行 业 3 月动力电池装车量稳步增长 研 ——电力设备行业研究周报 究 投资摘要： 评级 增持（维持） 每周一谈：3月动力电池装车量稳步增长 2024年04月15日 新能源汽车稳定增长。2024年3月，我国新能源汽车销量为88.3万辆，同比增 长35.3%，环比增长85.2%，渗透率为32.8%。2024年1-3月，新能源汽车销 徐广福 分析师 量为672万辆，同比增长10.6%，渗透率为31.1%。随着各大厂家加速向新能源 SAC执业证书编号：S1660524030001 行 转型，我们对新能源车市场的发展保持长期乐观的态度。 业 刘宁 研究助理 装机增速依然可观。3月，我国动力电池装车量35 GWh，同比增长26%，环比 研 增长94%。2024年1-3月，我国动力电池累计装车量85 GWh，同比增长30%， SAC执业证书编号：S1660122090007 增速依然可观，维持较高水平。 究 行业基本资料 三元电池发展态势渐好。3月，我国磷酸铁锂动力电池装车量23.6 GWh，占总 周 股票家数 348 装车量67%，同比增长24%，环比增长114.5%；三元动力电池装车量11.3 GWh， 行业平均市盈 ...

Market Performance Overview - Last week, the major indices showed positive performance: CSI 300 rose by 0.86%, Shanghai Composite Index rose by 0.92%, Shenzhen Component Index rose by 1.53%, ChiNext Index rose by 1.22%, and CSI 500 rose by 1.67% [3] - The market exhibited a pattern of rising initially and then falling, with a strong opening on Monday followed by adjustments in the subsequent two trading days [12][13][14][20][30] - The number of stocks hitting historical highs was 13, while 9 stocks hit historical lows [4][25] Sector Performance - The top-performing sectors last week were non-ferrous metals (6.8056%), basic chemicals (4.0884%), petroleum and petrochemicals (3.4183%), agriculture, forestry, animal husbandry, and fishery (3.4115%), and steel (3.3583%) [24][33] - The underperforming sectors included computers (-2.5381%), communications (-2.2187%), national defense (-1.9680%), media (-1.5422%), and real estate (-1.4523%) [24][35] Market Trading Data - Last week, there were only 3 trading days, with a total trading volume of 2659.35 billion shares and a turnover of 28985.51 billion yuan [15][36] - The number of stocks that rose was 3220, while 2078 stocks declined [15][36] - The number of stocks hitting 30-day, 60-day, and 120-day highs were 771, 682, and 228 respectively, while those hitting 30-day, 60-day, and 120-day lows were 407, 44, and 31 respectively [4][25][39] Investment Strategy - Since the rebound from the low point in February, the market has been consolidating at high levels, and this trend is expected to continue in the short term due to the dual financial reporting season of annual reports and Q1 reports [16][27] - Stocks lacking performance support may face downward risks, and it is recommended to focus on stocks with stable performance, low valuations, and high dividends [16][27]

Investment Rating - The report assigns a "Buy" rating to the company [13] Core Views - The company achieved robust performance in 2023, with revenue reaching 1505.60 billion yuan, a year-on-year increase of 18.04%, and net profit attributable to the parent company reaching 747.34 billion yuan, a year-on-year increase of 19.16% [11] - The company's direct sales ratio increased significantly, with i-Moutai contributing 223.74 billion yuan in sales, a year-on-year increase of 88.29% [12] - The company's 2024 target growth rate is set at 15%, consistent with the 2023 target, indicating a positive outlook [12] Financial Performance Summary Revenue and Profit - Revenue for 2022 was 1275.54 billion yuan, increasing to 1505.60 billion yuan in 2023, with projected growth to 2295.12 billion yuan by 2026 [3] - Net profit attributable to the parent company was 627.16 billion yuan in 2022, increasing to 747.34 billion yuan in 2023, with projections reaching 1157.80 billion yuan by 2026 [3] - The company's revenue growth rate is expected to remain strong, with a projected 14.08% growth in 2026 [3] Profitability Metrics - The company's ROE (Return on Equity) was 31.75% in 2022, increasing to 34.65% in 2023, with projections of 25.90% by 2026 [3] - EPS (Earnings Per Share) was 49.93 yuan in 2022, increasing to 59.49 yuan in 2023, with projections reaching 92.17 yuan by 2026 [3] Valuation Metrics - The company's PE ratio was 33.29 in 2022, decreasing to 27.94 in 2023, with projections of 18.03 by 2026 [3] - The PB ratio was 10.57 in 2022, decreasing to 9.68 in 2023, with projections of 4.67 by 2026 [3] Business Highlights Product Performance - Moutai liquor achieved revenue of 1265.89 billion yuan in 2023, with a sales volume of 42,100 tons, a year-on-year increase of 11.10% [12] - The company's series liquor, led by Moutai 1935, achieved revenue of 206.30 billion yuan in 2023, a year-on-year increase of 29.43% [12] Sales Channels - Direct sales revenue reached 672.33 billion yuan in 2023, a year-on-year increase of 36.16%, accounting for 45.67% of total revenue [12] - i-Moutai contributed 33.28% of direct sales revenue, a significant increase from the previous year [12] Operational Efficiency - The company's sales expense ratio increased slightly to 3.09% in 2023, while the management expense ratio decreased to 6.46% [12] - The company's gross profit margin improved by 0.09 percentage points, and the net profit margin increased by 0.24 percentage points [12] Future Outlook - The company expects revenue to reach 1746.89 billion yuan in 2024, with net profit attributable to the parent company projected at 874.61 billion yuan [12] - The company's 2024 target growth rate is set at 15%, consistent with the 2023 target, indicating a positive outlook [12] Market Performance - The company's market capitalization is 20,701.89 billion yuan, with a closing price of 1,647.98 yuan as of April 10, 2024 [22] - The company's stock price has shown strong performance, with a one-year high of 1,935.00 yuan [22]

