Investment Rating - The report maintains an "Accumulate" rating for the company [19][11]. Core Views - The company achieved significant growth in 2023, with revenue of 795 million yuan, up 62.76% year-on-year, and a net profit attributable to shareholders of 341 million yuan, up 67.98% year-on-year. However, the net profit for Q1 2024 saw a slight decline of 14.73% year-on-year, attributed to substantial upfront investments in the energy storage business [3][11]. - The company is a leading supplier of coating technology and coating heads in China, with a focus on expanding into new fields such as perovskite solar cells, display panels, and hydrogen energy [4][9]. - The company has established a joint laboratory for perovskite thin-film solar cells with the Shenzhen Institute of Advanced Technology, indicating a commitment to innovation and new product development [9][11]. Financial Summary - In 2023, the company reported a revenue of 795 million yuan and a net profit of 341 million yuan. The forecast for 2024-2026 projects revenues of 1.11 billion yuan, 1.49 billion yuan, and 1.84 billion yuan, respectively, with corresponding net profits of 451 million yuan, 611 million yuan, and 761 million yuan [8][11]. - The earnings per share (EPS) for 2024 is projected at 3.76 yuan, with a price-to-earnings (P/E) ratio of 17.13 [8][11]. - The company has a total market capitalization of approximately 7.72 billion yuan, with a circulating market capitalization of about 1.68 billion yuan [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for 2023 was 8.54 billion yuan, a year-on-year decrease of 44.82%, with a net profit attributable to shareholders of 0.6438 billion yuan, down 76.64% year-on-year [4][6] - The decline in performance is attributed to a significant reduction in COVID-19 testing demand, increased credit impairment losses, and a slowdown in the growth of routine medical testing business [4][6] - Despite the overall decline, the routine medical testing business showed a robust growth of 15.35% year-on-year, with revenues reaching 7.73 billion yuan [4][6] - The company has developed 412 new projects in 2023, contributing 0.638 billion yuan in revenue, with notable growth in specific diagnostic areas [4][6] Financial Summary - The company's main revenue for 2022 was 15.48 billion yuan, with a net profit of 2.75 billion yuan [3][7] - For 2024, the expected revenue is 9.20 billion yuan, with a projected net profit of 0.663 billion yuan [3][7] - The earnings per share (EPS) for 2024 is estimated at 1.41 yuan, with a price-to-earnings (P/E) ratio of 26.94 [3][7] - The company’s overall gross margin decreased by 6.65 percentage points to 36.48% in 2023, influenced by industry competition and policy changes [4][6] Future Outlook - The company is expected to recover and achieve net profits of 1.06 billion yuan and 1.43 billion yuan in 2025 and 2026, respectively [6][7] - The report suggests a reasonable target price of 45.40 to 56.75 yuan per share for 2025, based on a P/E ratio of 20-25 times [6][7]

Industry Overview - The home appliance industry is expected to see a demand surge due to the implementation of the old-for-new replacement policy, which is anticipated to stimulate consumer purchasing behavior [1][2]. Market Data - The Shanghai Composite Index closed at 3113.04, up 0.79%, while the Shenzhen Component Index rose by 2.22% to 9673.76. The ChiNext Index increased by 3.50% to 1887.57, indicating a positive market trend [5]. - The total market capitalization of the Shanghai Composite Index is 582,082 million, with a PE ratio of 11.42 and a PB ratio of 1.17 [5]. Company Dynamics - **Zhejiang Securities (601878.SH)** reported a 21.26% decline in revenue for Q1 2024, with a net profit drop of 8.31% [15][34]. - **Mindray Medical (300760.SZ)** achieved a revenue of 34.932 billion, marking a 15.04% year-on-year increase [15]. - **China Shipbuilding (600150.SH)** released its annual report and Q1 2024 report, indicating significant growth and a turning point in performance [16]. - **CITIC Securities (600030.SH)** reported a 10.38% decrease in revenue for Q1 2024, with a net profit decline of 8.47% [17][36]. - **Zoomlion (000157.SZ)** posted a Q1 net profit of 9.16 billion, reflecting a 13.06% year-on-year increase [38]. - **Shengxiang Biology (688289.SH)** achieved a revenue of 3.91 billion in Q1 2024, a remarkable increase of 100.31% [39]. Economic Dynamics - The logistics sector in China saw a total social logistics volume of 88 trillion yuan in Q1, representing a year-on-year growth of 5.9% [9][28]. - The renewable energy sector experienced a 34% increase in newly installed capacity in Q1, with renewable energy accounting for 30.7% of total power generation [31][13]. Investment Recommendations - The report suggests focusing on sectors such as real estate, electric power equipment, and building materials, which have shown strong performance recently [5]. - The automotive sector, particularly in new energy vehicles, is expected to benefit from government subsidies aimed at promoting the replacement of old vehicles [5].

