Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [7][28]. Core Insights - The company, Baijun Medical (688198), has received approval for its expandable surgical valve, which is expected to significantly enhance its product lineup and market presence [3][18]. - The company reported a revenue of 370.64 million yuan in 2023, representing a growth of 25.6%, and a net profit attributable to shareholders of 109.41 million yuan, up by 21.1% [18]. - The company is focusing on increasing its R&D investments, which reached nearly 100 million yuan in 2023, a 79.2% increase, indicating a commitment to expanding its product pipeline [18]. Financial Performance - The revenue forecast for 2024 is projected at 496.39 million yuan, with a net profit of 147.89 million yuan, reflecting a growth rate of 33.93% [8][24]. - The gross margin for 2023 was reported at 89.8%, maintaining a high level of profitability [18]. - The company expects significant sales growth in its key segments, including a 43% increase in sales for heart valve replacement and repair treatments in 2024 [22]. Product Development - The company has a robust pipeline with multiple products in various stages of development, including the recently approved expandable surgical valve and other innovative products in the structural heart disease sector [18][22]. - The approval of the new mitral valve ring is seen as an upgrade to existing products, further solidifying the company's market position [18]. Market Position - Baijun Medical is positioned as a leading innovator in the animal-derived implant materials sector, with substantial growth potential anticipated in the coming years [18][24]. - The company has successfully diversified its product offerings across three main business segments, all of which have shown significant growth in 2023 [18].

Investment Rating - The report initiates coverage on Yingtong (688080) with a "Buy" rating and a 6-month target price of 41.75 RMB [1] - The target price is based on a 25x PE multiple for 2024, reflecting a 31% CAGR in profits from 2024-2026 [1] Core Views - Yingtong is expected to achieve EPS of 1.67 RMB, 2.24 RMB, and 2.87 RMB for 2024-2026, with corresponding PE ratios of 19x, 14x, and 11x [1] - The company's revenue grew 27.5% YoY to 490 million RMB in 2023, with net profit increasing 33.6% YoY to 90 million RMB [2] - Q1 2024 revenue reached 110 million RMB, up 12.6% YoY, while net profit surged 74.7% YoY to 20 million RMB, exceeding expectations [2] Business Performance - Industrial IoT communication products generated 280 million RMB in revenue in 2023, up 25.1% YoY [14] - Smart power grid monitoring products saw revenue grow 58.2% YoY to 130 million RMB in 2023 [14] - Smart vending system revenue declined 10.3% to 50 million RMB due to global economic challenges [14] Financial Metrics - Gross margin improved by 3.4 percentage points to 51.5% in 2023, driven by product upgrades and RMB depreciation [14] - Q1 2024 gross margin reached 52.8%, up 5 percentage points YoY [14] - Net margin increased to 19.1% in 2023, up 1.1 percentage points YoY [14] International Expansion - The company accelerated its global expansion, launching FWA, ODU, and cellular router products for the North American market [3] - Developed ITXPT-compliant products for the European market and completed the IWOS version for overseas markets [3] - AI-powered vending cabinets are being tested in Southeast Asia, with development for North America underway [3] AI and Technology - Yingtong has established deep learning-based visual recognition capabilities, integrating AI across its product portfolio [3] - The company launched edge computing products with AI acceleration capabilities, widely used in industrial routing, vehicle networking, and smart retail [3] R&D and Innovation - R&D expenses accounted for 12.5% of revenue in Q1 2024, with 159 R&D personnel representing 41% of total staff [51] - The company introduced new products in 2023, including the IR924 industrial 4G router and AI-powered refrigerated vending cabinets [51] Valuation and Growth - The report forecasts a 25% revenue CAGR for 2024-2026, with profit growth slightly exceeding revenue growth due to economies of scale [54] - Yingtong's valuation is supported by its 31% profit CAGR and a 25x PE multiple for 2024, in line