Investment Rating - The report assigns a "Buy" rating for the company, Midea Group, with a target price of 83 CNY [1][4]. Core Insights - The company reported a steady revenue growth of 10.2% year-over-year (YOY) in Q1 2024, achieving a revenue of 106.48 billion CNY and a net profit of 9.00 billion CNY, which is an 11.9% increase YOY [4][5]. - The smart home business showed a revenue increase of 11% YOY, driven by new channel development and significant growth in overseas e-commerce sales, particularly in markets like Brazil, Egypt, Malaysia, and the Middle East [4][5]. - The overall gross margin improved by 3.3 percentage points to 27.6% in Q1 2024, benefiting from changes in product mix and currency depreciation [5]. Summary by Sections Company Overview - Midea Group operates in the home appliance industry, with a market capitalization of approximately 477.42 billion CNY and a share price of 69.78 CNY as of April 30, 2024 [1]. Financial Performance - Q1 2024 financial results include a net profit of 9.00 billion CNY and a net profit margin of 8.5% [4]. - The company expects net profits for 2024-2026 to be 39.06 billion CNY, 44.05 billion CNY, and 49.11 billion CNY, respectively, with year-over-year growth rates of 15.8%, 12.8%, and 11.5% [5][6]. Market Position - The product mix includes HVAC (43.6%), consumer appliances (36.2%), and robotics and automation (8.7%) [2]. - Institutional investors hold 11.9% of the circulating A-shares, with general corporations holding 52.0% [2]. Future Outlook - The company is expected to benefit from government policies promoting appliance upgrades, which will support steady growth in appliance consumption [5]. - The employee stock ownership plan is anticipated to enhance profit quality [5].

Investment Rating - The report assigns a "BUY" rating for the company, with a target price of 21 CNY [4][9]. Core Insights - The company achieved a revenue of 2.11 billion CNY in Q1 2024, representing a year-on-year increase of 17%, and a net profit of 170 million CNY, up 58.6% year-on-year [6]. - The strong performance is attributed to a low base effect from Q1 2023 and a significant increase in production orders, with a notable growth in the Milan channel, which saw a 47% year-on-year revenue increase [6][8]. - The company is expected to continue its "multi-brand, all-channel, all-category" home furnishing strategy, focusing on category extension and channel penetration for steady growth [8]. Company Overview - The company operates in the light manufacturing industry, with a current stock price of 17.13 CNY as of April 30, 2024, and a market capitalization of 10.943 billion CNY [3]. - The stock has seen a price fluctuation over the past year, with a high of 21.2 CNY and a low of 14.45 CNY [3]. - Major shareholders include Jiang Gan Jun and Ke Jian Sheng, holding 21.54% of the shares [3]. Financial Performance - The company reported a net profit margin increase to 7.8% in Q1 2024, up 2 percentage points year-on-year, despite a slight decline in gross margin to 32.6% [8]. - The company is projected to achieve net profits of 1.47 billion CNY, 1.66 billion CNY, and 1.83 billion CNY for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.3%, 13.4%, and 9.8% [9][14]. - The earnings per share (EPS) are expected to be 1.52 CNY, 1.73 CNY, and 1.90 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 11, 10, and 9 [9][14].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 7.5 RMB per share [1]. Core Insights - The company experienced a revenue decline of 4.5% year-on-year in 2023, with a total revenue of 6.08 billion RMB. However, there are signs of recovery in Q1 2024, with a revenue increase of 4.2% year-on-year [1]. - The medical terminal business showed high growth, while the skincare segment faced challenges due to adjustments, leading to a 42% decline in net profit for 2023 [1]. - The company is expected to achieve net profits of 830 million RMB, 990 million RMB, and 1.08 billion RMB for the years 2024, 2025, and 2026, respectively, indicating a growth trajectory [2]. Summary by Sections Company Overview - The company reported a net profit of 490 million RMB in 2023, down 42% year-on-year, with a revenue of 6.08 billion RMB, a decrease of 4.5% [1]. - In Q1 2024, the company achieved a revenue of 1.36 billion RMB, a year-on-year increase of 4.2%, and a net profit of 240 million RMB, up 21.4% [1]. Financial Performance - The company’s earnings per share (EPS) for 2024 is projected to be 1.72 RMB, with a P/E ratio of 36 [2]. - The company plans to distribute a cash dividend of 3.8 RMB for every 10 shares held [1]. Revenue Breakdown - The medical terminal business generated a revenue of 1.13 billion RMB in 2023, reflecting a growth of 15.2% year-on-year [1]. - The company’s raw material business is expected to maintain steady growth, with a focus on expanding overseas and new business areas [1]. Market Position - The company’s market capitalization is approximately 12.19 billion RMB, with major shareholders including Huaxi Xinyu Investment Co., Ltd [1]. - The company’s stock price has shown a decline of 9% over the past year, with a current price of 61.50 RMB as of April 30, 2024 [1].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [7]. Core Insights - The company reported a strong Q1 performance with revenue of 68.98 billion RMB, a year-over-year increase of 6.0%, and a net profit of 4.77 billion RMB, reflecting a 20.2% increase year-over-year [4]. - The company has launched a new employee stock ownership plan aimed at incentivizing key personnel, which is expected to enhance shareholder value [4]. - The company is benefiting from favorable policies such as the domestic appliance replacement program, which is anticipated to support steady growth in sales [5]. Summary by Sections Company Overview - The company operates in the home appliance industry, with a current A-share price of 30.26 RMB as of April 30, 2024, and a market capitalization of approximately 190.9 billion RMB [2]. Financial Performance - Q1 revenue growth was driven by a robust performance in the Chinese market, which saw an 8.1% increase, while international revenue grew by 4% despite weaker growth in Europe and the US [4]. - The gross margin improved by 0.5 percentage points to 29%, and the net profit margin increased by 0.8 percentage points to 6.9% [4]. Earnings Forecast - The company’s net profit is projected to reach 19.46 billion RMB in 2024, 22.76 billion RMB in 2025, and 25.33 billion RMB in 2026, with year-over-year growth rates of 17.3%, 16.9%, and 11.3% respectively [5][6]. - Earnings per share (EPS) are expected to be 2.1 RMB in 2024, 2.4 RMB in 2025, and 2.7 RMB in 2026 [5]. Valuation Metrics - The A-share price-to-earnings (P/E) ratios are forecasted to be 15X in 2024, 13X in 2025, and 11X in 2026, indicating a reasonable valuation [5][6]. - The company is expected to gradually increase its dividend payout ratio, with a projected dividend per share (DPS) of 1.03 RMB in 2024, yielding 3.41% [6].

