2024 年 04 月 26 日 研 究 ▌耐磨备件渗透率仍有较大提升空间 预测公司 2024-2026 年收入分别为 13.11、14.68、17.58 亿 元，EPS 分别为 1.50、2.07、2.55 元，当前股价对应 PE 分 别为 26.7、19.3、15.7 倍，考虑到铜矿企业有提升资本开支 意愿，未来耐磨备件渗透率有望进一步提升，公司受益出海 高增，有望实现业绩增长，给予"推荐"投资评级。 | --- | --- | --- | --- | --- | |----------------------|--------|-------------------------|-------|-------| | 预测指标 | | 2023A 2024E 2025E 2026E | | | | 主营收入（百万元） | 938 | 1,311 | 1,468 | 1,758 | | 增长率（%） | 25.3% | 39.8% | 12.0% | 19.8% | | 归母净利润（百万元） | 80 | 164 | 226 | 278 | | 增长率（%） | -40.4% | 104.3% | 38.0 ...

证 券 2024 年 04 月 26 日 研 究 业绩较快增长，盈利能力改善 报 告 —国机重装（601399.SH）公司事件点评报告 买入(首次) 事件 分析师：吕卓阳 S1050523060001 国机重装发布 2024 年一季报：2024 年 1-3 月实现营业收入 lvzy@cfsc.com.cn 28.71 亿元（同比+11.58%）；归母净利润 1.09 亿元（同比 +33.76%）；扣非归母净利润 0.92 亿元（同比+14.53%）。 2023 年 1-12 月实现营业收入 112.58 亿元,同比增长 16.60%；利润总额 5.16 亿元，同比增长 13.24%；归母净利 基本数据 2024-04-25 润 4.31 亿元，同比增长 6.82%；扣非归母净利润 3.05 亿 当前股价（元） 2.86 元，同比增长 53.71%；毛利率16.80%（同比+2.45pct）。 总市值（亿元） 206 总股本（百万股） 7214 投资要点 流通股本（百万股） 7214 52周价格范围（元） 2.38-3.44 ▌ 重型机械行业蓬勃发展，公司增速快于行业 日均成交额（百万元） 68.69 重型机械 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Insights - The company has shown steady revenue growth, with Q1 2024 total revenue reaching 1.012 billion yuan, a year-on-year increase of 10%. The net profit attributable to shareholders was 71 million yuan, reflecting a 2% increase year-on-year. However, the gross margin decreased by 3 percentage points to 29.81% due to changes in product structure [1]. - The restaurant business continues to demonstrate strong momentum, with significant growth in catering services driven by store expansion and industry recovery. The company is expected to sustain steady operational performance by optimizing product offerings based on regional market differences [1]. - The company is actively developing untapped markets, with revenue from Guangdong province, outside Guangdong, and overseas reaching 454 million yuan, 137 million yuan, and 12 million yuan respectively, showing year-on-year growth of 7%, 14%, and 71% [1]. Summary by Sections Financial Performance - Q1 2024 total revenue was 1.012 billion yuan, up 10% year-on-year. The net profit attributable to shareholders was 71 million yuan, up 2% year-on-year. The net profit margin decreased by 1 percentage point to 7.96% [1]. - The company forecasts EPS for 2024-2026 to be 1.10, 1.30, and 1.53 yuan, with corresponding PE ratios of 17, 14, and 12 times [2]. Revenue Breakdown - Revenue from various segments in Q1 2024 included: mooncake series (9 million yuan, down 20%), frozen foods (295 million yuan, down 4%), catering services (299 million yuan, up 28%), and other products (384 million yuan, up 13%) [1]. - The company achieved steady growth across direct sales and distribution channels, with revenues of 193 million yuan and 411 million yuan respectively, both up 9% year-on-year [1]. Market Expansion - The company is focusing on expanding its presence in the Guangdong-Hong Kong-Macao Greater Bay Area and exploring growth opportunities in underdeveloped regions such as western and eastern Guangdong [1].

证 券 2024 年 04 月 26 日 研 究 一季度开门红，洞藏系列再创佳绩 报 告 —迎驾贡酒（603198.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 04 月 25 日，迎驾贡酒发布 2023 年度及 2024 年度一 sunss@cfsc.com.cn 季度业绩报告。 分析师：廖望州 S1050523100001 liaowz@cfsc.com.cn 投资要点 基本数据 2024-04-25 ▌ 盈利水平稳步提升，2023 年业绩符合预期 当前股价（元） 65.75 总市值（亿元） 526 公司发布 2023 年业绩报告，2023 年实现收入 67.20 亿元 （同比+22.07%），2023 年毛利率实现 71.37%（同比 总股本（百万股） 800 +3.35pcts），净利率 34.12%（同比+3.09pcts），归母净利 流通股本（百万股） 800 润 22.88 亿元（同比+34.17%），扣非归母净利润 22.33 亿元 52周价格范围（元） 48.26-82.99 （ 同 比 +35.97% ） 。 2023Q4 收 入 ...

