| --- | --- | |----------------------------------------------|---------------------| | | | | 证券分析师：周旭辉 | | | 证书编号： S1160521050001 | | | 联系人：唐硕 | | | 电话： 021-23586475 | | | [Table_PicQuote] 相对指数表现 | | | 15.52% 2.17% | | | -11.17% -24.52% 5/28 7/28 9/28 -37.86% | 11/28 1/28 3/28 | [Table_Rank] 增持（维持） 2023.11.23 【投资建议】 ]yrtsudnI_elbaT[ 公 司 研 究 / 有 色 金 属/ 证 券 研 究 报 告 待发》 [Table_Title] 博迁新材（605376）2023年报&2024年一季报点评 镍粉顺价周期来临，24Q1业绩大幅改善 2024 年 05 月 28 日 [【投资要点】 Table_Summary] 公司发布 2023 年报&2024 年一季报，24Q1 业绩大幅改善。202 ...

Investment Rating - The report gives a rating of "Accumulate" for the company [6]. Core Views - The company has optimized its channel layout and upgraded its products in response to a complex market environment, achieving a revenue of 5.058 billion with a year-on-year increase of 0.96% in 2023. However, the net profit attributable to the parent company decreased by 49.04% to 122 million due to delays in orders from U.S. clients and ongoing construction of its U.S. base [1][19]. - In Q1 2024, the company reported a revenue of 1.528 billion, a significant year-on-year increase of 63%, and a net profit of 86 million, up 456% compared to the previous year. The growth was attributed to the recovery of U.S. customer orders and an increase in European customer orders [5][19]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.058 billion, with a gross margin of 17.6%, and a net profit of 122 million, down 49.04% year-on-year. The company’s contract liabilities increased to 257 million from 176 million in the previous year [1]. - For Q1 2024, the company reported a revenue of 1.528 billion, with a gross margin of 17.8%. The net cash flow from operations was 7 million, a recovery from a negative cash flow of 33 million in the same period last year [5]. Business Segments - The company’s photovoltaic bracket business saw a revenue increase of approximately 90%, while the connector business grew by about 20% in Q1 2024. Key clients in the photovoltaic sector include NEXTracker and Trina Solar, while major clients in the connector business include Huawei and ZTE [5][19]. - The company is a leader in the high-speed connector market, focusing on 5G and 6G communications, with products like 5GSFP and SFP+ series connectors already in mass production [15][19]. Future Projections - The company is expected to achieve revenues of 7.389 billion, 8.908 billion, and 10.764 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be 283 million, 379 million, and 496 million for the same years [9][19].

Investment Rating - The report maintains an "Accumulate" rating for the company [17]. Core Viewpoints - The company is actively developing edge AI and intelligent robotics, showcasing its capabilities at industry events and launching platforms to enhance AI applications [1]. - The first quarter of 2024 saw the company achieve record-high revenues and net profits, indicating strong operational performance and growth potential [2]. - The company is focusing on high-margin vertical markets such as automotive, FWA, and PC, which have clear competitive landscapes and high entry barriers [2]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 2.123 billion, a year-on-year increase of 17.11% and a quarter-on-quarter increase of 17.81%, marking a historical quarterly high [2]. - The net profit attributable to the parent company for Q1 2024 was 174 million, reflecting a year-on-year growth of 27.35% and a quarter-on-quarter growth of 70.61%, also a historical high [2]. - The comprehensive gross margin for Q1 2024 was 21.52%, up 0.64% year-on-year, influenced by a favorable shipment structure [2]. Market Position and Strategy - The company is positioned as a leading provider of wireless communication modules and solutions, with a diverse product range that supports various industries in their digital transformation [23]. - The company aims to enhance its R&D investment in computing power and AI products, which are becoming crucial trends in the industry, to improve competitiveness and market share [23]. - The report highlights the company's strong market position in vertical sectors, which are expected to drive future growth [2][23]. Industry Outlook - The global IoT module market is anticipated to recover in the second half of 2024, driven by increasing demand in smart metering, POS, and automotive sectors [7]. - The automotive sector is expected to see significant growth in connected vehicles, with projections indicating that by 2030, nearly all new vehicles sold will feature pre-installed 5G connectivity [7].

