证券研究报告 行 2024年05月05日 业 报 投资建议： 强于大市（维持） 告 通信 上次建议： 强于大市 │ 行 业 相对大盘走势 AI 和算力需求成为行业发展核心驱动力 专 通信 沪深300 题 30% 研 ➢ 行业概览：AI拉动行业景气度上扬 究 10% 2023 年通信行业（剔除三大运营商和中兴通讯）整体实现营收 5172.7 亿 元，同比增长 2.3%，行业整体实现归母净利润为 196.3 亿元，同比下滑 -10% 14.1%。2024Q1，行业整体营收同比增长 7.7%，增速同比提升 2.5 个百分 -30% 点，归母净利润同比增长21.2%，增速同比提升16.8个百分点。分具体子 2023/5 2023/9 2023/12 2024/4 板块来看，光通信景气度较高，物联网模组、企业通信需求回暖，景气度 回升，运营商整体增速较为平稳，设备商、天线射频及配套短期承压。 作者 ➢ 光通信：800G光模块放量显著，北美产业链受益明显 分析师：张宁 2024Q1,光通信厂商的营收同比增长60.2%，归母净利润同比增长135.4%。 执业证书编号：S0590523120003 受益于AI算力的建设，北美 ...

证券研究报告 行 2024年05月04日 业 报 投资建议： 强于大市（维持） 告 医疗器械 上次建议： 强于大市 │ 行 业 相对大盘走势 人工关节续约采购量稳中有升，价格较为温和 点 医疗器械 沪深300 评 10% 研 ➢ 行业事件 究 -3% 2024 年 4 月 30 日，国家组织高值医用耗材联合采购办公室发布《人工关 节集中带量采购协议期满接续采购公告（第 2 号文）》，对人工关节续约的 -17% 年度意向采购量、最高有效申报价以及中选规则进行详细规定。 -30% 2023/5 2023/9 2023/12 2024/4 ➢ 采购需求量稳中有升，膝关节增加幅度较大 作者 本次续约品类包括髋关节（陶瓷-陶瓷类、陶瓷-聚乙烯类和合金-聚乙烯类） 分析师：郑薇 和膝关节，采购周期为 3 年。在需求量方面，与首次国家集采相比，本次 执业证书编号：S0590521070002 接续的年度采购需求量为 581,562 个（yoy+8%），其中髋关节产品系统为 邮箱：zhengwei@glsc.com.cn 285,995个（yoy-6%），包括陶瓷-陶瓷类髋关节产品系统102,264个（yoy- 19%），陶 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry [7]. Core Insights - The communication industry is experiencing a resurgence driven by AI and computing power demands, with overall revenue growth and improved profitability in early 2024 compared to 2023 [1][13]. - The light communication sector is benefiting significantly from the demand for 800G optical modules, particularly in North America, leading to substantial revenue and profit growth [2][31]. - Telecom operators are showing stable growth with increasing dividend payouts, while focusing on digital transformation and R&D investments [3][19]. - The Internet of Things (IoT) module market is recovering, with companies investing in R&D to enhance future capabilities [4][39]. - Equipment manufacturers and RF antenna suppliers are facing short-term pressure due to declining capital expenditures from operators, but AI-related demand may provide new growth opportunities [5][25]. Summary by Sections 1. Industry Overview - In 2023, the communication industry (excluding major operators and ZTE) achieved total revenue of CNY 517.27 billion, a year-on-year growth of 2.3%, while net profit fell by 14.1% to CNY 19.63 billion. In Q1 2024, revenue grew by 7.7% year-on-year to CNY 116.56 billion, with net profit increasing by 21.2% to CNY 6.42 billion [1][13]. 2. Telecom Operators - The three major telecom operators reported a combined revenue of CNY 1889.75 billion in 2023, a growth of 6.9%, with China Mobile leading at 7.7%. In Q1 2024, their revenue grew by 4.2% to CNY 497.7 billion, and net profit increased by 6.1% to CNY 40.65 billion [3][19]. 3. Equipment Manufacturers - Five selected equipment manufacturers reported a total revenue of CNY 246.3 billion in 2023, a growth of 1.9%. In Q1 2024, revenue increased by 3.5% to CNY 55.2 billion, while net profit saw a slight decline of 1.8% [5][25]. 4. Light Communication - Light communication manufacturers achieved a total revenue of CNY 30.5 billion in 2023, a slight decline of 0.4%. However, in Q1 2024, revenue surged by 60.2% to CNY 10.15 billion, with net profit increasing by 135.4% [2][31]. 5. IoT Modules - The IoT module market saw a total revenue of CNY 24.66 billion in 2023, growing by 7.1%. In Q1 2024, revenue jumped by 34.6% to CNY 7.51 billion, with significant growth from companies like Youfang Technology [4][39].

