证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [相Ta关b研le究_Report] 1、森马服饰（002563）：公司简评 报 告 ： 门 店 优 化 ， 高 质 成 长 — 20240403 2、森马服饰（002563）：公司深度 报 告 ： 能 力 沉 淀 ， 再 启 新 程 — 20240112 毛利率为历史高水平，存货改善切换至补库阶段。1）费率：2024Q1毛利率为46.63%（同 比+2.29pct），为历史相对高水平，预计与供应链能力提升、线上线下深化同价有关，在 折扣改善、线上盈利释放下毛利率仍有上行空间。销售/管理/研发/财务费用率为 24.47%/4.38%/1.48%/-2.07%（同比+1.07/+0.10/+0.12/-1.14pct），带动期间费率微增 0.15pct至28.26%。2）存货，2024Q1存货为25.87亿元（同比-23.27%），带动存货周转 天数下降51天至143天，自2022年以来逐年改善，销售端已逐渐从去库切换至补库。 [Table_QuotePic] 投资建议：公司作为休闲服饰和童装的双龙头，品牌、 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in 2023 met expectations, with revenue of 3.477 billion yuan (+10.14%) and net profit attributable to shareholders of 861 million yuan (+749.02%) [9][10] - The 13-valent pneumonia vaccine is experiencing rapid growth, with expected revenue of approximately 1.5 billion yuan (+55.64%) [9] - The company has a rich R&D pipeline, with R&D investment reaching 542 million yuan, accounting for 15.59% of revenue [10] - The overall development trend of the company is positive, with projected revenues for 2024-2026 of 4.777 billion, 5.954 billion, and 7.220 billion yuan respectively [10] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 34.77 billion yuan, a 10.14% increase, and a net profit of 8.61 billion yuan, reflecting a significant increase of 749.02% [9] - The fourth quarter of 2023 saw a revenue of 10.13 billion yuan (+71.01%) and a net profit of 1.64 billion yuan (+148.91%) [9] - The first quarter of 2024 reported a decline in revenue to 4.52 billion yuan (-39.65%) and net profit to 0.54 billion yuan (-73.69%) due to high base effects from the previous year [9] Product Growth - The company's conventional vaccines (excluding COVID-19 vaccines) generated sales of 35.05 billion yuan, an 18.98% increase [9] - The 13-valent pneumonia vaccine is expected to maintain rapid growth in the domestic market and has received approval for sale in Indonesia [9] - The company has launched the human diploid rabies vaccine and the varicella live attenuated vaccine, which are expected to contribute significantly to future revenue [9] R&D and Future Projections - R&D efforts are ongoing with several products in various clinical trial stages, including the Sabin strain inactivated polio vaccine and the adsorbed acellular pertussis combined vaccine [10] - The company has adjusted its profit forecasts for 2024 and 2025, projecting revenues of 47.77 billion and 59.54 billion yuan respectively, with net profits of 11.92 billion and 15.41 billion yuan [10]

公 司 研 究 [数据日期 Table_cominfo] 2024/4/29 收盘价 13.03 总股本(万股) 126,608 流通A股/B股(万股) 111678.64/0 资产负债率(%) 75.42% 市净率(倍) 4.02 净资产收益率(加权) 0.47% 12个月内最高/最低价 16.55/9.41 ——公司简评报告 [继峰股份 Table_NewTitle]（603997）：乘用车座椅逐步上 量，获德国宝马定点全球战略取得突破 ➢ 事件：公司发布2023年年报，全年实现营收215.71亿元，同比+20%，归母净利润2.04亿 元，扣非净利润2.22亿元，同比扭亏。公司发布2024年一季报，单季度实现营收52.87亿 元，同比+3%，归母净利润0.19亿元，同比-68%。 ➢ 毛利率同比提升，新业务拓展影响短期期间费用率。2023年公司毛利率为14.75%，同比 +1.67pct，主要原因包括各业务板块整合、客户价格补偿机制落实等；2024Q1毛利率为 14.68%，同比+0.79pct。2023年公司期间费用率为13.43%，同比+1.15pct，其中销售费 用率、管理费用率、研发费用率、财务费 ...

