[Table_Stock] 中际旭创（300308） 证 Q1 业绩高增速，AI 驱动光模块放量 券 研 ◼ ——中际旭创 23年年报及 24年一季报点评 究 报 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 告 事件概述 [行Ta业bl:e _Indu通st信ry] 中际旭创发布23年年报及24年一季报。年报数据显示，公司实现营业 日期: s 20h2z4q年da0t4e月m2a3r日k 收入107.18亿元，同比增长11.16%；实现归母净利润21.74亿元，同 比增长77.58%。一季报数据显示，公司实现营业收入48.43亿元，同 [T分ab析le师_A: utho刘r]京 昭 比增长163.59%；实现归母净利润10.09亿元，同比增长303.84%。 E-mail: liujingzhao@shzq.com SAC编号: S0870523040005 核心观点 高速光模块开启放量，业绩表现亮眼。23 年公司高速光模块业务收入 [基Ta本bl数e_据Ba seInfo] 达 97.99 亿元，同比增长 9.56%，而中低速光通信模块同比增长率为- 1 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" as of April 23, 2024 [2]. Core Views - The company reported a strong performance in Q1 2024, achieving a revenue of 34.82 billion yuan, representing a year-on-year growth of 39.80%. The net profit attributable to shareholders was 6.64 billion yuan, up 33.51% year-on-year [2]. - The core product, Dongpeng Energy Drink, continued to show high growth, with Q1 2024 revenue reaching 31.01 billion yuan, a year-on-year increase of 30.11%. Other beverage categories, including electrolyte drinks, tea drinks, and ready-to-drink coffee, also saw significant sales growth [2]. - The company is actively expanding its national presence while solidifying its market in Guangdong, with a focus on diversifying its product matrix beyond energy drinks [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 34.82 billion yuan, a 39.80% increase year-on-year. The net profit attributable to shareholders was 6.64 billion yuan, reflecting a 33.51% growth [2]. - The gross profit margin for Q1 2024 was 42.77%, a slight decrease of 0.76 percentage points year-on-year, primarily due to production cost impacts [2]. - The overall sales expense ratio improved slightly, decreasing by 0.02 percentage points to 19.09% [2]. Revenue Growth - The company is projected to achieve revenues of 141.81 billion yuan in 2024, with a year-on-year growth rate of 25.91%. By 2026, revenues are expected to reach 208.71 billion yuan, with a growth rate of 20.07% [3]. - The net profit attributable to shareholders is forecasted to be 26.29 billion yuan in 2024, with a growth rate of 28.88%, and is expected to reach 41.46 billion yuan by 2026, with a growth rate of 24.83% [3]. Market Expansion - The company is accelerating its national expansion efforts, with significant revenue growth in regions outside its home market of Guangdong. For instance, revenue from East China, Central China, and North China markets grew by 48.05%, 54.45%, and 69.14% year-on-year, respectively [2]. - The company is also exploring new sales channels, including online and direct sales, which generated revenues of 0.67 billion yuan and 3.46 billion yuan in Q1 2024, representing year-on-year increases of 100.26% and 76.38%, respectively [2].

[Table_Author] 分析师: 胡月晓 Tel: 021-53686171 E-mail: huyuexiao@shzq.com SAC 编号: S0870510120021 分析师: 陈彦利 Tel: 021-53686170 E-mail: chenyanli@shzq.com SAC 编号: S0870517070002 经济信心回暖 通胀结构改善 经济景气度继续提升成市场主流预期 2 月份 CPI 和 PPI 的"双负"局面改变，通缩形势趋缓解，市场主流预 期通胀结构趋改善的趋势将延续：CPI 延续低位平稳，PPI 则缓慢回 升。2024 年 4 月份 CPI 同比增速（%）预测分布区间为（-0.2,1.2）， 预期的中值和均值均为 0.5，表明消费价格平稳的市场共识度较高。我 们一直认为，受基数效应影响，未来 CPI 同比数据或持续处于低位运 行状态，PPI 则延续降幅缓慢收窄态势。我们认为，中国消费价格有着 较为明显的季节性波动规律，从环比价格变动看，中国物价运行并未 陷入通缩态势，受基数效应影响，2 月 CPI 同比转正，也并不意味着 通胀态势形成；工业品价格受大宗商品价格回升影响，预计 ...

