[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 深南电路(002916)公司首次覆盖 2024年04月23日 报告 [TAabIle驱 _Titl动 e] 产品结构升级，高端基板有望突破 [Table_买Inves入t] |首次评级 [报Ta告ble要_S点um mary] [当Ta前b价le_/目Ta标rg价etP：ri c8e3]. 52元/103.9元 深南电路构建成业内独特的“3-In-One”业务布局，即在加强 PCB 业 务领先地位的同时，大力发展“技术同根”的封装基板业务和“客户同 目 标期限： 6 个月 [基Ta本bl数e_据Ba se] 源”的电子装联业务，通过业务的垂直化发展，进一步深度绑定高端客 52周最高/最低价（元）： 97.98 / 49.27 户，形成在中高端PCB方向的行业护城河。 A股流通股（百万股）： 510.83 PCB 板业务是公司的主要业务，下游覆盖通信、数据中心、医疗工控 A股总股本（百万股）： 512.88 和汽车等方向。在占比最高的通信 PCB 方面，公司对通信网络各个环节实 流通市值（百万元）： 42664.90 现了全覆盖，产品包 ...

[Table_Summary] 事件： 2024 年 4 月 19 日，公司发布 2023 年年度报告：2023 年公司实现营收 38.42 亿元，同比增长 32.28%；归母净利润 1.84 亿元，同比增长 93.57%； 扣非归母净利润 1.82 亿元，同比增长 470.87%。2023Q4 公司实现营收 11.25 亿元，同比增长 24.60%，环比增长 30.55%；归母净利润 0.57 亿元， 同比增长 63.83%，环比增长 18.20%。 报告要点： 绑定西门子等优质客户，持续推进风电业务 2023 年公司定子段收入 2.02 亿元，同比增长 7.58%；毛利率达 12.74%， 同比提升 3.89pct。转子房收入 4.59 亿元，同比增长 32.49%；毛利率达 31.35%，同比提升 13.68pct。公司坚持"两海战略"，绑定西门子、GE、 Vestas 等优质客户，持续推进海上风电尤其是海外海上风电的业务。 光伏支架业务快速增长，加快拓展美国/中东市场 2023 年公司光伏支架业务收入 8.45 亿元，同比增长 89.87%；毛利率达 12.31%，同比提升 0.1pct。公司积极布局 ...

Investment Rating - The report maintains a "Buy" rating for Tianruixin (002212.SZ) [1][4]. Core Views - In 2023, the company achieved operating revenue of 3.1249 billion yuan, a year-on-year decrease of 11.81%, and a net loss attributable to shareholders of 371 million yuan [1]. - The company is focusing on enhancing quality and efficiency, with a gross margin increase of 0.47 percentage points and a significant reduction in total expenses by 2.57% [1]. - The application of AI technology in network security products and subscription services is a key growth area, with over 50% of subscription service content generated by AI [2]. - The company reported a substantial improvement in net cash flow from operating activities, reaching 517 million yuan, a year-on-year increase of 290.59% [1]. Financial Performance - The revenue from government and public institutions was 1.427 billion yuan, up 8.48% year-on-year, while revenue from state-owned enterprises decreased by 26.30% to 894 million yuan [1]. - The company forecasts operating revenues of 3.570 billion, 4.041 billion, and 4.532 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 285 million, 359 million, and 413 million yuan [4][20]. - The company's R&D expenses decreased by 6.35% as it enters a stable phase after completing new direction layouts [1]. Industry Position - The company is recognized as a leading provider in network security, big data, and cloud services, with significant growth potential in new directions and scenarios [4]. - The company benefited from recent policy implementations, with its Xinchuang business revenue growing by 33.01% year-on-year [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company reported a total revenue of 14.308 billion yuan in Q1 2024, a decrease of 8.92% year-on-year, with a net profit attributable to shareholders of 1.272 billion yuan, down 14.54% [3]. - The gross margin improved by 2.13 percentage points year-on-year to 19.38% in Q1 2024, driven by an upgrade in the meat product structure [3]. - The company is accelerating the upgrade of meat products and expanding its sales network, which is expected to support steady growth in meat product sales [4]. - The forecasted net profits for 2024, 2025, and 2026 are 5.334 billion yuan, 5.641 billion yuan, and 5.941 billion yuan, respectively, reflecting year-on-year growth rates of 5.57%, 5.76%, and 5.32% [4]. Summary by Sections Financial Performance - In Q1 2024, the total external sales volume of meat was 780,900 tons, a decrease of 4.43% year-on-year [3]. - The company's selling and administrative expense ratios were 3.39% and 2.20%, respectively, with increases of 0.29 and 0.44 percentage points year-on-year [3]. - The net profit margin for Q1 2024 was 8.91%, down 0.59 percentage points year-on-year, primarily due to increased financial expenses and income tax rates [3]. Product and Market Strategy - The company is focusing on launching new high-margin products such as light chicken sausages and energy sausages, which are expected to enhance the profitability of packaged meat products [4]. - The company has over 1 million sales outlets in China and is actively expanding its network to support sales growth [4]. Earnings Forecast - The projected earnings per share for 2024, 2025, and 2026 are 1.54 yuan, 1.63 yuan, and 1.71 yuan, respectively [5]. - The price-to-earnings ratios for 2024, 2025, and 2026 are estimated to be 18, 17, and 16 times, respectively, based on the market capitalization of 94.2 billion yuan [4].

