] y r t s u d n I _ e l b a T [ [ 芒Ta 果bl 超e_ 媒T （itl 3e 0] 0 413）2023年报&一季报点评 公 司 会员规模再创新高，“四平台”多元发 研 究 展 挖掘价值 投资成长 / [Table_Rank] 传 增持 （维持） 媒 互 2024 年 04 月 24 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年报和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 146.28 亿元，同比增长 4.66%；实现归 证券分析师：潘琪 母净利润35.56亿元，同比增长90.73%；实现扣非归母净利润16.95 证书编号：S1160524040001 亿元，同比增长5.70%。 联系人：陈子怡 电话：021-23586305 2024年一季度，公司实现营业收入33.24亿元，同比增长7.21%；实 [相T对ab指le数_P表ic现Q ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [20]. Core Views - In the short term, the domestic substitution of high-end CNC machine tools combined with increased overseas export demand is expected to lead to a return to positive growth in 2024. In the medium to long term, the company is actively laying out in high-end machine tools, new energy vehicles, and humanoid robot industry chains, which is expected to expand its growth space [11][24]. - The company's revenue for 2024-2026 is projected to be 46.33 billion, 56.23 billion, and 67.09 billion yuan, with corresponding net profits of 1.90 billion, 2.70 billion, and 3.69 billion yuan, leading to EPS of 0.19, 0.27, and 0.37 yuan, and PE ratios of 45, 32, and 23 times respectively [11][12]. Financial Performance Summary - In 2023, the company achieved a revenue of 37.61 billion yuan, a year-on-year decrease of 8.29%, and a net profit attributable to shareholders of 52.26 million yuan, down 81.00% year-on-year. The fourth quarter of 2023 saw a revenue of 9.32 billion yuan, with a year-on-year decrease of 7.23% [23]. - The gross profit margin for 2023 was 17.7%, a decrease of 1.12 percentage points year-on-year, with the machine tool segment's gross margin at 16.72% [18]. - The company plans to raise no more than 1.23 billion yuan for projects including the innovation base for high-end industrial mother machines and the R&D of rolling functional components in the new energy vehicle sector [19].

[Table_Title] 鼎通科技（688668）2024年一季报点评 2024 年 04 月 24 日 公司发布 2024 年一季报：公司 1Q24 年实现营收 1.94 亿元（同比 +19.73%），归母净利润 0.18 亿元（同比-45.11%）。公司一季度收入、 毛利率、净利率、归母净利润均环比向好，呈现复苏态势。 公司同时发布 2023 年年报：2023 公司营业收入同比下降 18.65%，归 母净利润同比下降 60.48%，主要是受全球宏观经济低迷及通信市场疲 软的影响，需求疲软和消耗往期库存的双重影响下，壳体类产品的需 求出现明显下滑，导致通讯营业收入较大下降；汽车连接器产品虽需 求良好，但竞价激烈；因此由于需求产能的不饱和以及成本的压力， 公司整体的毛利率有所下滑，利润下降。2023 公司前五名合并集团客 户合计销售额占当期营业收入的比例为 83.96%，主要客户为莫仕、安 费诺、中航光电、泰科电子、比亚迪等连接器行业内知名企业。 通讯业务方面：2023 年上半年，公司通讯连接器业务面临前所未有的 挑战，终端客户的需求低于预期，但自 2023 年三季度末开始，市场 形势逐渐好转，通讯连接器产 ...

] y r t s u d n I _ e l b a T [ [ 德Ta 赛bl 西e_ 威T （itl 0e 0] 2 920）2023年报&一季报点评 公 24Q1业绩增长继续兑现，海外开拓新项 司 研 目订单充足 挖掘价值 投资成长 究 / [Table_Rank] 增持 交 （首次） 运 设 2024 年 04 月 23 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：邹杰 研 究 证书编号：S1160523010001 报 联系人：袁泽生 告  2024年3月28日，德赛西威公告2023年年报，并在4月22日披露 一季度业绩预告。2023年公司实现营业收入 219.08 亿元，同比增长 电话：021-23586475 46.71%；实现归母净利润15.47亿元，同比增长30.65%。单四季度来 [相T对ab指le数_P表ic现Qu ote] 看，公司实现营收74.38亿元，同比增长54.24%，环比增长29.44%； 64.51% 实现归母净利润5.86亿元，同比增长19.29%，环比增长66.00%。公 46.97 ...

