金博股份（688598）2023 年年报及 2024 年一季报点评 | --- | --- | --- | --- | --- | --- | |------------------|--------|----------|---------|----------|----------| | | | | | | | | | 收入 | 1,067.54 | 875.00 | 1,092.00 | 1,400.00 | | 热场系统系列产品 | 增速 | -20.20% | -34.59% | 24.80% | 28.21% | | | 毛利率 | 27.12% | 17.71% | 23.69% | 31.04% | | | 收入 | | 353.98 | 442.48 | 707.96 | | 锂电负极材料代工 | 增速 | | | 25.00% | 60.00% | | | 毛利率 | | 20.00% | 20.00% | 20.00% | | | 收入 | | 100.00 | 360.00 | 640.00 | | 碳陶刹车盘 | 增速 | | | 260.00% | 77.78% | | | 毛利率 ...

Investment Rating - The investment rating for the company is "Hold" with a target price not specified for the next 6 months [1][14]. Core Insights - The company's revenue for 2023 reached 1.16 billion yuan, representing a year-on-year increase of 8.7%, while the net profit attributable to the parent company was 240 million yuan, up 29.6% year-on-year. For Q1 2024, revenue was 340 million yuan, a 15.3% increase year-on-year, with a net profit of 70 million yuan, up 5.1% year-on-year [1][9]. - The slowdown in photovoltaic demand affected revenue growth in 2023, but the chip inductor business exceeded expectations, supporting high growth in performance. The soft magnetic powder core revenue for 2023 was 1.03 billion yuan, a slight increase of 0.4% year-on-year, primarily due to lower-than-expected overseas distributed photovoltaic installations [1][6]. - The gross profit margin for the company improved, with a comprehensive gross margin of 39.6% in 2023, up 2.0 percentage points year-on-year. The net profit margin was 22.1%, an increase of 3.9 percentage points year-on-year [1][5]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.16 billion yuan and a net profit of 240 million yuan. The revenue growth rate for 2024 is projected at 28.25%, with net profit expected to grow by 22.11% [2][9]. - The company forecasts EPS for 2024, 2025, and 2026 to be 1.57 yuan, 2.15 yuan, and 2.99 yuan respectively, with corresponding dynamic PE ratios of 36, 26, and 19 [1][9]. Business Segments - The magnetic inductor components segment saw a revenue of 100 million yuan in 2023, a significant increase of 406.5% year-on-year, driven by large-scale production for AI chip applications [1][6]. - The alloy soft magnetic powder segment is expected to see a sales growth rate of 19.99% in 2024, with a stable gross margin of 53.78% [5][6]. Market Outlook - The company is optimistic about the long-term demand for AI-related products, which is expected to drive the growth of the chip inductor business. The report indicates a strong demand outlook for AI chips, which will likely enhance profitability [1][5].

Investment Rating - Buy (First Coverage) with a target price of 15.4 RMB (6 months) [1] Core Views - The container shipping market is returning to normal, and the company has demonstrated operational resilience [2] - The company's effective capacity growth is slower than the actual delivery of new ships, and market capacity is controllable [3] - The company is expected to achieve net profits of 24.57 billion, 23.96 billion, and 25.05 billion RMB in 2024, 2025, and 2026, respectively, with EPS of 1.54, 1.50, and 1.57 RMB [3] Financial Performance - In 2023, the company achieved revenue of 175.45 billion RMB, a year-on-year decrease of 55.1%, and net profit attributable to shareholders of 23.86 billion RMB, with a net profit margin of 13.6% [2] - In Q1 2024, the company achieved revenue of 48.27 billion RMB, a year-on-year increase of 1.9%, and net profit attributable to shareholders of 6.76 billion RMB, with a net profit margin of 14% [2] - The company's operating cost in 2023 decreased by 32.7% year-on-year, and the gross profit margin was 16.4%, a decrease of 27.9 percentage points compared to 2022 [14] Operational Highlights - The company's self-operated fleet size reached 510 ships/31.06 million TEUs as of March 31, 2024, an increase of 2.1% from the beginning of the year, maintaining its position in the industry's first tier [2] - The average age of the fleet is 13.1 years, and the average capacity per ship is 6,090 TEUs, an increase of 0.5% from the beginning of the year [2] - The