[Table_StockInfo] 买入 2024年 04月 26日 （维持） 证券研究报告•23年年报和24年一季报点评 当前价： 19.87元 老白干酒（600559） 食品饮料 目标价： ——元（6个月） 经营变革成效显著，期待业绩持续释放 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报和 2024年一季报，2023年实现营业总收入 52.6 [分Ta析bl师e_：Au朱th会or振] 亿元，同比+13.0%，实现归母净利润6.7亿元，同比-5.9%，实现扣非归母净利 执业证号：S1250513110001 润 6.1亿元，同比+28.6%。23年单 Q4实现营业总收入14.1亿元，同比+17.9%， 电话：023-63786049 实现归母净利润 2.5亿元，同比+42.2%，实现扣非归母净利润 2.3亿元，同比 邮箱：zhz@swsc.com.cn 增长+41.3%。24年单 Q1实现营业总收入11.3亿元，同比+12.7%，实现归母 分析师：王书龙 净利润1.4亿元，同比+33.0%，实现扣非归母净利润1.3亿元，同比增长+33.4%， 执业证号： ...

[Table_StockInfo] 买入 2024年 04月 27日 （维持） 证券研究报告•23年报及24年一季报点评 当前价： 186.42元 泸州老窖（000568） 食品饮料 目标价： ——元（6个月） 23 年圆满收官，24Q1 延续高增 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a2ry0]2 3年实现收入 302.3亿元，同比+20.3%，归母净利润 132.5亿 [分Ta析bl师e_：Au朱th会or振] 元，同比+27.8%；其中 23单Q4实现收入 82.9亿元，同比+9.1%，归母净利 润 26.8亿元，同比+24.8%。此外，公司拟每10股派发现金红利54.0元（含税）。 执业证号：S1250513110001 电话：023-63786049 24Q1实现收入91.9亿元，同比+20.7%，归母净利润45.7亿元，同比+23.2%， 邮箱：zhz@swsc.com.cn 24Q1业绩符合市场预期。 分析师：王书龙  国窖、特曲稳健增长，2023年圆满收官。1、2023年外部需求缓慢复苏的背景 下，公司强化消费者培育和渠道建设，国窖、特曲 60版、头曲等单品实 ...

[Table_StockInfo] 买入 2024年 04月 26日 （维持） 证券研究报告•2023年年报点评 当前价： 4.45元 内蒙华电（600863） 公用事业 目标价： 5.41元（6个月） 煤价平滑电价风险，利润正向增长 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2023年年报及 2024年一季报，2023年公司实现营收 225亿 [分Ta析bl师e_：Au池th天or惠] 元，同比下降2.3%；实现归母净利润20.1亿元，同比增长 13.4%；24Q1实现 执业证号：S1250522100001 归母净利润 55.7亿元，同比下降 7.4%，实现归母净利润 8.9亿元，同比增长 电话：13003109597 3%。 邮箱：cth@swsc.com.cn  标煤价格降低平滑电价风险。报告期内公司电力产品销售实现收入193.5亿元， 分析师：刘洋 同比下降6.8%，毛利率16.34%，同比增长 0.97pp，实现上网电量563亿千瓦 执业证号：S1250523070005 电话：18019200867 时，同比下降 0.6%，其中市场化交易电量占比 97. ...

