Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The company is expected to experience significant growth driven by the successful launch of high-end new products and a robust pipeline of ongoing projects. The domestic market is showing strong performance with a projected increase in surgical procedures and successful procurement in key regions [1][3][17]. - The company reported a substantial increase in Q1 2024 revenue, with a year-on-year growth of 71.01%, and a net profit increase of 144.70%. The domestic revenue saw a remarkable growth of 117% [3][17]. - The company is maintaining a strong competitive position in the electrophysiology market, with a focus on expanding both domestic and international markets, which is expected to contribute to a second growth curve [17]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 89.15 million yuan, representing a 71.01% increase year-on-year, and a net profit of 4.17 million yuan, up 144.70% [3]. - The sales, management, and R&D expense ratios were 27.49%, 11.50%, and 22.17%, respectively, showing a decrease compared to the previous year, which has improved the profit margin [3]. - The gross profit margin was reported at 60.54%, with a slight decline due to procurement policies, but is expected to recover as product volumes increase [3]. Product Development and Market Expansion - The company has made significant progress in its product pipeline, including successful clinical trials and certifications for various medical devices, which are expected to enhance market penetration [1][3][17]. - The company’s three-dimensional catheter revenue grew approximately 130% year-on-year, indicating strong demand for its innovative products [3]. - The company is actively working on expanding its presence in overseas markets, with plans to conduct 1,000 to 1,500 surgeries in 2024 following the recent CE certification [1][3]. Earnings Forecast - The company forecasts revenues of 464.44 million yuan, 646.86 million yuan, and 889.13 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 28.80 million yuan, 70.54 million yuan, and 122.60 million yuan [18]. - The expected earnings per share (EPS) for the next three years are projected to be 0.06 yuan, 0.15 yuan, and 0.26 yuan [18].

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported impressive growth in its 2023 annual report and 2024 Q1 report, with a revenue of 3.443 billion yuan in 2023, representing a year-on-year increase of 140.19%, and a net profit attributable to shareholders of 217 million yuan, up 123.30% year-on-year [2][4]. - The environmental equipment segment showed significant growth, with revenue from the semiconductor-related photovoltaic sector reaching 3.198 billion yuan in 2023, a 161.55% increase, accounting for 92.88% of total revenue [2]. - The company has secured over 11.5 billion yuan in new contracts since 2023, with an order backlog of approximately 7 billion yuan as of March 2024, indicating strong demand for its equipment [2]. - The battery segment is expected to gradually realize its potential, with a contract signed with JinkoSolar for the sale of approximately 2.5 billion photovoltaic battery cells over two years, corresponding to about 20GW of capacity [2][4]. - The company's cash flow situation has improved significantly, with a net cash outflow from operating activities reduced by 82.45% year-on-year to -130 million yuan in 2023, attributed to a focus on high-quality customers and optimized payment methods [2]. Financial Summary - The company forecasts net profits attributable to shareholders of 650 million yuan, 976 million yuan, and 1.158 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.53 yuan, 6.80 yuan, and 8.06 yuan [4]. - Revenue is projected to grow to 11.993 billion yuan in 2024, reflecting a growth rate of 248.35% [4]. - The company’s EBITDA is expected to reach 864.93 million yuan in 2024, with a significant increase in profitability metrics [4].

红外、微波、激光多维感知全面突破 睿创微纳形成红外业务为主，微波、激光等多维感知领域逐步突破的 新格局。赋能工业制造、应急安全、智能汽车、户外消费、低空经济、 卫星通信等诸多领域。 2023 年营收及利润同比出现大幅增长。2023 年全年营收 35.58 亿， 同比增长 34.5%，2024 年一季度营收 10.06 亿，同比增长 27.47%。2023 年全年归母净利润 4.95 亿，同比增长 58.21%，2024 年一季度归母净 利润 1.28 亿，同比增长 57.56%。2023 年全年扣非归母净利润 4.36 亿，同比增长 75.22%，2024 年一季度扣非归母净利润 1.14 亿，同比 增长 51.72%。 2023 年毛利略持续提升费用率改善明显：2023 年公司毛利率为 50.02%，同比变化+3.44pct,销售费用率、管理费用率、财务费用率、 研发费用率分别为 6.04%、30.18%、1.02%、19.2%，同比变化为 +0.31pct、+1.13pct、+1.33pct、-1.07pct。 多产品线技术研发不断突破。光子器件方面，完成了线列探测器的小 批量阶段验证。视觉产品线，发布了 ...

