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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.69 CNY over the next six months [1][10]. Core Insights - The company achieved a revenue of 346.8 billion CNY in 2023, representing a year-on-year growth of 23.4%. However, the net profit attributable to shareholders decreased by 34.1% to 12.1 billion CNY. The gross profit margin for the year was 16.0%, down by 6.0 percentage points [2][3]. - The company plans to distribute a cash dividend of 4.10 CNY per 10 shares, reflecting a dividend payout ratio of 42.4% [2]. Summary by Sections Sales Performance - In 2023, the company recorded sales of 422.2 billion CNY, leading the industry, with a sales area of 23.86 million square meters. The focus on core cities contributed to nearly 90% of sales from 38 key cities, which saw a year-on-year increase of 2 percentage points in market share [2][3]. - The company’s market share rose to 3.6%, an increase of 0.2 percentage points year-on-year, with a market share of 6.8% in the core 38 cities, up by 0.7 percentage points [2]. Land Reserve and Resource Optimization - The company expanded its project portfolio with 103 new projects in 2023, with a total land cost of 163.2 billion CNY, marking a 26% increase year-on-year. The proportion of equity land cost increased by 16 percentage points to 83% [2][3]. - The total land reserve is 77.9 million square meters, with a decreasing share of existing projects, now at 85% [2]. Financial Structure and Cost Management - The company’s asset-liability ratio, excluding advance receipts, was 67.14%, down by 1.34 percentage points, while the net debt ratio decreased to 61.20%, down by 2.37 percentage points. The cash-to-short-term debt ratio stood at 1.28 [3]. - The company achieved a cash inflow of 430.4 billion CNY from sales, with a sales recovery rate of 102%, and a net cash flow from operating activities of 13.9 billion CNY, maintaining positive cash flow for six consecutive years [3]. Profit Forecast and Valuation - The company is expected to have a compound annual growth rate (CAGR) of 7.6% in net profit attributable to shareholders from 2024 to 2026. The estimated price-to-earnings (PE) ratio for 2024 is set at 8.5 times, supporting the target price of 9.69 CNY [3][10].

基础数据 [Table_BaseData] 总股本(亿股) 2.02 流通 A 股(亿股) 0.71 52 周内股价区间(元) 24.61-70.9 总市值(亿元) 53.34 总资产(亿元) 18.15 每股净资产(元) 7.93 核心单品增长亮眼，产品结构持续优化 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究发展中心 相关研究 [Table_Summary 业绩摘要：公司发布 ] 2023年年报及 2024年一季报，2023年公司实现营收 7.5 亿元（同比+20.2%）；实现归母净利润 1.6亿元（同比+15.7%）；实现扣非净 利润 1.4亿元（同比+47%）。单季度来看，2023Q4公司实现营收 1.9亿元（同 比+10.4％）；实现归母净利润 0.4亿元（同比-28.3%）；实现扣非后归母净利 润 0.3亿元（同比+9.4%）。2024Q1公司实现营收 1.9亿元（同比+11.9％）； 实现归母净利润 0.4亿元（同比+20.4%）；实现扣非后归母净利润 0.3亿元（同 比+15%）。收入稳步增长，彰显品牌韧性。 [Table_Author] 分析师：蔡欣 执业证号：S1250517 ...

[ T able_StockInfo] 2024 年 04 月 25 日 证券研究报告•2024 年一季报点评 持有 （维持） 当前价：28.40 元 华中数控（300161）机械设备 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 1.99 流通 A 股(亿股) 1.69 52 周内股价区间(元) 21.45-58.8 总市值(亿元) 56.43 总资产(亿元) 47.12 每股净资产(元) 8.00 风险提示：宏观经济波动风险；行业竞争加剧风险；技术研发不及预期风险。 数控系统同比高增，受智能产线交付节奏影响业绩 [Table_Summary 事件：公司发布] 2024年一季报，2024Q1营收实现 2.43亿元，同比下降 31.96%， 实现归母净利润-0.69 亿元，同比下降 78.24%。公司业绩有所下滑，主要受到 智能产线收入交付节奏影响，一般集中在 Q4 交付。 数控系统同比高增，智能产线受交付节奏影响有所下滑。1）2024Q1公司数控 系统与机床收入 1.63 亿元，同比增长 42.15%，公司作为国内高端数控系统龙 头，坚持"顶天立地"战略，积极拓展市 ...