业绩增长稳健，隐形眼镜获批在即 盈利能力显著提升，四费率维持健康状态。从盈利能力看，2023年公司毛利率 为 59.3%（+14.5pp），得益于订单成本得到有效控制。从费用率看，2023年公 司销售/管理/研发/财务费用率分别为 6.7%/18.8%/6.9%/-1.6%，同比变动 +2.0pp/-0.9pp/-2.7pp/+1.3pp。其中销售费用增长主要因营销奖金和业务拓展所 需的展览展会、业务招待等费用增加所致。2023 年研发费用为 3318 万元 （-9.5%），部分研发项目形成销售，已从研发费用转出。 投资要点 西南证券研究发展中心 [ T able_StockInfo] 2024 年 04 月 28 日 证券研究报告•2023 年报及 2024 一季报点评 当前价：23.67 元 迈得医疗（688310）医药生物 目标价：——元（6 个月） 业绩符合预期，血液净化类和新增产品增速亮眼。按产品类型分，2023年安全 输注类营收 3.34亿元（+5.5%），市场订单需求表现稳定；血液净化类营收 0.8 亿元（+76.7%），主要因中空纤维膜纺丝线、透析器自动组装机等设备订单需 求增加；其他收入 0 ...

[Table_StockInfo] 买入 2024年 04月 29日 （首次） 证券研究报告•23年年报&24Q1季报点评 当前价： 16.12元 三一重工（600031） 机械设备 目标价： 19.60元（6个月） 24Q1 归母净利润同比+4.2%，盈利能力提升 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年年报和2024Q1业绩，2023年实现营收740.2亿，同 比-8.4 %；归母净利润45.3亿，同比+5.5%。单Q4营收 17.9亿，同比-17.6%，； [分Ta析bl师e_：Au邰th桂or龙] 归母净利润4.8亿，同比-30.7%。2024Q1公司实现营收178.3亿，同比-0.95%， 执业证号：S1250521050002 归母净利润15.8亿，同比+4.2%。公司海外业务稳定增长，盈利能力提升。 电话：021-58351893  国内工程机械下滑周期影响，挖掘机械、路面机械、桩工机械板块承压下滑。 邮箱：tgl@swsc.com.cn 2023年，公司挖掘机械实现营收276.4亿元，同比-22.7%，挖掘机收入下滑明 显，主要系国内工程机 ...

Investment Rating - The report maintains a "Hold" rating for Qin Chuan Machine Tool (000837) [1][9]. Core Views - The company's Q1 2024 performance showed a revenue of 981 million yuan, a year-on-year decrease of 2.62% but a quarter-on-quarter increase of 5.25%. The net profit attributable to shareholders was 25 million yuan, down 56.12% year-on-year but up 176.67% quarter-on-quarter, indicating that the performance met expectations [1][14]. - The gross margin for Q1 2024 was 16.78%, down 1.81 percentage points year-on-year, while the net margin was 3.39%, down 2.83 percentage points year-on-year. The expense ratio for the period was 16.10%, an increase of 0.34 percentage points year-on-year [2][14]. - The company aims for a revenue growth of no less than 15% in 2024, despite the challenges faced in the industry [15][16]. Summary by Sections Financial Performance - Q1 2024 revenue was 981 million yuan, down 2.62% year-on-year, but up 5.25% quarter-on-quarter. The net profit was 25 million yuan, down 56.12% year-on-year, but up 176.67% quarter-on-quarter [1][14]. - The gross margin was 16.78%, down 1.81 percentage points year-on-year, and the net margin was 3.39%, down 2.83 percentage points year-on-year [2][14]. Future Outlook - The company forecasts a compound annual growth rate (CAGR) of 17% in revenue from 2024 to 2026, with net profits expected to be 132 million yuan in 2024, 196 million yuan in 2025, and 277 million yuan in 2026 [16][17]. - The company is positioned as a leader in domestic gear machine tools, contributing to the localization of high-end five-axis machine tools [16][17].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% compared to the relevant market index within the next six months [6][7]. Core Insights - The company has demonstrated stable and robust growth, with 2023 revenue reaching 1.37 billion, a year-on-year increase of 12.7%, and a net profit of 350 million, up 12.1% year-on-year. The fourth quarter of 2023 saw revenue of 380 million, a 22.8% increase year-on-year, and a net profit of 98.46 million, up 40.0% year-on-year [22]. - The company has implemented an equity incentive plan, reflecting management's confidence in future performance, with targets set for net profit growth rates of no less than 25%, 35%, and 45% for the years 2024, 2025, and 2026, respectively [23]. Financial Performance - The company's comprehensive gross margin for 2023 was 49.7%, a decrease of 1.7 percentage points year-on-year, primarily due to an increase in the proportion of incremental business. The net profit margin was 25.3%, down 0.1 percentage points year-on-year. In Q1 2024, the gross margin was 48.0%, down 6.0 percentage points year-on-year, and the net profit margin was 24.7%, down 3.4 percentage points year-on-year [6][7]. - The company’s operating expense ratio for 2023 was 21.7%, remaining stable year-on-year. In Q1 2024, this ratio decreased to 19.9%, down 3.2 percentage points year-on-year [2]. Revenue and Profit Forecast - The company is expected to achieve a compound annual growth rate (CAGR) of 17% in net profit from 2024 to 2026, with projected net profits of 405 million, 481 million, and 555 million for the years 2024, 2025, and 2026, respectively [7][24]. - Revenue from the equipment manufacturing sector is projected to grow by 12.73% in 2024, with further increases expected in subsequent years [28]. Business Segments - The oil and chemical sector is anticipated to see a 20% year-on-year increase in orders from 2024 to 2026, with gross margins expected to improve to 66% by 2026 [11]. - The mining machinery segment is expected to recover to pre-pandemic levels, with projected order growth of 20%, 15%, and 10% from 2024 to 2026, and gross margins increasing to 38% by 2026 [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported a revenue of 270 million yuan in Q1 2024, a year-on-year decrease of 7.0%, and a net profit attributable to the parent company of 30 million yuan, down 49.7% year-on-year [1] - The increase in expense ratio and significant decline in net profit margin are attributed to insufficient scale effects and a decrease in gross profit margin [2] - The company is expected to benefit from the end of the destocking cycle in the industrial sector, with a potential new replenishment cycle on the horizon [2][6] - The domestic market for CNC cutting tools is still in the early stages of localization, presenting significant opportunities for domestic substitution [2][6] - The overseas market for cutting tools is approximately four times the size of the domestic market, and the company has increased its overseas revenue contribution from 10% in 2022 to 19% in Q1 2024 [2] Summary by Sections Financial Performance - In Q1 2024, the company's comprehensive gross profit margin was 25.1%, a decrease of 7.2 percentage points year-on-year, primarily due to insufficient capacity utilization of CNC cutting tools [5] - The expense ratio for Q1 2024 was 15.0%, an increase of 6.0 percentage points year-on-year, with R&D expenses rising by 2.9 percentage points [2][5] Future Outlook - The company is projected to achieve net profits of 200 million yuan, 280 million yuan, and 390 million yuan for the years 2024, 2025, and 2026, respectively, indicating a compound annual growth rate of 33% over the next three years [7][8] - The revenue growth rates for the years 2024, 2025, and 2026 are expected to be 32.27%, 28.70%, and 27.21%, respectively [8] Market Position - The company is positioned as a leading domestic manufacturer of cutting tools, focusing on enhancing product quality and cost-effectiveness to expand its presence in overseas markets [2][6]

