行 业 研 究 [Table_Reportdate] 2024年04月01日 [table_invest] [1Ta-b2le_月New风Title电] 新增装机规模高增，电池、组 标配 行 件盈利边际变化 业 ——新能源电力行业周报（2024/03/25-2024/03/31） 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 市场表现： 电 证券分析师 力 王珏人 S0630523100001 本周（03/25-03/29）申万光伏设备板块下跌2.78%，跑输沪深300指数2.57个百分点， 设 wjr@longone.com.cn 申万风电设备板块下跌3.15%，跑输沪深300指数2.94个百分点。本周光伏板块涨幅前 联系人 备 三个股为：石英股份、高测股份、福莱特，跌幅前三个股为ST中利、海优新材、快可电 付天赋 与 子。本周风电板块涨幅前三个股为：时代新材、中环海陆、日月股份，跌幅前三个股为 ftfu@longone.com.cn 新 海力风电、大金重工、金雷股份。 能 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's core business remains stable, with new business opening up growth opportunities [3][7] - The company's 2023 revenue was 2.281 billion yuan, a year-on-year decrease of 20.36%, mainly due to the high base of public health epidemic prevention business in the same period last year and the impact of the macro environment [7] - The company's non-storage new industry revenue accounted for 38% of total revenue in 2023, a year-on-year increase of over 30% [7] - The company has launched a new equity incentive plan, demonstrating confidence in future development [8] Business Development - Life Science Segment: Achieved revenue of 1.031 billion yuan in 2023, with core business revenue decreasing by 6% year-on-year after excluding public health epidemic prevention business [4] - New products such as automated sample management, biological culture, and centrifugal preparation have accelerated growth [4] - Launched new products for pharmaceutical users, including intelligent automated cell preparation solutions for CGT, sterile inspection solutions, and controlled freeze-thaw systems [4] - Introduced new products for research and university users, including a new generation of -196°C intelligent liquid nitrogen biological sample storage system, fully automatic batch lid openers, and transfer robots [4] - Medical Innovation Segment: Achieved revenue of 1.241 billion yuan in 2023, with core business revenue increasing by 6% year-on-year after excluding public health epidemic prevention business [4] - The company actively participated in new medical infrastructure construction, with solutions newly entering over 80 hospitals in 2023 [4] - The company has established regional networks in Nanjing and other areas, with over 5,000 intelligent vaccination points [4] - The company is accelerating the promotion of blood donation houses and automated blood stations, with smart blood city networks landing in Qinghai and Ordos [4] Global Business Expansion - Domestic Market: Achieved revenue of 1.489 billion yuan in 2023, with core business revenue increasing by 4% year-on-year [21] - The proportion of new users in the domestic market exceeded 30% in 2023 [21] - The number of users using multiple business line products increased by over 40%, further amplifying single-user value [21] - Overseas Market: Achieved revenue of 783 million yuan in 2023, a year-on-year decrease of 6% [21] - The overseas distribution network added nearly 170 new dealers and entered 7 new countries, expanding user coverage in Eastern Europe and Africa [21] - The UK subsidiary has deepened its local market presence and expanded its global influence, with new layouts in the Netherlands and the US [21] Financial Forecast - Revenue Forecast: Expected to be 2.795 billion yuan, 3.366 billion yuan, and 3.985 billion yuan for 2024, 2025, and 2026, respectively [5] - Net Profit Forecast: Expected to be 491 million yuan, 600 million yuan, and 719 million yuan for 2024, 2025, and 2026, respectively [5] - EPS Forecast: Expected to be 1.54 yuan, 1.89 yuan, and 2.26 yuan for 2024, 2025, and 2026, respectively [5] - PE Ratio Forecast: Expected to be 18.28x, 14.95x, and 12.47x for 2024, 2025, and 2026, respectively [5] Equity Incentive Plan - The company plans to grant a total of 3.42 million restricted shares, accounting for 1.076% of the total share capital [8] - The performance assessment period is from 2024 to 2026, with revenue growth targets of 15%, 32%, and 52% for 2024, 2025, and 2026, respectively [8] - The target revenue growth rates are 30%, 69%, and 120% for 2024, 2025, and 2026, respectively [8]

