Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [10][8]. Core Insights - The company achieved a significant milestone in 2023 with total revenue exceeding 10 billion yuan, with a year-on-year growth of 16.2%. However, the net profit decreased by 35.8% to 235 million yuan [25][3]. - In Q1 2024, the company reported a revenue increase of 10.4% year-on-year, with net profit rising by 28.2% to 130 million yuan, indicating a recovery in profitability [18][25]. - The company has seen a notable improvement in its sales channels, particularly in the North China and e-commerce sectors, which experienced growth rates of 21.9% and 182.8% respectively in 2023 [3]. Financial Summary - The company’s total revenue for 2023 was 10,121 million yuan, with projections for 2024, 2025, and 2026 at 11,330 million yuan, 12,904 million yuan, and 14,261 million yuan respectively [4][10]. - The gross margin for 2023 was 10.7%, with expectations of improvement to 11.3% in 2024 [4][10]. - The net profit margin for 2023 was 2.3%, with forecasts of 2.5% for 2024 and 3.0% for 2026 [4][10]. - The company’s total assets were reported at 7,409.34 million yuan, with a total market capitalization of approximately 7,410.68 million yuan [4][3]. Operational Highlights - The company opened 201 new stores in 2023, enhancing its store image and quality [3]. - The sales expense ratio decreased by 0.50 percentage points, while the management expense ratio saw a slight increase of 0.01 percentage points [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a significant profit turning point in Q1 2024, with a notable increase in net profit and a clear growth trajectory [4] - The company's functional skincare business is gradually improving, with a clear product positioning and a strengthening multi-brand matrix [5][7] - The medical aesthetics business is entering a harvest period, showing substantial revenue growth [5] - The raw materials business has also seen significant revenue growth, with an ongoing optimization of product structure [6] Financial Performance Summary - In 2023, the company achieved revenue of 6,076 million yuan, a year-on-year decrease of 4.45%, and a net profit of 593 million yuan, down 38.97% year-on-year [4][9] - The gross margin for 2023 was 73.32%, a decrease of 3.67 percentage points, while the net profit margin was 9.59%, down 5.53 percentage points [4] - For Q1 2024, the company reported revenue of 1,361 million yuan, a year-on-year increase of 4.24%, and a net profit of 243 million yuan, up 21.39% year-on-year [4] - The company anticipates revenue growth to reach 65.60 billion yuan in 2024, with net profit projected at 8.65 billion yuan, reflecting a year-on-year growth of 46.0% [7] Business Segment Insights - The functional skincare segment faced challenges in 2023, with revenue declining to 3,757 million yuan, down 18.45% year-on-year, but strategic adjustments are expected to lead to a revenue turnaround [5] - The medical terminal business achieved revenue of 1,090 million yuan in 2023, a year-on-year increase of 58.95%, with core products showing exceptional growth [5] - The raw materials segment generated revenue of 1,129 million yuan, up 15.22% year-on-year, with a focus on high-margin pharmaceutical-grade hyaluronic acid [6]

