Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company's respiratory business has shown remarkable performance, leading to a continuous improvement in profitability [2][12] - The company has successfully expanded its product offerings and market reach, particularly in respiratory disease testing and HPV testing [12][13] - Financial forecasts indicate a recovery in revenue and profit growth from 2024 onwards, with a projected CAGR of 14.47% over three years [13] Financial Data and Valuation - Revenue for 2023 is reported at 1.007 billion yuan, a decrease of 84.39% year-on-year, while the net profit is 364 million yuan, down 81.22% [11] - The company expects revenues of 1.533 billion yuan in 2024, with a growth rate of 52.22%, and net profit of 294 million yuan, reflecting a decline of 19.30% [3][13] - The company's EBITDA for 2023 is 478 million yuan, with projections of 579 million yuan for 2024 [3] - The gross margin for 2023 is reported at 71.54%, an increase of 12.71 percentage points, driven by the rapid growth of high-margin conventional reagents [16] Product Performance - The revenue from conventional reagents reached 783 million yuan in 2023, a year-on-year increase of 149.33%, primarily due to increased demand for respiratory disease testing [12] - The respiratory product revenue exceeded 400 million yuan, showing a significant year-on-year growth of 680% [12] - The company has successfully won bids for HPV testing products in 25 provinces, with two products ranking first in procurement volume, indicating potential for future revenue growth [12] Future Outlook - The company is expected to achieve revenues of 1.536 billion yuan in 2024, 2.036 billion yuan in 2025, and 2.493 billion yuan in 2026, with respective growth rates of 52.22%, 32.80%, and 22.43% [3][13] - The projected net profit for 2024 is 294 million yuan, followed by 438 million yuan in 2025 and 546 million yuan in 2026, with growth rates of -19.30%, 49.11%, and 24.64% respectively [3][13]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The high-speed rail passenger transport continues to show strong growth, with the company's performance improving significantly [2][3]. - In 2023, the company achieved a total revenue of 40.683 billion yuan, a year-on-year increase of 110.40%, and a net profit attributable to shareholders of 11.546 billion yuan, recovering from a loss of 0.576 billion yuan in the same period of 2022 [2][3]. - The company plans to repurchase shares worth 1 billion yuan, reflecting confidence in future growth [5]. Financial Performance - In Q1 2024, the company reported a revenue of 10.106 billion yuan, up 13.06% year-on-year, and a net profit of 2.963 billion yuan, an increase of 33.11% [5]. - The total passenger volume for the year 2023 reached 53.252 million, a 209.1% increase compared to the previous year [3]. - The company's main business cost for 2023 was 22.052 billion yuan, a year-on-year increase of 31.91%, with energy expenses rising significantly due to increased passenger volume and train operations [4]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 44.719 billion yuan, 48.804 billion yuan, and 53.269 billion yuan, respectively, with growth rates of 9.92%, 9.14%, and 9.15% [6]. - The forecasted net profits for the same years are 13.452 billion yuan, 15.449 billion yuan, and 17.463 billion yuan, with growth rates of 16.52%, 14.85%, and 13.03% [6]. - The earnings per share (EPS) are expected to be 0.27 yuan, 0.31 yuan, and 0.36 yuan for 2024, 2025, and 2026, respectively [6]. Valuation - The report assigns a target price of 6.21 yuan based on a 23x price-to-earnings (P/E) ratio for 2024 [6].

Investment Rating - The investment rating for the company is currently not explicitly stated in the provided documents, but the report suggests a focus on continuous monitoring of the company's performance due to its ongoing transformation and growth potential [6]. Core Views - The company achieved a significant year-on-year sales growth of 39.3% in April 2024, with total sales reaching 153,000 vehicles [2]. - Cumulative sales for the first four months of 2024 reached 629,000 vehicles, reflecting a 46.9% increase compared to the same period last year [2]. - The report highlights the acceleration of the company's transformation towards new energy vehicles, with a notable increase in the penetration rate of such vehicles to 33.6% in April 2024, up by 6.8 percentage points year-on-year [3]. Summary by Sections Sales Performance - In April 2024, the company's sales by brand included 118,000 vehicles for the Geely brand, 16,000 for the Zeekr brand, and 19,000 for the Lynk & Co brand [3]. - The new energy vehicle sales reached 51,000 units in April, marking a 75.0% increase year-on-year, with a cumulative total of 196,000 units sold in the first four months of 2024, up 120.4% year-on-year [3]. New Product Launches - The report notes that several new models were launched in April 2024, including the Lynk & Co 07 EM-P and various models from the Zeekr brand, which are expected to support future sales growth [4]. Export Growth - The company exported 38,000 vehicles in April 2024, a 74.7% increase year-on-year, with exports accounting for 24.9% of total sales [5]. - Cumulative exports for the first four months of 2024 reached 125,000 vehicles, reflecting a 68.8% increase year-on-year [5]. Financial Forecasts - The company is projected to achieve revenues of 223.2 billion, 266.3 billion, and 306.6 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.6%, 19.3%, and 15.1% [6]. - Net profit forecasts for the same period are 7.08 billion, 8.53 billion, and 9.98 billion yuan, with growth rates of 33.4%, 20.5%, and 16.9% [6].