[Table_StockInfo] 买入 2024年 04月 29日 （维持） 证券研究报告•23年年报和 24年一季报点评 当前价： 95.86元 洋河股份（002304） 食品饮料 目标价： ——元（6个月） 分红率进一步提升，省外增长较为稳健 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年年报和2024年一季报，2023年实现营业总收入331.3 [分Ta析bl师e_：Au朱th会or振] 亿元，同比+10.0%，实现归母净利润100.2亿元，同比+6.8%；2024年一季度 执业证号：S1250513110001 实现营业总收入 162.6亿元，同比+8.0%，实现归母净利润 60.6亿元，同比增 电话：023-63786049 长 5.0%，业绩略低于市场预期。2023年每 10股派发现金红利46.6元(含税)， 邮箱：zhz@swsc.com.cn 股利支付率提升10.0个百分点至70.1%；2024年营业收入增长目标为5%-10%。 分析师：王书龙  中高档略承压，省外增长稳健。2023 年：1、分产品结构看，中高档酒、普通 执业证号：S12505 ...

24Q1 业绩超预期，盈利能力提升 汇率变动及产品结构影响，公司工业缝纫机、衬衫及牛仔自动缝制设备毛利率 | --- | --- | --- | --- | --- | |----------------------------|--------|----------------------------------|--------|--------| | | | | | | | 营业收入（百万元） | | 5293.88 6636.33 8692.85 10946.09 | | | | 增长率 | -3.78% | 25.36% | 30.99% | 25.92% | | 归属母公司净利润（百万元） | | 538.43 681.64 880.74 1110.71 | | | | 增长率 | 9.08% | 26.60% | 29.21% | 26.11% | | 每股收益 EPS （元） | | 1.11 1.41 1.82 2.29 | | | | 净资产收益率 ROE | 12.12% | 13.69%15.36% | | 16.65% | | PE | | 22 17 13 11 | | | | P ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in 2023 was strong, with revenue increasing by 26.4% YoY and net profit growing by 33.1% YoY [2] - In Q1 2024, the company achieved revenue of 5.2 billion yuan (+3.5% YoY) and net profit of 900 million yuan (+15.2% YoY) [2] - The company's outpatient visits reached 15.106 million (+34.3% YoY) and surgeries reached 1.184 million (+36% YoY) in 2023 [2] - The company's cataract project revenue grew by 55.2% YoY, and the optometry project revenue increased by 31.3% YoY in 2023 [2] - The company's net profit margin improved to 18% in 2023 (+1.3pp YoY) and 18.7% in Q1 2024 (+0.8pp YoY) [2] Financial Performance - 2023 revenue: 20.367 billion yuan (+26.43% YoY) [4] - 2023 net profit attributable to parent company: 3.359 billion yuan (+33.07% YoY) [4] - 2024E revenue: 25.04 billion yuan (+22.94% YoY) [4] - 2024E net profit attributable to parent company: 4.648 billion yuan (+38.38% YoY) [4] - 2025E revenue: 29.213 billion yuan (+16.67% YoY) [4] - 2025E net profit attributable to parent company: 5.686 billion yuan (+22.34% YoY) [4] - 2026E revenue: 33.375 billion yuan (+14.25% YoY) [4] - 2026E net profit attributable to parent company: 6.782 billion yuan (+19.27% YoY) [4] Business Segments - Cataract project revenue in 2023: 3.33 billion yuan (+55.3% YoY) [3] - Optometry project revenue in 2023: 4.96 billion yuan (+31.3% YoY) [3] - The company introduced new functional intraocular lenses, such as the Vivity IOL, to promote the development of refractive cataract surgery [3] - The company focuses on the 5P myopia prevention and control model, utilizing products like orthokeratology lenses, atropine eye drops, and multifocal lenses for children and adolescents [3] Valuation Metrics - 2023 PE: 35.08x [10] - 2024E PE: 25.35x [10] - 2025E PE: 20.72x [10] - 2026E PE: 17.37x [10] - 2023 PB: 6.25x [10] - 2024E PB: 5.81x [10] - 2025E PB: 4.71x [10] - 2026E PB: 3.84x [10] Key Assumptions - Refractive surgery volume growth is expected to slow down due to weak consumption, with 2024-2026 growth rates of 17.1%/18.2%/16.8% [8] - Cataract surgery volume growth is expected to be 11.1% annually from 2024-2026, with average selling prices affected by national procurement policies [8] - Orthokeratology lens sales growth is expected to be 15% annually from 2024-2026, impacted by consumption downgrading [8]

