[Table_Main] 公司研究|信息技术|半导体与半导体生 产设备 证券研究报告 澜起科技(688008)公司首次覆盖 2024年02月07日 报告 [Table_Invest] [T Dab rle a_T mitle 行] 买入|首次推荐 业三点共振，新业务切入 AI 算力系统 ——澜起科技(688008)公司首次覆盖报告 [当Ta前b价le_/目Ta标rg价etP：r 4ic8e.7] 0元/65元 [报Ta告ble要_S点um：m ary] 目标期限： 6 个月  24年Dram行业“三点共振”，有望形成重构估值 [基Ta本bl数e_据Ba se] 2024 年是Dram行业“三点共振”的交汇时点。三点共振指的是 Dram行业 52周最高/最低价（元）： 76.46 / 44.59 经过了2年调整后，将在24年迎来大周期向上拐点，DDR5在全球Dram市 A股流通股（百万股）： 1141.46 场渗透率从23年的15%左右提升到50%-60%的关键时点，以及AI+率先带动 A股总股本（百万股）： 1141.46 的AI PC需求，进而推动消费类 Dram规格向服务器Dram规格靠拢的关键 流通市 ...

[Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 吉贝尔(688566)公司首次覆盖报 告2024 年 02 月 05 日 [Table_Title] 多元化疾病领域布局特色品种的创新药 企，未来可期 ——吉贝尔（688566.SH）首次覆盖报告 [Table_Summary] 报告要点： 公司是多元化疾病领域布局的创新药企，2023 年业绩高增 公司是以升白药物利可君片、抗高血压复方一类新药尼群洛尔片等高新技 术产品为主的特色创新药企，致力于抑郁症、肿瘤、胃病等的创新型药物的 研发。2023Q1-Q3 营收和扣非归母净利润分别同比增长 44.64%、124.59%。 利可君片：临床不可替代升白口服药优势品种，肿瘤领域应用前景可期 升白口服制剂在围放化疗期能够预防和治疗白细胞减少的临床不可替代性 为其建立了市场保护屏障。利可君被《临床路径释义·肿瘤疾病分册（2022 年版）》作为治疗恶性肿瘤疾病的推荐用药收录在册。此外，利可君片可在 化疗前期和后期弥补生物注射制剂用药时机有限、副作用明显的短板，且不 影响放化疗的效果，与生物制剂不构成竞品关系，是临床上最常用的联用药 物。2 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Shentong (002438) [3][6] Core Views - The company is expected to achieve stable growth in performance due to steady growth in traditional business and the opening up of new business areas, particularly in the nuclear power sector [5][12] - Revenue projections for 2023-2025 are estimated at 2.1 billion, 2.5 billion, and 3.1 billion yuan respectively, with net profit attributable to shareholders expected to be 266 million, 347 million, and 460 million yuan respectively [6][14] Summary by Sections Investment Suggestions and Profit Forecast - The company is projected to benefit from an increase in nuclear power valve delivery volumes, leading to stable growth in Q4 performance [12] - The expected net profit for 2023 is between 250 million and 284 million yuan, representing a year-on-year growth of 10% to 25% [12] Financial Data and Valuation - The company’s revenue is forecasted to grow at a compound annual growth rate (CAGR) of approximately 20.45% from 2021 to 2025 [14] - The estimated earnings per share (EPS) for 2023, 2024, and 2025 are projected to be 0.52, 0.68, and 0.91 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.89, 12.20, and 9.20 [6][14] Business Outlook - The company is positioned as a leading supplier of nuclear valves in China, with a high bid-winning rate of over 90% in the past decade [13] - New business areas, such as hydrogen energy and semiconductor-related products, are expected to gradually contribute to performance as they move through testing and validation phases [13]

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][7]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 310-349 million yuan for the year 2023, representing a year-on-year growth of 20%-35%. The non-recurring profit impact on net profit is estimated to be 25-35 million yuan, primarily due to foreign exchange hedging and product sales structure optimization [1][10]. - The company has successfully launched new industrial control products into mass production, including ball screw products and small-batch supply of hollow cup motors. The R&D progress is promising, with expectations for continued growth in high-end industrial control products [2][10]. - Financial forecasts indicate that the company will generate revenues of 3.46 billion yuan in 2023, with a projected net profit of 341 million yuan, and an EPS of 1.08 yuan per share, with a PE ratio of 18.00 [3][10]. Financial Data and Valuation - Revenue for 2023 is expected to be 3,461.33 million yuan, with a year-on-year growth of 19.36%. The net profit attributable to shareholders is projected at 341.28 million yuan, reflecting a year-on-year increase of 31.91% [3][10]. - The company’s return on equity (ROE) is forecasted to be 10.50% in 2023, with an increasing trend expected in subsequent years [3][10]. - The company’s market capitalization is approximately 5,982.31 million yuan, with a circulating market value of 5,982.31 million yuan [4]. Product Development and Market Position - The company is recognized as a leader in the micro-motor sector, with a diverse business portfolio spanning home appliances, automotive, and medical industries. The strong performance and R&D capabilities position the company favorably for long-term growth [10]. - The company has made significant advancements in high-end industrial control products, including breakthroughs in micro-special motors and intelligent components, which are expected to expand into high-end applications such as laser cutting [2][10].

