]yrtsudnI_elbaT[ 2024 年 04 月 15 日 挖掘价值 投资成长 证券分析师：何玮 证书编号：S1160517110001 联系人：崔晓倩 电话：021-23586309 《聚焦核心品种，实现高质量发展》 2024.03.12 《口服液出现下滑，盈利能力持续改 善》 2023.10.30 《业绩稳定增长，注射液比重提升》 2023.07.14 《业绩实现稳健增长，主打品种表现 较好》 2023.04.11 《业绩增长符合预期，核心品种集群 显现》 【投资建议】 资料来源：Choice，东方财富证券研究所 敬请阅读本报告正文后各项声明 3 东方财富证券股份有限公司（以下简称"本公司"）具有中国证监会核准的证券投资咨询业务资格 分析师申明： 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来 自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和 公正，结论不受任何第三方的授意或影响，特此声明。 投资建议的评级标准： 报告中投资建议所涉及的评级分为股票评级和行业评级（另有说明的除外）。评级标准为报告发布日后3 ...

]yrtsudnI_elbaT[ 银价上涨库存增值，技术升级产品迭代 业绩稳中向上，出货大幅增长。公司 2023 年实现营业收入 102.90 亿 元，同比增长 58.21%，实现归母净利润 4.42 亿元，同比增长 13.00%, 其中 23Q4 公司实现营收 28.91 亿元，环比下降 10.15%，实现归母净 利润 0.01 亿元环比下降 99.25%，主要原因是 PERC 电池亏损产线停线 以及 23Q4 计提资产减值的影响。2023 年公司产能持续释放，国内总 产能攀升至 3000 吨，海外产能达到 600 吨，全年公司光伏银浆出货 2002.96 吨，同比大幅增长 45.77%。 银价上涨，库存增值。回顾白银价格历史走势，银价上涨多次与银浆 企业毛利率改善同步，银浆企业原材料库存周期约为 1 个月，库存收 益或在其中发挥重要作用。短期看，银价由金融属性主导，受海外通 胀、联储降息预期及地区动乱多重因素影响，银价由年初不到 6000 元/kg 快速上涨至超过 7300 元/kg；中长期看，随着光伏新增装机提 升及 N 型电池银耗增加，白银供需缺口或持续走扩，银价具备长期向 上基础。我们认为，近期银价 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [4][9]. Core Viewpoints - The company has shown stable development in its main business while actively expanding its shipping data element services. It is focusing on digital innovation and technology to enhance its offerings in the shipping logistics sector [1][4][13]. - The company reported a revenue of 1.776 billion yuan in 2023, a year-on-year increase of 1.38%, and a net profit attributable to shareholders of 189 million yuan, up 3.74% year-on-year. The operating cash flow also saw a significant increase of 92.55% [2][4]. Financial Performance Summary - In 2023, the company achieved a revenue of 1.776 billion yuan, with a projected revenue of 1.893 billion yuan for 2024, 2.095 billion yuan for 2025, and 2.374 billion yuan for 2026, indicating a growth rate of 6.59%, 10.70%, and 13.28% respectively [4][16]. - The net profit attributable to shareholders is expected to grow from 189 million yuan in 2023 to 199 million yuan in 2024, 219 million yuan in 2025, and 249 million yuan in 2026, with growth rates of 5.55%, 9.83%, and 13.96% respectively [4][16]. - The company has increased its R&D investment significantly, reaching 105 million yuan in 2023, a 76.64% increase year-on-year, which represents 5.89% of its revenue [2][4][20]. Business Segment Performance - The digital city and transportation business generated 1.083 billion yuan in revenue in 2023, a decline of 7.01%, while the digital shipping and supply chain business achieved 670 million yuan, a growth of 20.39% [20]. - The company is actively developing standardized products in the shipping data sector, with its digital platform "Ship Vision" accumulating 80 million pieces of lifecycle data for ships, growing by over 40,000 entries daily [20].