Investment Rating - The investment rating for the company is "Neutral," indicating that the stock is expected to perform within -10% to 10% relative to the market index over the next six months [3]. Core Views - The company reported a revenue of 500 million yuan in 2023, a decrease of 9.4% year-on-year, and a net profit attributable to shareholders of 18 million yuan, down 33.9% year-on-year. However, the net profit after deducting non-recurring items increased by 370% to 3 million yuan [8][9]. - In Q1 2024, the company achieved a revenue of 70 million yuan, a year-on-year increase of 5.9%, but reported a net loss of 26 million yuan, a significant decline of 774.6% year-on-year [8][9]. - The company is facing short-term performance pressure due to industry policy impacts, increased management and R&D expenses [8][9]. Financial Performance Summary - The company's quarterly revenue for 2023 was as follows: Q1: 70 million yuan (+25%), Q2: 170 million yuan (-7.2%), Q3: 120 million yuan (-13.7%), Q4: 140 million yuan (-18.6%) [8]. - The gross margin for 2023 was 93.6%, an increase of 0.69 percentage points, while the net margin was 2.3%, a decrease of 2.54 percentage points [8]. - The company’s R&D expense ratio was 23.1%, reflecting increased investment in research and development [8]. Product Insights - The clinical III phase of the Staphylococcus aureus vaccine is expected to be completed by 2025, with significant market potential as it targets a large number of surgical patients [9]. - The tetanus vaccine remains a significant revenue contributor, generating 460 million yuan in revenue, a 5.8% increase, with stable sales channels [9]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.19 yuan, 0.31 yuan, and 0.48 yuan, respectively [11]. - Revenue forecasts for 2024 to 2026 are 604 million yuan, 714 million yuan, and 847 million yuan, with growth rates of 21.69%, 18.33%, and 18.54% respectively [12][20]. Valuation Metrics - The company’s price-to-earnings (PE) ratio is projected to decrease from 194 in 2024 to 17 in 2026, indicating improving valuation as earnings grow [12][20]. - The return on equity (ROE) is expected to rise from 7.68% in 2024 to 14.78% in 2026, reflecting enhanced profitability [12][20].

业绩实现快速增长，航空航天领域表现突出 盈利能力优异，期间费用率持续优化。2023 年，公司毛利率、净利率分别为 51.6%，21.6%，同比分别-1.7pp、-0.1pp；期间费用率为 28.5%，同比-0.9pp。 24Q1，公司毛利率、净利率分别为 53.9%、21.1%，同比分别-3.1pp、+0.8pp； 期间费用率为 30.9%，同比-2.8pp，其中管理、销售费用率同比分别-1.7pp、 -1.8pp。公司毛利率维持在较高水平，营收高增下带来规模效应显现，费用率有 望持续下行。 风险提示：关键核心器件依赖进口、技术路线替代、募投项目进展不及预期等 风险。 | --- | --- | --- | --- | --- | |----------------------------------|--------|--------|-------------------------------|--------| | | | | | | | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | | 606 ...

西南证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会核准的证券投资咨询业务资格。 本公司与作者在自身所知情范围内，与本报告中所评价或推荐的证券不存在法律法规要求披露或采取限制、静默 措施的利益冲突。 《证券期货投资者适当性管理办法》于 2017 年 7 月 1 日起正式实施，本报告仅供本公司签约客户使用，若您并 非本公司签约客户，为控制投资风险，请取消接收、订阅或使用本报告中的任何信息。本公司也不会因接收人收到、 阅读或关注自媒体推送本报告中的内容而视其为客户。本公司或关联机构可能会持有报告中提到的公司所发行的证券 并进行交易，还可能为这些公司提供或争取提供投资银行或财务顾问服务。 本报告中的信息均来源于公开资料，本公司对这些信息的准确性、完整性或可靠性不作任何保证。本报告所载的 资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可 升可跌，过往表现不应作为日后的表现依据。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报 告，本公司不保证本报告所含信息保持在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做出修 改，投 ...

