产能布局持续扩张，海外需求稳步修复 老客户合作稳定，产品竞争实力优越。分地区看，2023年公司外销/内销营收分 别为 27.8 亿元（+15.5%）/2.2 亿元（+55.1%）。外销方面，公司与大客户合 作关系稳定，随着海外客户渠道库存逐步去化，公司外销收入恢复稳健增长。 2024 年年初，公司与泰普尔丝涟将电动床产品制造和供货协议延期至 2027年 3 月 31日，并与舒达席梦思续签五年期电动床产品制造和供货协议；此外公司 积极扩展新客户，与北美床上用品渠道商建立合作，新客户预计逐步贡献增量， 北美市场产品竞争力延续。内销方面，公司品牌投放成效显现，收入实现较快 增长，品牌力持续提升，2023年公司专注的智能电动床细分赛道在国内逐步扩 张，4月公司内销自有品牌"舒福德"在北京开设首家线下直营店，全年开设共 计 109 家门店。展望后续国内市场仍将保持稳健开店步伐，提升品牌影响力。 数据来源：聚源数据 盈利预测与投资建议。预计 2024-2026 年 EPS 分别为 0.77元、0.90元、1.05 元，对应 PE 分别为 15 倍、13 倍、11 倍。考虑到公司客户关系稳定，产品竞 争实力突出，维持"买入 ...

[ T able_StockInfo] 2024 年 04 月 24 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：16.39 元 长安汽车（000625）汽车 目标价：——元（6 个月） 新能源转型加快，全球化持续推进 [Table_Summary 事件：公司发布] 2023年年报，公司 2023年实现营收 1513.0亿元，同比+24.8%； 归母净利润 113.3 亿元，同比+45.3%；毛利率 18.4%，净利率 6.3%。其中， Q4 实现归母净利润 14.5亿元，同比+60.8%，环比-35.2%；实现毛利率 19.6%， 同比-2.9pp，环比+1.2pp。 自主新能源渗透率快速提升，自主盈利稳健。2023 年公司实现汽车销量 255.3 万辆，同比+8.8%，创近六年新高，自主乘用车累计销量 159.7 万辆，同比 +14.9%，自主品牌新能源年销量 47.4万辆，同比+74.8%。2023年，归母净利 润 113.3亿元，同比+45.3%，扣非归母净利润 37.8亿元，同比+16.2%。2023 年长安汽车构建起"长安启源、深蓝汽车、阿维塔"三大智能电动品牌，满足 不同细分 ...

商业化稳步推进，期待杰克替尼上市 积极推进杰克替尼片新药上市审评，提前布局商业化工作。杰克替尼的中、高 危骨髓纤维化 NDA 申请已于 2022年 10月 16号获得受理，Ⅲ期试验显示杰克 替尼治疗中、高危骨髓纤维化 24周时脾脏体积较基线缩小≥35%的受试者比例 （SVR35）达 72.3%，与对照组羟基脲（17.4%）相比有效性和安全性优势明 显。针对杰克替尼片获批后的商业化工作，公司提前积极布局，在现有商业化 团队核心骨干架构的基础上，新增招聘擅长血液病领域的市场、医学和销售推 广的优秀人才。 | --- | --- | --- | --- | --- | |----------------------------|---------|---------|-------------------------------|-------------| | 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | | 386.44 859.98 1199.93 1869.85 | | | 增长率 | 27.83% | 122.54% | 39.53% ...

[Table_StockInfo] 买入 2024年 04月 22日 （维持） 证券研究报告•2024年一季报点评 当前价： 30.91元 杭叉集团（603298） 机械设备 目标价： ——元（6个月） Q1 业绩符合预期，归母净利润同比+31% 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] 2024年一季报，2024Q1实现营收41.7亿元，同比增长6.2%； [分Ta析bl师e_：Au邰th桂or龙] 归母净利润为3.8亿元，同比增长31.2%。 执业证号：S1250521050002 电话：021-58351893  国内周期底部向上，海外需求高企，营收稳步增长；产品结构优化、原材料低 邮箱：tgl@swsc.com.cn 位运行、汇率变动，毛利率同比提升。2024Q1，国内叉车需求底部向上，海外 需求保持较高增长，但发货略受红海事件等影响，总营收保持稳健增长。 分析师：王宁 2024Q1，公司综合毛利率为20.6%，同比增加2.4个百分点，主要系电动叉车 执业证号：S1250523070007 电话：021-58351893 销售占比提升、原材料价格低位运行以及汇 ...