公 价格提升驱动增长 盈利能力获得提升 司 研 ——青岛啤酒（600600.SH）年报点评 食品饮料/非白酒 究 事件： 公司发布 2023年度年报，全年实现营收/归母净利润 339.37/42.68亿元，同 评级 买入 比增长5.49%/15.02%。其中Q4实现营收29.58亿元、同比下滑3.37%，归 2024年04月08日 母净利润-6.4 亿元，较同期（22Q4 归母净利润-5.56 亿元）亏损加大。业绩 符合市场预期。 徐广福 分析师 投资摘要： SAC执业证书编号：S1660524030001 主品牌组合发展提升产品结构，千升酒价提升趋势延续，23年4季度销量短 年 期承压。23年全年销量801万千升，同比下滑0.82%，千升酒价4170元/千 报 升、同比增长 6.18%，全年千升酒价提高为业绩增长驱动力。全年青岛品牌/ 其他品牌销量分别为 456 万/345 万千升，同比增长 2.67%/下滑 5.08%。青 交易数据 时间 2024.4.8 点 岛品牌实现营收 232.63亿元，其他品牌实现营收 101.43亿元，青岛品牌/其 总市值/流通市值（亿元） 1,063.39/549.31 他品 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return exceeding 15% over the next six months compared to the market benchmark index [1][23]. Core Insights - The company reported a revenue of 4.901 billion yuan and a net profit attributable to shareholders of 550 million yuan for the year 2023, reflecting a year-on-year growth of 19.17% and 5.21% respectively. The fourth quarter saw a revenue of 1.025 billion yuan and a net profit of 59 million yuan, with year-on-year growth of 32.73% and 11.11% [4][22]. - The company is focusing on expanding its food business through new regions, channels, and platforms, particularly in East China, while enhancing brand presence and distribution [22]. - The company has experienced significant growth in its restaurant business, with a 138.32% increase in Q4 revenue, attributed to new store openings and industry recovery [22]. Financial Performance Summary - The company’s revenue and net profit projections for 2024-2026 are 5.658 billion yuan, 6.466 billion yuan, and 7.341 billion yuan, with net profits of 651 million yuan, 762 million yuan, and 891 million yuan respectively. The earnings per share (EPS) are projected to be 1.15 yuan, 1.34 yuan, and 1.57 yuan, with corresponding price-to-earnings (PE) ratios of 15.36X, 13.14X, and 11.24X [22][23]. - The overall gross margin for the company increased by 0.16 percentage points to 35.30%, driven by the strong performance of the restaurant segment [22]. - The company’s total market capitalization is reported at 10.01 billion yuan, with a closing price of 17.6 yuan per share [23].

行 业 四部委发文 推动低空经济发展 研 ——电力设备行业研究周报 究 投资摘要： 评级 增持（维持） 每周一谈：四部委发文 推动低空经济发展 2024年03月31日 近期，工业和信息化部，科学技术部，财政部，中国民用航空局关于印发了《通 用航空装备创新应用实施方案（2024-2030年）》（下文简称《通知》）。 徐广福 分析师 行 《通知》提出了主要目标： SAC执业证书编号：S1660524030001 业 到2027年： 刘宁 研究助理 研  通用航空装备供给能力和产业创新能力显著提升。 SAC执业证书编号：S1660122090007  现代化通用航空基础支撑体系基本建立。 究 行业基本资料  高效融合产业生态初步形成。 周 股票家数 347  新型通用航空装备在多个领域实现商业应用。 行业平均市盈率 16.96 报 到 2030 年： 市场平均市盈率 11.66  通用航空产业发展新模式基本建立。  通用航空装备全面融入人民生产生活各领域。 行业表现走势图  低空生产作业网络安全高效运行。 12%  形成万亿级市场规模，成为低空经济增长的强大推动力。 0% 《通知》明确指出深化以下重 ...