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [3][4]. Core Insights - The company's net profit growth accelerated in Q1 2024, with a year-on-year increase of 90.4%, reflecting strong domestic demand for semiconductor equipment [4]. - R&D expenses nearly doubled year-on-year in Q1 2024, with an R&D expense ratio increasing by nearly 3 percentage points, highlighting the company's commitment to innovation [4]. - The company is positioned as a leading domestic equipment platform in the semiconductor sector, with significant market opportunities in etching, deposition, thermal processing, and cleaning equipment [4]. Financial Performance Summary - In 2023, the company achieved revenue of 22.1 billion RMB, a year-on-year growth of 50%, and a net profit of 3.9 billion RMB, up 66% year-on-year [4]. - For Q1 2024, the company reported revenue of 5.86 billion RMB, a year-on-year increase of 51.4%, and a net profit of 1.13 billion RMB, reflecting a strong performance in the semiconductor equipment market [4]. - The projected net profits for 2024, 2025, and 2026 are 5.8 billion RMB, 7.5 billion RMB, and 9 billion RMB, respectively, with year-on-year growth rates of 49%, 29%, and 21% [4][6]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 10.96 RMB, 14.12 RMB, and 17.07 RMB, respectively [6]. - The price-to-earnings (P/E) ratios for the same years are estimated at 29x, 23x, and 19x, indicating a favorable valuation compared to historical performance [4][6].