[Table_Title] 宏观研究报告 证券研究报告 2024 年 04 月 23 日 这是一轮超级牛市： 关于利率债的几点认识及回应 这一轮债牛比起 2016 年来说，有着更加坚韧的基本面： 1）2016 年的债券市场牛市发生在信用周期高位，当时的收益率曲线平坦化 的底层原因不是 risk-off，而是 risk-on，甚至当时加杠杆加久期形成了一个 拥挤的通道； 2）这一轮债牛发生在信用周期不断走低的环境之下，无法出清的资金只能倒 逼银行在利率债上抱团，这是这一轮债券市场行情最大的基本面。 这正是在监管升级面前，这轮行情没有太大反应的原因： 1）2016 年债牛纯粹是交易层面导致的行情，因此，在监管的力量不断积累 后，牛市出现快速且幅度巨大的瓦解； 2）这轮债市行情的基本盘是流动性梗阻，在银行越来越多的无法出清的资金 带来的配置力量面前，监管并不能对行情影响太多。 曲线过度平坦不是行情的阻力： 1）短端收益率不能代表银行的全部成本，在此曲线状态，银行体系没有大家 预想得那么脆弱，即使行情演绎到后面，曲线出现深度倒挂，也是一个市场倒 逼政策放松的过程； 2）曲线的形态也是有自我修复能力的，这一轮曲线的平坦 ...

[Table_Main] 公司研究|可选消费|媒体Ⅱ 证券研究报告 芒果超媒(300413)公司点评报告 2024年04月23日 [Table_业Title绩] 稳健增长，会员数量创新高 [Table_Inves 买t] 入|维持 ——芒果超媒(300413) 2023 年年报及 2024年一季报点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司发布2023年年报及2024年一季报。 52周最高/最低价（元）： 40.31 / 20.4 A股流通股（百万股）： 1021.70 点评： A股总股本（百万股）： 1870.72  归母净利润快速增长，金鹰卡通超额完成业绩承诺 流通市值（百万元）： 22681.74 2023年，公司实现营业收入146.28亿元，同比增长4.66%，其中Q4单季 总市值（百万元）： 41530.00 实现营收42.62亿元，同比增长21.16%。全年归母净利润35.56亿元，同 [过Ta去bl一e_年Pic股Q价uo走te]势 比增长90.73%；扣非归母净利润16.95亿元，同比增长5.70%。年内，金 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 神州泰岳(300002)公司点评报告 2024年04月23日 [T营able收_Tit利le] 润创新高，新品上线有望推动增长 [Table_Inves 买t] 入|维持 ——神州泰岳(300002) 2023 年年报点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司发布2023年年报。 52周最高/最低价（元）： 15.51 / 8.16 A股流通股（百万股）： 1819.19 点评： A股总股本（百万股）： 1961.09  2023年公司营收及归母利润创同期新高，费用率控制成效显著 流通市值（百万元）： 15972.52 2023 年，公司实现营收 59.62 亿元，同比增加 24.06%；实现归母净利润 总市值（百万元）： 17218.39 8.87 亿元，同比增加 63.84%；扣非后归母净利润 8.29 亿元，同比提升 [过Ta去bl一e_年Pic股Q价uo走te]势 85.77%，营业收入和归母净利润均创同期新高。费用端看，2023年，公司 23% ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company achieved a total revenue of 10.718 billion yuan in 2023, representing a year-on-year growth of 11.16%, and a net profit attributable to shareholders of 2.174 billion yuan, up 77.58% year-on-year. For Q1 2024, the company reported a revenue of 4.843 billion yuan, a significant year-on-year increase of 163.59%, and a net profit of 1.009 billion yuan, which is a 303.84% increase year-on-year [6][9]. - The increasing proportion of 400G/800G products has significantly enhanced the company's profitability, with Q1 2024 gross margin improving by 3.21 percentage points year-on-year [7]. - The demand for high-speed products is on an upward trend, with rapid penetration of silicon photonics technology [8]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 10.718 billion yuan and a net profit of 2.174 billion yuan. For Q1 2024, revenue reached 4.843 billion yuan, with a net profit of 1.009 billion yuan [6][9]. - The gross margin for Q1 2024 was impacted by product pricing and structure changes, but is expected to stabilize in Q2 [7]. Product Development - The company is focusing on enhancing its production capacity for 400G and 800G products, with ongoing projects in Suzhou and Tongling [7]. - The 1.6T product is currently in the sample testing phase, with expectations for scale production next year [8]. Profitability Forecast - The company is projected to achieve net profits of 4.867 billion yuan, 6.547 billion yuan, and 7.808 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 26, 19, and 16 [9].

