请务必阅读正文后的重要声明部分 1 -4 0% -3 0% -2 0% -1 0% 0% 10% 20% 23-0423-0523-0623-0723-0823-0923-1023-1123-1224-0124-0224-03 南微医学 沪深300 盈利预测 基于以上假设，我们预测公司 2024-2026 年分业务收入成本如下表： 南微医学（688029）2023 年年报及 2024 年一季报点评 南微医学（688029）2023 年年报及 2024 年一季报点评 投资评级说明 西南证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会核准的证券投资咨询业务资格。 本公司与作者在自身所知情范围内，与本报告中所评价或推荐的证券不存在法律法规要求披露或采取限制、静默 措施的利益冲突。 《证券期货投资者适当性管理办法》于 2017 年 7 月 1 日起正式实施，本报告仅供本公司签约客户使用，若您并 非本公司签约客户，为控制投资风险，请取消接收、订阅或使用本报告中的任何信息。本公司也不会因接收人收到、 阅读或关注自媒体推送本报告中的内容而视其为客户。本公司或关联机构可能会持有报告中提到的公司所发行的证券 并 ...

Investment Rating - The report maintains a "Hold" rating for the company, considering the short-term demand remains low [1][25]. Core Views - The lithium battery industry is gradually recovering, with high-rate battery applications expanding rapidly, leading to expected high growth in demand [1]. - The company is projected to achieve a net profit attributable to shareholders of 442 million, 554 million, and 680 million yuan for the years 2024, 2025, and 2026 respectively [1][26]. - The company’s revenue for 2023 is reported at 5.22 billion yuan, a decline of 16.92% year-on-year, while the first quarter of 2024 shows a revenue increase of 46.77% year-on-year [25][26]. Financial Forecasts - Revenue and net profit forecasts for the company are as follows: - 2024E Revenue: 6.48 billion yuan, Net Profit: 442 million yuan - 2025E Revenue: 7.78 billion yuan, Net Profit: 554 million yuan - 2026E Revenue: 9.73 billion yuan, Net Profit: 680 million yuan [2][17]. - The company’s earnings per share (EPS) are expected to rise from 0.12 yuan in 2023 to 0.59 yuan in 2026 [2][17]. - The return on equity (ROE) is projected to improve from 2.95% in 2023 to 8.71% in 2026 [2][17]. Business Segments - The lithium battery segment is expected to recover, with sales projected to reach 400 million units by 2024, following a decline in previous years due to high inventory levels [26]. - The LED business is anticipated to maintain stability, with a projected profit of 50 million yuan for 2024 [13][26]. - The metal logistics business is expected to perform well, with profits exceeding 1.5 billion yuan in 2024 due to expansion in the new energy vehicle parts sector [13][26]. Market Expansion - The company is actively expanding into new application areas such as data center backup power, eVTOL, and AI robotics, which are expected to support overall market capacity growth [3][26]. - The overseas factory construction in Malaysia is progressing, with production expected to start in Q2 2025, which will enhance the company's profitability per unit [26].

Investment Rating - The report maintains a "Buy" rating for the company, with a projected compound annual growth rate (CAGR) of 15% for net profit attributable to the parent company over the next three years [2][12]. Core Insights - The company achieved a revenue of 4.31 billion yuan in Q1 2024, representing a year-on-year growth of 2.5%, while the net profit attributable to the parent company was 390 million yuan, marking a significant year-on-year increase of 48.3% [13][14]. - The gross profit margin improved to 20.6% in Q1 2024, an increase of 2.3 percentage points year-on-year, primarily driven by the rise in overseas revenue, which accounted for approximately 39% of total revenue [3][14]. - The company has seen substantial growth in its electric forklift segment, with sales of various electric models increasing significantly, including a 100.1% growth in high-end electric warehouse trucks [3][12]. Financial Summary - The total revenue forecast for the company is projected to reach 17.47 billion yuan in 2023, with expected growth rates of 11.47% in 2024, 9.70% in 2025, and 13.88% in 2026 [15]. - The net profit attributable to the parent company is expected to be 1.42 billion yuan in 2023, with growth rates of 41.36% in 2024, 24.23% in 2025, and 10.07% in 2026 [15]. - The company's earnings per share (EPS) is projected to increase from 1.63 yuan in 2023 to 2.46 yuan by 2026 [15].

