买入 [2T0a2b4l年e_0S4t月oc1k9In日fo ] （维持） 证券研究报告•2023年年报点评 当前价： 10.06元 建发股份（600153） 交通运输 目标价： 12.90元（6个月） 土储结构持续优化，供应链业务利润平稳 投资要点 西南证券研究发展中心 [T a公ble司_S重u组mm收a益ry显] 著，未来可结算资源充足。2023年公司实现营业收入 7637亿 [分Ta析bl师e_：Au池th天or惠] 元，同比下降 8.3%；实现归母净利润为 131亿元，同比增长 108.8%，主要归 执业证号：S1250522100001 因于美凯龙控制权收购并将其纳入本公司合并报表所产生的重组收益；实现归 电话：13003109597 母扣非净利润为24.1亿元，同比下降34.9%。公司盈利能力总体保持平稳，综 邮箱：cth@swsc.com.cn 合毛利率为4.4%，同比提升0.6pp；净利率为 2.2%，同比提升0.9pp。期末合 分析师：刘洋 同负债2370亿元，较2022年末提升4.2%，可结算资源充足。 执业证号：S1250523070005 电话：18019200867  注重去化 ...

[2T0a2b4l年e_I0n4d月ust2ry1In日fo ] 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0415-0421） 波士顿动力入局电驱人形机器人， 3 月工业机器人产量同比增长 6.6% 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m本m周ar（y] 4月 15日-4月21日）机器人指数收跌。中证机器人指数下 跌 1.7%，跑输沪深300指数约 3.6个百分点，跑输创业板指约1.3个百分点； [分Ta析bl师e_：Au邰th桂or龙] 国证机器人指数下跌 1.4%，跑输沪深 300指数约 3.3个百分点，跑输创业板 执业证号：S1250521050002 指约1.0个百分点。 电话：021-58351893 邮箱：tgl@swsc.com.cn  波士顿动力入局电驱人形机器人，实现平躺状态原地起身，灵活度优越。波士 顿动力宣布液压 Atlas 退休，并推出全新电驱人形机器人。液压驱动的优点在 分析师：周鑫雨 于输出功率大，力量大，爆发力强，不需要减速器，可承受机械冲击和损伤的 执业证号：S1250523070008 能力强；缺点在于液压系统易漏油， ...

[Table_StockInfo] 2024 年 04 月 15 日 证券研究报告•公司研究报告 当前价：14.74 元 特一药业（002728）医药生物 目标价：——元（6 个月） [Table_Summary 推荐逻辑：在政策鼓励中医药的背景下，公司聚焦特色中成药，有望迎来新的高 ] 速发展阶段。1）止咳宝片为公司核心品种，具有百年品牌积淀，"产能扩张+渠 道变革"有望驱动该品种 3-5 年实现翻倍以上增长；2）公司将皮肤病血毒丸、 降糖舒丸作为继止咳宝片后的重大品种进行培育，有望通过 3-5年把皮肤病血毒 丸、降糖舒丸打造为年营销收入到达 3 亿左右的中药大品种；3）产能扩张有望 带动原料药收入增长一倍。 止咳宝片：百年品牌积淀，产能扩张+渠道变革驱动翻倍空间。独家品种止咳宝 片是岭南中药的代表之一，具有百年历史和众多用户基础。止咳宝片为公司核心 品种，2023 年止咳宝片的销量突破了 10 亿片，同比增长 91%，放量显著，止 咳宝片贡献收入占比进一步提升至 41%。产能扩张+渠道变革，公司将核心品种 止咳宝片作为未来长期经营的目标，力争在 3-5年左右的时间，达到止咳宝片销 售 24亿片的目标，较 ...