[Table_Main] 证券研究报告 | 公司点评 润本股份(603193.SH) 2024 年 05 月 05 日 所属行业：美容护理/个护用品 当前价格(元)：18.63 市场表现 -34% -23% -11% 0% 11% 润本股份 沪深300 -46% 相关研究 润本股份：23&24Q1 利润率维持高 投资要点 润本股份 23&24Q1 增长加速，盈利能力上行。1）2023 年：实现营收 10.33 亿 /+20.66%，归母净利润 2.26 亿/+41.23%，扣非归母净利 2.19 亿/+41.64%，业绩 落在此前业绩预告中值；2）23Q4：营收 2.09 亿/+19.72%，归母净利润 0.45 亿 /+58.54%，扣非归母净利 0.42 亿；3）24Q1：营收 1.67 亿/+10.02%，归母净利 润 0.35 亿/+67.93%，扣非归母净利 0.31 亿/+45.36%，预计 Q1 受到天气影响驱 蚊需求，毛利率达 55.69%/+2.85pcts，我们预计得益于高毛利产品占比提升；费 用控制稳定，销售/管理/研发费率分别为 30.15%/+1.2pct、4.32%/-0.3pct ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company reported a revenue of 1.47 billion in 2023, representing a year-on-year growth of 23.9%, and a net profit attributable to shareholders of -0.02 billion, indicating a reduction in losses [9] - The company experienced significant growth in its liquor business in 2023, with revenue from liquor and biopharmaceuticals changing by +43.5% and -13.6% respectively [10] - The company plans to divest its biopharmaceutical subsidiary to focus on its core liquor business, which is expected to drive further growth [11] - The company has shown strong reform momentum, with adjusted revenue forecasts for 2024-2026 indicating growth rates of 9.0%, 26.4%, and 31.7% respectively [11] Financial Performance Summary - In 2023, the company achieved a revenue of 1,469 million, with a projected revenue of 1,601 million for 2024, reflecting a growth rate of 9.0% [19] - The net profit is expected to turn positive in 2024, with estimates of 66 million, and further growth to 278 million and 598 million in 2025 and 2026 respectively [19] - The gross margin improved to 40.3% in 2023, with expectations to rise to 45.2% in 2024 and 67.0% by 2026 [19] - The company’s return on equity is projected to improve from -0.9% in 2023 to 19.5% by 2026 [19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to improve its profitability in 2024, with projected revenues of 108.6 billion yuan, 119.2 billion yuan, and 130.1 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 2.5%, 9.8%, and 9.1% [14] - The company reported a significant improvement in net profit, with a forecasted net profit of 6.3 billion yuan, 8.0 billion yuan, and 9.7 billion yuan for the same years, indicating year-on-year growth rates of 311.8%, 27.8%, and 20.9% [14] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 10,593 million yuan, a decrease of 9.3% year-on-year, and a net profit of -296 million yuan, compared to -673 million yuan in the previous year [12][16] - The first quarter of 2024 showed a revenue of 40.6 billion yuan, a slight decline of 0.75% year-on-year, but a net profit of 4.5 billion yuan, representing a growth of 37.4% [12] Business Segments - The company's revenue from liquor, pork, and real estate segments in 2023 was 68.2 billion yuan, 26.0 billion yuan, and 10.1 billion yuan respectively, with year-on-year changes of -15.9%, -4.6%, and +49.5% [3] - The liquor segment's gross margin improved by 6.0 percentage points, with high-end liquor contributing positively to this increase [13] Market Position - The company has maintained a stable dealer network, adding 5 dealers in Beijing and 20 in other regions [3] - The overall sales volume of liquor decreased by 26.0% in 2023, but the average price per ton increased by 13.8% [3] Future Outlook - The company is focusing on enhancing its core products and improving profitability through strategic pricing and marketing initiatives [3][4] - The financial forecasts indicate a recovery in profitability and revenue growth in the coming years, driven by operational improvements and market strategies [14]

[Table_Main] 证券研究报告 | 公司点评 思特威(688213.SH) 2024 年 05 月 04 日 买入（维持） 所属行业：电子/半导体 当前价格(元)：48.30 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 市场表现 -23% -11% 0% 11% 23% 34% 思特威 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | -34% 2023-05 \n沪深 300 对比 | 2023-09 \n1M | 2024-01 \n2M | 3M | | 绝对涨幅 (%) | -3.17 | 0.71 | 24.81 | | 相对涨幅 (%) | -5.06 | -1.80 | 12.71 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《2023 年年度业绩预盈点评-思特威 （688213.SH）：预告全年业绩扭亏为 盈，手机业务勾勒成 ...

总股本(百万股)： 388.58 总市值(百万元)： 6,971.16 增持（维持） 市场表现 -29% -14% 0% 14% 29% 43% 57% 2023-05 2023-09 2024-01 水羊股份 沪深300 1.《水羊股份："自有+代理"双业务、 多品牌驱动长期发展》，2023.12.25 双业务共同打造自主品牌+CP 品牌多层次品牌矩阵。（1）自有品牌体系：①伊菲 丹：推进品牌及产品梯队建设，拓新活动持续强化高奢定位，23 年全球整体实现 约 100%增速，GMV 首次破 10 亿元，飞瓜统计抖音渠道 23 年销售额 3.9 亿+， 同比增长 80%+；24Q1 预期延续高增，抖音渠道同比增加超 50%，主要系高端定 位稀缺性+高奢人群渗透率增加；防晒单品 24M3 抖音销量超 5000 件，预期后续 新品将继续带来营收增长。②御泥坊：23 年全面升级焕新，收入有所下降，24 年 5 月计划对品牌进行升级，后续有望带来增速拐点。③其他品牌：大水滴、御、VAA 等持续强化品牌心智，均获高速增长，PA 基本解决供应链问题、24Q1 看整体趋 势向好。（2）代理品牌体系：已形成"1+5+n"代理格 ...