Investment Rating - Maintain "Overweight" rating [3][5] Core Views - The company's performance improved quarter by quarter in 2023, driven by the recovery of the memory cycle and the scale shipment of new AI products [1][2] - Revenue in 2023 was RMB 2.286 billion, down 37.76% YoY, with net profit attributable to the parent company of RMB 451 million, down 65.30% YoY [2] - Q4 2023 revenue was RMB 761 million, down 3.90% YoY but up 27.28% QoQ, with net profit attributable to the parent company of RMB 217 million, down 27.72% YoY but up 42.96% QoQ [2] - Q1 2024 revenue is expected to be RMB 737 million, up 75.74% YoY, with net profit attributable to the parent company of RMB 210-240 million, up 9.65-11.17x YoY [2] Product Breakdown Interconnect Chips - Revenue in 2023 was RMB 2.185 billion, down 20.11% YoY, with a gross margin of 61.36%, up 2.64 pcts YoY [2] - Q1 2024 revenue was RMB 695 million, up 68.28% YoY, driven by the recovery in demand for memory interface chips [2] Jintide® Servers - Revenue in 2023 was RMB 94 million, down 90.01% YoY, with a gross margin of 4.01%, down 6.52 pcts YoY [2] - Q1 2024 revenue was RMB 39 million, up 680.00% YoY, as downstream manufacturers restarted procurement of general-purpose servers [2] Industry Leadership in Memory Interface Chips - The company is one of the three leading global suppliers of DDR5 memory interface chips [2] - The transition from DDR4 to DDR5 has increased the value of memory interface chips, with DDR5 penetration rising significantly due to the launch of mainstream server CPU platforms supporting DDR5 [2] - The company has rapidly iterated its DDR5 products, with the second-generation RCD chip shipping in Q3 2023, the third-generation in trial production in October 2023, and the fourth-generation launched in January 2024 [2] AI and New Products - The company is strategically focusing on high-performance "computing power" chips, with several new products achieving or nearing scale shipment [2] - PCIe Retimer chips successfully adopted in AI servers, with Q1 2024 shipments of approximately 150,000 units, 1.5x the total shipments in 2023 [2] - MRCD/MDB chips began trial shipments, with Q1 2024 sales exceeding RMB 20 million [2] - CKD chips completed mass production version development [2] - MXC chips adopted as core controllers in Samsung's 128GB CXL DRAM [2] - Fifth-generation Jintide® CPU released, featuring an AI acceleration engine that improves performance by 2x to 6x for various AI applications [2] Financial Forecasts - Revenue for 2024/2025/2026 is forecasted at RMB 3.793 billion, RMB 4.837 billion, and RMB 6.170 billion, respectively [5][6] - Net profit attributable to the parent company for 2024/2025/2026 is forecasted at RMB 1.314 billion, RMB 1.784 billion, and RMB 2.431 billion, respectively [5][6] - EPS for 2024/2025/2026 is forecasted at RMB 1.15, RMB 1.56, and RMB 2.13, respectively, with corresponding P/E ratios of 37x, 28x, and 20x [5][6] Valuation Metrics - Total market capitalization: RMB 54.722 billion [3] - 52-week high/low stock price: RMB 78.52/RMB 42.20 [3] - 52-week high/low P/E: 138.85x/53.70x [3] - 52-week high/low P/B: 8.76x/4.83x [3] - 52-week stock price change: -33.62% [3]

Investment Rating - The report maintains a "Buy" rating for the company [18]. Core Insights - The company achieved a revenue of 2.537 billion yuan in 2023, representing a year-on-year growth of 41.77%. The net profit attributable to the parent company was 281.27 million yuan, up 36.71% year-on-year [24]. - The report highlights significant growth in various business segments, particularly in testing and commissioning services, energy storage systems, and smart distribution equipment [24]. - The company has adjusted its profit forecasts for 2024-2026, expecting revenues of 3.773 billion yuan, 5.556 billion yuan, and 7.399 billion yuan, with corresponding net profits of 408.49 million yuan, 542.96 million yuan, and 754.49 million yuan [13]. Summary by Sections Financial Performance - Revenue for 2023 was 2.537 billion yuan, with a growth rate of 41.77%. The EBITDA was 365.54 million yuan, and the net profit attributable to the parent company was 281.27 million yuan, reflecting a growth rate of 36.71% [6][24]. - The company reported a significant increase in Q4 2023, with revenue of 903 million yuan, a year-on-year increase of 32.04%, and a net profit of 121 million yuan, up 74.04% year-on-year [24]. Business Segments - Testing and commissioning services generated 582 million yuan in revenue, a 64.73% increase, driven by the expansion of the company's testing business and acquisitions [24]. - Energy storage system services saw revenue of 726 million yuan, a remarkable 123.11% increase, with several large-scale projects contributing to this growth [24]. - Smart distribution equipment revenue reached 442 million yuan, up 31.85%, supported by the successful launch of new products [24]. - The robotics and drone segment experienced a slight decline, with revenue of 275 million yuan, down 7.36%, attributed to changes in customer procurement cycles [24]. Future Projections - The company expects to achieve revenues of 3.773 billion yuan in 2024, 5.556 billion yuan in 2025, and 7.399 billion yuan in 2026, with corresponding net profits of 408.49 million yuan, 542.96 million yuan, and 754.49 million yuan [13].