2024 年 04 月 27 日 评级 买入 | --- | --- | |------------------------------------|--------------| | 评级变动 交易数据 \n当前价格（元） | 维持 \n36.22 | | 52 周价格区间（元） | 19.58-38.85 | | 总市值（百万） | 12501.28 | | 流通市值（百万） | 7555.00 | | 总股本（万股） | 34514.90 | | 流通股（万股） | 20858.50 | 涨跌幅比较 -29% -9% 11% 31% 51% 2023-04 2023-07 2023-10 2024-01 九典制药 化学制药 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | % | 1M | 3M | 12M | | | | | | | 九典制药 | -1.58 | 16.28 | 45.21 | | 化学制药 | 2.65 | 3.92 | -7.72 | 吴号 分析师 执业证书编号:S053052205 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company Yaxing Anchor Chain (601890.SH) [4] Core Views - The company achieved significant growth in 2023, with revenue increasing by 27.34% to 1.931 billion yuan and net profit rising by 58.71% to 237 million yuan, indicating that profit growth outpaced revenue growth [20] - The company is well-positioned in the ship anchor chain and offshore platform mooring chain industries, with stable demand expected to continue due to the recovery in the shipbuilding and offshore oil and gas sectors [9][21] - The report forecasts revenue for 2024-2026 to be 2.450 billion, 2.970 billion, and 3.650 billion yuan respectively, with corresponding net profits of 284 million, 351 million, and 464 million yuan [9] Financial Performance - In Q1 2024, the company reported revenue of 449 million yuan, a year-on-year decrease of 8.14%, while net profit increased by 15.30% to 68 million yuan [6] - The company's gross margin for Q1 2024 was 27.45%, reflecting a year-on-year increase of 1.10 percentage points, while the net margin improved to 15.33%, up 3.08 percentage points year-on-year [6] - The company’s operating expenses increased, with a total expense ratio of 15.07% in Q1 2024, up from 14.37% in the same period last year [6] Industry Insights - The shipbuilding industry in China has maintained its position as the world's largest, with a market share exceeding 50% in terms of completed shipbuilding, new orders, and backlog [7] - The offshore oil and gas sector is experiencing a recovery, with global investment in marine oil and gas exploration and development expected to exceed pre-2019 levels, reaching approximately 186.9 billion USD, a year-on-year increase of 14% [7] - The company sold 132,727 tons of ship anchor chains and accessories in 2023, representing a year-on-year increase of 23.62%, while sales of mooring chains reached 32,087 tons, up 18.63% year-on-year [7]

证券研究报告 行业月度点评 电子 行业温和复苏，建议关注高多层 PCB 2024年04月22日 2023A 2024E 2025E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 领先大市 沪电股份 0.79 39.76 1.20 26.16 1.40 22.49 增持 评级变动： 维持 深南电路 2.73 31.98 3.37 25.88 4.02 21.70 增持 生益科技 0.49 31.90 0.72 21.77 0.91 17.26 增持 行业涨跌幅比较 资料来源：iFinD，财信证券 电子 沪深300 7% 投资要点： -3%  市场行情回顾：申万电子指数近期回落较大，3月22日至4月22日， -13% 沪深300指数下跌1.4%，申万电子指数下跌12.0%，在31个申万一 -23% 级行业中排名第28。电子三级行业均出现下跌，品牌消费电子跌幅最 -33% 小，下跌 1.3%；模拟芯片设计跌幅最大，下跌 17.7%；印制电路板下 2023-04 2023-07 2023-10 2024-01 2024-04 跌 12.9%，排名第六。PE估值低 ...