Investment Rating - The report maintains a "Buy" rating for Qianhe Condiment (603027) with a target price of 21.76 RMB [6][8] Core Views - The company's revenue and net profit grew significantly in 2023, with revenue reaching 3.207 billion RMB (up 31.62% YoY) and net profit reaching 530 million RMB (up 54.22% YoY) [3] - In Q1 2024, revenue grew 9.28% YoY to 895 million RMB, while net profit increased 6.66% YoY to 155 million RMB, slightly below expectations [3] - The company's channel expansion strategy continues to drive revenue growth, with a net increase of 1,020 distributors in 2023, particularly in central and western regions [4] - Product upgrades and cost reduction measures are expected to improve profitability, with gross margin increasing by 0.59 percentage points to 37.15% in 2023 [5] Financial Performance Revenue and Profit - 2023 revenue: 3.207 billion RMB (up 31.62% YoY) [3] - 2023 net profit: 530 million RMB (up 54.22% YoY) [3] - 2024E revenue: 3.768 billion RMB (up 17.49% YoY) [6] - 2024E net profit: 658 million RMB (up 24.06% YoY) [6] Product Performance - Soy sauce revenue: 2.04 billion RMB (up 34.85% YoY), accounting for 63.6% of total revenue [4] - Vinegar revenue: 422 million RMB (up 11.75% YoY), accounting for 13.2% of total revenue [4] - Gross margin for soy sauce: 37.59% (up 0.44 percentage points YoY) [4] - Gross margin for vinegar: 39.07% (up 2.05 percentage points YoY) [4] Regional Performance - Central region revenue: 449 million RMB (up 80.97% YoY) [4] - Eastern region revenue: 712 million RMB (up 30.94% YoY) [4] - Southern region revenue: 208 million RMB (up 26.00% YoY) [4] - Northern region revenue: 567 million RMB (up 27.09% YoY) [4] - Western region revenue: 1.229 billion RMB (up 23.77% YoY) [4] Valuation and Forecast - 2024E PE ratio: 24.2x [6] - 2024E target price: 21.76 RMB [6] - 2024-2026 revenue CAGR: 16.49% [6] - 2024-2026 net profit CAGR: 19.81% [6] Industry and Market Position - The company operates in the food and beverage industry, specifically in the condiment fermentation sector [8] - It has a strong market position with a focus on natural fermentation, zero-additive, and healthy products [5] - The company is expanding its national market presence, particularly in central and western regions [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified in the report [2]. Core Views - The company reported steady growth in diagnostic and treatment demand, with a robust profitability maintained [3]. - In 2023, the company achieved a revenue of 4.013 billion yuan, a year-on-year increase of 24.12%, and a net profit of 666 million yuan, up 29.6% [3]. - The company’s outpatient visits exceeded 1.86 million, a growth of 21%, and surgical procedures surpassed 370,000, increasing by approximately 23% [4]. - The company’s main business gross margin reached 49.04%, an increase of 0.88 percentage points year-on-year, with significant improvements in cataract and posterior segment business margins [5]. - The company is expanding its global ophthalmic medical service network through both organic growth and acquisitions [6]. Financial Summary - The company’s projected revenues for 2024-2026 are 4.776 billion, 5.674 billion, and 6.679 billion yuan, with year-on-year growth rates of 19.0%, 18.8%, and 17.7% respectively [7]. - The net profit forecasts for the same period are 853 million, 1.084 billion, and 1.362 billion yuan, with growth rates of 28.1%, 27.1%, and 25.7% respectively [7]. - The company’s earnings per share (EPS) are expected to be 1.02, 1.29, and 1.62 yuan per share for 2024, 2025, and 2026 respectively [7]. - The company’s total share capital is 840 million shares, with a circulating market value of approximately 8.799 billion yuan [8].

证券研究报告 公 2024年05月10日 司 报 告 爱尔眼科(300015) │ 行 业： 医药生物/医疗服务 公 投资评级： 司 当前价格： 12.98元 年 业绩稳步增长，刚性需求复苏显著 目标价格： 报 点 事件： 评 基本数据 公司发布 2023 年年报及 2024 年一季报。2023 全年，公司实现营业收入 总股本/流通股本(百万股) 9,328.41/7,905.00 203.67亿元，同比增长26.43%；归母净利润33.59亿元，同比增长33.07%； 流通A股市值(百万元) 102,606.95 扣非净利润 35.14 亿元，同比增长 20.39%。2024Q1，公司实现营业收入 每股净资产(元) 2.11 51.96亿元，同比增长3.50%；归母净利润8.99亿元，同比增长15.16%； 资产负债率(%) 32.28 扣非净利润8.43亿元，同比增长12.04%。 一年内最高/最低(元) 30.25/11.80 ➢ 业绩稳步增长，门诊及手术量稳健提升 2023全年公司营业收入和净利润保持稳健增长。其中，2023年单四季度实 股价相对走势 现收入 43.20 亿元，同比增长 41.25%； ...