Group 1: Market Overview - The A-share market experienced fluctuations, with the Shanghai 50, Dividend Index, and Shanghai 180 showing positive performance, increasing by 0.62%, 0.6%, and 0.33% respectively, while the Growth Enterprise Market and Sci-Tech Innovation 50 lagged behind with declines of -1.09%, -1.3%, and -1.66% [21][31] - Among the Shenwan first-level industries, real estate, building materials, and building decoration had the highest gains, with increases of 12.65%, 5.03%, and 3% respectively, while coal, pharmaceuticals, and household appliances saw the largest declines of -2.1%, -2.12%, and -2.36% [21][31] Group 2: Fund Flow Overview - Northbound capital recorded a net inflow of 8.37 billion yuan during the week, with the top three stocks for net inflow being Changjiang Electric (9.77 billion yuan), Wens Foodstuffs (5.01 billion yuan), and Jianghuai Automobile (4.35 billion yuan) [26][31] - The electronic sector experienced the largest outflow, totaling 13.101 billion yuan, while the green power concept sector saw a net inflow of 1.704 billion yuan [26][31] Group 3: Financing and Margin Trading - The financing net inflow for the week was 41.22 billion yuan, with a total margin balance of 15,379.82 billion yuan. The non-ferrous metals sector led with a net inflow of 16.51 billion yuan [30][31] - The top individual stocks for net inflow included China Merchants Bank (4.61 billion yuan), Zijin Mining (3.44 billion yuan), and BYD (2.88 billion yuan) [30][31] Group 4: Policy and Economic Outlook - The State Council emphasized the importance of local governments, real estate companies, and financial institutions in managing risks, particularly in the real estate sector, with a focus on supporting ongoing residential projects [31][50] - The National Development and Reform Commission is accelerating the implementation of ultra-long-term special bonds to support both "hard investments" and "soft construction" projects [67]

Investment Rating - The report maintains an "Outperform" rating for the medical biology industry [6] Core Viewpoints - The electrophysiology sector is experiencing rapid growth in surgical volumes, with a projected CAGR of 28% from 2021 to 2025, reaching approximately 574,600 procedures in China by 2025. The atrial fibrillation surgery volume is expected to grow at a CAGR of 39.56% during the same period, indicating significant unmet demand compared to the U.S. market, where the penetration rate is over ten times higher than in China [2][3] - Domestic electrophysiology medical device market is expected to grow at a CAGR of 42.3% from 2020 to 2024, driven by the maturation of local manufacturers and favorable procurement policies, which will benefit leading companies and accelerate market share gains [2][3] Summary by Sections 1. High Demand for Electrophysiology Procedures - The number of patients with arrhythmias in China exceeds 30 million, with significant growth expected in the number of patients suffering from atrial fibrillation and supraventricular tachycardia by 2025 [4][17] - Catheter ablation has been clinically validated as an effective treatment method, addressing the limitations of drug therapy and surgical risks [20][27] 2. Technological Breakthroughs in Measurement and Ablation - The transition from 2D to 3D electrophysiology procedures is becoming mainstream, with 3D procedures expected to account for 82.31% of all electrophysiology surgeries by 2021, up from 17.69% in 2015 [34][38] - Magnetic and electric field positioning technologies are enhancing the accuracy and safety of electrophysiology procedures, leading to improved success rates [40][41] 3. Low Penetration and Domestic Market Opportunities - The current low penetration and domestic production rates in the electrophysiology market present significant opportunities for growth, particularly as surgical volumes increase and technology advances [3][34] - The report highlights the potential for domestic companies to capture market share through innovation and competitive pricing strategies [3][34] 4. Key Players in the Electrophysiology Market - The report identifies key players such as Micro Electrophysiology (688351), Huatai Medical (688617), and Jinjiang Electronics (unlisted), which are expected to benefit from policy support and product innovation [3][4] - These companies are positioned to leverage their technological advancements and market strategies to enhance their competitive edge in the growing electrophysiology market [3][4]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [8]. Core Insights - The company, Hunan Gold, is a leading domestic mining enterprise with gold as its pillar and antimony as its specialty, showcasing resource and scale advantages [9]. - The prices of gold and antimony have reached new highs, with antimony prices increasing by 41% year-on-year [14]. - The