Investment Rating - The report maintains a "Buy" rating for Yongxin Optical, indicating a positive outlook for the company's performance in the market [4][21]. Core Views - The company achieved a revenue of 854 million yuan in 2023, a year-on-year increase of 3.02%, but the net profit attributable to shareholders decreased by 15.64% to 235 million yuan [2][20]. - In Q1 2024, the company reported a revenue of 216 million yuan, a year-on-year increase of 14.74%, while the net profit attributable to shareholders was 46 million yuan, down 3.85% [2][20]. - The optical microscope business is expected to benefit from the government's initiative to promote equipment upgrades, with the NEXCOPE series showing significant growth [3][20]. - The barcode scanning and machine vision business has been experiencing positive growth since Q3 2023, with expectations for accelerated recovery in 2024 [3][20]. - The laser radar business saw sales exceeding 90 million yuan in 2023, with a growth rate of over 50%, and new contracts in Q1 2024 are expected to drive further growth [3][20]. Financial Summary - The company forecasts revenues of 1.15 billion yuan in 2024, 1.51 billion yuan in 2025, and 2 billion yuan in 2026, with net profits projected at 307 million yuan, 413 million yuan, and 549 million yuan respectively [4][14]. - The gross margin is expected to improve from 38.4% in 2023 to 39.8% in 2024 [14][20]. - R&D expenses are projected to increase from 92 million yuan in 2023 to 115 million yuan in 2024, reflecting the company's commitment to innovation [14][20].

Investment Rating - The report maintains a "Buy" rating for China Tianying (000035.SZ) [1] Core Views - The company is expected to achieve steady growth in operating performance under the dual-engine development strategy of "Environmental Protection + New Energy" [3] - The company reported a revenue of 5.324 billion yuan in 2023, a year-on-year decrease of 20.62%, while the net profit attributable to the parent company was 337 million yuan, a year-on-year increase of 173.15% [2] - The gross profit margin for 2023 was 27.60%, an increase of 8 percentage points year-on-year, with significant improvements in the gross margins of the power supply and waste treatment services segment [2] Financial Performance Summary - The projected operating revenues for 2024, 2025, and 2026 are 8.743 billion yuan, 11.016 billion yuan, and 13.611 billion yuan, with growth rates of 64.2%, 26%, and 23.6% respectively [4] - The net profit attributable to the parent company is expected to be 815 million yuan in 2024, 1.212 billion yuan in 2025, and 1.522 billion yuan in 2026, with growth rates of 141.6%, 48.7%, and 25.6% respectively [4] - The company’s gross margin is projected to be 24.7% in 2024, 25.3% in 2025, and 26.7% in 2026 [7] Business Development Highlights - The company has signed multiple gravity energy storage projects, enhancing its growth trajectory in the new energy sector [11] - As of the end of 2023, the company operated 20 waste incineration power generation projects with a total daily processing capacity of 21,550 tons, achieving a 44% year-on-year increase in waste processed [26] - The company has successfully expanded its international EPC market, providing advanced technology and equipment for waste incineration projects in France, Maldives, and India [26]

[Table_Main] 证券研究报告 | 公司点评 拓荆科技(688072.SH) 2024年05月05日 拓荆科技(688072.SH)：在手订 买入（维持） 所属行业：电子/半导体 单充沛，24 年出货量创新高 当前价格(元)：181.67 证券分析师 投资要点 陈蓉芳 资格编号：S0120522060001 事件：4月30日，拓荆科技发布2023年年报和2024年一季度报告。2023年公  邮箱：chenrf＠tebon.com.cn 司实现营收 27.05 亿元，同比增长 58.60%；归母净利润 6.63 亿元，同比增长 陈瑜熙 79.82%；扣非归母净利润 3.12 亿元，同比增长 75.29%。2024 年第一季度公司 资格编号：S0120524010003 实现营收 4.72 亿元，同比增长 17.25%；归母净利润为 0.10 亿元，同比下滑 邮箱：chenyx5＠tebon.com.cn 80.51%；扣非归母净利润为-0.44亿元，同比下滑325.07%。 市场表现 产品结构变动及相关费用增长，公司业绩短期承压。2023年公司营收快速增长， 拓荆科技 沪深300  其中薄膜沉积设备 ...