Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][3]. Core Insights - The company achieved a revenue of 1.18 billion in 2023, representing a year-on-year growth of 10.6%. The net profit attributable to shareholders was 412 million, up 19.0% year-on-year. In Q4 2023, revenue was 450 million, showing a slight decline of 0.2% year-on-year but a significant increase of 118.7% quarter-on-quarter, with a net profit of 167 million, up 10.1% year-on-year and 136.2% quarter-on-quarter. The dividend payout ratio has increased to 70% [1][21][22]. Summary by Sections Financial Performance - In 2023, the company reported a comprehensive gross margin of 64.6%, an increase of 2.91 percentage points year-on-year, and a net profit margin of 36.3%, up 2.3 percentage points year-on-year. The gross margin improvement is attributed to a shift in product mix towards higher-margin products [21][22]. - The company plans to distribute a cash dividend of 7.57 per 10 shares (including tax), resulting in a dividend yield of 3.9% based on the closing price on April 9 [21]. Business Segments - The LKJ control business generated revenue of 703 million in 2023, growing by 20.8% year-on-year. The high-speed rail operation monitoring business achieved revenue of 256 million, up 1.8% year-on-year, while the railway security business saw a revenue decline of 6.4% to 190 million [22][27]. - The company is expected to benefit from a new round of equipment replacement policies, with significant demand for system upgrades in the LKJ control and high-speed rail monitoring sectors [22][27]. Profit Forecast - The company forecasts net profits of 550 million, 658 million, and 759 million for 2024, 2025, and 2026, respectively, indicating a compound annual growth rate of 23% over the next three years [3][23]. - Revenue growth rates for the LKJ control business are projected at 20% for 2024, 20% for 2025, and 20% for 2026, while the high-speed rail operation monitoring business is expected to grow at rates of 16%, 17%, and 16% over the same period [27][28].

[Table_StockInfo] 买入 2024年 04月 11日 （维持） 证券研究报告•2023年年报点评 当前价： 15.41元 太阳纸业（002078） 轻工制造 目标价： ——元（6个月） 盈利逐季回升，龙头优势彰显 投资要点 西南证券研究发展中心 [T ab业le绩_S摘u要mm：公ar司y]发 布2023年年报，2023年公司实现营收395.4亿元，同比-0.6%； [分Ta析bl师e_：Au蔡th欣or ] 实现归母净利润30.9亿元，同比+9.9%；实现扣非净利润30.3亿元，同比+9.2%。 执业证号：S1250517080002 单季度来看，2023Q4公司实现营收103.4亿元，同比+2.1％；实现归母净利润 电话：023-67511807 9.5亿元，同比+75.5%；实现扣非后归母净利润 9.4亿元，同比+75.6%，盈利 邮箱：cxin@swsc.com.cn 能力逐季改善。 分析师：赵兰亭  纸价底部回暖，四季度盈利能力同环比改善。2023年公司整体毛利率为15.9%， 执业证号：S1250522080002 电话：023-67511807 同比+0.7pp；其中 202 ...