company reported a revenue of 23.3 billion yuan in 2023, a year-on-year increase of 11%, and a net profit attributable to the parent company of 489 million yuan, also up by 11% [15]. Financial Performance Summary - Revenue projections for 2024-2026 are as follows: 29.48 billion yuan in 2024, 29.96 billion yuan in 2025, and 31.02 billion yuan in 2026, with growth rates of 26.49%, 1.65%, and 3.53% respectively [1]. - The net profit attributable to the parent company is expected to grow significantly, reaching 1.26 billion yuan in 2024, 1.88 billion yuan in 2025, and 2.23 billion yuan in 2026, with growth rates of 158.13%, 49.06%, and 18.37% respectively [1]. - The company's earnings per share (EPS) is projected to increase from 0.41 yuan in 2023 to 1.05 yuan in 2024, 1.57 yuan in 2025, and 1.85 yuan in 2026 [1]. Industry Insights - Antimony demand from photovoltaic glass is expected to rise, with its share of antimony production increasing from 33% in 2023 to approximately 40% in 2024 [5]. - The company holds significant resource reserves, with 68 million tons of ore and metal quantities of 141,756 kg of gold and 307,324 tons of antimony [19]. - The company is actively increasing its exploration efforts in existing mining areas and is also looking for potential acquisition opportunities to enhance its resource base [19].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's main business advantages remain solid, with a steady recovery in game revenue, commercialization of the video number and mini-program ecosystem, and new growth driven by AI, indicating a stable performance outlook [6] - The company achieved a revenue of 1595.01 billion yuan in the reporting period, representing a year-on-year growth of 6.34% and a quarter-on-quarter growth of 2.77% [9] - Operating profit increased by 38.15% year-on-year, while net profit attributable to the company's equity holders rose by 62.12% year-on-year [9] Summary by Sections Revenue Performance - The value-added services business generated revenue of 786.29 billion yuan, a year-on-year decline of 0.89% [2] - International game market revenue grew by 34% year-on-year, with a revenue of 136 billion yuan, while domestic game revenue saw a slight decline of 2% to 345 billion yuan [2] - The internet advertising business saw a revenue increase of 26.44% year-on-year, reaching 265.06 billion yuan [3] Profitability - The company's gross margin improved to 52.58%, an increase of 7.12 percentage points year-on-year, driven by high-margin income growth from video numbers, mini-programs, and financial services [6] - The adjusted net profit for 2024-2026 is projected to be 1807 billion yuan, 1919 billion yuan, and 2073 billion yuan respectively [6] Financial Metrics - The company’s total market capitalization is approximately 3720.70 billion HKD, with a 52-week high of 401.00 HKD and a low of 260.20 HKD [5] - The projected earnings per share (EPS) for 2024-2026 are 19.2 yuan, 20.4 yuan, and 22.0 yuan, corresponding to price-to-earnings (PE) ratios of 19, 18, and 16 times respectively [6][19]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has shown strong performance with a revenue of 11.41 billion yuan in 2023, representing a year-on-year growth of 23.52%. The net profit attributable to shareholders reached 1.97 billion yuan, up 19.21% year-on-year [3] - The company is experiencing rapid growth in high-end products and is expanding its international market presence. The growth in high-end equipment is expected to continue due to the gradual implementation of large equipment replacement policies [7] - The company has a strong innovation strategy, with R&D expenses increasing by 32.33% year-on-year to 1.73 billion yuan, representing 16.81% of revenue [3][7] Summary by Sections Performance Overview - In 2023, the company achieved operating revenue of 11.41 billion yuan, a 23.52% increase year-on-year. The net profit attributable to shareholders was 1.97 billion yuan, up 19.21% year-on-year. In Q1 2024, revenue was 2.35 billion yuan, growing 6.22% year-on-year, while net profit was 363 million yuan, a 10.2% increase [3] - The company's equipment revenue reached 9.93 billion yuan in 2023, with significant growth in MR and XR business lines, particularly a 58.5% increase in MR revenue [3] International Expansion - The company reported overseas revenue of 1.66 billion yuan in 2023, a 53.97% increase year-on-year, with overseas revenue accounting for 14.70% of total revenue [3] - The company has obtained over 700 certifications in 54 countries/regions, with 45 products receiving CE certification and 44 products approved for sale in the U.S. [3] Innovation and R&D - R&D expenses for 2023 were 1.73 billion yuan, a 32.33% increase year-on-year, with a total of 9,944 intellectual property applications [3] - The company is enhancing collaboration with top