周观点：Stable Diffusion 3 可通过 API 使 证 券 用，百度举办 AI 开发者大会 研 究 ——互联网传媒行业周报（20240415-20240421） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 4月 18日，Stability.ai 在官网宣布最新文生图模型 Stable Diffusion 3 [行Ta业bl:e _Indu传st媒ry] （简称“SD3”）和 SD3 Turbo可以在 API中使用。与前两代相比， 日期: s 20h2z4q年da0t4e月m2a2r日k SD3 除了生成的图片质量更高之外，可以更好地理解提示文本中嵌入 到图片中的文字。Stability.ai2 月 22 日在官网首次展示了 SD3 并开启 [T分ab析le师_A: utho陈r]旻 候补测试，3月5日在 arxiv上公布了其论文并介绍，SD3与前两代相 Tel: 021-53686134 比最大技术创新在于使用了MM-DiT和Flow Matching两种方法来增强 E-mail: chenmin@shzq.com 模型的输出、训练、 ...

中国液冷服务器市场快速增长，速腾聚 证 券 创 MX 或将开启激光雷达千元新时代 研 究 ——电子行业周报（2024.04.15-2024.04.19） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl核e_心Su观mm点a ry] 市场行情回顾 [行Ta业bl:e _Indu电st子ry] 过去一周（04.15-04.19），SW电子指数下跌2.59%，板块整体跑输沪 深300指数4.48 pct，从六大子板块来看，电子化学品Ⅱ、元件、半导 日期: s 20h2z4q年da0t4e月m2a2r日k 体、光学光电子、消费电子、其他电子Ⅱ涨跌幅分别为-2.02%、- 2.23%、-2.29%、-2.76%、-3.11%、-4.14%。 [T分ab析le师_A: utho马r]永 正 核心观点 Tel: 021-53686147 液冷服务器：2023 年本土液冷服务器市场加速扩张，液冷行业或将迎 E-mail: mayongzheng@shzq.com 来“刚需”放量元年。4 月 17 日，国际数据公司（IDC）发布了最新 的《中国半年度液冷服务器市场（2023 全年）跟踪》报告。数据显 ...

Summary of Shanghai Jahwa's Q1 2024 Earnings Call Company Overview - **Company**: Shanghai Jahwa - **Date of Call**: April 22, 2024 - **Key Participants**: CEO Pan Qiusheng, CFO Han Min, and other senior management Key Points Industry and Company Strategy - Shanghai Jahwa has undergone an organizational restructuring to focus on high-margin, high-growth, and high-brand premium categories, referred to as the "three highs" strategy [4][6] - The company is actively reducing inventory across various channels and is moving away from low-margin businesses to enhance quality growth [4][6] Financial Performance - **Q1 2024 Revenue**: CNY 1.905 billion (approximately USD 274 million), with domestic revenue at CNY 1.569 billion (down about 2% YoY) and overseas revenue at CNY 337 million (down about 11% YoY) [4][5] - **Net Profit**: CNY 256 million (up 11.18% YoY), with adjusted net profit at CNY 293 million (up 29.17% YoY) [7] - **Gross Margin**: 63.27%, an increase of 2.07 percentage points YoY, attributed to lower raw material costs and a shift towards higher-margin products [7][8] Product Performance - The skincare and maternal-infant division generated CNY 393 million in revenue, with a significant focus on transforming the brand's sales model [5] - The "Yuze" brand saw a 0.8% increase in revenue, while "Meijiajing" experienced a substantial growth of 44% [5] - New product launches are planned for Q2, including a high-end anti-aging series and medical repair masks targeting post-surgery recovery [8][9] Marketing and Sales Strategy - The company plans to increase marketing activities in Q2, particularly for new product launches, to drive sales during the 618 shopping festival [8][9] - Emphasis on digital marketing and collaboration with influencers to enhance brand visibility and sales performance [8][9] Cost Management - Total expenses decreased by 15.52% YoY, with a combined expense ratio of 43.72%, down 6.08 percentage points [7][8] - The reduction in sales and management expenses is attributed to a strategic shift in resource allocation and cost control measures [6][12] Future Outlook - The company aims to continue its strategic transformation and enhance operational efficiency through digitalization and increased R&D investment [9][10] - Anticipation of improved performance in Q2 with the launch of new products and increased marketing efforts [9][10] Additional Insights - The restructuring has led to better synergy between online and offline channels, enhancing overall operational efficiency [16][17] - The company is focused on maintaining a balance between profitability and revenue growth, particularly in the context of rising competition in the market [17][18] This summary encapsulates the key insights from Shanghai Jahwa's Q1 2024 earnings call, highlighting the company's strategic focus, financial performance, product developments, and future outlook.