行 白酒关注淡季批价和库存 休闲食品高景 业 研 气验证 究 ——食品饮料行业研究周报 评级 增持（维持） 市场回顾 2024年03月31日 本周，食品饮料指数涨跌幅-0.56%，在申万 31 个行业中排名第 15，跑输沪深 300 指数 0.35pct。食品饮料各子行业中零食（+7.62%）、保健品（+2.44%）、 徐广福 分析师 行 软饮料（1.22%）表现相对较好。分别跑赢沪深 300 指数 7.84pct、2.65pct、 SAC执业证书编号：S1660524030001 1.43pct。 业 每周一谈：白酒关注淡季批价和库存 休闲食品高景气验证 研 白酒经历春节渠道高压和春糖的良性反馈，淡季库存及价位仍是酒企管控重点 究 和市场观察指标。3月制造业PMI为50.8%、前值49.1% ，PMI重回荣枯线以 行业基本资料 上，提振市场对经济的预期和信心，白酒基本面受益经济复苏有望触底修复。 股票家数 127 周 目前行业进入淡季做市场促动销、挺价格阶段，库存和批价两个重要的观察指 行业平均市盈率 25.1 市场平均市盈率 11.7 标有望在清明和五一等节日密集情况下进一步转好，24 年行业动销和价格压 ...

中式调料增长亮眼 渠道补充成效明显 ——天味食品（603317.SH）年报点评 食品饮料/调味发酵品 公司发布 2023 年度年报，全年营业收入 31.49 亿元、同比+17.02%，归母净 利 润 4.57 亿 元 、 同 比 +33.65% ， 扣 非 归 母 净 利 润 4.04 亿 元 、 同 比 +38.63%。其中 Q4 营收 9.15 亿元、同比+16.95%，归母净利润 1.36 亿元、 同比+39.90%，扣非归母净利润 1.23 亿元、同比+64.39%。全年收入增速略 低于、归母净利润增速高于我们此前预期。 投资摘要： 中式菜品调料贡献主要增量，主要品类价格实现提升。全年火锅调料/中式菜 品调料/香肠腊肉调料营收分别+1.97%/+28.58%/+47.73%、占公司产品收入 比例为 38.85%/48.30%/9.42%。公司中式菜品调料凭借其赛道和品牌优势贡 献主要营收增量，持续深耕和扩展鱼类和小龙虾品类产品。冬调销售受益猪 肉低价和公司下半年渠道布局节奏向好、增速亮眼。火锅调料/中式菜品调料/ 香肠腊肉调料单位价格分别提升 5.56%/5.06%/28.57%，预计主要为年内推 出 ...

行 轻工纺服行业研究周报 业 研 3 月 PMI 指数向好 企业生产经营活动扩张加快 究 ——轻纺美妆行业周报 、 投资摘要： 评级 增持（维持） 每周一谈：3月PMI指数向好 企业生产经营活动扩张加快 2024年03月31日  3月份，制造业PMI比上月上升1.7个百分点。根据国家统计局数据，3月 份，制造业采购经理指数（PMI）为50.8%，比上月上升1.7个百分点，高于 孔天祎 分析师 行 临界点，制造业景气回升。进出口指数重返扩张区间。春节过后制造业进出 口景气度回升，新出口订单指数和进口指数分别为51.3%和50.4%，比上月上 SAC执业证书编号：S1660522030001 业 升5.0和4.0个百分点，均升至扩张区间。从行业看，化学纤维及橡胶塑料 18624107608 研 制品、汽车、计算机通信电子设备等行业两个指数均高于临界点，相关行业 kongtianyi@shgsec.com 外贸业务较上月增加。三大重点行业同步扩张。高技术制造业、消费品行 究 业、装备制造业PMI分别为53.9%、51.8%和51.6%，比上月上升3.1、1.8和 2.1个百分点，均高于制造业总体水平，其中高技术制 ...

行 业 全球网络市场规模持续增长 研 ——通信行业研究周报 究 投资摘要： 评级 增持（维持） 每周一谈： 2024年04月07日 根据 IDC 统计数据，2023 年全球网络市场规模为 714.2 亿美元，同比增长 12.8%。 张建宇 分析师  其中交换机市场同比增长20.1%，路由器市场同比下滑0.4%，WLAN市 zhangjianyu@shgsec.com 行 场同比增长7.6%。 SAC执业证书编号：S1660523110001 业  2020年网络建设项目纷纷进入停滞状态，全球网络市场规模同比下滑 行业基本资料 研 3.1%，后续逐步恢复增长。 股票家数 130 究 根据IDC统计数据，2023年中国网络市场规模为728.4亿元人民币，同比增 行业平均市盈率 20.92 长0.8%。 周 市场平均市盈率 16.86  根据IDC统计数据，国内交换机市场同比增长0.7%，其中数据中心交换 报 机同比增长2.2%，企业网数据中心交换机主要由于互联网行业近两年持续 行业表现走势图 的颓势影响投资，运营商数据中心交换机自2022年以来保持建设高涨。 与此同时，ChatGPT的发展带动数据中心交换机 ...