Compa n y U pda te Ch in a Resea rch Dep t . 阿 2024年04月29日 五粮液(000858.SZ) BUY 买进 顾向君 H70420@capitalcom.tw 目标价(元) 178 业绩稳健增长，控量稳价加速品牌价值回归 公司基本资讯 结论与建议： 产业别 食品饮料 A股价(2024/4/28) 152.25 业绩概要： 深证成指(2024/4/28) 9463.91 2023年公司实现营收832.7亿，同比增12.6%，录得净利润302.1亿， 股价12个月高/低 188.57/122.56 同比增13.2%；4Q实现营收207.4亿，同比增14%，录得净利润73.8亿，同 总发行股数(百万) 3881.61 A股数(百万) 3881.53 比增10%。业绩符合预期。 A市值(亿元) 5909.62 24Q1实现营收348.3亿，同比增11.9%，录得净利润140.5亿，同比增 主要股东 宜宾发展控股 集团有限公司 12%，实现稳健增长。 (34.43%) 分红方案：每10股派发现金股利46.7元 每股净值(元) 37.00 点评： 股价/账面净值 4.1 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月26日 汇川技术(300124.SZ) 买进（Buy） 赵旭东 H70556@capital.com.tw 目标价(元) 69 新能源车业务高速增长，海外业务有望突破 业绩概览： 公司基本信息 2023年实现营收304.2亿元，YOY+32.2%；录得归母净利润47.4亿 产业别 电气设备 A股价(2024/4/25) 57.43 元,YOY+9.8%；扣非后净利润40.7亿元，YOY+20.1%。其中，23Q4实现营收103.0 深证成指(2024/4/25) 9264.48 亿元,YOY+52.2%，录得归母净利润14.2亿元，YOY+15.2%；扣非后净利润10.2 股价12个月高/低 75.74/52.22 亿元，YOY+55.5%，非经常性损益主要包含海外基金项目公允价值变动收益。 总发行股数(百万) 2677.13 A股数(百万) 2336.79 24Q1实现营收64.9亿元,YOY+35.8%；录得归母净利8.1亿元，YOY+8.6%； A市值(亿元) 1342.02 扣非后净利润7.9亿 ...

Investment Rating - The report assigns a "BUY" rating for Shanxi Fenjiu (600809.SH) with a target price of 285 CNY [1]. Core Insights - The company achieved a revenue of 31.93 billion CNY in 2023, representing a year-on-year increase of 21.8%, and a net profit of 10.44 billion CNY, up 29% year-on-year [4]. - The company is expected to continue its growth trajectory, with projected net profits of 12.94 billion CNY, 15.4 billion CNY, and 18.22 billion CNY for 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 24%, 19%, and 18.4% [4][6]. Company Overview - Shanxi Fenjiu operates in the food and beverage industry, specifically focusing on high-end liquor products [2]. - As of April 25, 2024, the stock price was 245.58 CNY, with a market capitalization of approximately 299.6 billion CNY [2]. Financial Performance - The company reported a gross margin of 75.31% in 2023, which remained stable compared to the previous year [4]. - The company’s earnings per share (EPS) for 2023 was 8.56 CNY, with projections of 10.61 CNY, 12.61 CNY, and 14.93 CNY for the next three years [6]. Shareholder Information - Major shareholders include Shanxi Xinghuacun Fen Wine Group Co., Ltd., holding 56.58% of shares [2]. - Institutional investors hold 15.2% of the circulating A-shares, with general corporations holding 70.4% [3]. Market Position - The company has seen significant growth in both domestic and international markets, with revenue from domestic sales reaching 12.08 billion CNY, a 20.4% increase year-on-year, and revenue from outside the province reaching 19.66 billion CNY, up 22.8% [4]. - The premium liquor segment, particularly the Qinghua series, has shown strong performance, contributing to 46% of total sales [4].