125 billion, down 22.98% year-on-year [9][14]. - The gross profit margin for 2023 was 88.53%, a slight decrease of 0.20 percentage points compared to the previous year [10][14]. - The company plans not to distribute dividends for 2023, focusing on funding for future projects and overseas business development [10][11]. Product Pipeline - The company has a strong pipeline with at least five key products that have obtained licenses, including self-developed and agency products [10][11]. - Upcoming releases include "One Piece: Dream Pointer" scheduled for April 1, 2024, and several other titles expected in the second half of 2024 [10][11]. Valuation - The report projects net profits for 2024, 2025, and 2026 to be RMB 1.198 billion, RMB 1.382 billion, and RMB 1.531 billion, respectively, with corresponding P/E ratios of 11.44, 9.92, and 8.95 [9][10].

Investment Rating - The report maintains a **Buy** rating for the company [1] - The sector rating is **Outperform** [1] Core Views - The company's losses have significantly narrowed, with the new game *Departure Maifen* performing well [3] - The company's self-developed games are expected to contribute to future performance growth, and TapTap's active user base has returned to growth [4] - The company's gross margin has improved significantly, and various expenses have been reduced [4] Financial Performance - In 2023, the company's revenue was RMB 3.39 billion, a year-on-year decrease of 1.22%, while net loss attributable to the parent company was RMB -83 million, a year-on-year reduction of 85% [3] - The gross margin in 2023 was 61.03%, an increase of 7.54 percentage points year-on-year [6] - TapTap platform revenue in 2023 was RMB 1.3 billion, a year-on-year increase of 32.6%, with a gross margin of 84.18%, up 10.49 percentage points year-on-year [4] Game Performance - Game revenue in 2023 was RMB 2.09 billion, a year-on-year decrease of 14.7%, accounting for 61.7% of total revenue [4] - The new game *Departure Maifen* achieved monthly revenue exceeding RMB 100 million in February and is expected to launch in mainland China in May [4] - The company has four games in reserve, with *Heartbeat Town* and *Iser Restart Day* already obtaining licenses [4] Valuation and Forecast - The report forecasts net profit attributable to the parent company for 2024/2025/2026 to be RMB 332/567/804 million, with corresponding P/E ratios of 20.50/11.99/8.46 times [4] - Revenue for 2024/2025/2026 is expected to be RMB 4.153/4.789/5.434 billion, with year-on-year growth rates of 22.52%/15.33%/13.47% [5] Key Metrics - The company's total market capitalization is HKD 7.639 billion, with 480.46 million shares issued and outstanding [2] - The 3-month average daily trading volume is HKD 58.02 million [2] - The major shareholder, Happy Today Holding Limited, holds 32.8% of the shares [2]

电子 | 证券研究报告 — 公司深度 2024年4月3日 688008.SH 澜起科技 买入 DDR5 渗透提速，AI 助力互联新品持续发力 原评级：买入 市场价格:人民币 45.80 公司是一家国际知名的数据处理及互联芯片设计公司，受传统数据中心低迷影响，公 板块评级:强于大市 司23年业绩承压。但迈入AI时代，公司产品深度契合高算力需求，同时互联新品有 望为公司长期成长增添动能，维持买入评级。 股价表现 支撑评级的要点  需求低迷致23年业绩承压，持续创新拥抱未来。自成立起，公司契合市场趋势， 7% 产品不断推陈出新。公司于 2005年推出 DDR2服务内存缓冲芯片产品，此后伴 (2%) 随 DDR 升级迭代，公司积极践行全球内存接口行业标准制定，持续投入研发进 行产品升级。同时公司不断丰富产品矩阵，目前已拥有互连类芯片和津逮®服务 (11%) 器平台两大产品线。2023年，受全球服务器及计算机行业需求下滑导致的客户去 (20%) 库存影响，公司内存接口芯片与津逮®CPU出货量较上年明显减少。伴随行业库 (28%) 存去化及存货管理初见成效，公司深厚的行业积累有望为长期增长保驾护航。 (37%)  数 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company reported a steady growth in revenue with a 10.8% year-on-year increase, achieving a total revenue of 802.2 billion RMB in 2023. However, the net profit attributable to shareholders decreased by 19.4% to 31.9 billion RMB due to declining settlement profit margins and losses from investment properties [5][6] - The company has a strong cash position, with cash on hand increasing by 34.0% year-on-year to 29.3 billion RMB, and a sales target of 147 billion RMB for 2024, representing a 3.5% increase from the previous year [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 802.2 billion RMB, a 10.8% increase from the previous year. The net profit attributable to