Group 1 - The report highlights the rapid development of AI large models, which is driving a significant increase in demand for AI servers, projected to grow at a CAGR of approximately 29% over the next three years [20][10] - The global AI server market is expected to expand from approximately 855,000 units in 2023 to around 2,369,000 units by 2026, indicating a strong growth trajectory for the AI computing chip and optical module industries [20][10] - The report identifies that GPUs are the most common type of AI chips, accounting for about 89% of the AI computing market in China, and they represent approximately 70-75% of the value in AI servers [8][20] Group 2 - The optical module market is anticipated to benefit from the high growth in computing demand, with a significant increase in demand for high-speed optical modules expected as AI servers proliferate [9][10] - The report notes that China has a leading position in optical module packaging capabilities, with five of the top ten global optical module companies based in mainland China [9] - The domestic market has achieved a 90% and 60% localization rate for 2.5G and 10G optical chips, respectively, but only a 20% localization rate for 25G optical chips, indicating substantial room for domestic substitution [9] Group 3 - The report emphasizes the importance of High Bandwidth Memory (HBM) in addressing the memory bottleneck in AI computing, with HBM offering significant advantages such as high bandwidth, low power consumption, and reduced size [21] - HBM is becoming the preferred solution for GPU memory, with a bandwidth of up to 1TB/s, which is crucial for supporting the rapid growth of AI computing chips [21] - The report suggests that domestic companies are beginning to develop HBM products, which could enhance the local supply chain and reduce reliance on foreign technology [21][24]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 41.487 billion yuan in 2023, a year-on-year increase of 12.00%, and a net profit attributable to shareholders of 4.789 billion yuan, up 54.71% year-on-year [7] - The company benefits from significant advantages in raw material costs, with the average price of ethane in the US at approximately $182.4 per ton in 2023, down 48.79% year-on-year, and a further decline to about $142.65 per ton in early 2024 [7] - The company has completed the construction of several production facilities, enhancing its competitiveness in high-performance materials and new energy materials [7] - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on high-performance catalysts and new materials [8] - The forecasted net profits for 2024, 2025, and 2026 are 5.850 billion yuan, 6.924 billion yuan, and 9.023 billion yuan respectively, with corresponding EPS of 1.74, 2.06, and 2.68 [8] Summary by Sections Financial Performance - In 2023, the company reported a net profit of 4.789 billion yuan, with a year-on-year growth of 56.42% [9] - The gross profit margin for 2023 was 19.84%, with an expected increase to 20.29% in 2024 [9] - The company’s operating cash flow for 2023 was 7.996 billion yuan, reflecting a year-on-year increase of 35.80% [7] Production and Capacity - The company has established production capacities for various chemicals, including 600,000 tons of styrene and 400,000 tons of polystyrene, enhancing its production capabilities [7] - The acquisition of Jiangsu Jiahong New Materials Co., Ltd. added 1.35 million tons of hydrogen peroxide and 400,000 tons of propylene oxide production capacity [7] Research and Development - The company increased its R&D expenditure to 1.626 billion yuan in 2023, a 31.05% increase year-on-year [8] - Key projects include the successful commissioning of a pilot plant for α-olefins and the completion of the industrial process package for a 100,000-ton α-olefins facility [8] Market Outlook - The company is expected to see significant improvements in its functional chemicals business, with the Lianyungang Petrochemical Phase III project set to further enhance growth opportunities [8]

公 司 研 究 [Table_Reportdate] 2024年03月29日 [Table_invest] [荣Tabl昌e_N生ewT物itle] （688331）： 核心产品持续放 买入（维持） 公 量，临床进展顺利推进 报告原因：业绩点评 司 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 ➢ 收入端快速增长，利润端亏损扩大。2023年，公司实现收入10.83亿元（+40.26%），归母 医 证券分析师 净利润-15.11亿元（2022年为-9.99亿元），扣非净利润-15.43亿元（2022年为-11.17亿元）。 药 伍可心 S0630522120001 2023年公司两大核心商业化产品的销售持续放量，泰它西普和维迪西妥单抗收入规模均超 生 wkx@longone.com.cn 5亿元，收入端增长整体符合预期。由于公司新药研发管线持续推进，同时商业化团队扩 物 联系人 充以及学术推广力度加大，研发销售费用支出较大，导致利润端同比亏损进一步扩大。 付婷 futing@l ...