证券研究报告 行业月度点评 计算机 GB200 出货量或远超前作，Llama3 加速应用落地 2024年04月22日 2023A 2024E 2025E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 同步大市 海光信息 0.54 134.97 0.72 101.60 1.04 70.85 增持 评级变动： 维持 金山办公 2.85 96.90 3.55 77.78 4.60 60.09 买入 资料来源：iFinD，财信证券 行业涨跌幅比较 （按照2024-04-21收盘价计算） 计算机 沪深300 投资要点： 17%  申万计算机指数下跌 7.34%，行业排名第 29位。上月（2024年 2月 -3% 26日-2024年 4月 21日）市场，上证指数上涨2.01%，沪深300指数 上涨1.49%，创业板指下跌 0.12%，申万计算机指数下跌 7.34%，落后 -23% 上证指数9.35个百分点，落后沪深 300指数 8.83个百分点，在申万一 -43% 级行业中排名第 29位。细分板块方面，数据中心（4.50%）和信创 2023/04 2023/07 2 ...

证券研究报告 公司点评 浪潮信息(000977.SZ) 计算机｜ 计算机设备 Q4 业绩明显改善，构 筑 AI 计算全栈能力 2023 年年报点评 2024年 04月 25日 预测指标 2022A 202 3A 2024E 2025E 2026E 评级 增持 主营收入(亿元) 695.25 658.67 757.96 864.81 978.31 归母净利润(亿元) 20.80 17.83 21.39 25.51 30.44 评级变动 首次 每股收益（元） 1.41 1.21 1.45 1.73 2.07 交易数据 每股净资产（元） 11.05 12.19 13.54 15.16 17.08 当前价格（元） 36.20 P/E 25.62 29.89 24.92 20.89 17.51 52周价格区间（元） 27.48-65.00 P/B 3.28 2.97 2.67 2.39 2.12 总市值（百万） 53291.30 资料来源：iFinD，财信证券 流通市值（百万） 53222.90 总股本（万股） 147213.60 投资要点： 流通股（万股） 147024.40  受全球供应链扰动，全年业绩略有下滑。 ...

证券研究报告 行业月度点评 家用电器 以旧换新方案落地，催化家电需求释放 2024年 04月20日 2023A 2024E 2025E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 同步大市 石头科技 15.60 21.96 17.52 19.55 20.96 16.34 买入 评级变动： 维持 海尔智家 1.76 16.34 1.93 14.86 2.13 13.52 买入 萤石网络 1.00 44.67 1.21 37.08 1.41 31.71 买入 行业涨跌幅比较 资料来源：同花顺iFind，财信证券 家用电器 沪深300 17% 投资要点： 7%  投资建议：4月 12日，商务部等 14部门正式印发《推动消费品以旧 -3% 换新行动方案》，结合 3月白电和厨电此类安装属性较强的大家电零 -13% 售额增速均有较大提升，我们认为在以旧换新政策支持引导下，将有 效拉动二手房改造和家电厨卫换新，促进家装家电的消费。建议关注 -23% 2023-04 2023-07 2023-10 2024-01 具有品牌和渠道双优势的家电龙头，比如海尔智家、海信家电 ...

2024 年 04 月 26 日 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | 2022A | | | | | 2023A | | 2024E | | | 2025E | | 2026E | | ) | 亿元 | | | 18.12 | | | | | 19.46 | | 25.00 | | | 32.00 | | 40.00 | | | | | | 3.52 | | | | 4.12 | | | 4.96 | | | 6.20 | | 7.97 | | ...