[Table_StockInfo] 买入 2024年 04月 23日 （维持） 证券研究报告•2024年一季报点评 当前价： 195.00元 东鹏饮料（605499） 食品饮料 目标价： ——元（6个月） 新品表现强劲，延续高增长 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，一季度实现营业收入 34.8 亿元，同比增长 [分Ta析bl师e_：Au朱th会or振] 39.8%，实现归母净利润6.6亿元，同比增长33.5%。 执业证号：S1250513110001 电话：023-63786049  产品、区域营收结构优化，新品进一步放量。1、分品类看，一季度东鹏特饮、 邮箱：zhz@swsc.com.cn 其他饮料分别实现营业收入31亿元（+30.1%）、3.8亿元（+257%），收入占比 分析师：夏霁 分别为89.2%、10.8%，其中补水啦及东鹏大咖收入合计占比6.9%，新品进一 执业证号：S1250523070006 步放量。2、分区域看，一季度广东区域、全国营销本部、直营本部分别实现营 电话：021-68415380 业收入9.2亿元（+9.4% ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 25.91 RMB [1] Core Views - The company achieved a revenue of 3.355 billion RMB in 2023, an increase of 11.27% YoY, and a net profit attributable to shareholders of 295 million RMB, up 6.51% YoY [2] - In Q1 2024, the company reported a revenue of 752 million RMB, a 20.6% YoY increase, and a net profit attributable to shareholders of 92 million RMB, up 219.86% YoY [2] - The company's innovative drug pipeline is progressing rapidly, with several key drugs expected to contribute significantly to future earnings [2] Product Pipeline and Market Performance - **HSK16149**: Expected to be approved in Q2 2024, with multiple indications under review or in clinical trials [2] - **HSK21542**: The injectable form has been submitted for NDA, and the oral form is in Phase II clinical trials [2] - **HSK7653**: A long-acting diabetes drug, currently under supplementary review [2] - **HSK31858**: A drug for non-cystic fibrosis bronchiectasis, with a licensing agreement potentially worth up to 462 million USD [2] - **HSK31679**: A drug for NASH, currently in Phase II clinical trials [2] - **HSK29116 and HSK40118**: PROTAC drugs in Phase I clinical trials [2] Financial Projections - The company is expected to achieve net profits of 410 million RMB, 570 million RMB, and 770 million RMB in 2024, 2025, and 2026, respectively [2] - The PE ratios for 2024-2026 are projected at 71x, 51x, and 38x, respectively [2] Market Share and Growth - The market share of the company's anesthetic drug, **Ciprofol**, in the intravenous anesthesia market increased from 4% in 2022 to 11% in 2023 [2] - The company expects significant growth in its anesthesia and pain management segment, with projected revenue growth rates of 64.8%, 51.3%, and 28.1% for 2024-2026 [7] Revenue Breakdown by Segment - **Anesthesia and Pain Management**: Expected to contribute 1.4 billion RMB in 2024, with a growth rate of 64.8% [8] - **Parenteral Nutrition**: Projected to generate 615.2 million RMB in 2024, with a steady growth rate of 4% [8] - **Oncology and Anti-Emetic**: Expected to grow at 15% annually, reaching 322 million RMB by 2026 [8] - **Antibiotics**: Projected to grow at 7% annually, reaching 145.7 million RMB by 2026 [8] Key Financial Metrics - The company's revenue is expected to grow from 3.355 billion RMB in 2023 to 5.587 billion RMB in 2026, with a CAGR of 19.93% [3] - The net profit margin is projected to increase from 8.81% in 2023 to 13.71% in 2026 [10] - The ROE is expected to rise from 7.09% in 2023 to 12.98% in 2026 [10]

Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 11.36 CNY and a target price not specified for the next six months [25]. Core Views - The company reported a revenue of 1.02 billion CNY in 2023, a year-on-year increase of 1.4%, while the net profit attributable to shareholders decreased by 11.4% to 150 million CNY. The fourth quarter showed significant growth, with a revenue of 360 million CNY, up 33.5% year-on-year and 60.2% quarter-on-quarter [25]. - The company is focusing on global expansion, with overseas sales accounting for 89% of total revenue, showing a 6.1% increase year-on-year, while domestic sales fell by 25.4% [25]. - The gross profit margin for 2023 was 40.4%, an increase of 5.7% year-on-year, indicating improved profitability [26]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.02 billion CNY, with a net profit of 150 million CNY, reflecting a decline in profitability. However, Q4 performance was strong, with a revenue of 360 million CNY and a net profit of 50 million CNY, marking significant growth [25][26]. - The company’s revenue is projected to grow significantly in the coming years, with estimates of 1.02 billion CNY in 2023, 1.35 billion CNY in 2024, and reaching 2.11 billion CNY by 2026 [27]. Market Outlook - The global IoT market is expected to grow from 483.28 billion USD in 2022 to 2,270.42 billion USD by 2028, with a compound annual growth rate (CAGR) of 29.4%. The integration of AI and IoT is anticipated to drive new developments in the industry [26]. - The company is well-positioned to benefit from the expanding global IoT market, supported by its overseas sales network and compliance with international safety standards [26]. Profitability and Cost Management - The company has maintained a high level of investment in R&D, with expenses amounting to 121 million CNY, representing 12% of revenue. This focus on innovation is supported by a strong team of R&D personnel [26]. - The report highlights effective cost management, with sales, management, and financial expense ratios showing controlled increases [26].