[ 2T 0a 2b 4le 年_S 0t 4oc 月kIn 10fo 日] 证券研究报告•2023年年报点评 当前价： 41.55元 同 仁 堂（600085） 医药生物 目标价： ——元（6个月） 大品种战略持续推进，成本上涨影响毛利 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，实现营业收入178.6亿元（+16.19%）；归母净 [分Ta析bl师e_：Au杜th向or阳] 利润16.7亿元（+16.92%），扣非后归母净利润16.6亿元（+18.32%）。 执业证号：S1250520030002  大品种战略持续推进，原材料成本上涨拖累毛利。2023 年医药工业主营收入 电话：021-68416017 110.79亿元，同比增长12.6%。医药商业主营收102.5亿元，同比增长20.8%， 邮箱：duxy@swsc.com.cn 毛利率达到 31%，同比增长 0.2pp。公司持续聚焦大品种战略，前五名系列品 分析师：阮雯 种（安宫、牛黄清心、五子衍宗、六味地黄、金匮肾气）收入49.5亿元，增速 执业证号：S1250522100004 12.6%，占 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company recently presented two clinical data sets at the AACR annual meeting, with promising results for lung cancer and initial data for gastric cancer [2] - The company plans to initiate a global Phase III clinical trial for its drug, Lukanosumab, in patients with advanced gastric or gastroesophageal junction adenocarcinoma, which is expected to expand its market presence [2] - Revenue forecasts for 2024-2026 are projected at 11.4 billion, 15.6 billion, and 24.4 billion RMB respectively, driven by the anticipated launch of core products and collaborations with major pharmaceutical companies [2][8] Summary by Sections Clinical Data - The company reported updated efficacy and safety results for Lukanosumab in previously treated advanced non-small cell lung cancer (NSCLC) patients, with a median duration of response (mDoR) of 8.7 months and median overall survival (mOS) of 22.7 months for EGFR mutation patients [2] - For advanced gastric cancer patients, the overall response rate (ORR) was 22.0% with a disease control rate (DCR) of 80.5% [2] Financial Projections - Revenue projections for 2024-2026 are as follows: 11.4 billion RMB in 2024, 15.6 billion RMB in 2025, and 24.4 billion RMB in 2026, reflecting a growth rate of 91.6% in 2023, followed by a decline of 25.8% in 2024, and subsequent growth of 36.1% and 56.7% in 2025 and 2026 respectively [3][9] - The company expects to receive milestone payments from Merck for ongoing collaborations, contributing to revenue growth [8] Product Development - The company is preparing for the market launch of Lukanosumab, which is anticipated to be approved by the end of 2024, with projected revenues from this product of 440 million RMB in 2024, 9.6 billion RMB in 2025, and 18.9 billion RMB in 2026 [8][9]

盈利预测与投资建议。预计公司 24-26 年归母净利润分别为 15.5 亿元/18.0 亿 元/20.8 亿元，对应 24-26 年 PE 分别为 11.0/9.5/8.2 倍，维持"买入"评级。 [Table_Author] 分析师：池天惠 执业证号：S1250522100001 电话：13003109597 邮箱：cth@swsc.com.cn 分析师：刘洋 执业证号：S1250523070005 电话：18019200867 邮箱：ly21@swsc.com.cn | --- | --- | |------------------------------------|---------------| | | | | [Table_BaseData] 总股本 ( 亿股 ) | 6.33 | | 流通 A 股 ( 亿股 ) | 2.69 | | 52 周内股价区间 ( 元 ) | 21.08-30.85 | | 总市值 ( 亿元 ) 总资产 ( 亿元 ) | 170.56 144.09 | | 每股净资产 ( 元 ) | 12.13 | | 相关研究 | | 单位：百万元 2023A 2024E 2025E ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 19.20 CNY based on a 15x PE for 2024 [54]. Core Viewpoints - The company is expected to benefit from a significant increase in domestic electric meter tenders in 2024, with a projected 83.8% year-on-year growth in tender volume [25]. - The company has a strong first-mover advantage in wireless communication technologies, which will benefit from the increasing demand for smart grid solutions and distributed energy integration [25]. - The company's profitability is expected to continue improving, with a projected revenue growth of 34.1% in 2024, driven by robust electric meter orders and digital transformation in the power grid [25]. Summary by Sections 1. Company Overview - The company specializes in providing comprehensive wireless sensor network solutions and has a strong presence in the smart grid sector, with a CAGR of 9.5% in revenue from 2019 to 2023 [44][56]. - The company has developed proprietary technologies for wireless communication, which are widely used in smart energy metering and IoT applications [36][95]. 2. Revenue and Profitability Forecast - The company’s revenue is projected to reach 1.44 billion CNY in 2024, with a net profit growth of 34.1% [25]. - The gross margin for the company is expected to stabilize around 36.8% in 2023, with a significant increase in the electric meter business contributing to profitability [74][85]. 3. Market Trends and Opportunities - The report highlights the increasing penetration of smart grid technologies and the growing demand for electric meters, which are expected to drive the company's growth in the coming years [25][50]. - The company is also expanding its international presence, particularly in emerging markets, which presents additional growth opportunities [97]. 4. Competitive Position - The company ranks among the top ten in the domestic electric meter market, with a market share of approximately 2.8% in 2023 [88]. - The company has established long-term partnerships with major state-owned enterprises, enhancing its competitive position in the market [25][89].

