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[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 安克创新(300866)公司点评报告 2024年04月25日 [Table_T聚itle焦] 关键品类，新品驱动高质增长 [Table_Inves 买t] 入|维持 ——公司 23 年年报点评 [报Ta告ble要_S点um：m ary] [当Ta前b价le_/目Ta标rg价etP：r 8ic 3e.7] 6元/100.52元 公司23年实现营业收入175亿元，同比+22.85%；实现归母净利润16 目标期限： 6 个月 亿元，同比+41.22%，扣非后归母净利润13.4亿元，同比+71.88%。 [基Ta本bl数e_据Ba se] 充电储能领域是公司重点发展领域，23年收入同比增长25%。其中以 52周最高/最低价（元）： 96.27 / 60.68 Anker品牌为主的充电产品是公司稳健的基本盘，预计公司凭借品牌壁垒、 A股流通股（百万股）： 222.99 产品力优势和营销能力，将在充电产品领域持续受益于快充刚需化、充电配 A股总股本（百万股）： 406.43 件不附送等趋势；以Anker SOLIX品牌为主的家用光伏和储能产品是公 ...

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 [Table_Title] 盈利能力明显优化，高毛利品牌驱动增长 点评： EDB23 年全球增速超 100%，御泥坊焕新在即，CP 业务稳步发展 公司自有品牌+代理品牌业务双轮驱动，聚焦高毛利品牌加大资源倾斜。主 品牌 EDB 增长势头良好，御泥坊及代理小品牌持续调整优化。我们预计 2024-2026 年公司实现归母净利润 3.93/4.62/5.35 亿元，EPS 分别为 1.01/1.19/1.37 元，PE18/15/13x ，维持"买入"评级。 [Table_ 过去一年股价走势 PicQuote] -20% 1% 22% 42% 63% 4/25 7/25 10/24 1/23 4/23 水羊股份 沪深300 [Table_ 相关研究报告 DocReport] [Table_Invest]买入|维持 水羊股份(300740)公司点评报告 2024 年 04 月 25 日 [Table_Summary] 事件： 公司发布 2023 年年度报告及 2024 年第一季度报告。 23 年公司实现营业收入 44.93 亿元，同比下降 4 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the Shanghai Composite Index within the next six months [5][11]. Core Insights - The company reported a revenue of 1.02 billion yuan for 2023, representing a year-on-year growth of 14.44%. The net profit attributable to shareholders was 161.39 million yuan, with a growth of 37.46% year-on-year [5]. - In Q1 2024, the company achieved a revenue of 284 million yuan, a year-on-year increase of 19.40%, with net profits of 55 million yuan, reflecting a growth of 33.61% [5]. - The general instruments segment contributed significantly to revenue, with a total revenue of 609 million yuan, accounting for 59.68% of total revenue [5]. - The company has shown a strong improvement in profitability, with gross margins increasing to 43.32% in 2023 and 44.42% in Q1 2024 [5]. Summary by Sections Financial Performance - 2023 revenue: 1.02 billion yuan, up 14.44% YoY - 2023 net profit: 161.39 million yuan, up 37.46% YoY - Q1 2024 revenue: 284 million yuan, up 19.40% YoY - Q1 2024 net profit: 55 million yuan, up 33.61% YoY [5]. Product Contribution - Revenue breakdown for 2023: General instruments (609 million yuan), Temperature and environmental testing instruments (220 million yuan), Testing instruments (135 million yuan), Professional instruments (53 million yuan) [5]. - Domestic sales accounted for 41.52% of total revenue, while overseas sales made up 58.48%, both showing stable growth [5]. Profitability Metrics - 2023 gross margin: 43.32%, up 7.06 percentage points YoY - 2023 net profit margin: 15.82%, up 2.65 percentage points YoY - Q1 2024 gross margin: 44.42%, up 3.14 percentage points YoY - Q1 2024 net profit margin: 19.24%, up 2.05 percentage points YoY [5]. Future Projections - Expected revenue for 2024-2026: 1.21 billion yuan (2024), 1.43 billion yuan (2025), 1.67 billion yuan (2026) - Expected net profit for 2024-2026: 220.93 million yuan (2024), 279.02 million yuan (2025), 339.98 million yuan (2026) - Projected EPS for 2024-2026: 1.99 yuan (2024), 2.52 yuan (2025), 3.07 