[Table_StockInfo] 买入 2024年 04月 29日 （首次） 证券研究报告•2023年报&2024一季报点评 当前价： 4.05元 海油发展（600968） 石油石化 目标价： 5.40元（6个月） 三大产业稳中有进，盈利能力持续提升 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司m发ary布] 2023年年报和2024年一季报。2023年实现营收493.1亿，同 [分Ta析bl师e_：Au邰th桂or龙] 比+3.2%；实现归母净利润 30.8亿，同比+27.5%。2024Q1，实现营收92.1亿， 执业证号：S1250521050002 同比-3.5%；实现归母净利润5.0亿元，同比+21.4%。利润增速显著高于收入增 电话：021-58351893 速。 邮箱：tgl@swsc.com.cn  受益中海油增储上产，工作量持续放量增长。2023年，能源技术服务产业营收 联系人：杨云杰 188.8 亿，同比+21.2%，主要系油公司增储上产行动持续深入，带动板块工作 电话：021-58351893 量增长；能源物流服务产业营收230.7亿，同比-8.7%，主要系国际油 ...

Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 14.51 CNY and a target price not specified for the next six months [3][11]. Core Views - The company reported a revenue of 2.69 billion CNY in 2023, a decrease of 1.9% year-on-year, and a net profit of 0.26 billion CNY, down 24.7% year-on-year. In Q4 2023, revenue was 0.79 billion CNY, showing a growth of 5.7% year-on-year, while net profit decreased by 9.5% [3][4]. - In Q1 2024, the company achieved a revenue of 0.43 billion CNY, a year-on-year increase of 1.9%, and a net profit of 0.05 billion CNY, up 94.7% year-on-year [3][4]. - The company is focusing on expanding its energy storage business, which has shown significant growth, particularly after acquiring Ningbo Yongneng New Energy Technology Co., Ltd. [4][11]. Financial Summary - The company’s revenue is projected to grow from 2.69 billion CNY in 2023 to 4.58 billion CNY by 2026, with annual growth rates of 20.0%, 19.7%, and 18.4% for the years 2024, 2025, and 2026 respectively [2][48]. - The net profit is expected to increase from 0.26 billion CNY in 2023 to 0.44 billion CNY in 2026, with growth rates of 29.9%, 15.9%, and 12.2% for the respective years [2][48]. - The company’s EPS is forecasted to be 0.60 CNY in 2024, 0.70 CNY in 2025, and 0.79 CNY in 2026 [11][48]. Business Performance - The company’s gross margin improved to 20.5% in Q1 2024, an increase of 3.5 percentage points year-on-year. The net profit margin also improved to 11.4%, up 5.3 percentage points year-on-year [5][12]. - The revenue breakdown by product shows that the energy storage products have seen a significant increase in revenue, while traditional home appliance segments like vacuum cleaners have faced declines [4][11]. Market Outlook - The company is expected to benefit from a recovery in demand for home appliances in 2024, alongside its strategic expansion into the energy storage sector [11][14]. - The report highlights the importance of improving product profitability and maintaining stable gross margins as key factors for future growth [12][14].