[Table_Title] 金杯电工（002533）2023年报点评 [Table_Report 相关研究 ] 《盈利增长符合预期，电磁线下游需 求高景气》 金杯电工 沪深300 【投资建议】 【风险提示】 [Table_yemei] 金杯电工（002533）2023 年报点评 东方财富证券股份有限公司（以下简称"本公司"）具有中国证监会核准的证券投资咨询业务资格 分析师申明： 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来 自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和 公正，结论不受任何第三方的授意或影响，特此声明。 投资建议的评级标准： 报告中投资建议所涉及的评级分为股票评级和行业评级（另有说明的除外）。评级标准为报告发布日后3到12 个月内的相对市场表现，也即：以报告发布日后的3到12个月内的公司股价（或行业指数）相对同期相关证 券市场代表性指数的涨跌幅作为基准。其中：A股市场以沪深300指数为基准；新三板市场以三板成指（针对 协议转让标的）或三板做市指数（针对做市转让标的）为基准；香港市场以恒生指数为基准 ...

公 司 研 究 / 电 气 设 备/ 证 券 研 究 报 告 [Table_Title] 金杯电工（002533）2023年报点评 [【投资要点】 Table_Summary] | --- | --- | |-------------------------------|-------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 7588.95 | | 流通市值（百万元 ) | 6488.35 | | 52 周最高/最低（元） | 10.80/6.67 | | 52 周最高/最低（ PE） | 15.57/11.12 | | 52 周最高/最低（PB） | 2.04/1.34 | | 52 周涨幅（ %） | 45.39 | | 52 周换手率（%） | 585.93 | [Table_Rank] 增持（维持） [Table_ 东方财富证券研究所 Author] 《Q3 业绩略有下滑，扁电磁线业务发 展迅猛》 金杯电工 沪深300 2022.11.03 公司战略清晰，致力于巩固和提升扁电磁线全球龙头地位，并积极布局超 导等前瞻业务。受益于下 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue reaching 678 million yuan, a year-on-year increase of 52.29%. The net profit attributable to shareholders was 58 million yuan, up 167.04% [1][8]. - The company's strong performance is attributed to enhanced R&D efforts, leading to improved product quality and functionality, which has garnered widespread recognition in clinical applications [1]. - The company has expanded its domestic and international revenue streams, with domestic revenue growing by 63.96% to 564 million yuan and international revenue increasing by 11.66% to 113 million yuan [1]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 678 million yuan, with a growth rate of 52.29%. The net profit attributable to shareholders was 58 million yuan, reflecting a growth of 167.04% [1][9]. - The company’s R&D expenses for 2023 were 147 million yuan, representing a 52.26% increase, with a R&D expense ratio of 21.68% [1]. Business Segments - The endoscope equipment segment generated 622.20 million yuan in revenue, a 58.63% increase year-on-year. The endoscope consumables segment saw a decline of 13.73% to 42.57 million yuan, while the endoscope maintenance services segment grew by 235.20% to 12.35 million yuan [1]. - The company’s sales team expanded to 363 members, enhancing its academic service capabilities and contributing to the growth of high-end product sales [1]. Market Position and Strategy - The company has strengthened its marketing network and expanded its product line, which has led to increased domestic market penetration and brand influence [1][8]. - The introduction of new products, such as the AQ-300 4K ultra-high-definition endoscope system, has been pivotal in attracting large medical clients and boosting sales [1]. Profitability Metrics - The company’s gross profit margin for 2023 was 73.78%, an increase of 4.06 percentage points year-on-year. The net profit margin was 8.96%, up 3.33 percentage points [1][9].