公 司 研 究 [Table_Reportdate] 2024年03月29日 [Table_invest] [常Tabl熟e_N银ewT行itle] （601128）：存贷利率符合行业 买入（维持） 公 趋势，控费效果明显 报告原因：业绩点评 司 ——公司简评报告 简 评 [证Ta券b分le析_A师u thors] [table_main] 投资要点 王鸿行 S0630522050001 whxing@longone.com.cn 事件：近日常熟银行公布2023年度报告。2023年公司实现营业收入98.70亿元（+12.05%， 银 行 [数Ta据b日le_期co minfo] 2024/03/28 YoY），归属于普通股股东净利润32.82亿元（+19.60%，YoY）。2023年末，公司总资产规 收盘价 7.03 模3344.56亿元（+16.19%，YoY），不良贷款率0.75%（持平，QoQ），不良贷款拨备覆盖 总股本(万股) 274,088 率537.88%（+0.92pct，QoQ）。全年净息差为2.86%，较前三季度收窄9bp。 流通A股/B股(万股) 264,337/0 资产负债率(%) 91 ...

| --- | --- | |--------------------------------------------------------------------------------------------|-------| | | | | 相关活动应当审慎选择具有相当资质的证券经营机构，注意防范非法证券活动。 上海 东海证券研究所 | | | 地址：上海市浦东新区东方路 1928 号 东海证券大厦 | | | 网址： Http://www.longone.com.cn | | | 座机：（ 8621）20333275 | | | 手机： 18221959689 | | | 传真：（ 8621）50585608 | | | 邮编： 200125 | | 证券研究报告 HTTP://WWW.LONGONE.COM.CN 6/6 请务必仔细阅读正文后的所有说明和声明 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 事件：3月27日，公司发布2023年年度报告，公司2023年全年营业总收 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company demonstrated impressive performance in 2023, with significant growth in core products such as quail eggs and spicy konjac, slightly exceeding expectations. The multi-category expansion and continuous channel development are expected to release further performance potential, leading to an upward revision of profit forecasts [5][8]. - The company’s 2023 total revenue reached 4.115 billion yuan, a year-on-year increase of 42.22%, while the net profit attributable to the parent company was 506 million yuan, up 67.76% year-on-year. The first quarter of 2024 is projected to achieve a net profit of 150-170 million yuan, representing a year-on-year growth of 34.48%-52.41% [1][5]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 33.54% (down 1.18 percentage points year-on-year) and a net profit margin of 12.47% (up 2.04 percentage points year-on-year). The fourth quarter of 2023 saw a gross margin of 31.06% and a net profit margin of 9.89% [4][5]. - The company’s operating expenses were effectively controlled, with sales, management, R&D, and financial expense ratios at 12.53% (down 3.27 percentage points), 4.44% (down 0.08 percentage points), 1.94% (down 0.63 percentage points), and 0.40% (up 0.09 percentage points) respectively [4][5]. Revenue Breakdown - The revenue from direct supermarkets, distribution channels, and e-commerce channels in 2023 was 334 million yuan, 2.952 billion yuan, and 828 million yuan, with year-on-year changes of -10.03%, +40.35%, and +98.04% respectively. The proportions were 8.13%, 71.74%, and 20.13% [4][5]. - The company’s core products, including spicy konjac and quail eggs, showed remarkable growth, with revenue from spicy snacks, baked snacks, deep-sea snacks, potato snacks, egg snacks, dried fruits and nuts, and konjac pudding reaching 1.482 billion yuan, 627 million yuan, 619 million yuan, 360 million yuan, 319 million yuan, 267 million yuan, and 217 million yuan respectively, with year-on-year growth rates of 56.71%, 12.75%, 10.65%, 29.98%, 594.52%, 37.19%, and 125.67% [9][11]. Future Projections - The company’s net profit forecasts for 2024, 2025, and 2026 are 706 million yuan, 920 million yuan, and 1.125 billion yuan, with year-on-year growth rates of 39.53%, 30.29%, and 22.30% respectively. The corresponding EPS is projected to be 3.60 yuan, 4.69 yuan, and 5.74 yuan, with P/E ratios of 21.02, 16.13, and 13.19 respectively [5][11].