Investment Rating - The report gives an "Accumulate" rating for the company, Runben Co., Ltd. [27] Core Viewpoints - Runben Co., Ltd. focuses on "big brand, small categories," specializing in mosquito repellent and personal care products, with strong financial performance [17] - The mosquito repellent market is expected to exceed 10 billion yuan by 2027, driven by high-margin new products [18] - The company has achieved impressive revenue and net profit growth, with a projected net profit increase of 34.34% to 46.83% in 2023 [83] Summary by Sections Company Overview - Runben Co., Ltd. was established in 2006 and has evolved through three stages: initial establishment, strategic layout, and rapid development [69] - The company has a strong focus on online sales, having established its first Tmall store in 2010 and expanded to multiple e-commerce platforms [69][71] Financial Analysis - The company reported a revenue of 856 million yuan in 2022, a year-on-year increase of 47.06%, with a CAGR of 45.38% from 2019 to 2022 [83] - The net profit for 2022 was 160 million yuan, reflecting a year-on-year growth of 32.66% [83] Industry Analysis - The mosquito repellent market is characterized by strong demand and steady growth, with new high-margin products contributing significantly to market expansion [18] - The baby care market in China is projected to grow at a CAGR of 15%, reaching nearly 100 billion yuan by 2026 [7] Business Strategy - The company employs a C2M model, integrating research, production, and sales, with a focus on self-owned supply chains and online channels [18][71] - Runben's product strategy emphasizes new mosquito repellent products and the expansion into baby care, with a focus on high cost-performance [18] Profit Forecast and Investment Suggestions - The company is expected to achieve net profits of 224 million, 268 million, and 342 million yuan from 2023 to 2025, with corresponding EPS of 0.55, 0.66, and 0.85 yuan [27]

Investment Rating - The report maintains a "Buy" rating for the company Huaming Equipment (002270.SZ) [1] Core Views - Huaming Equipment is a leading enterprise in transformer tap switches, focusing on three main business segments centered around electrical equipment. The company has shown steady growth, with a revenue of 1.712 billion yuan in 2022, representing a year-over-year increase of 11.7%. The net profit attributable to shareholders is expected to reach between 533 million and 560 million yuan in 2023, indicating a growth of 48.3% to 55.8% [2][3][24]. Summary by Sections Business Overview - Huaming Equipment has been deeply engaged in the transformer tap switch sector for 30 years and has established a leading position in the industry. The company acquired its main competitor, Changzheng Electric, in 2018, forming two major production bases and securing the top domestic and second global market share in tap switches [20][30]. Market Dynamics - The domestic market is experiencing an upturn in grid investment, which is expected to drive demand for transformers and their core components, including tap switches. The overseas market is also benefiting from accelerated grid investments, providing a broad outlook for the company's electrical equipment exports. The company is actively planning local operations abroad to capture market share from competitors [2][3][32]. Financial Forecast and Investment Rating - The company is projected to achieve net profits of 540 million, 660 million, and 830 million yuan for the years 2023, 2024, and 2025, respectively, with year-over-year growth rates of 50.5%, 22.0%, and 26.4%. The corresponding price-to-earnings ratios for these years are expected to be 23.6, 19.4, and 15.3, which are below the average of comparable companies, justifying the "Buy" rating [3][58]. Revenue and Profitability - The company’s revenue is expected to reach 2.146 billion, 2.642 billion, and 3.171 billion yuan for 2023, 2024, and 2025, respectively, with year-over-year growth rates of 25.4%, 23.1%, and 20.0%. The gross profit margins are projected to be 52.3%, 53.0%, and 53.4% for the same years [11][57]. Product and Service Expansion - Huaming Equipment is expanding its service offerings in maintenance and repair, leveraging its existing customer base of over 160,000 sold tap switches. The company is also focusing on high-barrier research and development for ultra-high voltage products, aiming to break the monopoly of foreign brands in this sector [3][54][81].