受产品结构影响，公司盈利能力有所下滑。2016-2023 年中大力德毛利率和净利率有所 下滑，主要受产品结构影响。2023 年公司毛利率 22.88%，净利率 6.77%，期间费用率为 16.49%。未来随着 RV 和谐波减速器的批量化生产，公司毛利率和净利率有望提升。 数据来源：公司公告，西南证券整理 数据来源：公司公告，西南证券整理 附表：财务预测与估值 | --- | --- | --- | |----------|--------------------|---------------------------------------------------------------------| | | | | | 行业评级 | 跟随大市：未来 6 | 个月内，行业整体回报介于同期相关证券市场代表性指数 -5% 与 5% 之间 | | | 弱于大市：未来 6 | 个月内，行业整体回报低于同期相关证券市场代表性指数 -5% 以下 | | | | | 减速器：行星减速器用于工控自动化行业，其需求与国民经济的景气程度有较强的相关 性，未来随着 RV 减速器和谐波减速器的占比提升，毛利率有望提升，预计设 202 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.60 CNY for the next six months [5][15]. Core Views - The demand for home appliances is recovering, and the industrial sector is expected to regain high growth [1]. - The company achieved a revenue of 780 million CNY in 2023, representing an 8.4% year-on-year increase, while the net profit attributable to the parent company was 60 million CNY, down 33.8% year-on-year [5][11]. - The company is positioned to benefit from new energy efficiency standards and the "old-for-new" appliance replacement policy, which is expected to significantly boost demand in the home appliance market [5][9]. Financial Summary - **Revenue and Growth Rates**: - 2023 Revenue: 780 million CNY, growth rate of 8.4% - 2024E Revenue: 922 million CNY, growth rate of 18.2% - 2025E Revenue: 1,075 million CNY, growth rate of 16.6% - 2026E Revenue: 1,216 million CNY, growth rate of 13.1% [3][11]. - **Net Profit and Growth Rates**: - 2023 Net Profit: 60 million CNY, down 33.8% - 2024E Net Profit: 123 million CNY, growth rate of 106.8% - 2025E Net Profit: 166 million CNY, growth rate of 34.7% - 2026E Net Profit: 211 million CNY, growth rate of 27.2% [3][11]. - **Earnings Per Share (EPS)**: - 2024E EPS: 0.45 CNY - 2025E EPS: 0.94 CNY - 2026E EPS: 1.26 CNY [3][11]. - **Return on Equity (ROE)**: - 2023 ROE: 2.26% - 2024E ROE: 5.48% - 2025E ROE: 6.69% - 2026E ROE: 7.82% [3][11]. - **Price-to-Earnings (PE) Ratio**: - 2024E PE: 66.88 - 2025E PE: 32.35 - 2026E PE: 24.01 [3][11]. Business Segments - **Home Appliances**: - Revenue in 2023: 480 million CNY, with a growth rate of 30.4% [11]. - Expected growth rates for 2024-2026: 16.8%, 14.2%, and 11.2% respectively [11]. - **Standard Power**: - Revenue in 2023: 146 million CNY, with a decline of 14.3% [11]. - Expected recovery in 2024 with a growth rate of 14.3% [11]. - **Industrial Power**: - Revenue in 2023: 144 million CNY, with a slight decline of 0.2% [11]. - Expected growth rates for 2024-2026: 21.9%, 25.0%, and 20.0% respectively [11]. - **Other Businesses**: - Revenue in 2023: 6.8 million CNY, with a significant decline of 79.9% [11]. - Expected recovery in 2024 with a growth rate of 119.6% [11].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 67.57 yuan over the next six months, indicating an expected increase of over 20% compared to the relevant market index [31][47]. Core Insights - The company has expanded its product line in high-performance mixed-signal chips, power management chips, and signal chain chips, achieving record revenue and shipment volumes in 2023 [3][6]. - The company reported a revenue of 25.3 billion yuan in 2023, a year-on-year increase of 21.1%, and a net profit of 0.5 billion yuan, marking a turnaround from losses in 2022 [6][18]. - The company is focusing on digital transformation in R&D processes to enhance market competitiveness and is well-positioned to benefit from emerging technologies like AI and high-performance computing [3][18]. Summary by Sections Revenue and Profitability - From 2019 to 2023, the company's revenue grew from 1.02 billion yuan to 2.53 billion yuan, with a 21.1% increase in 2023. The net profit for 2023 was 0.5 billion yuan, a significant recovery from previous losses [6][18]. - The gross margin for 2023 was 24.8%, down 13.2 percentage points year-on-year, with specific margins for high-performance mixed-signal chips, power management, and signal chain chips at 27.8%, 27.9%, and 4.2% respectively [6][23]. Product Performance - The high-performance