Investment Rating - The report gives a "Hold" rating for the company, with a current price of 37.92 CNY and no specified target price for the next six months [1]. Core Insights - The company's revenue for 2023 was 6.06 billion CNY, a decrease of 12.3% year-on-year, while the net profit attributable to the parent company was 620 million CNY, an increase of 1.8% year-on-year. The first quarter of 2024 showed a revenue of 1.29 billion CNY, a year-on-year increase of 1.8%, but a net profit decrease of 24.2% year-on-year [2][18]. - The company is experiencing short-term performance pressure but maintains a long-term positive trend. The demand for AI is expected to drive a recovery in demand [2][18]. - The company has a 6.3% market share in the global optical device market, ranking fourth globally, with significant positions in telecom transmission networks, data centers, and access networks [2][10]. Summary by Sections 1. Company Overview - The company, founded in 2001 and listed in 2009, is a leading manufacturer of optical devices and modules, focusing on both active and passive chip development [10][11]. - The company has a strong background in research and development, with a focus on expanding into new markets and products [10][12]. 2. Financial Analysis - The company reported a revenue of 6.06 billion CNY in 2023, down 12.3% from the previous year, while the net profit was 620 million CNY, up 1.8% [2][18]. - The first quarter of 2024 showed a revenue of 1.29 billion CNY, a year-on-year increase of 1.8%, but net profit decreased by 24.2% [2][18]. - The company has maintained stable gross margins across its product lines, with transmission products accounting for 55.2% of sales and a gross margin of 29.6% [18][20]. 3. Profit Forecast and Valuation - The forecast for EPS from 2024 to 2026 is 0.98 CNY, 1.26 CNY, and 1.63 CNY, with corresponding dynamic PE ratios of 39x, 30x, and 23x [2][25]. - The report highlights the potential for growth in the data communication market driven by AI, with significant revenue growth expected in the coming years [2][23]. - The company is positioned to benefit from the increasing demand for high-speed connections and new technologies in the optical device market [2][23].

| --- | --- | |------------------------------------|-----------| | | | | 基础数据 | | | | | | [Table_BaseData] 总股本 ( 亿股 ) | 20.60 | | 流通 A 股 ( 亿股 ) | 20.60 | | 52 周内股价区间 ( 元 ) | 5.13-8.27 | | 总市值 ( 亿元 ) | 129.58 | | 总资产 ( 亿元 ) | 230.16 | | 每股净资产 ( 元 ) | 7.64 | 相关研究 [Table_Report] 1. 林洋能源（601222）：三驾马车协同推 进，驱动业绩增长 (2023-08-29) 数据来源：聚源数据 电站销售或不及预期；储能订单或不及预期；光伏电池销售或不及预期。 | --- | --- | --- | --- | --- | |----------------------------|--------|------------------------------------|--------|--------| | | | | | | | 营业收入（ ...

23Q4 盈利短期承压，产能扩张深化竞争力 2023 年盈利同比修复，研发投入持续增长。盈利端：2023 年公司销售毛利率/ 净利率分别为 33%/21.2%，同比增长 3.1pp/1.7pp；单 Q4 毛利率/净利率分别 为 27.7%/13.9%，分别同比下降 5.4pp/5.6pp。费用端：公司 2023 年销售/管理 （不含研发）/财务/研发费用率分别为 0.8%/5.2%/-1.1%/4.1%，分别同比 +0.3pp/+1.3pp/-0.4pp/+0.4pp。销售费用率增长主要系子公司铸件销售团队搭建 和母公司其他精密轴类销售团队扩充所致，管理费用增长主要系子公司铸件业 务管理团队搭建人员增加及公司销量增加发生的管理费用随着增加所致，财务 费用率降低主要系主要是报告期利息收入增加所致。 | --- | --- | --- | --- | --- | |----------------------------------|--------|---------------------------------|--------|--------| | | | | | | | [Table_MainProf ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a strong start in Q1 2024 with revenue of 533 million yuan, a year-on-year increase of 20.42%, and a net profit attributable to shareholders of 88 million yuan, up 8.35% year-on-year [1] - The introduction of the self-developed cat trivalent vaccine "Rui Miao Shu" contributed significantly to revenue, generating 12 million yuan in sales and breaking the monopoly of imported products in China [1] - The company is actively expanding its strategic partnerships with large breeding groups, leading to accelerated growth in the livestock sector [1] Summary by Sections Financial Performance - In Q1 2024, the company achieved operating income of 533 million yuan, a 20.42% increase year-on-year, and a net profit of 88 million yuan, an 8.35% increase year-on-year [1] - The revenue from the preparation and raw material drug business reached 1.084 billion yuan, up 11.20% year-on-year [1] - The poultry biological products business generated 928 million yuan in revenue, a 3.64% increase, while the livestock biological products business achieved 141 million yuan, an 8.47% increase [1] Research and Development - The company invested 233 million yuan in R&D in 2023, accounting for 10.35% of its operating income, focusing on developing cutting-edge pet products [1] - The self-developed dog quadrivalent vaccine has completed clinical trials and is undergoing new veterinary drug registration [1] - The company has obtained registration certificates for three new veterinary drugs, enhancing its product portfolio [1] Strategic Initiatives - The company is actively developing a vaccine for African swine fever and enhancing its competitiveness in the foot-and-mouth disease vaccine market [1] - A strategic acquisition of 100% equity in Baoding Shoujun for 230 million yuan is planned, which will provide the company with production qualifications for foot-and-mouth disease vaccines [1] Earnings Forecast - The company is expected to achieve EPS of 1.1, 1.35, and 1.61 yuan for 2024 to 2026, corresponding to dynamic PE ratios of 14, 11, and 10 times [1]