数据来源：Wind，西南证券 关键假设： | --- | --- | --- | --- | --- | --- | |----------|---------------------------|------------------|------------------|------------------|----------------| | | 单位：百万元 \n营业收入 | 2023A \n4711.9 | 2024E \n5330.9 | 2025E \n5879.3 | 2026E \n6436.1 | | | 增速 | 14.4% | 13.1% | 10.3% | 9.5% | | 合计 | 营业成本 | 2986.7 | 3367.8 | 3703.9 | 4033.6 | | | 毛利率 | 36.6% | 36.8% | 37.0% | 37.3% | | | 营业收入 | 4342.3 | 4776.6 | 5158.7 | 5571.4 | | | 增速 | 10.3% | 10.0% | 8.0% | 8.0% | | 国内销售 | 营业成本 | 2729.9 | 2985.4 ...

[Table_StockInfo] 持有 2024年 04月 10日 （维持） 证券研究报告•2023年年报点评 当前价： 14.02元 平高电气（600312） 电力设备 目标价： ——元（6个月） GIS 势头正盛，海外业务实现高增 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110.8亿元，同比增长19.4%；实现归母净利 [分Ta析bl师e_：Au韩th晨or ] 润 8.2亿元，同比增长284.5%；扣非归母净利润8.1亿元，同比增长303.5%。 执业证号：S1250520100002 2023年第四季度公司实现营收 36.3亿元，同比增长 15.4%；实现归母净利润 电话：021-58351923 2.6亿元，同比增长678.2%；扣非归母净利润2.6亿元，同比增长700.5%。 邮箱：hch@swsc.com.cn  盈利能力持续提升，研发费用率维持高位。盈利端：2023 年公司销售毛利率/ 联系人：李昂 净利率分别为 21.4%/8.3%，同比增长 3.8/5.1pp；单 Q4毛利率/净利率分别为 电话：021-58351923 24 ...

[ T able_StockInfo] 2024 年 04 月 10 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：8.89 元 中牧股份（600195）农林牧渔 目标价：11.21 元（6 个月） [Table_Summary 业绩总结：公司] 发布 2023年年度报告，公司 2023年实现营收 54.06亿元，同 比-8.24%，实现归母净利润 4.03 亿元，同比-26.73%。其中，2023Q4 实现营 收实现营收12.47亿元，同比-29.37%；实现归母净利润0.06亿元，同比-95.93%； 实现扣非后归母净利润-0.37亿元，同比-199.72%。 2024 年业绩修复可期。作为老牌央企，在行业景气恢复等带动下，公司 2024 年业绩有望触底反弹。展望 2024年，随着养殖端产能持续去化，周期反转或带 动动保板块量价齐升，叠加管理改善，公司深亏的安达工厂、乾元浩工厂以及 利润大幅下滑的胜利生物预估将有较大的改善。此外，公司收购成都中牧填补 在兽用针剂业务的空白，进一步丰富公司产品线。公司深度绑定集团客户，联 合牧原药苗业务再扩张。中牧牧原预估 24年年中或可投产，带动下半年销 ...

重庆 地址：重庆市江北区金沙门路 32 号西南证券总部大楼 21 楼 邮编：400025 西南证券机构销售团队 | --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|----------------------| | 区域 | [Table_SalesPerson] 姓名 | 职务 | 座机 | 手机 | 邮箱 | | | 蒋诗烽 | 总经理助理、销售总监 | 021-68415309 | 18621310081 | jsf@swsc.com.cn | | | 崔露文 | 销售副总监 | 15642960315 | 15642960315 | clw@swsc.com.cn | | | 谭世泽 | 高级销售经理 | 13122900886 | 13122900886 | tsz@swsc.com.cn | | | 汪艺 | 高级销售经理 | 13127920536 | 13127920536 | wyyf@sw ...