]yrtsudnI_elbaT[ [Table_Title] 爱博医疗（688050）2023年报&2024年一季报点评 业绩全面增长，隐形眼镜表现亮眼 2024 年 05 月 09 日 [【投资要点】 Table_Summary] 业绩大幅增长符合预期，利润增速维持在较高水平。2023 全年爱博医 疗实现营业收入 9.51 亿元，同比+64.14%；归母净利润 3.04 亿元， 同比+30.63%；扣非归母净利润 2.89 亿元，同比+38.96%。24Q1 实现 营收 3.10 亿元，同比+63.55%；归母净利润 1.03 亿元，同比+31.26%。 23 年公司销售、管理、研发费用率分别为 19.28%、12.09%、9.85%， 同比分别+0.64pct、0.27pct、-1.53pct；毛利率、净利率分别为 76.01%、30.07%，同比分别-8.74pct、-9.14pct。23 年公司三大主营 业务全面增长，其中隐形眼镜毛利率较低，且业务处于产能扩张前期， 单位成本偏高。此外随着年初市场逐步恢复，公司加大了产品推广力 度和品牌营销活动，蓬莱生产基地产能尚在逐步释放，导致成本端增 长较快，对 ...

] y r t s u d n I _ e l b a T [ [ 恺Ta 英bl 网e_ 络T （itl 0e 0] 2 517）2023年报&2024年一季报点评 公 司 业绩持续高增，产品储备丰富 研 挖掘价值 投资成长 究 [Table_Rank] / 增持 （维持） 互 联 2024 年 05 月 09 日 网 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 研 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 究 证书编号：S1160521080001 报 告  公司发布2023年报及2024年一季报。2023年公司实现营业收入42.95 证券分析师：陈子怡 证书编号：S1160522070002 亿元（yoy+15.30%），实现归母净利润14.62亿元（yoy+42.57%），实 证券分析师：潘琪 现扣非归母净利润 13.51 亿元（yoy+41.26%）；2024 年一季度公司实 现营业收入 13.08 亿元（yoy+36.93%），实现归母净利润 4.26 亿元 证书编号：S1160524040001 （yoy+47.06%），实现扣非归母净利润4.24亿元 ...