战略全新升级，产品+渠道+供应链共同发力。2023年公司战略升级为"渠道为 王、产品领先、体系护航"，产品和渠道持续优化。产品方面，聚焦创新主线及 七大核心品类，"大魔王"魔芋素毛肚、"蛋皇"健康鹌鹑蛋获得快速增长。渠 道方面，发力零食量贩、电商、定量装核心渠道等，全面激发全渠道活力。此 外，公司继续强化供应链优势，投资建设新疆 1 万吨马铃薯（雪花）全粉生产 加工基地、江西蛋皇纪二期 300 万羽鹌鹑养殖基地。 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，报告所采用的数据均 来自合法合规渠道，分析逻辑基于分析师的职业理解，通过合理判断得出结论，独立、客观地出具本报告。分析师承 诺不曾因，不因，也将不会因本报告中的具体推荐意见或观点而直接或间接获取任何形式的补偿。 地址：深圳市福田区益田路 6001 号太平金融大厦 22 楼 邮编：518038 [Table_StockInfo] 2024 年 04 月 29 日 证券研究报告•2024 年一季报点评 买入 （维持） 当前价：73.73 元 盐津铺子（002847）食品饮料 目标价：——元（6 个月） 附表：财务预测与估值 ...

[Table_StockInfo] 买入 2024年 04月 27日 （维持） 证券研究报告•2023年年报点评 当前价： 9.36元 协鑫能科（002015） 公用事业 目标价： 13.66元（6个月） 清洁能源盈利修复，持续打造“光储充”一体化 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] 2023年年报&2024年一季报，实现收入 101亿元，同比下降 [分Ta析bl师e_：Au池th天or惠] 7.4%，实现归母净利润9.1亿元，同比+32.9%；24Q1实现收入24.1亿元，同 执业证号：S1250522100001 比下降11.1%，实现归母净利润1.9亿元，同比下降39.6%。 电话：13003109597 邮箱：cth@swsc.com.cn  燃料成本下降，清洁能源业务盈利能力修复。2023年公司实现毛利率21.75%， 同比提升6.6pp，实现净利率9.49%，同比提升3.35pp；实现净利率11.24%， 分析师：刘洋 同比+2.66pp；其中，电力销售业务实现收入 59.55亿元，同比下滑 1.4%，毛 执业证号：S1250523070005 电话 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% in the next six months [19][20]. Core Insights - The company reported a revenue of 1.55 billion yuan in 2023, a year-on-year increase of 30.9%, with a net profit attributable to shareholders of 160 million yuan, up 10.9% year-on-year [1]. - The company has expanded its product line and international market presence, enhancing growth momentum through acquisitions and establishing subsidiaries in Canada, the USA, and South Korea [2]. - The overall gross margin for 2023 was 32.5%, an increase of 2.6 percentage points compared to the previous year, reflecting improved operational efficiency [19]. Financial Performance - The company’s operating expenses increased, leading to a slight decline in net profit margin to 12.1% in 2023, down 1.9 percentage points year-on-year [5]. - For Q4 2023, the company achieved a revenue of 390 million yuan, a year-on-year increase of 28.4%, but the net profit decreased by 3.3% year-on-year [1]. - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of 23% from 2024 to 2026, with net profits expected to reach 200 million yuan in 2024, 250 million yuan in 2025, and 310 million yuan in 2026 [20]. Market Expansion and Product Development - The company has extended its product offerings in hard alloy tools and has made strategic acquisitions to enhance its product lines in various sectors, including mining and oil extraction [2]. - The company’s international sales have seen an 18.7% increase, contributing to the overall revenue growth [19]. Future Projections - The company anticipates a revenue growth rate of 18.91% in 2024, followed by 21.07% in 2025 and 19.30% in 2026 [6]. - The projected earnings per share (EPS) are expected to rise from 1.25 yuan in 2024 to 2.36 yuan in 2026 [6].