company operates 283 international routes, 53 domestic coastal routes, and 84 Pearl River Delta and Yangtze River branch routes, serving 599 ports in 144 countries and regions [12] Shareholder Returns - The company plans to distribute a cash dividend of 0.23 RMB per share for the 2023 final dividend, totaling approximately 3.67 billion RMB [2] - Including the interim dividend of 8.2 billion RMB, the total cash dividend for 2023 is approximately 11.87 billion RMB, accounting for 50% of the net profit attributable to shareholders [2] Industry and Market Analysis - The Red Sea incident has increased transportation distances, leading to higher demand for container shipping [2] - Stricter environmental policies will affect the speed of older and non-environmentally friendly ships, resulting in slower growth of effective capacity compared to actual capacity [2] - The company's container shipping business accounted for 94.2% of total revenue in 2023, with a gross profit of 25.56 billion RMB and a gross profit margin of 15.2% [8] Valuation and Forecast - The company's PE ratio for 2024/25/26 is estimated at 8x, with a target PE of 10x for 2024, corresponding to a target price of 15.4 RMB [3] - The company's revenue is expected to grow by 13.5% in 2024, decrease by 0.9% in 2025, and increase by 1.4% in 2026 [17] - The gross profit margin is expected to be 18%, 17.7%, and 18.3% in 2024, 2025, and 2026, respectively [17]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 61.02 CNY over the next six months [1][11]. Core Views - The company reported a revenue of 15.5 billion CNY in 2023, a year-on-year increase of 1.2%, but a significant decline in net profit by 64% to 610 million CNY. The first quarter of 2024 showed a revenue increase of 7.4% year-on-year, but net profit decreased by 8.7% [2][3]. - The company is focusing on expanding its offline channels both domestically and internationally, with a notable increase in sales points for its brands [2][3]. - The competitive landscape has pressured the company's gross margin, which decreased by 4.1 percentage points to 47.5% in 2023, primarily due to increased competition and rising material costs [2][3]. - The company is expected to return to a growth trajectory in 2024, driven by its strong market position in the cleaning appliance sector and ongoing channel reforms [2][11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 15.5 billion CNY, with a net profit of 610 million CNY, reflecting a 64% decline. The first quarter of 2024 saw a revenue of 3.47 billion CNY, up 7.4% year-on-year, while net profit was 300 million CNY, down 8.7% [2][3]. - The company’s gross margin for 2023 was 47.5%, down from the previous year, with a further decline to 47.2% in Q1 2024 [2][3]. Product and Market Analysis - The company’s revenue from service robots, smart home appliances, and other products in 2023 was 7.74 billion CNY, 7.66 billion CNY, and 100 million CNY, respectively. The growth was primarily driven by the "TianKe" brand [2][3]. - The company has established over 2,500 sales points for its main brand and nearly 800 for the "TianKe" brand, with significant international expansion into retail channels like Target in the U.S. [2][3]. Profitability and Forecast - The report forecasts EPS for 2024, 2025, and 2026 to be 2.26 CNY, 2.69 CNY, and 3.31 CNY, respectively, with a projected PE ratio of 27 for 2024 [2][3][11]. - The company is expected to maintain a strong market position in the cleaning appliance sector, with anticipated improvements in profitability as sales expenses are controlled [2][11].

[Table_StockInfo] 买入 2024年 05月 07日 （首次） 证券研究报告•2023年报及2024年一季报点评 当前价： 22.56元 润和软件（300339） 计算机 目标价： 27.20元（6个月） 卡位“鸿蒙+欧拉”生态，商业落地进展加速 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司m发ary布] 2023年年度报告及2024年一季度报告。2023年全年实现营业 [分Ta析bl师e_：Au王th湘or杰] 收入 31.1亿元，同比增长4.4%，实现归母净利润1.6亿元，同比增长55.2%， 执业证号：S1250521120002 实现扣非后归母净利润5609.7万元，较上年同期实现大幅扭亏。2024年Q1， 电话：0755-26671517 公司实现营业收入 7.7亿元，同比增长 4.5%，实现归母净利润 2563.2万元， 邮箱：wxj@swsc.com.cn 同比减少29.4%，实现扣非后归母净利润2056.2万元，同比增长22.8%。 分析师：邓文鑫  创新业务高速增长，盈利重回上行通道。公司重点拓展围绕鸿蒙、欧拉、AI 中 执业证号：S125052307 ...