Investment Rating - The investment rating for the company is "Buy" [5]. Core Views - The company achieved a record high revenue in Q4 2023, with a total revenue of 134.47 billion yuan for the year, representing a year-on-year growth of 15.05%. However, the net profit attributable to shareholders decreased by 15.37% to 12.83 billion yuan [2]. - In Q4 2023, the company reported a revenue of 48.85 billion yuan, a significant year-on-year increase of 95.04% and a quarter-on-quarter increase of 36.08%. The net profit for this quarter was 4.18 billion yuan, up 13.20% year-on-year and 30.37% quarter-on-quarter [2]. - The company is focusing on its own brand strategy, with innovative display products showing remarkable growth. The company invested approximately 2.17 billion yuan in R&D for innovative display products in 2023 [2]. - The company continues to expand its overseas customer base, with smart TV shipments reaching 7.314 million units in 2023, a growth of 37.31% year-on-year [2]. Summary by Sections Financial Performance - The company reported a total revenue of 134.47 billion yuan in 2023, with a year-on-year growth of 15.05%. The net profit attributable to shareholders was 12.83 billion yuan, down 15.37% from the previous year [2]. - In Q4 2023, the revenue reached 48.85 billion yuan, marking a 95.04% increase year-on-year and a 36.08% increase quarter-on-quarter. The net profit for this quarter was 4.18 billion yuan, reflecting a year-on-year growth of 13.20% [2]. Product Performance - The smart TV segment generated 72.90 billion yuan in revenue, up 32.00% year-on-year, although the gross margin decreased to 15.41% [2]. - Innovative display products achieved sales of 9.62 billion yuan, a remarkable growth of 128.92% year-on-year, with a gross margin of 14.42% [2]. - The interactive display products segment saw a revenue decline of 9.00% year-on-year, totaling 38.41 billion yuan, but maintained a higher gross margin of 25.92% [2]. Strategic Initiatives - The company is actively supporting its own brand strategy, with three major brands: KTC, Haoli, and FPD, targeting the esports display, smart conference, and smart home sectors [2]. - The company has implemented a stock option incentive plan with ambitious revenue targets for 2024-2026, aiming for revenues of 151 billion yuan, 174 billion yuan, and 188 billion yuan respectively [2][7].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a total revenue of 4.712 billion yuan in 2023, representing a year-on-year increase of 14.43%, with a net profit attributable to shareholders of 445 million yuan, up 15.24% year-on-year [1][2] - The company is focused on cost reduction, efficiency improvement, and digital transformation, which are expected to enhance operational efficiency in the long term [2] - The company’s revenue growth is driven by essential product categories and rapid growth in emerging categories, with overseas sales doubling year-on-year [8] Financial Summary - Revenue for 2023 was 4,711.89 million yuan, with projected revenues of 5,297.53 million yuan, 5,921.20 million yuan, and 6,579.68 million yuan for 2024, 2025, and 2026 respectively [12] - The net profit attributable to shareholders for 2023 was 445.27 million yuan, with forecasts of 515.80 million yuan, 579.48 million yuan, and 647.89 million yuan for the following three years [12] - The company’s sales expense ratio, management expense ratio, financial expense ratio, and R&D expense ratio for 2023 were 18.76%, 7.06%, 0.11%, and 3.03% respectively [2] - The company’s overseas revenue reached 370 million yuan in 2023, marking a 105.66% increase year-on-year, while domestic revenue was 4.342 billion yuan, up 10.27% [8] Product and Market Performance - In terms of product categories, the company reported revenues of 713 million yuan from electric appliances, 309 million yuan from electric heating appliances, 1.204 billion yuan from cooking pots, 849 million yuan from kettles, 568 million yuan from Western-style appliances, 485 million yuan from small household appliances, and 546 million yuan from other small appliances, with notable growth in cooking pots and kettles [8] - The company’s emerging product categories, particularly small household appliances, showed significant growth, contributing to overall revenue increases [8]