with industry peers [54]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a net profit of 960 million yuan in 2024, corresponding to a PE of 13X [13][28]. Core Viewpoints - The company demonstrated strong performance in Q1 2024, with diamond wire sales reaching 38.61 million km and a net profit of 200 million yuan, aligning with expectations [2][28]. - The production of tungsten wire mother lines is anticipated to enhance the company's competitive edge and profitability in the long term [13][28]. - The company has a robust cash flow and an excellent balance sheet, with a net operating cash flow of 190 million yuan in Q1 2024 and a decrease in the debt ratio to 12.2% [13][28]. Financial Performance Summary - In 2023, the company achieved a revenue of 4.52 billion yuan, a year-on-year increase of 23.3%, and a net profit of 1.59 billion yuan, up 7.9% [28]. - For Q1 2024, the company reported a revenue of 860 million yuan, a quarter-on-quarter decrease of 27.4%, and a net profit of 200 million yuan, a decrease of 1.8% [28]. - The forecast for 2024 indicates a revenue of 3.89 billion yuan, with a projected decline of 13.8% [14][28]. Profitability and Growth Metrics - The company expects a significant increase in net profit in 2025 and 2026, with projected figures of 1.44 billion yuan and 2.05 billion yuan, respectively [14]. - The report highlights a projected EPS of 2.00 yuan for 2024, with a recovery to 3.01 yuan in 2025 and 4.27 yuan in 2026 [14]. - The return on equity (ROE) is expected to decline to 13.52% in 2024 but recover to 20.28% by 2026 [14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.40 CNY over the next six months [1]. Core Insights - The company reported a revenue of 1.12 billion CNY for 2023, a decrease of 1.9% year-on-year, while the net profit attributable to shareholders was 70 million CNY, an increase of 7.7% year-on-year. For Q1 2024, revenue was 170 million CNY, down 1.2% year-on-year, with a net loss of 6.22 million CNY, showing a reduction in losses [1]. - The company has a strong order backlog of approximately 840 million CNY, representing a year-on-year increase of 31.3%, which supports its operational goals for 2024 [1]. - The report highlights the expansion of railway investments and the potential for equipment upgrades and the implementation of 5G-R technology, which could significantly benefit the company [1]. - The company is expanding its product line in civil aviation air traffic control and has launched AI-driven platforms, indicating a focus on digital transformation across multiple sectors [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.12 billion CNY, with a net profit of 70 million CNY. Adjusted for stock option expenses, the net profit would be 90 million CNY, reflecting a growth of 29.7% [1]. - The comprehensive expense ratio for 2023 was 34%, up 3.1 percentage points year-on-year, while the gross margin remained stable at 40% [1]. Market Opportunities - The report emphasizes the growth in railway investments, with a fixed asset investment of 124.8 billion CNY in Q1 2024, a 9.9% increase year-on-year, compared to a 3.1% increase in Q1 2023 [1]. - The company has developed products based on 5G-R technology, which are expected to double its market potential once railway construction begins [1]. Strategic Developments - The establishment of a subsidiary focused on civil aviation air traffic control is expected to create a second growth curve for the company [1]. - The company has signed a comprehensive cooperation agreement with Huawei, aiming for strategic collaboration in various sectors, including railways and urban transit [1]. Earnings Forecast - The projected EPS for 2024-2026 is 0.21 CNY, 0.27 CNY, and 0.34 CNY, respectively, with corresponding dynamic PE ratios of 28, 22, and 18 [1].

[Table_StockInfo] 买入 2024年 04月 24日 （首次） 证券研究报告•2023年报&2024一季报点评 当前价： 60.43元 精测电子（300567） 机械设备 目标价： 72.71元（6个月） 显示业务承压，半导体业务快速放量 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 2024年一季报。2023年实现营收24.3亿，同 [分Ta析bl师e_：Au邰th桂or龙] 比-11.0%；实现归母净利润1.5亿，同比-44.8%。2024Q1，实现营收4.2亿， 执业证号：S1250521050002 同比-30.5%，环比-52.7%；实现归母净利润-0.16 亿元，同比-234.1%，环比 电话：021-58351893 -109.8%。 邮箱：tgl@swsc.com.cn  显示业务承压，半导体业务快速放量。分产品来看，2023 年，显示/半导体/新 联系人：杨云杰 能源领域营收分别为17.5/3.9/2.4亿元，同比-19.4%/+116.0%/-29.7%。24Q1， 电话：021-58351893 显 示 /半 导 体 ...