证券研究报告 公 2024年05月10日 司 报 告 通策医疗(600763) │ 行 业： 医药生物/医疗服务 公 投资评级： 买入（维持） 司 当前价格： 66.54元 年 诊疗需求稳健增长，各项业务稳步发展 目标价格： 79.04元 报 点 事件： 评 基本数据 公司发布 2023 年年报及 2024 年一季报。2023 全年，公司实现营业收入 总股本/流通股本(百万股) 320.64/320.64 28.47亿元，同比增长4.70%；归母净利润5.00亿元，同比减少8.72%；扣 流通A股市值(百万元) 21,335.39 非净利润4.81亿元，同比减少8.37%。2024Q1，公司实现营业收入7.08亿 每股净资产(元) 12.40 元，同比增长 5.03%；归母净利润 1.73亿元，同比增长 2.51%；扣非净利 资产负债率(%) 28.88 润1.70亿元，同比增长4.20%。 一年内最高/最低(元) 120.29/52.24 ➢ 诊疗需求稳健增长，各项业务稳步发展 2023 年，公司口腔医疗门诊量达 335.33 万人次，公司大综合业务实现收 股价相对走势 入7.56亿元，同比增长8.34%； ...

证券研究报告 公 2024年05月09日 司 报 告 锦浪科技(300763) │ 行 业： 电力设备/光伏设备 公 投资评级： 增持（下调） 司 当前价格： 58.39元 海外去库存周期业绩承压，电站业务快速成长 年 目标价格： 63.28元 报 点 事件： 评 基本数据 2024年4月28日，公司发布2023年报及2024年一季报，2023年公司实 总股本/流通股本(百万股) 400.69/321.53 现营业收入 61.01 亿元，同比增长 3.59%，实现归母净利润 7.79 亿元,同 流通A股市值(百万元) 18,774.41 比减少 26.46%，实现经营活动现金净流量 3.83 亿元，同比减少 60.17%， 每股净资产(元) 19.45 实现销售毛利率32.38%，同比下降1.14pct，单位盈利水平基本稳定。 资产负债率(%) 64.35 2024Q1公司实现营业收入13.97亿元，同比/环比分别-15.56%/-4.29%，实 一年内最高/最低(元) 116.85/51.11 现归母净利润 0.20 亿元，同比/环比分别-93.74%/-27.15%,实现销售毛利 率24.24%,同比/环 ...

证券研究报告 公 2024年05月09日 司 报 告 通威股份(600438) │ 行 业： 电力设备/光伏设备 公 投资评级： 增持（维持） 司 当前价格： 22.79元 竞争加剧影响业绩，硅料竞争优势稳固 年 目标价格： 25.65元 报 点 事件： 评 基本数据 2024年4月29日，公司发布2023年报及2024年一季报，2023年公司实 总股本/流通股本(百万股) 4,501.97/4,501.97 现营业收入1391.04亿元，同比减少2.33%，实现归母净利润135.74亿元, 流通A股市值(百万元) 102,599.99 同比减少47.25%，实现经营活动现金净流量306.79亿元，同比减少29.98%， 每股净资产(元) 13.06 实现销售毛利率26.44%，同比下降11.73pct，报告期内，受供需关系变化 资产负债率(%) 59.27 影响，硅料价格大幅下降，是影响公司业绩的主要原因。 一年内最高/最低(元) 39.65/21.09 2024Q1 公司实现营业收入195.70 亿元，同比减少41.13%，实现归母净利 润-7.87亿元，同比减少109.15%,实现经营活动现金净流量-1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 52.27 CNY, based on a current price of 33.90 CNY [6]. Core Insights - The company achieved a revenue of 8.826 billion CNY in 2023, representing a year-on-year growth of 8.17%. The net profit attributable to shareholders was 439 million CNY, up 3.38% year-on-year. However, in Q1 2024, the revenue decreased by 6.75% to 2.139 billion CNY, and the net profit fell by 8.71% to 127 million CNY [3][15]. - The company is focusing on enhancing its computing power services and has secured significant contracts, including a comprehensive maintenance service project with China Mobile for 2023-2026, maintaining a leading market share in 15 out of 21 provinces [4][14]. Financial Performance Summary - In 2023, the company reported a revenue of 8.826 billion CNY, with a growth rate of 8.17%. The EBITDA was 579 million CNY, and the net profit was 439 million CNY, with a growth rate of 3.39% [16]. - The forecast for 2024-2026 indicates revenues of 10.852 billion CNY, 13.153 billion CNY, and 15.457 billion CNY, with respective growth rates of 22.95%, 21.20%, and 17.52%. The net profit is expected to be 587 million CNY, 707 million CNY, and 814 million CNY, with growth rates of 33.84%, 20.48%, and 15.08% [15][16]. - The earnings per share (EPS) are projected to be 2.09 CNY, 2.52 CNY, and 2.90 CNY for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 22.89% [15]. Business Development - The company is actively developing its computing power services, having established partnerships with several supercomputing centers. It is also raising funds through convertible bonds to build a cloud computing center, which will be the largest in Guangxi [14][15]. - The company has made significant progress in its intelligent maintenance services, winning key projects and expanding its market presence in various provinces [4][14].