证 券 研 究 报 告 行业专题报告 优化运算法则，重塑安全格局 量子信息技术行业专题报告 投资评级： 推 荐 （ 维 持 ） ...

证 券 2024 年 04 月 18 日 研 究 一体化布局持续推进，电池箔及氧化铝投产 报 告 —天山铝业（002532.SZ）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 天山铝业发布 2023 年年度报告：2023 年公司营业收入为 fuhh@cfsc.com.cn 289.75 亿元，同比-12.22%；归母净利润为 22.05 亿元，同 分析师：杜飞 S1050523070001 比-16.80%；扣除非经常性损益后的归母净利润为 18.83 亿 dufei2@cfsc.com.cn 元，同比-25.81%。 基本数据 2024-04-18 投资要点 当前股价（元） 7.01 总市值（亿元） 326 ▌ 公司各产品产量稳步提升，电解铝生产成本下降 总股本（百万股） 4652 量：公司各产品产量均实现增长。公司 2023 年铝锭产量 流通股本（百万股） 4130 116.55 万吨，同比+0.64%；高纯铝产量 4.28 万吨，同比 52周价格范围（元） 4.91-7.97 +3.38%；电池铝箔产量 0.10 万吨，同比+233.33%，产量大增 日均成交额（百 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [13][19]. Core Views - The company is strengthening its competitive advantage in the extraction business while solidifying its main product base. Despite a significant drop in commodity prices in 2024, the demand for cottonseed processing products remains strong. The company is expected to leverage its extraction technology and expand production capacity to establish a cost advantage over competitors. Although short-term performance may be affected by cyclical fluctuations, the long-term return on investment for the cottonseed business is still viewed positively [13][19]. Financial Summary - The company's revenue for 2023 was 6,872 million yuan, representing a 9.1% increase. The net profit attributable to shareholders was 480 million yuan, with a growth rate of 10.5%. The diluted earnings per share (EPS) for 2023 was 0.90 yuan, and the return on equity (ROE) was 13.6% [14][30]. - For the forecast period from 2024 to 2026, the expected EPS is 0.61 yuan, 0.99 yuan, and 1.32 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are projected to be 16, 10, and 7 times [13][14]. - The company anticipates a revenue growth rate of 12.5% in 2024, followed by 11.2% in 2025 and 9.5% in 2026. However, the net profit is expected to decline by 31.9% in 2024 before rebounding with a growth of 61.5% in 2025 and 33.3% in 2026 [14][30].

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a projected increase in stock price relative to the market index [30][39]. Core Insights - The company reported a revenue of 499 million yuan for 2023, representing a year-on-year growth of 31.03%. However, the net profit attributable to shareholders decreased by 41.50% to 17.48 million yuan due to a significant decline in gross margin and increased operating expenses [8][30]. - The launch of three self-developed chips is expected to enhance performance and solidify market position. These chips include the "Han Huo" LED chip, the "Zeus" audio-video processing chip, and the "Thunder God" human-computer interaction chip, which are anticipated to contribute significantly to future revenue [12][32][33]. - The company has established a direct supply relationship with a well-known international technology firm, which is expected to create a new growth curve for the business [33]. Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 499 million yuan, with a growth rate of 31.0%. The net profit was 17 million yuan, reflecting a decline of 40.4% [16]. - The gross margin decreased by 8.1 percentage points to 43.52%, primarily due to the introduction of low-margin virtual reality products [30]. - Operating expenses increased, with sales, management, R&D, and financial expenses rising by 19.97%, 12.50%, 12.48%, and 6.72% respectively [30]. Product Development - The company launched three self-developed chips: 1. "Han Huo" - an innovative LED chip that integrates multiple functions into one, potentially increasing revenue significantly if successful [13]. 2. "Zeus" - a domestically produced ASIC chip aimed at enhancing competitiveness in the audio-video control market [32]. 3. "Thunder God" - a chip for human-computer interaction, applicable in various industries [32]. Future Projections - The company forecasts net profits of 142 million yuan, 274 million yuan, and 395 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.70, 1.35, and 1.95 yuan [16][30]. - The current stock price corresponds to a PE ratio of 44, 23, and 16 for the years 2024, 2025, and 2026 [30].

证 券 2024 年 04 月 17 日 研 究 油服行业景气度提升，持续打造世界一流能源服 报 务公司 告 —中海油服（601808.SH）公司动态研究报告 买入(首次) 投资要点 分析师：张伟保 S1050523110001 ▌上游勘探开发支出增加，公司业绩显著提升 zhangwb@cfsc.com.cn 2023 年全球上游勘探开发投资规模整体保持稳定增长，海上 联系人：刘韩 S1050122080022 油气勘探资本支出和油田服务市场规模持续扩大，钻井平台 liuhan@cfsc.com.cn 利用率持续稳定恢复。公司在行业上升周期，以完整产业链 基本数据 优势打造以客户需求为导向的油田全生命周期一体化服务品 2024-04-17 牌，有效推动装备板块和技术板块的协同发展。2023 年，公 当前股价（元） 19.52 司油田技术、钻井、船舶、物探和工程勘察板块的收入同比 总市值（亿元） 931 增长 31.4%、16.6%、5.9%、17.7%，油田技术服务板块的营 总股本（百万股） 4772 收贡献最为明显。四个板块毛利率分别为 22.1%、9.3%、 流通股本（百万股） 2960 2.9%、3.2 ...