[Table_StockInfo] 买入 2024年 04月 25日 （维持） 证券研究报告•2024年一季报点评 当前价： 16.97元 均胜电子（600699） 汽车 目标价： 25.92元（6个月） 整体净利率持续提升，新订单同比大幅增长 投资要点 西南证券研究发展中心 [T a事ble件_S：（um1）m4a月ry]2 5日，公司发布2024年第一季度报告，2024Q1实现营收132.8 [分Ta析bl师e_：Au郑th连or声] 亿元，同环比分别+0.4% /-8.0%；实现归母净利润3.1亿元，同环比分别+53.1% 执业证号：S1250522040001 /+1.0%，实现扣非归母净利润 3.1亿元，同环比分别+134.2% /-6.0%。（2）公 电话：010-57758531 司发布《2023年度可持续发展报告》，年度研发总投入约 36.5亿元，占营业收 邮箱：zlans@swsc.com.cn 入约 6.6%，拥有 5344位研发人员，占员工总数的 12.2%；全年环保投入金额 联系人：冯安琪 约为 3916万元，未发生任何重大环保违规事件；均胜安全亚洲区员工满意度调 电话：021-58 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 67.98 CNY over the next six months [1]. Core Insights - The company demonstrated steady growth in 2023, achieving a revenue of 8.98 billion CNY, a year-on-year increase of 9.6%, and a net profit of 2.50 billion CNY, up 6.7% year-on-year. The fourth quarter of 2023 saw a revenue of 2.64 billion CNY, a 16.0% increase year-on-year, and a net profit of 750 million CNY, up 25.6% year-on-year. However, the first quarter of 2024 reported a revenue of 2.36 billion CNY, down 2.7% year-on-year, and a net profit of 600 million CNY, down 3.8% year-on-year [2][22]. Summary by Sections 1. Company Overview - The company is a leading player in the domestic hydraulic components industry, having evolved from a single hydraulic cylinder manufacturer to a diversified enterprise with a comprehensive product range including high-pressure cylinders, pumps, valves, and precision castings. It has established manufacturing bases and expanded its global market presence through acquisitions and strategic partnerships [11][14]. 2. Financial Performance - The company achieved a gross margin of 41.9% in 2023, an increase of 1.3 percentage points year-on-year, primarily due to lower raw material costs. The net profit margin was 27.8%, a decrease of 0.8 percentage points, attributed to increased business expansion costs. The first quarter of 2024 saw a gross margin of 40.1% and a net profit margin of 25.5% [2][22][36]. 3. Business Segments - The hydraulic cylinder segment generated a revenue of 4.69 billion CNY in 2023, with a year-on-year increase of 2.3%. The sales volume of excavator cylinders decreased by 3.4%, while non-standard cylinders saw a 16% increase. The hydraulic pump and valve segment achieved a revenue of 3.27 billion CNY, up 18.6% year-on-year, with significant growth in non-excavator applications [2][21][22]. 4. Market Position and Strategy - The company holds a dominant market share in various hydraulic components, with over 50% in small excavator pumps and valves. It is actively expanding into non-excavator markets, including agricultural machinery and industrial applications, which are expected to contribute to future revenue growth [2][11][20]. 5. Future Outlook - The company forecasts net profits of 2.77 billion CNY, 3.25 billion CNY, and 3.85 billion CNY for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 15% over the next three years. The target price reflects a 33x PE ratio for 2024 [2][43].