Compa n y U pda te Ch in a Resea rch Dep t . 阿 2024年04月30日 伊利股份(600887.SH) BUY 买进 顾向君 H70420@capitalcom.tw 主业平稳，非经常性损益造成盈利波动 目标价(元) 35 结论与建议： 公司基本资讯 产业别 食品饮料 业绩概要： A股价(2024/4/29) 28.29 公告2023年实现营收1261.8亿，同比增2.4%，录得净利润104.3亿， 上证指数(2024/4/29) 3113.04 股价12个月高/低 29.92/25.2 同比增10.6%，扣非后净利润100.3亿，同比增16.8%；4Q实现营收287.8亿， 总发行股数(百万) 6366.10 同比下降1.8%，录得净利润10.5亿，同比下降23.5%，录得扣非后净利润15.7 A股数(百万) 6305.09 A市值(亿元) 1783.71 亿，同比增56.5%。 主要股东 香港中央结算 24Q1实现营收325.8亿，同比下降2.6%，录得净利润59.2亿，同比增 有限公司 63.8%，扣非后净利润37.3亿，同比增12.4%。 (13.00%) ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月29日 石头科技(688169.SZ) 买进（Buy） 赵旭东 H70556@capital.com.tw 目标价(元) 446 24Q1利润翻倍增长，后续新品放量将支撑利润继续增长 公司基本信息 业绩概览：公司2024年Q1实现营收18.4亿元,YOY+58.7%,录得归母净利4.0亿 产业别 机械设备 元，YOY+95.2%，扣非后净利3.4亿元，同比+110.0%。 A股价(2024/4/26) 382.30 上证指数(2024/4/26) 3088.64 点评： 股价12个月高/低 391.63/204.37 总发行股数(百万) 131.48  24Q1公司收入增长超5成：公司24Q1实现营收18.4亿元,YOY+58.7%， A股数(百万) 131.48 我们估计公司营收增长主要受海外业务驱动。2023年公司海外渠道取得 A市值(亿元) 502.64 主要股东 昌敬(22.10%) 诸多进展，包括入驻美国target180余家精选店铺、法国线下渠道突破、 每股净值(元) 89.64 德国亚马 ...

2024 年 04 月 29 日 费倩然 H70507@capital.com.tw 目标价(元) 186 | --- | |------------------| | | | 机构投资者占流通 | | 基金 一般法人 | 业绩表现优异，看好半导体复苏 公司是国内CMP抛光液龙头企业，24Q1营收和利润同比大增，Q1毛利率同 比提升。看好公司"3+1"技术平台核心竞争力稳步提高，抛光液、功能性湿 电子化学品、电镀液及添加剂、上游核心原材料协同发展。半导体国产替代 背景下，看好公司加速成长，维持"买进"评级。 国产替代推进，看好半导体复苏：半导体国际贸易形势紧张的背景下， 国产替代需求加速。晶圆制程的进步也推动 CMP 抛光材料的需求，制程 越先进，晶圆制造中平坦化的重复次数就越多，对 CMP 抛光材料的需求 持续增加。我们看好公司在销量和市占上持续提升。 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------|--------------|---------|--------|------------- ...

Compa n y U pda te Ch in a Rese ar ch Dep t . 2024年04月29日 鱼跃医疗(002223.SZ) 买进（Buy） 王睿哲 C0062@capital.com.tw 产品结构优化，毛利率提升明显 目标价(元) 43 结论及建议： 公司基本资讯 产业别 医药生物  公司业绩：公司发布2023年及24Q1财报，2023年实现营收79.7亿元， A股价(2024/4/26) 36.65 YOY+12.3%,录得归母净利润24.0亿元,YOY+50.2%,扣非后归母净利润 深证成指(2024/4/26) 9463.91 18.4亿元,YOY+46.8%,公司净利增速符合预期。分季度来看，23Q4单季 股价12个月高/低 38.03/30.56 总发行股数(百万) 1002.48 度实现营收13.1亿元,YOY+7.7%,录得归母净利润2.1亿元，YOY-55.4%, A股数(百万) 938.67 扣非后归母净利润1.7亿元,YOY-43.2%；24Q1营收22.3亿元，YOY-17.4%, A市值(亿元) 344.02 主要股东 江苏鱼跃科技发 录得归母净利润6.6亿 ...

C o m p a n y U p d a t e 公司基本资讯 产业别 通信 A 股价(2024/4/28) 16.23 深证成指(2024/4/28) 9463.91 股价 12 个月高/低 25.53/11.62 总发行股数(百万) 765.74 A 股数(百万) 530.94 A 市值(亿元) 44.55 主要股东 张天瑜(36.76%) 每股净值(元) 3.96 股价/账面净值 2.12 一个月 三个月 一年 股价涨跌(%) 7.1 6.4 -14.2 广和通（300638） Buy 买进 C h i n a R e s e a r c h D e p t . 公司发布2023年年报、2024年一季报，2023年公司全年营收77.16亿元， YOY+36.7%，归母净利润5.64亿元，YOY+54.6%；扣非后归母净利润5.36亿元， YOY+69.5%。 2023年各项业务稳健发展，并表拉动业绩快速增长：公司车载和FWA业 务增速较高，公司子公司广通远驰+锐凌无线布局，基于 MT2735 平台的 车规 5G 模组 AN768 全球首款量产交付；此外PC方面方面行业竞争压 力放缓，行业较2022年有 ...