公 司 研 究 [Table_Reportdate] 2024年4月30日 [Table_invest] [爱Tabl柯e_N迪ewT（itle] 600933）：新能源汽车产品占比 买入（维持） 公 持续提升，加速全球产能布局 报告原因：业绩点评 司 ——公司简评报告 简 评 [table_main] [证Ta券b分le析_A师u：th ors] 投资要点 黄涵虚 S0630522060001 hhx@longone.com.cn ➢ 事件：公司发布2023年年报，全年实现营收59.57亿元，同比+40%，归母净利润9.13亿元， 汽 车 [数Ta据b日le_期c ominfo] 2024/4/29 同比+41%。公司发布2024年一季报，单季度实现营收16.42亿元，同比+31%，归母净利 收盘价 19.78 润2.32亿元，同比+37%。 总股本(万股) 96,359 流通A股/B股(万股) 88325.86/0 ➢ 中小件优势稳固，新能源汽车相关产品收入占比持续提升。2023年公司对前五大客户博 资产负债率(%) 41.01% 世、法雷奥、麦格纳、大陆、蒂森克虏伯销售收入分别为5.88亿元、5.85亿 ...

公 司 研 究 2024年04月30日 华厦眼科 （301267）：业绩稳健增长，内 买入（维持） 公 生外延完善全国布局 司 报告原因：业绩点评 ——公司简评报告 简 评 证券分析师 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn  2023年业绩快速增长，2024Q1整体平稳。公司发布2023年报及2024年一季报：2023年全 医 证券分析师 年实现营收40.13亿元、归母净利润6.66亿元，同比分别增长24.1%、29.6%；其中第四季 药 伍可心 S0630522120001 度实现营收9.10亿元、归母净利润1.09亿元，同比分别变动28.2%、-6.6%；全年业绩符合 生 wkx@longone.com.cn 预期。2024Q1实现营收9.78亿元、归母净利润1.56亿元，同比分别增加5.1%、3.8%；总 物 体经营平稳。 数据日期 2024/04/29 收盘价 26.19  眼病诊疗业务增长良好，消费眼科需求逐渐复苏。2023年公司诊疗量稳步提升，公司旗下 总股本(万股) 84,000 医院及视光诊所门诊量超186万人次，同比增长约21%；手术量超3 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [14]. Core Insights - The company experienced a decline in revenue and net profit in 2023, with total revenue of 793 million yuan, down 12.07% year-on-year, and a net profit of 191 million yuan, down 30.13% year-on-year. However, there is an expected recovery in 2024, with projected revenue growth of 30.08% and net profit growth of 37.37% [28][18]. - The company is focusing on new business growth, particularly in intelligent manufacturing and semiconductor packaging equipment, which are expected to drive future revenue [29][18]. - The company's financial health is stable, with a debt ratio of 21.68% and strong cash flow management, as evidenced by operating cash flow being 26.46% of revenue in 2023 [30][18]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 793 million yuan and a net profit of 191 million yuan. The revenue for Q4 2023 was 199 million yuan, reflecting a year-on-year decline of 16.29% [28]. - For Q1 2024, the company achieved revenue of 225 million yuan, a year-on-year increase of 4.08%, and a net profit of 60 million yuan, up 8.63% [28]. Growth Potential - The company is expected to benefit from the recovery in demand for precision welding equipment and semiconductor packaging, with projected revenue growth rates of 30.08%, 27.23%, and 23.13% for 2024, 2025, and 2026, respectively [32][18]. - The company has secured orders from major clients in the automotive sector, indicating strong market recognition for its products [16]. Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.05 yuan, 1.39 yuan, and 1.80 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 20X, 15X, and 11X [18][32].

晨 会 纪 要 晨会纪要20240430 重点推荐 2.国际医学（000516）：业务规模持续扩大，有望加速实现盈利——公司简评报告 1.日本财务省副大臣神田真人：将继续采取适当措施应对过度的外汇波动 正文目录 2. 财经新闻. 3. A 股市场评述 清务必仔细阅读正文后的所有说明和声明 1.重点推荐 电子板块观点：苹果 2023 财年供应链中国大陆企业"八进四出"，中国在全球电子制造 业供应链的重要性日益凸显；2023 年中国边缘计算服务器市场同比增长 29.1%，AI 助推边 缘计算市场蓬勃发展。当前电子行业供需处于底部平衡回暖阶段，行业估值处于历史低位， 建议关注 AI 芯片及光模块、周期筑底、国产替代、工控及汽车电子四大投资主线。 投资建议： 2024年04月30日 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 1.苹果供应链新增四家大陆企业，2023年中国边缘计算服务器同比大增29.1%——电子行 业周报（2024/4/22-2024/4/28） 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ...