[Table_Title] 时代新材（600458）2024年一季报点评 [【投资要点】 Table_Summary] 2023.07.12 [Table_Rank] 买入（维持） 电话：021-23586313 时代新材 沪深300 我 们 维 持 之 前 的 预 测 ， 预 计 2024-2026 年公司 营 业 收 入 分 别 为 197.20/226.53/255.97 亿元，分别同比+12.44%/+14.88%/+12.99%，归母净利 润分别为 6.65/8.61/10.56 亿元，分别同比+72.10%/+29.59%/+22.62%，对应 PE 为 15/11/9 倍，EPS 为 0.81/1.04/1.28，维持公司"买入"评级。 盈利预测 公 司 研 究 / 交 运 设 备/ 证 券 研 究 报 告 2024 年 05 月 08 日 | --- | --- | |----------------------------------|-------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 9251.32 | | 流通 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 基 础 化 工/ 证 券 研 究 报 告 24Q1归母净利+41%，天猫抖快齐发力 2024 年 05 月 08 日 [Table_Title] 丸美股份（603983）2023年报&2024年一季报点评 [【投资要点】 Table_Summary] 恋火高增速+丸美抖快放量，驱动公司业绩持续上行。分品类看，23 年眼部/护肤/洁肤/美容等收入各 4.29/9.25/2.21/6.50 亿，同比各 -1.48%/+16.46%/+7.06%/+121.38%，24Q1 均价同比均有提升。分品牌 看，①丸美：收入 15.6 亿（+11.63%），主营占比 70.09%，夯实"眼 部护理专家+抗衰老心智"。核心 2 大单品小红笔眼霜、小金针次抛全 年 GMV 破 2 亿，四抗、重组胶原蛋白套组占据性价比高位。②恋火： 收入 6.43 亿（+125.14%），占比 28.89%，24Q1 延续获得 42.7%的高增 速，占比进一步提升。品牌持续强化高质极简底妆心智，其中看不见 粉底液、看不见气垫、蹭不掉粉底液等 5 款单品 GMV 破亿。 直营渠道表现优异，分渠 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][7]. Core Views - The company achieved a revenue of 20.254 billion yuan in 2023, representing a year-on-year increase of 21.18%, with a net profit attributable to shareholders of 4.589 billion yuan, up 46.01% year-on-year [3][7]. - The company is expected to maintain stable growth in performance, with projected revenues for 2024, 2025, and 2026 at 24.576 billion, 29.360 billion, and 34.772 billion yuan respectively [7][8]. - The gross profit margin for 2023 was 79.07%, an increase of 1.90 percentage points year-on-year, driven by the rapid growth of mid-to-high-end products [3][8]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 4.301 billion yuan, a year-on-year increase of 8.92%, and a net profit of 0.777 billion yuan, up 49.20% year-on-year [3]. - For Q1 2024, the company achieved a revenue of 8.286 billion yuan, representing a year-on-year increase of 25.85%, with a net profit of 2.066 billion yuan, up 31.61% year-on-year [3]. Product and Regional Performance - The company’s product segments saw significant growth, with revenue from aged raw liquor reaching 15.417 billion yuan, an increase of 27.34% year-on-year [3]. - The North China region experienced rapid growth, with revenue of 1.843 billion yuan, up 39.01% year-on-year [3]. Profitability Metrics - The company’s net profit margin improved to 22.66% in 2023, an increase of 3.85 percentage points year-on-year [3]. - For Q1 2024, the gross profit margin and net profit margin were 80.35% and 24.93% respectively, continuing the trend of improving profitability [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Insights - The company reported a revenue of 5.52 billion yuan in 2023, representing a 10.1% increase, while the net profit attributable to shareholders was 760 million yuan, down 28.0% [2]. - In Q1 2024, the company achieved a revenue of 1.1 billion yuan, up 27.1%, and a net profit of 180 million yuan, up 11.7%, indicating an improvement in profitability margins [2]. - The company is focusing on sensitive skin products, with successful launches in soothing creams and sunscreens, and steady expansion in whitening and anti-aging lines [2]. Financial Performance Summary - The gross margin for Q1 2024 was 72.09%, down 4.02 percentage points year-on-year, primarily due to product formulation and packaging upgrades [2]. - The sales, management, and R&D expense ratios for Q1 2024 were 47.26%, 7.48%, and 5.41%, respectively, reflecting an increase in online customer acquisition costs and production costs [2]. - The net profit margin for 2023 and Q1 2024 was 13.75% and 15.72%, respectively, showing a decline of 7.20 and 2.24 percentage points [2]. Revenue Breakdown - In 2023, the company's skincare, medical devices, and cosmetics generated revenues of 4.87 billion yuan, 460 million yuan, and 170 million yuan, respectively, with year-on-year growth of 7%, 20%, and 217% [2]. - The brand "Winona" generated 5.2 billion yuan in revenue, marking a 6% increase, and has consistently ranked in the top 10 for beauty products on Tmall during the Double 11 shopping festival [2]. - The company has established a Southeast Asia business headquarters in Bangkok and is expected to form a localized operational team in 2024 [3]. Future Earnings Forecast - The company expects net profits of 1.13 billion yuan, 1.32 billion yuan, and 1.53 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 49.3%, 17.2%, and 15.8% [7][8]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.67 yuan, 3.12 yuan, and 3.62 yuan, respectively [8].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [8][21]. Core Views - The company's performance is under short-term pressure due to objective factors, but long-term prospects remain positive. The expansion into overseas markets, collaboration with China Film, and successful project bids are noteworthy [21]. - The company reported a revenue of 658 million yuan in 2023, a year-on-year decrease of 28.77%, and a net profit attributable to shareholders of 13.78 million yuan, down 34.40% year-on-year. For Q1 2024, revenue was 179 million yuan, up 5.22% year-on-year, but net profit dropped significantly by 80.58% [4][21]. - The company plans to distribute a cash dividend of 0.60 yuan per 10 shares, totaling 39.03 million yuan [4]. Financial Performance Summary - In 2023, the company achieved a gross margin of 36.44%, an increase of 0.22 percentage points, attributed to a higher proportion of high-margin overseas business [4]. - The company invested 80.99 million yuan in R&D, with an R&D expense ratio rising to 12.31%. It added 85 new patents and software copyrights during the reporting period [4]. - The company’s overseas revenue reached 316 million yuan, a year-on-year increase of 9.54%, accounting for 48.07% of total revenue [4]. Future Earnings Forecast - The company is expected to achieve revenues of 825 million yuan, 1 billion yuan, and 1.17 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 59.11 million yuan, 70.01 million yuan, and 89.49 million yuan [21][22].