[Table_StockInfo] 买入 2024年 04月 22日 （维持） 证券研究报告•2023年年报点评 当前价： 64.90元 思源电气（002028） 电力设备 目标价： ——元（6个月） 业绩符合预期，海外业务快速发展 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma2r0y2] 3年实现营业收入124.6亿元，同比增长18.3%；实现归母净利 [分Ta析bl师e_：Au韩th晨or ] 润 15.6亿元，同比增长27.8%；扣非归母净利润14.2亿元，同比增长21.6%。 2023年第四季度公司实现营收38.8亿元，同比增长9.7%；实现归母净利润4.1 执业证号：S1250520100002 电话：021-58351923 亿元，同比下降5.5%；扣非归母净利润3.1亿元，同比下降13.7%。 邮箱：hch@swsc.com.cn  盈利能力持续提升，研发投入维持高位。盈利端：2023年公司销售毛利率/净利 联系人：李昂 率分别为 29.5%/12.9%，同比+3.2pp/+0.7pp；单 Q4 毛利率/净利率分别为 28.2%/10.8%，分别同比+1.2pp/-2 ...

[Table_StockInfo] 买入 2024年 04月 23日 （维持） 证券研究报告•2023年报&2024一季报点评 当前价： 65.15元 新 易 盛（300502） 通信 目标价： ——元（6个月） 24Q1 业绩高增，高速率产品稳步放量 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&2024年一季度报告，2023年实现营收30.98 [分Ta析bl师e_：Au叶th泽or佑] 亿元，同比下降 6.43%；归母净利润 6.88亿元，同比下降 23.82%；扣非归母 执业证号：S1250522090003 净利润 6.79亿元，同比下降 13.42%。其中，Q4单季度实现营收 10.1亿元， 电话：13524424436 同比增长12.78%；归母净利润2.59亿元，同比增长83.35%；24Q1实现营收 邮箱：yezy@swsc.com.cn 11.13亿元，同比增长85.41%；归母净利润3.24亿元，同比增长200.96%。  24Q1业绩高增，业绩逐步释放。分产品来看，23年公司点对点光模块实现收 [T相ab对le指_Q数u表ot现 ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company achieved a revenue of 30.42 billion yuan in 2023, representing a year-on-year growth of 32.2%, and a net profit attributable to shareholders of 4.74 billion yuan, up 9.8% year-on-year [2] - In Q1 2024, the company reported a revenue of 6.49 billion yuan, a 35.8% increase year-on-year, and a net profit of 0.81 billion yuan, growing 8.6% year-on-year [2] - The company's profitability is under short-term pressure, but expense control is relatively good [2] - The general automation segment saw significant growth, with sales revenue reaching 15.04 billion yuan in 2023, up 24.2% year-on-year [2] - The electric vehicle segment experienced over 80% growth in sales revenue, reaching approximately 9.4 billion yuan in 2023 [2] - The digital business is leveraging the company's automation and digital platforms to provide cost-effective solutions [2] - Future revenue projections for 2024-2026 are 38.43 billion yuan, 46.16 billion yuan, and 52.77 billion yuan, with net profit growth rates of 28.6%, 21.9%, and 15.9% respectively [2][3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 30.42 billion yuan and a net profit of 4.74 billion yuan, with a year-on-year growth of 32.2% and 9.8% respectively [2] - The gross profit margin for 2023 was 33.6%, and the net profit margin was 15.7%, both showing a slight decline compared to the previous year [2] - For Q1 2024, the company achieved a revenue of 6.49 billion yuan and a net profit of 0.81 billion yuan, with year-on-year growth rates of 35.8% and 8.6% respectively [2] Business Segments - The general automation segment generated sales of 15.04 billion yuan in 2023, with a growth rate of 24.2% [2] - The electric vehicle segment's sales revenue reached approximately 9.4 billion yuan in 2023, reflecting an over 80% increase [2] - The digital business is enhancing its offerings through automation and digital solutions, contributing to overall growth [2] Future Outlook - Revenue forecasts for 2024-2026 are 38.43 billion yuan, 46.16 billion yuan, and 52.77 billion yuan, with corresponding net profit growth rates of 28.6%, 21.9%, and 15.9% [2][3] - The company is expected to maintain its leading position in the industrial control sector, benefiting from accelerated domestic substitution processes and diversified business growth [2]