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 [11][13]. Core Insights - In 2023, the company reported a revenue of 622.59 million yuan, a year-on-year decline of 6.60%, primarily due to a 57.01% drop in the medical and antibacterial wet wipes segment. The net profit attributable to the parent company was 115.20 million yuan, down 18.28% year-on-year [1][6][14]. - The company is focusing on its core wet wipes business while expanding into the beauty and cosmetics sector, with a new R&D center in Shanghai and partnerships to enhance its product offerings [2][16]. - The company expects revenue growth in the coming years, projecting revenues of 669.2 million yuan in 2024, 754.65 million yuan in 2025, and 856.3 million yuan in 2026, alongside net profits of 114 million yuan, 130 million yuan, and 149 million yuan respectively [6][16]. Financial Summary - The company's gross margin for 2023 was 29.62%, a decrease of 1.84 percentage points year-on-year, while the net profit margin was 18.4%, down 2.75 percentage points [1][14]. - The sales expense ratio increased to 1.55%, up 0.48 percentage points year-on-year, and the management expense ratio rose to 7.8%, up 2.52 percentage points, mainly due to increased consulting fees and stock-based compensation [1][14]. - The company’s wet wipes product revenue was 524 million yuan, a decline of 10.90%, while the face mask segment saw a revenue increase of 15.65% to 66.55 million yuan [15][24]. Business Segmentation - The wet wipes segment remains the core business, with a focus on recovering orders for disinfectant wipes. The company is also diversifying into the beauty sector, which is expected to contribute to future growth [15][16]. - The production capacity utilization rates for wet wipes, face masks, and personal care products were 69.04%, 95.09%, and 9.84% respectively, indicating room for improvement in the personal care segment [15][16].

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 [3][6]. Core Viewpoints - The company achieved a revenue of 749.25 million yuan in 2023, representing a year-on-year growth of 7.80%. However, the net profit attributable to shareholders decreased by 59.93% to 62.16 million yuan, with a gross margin of 38.43%, down by 9.23 percentage points [10][18]. - In the first quarter of 2024, the company reported a revenue of 77.52 million yuan, a significant increase of 43.10% year-on-year, driven by new customer acquisitions and increased operational services for completed projects [10][12]. - The company is focusing on expanding its treasury management and innovation projects, successfully delivering multiple treasury management client projects and initiating phase two projects for existing clients [11][12]. Financial Summary - The company's projected revenues for 2024-2026 are 919 million yuan, 1.1 billion yuan, and 1.28 billion yuan, respectively, with net profits expected to be 142.3 million yuan, 180 million yuan, and 224.35 million yuan [13][18]. - The earnings per share (EPS) are forecasted to be 0.70 yuan, 0.89 yuan, and 1.11 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 20.32, 16.07, and 12.89 [13][18]. - The company has a diversified revenue distribution, with significant contributions from various industries, although the oil and petrochemical sector saw a decline of 10.80% in revenue [10][12].