Investment Rating - The report maintains an "Outperform" rating for the power equipment export industry [2][6]. Core Insights - The power equipment export industry is experiencing a sustained growth trend, particularly in transformer exports to Europe and North America, driven by factors such as new energy integration, old grid renovations, and data center expansions [3][6]. - The report highlights significant growth in the export of electronic meters in Asia and Africa, indicating a strong demand for smart grid investments [4][6]. - The export of isolating switches is accelerating, with notable increases in various regions, suggesting a robust development phase for this market [5][6]. Summary by Sections Transformer Exports - Total transformer export value reached $1.24 billion in Q1 2024, up 25.5% year-on-year. March exports alone were $460 million, reflecting a 23.9% increase. Liquid transformers saw a 67.5% increase, while dry transformers experienced a 12.4% decline [11][12]. - The export focus is shifting from Asia to Europe and North America, with respective shares of 46%, 22%, and 10% in Q1 2024 [11][13]. Electronic Meter Exports - Electronic meter exports totaled $310 million in Q1 2024, marking a 9.7% year-on-year increase. Notably, single-phase and three-phase electronic meter exports from Asia and Africa grew significantly, with increases of 59.1% and 126.3%, respectively [4][6]. Isolating Switch Exports - The total export value of isolating switches reached $51 million in Q1 2024, up 60.3% year-on-year. March exports were $15 million, reflecting a 33.1% increase. Exports to Asia, Europe, and South America showed substantial growth, with increases of 104.5%, 199.0%, and 27.6%, respectively [5][6]. Investment Recommendations - The report recommends focusing on equipment manufacturers with strong overseas channels and substantial production capacity, as the demand for smart grid investments is expected to rise significantly [6]. Key companies highlighted include Jinpan Technology, Siyuan Electric, Mingyang Electric, China XD Electric, and Haixing Power [6].

证券研究报告 行 2024年05月04日 业 报 投资建议： 强于大市（维持） 告 医疗器械 上次建议： 强于大市 │ 行 业 相对大盘走势 人工关节续约采购量稳中有升，价格较为温和 点 医疗器械 沪深300 评 10% 研 ➢ 行业事件 究 -3% 2024 年 4 月 30 日，国家组织高值医用耗材联合采购办公室发布《人工关 节集中带量采购协议期满接续采购公告（第 2 号文）》，对人工关节续约的 -17% 年度意向采购量、最高有效申报价以及中选规则进行详细规定。 -30% 2023/5 2023/9 2023/12 2024/4 ➢ 采购需求量稳中有升，膝关节增加幅度较大 作者 本次续约品类包括髋关节（陶瓷-陶瓷类、陶瓷-聚乙烯类和合金-聚乙烯类） 分析师：郑薇 和膝关节，采购周期为 3 年。在需求量方面，与首次国家集采相比，本次 执业证书编号：S0590521070002 接续的年度采购需求量为 581,562 个（yoy+8%），其中髋关节产品系统为 邮箱：zhengwei@glsc.com.cn 285,995个（yoy-6%），包括陶瓷-陶瓷类髋关节产品系统102,264个（yoy- 19%），陶 ...

证券研究报告 公 2023年05月04日 司 报 告 老百姓(603883) │ 行 业： 医药生物/医药商业 公 投资评级： 买入（维持） 司 年 业绩稳健增长，盈利能力提升 当前价格： 33.47元 报 目标价格： 41.62元 点 事件： 评 基本数据 公司发布2023年年报及2024年一季报，2023年实现收入224.37亿元， 总股本/流通股本(百万股) 584.93/583.01 同比增长11.21%；归母净利润9.29亿元，同比增长18.35%；扣非后归母 流通A股市值(百万元) 19,513.44 净利润 8.44 亿元，同比增长 14.68%。2024 年一季度实现收入 55.39 亿 元，同比增长1.81%；归母净利润3.21亿元，同比增长10.27%；扣非后 每股净资产(元) 12.03 归母净利润3.11亿元，同比增长10.35%。 资产负债率(%) 64.17  新店高速建设，可复制性强 一年内最高/最低(元) 36.08/22.81 截至2023年底，公司覆盖了全国18个省、150余个地级市，其中市占率 第一的省份为 4 个，市占率前三的省份为 11 个；公司门店数量增长至 股价 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for growth relative to market indices [2]. Core Insights - The company's profitability continues to improve, with a gross margin of 73.29% in 2023, an increase of 1.01 percentage points year-on-year. The net profit margin reached 17.16%, up by 1.65 percentage points [3][14]. - The company reported a revenue of 3.311 billion yuan in 2023, a year-on-year growth of 10.31%, and a net profit of 568 million yuan, reflecting a 22.09% increase [14]. - The orthopedic traditional Chinese medicine patch products are experiencing stable growth, while tablet products are rapidly expanding [15][16]. Financial Performance Summary - In 2023, the company achieved a revenue of 3.311 billion yuan, with a net profit of 568 million yuan, and a non-recurring net profit of 534 million yuan, showing a growth of 30.61% year-on-year [14]. - For Q1 2024, the company reported a revenue of 909 million yuan, a 15.27% increase year-on-year, and a net profit of 190 million yuan, up by 31.98% [14]. - The company’s gross margin for 2023 was 73.29%, with a projected increase to 75.60% in Q1 2024 [3][14]. Product Performance - The revenue from patch products was 2.047 billion yuan in 2023, growing by 6.91%, while tablet products generated 262 million yuan, marking a 34.66% increase [16]. - The company has over ten dosage forms and more than a hundred products, with significant contributions from patches and tablets [16]. Earnings Forecast and Valuation - The company is expected to achieve revenues of 3.855 billion yuan in 2024, with a growth rate of 16.40%, and a net profit of 683 million yuan, reflecting a growth rate of 20.30% [21]. - The earnings per share (EPS) is projected to be 1.21 yuan in 2024, with a compound annual growth rate (CAGR) of 18.89% over the next three years [21].