Investment Rating - The report maintains a "Buy" rating for Zhongju Gaoxin (600872) [1][3]. Core Views - The company's Q1 2024 performance exceeded market expectations, with revenue of 1.48 billion yuan, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 239 million yuan, up 59.7% year-on-year [2]. - The internal management reforms and channel expansion are showing initial results, with the subsidiary Meiwai Xian achieving revenue of 1.46 billion yuan, a 10.2% increase year-on-year [2]. - The gross margin for Meiwai Xian improved to 37.3%, up 6.1 percentage points year-on-year, driven by lower raw material costs and a higher proportion of high-margin products [2]. - The company is expected to see significant future growth due to the ongoing internal reforms and favorable raw material prices [2]. Summary by Sections Financial Performance - Q1 2024 revenue reached 1.48 billion yuan, with a year-on-year growth of 8.6% - Net profit attributable to shareholders was 239 million yuan, reflecting a 59.7% increase year-on-year - The gross margin for Meiwai Xian was 37.3%, up 6.1 percentage points year-on-year [2]. Business Segments - Revenue growth by product for Q1 2024: soy sauce (+13.4%), chicken essence and powder (+16.8%), cooking oil (-5.5%), and other products (-0.3%) [2]. - Revenue growth by region for Q1 2024: Eastern (+24.5%), Southern (+2.6%), Central-Western (+9.9%), and Northern (+7.61%) [2]. Cost and Profitability - The company’s non-net profit margin increased by 5.4 percentage points to 15.9% in Q1 2024, with Meiwai Xian's net profit margin at 18.2%, up 5.9 percentage points year-on-year [2]. - The sales expense ratio decreased by 0.9 percentage points to 7.7%, while the management expense ratio remained stable at 6.4% [2]. Future Outlook - The company’s internal management reforms are expected to yield significant results, with a focus on empowering frontline teams and enhancing sales efficiency [2]. - The 2024 stock incentive plan has been approved, indicating management's confidence in future growth [2]. - The company anticipates strong future performance driven by ongoing reforms and low raw material costs [2].

[Table_StockInfo] 持有 2024年 04月 24日 （维持） 证券研究报告•2023年年报点评 当前价： 152.10元 天孚通信（300394） 通信 目标价： ——元（6个月） 业绩符合预期，高速率产品持续放量 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年年度报告&2024一季度报告，2023年实现营收 19.39 [分Ta析bl师e_：Au叶th泽or佑] 亿元，同比增长 62.07%；归母净利润 7.3亿元，同比增长 81.14%；扣非归母 执业证号：S1250522090003 净利润 7.19亿元，同比增长 97.13%。其中，Q4单季度实现营收 7.32亿元， 电话：13524424436 同比增长138.78%，环比增长35.16%；归母净利润2.91亿元，同比增长131.2%， 邮箱：yezy@swsc.com.cn 环比增长43.2%。24Q1实现营收 7.31亿元，同比增长154.95%；归母净利润 2.79亿元，同比增长202.68%。 [相Tab对le指_Q数u表ot现eP ic]  业绩符合预期，高速率产品显著增长 ...

[ T able_StockInfo] 2024 年 04 月 24 日 证券研究报告•2023年报及 2024 年一季报点评 当前价：37.33 元 百普赛斯（301080）医药生物 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2023年报及 2024年一季报，2023年公司实现收入 5.4亿元， 同比增长 14.6%；实现归母净利润 1.5 亿元，同比下降 24.6%；实现扣非归母 净利润 1.4亿元，同比下降 23.4%。2024年一季度公司实现收入 1.5 亿元，同 比增长 6.7%，实现归母净利润 0.3亿元，同比下降 31.9%，实现扣非归母净利 润 0.3 亿元，同比下降 32.1%。 海外业务持续高增长，国内业务增速稳定 海外常规业务高增，重组蛋白产品占比稳定。从区域来看，2023年公司扣除新 冠产品业务后实现收入 5亿元（+29.3%），其中海外地区常规业务收入 3.3亿元 （+37%）国内常规业务收入 1.7 亿元（+17%）。从产品类型来看，公司 2023 年重组蛋白实现收入 4.6亿元（+16%）。检测服务实现收入 0.16亿元（+4.3%）， 抗体、试 ...