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公 司 研 究 / 基 础 化 工/ 证 券 研 究 报 告 ]yrtsudnI_elbaT[ [Table_Title] 神马股份（600810）2023年报点评 尼龙66龙头，24年目标彰显发展信心 2024 年 04 月 23 日 [【投资要点】 Table_Summary] 公司发布 2023 年年报。公司 23 年实现营业收入 129.19 亿元，同比 -11.34%，实现归母净利润 1.23 亿元，同比-69.06%。23Q4 实现营业 收入 34.88 亿元，同比增长 11.55%，环比降低 7.30%，实现归母净利 润 0.53 亿元，同比增长 160.44%，环比降低 49.63%。费用率方面， 公司 23 年销售费用率/管理费用率/财务费用率/研发费用率分别为 0.72%/3.98%/2.40%/3.24% ，同比变化 +0.14pcts/-0.23pcts/ +0.41pcts/+0.45pcts。 量升价降，营收承压。2023 年，公司的尼龙 66 帘子布、尼龙 66 工业 丝、尼龙 66 切片、尼龙 6 切片、精己二酸、民用丝、双酚 A、PC 的 销 量 分 别 同 比 变 化 -2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7][11]. Core Insights - The company has demonstrated strong long-term operational capabilities, with its gaming business achieving a revenue of 4.497 billion yuan, reflecting a year-on-year growth of 26.51%. The company plans to launch two new games in overseas markets in H2 2024, which are expected to contribute to revenue growth [2][7]. - The software and information technology services segment has also shown continuous growth, with revenue reaching 1.465 billion yuan, a year-on-year increase of 17.08%. The company has been actively developing its digital technology base, evidenced by the filing of 90 patents and the authorization of 92 patents during the reporting period [2][7]. - The company reported a total revenue of 5.962 billion yuan for 2023, marking a year-on-year increase of 24.06%, and a net profit attributable to shareholders of 888 million yuan, up 63.84% year-on-year [2][7]. Financial Performance Summary - Revenue for 2023: 5.962 billion yuan, with a growth rate of 24.06% [8]. - Net profit for 2023: 888 million yuan, with a growth rate of 63.84% [8]. - Q4 2023 revenue: 1.911 billion yuan, with a year-on-year growth of 21.67% [2]. - Q4 2023 net profit: 324 million yuan, with a year-on-year growth of 104.55% [2]. - Forecasted revenue for 2024-2026: 7.064 billion yuan (2024), 8.074 billion yuan (2025), and 8.992 billion yuan (2026) [7][8]. - Forecasted net profit for 2024-2026: 1.048 billion yuan (2024), 1.216 billion yuan (2025), and 1.355 billion yuan (2026) [7][8].

]yrtsudnI_elbaT[ 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 挖掘价值 投资成长 【投资建议】 资料来源：Choice，东方财富证券研究所 行业政策风险； 药品降价风险； 安全环保风险； 并购整合风险； 产品质量风险； 新药品开发风险； 制造工业稳步增长，加大投入储备新药 2024 年 04 月 23 日 [Table_Title] 方盛制药（603998）2023年报&一季报点评 [【投资要点】 Table_Summary] 制造工业稳步增长扣非归母净利润上升。2023 年公司实现营业收入 16.28 亿元，同比-9.12%；归母净利润 1.86 亿元，同比-34.64%；扣 非归母净利润 1.33 亿元，同比+25.35%。公司营收、归母净利润同比 均出现一定程度下降，前者主要是佰骏医疗不再并表、部分重点品种 进入国家集采降价所致；后者主要是因为上年确认了佰骏医疗股权转 让的投资收益，而 2023 年无该部分收益。公司扣非归母净利润上升 是由于制药工业稳步增长。公司聚焦主业，"338 大产品打造计划"中 大部分品种均呈现稳健增长态势。2024Q1，公司实现营收 4.38 ...

