Morning meeting report

Today's key recommendation

    Comments on the 2023 Annual Report and 2024 First Quarter Report of Runben Shares (603193. SH): the performance meets the market expectations, and the new channels and new categories are expected to achieve a high growth in 24 years

    The company released the annual report for 23 years and the quarterly report for 24Q1, and the performance met the market expectations. 1) In 23 years, the revenue reached 1.033 billion yuan, up 20.66% year on year; The net profit attributable to the parent company was 226 million yuan, an increase of 41.23% year on year; Non net profit deducted was 219 million yuan, up 41.64% year on year. Non recurring gains and losses are mainly government subsidies. 2) In 24Q1, the revenue was 167 million yuan, up 10.02% year on year, the net profit attributable to the parent company was 35 million yuan, up 67.93% year on year, and the non net profit deducted was 31 million yuan, up 45.36% year on year. 3) A cash dividend of 1.7 yuan (tax included) will be distributed for every 10 shares.

    Risk warning: changes in market demand; Industry competition intensifies; High channel costs; New product sales are not as expected; The supervision of infant and child products has become stricter.

    (Contact: Wang Liping/Wang Pan)

    Jingjin Equipment (603279) Comments

    Event: The company released its 2023 annual report and 2024 first quarter report. In 2023, the company's revenue was 6.249 billion yuan, yoy+9.98%, net profit attributable to the parent company was 1.008 billion yuan, yoy+20.89%. Q1 revenue in 2024 is about 1.507 billion yuan, yoy+2.66%; Net profit attributable to parent company is about 229 million yuan, yoy+6.7%; The performance was in line with expectations.

    Risk warning: the decline of orders in the field of new energy and new materials is more than expected, and the release of orders in traditional fields such as environmental protection is less than expected; Risk that the progress of business at sea is less than expected, and the progress of sales of supporting equipment is less than expected.

    (Contact: Mo Longting)

    Comments on the first quarterly report of Jiayi (301004) in 2024: 24Q1 performance exceeded expectations, the high growth of downstream key customers continued, and the optimization of product structure led to the realization of profit improvement logic

    The company released the first quarter report of 2024, and its performance exceeded expectations: 24Q1 achieved revenue of 432 million yuan, with a year-on-year growth of 78.2%; The net profit attributable to the parent company was 107 million yuan, up 102.2% year on year; Non net profit deducted was 109 million yuan, up 111.5% year on year.

    Risk tips: the risk of substantial fluctuations in raw material prices, exchange rate fluctuations, changes in domestic and foreign environment, and the risk of sales of key customers falling short of expectations.

    (Contact: Tu Yiting/Huang Sha)