24Q1 实现开门红，期待省外扩张成效 开启省外扩张，全国化扩张可期。展望未来：1）休闲食品行业整体正持续扩容， 其中辣味休闲食品得益于年轻消费群体喜辣习惯，增速优于其他子赛道。公司 作为休闲零食凤爪龙头，市占率长期维持在 30%+，有望持续享受行业集中度提 升红利。2）产品矩阵丰富完备，大单品凤爪具备成长性。公司已形成丰富的泡 卤休闲产品矩阵，此外泡椒凤爪大单品在全国范围内享有较高的知名度，随着 后续成本端压力逐渐缓释，未来凤爪有望维持双位数以上增速。3）开启省外扩 张，逐步迈向全国化。公司省外扩张以华东为中心，近五年华东收入占比已提 升 10%；随着公司持续拥抱线上、新零售及量贩连锁等新兴渠道，未来实现全 国化可期。 盈利预测与投资建议。预计 2024-2026 年 EPS 分别为 0.35元、0.45元、0.52 元，对应动态 PE 分别为 19 倍、15 倍、13 倍。考虑到公司凤爪大单品产品力 强，省外扩张步伐持续，给予公司 2024 年 24 倍 PE，对应目标价 8.40 元， 维持"买入"评级。 | --- | --- | --- | --- | --- | |---------------- ...

[ 2T 0a 2b 4l 年e_S 0t 5o 月ckI 0n 7f 日o] 证券研究报告•2023年年报&2024年一季报点评 当前价： 97.32元 固 德 威（688390） 电力设备 目标价： ——元（6个月） 短期业绩承压，24Q2 有望逐步改善 投资要点 西南证券研究发展中心 [T ab业le绩_S总u结mm：公ary司] 发布2023年年报和2024年一季报。2023年公司实现营收73.5 [分Ta析bl师e_：Au韩th晨or ] 亿元，同比+56.1%；归母净利润8.5亿元，同比+31.2%；扣非净利润8.1亿元， 执业证号：S1250520100002 同比+28.5%。24年一季度公司实现营收 11.3亿元，同比-34.5%；归母净利润 电话：021-58351923 -0.3亿元，同比-108.6%；扣非净利润0.3亿元，同比-110.5%。 邮箱：hch@swsc.com.cn  23年并网逆变器销量增长，储能逆变器受欧洲地区库存影响销量同比下降。23 分析师：敖颖晨 年公司光伏并网逆变器营收 28.6亿元，同比增长 43.0%；销量 53.2万台，同 执业证号：S125052 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 45.4 CNY for 2024, based on a 20x PE ratio [2][4][57]. Core Insights - The company is actively expanding its overseas market and has shown impressive performance in Q1 2024, driven by increased product orders and a steady rise in market share [2][4]. - The company focuses on three main sectors: consumer electronics, new energy vehicles, and digital energy, with significant progress reported in each area [2][4]. - The projected compound annual growth rate (CAGR) for net profit from 2024 to 2026 is expected to reach 28.7% [2][4]. Summary by Sections Business Performance - In 2023, the company achieved a revenue of 5.174 billion CNY, a year-on-year increase of 15.8%, and a net profit of 440.94 million CNY, up 0.75% [4][26]. - For Q1 2024, the company reported revenues of 1.36 billion CNY and a net profit of 120 million CNY, reflecting year-on-year increases of 51.1% and 37.7%, respectively [4][26]. Revenue Breakdown - The revenue from the charger segment was 3.96 billion CNY, with a year-on-year growth of 12.7%. The portable energy storage and other products generated 670 million CNY, up 13%, while the new energy vehicle control products saw a significant increase of 50.4%, reaching 550 million CNY [4][24][57]. Profitability Metrics - The company's gross margin for 2023 was 22.3%, with a net margin of 8.5%. The gross margin for the charger segment was 20.6%, while the portable energy storage and new energy vehicle segments had gross margins of 35.2% and 18.0%, respectively [4][45][57]. Future Projections - The company anticipates revenues of 7.055 billion CNY in 2024, with a growth rate of 36.35%, and expects net profits to reach 627.14 million CNY, reflecting a growth rate of 42.23% [5][57]. - The new energy vehicle control system orders are projected to grow at rates of 47.0%, 28.8%, and 16.2% from 2024 to 2026, with gross margins expected to improve to 23% by 2026 [54][57]. Strategic Focus - The company aims to leverage its existing business and technology to expand into wireless chargers, PC adapters, IoT power supplies, and digital energy solutions, enhancing its competitive edge in the energy application sector [38][39]. - The strategic plan includes a focus on energy-efficient applications and aims to achieve long-term goals of generating 10 billion CNY in revenue from each of its three main sectors [35].