yuan (2026) [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the Shanghai Composite Index within the next six months [8][21]. Core Views - The company has shown strong revenue growth, with a reported revenue of 230.87 million yuan in 2023, representing an 18.2% increase year-on-year. The net profit attributable to shareholders was 40.88 million yuan, up 13.9% [15][17]. - The company is actively participating in centralized procurement, which is expected to accelerate product penetration and enhance market competitiveness. The introduction of new products is also anticipated to contribute significantly to revenue growth [6][17]. - The company’s sales and service network now covers nearly 90 countries and regions, with domestic and international revenues reaching over 180 million yuan and 50.046 million yuan, respectively, marking increases of 13.5% and 39.1% year-on-year [16][17]. Financial Performance - In 2023, the company achieved a revenue of 230.87 million yuan, with a year-on-year growth rate of 18.24%. The projected revenue for 2024 is 290.45 million yuan, reflecting a growth rate of 25.81% [10][17]. - The net profit attributable to shareholders for 2023 was 40.88 million yuan, with a projected increase to 52.35 million yuan in 2024, indicating a growth rate of 28.07% [10][17]. - The company’s earnings per share (EPS) are projected to be 0.79 yuan in 2024, increasing to 1.25 yuan in 2025 and 1.77 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 42.43, 26.89, and 19.01 respectively [10][17]. Business Segments - The primary revenue sources for the company are artificial dura mater (spinal) patches and craniofacial repair and fixation systems, accounting for 60.5% and 26.4% of total revenue, respectively. The dura mater patch segment saw a revenue decline of 3.5%, while the craniofacial segment experienced a significant growth of 61.1% [15][16]. - The commercialization of absorbable regenerated oxidized cellulose is expected to break the long-standing import monopoly in the neurosurgery market, with over 100,000 units used in clinical settings in 2023 [16]. - The company’s self-developed dura mater medical glue has unique properties that address existing product limitations, and its market penetration is expected to increase following the acquisition of necessary regulatory approvals [16].

[TABLE_INVEST] 买入|维持 康恩贝(600572)公司点评报告 2024 年 04 月 24 日 | --- | --- | --- | --- | --- | --- | |-----------------------|---------|---------|---------|---------|---------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 6000.44 | 6732.80 | 7550.37 | 8494.45 | 9397.64 | | 收入同比 (%) | -8.64 | 12.20 | 12.14 | 12.50 | 10.63 | | 归母净利润 ( 百万元 ) | 358.12 | 591.57 | 697.50 | 820.65 | 949.64 | | 归母净利润同比 (%) | -82.25 | 65.19 | 17.91 | 17.66 | 15.72 | | ROE(%) | 5.18 | 8.40 | 9.65 | 10.20 | 10.56 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 43.00 yuan [3][14]. Core Insights - The company achieved a revenue of 34.52 billion yuan in 2023, representing a year-on-year increase of 17.08%. The net profit reached 1.66 billion yuan, up 18.49% year-on-year [1]. - The company adopted a quality-over-quantity strategy amidst