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 11 CNY [1]. Core Insights - The company has experienced rapid growth in parcel volume and a quarterly recovery in gross margin, achieving a revenue of 40.92 billion CNY in 2023, representing a year-over-year increase of 18.4% [1]. - The company implemented a price reduction strategy to capture market share, resulting in a significant increase in parcel volume, projected to reach 175.1 billion parcels in 2023, a year-over-year growth of 35.2% [1]. - The gross margin for 2023 was reported at 4.2%, showing a slight decrease from the previous year, but with a recovery trend observed in the latter quarters [1]. Financial Performance Summary - The company achieved a net profit of 3.4 billion CNY in 2023, reflecting a year-over-year increase of 20.8% [1]. - Revenue for Q4 2023 was 12.1 billion CNY, with a year-over-year growth of 55.9%, while Q1 2024 revenue reached 10.13 billion CNY, up 21.5% year-over-year [1]. - The projected net profit for 2024 is expected to be 7.86 billion CNY, with an EPS of 0.51 CNY, indicating a strong recovery and growth trajectory [9]. Market Position and Strategy - The company has increased its market share by 1.55 percentage points to 13.3%, outperforming competitors such as YTO Express and Yunda Express [1]. - The company is focusing on enhancing digital management and optimizing transportation routes, which is expected to further reduce costs and improve profitability [1]. - The report highlights the company's commitment to investing in automated sorting facilities, which has led to a 26% year-over-year increase in daily capacity [1].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [2][5]. Core Insights - The company reported Q1 2024 earnings that exceeded expectations, with revenue of RMB 42.86 billion, a year-over-year increase of 47.6%, and a net profit of RMB 3.23 billion, reflecting a staggering year-over-year growth of 1752% [2][3]. - The company is actively expanding its overseas market presence, with a significant increase in export sales, which are expected to grow by over 50% this year [3]. - The company is accelerating its transformation towards electrification and intelligence, while also enhancing its marketing system to improve overall product competitiveness [2][3]. Summary by Sections Company Overview - The company operates primarily in the automotive industry, with a market capitalization of RMB 152.67 billion and a share price of RMB 24.75 as of April 24, 2024 [1]. - Major shareholders include Baoding Innovation Great Wall Asset Management Co., holding 59.87% of shares [1]. Financial Performance - Q1 2024 results showed a net profit of RMB 3.23 billion, with an EPS of RMB 0.38, marking a significant turnaround from previous losses [2][3]. - The company’s gross margin improved by 4 percentage points year-over-year, attributed to cost reductions in components and increased sales of high-margin products [2]. Sales and Market Expansion - In Q1 2024, the company sold 275,000 vehicles, a year-over-year increase of 25.1%, with exports contributing significantly to this growth [3]. - The company anticipates reaching export sales of 400,000 to 500,000 vehicles this year, representing a year-over-year increase of 27% to 58% [3]. Future Projections - Projected net profits for 2024, 2025, and 2026 are RMB 11.2 billion, RMB 13.8 billion, and RMB 16.6 billion, respectively, with corresponding EPS of RMB 1.31, RMB 1.62, and RMB 1.95 [2][4]. - The report indicates that the current A-share price corresponds to P/E ratios of 19, 15, and 13 for the years 2024, 2025, and 2026, respectively, while H-share P/E ratios are 7.7, 6.3, and 5.2 [2][4].