[Table_StockInfo] 买入 2024年 05月 07日 （首次） 证券研究报告•2024年一季报点评 当前价： 26.92元 光威复材（300699） 国防军工 目标价： 33.30元（6个月） 一季度业绩相对稳健，股权激励计划调整激发内生动力 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2024年一季报，报告期内共实现营业收入5.1亿元，同比下降 [分Ta析bl师e_：Au刘th倩or倩] 8.1%，归属于上市公司股东的净利润1.6亿元，同比下降8.2%。 执业证号：S1250522070003  拓展纤维板块表现相对稳定，新增量迎来业绩新动能。2024Q1拓展纤维板块实 电话：15001276860 邮箱：lqqyf@swsc.com.cn 现营业收入3.2亿元，同比-7.1%。收入小幅下降主要原因为通用高性能碳纤维 价格下降；高强高模碳纤维产品需求节奏放缓。 [相Tab对le指_Q数u表ot现eP ic] 航空碳纤维方面，Q1航空定型产品大合同执行率8.6%，我们计算履行金额1.8 光威复材 沪深300 亿（含税），目前仍有1.8亿合同待执行，面临新 ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company reported a revenue of 11.41 billion yuan in 2023, representing a year-on-year increase of 23.5%, and a net profit of 1.97 billion yuan, up 19.2% [2] - The first quarter of 2024 showed a revenue of 2.35 billion yuan, an increase of 6.2%, and a net profit of 360 million yuan, up 10.2% [2] - The growth in revenue is driven by both domestic and international markets, with domestic revenue at 9.5 billion yuan (+19.7%) and overseas revenue at 1.7 billion yuan (+54.0%) [2] - The company has expanded its business network to cover 65 countries and regions globally, with over 700 product registrations and certifications [2] - The release of restrictions on high-end medical equipment procurement is expected to accelerate demand for mid-to-high-end imaging equipment [2] Summary by Sections Financial Performance - In 2023, the revenue from medical imaging equipment was 9.93 billion yuan (+21.1%), maintenance service revenue was 1.07 billion yuan (+42.8%), and software revenue was 170 million yuan (+124.8%) [2] - The company expects revenues for 2024, 2025, and 2026 to be 13.9 billion yuan, 17.2 billion yuan, and 21.5 billion yuan respectively, with net profits of 2.4 billion yuan, 2.9 billion yuan, and 3.6 billion yuan [3][10] Business Segments - The revenue from imaging equipment is projected to grow at rates of 21% in 2024, 22% in 2025, and 24% in 2026, with a gross margin of approximately 47.8% [9] - Maintenance and technical service revenue is expected to grow at a compound annual growth rate (CAGR) of 30% from 2024 to 2026, with gross margins increasing to 65% by 2026 [9] - Software revenue is anticipated to grow at a CAGR of 50% during the same period, with a gross margin of 40% [9] Market Expansion - The company has achieved significant growth in overseas markets, with overseas revenue accounting for 14.7% of total revenue in 2023, an increase of 3 percentage points from 2022 [2] - The company has received multiple certifications, including CE and FDA approvals, enhancing its competitive position in both developed and emerging markets [2] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected revenue growth rates of 22.25% in 2024, 23.42% in 2025, and 24.68% in 2026 [4] - The net profit growth rates are forecasted to be 20.92% in 2024, 22.77% in 2025, and 24.24% in 2026 [4]