No relevant content available for analysis.

证 板块结构性增长，金徽燕京等表现优异 券 研 ——食品饮料行 业周报 20240415-20240421 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl投e_资Su要mm点a：ry] 报 告 本周行业要闻：1）金徽酒发布 2024 年第一季度报告：24Q1，公司实 [行Ta业bl:e _Indu食 st品ry]饮 料 现营收 10.76 亿，同比+20.41%；实现归母净利润 2.21 亿，同比 日期: s 20h2z4q年da0t4e月m2a1r日k +21.58%；实现扣非归母净利润 2.22 亿，同比+22.48%。分价格带来 看，300 元以上/100-300 元/100 元以下产品分别实现 1.91/5.51/3.24 [T分ab析le师_A: utho王r]慧 林 亿，同比+86.48%/24.13%/-4.20%，300 元以上产品实现高增，百元以 Tel: 15951919467 上占比同比提升 7.8pct 至 69.6%，产品结构优化显著。分地区来看， E-mail: wanghuilin@shzq.com 省内/省外分别实现 8.48/2.18 亿，同比+22. ...

3 月纺服社零增长提速，关注运动品牌价 证 券 值 研 究 ——轻工纺服行业周报（20240415-0419） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 行情回顾：本周（2024.04.15-2024.04.19，下同），A股SW纺织服饰 [行Ta业bl:e _Indu纺st织ry]服 饰 行业指数下跌 4.14%，轻工制造行业下跌 4.23%，而沪深 300 上涨 日期: s 20h2z4q年da0t4e月m2a1r日k 1.89%，上证指数上涨 1.52%。纺织服装和轻工制造在申万 31个一级 行业中涨幅排名分别为第26位和第27位。 [T分ab析le师_A: utho杜r]洋 Tel: 021-53686169 1）纺织服装：3 月纺服社零增长提速，安踏体育 24Q1 零售金额正增 E-mail: duyang@shzq.com 长。 SAC编号: S0870523090002 24Q1 社会消费品零售总额 12.03 万亿元，同比增长 4.7%。按消费类 型分， 商品零售 10.69 万亿元，增长 4.0%；餐饮收入 1.34 万亿元， ...

新能源动力系统 行业周报（20240415-20240419） 领先大市-A(维持) 比亚迪加码钠电，特斯拉上海储能超级工厂5月开工 2024年4月21日 行业研究/行业周报 新能源动力系统行业近一年市场表现 新闻  比亚迪加码钠电：4月16日，弗迪电池产品线总监张剑表示，预计比 亚迪将在6月于深圳实现大圆柱钠离子电池电动两轮车充换电综合应用场景 试点，实现车、柜、电智能一体化。张剑表示，弗迪电池始终以极致安全、 极致性能、极致成本为目标进行钠电研发生产。性能方面，比亚迪钠电池支 持-40℃低温放电，循环寿命超过3000次。此外，能量密度上也取得了显著 进步，今年将量产的钠电池的能量密度是 105Wh/kg，远期的目标是 130Wh/kg以上。目前，比亚迪钠离子电池的开发已经进入了围绕成本的第 资料来源：最闻 二阶段，预计将在2025年BOM成本和磷酸铁锂持平，远期BOM成本可以 首选股票 评级 做到磷酸铁锂的70%以下。  1-2月全国锂电池产量超117GWh：4月15日，据工信部电子信息司消 息，1-2月，我国锂离子电池产业延续增长态势。根据锂电池行业规范公告 企业信息和行业协会测算，1-2月全国锂电 ...