Investment Rating - The report maintains a rating of "Accumulate" for the company [15]. Core Views - The company is expected to recover its performance with a multi-point layout in new energy and new materials, despite a significant decline in revenue and net profit in 2023 [5][18]. - The company has a strong focus on technological upgrades and capacity expansion in its solar cell production, aiming to enhance competitiveness in the market [5]. - The report highlights the growth potential in the photovoltaic power generation sector, with a notable increase in revenue from solar power generation and related products [5]. Financial Summary - The company reported a revenue of 98.84 billion yuan in 2023, a decrease of 12.10% year-on-year, and a net profit attributable to the parent company of 0.46 billion yuan, down 90.46% year-on-year [5][9]. - For 2024, the expected revenue is 114.72 billion yuan, representing a growth of 16.06%, with a projected net profit of 2.16 billion yuan [9][18]. - The company’s EBITDA is forecasted to increase from 706.89 million yuan in 2023 to 807.55 million yuan in 2024 [9][18]. Product Performance - The revenue breakdown shows that battery cells account for 60% of total revenue, with significant growth in photovoltaic power generation and frame products [5]. - The company plans to invest in N-type monocrystalline TOPCon solar cell technology to enhance production efficiency and capacity [5]. Market Position - The company holds a 1.83% market share in China's crystalline silicon battery production, with a total production capacity of 10GW as of the end of 2023 [5]. - The photovoltaic power station business is expanding, with a total installed capacity of 227.62MWP and a significant increase in power generation [5]. Future Outlook - The report anticipates a recovery in profitability from 2024 onwards, with net profit projections of 2.16 billion yuan in 2024, 3.18 billion yuan in 2025, and 4.18 billion yuan in 2026 [9][18]. - The company is also exploring opportunities in the all-vanadium flow battery storage technology, which is expected to see significant growth in the coming years [8].

[Table_Title] 兴业科技（002674）2023年报&一季报点评 2024 年 04 月 25 日 开拓海外市场，探索多元化业务结构发展。2023 年，在行业景气度趋 冷的情况下，受益于休闲鞋、运动鞋等新品类使用量提升，以及海外 需求向好，公司鞋包带用皮革业务整体营业收入同比增长 19.59%至 18.66 亿元。报告期内，公司持续积极开拓海外市场，服务 VF 集团（威 富集团）、COLEHAAN（歌涵）等海外品牌，后续随着印尼工厂扩建完 成，产能进一步释放，有望贡献业绩增量。此外，公司还积极探索电 子包覆用皮革、家具用皮革等新品类，优化业务结构，2023 年销量和 收入均实现增长。子公司宝泰皮革从事的二层皮胶原产品原料业务也 实现高速增长，2023 年实现营业收入 1.35 亿元，同比大幅增长 165.52%。多元的业务结构有助于公司抗风险能力提升，助力业绩稳 健增长。 2023 年，公司实现营业收入 27.00 亿元，同比增长 35.81%；实现归 母净利润 1.86 亿元，同比增长 23.74%；实现扣非归母净利润 1.80 亿 元，同比增长 36.86%。 | --- | --- | |- ...

]yrtsudnI_elbaT[ 公 司 研 究 / 基 础 化 工/ 证 券 研 究 报 告 [Table_Title] 水羊股份（300740）2023年报&一季报点评 伊菲丹抖音翻倍增长，"自有+代理"双业务共进。伊菲丹：已打造出 超级面膜、精华防晒、精粹水及超级 CP 等核心 SKU，23 年通过品牌 艺术沙龙会、明星代言、南法溯源等推动高端人群进一步渗透，23 年 于杭州武林银泰华丽开启中国区首家专柜，新产品线孵化包括臻金系 列、樱花系列等。据青眼数据，23 年抖音 GMV 超 4.13 亿元（+108%）， 天猫 GMV 超 1.72 亿元（+61%），24Q1 抖音延续高增态势（+84%），电 商平台 GMV 已超过御泥坊。御泥坊：23Q3 聚焦整体升级，完成心智矫 正及产品体系迭代。23 年渠道仍以天猫为主，京东同比+57%。大水滴： 23 年抖音 GMV 达 1.57 亿元（+107%），京东 GMV 同增超 3 倍。代理品 牌：继续强化"1+5+N"层次结构，强生分拆 Kenvue 及团队费用调整 影响部分收入，美斯蒂克等 CP 品牌 23 年表现强劲。 抖音贡献占比提至 25%，线下渠道 ...