Investment Rating - The report upgrades the investment rating to "Buy" [2][8]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 196 million to 217 million yuan in 2023, representing a year-on-year increase of 40% to 55%. The net profit after deducting non-recurring gains and losses is projected to be 173 million to 194 million yuan, reflecting a year-on-year increase of 70% to 90% [2]. - The manufacturing equipment business shows significant growth, complemented by the gradual mass production of component businesses, leading to a high growth in business scale. The company’s IPO fundraising capacity is fully released, and the capacity will further expand with ongoing convertible bond projects [2]. - The lightweight component business is expected to benefit from the high growth of Chery Automobile, which achieved cumulative sales of 1.8813 million vehicles in 2023, a historical high with a year-on-year increase of 52.6% [2]. Summary by Sections Financial Performance - Revenue for 2023-2025 is projected to be 1.841 billion, 2.802 billion, and 3.600 billion yuan respectively, with net profits of 208 million, 316 million, and 435 million yuan respectively. The corresponding basic earnings per share are estimated to be 1.08, 1.64, and 2.25 yuan, with price-to-earnings ratios of 20.63, 13.54, and 9.85 times [2][16]. Business Growth - The manufacturing equipment business is fully operational, and the lightweight component business is expanding with new production lines. The company is also developing its lightweight components business around Chery, which is expected to launch over 10 new energy models in 2024 [2][16]. Market Position - The company’s lightweight components are applied in various models of Chery, including the Star Era ES and the Smart S7, indicating a strong market position and potential for future growth [2].

Investment Rating - The report recommends a "Buy" rating for the company, indicating a positive outlook for its future performance [10][36]. Core Insights - The company has demonstrated rapid growth in its operating performance, with a compound annual growth rate (CAGR) of 49.60% in revenue from 2016 to 2022 and a CAGR of 36.15% in net profit attributable to shareholders [9][40]. - The company is positioned as a leader in the national fiscal information technology sector, focusing on digital procurement, smart finance, and electronic invoicing, leveraging advanced technologies such as big data and artificial intelligence [9][40]. - The digital procurement market in China is substantial, with a low penetration rate of 8.26%, indicating significant growth potential [35][59]. Financial Performance Summary - Revenue projections for 2023-2025 are estimated at 24.28 billion, 30.19 billion, and 36.66 billion yuan, respectively, with net profits expected to be 3.41 billion, 4.56 billion, and 5.84 billion yuan [3][10]. - The company's earnings per share (EPS) are projected to grow from 0.45 yuan in 2023 to 0.78 yuan in 2025, with corresponding price-to-earnings (P/E) ratios decreasing from 29.97 to 17.53 [3][10]. Business Development and Market Opportunities - The company is actively expanding its services in the fiscal electronic invoicing and non-tax revenue sectors, with its solutions covering 31 provinces and regions in China [51]. - The integration of budget management and the promotion of digital invoices are expected to create new growth opportunities, particularly with the implementation of the budget management integration 2.0 standards [9][82]. - The company has launched the "Xiao Bo Procurement Robot," which utilizes AI to enhance procurement efficiency and reduce costs by approximately 15% [63]. Research and Development - The company has consistently increased its R&D investment, maintaining a ratio of over 14% of revenue dedicated to R&D, with more than 34% of its workforce involved in research and development activities [22][24]. Market Position and Competitive Advantage - The company has established itself as a leading electronic procurement service provider, with a strong presence in government, education, and enterprise sectors, and has been recognized with awards for its contributions to government procurement [87][88].

Investment Rating - The report initiates coverage on the company with a "Buy" rating [3]. Core Viewpoints - The company has been deeply engaged in the IVD industry for over 30 years, with a diverse product line and a strong global presence, having sold products to over 120 countries [2][45]. - The company has shown significant revenue growth, with a 30.69% increase in revenue and a 20.35% increase in net profit in the first three quarters of 2023 [2][51]. - The IVD market in China is expected to grow from 169.8 billion yuan in 2023 to 242.8 billion yuan by 2027, with a compound annual growth rate (CAGR) of 7.4% [2][34]. - The company is well-positioned in the urine analysis segment, with a market share of 12.3%, and is expected to benefit from the ongoing trend of domestic product substitution [72][93]. Summary by Sections Company Overview - The company was established in 1992 and has developed a comprehensive product line in the IVD sector, including urine analysis, biochemical analysis, and immunoassay products [2][45]. - The company has undergone significant changes since the entry of China Resources Group in 2020, enhancing its governance and operational capabilities [46][48]. Financial Performance - The company reported a revenue of 1.049 billion yuan and a net profit of 234 million yuan in the first three quarters of 2023, reflecting a year-on-year growth of 30.69% and 20.35%, respectively [2][51]. - The revenue from instruments reached 434 million yuan in the first half of 2023, marking a 64.21% increase year-on-year [52]. Market Dynamics - The global IVD market is projected to grow steadily, with the Chinese market expected to see significant growth driven by an aging population and increased health awareness [34][57]. - The report highlights the normalization of centralized procurement in the industry, which is expected to enhance the market share of domestic manufacturers [35][36]. Product and Technology Development - The company has a strong competitive edge in urine analysis, with advanced technologies that improve testing efficiency and accuracy [75]. - The company is expanding its product offerings in the high-speed biochemical analysis and chemiluminescence markets, which are expected to drive future growth [90][94]. Investment Outlook - The company is forecasted to achieve net profits of 326 million yuan, 408 million yuan, and 514 million yuan for the years 2023, 2024, and 2025, respectively, with corresponding earnings per share (EPS) of 1.19, 1.48, and 1.87 yuan [2][12].