shareholders was 31.9 billion RMB, down 19.4% year-on-year, while core net profit decreased by 17.5% to 34.9 billion RMB [5][6][9] - The gross margin for 2023 was 15.3%, a decline of 5.1 percentage points compared to the previous year. The company’s net profit margin, attributable net profit margin, and core net profit margin were 5.7%, 4.0%, and 4.4%, respectively, all showing a year-on-year decline [5][6][9] Sales and Market Position - The company exceeded its 2023 sales target, achieving a sales volume of 1,420.3 billion RMB, a 13.6% increase year-on-year. The average selling price was 31,911 RMB per square meter, up 5.7% year-on-year [5][6][17] - The company maintained its leading position in the Greater Bay Area and Guangzhou, with sales in the Greater Bay Area reaching 716.0 billion RMB, a 20.0% increase year-on-year [5][6][17] Land Acquisition and Development - The company focused on land acquisition in core first- and second-tier cities, adding 28 plots of land in 11 cities in 2023, with a total land reserve of 2,567 million square meters [5][6][19] - The company’s land acquisition methods included public bidding, cooperation, and land leasing, with public bidding accounting for 48% of the new land acquired [5][6][19] Financial Health - The company’s total assets reached 401.2 billion RMB by the end of 2023, with total liabilities of 299.0 billion RMB, resulting in a debt-to-equity ratio of 73.5% [5][6][23] - The weighted average financing cost decreased to 3.82% in 2023, with a cash-to-short-term debt ratio of 1.27X, indicating a strong liquidity position [5][6][15][12]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a significant decline in net profit by 44.16% year-on-year, but revenue increased by 8.66% to RMB 50.46 billion in 2023. The net profit attributable to shareholders was RMB 1.33 billion, with a notable increase in Q4 2023 net profit by 277.61% year-on-year and 644.38% quarter-on-quarter [3][5] - The company has a stable wind turbine sales volume, with a total of 13.77 GW sold in 2023, a slight decrease of 0.71% year-on-year. The sales of units of 6 MW and above increased by 29.36% to 6.15 GW, indicating a trend towards larger units [3][6] - The company’s order backlog reached 30.40 GW by the end of 2023, a growth of 12.13% compared to the end of 2022, which supports future growth [3] - The gross margin for the wind turbine and components sales segment improved by 0.18 percentage points to 6.41% in 2023, with a significant improvement in the second half of the year [3][6] - The wind power service segment saw a revenue decline of 7.18% to RMB 5.24 billion, but the after-service revenue increased by 22.19% to RMB 3.03 billion, indicating diversification in service offerings [3][6] - The wind farm development business revenue surged by 57.96% to RMB 10.91 billion, although the gross margin decreased by 18.09 percentage points to 47.30% due to the implementation of a productized sales model [3][6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of RMB 50.46 billion, with a net profit of RMB 1.33 billion, reflecting a year-on-year decrease of 44.16% [3][5] - The EBITDA for 2023 was RMB 1.72 billion, down from RMB 4.01 billion in 2022 [6][7] - The diluted earnings per share (EPS) for 2023 was RMB 0.32, a decrease of 44.67% compared to the previous year [5][7] Revenue Breakdown - Wind turbine sales accounted for a total of 13.77 GW, with a slight decrease of 0.71% year-on-year, while larger units (6 MW and above) saw a 29.36% increase [3][6] - The wind power service revenue was RMB 5.24 billion, down 7.18%, but after-service revenue grew by 22.19% to RMB 3.03 billion [3][6] - Wind farm development revenue increased by 57.96% to RMB 10.91 billion, despite a decrease in gross margin [3][6] Future Outlook - The company has adjusted its earnings forecasts for 2024-2026, predicting EPS of RMB 0.51, RMB 0.62, and RMB 0.75 respectively, with corresponding P/E ratios of 15.5, 12.8, and 10.6 [3][6] - The order backlog and growth in larger wind turbine sales are expected to support stable growth moving forward [3][6]