] y r t s u d n I _ e l b a T [ [ 闻Ta 泰bl 科e_ 技T （itl 6e 0] 0 745）2023年报&一季报点评 公 23年多双“靴子”落地，阶段性推进ODM 司 研 业务领域扩展 挖掘价值 投资成长 究 / [Table_Rank] 买入 电 （维持） 子 设 2024 年 04 月 25 日 备 / 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：周旭辉 研 究 证书编号：S1160521050001 报 联系人：袁泽生 告  2024年4月23日，闻泰科技公告2023年报和2024年一季报。2023 年公司实现营业收入612.13亿元，同比增长5.40%；实现归母净利润 电话：021-23586475 11.81亿元，同比下降19.08%，其中受专用资产减值影响减少归母净 [相T对ab指le数_P表ic现Qu ote] 利润5.00亿元。2023年四季度，公司实现营收168.01亿元，同比增 2.01% 长 5.05%，环比增长 10.49%；实现归母净利润-9.18 亿元，同比下降 -7. ...

[Table_Title] 策略专题 2024 年 04 月 25 日 在季度区间的时长内，通过量价类信息，和分析师盈利预期的信 息，构建两大类因子，分别寻找每个因子的优化参数。最后将两大 类因子联合使用，构建多因子模型。回测结果表明，该多因子模型 能够较为有效的预测每个自然季度内的各个行业间的走势强弱。在 44 个季度的回测期当中，该模型的年化超额回报达到 9.90%，季度 胜率达到 72.73%，平均 IC 值为 0.1758，IC 为正的季度占比为 77.27%。 调仓时点不同，对于季度区间的行业轮动模型的表现有一定影响， 当调仓时点位于 1、4、7、10 这四个月的月初时，季度行业轮动模 型的表现相对较好。当调仓时点位于其它时点时，轮动模型的表现 有所下滑，但总体仍然有效。 测试结果基于有限的历史数据和量化模型，模型可能存在过拟合风 险，不能保证对样本外的数据做出有效判断。 电话：021-23586470 ]yrtsudnI_elbaT[ 季度区间内的行业配置方法探索 [Table_Summary] 【核心观点】 季度区间下的多因子模型，不但能够用来做优选行业组合的配置， 还可以用于排除预期表现较差的 ...

业绩表现：2023 年，公司实现营业收入 11.76 亿元，同比增长 20.63%； 实现归母净利润 1.7 亿元，同比增长 36.3%；扣非归母净利 1.49 亿元， 同比增长 31.27%。2023Q4 季度，公司实现营业收入 2.47 亿元，同比 降低 11.56%；实现归母净利润 0.42 亿元，同比降低 14.39%；扣非归 母净利 0.27 亿元，同比降低 35.52%。 智能制造："内外兼修"促发展，项目运行效率显著提升。2023 年公 司智能制造板块实现营业收入 8.50 亿元，同比增长 20.92%，实现 归母净利 0.85 亿元，同比增长 42.92%。公司坚持"扩领域"理念， 维持现有优势，并抓住合成生物学及绿色生物制造的新机遇，带动非 制药业务的良好增长并成为业绩增长的重要推动力。公司贯彻"技术 赋能营销"理念，在项目技术实现全流程覆盖的基础上，提供贯穿前 后、多维度的技术服务，从而实现了项目把控能力和承揽成立的提升。 康复医疗：深度聚焦"脑机接口"，乡村事业部稳步推进。2023 年公 司康复医疗板块实现营业收入 3.25 亿元，同比增长 19.89%，实现 归母净利 0.85 亿元， ...

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company's performance in 2023 was under pressure due to a sluggish global macroeconomic environment and a slow recovery in the downstream 3C sector. However, with government policies encouraging the replacement of aging industrial machinery and a recovery driven by new technologies in the 3C market, along with an enhanced market position in the new energy sector, the company is expected to experience new growth [9][13] - The report adjusts the profit expectations for 2024-2025 and introduces a profit forecast for 2026, estimating revenues of 39.46 billion, 43.58 billion, and 48.23 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.06 billion, 4.99 billion, and 6.17 billion yuan [9][13] Financial Summary - In 2023, the company achieved operating revenue of 35.29 billion yuan, a year-on-year decrease of 22.04%, and a net profit attributable to the parent company of 1.94 billion yuan, down 41.95% year-on-year. The fourth quarter saw a revenue of 7.43 billion yuan, a year-on-year increase of 15.07% [9][12] - The company’s overseas revenue grew significantly, reaching 1.45 billion yuan in 2023, up 74.84% year-on-year, while domestic revenue was 33.84 billion yuan, down 23.85% [9][12] - The main business of CNC machine tools generated revenue of 34.27 billion yuan, accounting for 97.10% of total revenue, with a year-on-year decrease of 22.51% [9][12] - The report highlights a weak demand in the machine tool market, with a decline in orders due to low global manufacturing PMI and insufficient recovery in domestic market demand [9][12] - The company is expected to benefit from national policies supporting the replacement of machines over ten years old, which will release demand for CNC machine upgrades and replacements [9][12] Future Outlook - The 3C business shows significant recovery momentum, with a notable increase in shipments of the company's flagship drilling and tapping machines, which saw over 120% year-on-year growth in the fourth quarter [9][12] - The company is expanding into new energy applications, focusing on lightweight and electric vehicle developments, and has launched a new lightweight gantry machining center as a high-end supporting product for integrated die-casting [9][12]