Investment Rating - The report maintains a "Buy" rating for Hikvision (002415) [3][5] Core Views - Hikvision demonstrated resilient performance in 2023 with revenue reaching 89340 billion yuan, up 7.42% YoY, and net profit attributable to parent company reaching 14108 billion yuan, up 9.89% YoY [2] - The company's gross margin improved to 44.44% in 2023, up 2.15 percentage points, driven by supply chain scale advantages and cost reduction through technological innovation [2] - In Q4 2023, revenue grew 19.71% YoY to 28065 billion yuan, with net profit attributable to parent company surging 31.51% YoY to 5256 billion yuan [2] - For Q1 2024, revenue increased 9.98% YoY to 17818 billion yuan, while net profit attributable to parent company rose 5.78% YoY to 1916 billion yuan [2] Business Segment Analysis - EBG (Enterprise Business Group) revenue grew 8.12% YoY to 17845 billion yuan in 2023, driven by growth in industries like industrial and commercial enterprises, energy and metallurgy, education, and financial services [3] - Overseas business revenue increased 8.83% YoY to 23977 billion yuan in 2023, showing strong resilience with accelerating growth [3] - Innovation business revenue surged 23.11% YoY to 18553 billion yuan in 2023, with competitive advantages emerging across various scenarios [3] - PBG (Public Business Group) revenue declined 4.84% YoY to 15354 billion yuan in 2023 due to reduced government investment, though transportation and traffic police sectors still achieved growth [3] Strategic Development - Hikvision is deepening its AIoT (Artificial Intelligence of Things) layout, leveraging AI to enhance perception technology and build a comprehensive AIoT technology system [3] - The company is transitioning towards becoming an OT (Operational Technology) provider, benefiting from enterprise digital transformation trends [5] - Scenario-based digital business is emerging as the company's second growth curve [3] Financial Projections - Revenue is projected to grow to 99291 billion yuan in 2024, 112524 billion yuan in 2025, and 128139 billion yuan in 2026 [5][6] - Net profit attributable to parent company is expected to reach 16549 billion yuan in 2024, 19378 billion yuan in 2025, and 22391 billion yuan in 2026 [5][6] - EPS is forecasted to be 1.77 yuan in 2024, 2.08 yuan in 2025, and 2.40 yuan in 2026 [5][6] Valuation Metrics - The company's P/E ratio is projected at 18.5x for 2024, 15.8x for 2025, and 13.7x for 2026 [5][6] - P/B ratio is expected to be 3.29x in 2024, 2.91x in 2025, and 2.57x in 2026 [6] - EV/EBITDA is forecasted at 12.52x in 2024, 10.66x in 2025, and 8.95x in 2026 [6]

] y r t s u d n I _ e l b a T [ [ 亿Ta 纬bl 锂e_ 能T （itl 3e 0] 0 014）2023年报点评 公 司 业绩稳步提升，动储业务出货量高增 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 有 （维持） 色 金 2024 年 04 月 23 日 属 / 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：李京波 告  公司发布 2023 年年报。公司 23 年实现营业收入 487.84 亿元，同比 增长 34.38%，实现归母净利润 40.50 亿元，同比增长 15.42%。23Q4 证书编号：S1160522120001 实现营业收入132.55亿元，同比增长+10.27%，环比增长+5.59%，实 [相T对ab指le数_P表ic现Qu ote] 现归母净利润6.26亿元，同比变化-25.80%，环比变化-50.86%。 12.07%  消费电池市场地位领先。2023年，公司的消费电池板块实现营收83.6 ...