[Table_StockInfo] 买入 2024年 04月 26日 （维持） 证券研究报告•2024年一季报点评 当前价： 25.56元 中船防务（600685） 国防军工 目标价： ——元（6个月） 造船市场火热，利润开始释放 投资要点 西南证券研究发展中心 [T ab事le件_S：u中m船m防ary务] 公布2023年年度报告及2024年第一季度报告。2023年全年实 [分Ta析bl师e_：Au胡th光or怿] 现营业收入 161.5亿元，同比增长 26.2%；归属于上市公司股东的扣除非经常 性损益的净利润-176.4万元，同比减亏 7754.9万元。2024年一季度公司实现 执业证号：S1250522070002 营收 28.1亿元，同比增长47.8%，归属于上市公司股东的扣除非经常性损益的 电话：021-58352190 邮箱：hgyyf@swsc.com.cn 净利润2522.9万元，同比扭亏。  生产产量稳步提升，利润开始进入逐步释放阶段。随着公司陆续交付低价船订单， [T相ab对le指_Q数u表ot现eP ic] 同时生产效率整体得到提升，产品毛利同比增加，2024 年一季度公司经营毛利 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 74.957 billion yuan in 2023, a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 10.624 billion yuan, up 17.91% year-on-year [2] - The nuclear power segment provided stable income, with revenue of 63.5 billion yuan, a slight increase of 0.1% year-on-year, although the gross margin decreased by 1.68 percentage points [2] - The wind and solar power segments showed significant growth, with wind power revenue increasing by 70.4% to 3.93 billion yuan and solar power revenue rising by 38.9% to 5.88 billion yuan [2] - The company is expanding its non-nuclear clean energy business, with a total installed capacity of 21.3 GW in renewable energy as of Q1 2024 [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 74.957 billion yuan and a net profit of 10.624 billion yuan, with projected net profits for 2024, 2025, and 2026 expected to be 11.7 billion yuan, 12.7 billion yuan, and 13.5 billion yuan respectively [4][9] - The gross margin for nuclear power was 43.0%, while wind and solar power had gross margins of 56.5% and 62.2% respectively [2][4] Operational Metrics - The company operated 25 nuclear power units with a total installed capacity of 23.8 GW, and the total installed capacity for renewable energy is expected to reach 27.6 GW by 2026 [3][9] - The average electricity prices for wind and solar power were 0.369 yuan/kWh and 0.476 yuan/kWh respectively, with year-on-year changes of +2.3% and -16.4% [2] Future Outlook - The company anticipates steady growth in its nuclear business and rapid development in its renewable energy sector, leading to a positive outlook for future performance [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Insights - The company reported a revenue of 52.92 billion yuan in 2023, representing a year-on-year growth of 38.3%. The net profit attributable to shareholders was 8.07 billion yuan, up 7% year-on-year. However, in Q1 2024, revenue was 11.4 billion yuan, a 2% increase year-on-year, while net profit decreased by 28.3% to 1.46 billion yuan [2][3]. - The decline in net profit in Q1 2024 was primarily due to the impact of returned COVID-19 vaccine sales and changes in product structure affecting profitability. The gross margin for 2023 was 26.9%, down 6.71 percentage points, and the net margin was 15.3%, down 4.45 percentage points [2][3]. - The company has signed an exclusive distribution agreement with GSK for the shingles vaccine, which is expected to generate significant revenue growth from 2024 to 2026, with minimum procurement amounts projected at 3.44 billion yuan, 6.88 billion yuan, and 10.32 billion yuan respectively [2][3]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 52.92 billion yuan, with a growth rate of 38.3%. The net profit attributable to shareholders was 8.07 billion yuan, with a growth rate of 7.04% [3]. - For Q1 2024, the company reported a revenue of 11.4 billion yuan, a 2% increase year-on-year, but net profit fell to 1.46 billion yuan, a decrease of 28.3% [2][3]. Product Structure - The company's revenue from self-produced products was 1.03 billion yuan, down 68.7%, while revenue from agency products was 51.89 billion yuan, up 48.4%. The proportion of the nine-valent HPV vaccine has increased significantly, with sales volume reaching 36.55 million doses, a growth of 136.2% [2][3]. - The company anticipates that the newly added shingles vaccine will provide a new growth point for performance starting next year [2][3]. Earnings Forecast - The expected EPS for 2024-2026 is projected to be 3.78 yuan, 4.44 yuan, and 4.62 yuan respectively. The company maintains a "Buy" rating based on these forecasts [2][3][10].

[2T0a2b4le年_I0n4du月str2y7In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（4.22-4.26） 看好医药反弹 投资要点 西南证券研究发展中心  [行Ta情bl回e_顾Su：m本m周ary医] 药生物指数上涨 4.4%，跑赢沪深 300指数 3.2个百分点， [分Ta析bl师e_：Au杜th向or阳] 行业涨跌幅排名第6。2024年初以来至今，医药行业下跌12%，跑输沪深300 执业证号：S1250520030002 指数 16.4个百分点，行业涨跌幅排名第28。本周医药行业估值水平(PE-TTM) 电话：021-68416017 为 26倍，相对全部A股溢价率为86% (7.43pp)，相对剔除银行后全部A股溢 邮箱：duxy@swsc.com.cn 价率为37.5% (4.57pp)，相对沪深300溢价率为128.5% (11.46pp)。 [行Ta业bl相e_对Qu指o数te表Pic现]  4月 23日国家胰岛素接续集采拟中选结果公布。1）从价格看，国产企业普遍 A组中标，基础胰岛素报价处于 63-66元/支之间，其他胰岛素多在 23-26元 ...