告 究 券 研 布局小核酸领域、基因治疗、免疫治疗等研究方向。 我们预测公司 2024-2026 年收入分别为 19.30、20.79、 22.44 亿元，EPS 分别为 1.09、1.19、1.30 元，当前股价对 应 PE 分别为 28.4、26.2、23.9 倍，首次覆盖，给予"买 入"投资评级。 诚信、专业、稳健、高效 报 司 | --- | --- | --- | |----------------------------------------------|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 2024 年 04 月 17 日 研 究 报 告 基本数据 2024-04-16 当前股价（元） 8.54 总市值（亿元） 90 总股本（百万股） 1053 流通股本（百万股） 1053 52 周价格范围（元） 7.38-9.98 日均成交额（百万元） 83.91 公 司 研 究 业绩略超预期，市场开拓初显成效 —承德露露（000848.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 市场表现 资料来源：Wind，华鑫证券研究 相关研究 1、《承德露露（000848）：发布激 励与持股计划，激发经营活力》 2024-03-18 2、《承德露露（000848）：业绩符 合预期，扩产顺利推进》2023-10- 28 3、《承德露露（000848）：利润增 长超预期，期待市场开拓加速》 2023-08-22 投资要点 ▌全年收入略超预期，一季度利润稍承压 全年业绩略超预期，单四季度实现双位数增长。2023 年总营 收 29.55 亿元（同增 9.76% ...

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Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has a robust production capacity for wheel hub bearing units, with an annual production capacity of 18 million sets as of 2022, and the new factory in Thailand is expected to enhance its competitiveness in overseas markets due to high tariffs on exports from China [9] - The company is a leading supplier of automotive seat adjustment systems, with a market share of 27.7% in China, and has established strong relationships with major clients such as Faurecia and Lear [53] - The market for seat adjustment motors and horizontal drivers is projected to reach 5.3 billion yuan by 2025, with a CAGR of 19.5% from 2022 to 2025, driven by increasing electrification in vehicles [39] - The third-generation wheel hub bearing unit has significant advantages in load capacity, sealing, and maintenance convenience, with an average price of 187 yuan per set, indicating a high value per vehicle [74] Summary by Sections Section 1: Wheel Hub Bearing Units - The wheel hub bearing unit is a critical safety component in vehicles, providing precise guidance for wheel rotation and supporting weight [64] - The production process involves integrating various components, and the quality of steel balls significantly affects vibration levels [66][87] - The third-generation wheel hub bearing unit offers superior performance and is priced higher than previous generations, reflecting its advanced features [74] Section 2: Seat Adjustment Systems - The company has been a pioneer in the development of seat adjustment systems since 2000, supplying to renowned clients and maintaining a strong market position [44] - The technology barriers in seat adjustment components are high, with profit margins exceeding 30% for seat motors compared to around 15% for other components [30] - The company has successfully developed various seat adjustment motors, including a new model that reduces weight and size by approximately 30% compared to older versions [47] Section 3: Market Trends and Projections - The market for seat adjustment systems is expected to grow significantly, driven by increasing demand for electric vehicles and advanced features in automotive seating [39] - The average vehicle age in China is rising, leading to increased demand for replacement parts, including wheel hub bearing units, which have a replacement cycle of about 5 years [82] - The company is positioned to benefit from the growing trend of domestic substitution for imported components, as it has achieved competitive technological advancements [49]

Investment Rating - The report maintains a "Buy" investment rating for Lianhua Health [6][35]. Core Views - In 2023, Lianhua Health achieved total revenue of 2.101 billion yuan, representing a 24% increase, driven by a brand revitalization strategy and enhanced market promotion efforts [6]. - The company's net profit attributable to shareholders reached 128 million yuan, a significant increase of 176%, with non-recurring net profit at 115 million yuan, up 85% [6]. - For Q1 2024, the company expects a net profit of 45-50 million yuan, reflecting a growth of 114%-138% [6]. Summary by Sections Financial Performance - Total revenue for 2023 was 2.101 billion yuan, with a growth rate of 24% [17]. - Net profit attributable to shareholders was 128 million yuan, with a growth rate of 176% [17]. - The forecast for 2024 indicates a net profit of 262 million yuan, with a growth rate of 105% [17]. Business Strategy - The management is focused on a "brand revitalization strategy" to optimize marketing networks and enhance sales efforts, leading to rapid revenue growth [7]. - The company is expanding its product offerings, particularly in the MSG sector, and is improving its market share through deeper penetration into existing markets [7]. Operational Efficiency - Lianhua Health has implemented measures such as stock incentive plans and optimized compensation structures to enhance employee productivity and organizational vitality [7]. - The company has improved logistics and operational efficiency, resulting in significant cost reductions and enhanced profitability [7]. Earnings Forecast - The adjusted earnings per share (EPS) for 2023-2025 are projected at 0.07, 0.15, and 0.23 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 54, 27, and 17 times [6].