晨 会 纪 要 [晨会纪要 Table_NewTitle] 20240429 ➢ 1.等美国降息难，盼国内利率再平衡——宏观周观点（20240422-20240426） ➢ 4. 扬杰科技（300373）：2023Q4业绩向好，产品结构优化及产能扩张并行——公司简评 报告 ➢ 2.中美达成五点共识 双方宣布将举行中美人工智能政府间对话首次会议 正文目录 [Table_Reportdate] 2024年04月29日 [table_main] 重点推荐 ➢ 3.日本干预汇率的可能性有多大？——海外观察：2024年4月日本央行会议 ➢ 1.商务部、财政部等7部门联合印发《汽车以旧换新补贴实施细则》 ➢ 4.国务院总理李强：大力发展智能网联新能源汽车 1. 重点推荐……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 -- ............... 3 1.2. 工业企业利润增速为何走弱？——国内观察: 2024 年 3 月工业企业利润数据 2. 财经新闻. 4. ...

公 司 研 究 [Table_Reportdate] 2024年04月29日 [Table_invest] [科Tabl伦e_N药ewT业itle] （002422）：大输液原料药快速 买入（维持） 公 增长，创新药持续兑现 司 报告原因：业绩点评 简 ——公司简评报告 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn ➢ 业绩表现靓丽。公司2023年营业收入为214.54亿元，同比增长12.69%，归母净利润24.56 医 证券分析师 亿元，同比增长44.03%，2024年Q1营业收入62.19亿元，同比增长10.32%，实现归母净 药 伍可心 S0630522120001 生 wkx@longone.com.cn 利润10.26亿元，同比增长26.00%。公司主要板块发展良好，国际化创新持续推进，业绩 联系人 表现优秀。 物 付婷 ➢ 输液板块增长良好，仿制药有望逐渐恢复增长。2023年公司大输液板块营业收入101.09亿 futing@longone.com.cn 元，同比增长6.96%，销量4 ...

Investment Rating - The report maintains a "Buy" rating for the company, considering the expected price rebound of heparin raw materials and the rapid growth potential of low molecular weight heparin sodium [4]. Core Views - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 2.05 billion, 2.42 billion, and 2.73 billion yuan respectively, and net profits of 322 million, 395 million, and 463 million yuan respectively [4][20]. - The heparin raw material market is anticipated to enter a price upcycle, with significant improvements in gross margins due to reduced upstream material costs and no inventory pressure [21]. - The company is actively expanding its product lines, including the successful launch of enoxaparin sodium injection, which is expected to increase market share through national procurement [22]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.81 billion yuan, a decrease of 21.24% year-on-year, and a net profit of 182 million yuan, down 43.77% year-on-year [20]. - The gross margin for heparin raw materials was reported at 13.37%, reflecting a decline due to significant price drops in the heparin market [20]. Revenue and Profit Forecast - The forecast for 2024-2026 includes revenues of 2.05 billion, 2.42 billion, and 2.73 billion yuan, with corresponding net profits of 322 million, 395 million, and 463 million yuan [4][9]. - The earnings per share (EPS) are projected to be 0.25, 0.31, and 0.36 yuan for the years 2024, 2025, and 2026 respectively [4][10]. Market Dynamics - The heparin raw material prices are expected to rebound as they have reached a cyclical low, with exports increasing by 18.67% in Q1 2024 [21]. - The company has established a partnership to enhance the production of high-end heparin raw materials, which is expected to improve quality and profitability [21]. Product Development - The company is increasing its R&D investment, with a focus on innovative drugs such as QHRD107 and QHRD110, which are progressing well in clinical trials [19]. - The enoxaparin sodium injection is anticipated to become a new growth driver due to its competitive pricing and market potential [22].