Q1利润增长强劲，AI业务表现可期 公司于 4 月 26 日发布一季报，2024Q1 公司实现营业收入 3.82 亿元， 同比增长 11.05%；实现归母净利润 7673 万，同比增长 57.92%；实现 扣非归母净利润 7297 亿元，同比增长 57.02%。 [Table_Rank] 买入（维持） | --- | --- | |-------------------------------|--------------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 10925.83 | | 流通市值（百万元 ) | 6964.45 | | 52 周最高/最低（元） | 47.61/21.53 | | 52 周最高/最低（PE） | 47.38/19.76 | | 52 周最高 /最低（PB） | 6.50/2.88 | | 52 周涨幅（%） | 4.37 | | 52 周换手率（%） | 1553.85 | | [Table_Report] 相关研究 | | | 《核心业务稳健发展， | AI 业务增长可 | | 期》 | | | | ...

[Table_Title] 桂林三金（002275）2023年年报&2024Q1点评 [【投资要点】 Table_Summary] 2022.08.24 [Table_PicQuote] 相对指数表现 公 司 研 究/ 医 药 生 物/ 证 券 研 究 报 告 全年业绩稳定增长，新季度受高基数影 响 [Table_yemei]桂林三金（002275）2023 年年报&2024Q1 点评 | --- | --- | --- | --- | --- | |-----------------------------------|---------|---------|-------------------------|---------| | [Table_FinanceInfo 项目\年度 ] | | | 2023A 2024E 2025E 2026E | | | 营业收入（百万元） | 2171.60 | 2397.88 | 2636.18 | 2888.01 | | 增长率 (%) | 10.81% | 10.42% | 9.94% | 9.55% | | EBITDA （百万元） | 623.73 | 63 ...

2024 年 04 月 29 日 T[ [【投资要点】 Table_Summary] 挖掘价值 投资成长 [Table_Rank] 增持（维持） 电话：021-23586475 | --- | --- | |-----------------------------------------|-----------------------------| | | | | [Table_PicQuote] 相对指数表现 | | | 117.16% 88.68% 60.21% | | | 31.73% 3.26% -25.22% 4/28 6/28 8/28 | 10/28 12/28 2/28 4/28 | | 沃尔核材 | 沪深 300 | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 18659.10 | | 流通市值（百万元 ) | 18499.90 | | 52 周最高/最低（元） | 14.81/4.97 | | 52 周最高/最低（ PE） | 26.64/9.89 | | 52 周最高/最低（PB） | 3.80/1.31 | | 52 周涨幅（%） | 11 ...

Investment Rating - The investment rating for the company is "Accumulate" [3][5]. Core Insights - The company's net profit attributable to shareholders showed steady growth, with a net profit of 295 million yuan in Q1 2024, representing an increase of 11.58% year-on-year. However, total revenue decreased by 1.73% year-on-year to 2.049 billion yuan, primarily due to a significant decline in pharmaceutical commercial sales, which dropped by 33.74% [2][5]. - The company is increasing its R&D investment, with R&D expenses reaching 199 million yuan in Q1 2024, up 19.88% year-on-year, accounting for 9.71% of total revenue. The company has a robust pipeline with 98 products under development, including 41 innovative drugs [2][5]. - The company's profitability remains stable, with a gross margin of 67.17% and a net profit margin of 14.30% in Q1 2024, both showing improvements compared to the previous year [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 2.049 billion yuan, down 1.73% year-on-year, while the net profit attributable to shareholders was 295 million yuan, up 11.58% year-on-year. The pharmaceutical industrial revenue increased by 4.83%, while the traditional Chinese medicine segment generated 1.441 billion yuan, up 3.83% [2][5]. - The company forecasts revenue for 2024-2026 to be 9.416 billion yuan, 10.211 billion yuan, and 11.064 billion yuan, respectively, with net profits projected at 1.314 billion yuan, 1.477 billion yuan, and 1.596 billion yuan [5][6]. R&D and Product Pipeline - The company has a diverse R&D pipeline with 98 products, including 41 innovative drugs. In Q1 2024, the R&D expenses were 199 million yuan, reflecting a year-on-year increase of 19.88% [2][5]. - Several innovative traditional Chinese medicine products are in advanced clinical stages, indicating a strong commitment to expanding its product offerings [2]. Profitability Metrics - The company reported a gross margin of 67.17% and a net profit margin of 14.30% in Q1 2024, both of which improved compared to the previous year. The sales, management, and financial expense ratios were 33.83%, 13.28%, and 0.28%, respectively [2].

T[ [Table_Title] 华凯易佰（300592）2023年报点评 业绩稳健增长，拓渠道拓区域打开成长 空间 亿迈生态平台发展提速。亿迈生态平台实现收入 7.86 亿元，同比增 长 188.52%，占营业收入比重从 2022 年 6.16%提升至 2023 年 12.05%。 2023 年亿迈生态平台推出"半托管"服务模式，成功助力众多业内卖 家和跨行业卖家低成本、高效率地开拓全球生意。 收入结构调整影响毛利率水平。利润端，2023 年毛利率和净利率分别 为 36.96%/5.35%，同比变动分别为-0.97/-0.17pct。毛利率下滑主要 与亿迈生态跨境服务业务占比上升有关。2023 年销售/管理/研发/财 务费用率分别为 23.43%/6.38%/1.00%/-0.28%，同比变动分别为 -1.21pct/+0.88pct/-0.17pct/-0.21pct。管理费用率上升与计提易 佰网络团队超额业绩奖励相关。 公司发布 2023 年报及 2024 年一季报。公司 2023 年实现营业收入 65.18 亿元，同比增长 47.56%；实现归母净利润 3.32 亿元，同比增 长 53.61%；实现扣 ...