证券研究报告 行 2024年05月04日 业 报 投资建议： 强于大市（维持） 告 美容护理行业 2023 年与 2024Q1 财报总结 上次建议： 强于大市 │ 行 业 相对大盘走势 关注重组胶原蛋白赛道与美妆 618 大促催化 专 美容护理 沪深300 题 10% 研 ➢ 行业：可选消费仍处复苏进程 究 -7% 2024Q1社零中必选消费仍具备韧性，化妆品与金银珠宝等可选消费偏弱， -23% 2022年以来限额以上化妆品零售额累计增速多低于社零累计增速，而2021 年以来限额以上金银珠宝零售额累计增速多高于社零累计增速。2023年美 -40% 护板块大幅跑输大盘，2024 年初至今仍无相对收益。饰品板块 2023 年相 2023/5 2023/9 2023/12 2024/4 对收益明显，2024年初至今跑输大盘。2024Q1美护板块基金重仓比例温和 作者 回升，个股维度巨子/爱美客/水羊/科思等标的基金重仓持股比例增加较多。 分析师：邓文慧 ➢ 财报：重组胶原蛋白与珠宝景气度更优，美妆品牌分化与改善并存 执业证书编号：S0590522060001 邮箱：dengwh@glsc.com.cn 以2024年 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.80 CNY, based on a 13x PE for 2024 [4][10]. Core Insights - The company achieved a significant year-on-year increase in net profit of 89% in 2023, driven by recovering domestic and international demand and a decline in raw material prices [2][10]. - In 2023, the company sold 25.68 million tires, marking a 15.6% increase year-on-year, with domestic and international sales growing by 20% and 12% respectively [2][10]. - The company launched 117 new products in 2023, enhancing product performance and brand influence through various marketing initiatives [3][10]. Financial Performance Summary - In 2023, total revenue reached 10.422 billion CNY, a 13% increase from the previous year, while net profit was 1.396 billion CNY [10]. - The gross margin improved by 6.7 percentage points to 21.5%, and the net margin increased by 5.4 percentage points to 13.4% in 2023 [2][10]. - For 2024, the company is projected to generate revenues of 11.583 billion CNY, with a growth rate of 11.14% [12]. Sales and Market Trends - In Q1 2024, tire sales decreased by 4% quarter-on-quarter to 5.87 million units, influenced by seasonal factors [3][11]. - The company has adjusted prices for passenger car tires by 2-3% starting March 29, 2024, in response to rising raw material costs [3][11]. Earnings Forecast - The forecast for net profit is 1.462 billion CNY in 2024, with a growth rate of 4.71%, and EPS is expected to be 1.83 CNY per share [12].

证券研究报告 公 2024年05月05日 司 报 告 中材国际(600970) │ 行 业： 建筑装饰/专业工程 公 投资评级： 买入（维持） 司 当前价格： 12.69元 季 盈利能力继续提升，汇兑损失阶段影响 目标价格： 18.72元 报 点 事件： 评 基本数据 公司发布24年一季报， 24Q1收入102.9亿，yoy+3%；归母净利6.4亿， 总股本/流通股本(百万股) 2,642.32/1,757.66 yoy+3%；扣非归母净利6.5亿，yoy+12%。收入利润稳步增长，扣非归母净 流通A股市值(百万元) 22,304.76 利延续较快增长，非经常性损益主要为24Q1处置金融资产和金融负债产生 的损失同比增加较多。 每股净资产(元) 7.46 ➢ 毛利率延续改善，汇兑损失阶段影响偏多 资产负债率(%) 62.57 24Q1 公司毛利率 19.5%，yoy+2.5pct。费用率上行，24Q1 期间费用率 一年内最高/最低(元) 15.10/8.83 yoy+1.9pct 至 11.2%，其中销售/管理/研发/财务费用率 yoy-0.0/+0.4/- 0.1/+1.6pct至1.3%/4.5%/3.1 ...