mixed-signal chip segment generated 12.6 billion yuan in revenue, accounting for 49.6% of total revenue, while the power management segment contributed 9.1 billion yuan (35.8% of total revenue), and the signal chain segment reached 3.5 billion yuan (13.8% of total revenue) [39][18]. - The company has launched several new products, including a digital medium-power amplifier and various high-performance mixed-signal products, which are expected to drive future sales growth [9][18]. Future Outlook - The company forecasts revenue growth of 31.5 billion yuan in 2024, 38.4 billion yuan in 2025, and 44.5 billion yuan in 2026, with corresponding net profits of 1.2 billion yuan, 2.8 billion yuan, and 3.8 billion yuan [47]. - The report anticipates that the company will maintain a strong position in the mobile, AIoT, and automotive electronics sectors, leveraging its platform-based approach to enhance market share [47].

Investment Rating - The report gives a "Hold" rating for the company, indicating a cautious approach towards investment in the near term while recognizing potential long-term growth opportunities [38]. Core Insights - The company, Shijia Photon (688313), focuses on the optical communication industry, with a comprehensive business model that includes optical chips and devices, indoor optical cables, and cable materials. The company has established a full-process business system covering chip design, wafer manufacturing, chip processing, and packaging testing [4][52]. - In 2023, the company reported a revenue of 750 million yuan, a decrease of 16.5% year-on-year, and a net profit loss of 47.55 million yuan, a decline of 174% year-on-year. The decline in revenue is attributed to reduced demand for core products and price decreases in the optical chip and device segment [38][25]. - The company has seen a significant drop in gross margin, with the overall gross margin for 2023 at 18.6%, down 26.1% year-on-year. However, there are signs of recovery in Q1 2024, with a gross margin increase to 24.1% [38][25]. Summary by Sections Company Overview - Shijia Photon was established in 2010 and went public in 2020. The company emphasizes continuous investment in R&D for optical chips and devices, aiming to master core technologies in the optical electronics sector [52][53]. Financial Analysis - The company's revenue fluctuated from 550 million yuan in 2019 to 900 million yuan in 2022, driven by increased demand in the global access network market and data center construction. However, in 2023, revenue fell to 750 million yuan due to various macroeconomic and industry factors [25][38]. - The net profit for 2023 was a loss of 47.55 million yuan, primarily due to decreased revenue and a significant drop in the net profit margin of the optical chip and device segment [25][38]. Product and Market Analysis - The main business segments include optical chips and devices, indoor optical cables, and cable materials, with optical chips and devices consistently accounting for over 40% of total revenue from 2020 to 2023 [26][29]. - The company has maintained a stable gross margin for indoor optical cables at 14.2%, while the gross margin for cable materials increased to 18.3% due to a higher proportion of automotive cable materials [26][30]. R&D and Innovation - R&D expenses increased from 59.6 million yuan in 2019 to 96.03 million yuan in 2023, with a R&D expense ratio of 12.7% in 2023, reflecting the company's commitment to innovation [37][38]. - The company has achieved significant milestones in developing various optical components and has accumulated 266 intellectual property rights, including 44 invention patents [37][38]. Future Outlook - The report anticipates a recovery in demand for optical chips and devices, driven by the growth of AI and data center requirements, with projected revenue growth rates of 30% for the next three years [38][55]. - The company is expected to improve its gross margin gradually, with forecasts indicating a rise to 24% by 2026 [38][55].