] y r t s u d n I _ e l b a T [ [ 爱Ta 美bl 客e_ （Ti 3t 0l 0e 8] 9 6）2024年一季报点评 公 24Q1归母净利润同比+27%，关注医美龙 司 研 头的中长期成长空间 挖掘价值 投资成长 究 / [Table_Rank] 增持 医 （维持） 药 生 2024 年 04 月 26 日 物 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 研 究 证书编号：S1160521080001 报 证券分析师：陈子怡 告  公司发布2024年一季报。2024Q1公司实现营收8.08亿元（+28.2%）， 归母净利5.27亿元（+27.4%），扣非后5.28亿元（+36.5%），业绩基 证书编号：S1160522070002 联系人：班红敏 本符合预期。 电话：021-23586475  盈利能力稳定，费用管控优化。①毛利率：94.55%（-0.75pct），同 [相T对ab指le数_P表ic现Qu ote] 比略有下降。②费率：销售费率8.34%（-2.08pct）；管理费率为4 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [12]. Core Insights - The company has a significant advantage in the "One Card" positioning, with data services continuing to break through. In 2023, the revenue from the "One Card" and AIoT application business was 577 million yuan, a year-on-year decline of 17.42%, accounting for 68.44% of total revenue. The human resources operation and big data service business achieved revenue of 238 million yuan, a year-on-year increase of 44.15%, representing 28.26% of total revenue. Traditional social security card and reading device business saw revenue drop to 28 million yuan, down 33.68% year-on-year, making up 3.30% of total revenue [2][10]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 843 million yuan, a year-on-year decline of 6.94%, and a net profit attributable to shareholders of 73 million yuan, down 35.72%. The net profit for the year was 84 million yuan, a decrease of 31.53%. The operating cash flow was 185 million yuan, an increase of 144.71% year-on-year. In Q4 2023, the company reported operating revenue of 291 million yuan, a slight decline of 0.24%, and a net profit attributable to shareholders of 22 million yuan, down 57.01% year-on-year [10][11]. Revenue Forecast - The company is expected to achieve revenues of 1.03 billion yuan, 1.20 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is projected to be 93 million yuan, 117 million yuan, and 146 million yuan for the same years [15][16]. R&D Investment - In 2023, the company invested 84 million yuan in R&D, a year-on-year increase of 0.47%, accounting for 9.98% of revenue. Despite the decline in revenue, the company continues to increase investment in data services and AI products [11][15].

] y r t s u d n I _ e l b a T [ [ 光Ta 线bl 传e_ 媒T （itl 3e 0] 0 251）2023年报&一季报点评 公 司 研 业绩大幅提升，后续影片可期 究 挖掘价值 投资成长 / [Table_Rank] 传 增持 （维持） 媒 互 2024 年 04 月 26 日 联 网 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 研 证书编号：S1160521080001 究 报  公司发布2023年报及2024年一季报。 证券分析师：陈子怡 告 证书编号：S1160522070002 2023年，公司实现营业收入15.46亿元，同比增长104.74%；实现归 证券分析师：潘琪 母净利润 4.18 亿元，同比增长 158.62%；实现扣非归母净利润 3.88 证书编号：S1160524040001 亿元，同比增长149.29%。 联系人：陈子怡 电话：021-23586305 2024年一季度，公司实现营业收入10.70亿元，同比增长159.33%； 实现归母净利润4.25亿元，同比增长24 ...

]yrtsudnI_elbaT[ 2023年业绩承压，释放数字经济新动能 公 司 研 究 / 文 化 传 媒/ 证 券 研 究 报 告 [【投资要点】 Table_Summary] | --- | --- | |---------------------------------------|-----------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 2708.46 | | 流通市值（百万元 ) | 2536.59 | | 52 周最高/最低（元） | 7.64/3.15 | | 52 周最高/最低（PE） | 114.98/-1133.35 | | 52 周最高 /最低（PB） | 5.01/2.88 | | 52 周涨幅（%） | -44.16 | | | | | 52 周换手率（%） | 597.52 | | [Table_Report 相关研究 ] | | | 《短期业绩承压，探索数字政务新模 式》 | | | | 2024.02.01 | | 《政策利好频出，数字人民币业务蓄 | | | 势待发》 | | | | 2023. ...

[Table_Finance] 资产负债表（百万元） 现金流量表（百万元） 至 12 月 31 日 2023A 2024E 2025E 2026E 至 12 月 31 日 2023A 2024E 2025E 2026E 流动资产 4229.19 4879.48 5792.15 6771.53 经营活动现金流 453.07 565.59 751.96 982.12 货币资金 940.34 1317.39 1846.81 2573.94 净利润 348.75 513.67 675.05 877.13 应收及预付 1777.35 1895.81 2044.28 2190.38 折旧摊销 75.77 70.77 82.09 93.99 存货 672.73 742.68 862.92 929.22 营运资金变动 -74.24 -64.22 -63.18 -43.31 其他流动资产 838.78 923.59 1038.15 1077.99 其它 102.79 45.36 58.01 54.30 非流动资产 861.87 915.03 966.23 1024.84 投资活动现金流 -93.06 -127.73 -146. ...