告 研 证 失。2023 年公司期间费用率为 11.90%，同比下降 0.80pct， 销售/管理/研发/财务费用率分别为 3.64%/2.99%/5.51%/- 0.23%，同比分别变动-0.41/-0.46/+0.14/-0.05pct，保持在 合理水平。展望未来，随高毛利率的半导体设备、光伏电池 片设备电源放量，利润率有望企稳回升。 预测公司 2024-2026 年收入分别为 24.16、31.07、39.64 亿 元，EPS 分别为 2.75、3.49、4.44 元，当前股价对应 PE 分 别为 17、14、11 倍，给予"买入"投资评级。考虑到公司半 导体电源设备国产替代加快，未来持续放量，有望带来业绩 利润双增长。首次覆盖，给予"买入"投资评级。 订单履行风险；客户集中度较高的风险；核心技术人员流失 及核心技术失密风险。 ROE（%） 20.1% 22.8% 23.2% 23.6% 资料来源：Wind，华鑫证券研究 请阅读最后一页重要免责声明 2 诚信、专业、稳健、高效 ▌电子组介绍 吕卓阳：澳大利亚国立大学硕士，曾就职于方正证券，4 年投研经验。2023 年 加入华鑫证券研究所，专注于半导体材料 ...

公 券 研 司 究 究 报 证券研究报告 ▌ 盈利预测 ▌ 风险提示 | --- | --- | --- | --- | --- | |----------------------|-------|-------------------------|-------|-------| | 预测指标 | | 2023A 2024E 2025E 2026E | | | | 主营收入（百万元） | 3,149 | 3,678 | 4,208 | 4,722 | | 增长率（%） | 17.0% | 16.8% | 14.4% | 12.2% | | 归母净利润（百万元） | 457 | 555 | 697 | 822 | | 增长率（%） | 33.7% | 21.5% | 25.5% | 18.0% | | 摊薄每股收益（元） | 0.43 | 0.52 | 0.65 | 0.77 | | ROE （%） | 10.4% | 11.9% | 13.9% | 15.2% | 请阅读最后一页重要免责声明 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has a strong order backlog with a total of 4.489 billion yuan in orders as of the end of 2023, indicating robust demand and resilience in its main business [1] - The first quarter of 2024 shows pressure on profits, but the overall development trend for the year remains positive, awaiting a turning point in operations [1][2] - The company is leveraging immersive technologies such as VR/MR and AI to create new growth opportunities in the cultural tourism sector, enhancing its product offerings [2] Financial Summary - In 2023, the company reported revenue of 2.35 billion yuan, a year-on-year increase of 39.75%, with a net profit of 282 million yuan, reflecting a significant growth of 327.5% [1][4] - Revenue projections for 2024-2026 are 2.7 billion yuan, 3 billion yuan, and 3.3 billion yuan respectively, with net profits expected to reach 340 million yuan, 415 million yuan, and 514 million yuan [2][4] - The company's earnings per share (EPS) are projected to grow from 0.47 yuan in 2023 to 0.86 yuan by 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company [29][34]. Core Insights - The company has a strong order backlog and is accelerating its overseas expansion, which is expected to drive significant revenue growth in the coming years [10][12][34]. - The company reported impressive financial results, with a revenue increase of 19.89% year-over-year in 2023 and a net profit growth of 28.43% [6][12]. - The company is expanding its product categories, which is anticipated to unlock new revenue potential [15][34]. Financial Performance Summary - In 2023, the company achieved a revenue of 800 million yuan, with a year-over-year growth rate of 19.9% [16]. - For 2024, the company is projected to generate a revenue of 1.31 billion yuan, reflecting a growth rate of 63.6% [16]. - The net profit for 2023 was 172 million yuan, with a growth rate of 28.4%, and is expected to reach 303 million yuan in 2024, representing a growth rate of 76.3% [16]. - The diluted earnings per share (EPS) are forecasted to be 1.08 yuan for 2024, increasing to 1.79 yuan by 2026 [34]. Market Position and Strategy - The company has secured a significant contract with a North American electric vehicle client, which is expected to contribute approximately 365 million yuan in total sales over its lifecycle [33]. - The company is actively developing new applications for its products in energy storage and commercial vehicles, which are expected to further enhance revenue growth [33][34]. - The establishment of overseas production facilities in Singapore and Vietnam is aimed at meeting the needs of international clients and enhancing operational efficiency [33].

Investment Rating - The report assigns an "Accumulate" rating for Tongcheng New Materials (603650.SH) [1] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 2.944 billion yuan, a year-on-year increase of 17.74%. The net profit attributable to shareholders was 407 million yuan, up 36.37% year-on-year, and the net profit after deducting non-recurring gains and losses increased by 82.29% to 386 million yuan [1][5] - The growth was driven by the optimization of the product structure in photoresists, successful R&D outcomes, and a recovery in the automotive market [1] - The company is making substantial progress in the semiconductor photoresist sector, with revenue from this segment reaching 201 million yuan, a year-on-year increase of 14.13%, and 44.12% of this revenue coming from new product sales [1][5] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.944 billion yuan, with a growth rate of 17.7%. The net profit attributable to shareholders was 407 million yuan, reflecting a growth rate of 36.4% [7] - The company forecasts revenues of 3.637 billion yuan, 4.317 billion yuan, and 5.030 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.84, 0.99, and 1.16 yuan [5][7] Product Development - The company launched 7 new products in 2023, including high-resolution KrF photoresists and deep ultraviolet negative photoresists, which are expected to continue gaining market traction in 2024 [1] - In the display panel photoresist segment, the company achieved revenue of 261 million yuan, a year-on-year increase of 22.8%, holding a market share of approximately 22.1% [1] Market Position - The company is the leading domestic supplier in the display panel sector, with over 50% market share at major panel manufacturer BOE [1] - The company is also actively advancing its biodegradable materials business, with a project for 100,000 tons of biodegradable materials already partially completed [17]

请阅读最后一页重要免责声明 5 证 报 公 司 研 券 研 2024 年 04 月 25 日 究 | --- | --- | --- | |------------------------------------------------------------------------------------------------------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...