Group 1: Semiconductor and AI Industry Insights - The rapid development of AI large models is driving significant growth in the semiconductor and optical module sectors, with AI server demand expected to grow at a CAGR of approximately 29% over the next three years [10][14]. - The global AI server market is projected to expand from approximately 855,000 units in 2023 to 2,369,000 units by 2026, indicating a robust demand for AI computing chips and supporting optical modules [10][14]. - GPUs are the most common type of AI chips, accounting for about 89% of China's AI computing market, and they represent approximately 70-75% of the cost of AI servers [11][12]. Group 2: Optical Module Market Dynamics - The demand for optical modules is expected to grow significantly due to the increasing need for high-speed interconnections in servers and data centers, with data communication optical modules projected to capture 60% of the market share by 2026 [13]. - China has a strong presence in the optical module market, with five of the top ten global optical module companies located in the region, and the domestic packaging capabilities are leading globally [13]. - The domestic production rate for high-end optical chips (25G and above) is currently low, presenting substantial opportunities for domestic companies to increase their market share through localization efforts [13]. Group 3: Deposit Growth and Structure Rebalancing - Recent months have seen a noticeable decline in deposit growth rates, with a significant shift in the structure of deposits, influenced by macroeconomic policies and the return of asset management products to banks [17][18]. - The growth of deposits is expected to slow down further due to high base effects and a rebalancing of credit structures, with a notable decrease in corporate demand for deposits [18][19]. - Positive macroeconomic policies are anticipated to enhance the deposit structure, with improvements in consumer credit and corporate deposits expected as a result of government initiatives [20][21].

Investment Rating - The report assigns an "Overweight" rating to the home appliance industry, indicating a positive outlook for the sector in the near term [6]. Core Insights - The overall production data for white goods is better than last year's performance, with a short-term optimistic outlook. As of the end of March, the production volume of air conditioners, refrigerators, and washing machines from April to June is expected to grow by 16.6% compared to the same period last year [6]. - The air conditioning segment shows the most significant growth, with domestic production increasing by 20.9%, 16.3%, and 13.5% respectively from April to June. Export production growth rates are 28.3%, 16.7%, and 3.1% [6]. - The refrigerator segment also shows a high short-term production growth rate, with domestic and export production increasing by 10.9% and 19.9% respectively in April [7]. - The washing machine segment has stable production growth rates, with domestic production increasing by 1.5%, 6.4%, and 5.7% from April to June [7]. - The report emphasizes the importance of product innovation and consumer experience in driving growth, particularly in the air conditioning and refrigerator segments [7]. Summary by Sections Air Conditioning - Domestic production growth rates for air conditioners are strong, with significant sales increases observed in early 2023. The report notes that the demand for air conditioning is supported by favorable weather expectations and consumer interest in energy-efficient products [6]. - The report highlights the technological advancements in air conditioning, including smart features and improved energy efficiency, which enhance user experience [6]. Refrigerators - The refrigerator market is experiencing a trend towards embedded designs, with significant growth in the embedded refrigerator segment. Online and offline sales of embedded refrigerators have seen year-on-year increases of 11.9% and 17.6% respectively [7]. - Innovations in refrigerator features, such as specialized storage for different food types and smart functionalities, are noted as key drivers for consumer interest [7]. Washing Machines - The washing machine market shows steady growth, with a focus on product upgrades and new categories catering to specific fabric types. The report notes the gradual promotion of embedded designs in washing machines [7]. - The introduction of new washing modes for delicate fabrics and mini washing machines is highlighted as a growth area [7]. Investment Recommendations - The report suggests focusing on leading companies in the white goods sector, such as Hisense, Midea, Haier, and Gree, which have established global operations and strong cash flows [7].