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年4月25日 华鲁恒升(600426.SH) Buy 买进 费倩然 H70507@capital.com.tw 目标价(元) 35.00 新产能投放，业绩超预期增长 事件：公司发布2024年一季报，2024Q1公司实现营收79.78亿元， 公司基本资讯 yoy+31.80%，qoq+0.81%；实现归母净利润10.65亿元，yoy+36.30%， 产业别 化工 qoq+64.24%，业绩高于我们预期。 A股价(2024/4/24) 28.34 上证指数(2024/4/24) 3044.82 结论与建议：2024Q1营收和业绩同比高增，主要受益于新产能投放推动 股价12个月高/低 35.03/23.32 各版块销量增长。原料端价格下降较多，公司毛利率得到修复。公司底部扩 总发行股数(百万) 2123.32 张，目前正处于产能投放期，叠加原材料价格回落带来的业绩修复，预计公 A股数(百万) 2115.41 司业绩将持续增长。荆州二期建设稳步推进，看好公司成长潜力，给予“买 A市值(亿元) 599.51 进”评级。 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月25日 爱美客（300896.SZ） BUY 买进 顾向君 H70420@capital.com.tw Q1稳健，产品管线持续扩充 目标价(元) 388 结论与建议： 公司基本资讯 产业别 医药生物 业绩概要： A股价(2024/4/24) 287.86 深证成指(2024/4/24) 9251.13 24Q1实现营收8.1亿，同比增28.2%，录得净利润5.3亿，同比增27.4%，扣非 股价12个月高/低 556.03/263.21 总发行股数(百万) 216.36 后润5.3亿，同比增36.5%，差值主要在于公允价值损益变动。业绩符合预期。 A股数(百万) 149.24 点评： A市值(亿元) 429.59 主要股东 简军(31.05%)  受益医美终端消费增长，一季度在高基数下公司经营稳健，收入规模持续扩张， 每股净值(元) 29.50 我们预计嗨体等当家产品影响力稳步提升，成为增长的重要支柱；濡白天使及系 股价/账面净值 9.76 一个月 三个月 一年 列产品进一步放量，在不同类型机构间快速渗 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月24日 龙佰集团（002601.SZ） Trading Buy 区间操作 费倩然 H70507@capital.com.tw 目标价(元) 22 钛白粉价格回暖，业绩逐季改善 事件： 公司基本资讯 1.公司公布2023年年报，2023年全年实现营收267.65亿元yoy+11.00%，归母 产业别 化工 净利润32.26亿元,yoy-5.64%，业绩符合预期；Q4单季实现营收65.03亿元， A股价(2024/4/23) 19.40 yoy+6.90%，qoq-7.28%，归母净利润10.84亿元,yoy+340.60%，qoq+23.23%。 深证成指(2024/4/23) 9183.14 股价12个月高/低 20.5/15.12 2.公司同时公布2024年一季报，Q1单季实现营收72.88亿元，yoy+4.52%， 总发行股数(百万) 2386.29 qoq+12.06%，归母净利润9.51亿元,yoy+64.15%，qoq-12.29%。 A股数(百万) 2322.51 3.公司同时公布2024年 ...

Compa n y U pda te Ch in a Re sea rch Dep t . 2024年4月24日 金山办公 (688111.SH) Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 350 一季度稳健增长，后续关注办公AI化进展 公司基本资讯 事件： 产业别 计算机 公司发布2024年一季报，Q1收入12.25亿元，同比+16.5%；归母净利润3.67 A股价(2024/4/23) 285.75 亿元，同比+37.3%，扣非净利润3.52亿元，同比+40.6%，业绩符合预期，维 上证指数(2024/4/23) 3021.98 持“买进”评级。 股价12个月高/低 529.63/198.5 总发行股数(百万) 461.82  个人业务维持高增长，费用管控良好带动盈利能力提升：分业务来看， A股数(百万) 461.82 一季度国内个人办公服务订阅收入7.34亿元，同比+24.8%，通过提升用 A市值(亿元) 1319.64 户粘性及付费转化率带动稳健增长；机构订阅收入2.42亿元，同比+13.6%， 主要股东 Kingsoft WPS 随着公司推出WPS 365办公 ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [2][6]. Core Insights - The company has demonstrated robust revenue growth, with Q1 2024 revenue reaching RMB 3.391 billion, a year-on-year increase of 34.4%. The net profit attributable to shareholders was RMB 590 million, up 18.2% year-on-year [3]. - The automation and information technology sectors are experiencing rapid growth, contributing significantly to the company's revenue. Despite a decline in gross margin by 7.58 percentage points to 32.68%, effective cost control measures have been implemented [3]. - The company has acquired a controlling stake in Turing Robotics, which showcased its products at the Hannover Industrial Fair, indicating a strategic move to enhance its capabilities in the industrial robotics sector [3]. - The demand for computing power is expected to rise due to the influence of AI and the digital economy, with the company actively participating in the construction of national computing hubs and data centers [4]. Financial Summary - The company's net profit is projected to grow from RMB 2.186 billion in 2022 to RMB 5.155 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 27.23% [5]. - Earnings per share (EPS) are expected to increase from RMB 0.91 in 2022 to RMB 2.14 in 2026, with a similar growth trajectory [5]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 41 in 2024 to 17 by 2026, indicating an improving valuation as earnings grow [5].