industry competition, leading to improved profit margins and operational efficiency [3]. - The company is expanding its overseas operations with an investment of up to 25 million USD in Mexico, which is expected to enhance its market reach [2]. Financial Performance - In 2023, the company sold 6.2582 million kilometers of cables, a 20.24% increase year-on-year, while the sales of new energy cables decreased by 6.23% [1]. - The average price of new energy cables rose to 1,525.11 yuan per kilometer, an increase of approximately 105 yuan compared to 2022 [1]. - Key financial metrics for 2023 included a gross margin of 12.40%, a net margin of 4.81%, and an asset turnover ratio of 1.33x, all showing slight improvements from 2022 [1]. Revenue and Profit Forecast - The revenue forecasts for 2024, 2025, and 2026 are projected at 42.99 billion yuan, 50.88 billion yuan, and 61.50 billion yuan, respectively. Corresponding net profits are expected to be 2.22 billion yuan, 2.76 billion yuan, and 3.46 billion yuan [3][13]. - The report anticipates basic earnings per share of 1.78 yuan, 2.22 yuan, and 2.78 yuan for the years 2024, 2025, and 2026, respectively [3][13]. Strategic Developments - The company is focusing on developing new products in response to customer demands, particularly in the energy storage sector, which has already received client recognition [2]. - The company’s direct clients include leading global firms, and its end customers encompass major automotive manufacturers such as Volkswagen, General Motors, and Tesla, indicating a strong market position [2].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 新易盛(300502)公司点评报告 2024年04月25日 [Table高_Ti速tle] 率产品占比提升，成本控制能力领先 [Table_Inves 买t] 入|上调 ——新易盛（300502）2023年及2024 年 Q1 报告点评 事[T件ab：le_ Summary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 4月22日，新易盛发布2023年及2024年Q1报告。2023年，公司实现营 52周最高/最低价（元）： 84.43 / 30.06 业收入30.98亿元，同比-6.43%；实现归母净利润6.88亿元，同比-23.82%。 A股流通股（百万股）： 617.62 其中，2023 年 Q4，公司实现营业收入 10.11 亿元，同比 12.78%，环比 A股总股本（百万股）： 709.92 29.17%；实现归母净利润2.59，同比83.35%，环比83.29%。2024年Q1， 流通市值（百万元）： 40237.80 公司实现营业收入11.13亿元，同比85.41%，环比10.12%；实现归 ...

元证券股份有限公司 [Table_Main] 公司研究|可选消费|耐用消费品与服装 证券研究报告 [Table_TargetPrice] 乐歌股份(300729)公司点评报告 2024 年 04 月 24 日 [Table_Title] 海外仓业务蓬勃发展，盈利能力整体向上 ——乐歌股份 2023 年度报告点评 [Table_Summary] 事件： 公司发布 2023 年度报告：2023 年公司实现营收 39.02 亿元，同比增长 21.61%；公司 2023 全年实现归母/扣非归母净利润 6.34/2.52 亿元，同比 分别增长 189.72%/142.38%。其中第四季度公司实现收入 12.16 亿元，同 比增长 35.73%，实现归母净利润 1.17 亿元，同比增长 93.55%。 H2 增长加速，仓储物流维持高增速 2023 年 Q1-Q4 公司分别实现营收 7.96/8.82/10.07/12.16 亿元，同比分别 增长 4.29%/12.34%/31.90%/35.73%。增长驱动因素来看，2023 年公司人 体工学产品/仓储物流服务分别营收 26.12/9.51 亿元，同比分别增长 8.70% ...

倍加洁(603059)公司点评报告 2024 年 04 月 24 日 24Q1 利润同比增长 164.53%，全年收入增长目标 20%+ 23 年公司实现营业收入 10.67 亿元，同比增长 1.58%，实现归属母公司净 利润 0.93 亿元，同比下降 4.93%，实现扣非归母净利润 0.36 亿元，同比下 降 44.52%。盈利能力方面，23 年公司毛利率为 23.19%，同比下降 0.78pct， 净利率为 8.67%，同比下降 0.59pct。费用端来看，23 年公司期间费用率合 计为 15.36%，同比下降 2.08pct。其中，销售费用率为 6.99%，同比下降 2.99pct，主要系自有品牌营销宣传和渠道投入减少所致；管理费用率为 4.94%，同比提升 1.03pct，主要系增加西藏富扬创业投资管理有限公司咨 询服务费所致；财务费用率为 0.7%，同比提升 0.59pct，研发费用率为 2.74%，同比下降 0.72pct。24Q1 公司实现营业收入 2.86 亿元，同比增长 28.29%，实现归属母公司净利润 0.19 亿元，同比增长 164.53%，扣非归母 净利润同比增长 253.1%。20 ...