universities and hospitals to drive significant medical advancements [3] Financial Projections - The company expects revenues of 13.996 billion yuan, 17.115 billion yuan, and 20.991 billion yuan for 2024, 2025, and 2026, respectively. Net profits are projected to be 2.443 billion yuan, 3.074 billion yuan, and 3.808 billion yuan for the same years [7][8]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The Japanese health supplement market is primarily driven by food and beverage companies, with a significant demand from women aged 40 and above, where 60% of consumers use two or more products [2][3] - The market is expected to grow significantly in China, with a potential increase in per capita spending on health supplements by 30%-75% compared to Japan [2] - The Japanese health supplement industry is categorized into three main types: FOSHU (Foods for Specified Health Uses), FNFC (Foods with Nutritional Function Claims), and FFC (Foods with Functional Claims), with FFC being the fastest-growing category [2][12] Market Overview - The Japanese health supplement market exceeds 1 trillion yen, with stable growth expected around 1% in the coming years [16][20] - The introduction of regulatory policies for FOSHU, FNFC, and FFC corresponds with the increase in medical expenditure as a percentage of GDP, specifically at 5%, 6%, and 8% [26][27] - The aging population and rising obesity rates in Japan are significant factors driving the demand for health supplements [20][22] Competitive Landscape - The health supplement market is dominated by food and beverage companies, with few dedicated health food enterprises [61] - Major players include Yakult Honsha and Otsuka Pharmaceutical, with sales exceeding 300 billion yen in health supplements [61] Consumer Demographics - Female consumers account for 60% of the health supplement market, primarily aged 40 and above, with a notable trend of multi-product usage [2][3] - The comparison between Japan and China shows a higher proportion of younger consumers in China, indicating a broader market potential [2] Key Companies - Xianle Health is highlighted as a leading CDMO with strong technology in health gummies and a comprehensive product platform [3] - Bailong Chuangyuan is recognized as a leading enterprise in prebiotics, with growth driven by sugar substitutes and dietary fibers [3] - Tongchen Baijian is noted for its leadership in VDS (Vitamin and Dietary Supplements) with a well-established multi-brand matrix and strong channel advantages [3]

Investment Rating - The report maintains an "Outperform" rating for the beauty and cosmetics industry, specifically highlighting L'Oréal as a leading player in the market [5]. Core Insights - L'Oréal, founded in 1909, has grown to become the world's largest cosmetics company, with sales revenue increasing from €12.67 billion in 2000 to €41.18 billion in 2023, reflecting a CAGR of 5.3%. The company's stock price has surged by 518% during the same period, with a CAGR of 8.24% [2][13]. - The report emphasizes L'Oréal's strong competitive advantages, including brand asset scarcity, multi-brand operational capabilities, effective R&D, and a robust organizational structure that fosters talent development [2][16]. Summary by Sections 1. Basic Situation - L'Oréal has established itself as a global leader in the beauty industry through continuous acquisitions and a diversified product portfolio across four major business divisions: Consumer Products, L'Oréal Luxe, Professional Products, and Active Cosmetics [13][19]. - The company has a history of strategic acquisitions, having purchased over 50 brands to enhance its market presence and product offerings [13][30]. 2. Strategic Discussion - The report outlines L'Oréal's strategic focus on acquisitions, localization, and digital transformation. The company has successfully integrated acquired brands into its portfolio while adapting to local markets [25][34]. - L'Oréal's digital strategy has led to significant growth in e-commerce, with online sales accounting for 29% of total revenue by 2021, and projections for the Chinese market reaching 80% [2][34]. 3. Execution Discussion - The report highlights L'Oréal's R&D capabilities as a solid barrier to entry, with a long-term R&D expenditure rate of 3-4% [2][19]. - The company has effectively transformed its marketing strategies to cater to different market segments, utilizing both public and private domain marketing approaches [2][34]. 4. Financial Analysis - The report notes a slowdown in sales growth in mainland China, while high-end cosmetics continue to show resilience [2][34]. 5. Investment Recommendations - The report suggests monitoring domestic beauty brands that are entering a growth phase, such as Proya and Juzhibio, as well as focusing on companies like Shiseido and Shanghai Jahwa for multi-brand operations [3][34].