多方位巩固龙头优势，盈利能力有望修复 | --- | --- | --- | --- | --- | |-------------------------------------------------------|---------------|----------------|----------------|----------------| | | | | | | | [Table_MainProfit] 指标 / 年度 营业收入（百万元） | 2023A | 2024E | 2025E | 2026E | | 增长率 | 1615.87 5.81% | 1867.72 15.59% | 2220.93 18.91% | 2648.48 19.25% | | 归属母公司净利润（百万元） | 36.69 | 202.17 | 277.08 | 390.26 | | 增长率 | -13.95% | 451.05% | 37.05% | 40.84% | | 每股收益 EPS （元） | 0.02 | 0.13 | 0.18 | 0.25 | | 净资产收益率 ROE | 0.98% | 5.12% | 6 ...

[Table_Summary 事件：公司发布] 2023年年报和 2024年一季报。2023年实现营收 12.1亿，同 比+23.1%；实现归母净利润 1.4亿，同比+17.3%。2024Q1，实现营收 2.9亿， 同比+5.8%，环比+4.5%；实现归母净利润 2821.9 万元，同比-7.4%，环比 +54.6%。 海洋油气景气延续，高毛利深海产品持续受益。根据标普全球，2024年全球石 油需求仍将持续增长，预计全球上游勘探开发资本支出约 6079亿美元。同比增 长 5.7%，其中海上勘探开发资本支出同比增速高达 19.5%。从油气开采发展来 看，油气开采结构将沿着从常规油气到非常规油气、从陆地油气到海洋油气、 从浅海到深海的趋势发展。公司不断加大深海产品研发投入并向深海产品市场 转型，高毛利深海产品贡献主要业绩增量。 风险提示：油气价格波动、海外业务拓展不及预期、原材料价格上涨、募投项 目拓展不及预期等风险。 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：杨云杰 电话：021-58351 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months with expected stock performance exceeding the market index by over 20% [14][35]. Core Insights - The company reported significant growth in 2023, achieving revenue of 1.02 billion with a year-on-year increase of 14.4%, and a net profit of 160 million, up 37.5% year-on-year. In Q1 2024, revenue reached 280 million, reflecting a 19.4% increase, and net profit was 55 million, up 33.6% year-on-year [1][21]. - The company has successfully upgraded its product lines, particularly in testing instruments and professional instruments, which have driven stable revenue growth. The testing instruments segment alone generated 140 million in revenue, a 29% increase year-on-year, with a gross margin improvement of 11.7 percentage points to 40.9% [1][21]. - The company has optimized its product lines, increasing the proportion of mid-to-high-end products, which has significantly boosted gross and net profit margins. The overall gross margin for 2023 was 43.3%, up 7.1 percentage points year-on-year, and the net profit margin was 15.5%, an increase of 2.6 percentage points [1][21]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.02 billion and a net profit of 160 million, with respective growth rates of 14.4% and 37.5%. For Q1 2024, revenue was 280 million, up 19.4%, and net profit was 55 million, up 33.6% [1][21]. - The company forecasts net profits of 230 million, 290 million, and 360 million for 2024, 2025, and 2026, respectively, with an expected compound annual growth rate of 31% [1][21]. Product Development - The company has enhanced its product matrix, focusing on high-end and specialized instruments, which has led to increased competitiveness and profitability. The gross margin for main products improved from 34.9% to 46.4% from Q1 2022 to Q4 2023 [1][21]. - The testing instruments segment is expected to grow significantly, with projected sales growth rates of 32%, 30%, and 26% for 2024, 2025, and 2026, respectively [19][20]. Market Expansion - The company has successfully expanded its market presence both domestically and internationally, with domestic sales growing by 16% and international sales by 15% [1][21]. - The company is actively developing its sales team and market outreach, targeting various sectors including electronics, home appliances, and new energy, which is expected to drive future growth [1][21].