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 29.58 CNY, reflecting the company's growth potential and market positioning [15][19]. Core Insights - The company, Micro Electrical Physiology (688351), is a leading domestic player in the cardiac electrophysiology market, having established a comprehensive product lineup that includes both radiofrequency and cryoablation technologies. It is one of the few global manufacturers to offer a complete solution for three-dimensional cardiac electrophysiology equipment and consumables [11][20]. - The company has demonstrated robust revenue growth, with a CAGR of 31.41% from 2015 to 2023, achieving a revenue of 329 million CNY in 2023, a year-on-year increase of 26.46% [11][69]. - The report highlights the significant market potential for electrophysiology, with over 30 million patients suffering from arrhythmias in China. The demand for catheter ablation procedures is expected to grow rapidly, driven by advancements in technology and increasing clinical adoption [11][20]. Summary by Sections Company Overview - Micro Electrical Physiology was established in 2010 and focuses on innovative medical devices for electrophysiology intervention and ablation treatment. The company has made significant technological advancements, breaking the long-standing foreign monopoly in this field [61][62]. - The company has a diverse shareholder structure with no controlling shareholder, ensuring a balanced governance model [64]. Financial Overview - The company has maintained steady revenue growth, with a notable recovery post-pandemic. The revenue for 2023 was impacted by centralized procurement policies, but future growth is expected as these pressures ease [69]. - The net profit for 2023 reached 5.47 million CNY, marking an 84.06% increase from the previous year, indicating improving profitability as the company navigates the procurement landscape [69]. Market Potential - The report emphasizes the vast unmet demand in the electrophysiology market, with a projected increase in catheter ablation procedures. The market for atrial fibrillation ablation is expected to grow significantly, with the number of procedures projected to reach 252,000 by 2024 [10][11]. - The company is well-positioned to capitalize on this growth, with a strong pipeline of innovative products and a focus on expanding its market share domestically and internationally [11][20]. Product Development - Recent product approvals, including the TrueForce® pressure catheter and the Columbus® three-dimensional electrophysiology mapping system, enhance the company's competitive edge and market presence [11][62]. - The company is actively developing new technologies, including pulse field ablation and renal denervation, which are expected to open new growth avenues in the future [11][20].

] y r t s u d n I _ e l b a T [ [ 阳Ta 光bl 电e_ 源T （itl 3e 0] 0 274）财报点评 公 司 业绩保持高增，光储需求旺盛 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 电 （维持） 气 设 2024 年 04 月 24 日 备 / 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：周旭辉 研 究 证书编号：S1160521050001 报 证券分析师：朱晋潇 告  公司发布2023年度报告和2024年一季报，业绩继续保持高增。2023 证书编号：S1160522070001 年公司营业收入722亿元，同比增长79%，归母利润94.4亿，同比增 电话：021-23586740 长 163%。公司毛利率从 2022 年的 24.5%提升到 30.4%，净利润率从 [相T对ab指le数_P表ic现Qu ote] 9.2%提升到13.3%，净资产收益率从2022年的21%提升到41%。2024 年一季度，公司收入同比略增，利润保持增长，归母净利 21 亿元， 19.01% 同比 ...

] y r t s u d n I _ e l b a T [ [ 中Ta 际bl 旭e_ 创T （itl 3e 0] 0 308）2024年一季报点评 公 司 行业高景气，高端光模块持续迭代 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 信 （首次） 息 技 2024 年 04 月 24 日 术 / 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：邹杰 研 究 证书编号：S1160523010001 报 联系人：刘琦 告  公司发布 2024 年一季报：公司 1Q24 年实现营收 48.42 亿元（同比 +163.59%），归母净利润10.09亿元（同比+303.84%）。公司一季度收 电话：021-23586475 入、毛利率、净利率、归母净利润均同比向好。通常公司每年一季度 [相T对ab指le数_P表ic现Qu ote] 联 系 方 式 ： 会执行新的价格年降，产品结构上，400G在Q1上量比800G相对快一 021-23586305 111.11% 些，毛利较 800G 低一些，两者对综合毛利率会有一些影响。202 ...