Investment Rating - The report does not specify a clear investment rating for the company [1] Core Insights - The company reported a significant increase in revenue for 2023, achieving 1.0 billion RMB (+384.2%), although it incurred a net loss of 1.02 billion RMB [2] - The growth in revenue is attributed to strong market performance of its core product, the TUMAI laparoscopic surgical robot, and successful promotion of the orthopedic robot, Honghu, in overseas markets [2] - The gross margin decreased to 14% (-16.4 percentage points) primarily due to inventory impairment [2] - The company is focusing on core R&D projects, leading to a reduction in R&D expenses and successful cost-cutting measures [2] Revenue and Profit Forecast - Revenue projections for 2024 to 2026 are estimated at 2.8 billion RMB, 12.4 billion RMB, and 17.3 billion RMB respectively, with net profits expected to be -590 million RMB, -195 million RMB, and 90 million RMB [4][9] - The company is currently in its early stages but is expected to ramp up production soon [4][9] Product Development and Market Position - The TUMAI laparoscopic surgical robot has made significant commercial progress, being the first and only four-arm laparoscopic surgical robot developed by a Chinese company to receive NMPA approval [2] - The Honghu orthopedic surgical robot has also achieved multiple certifications, including FDA and CE, and has completed over 800 robotic-assisted surgeries across more than 40 hospitals in China [3] - The company has expanded its product lineup with the approval of several new robotic systems, including the Mona Lisa prostate puncture robot and the R-ONE vascular intervention robot [3] Financial Metrics - The company’s gross margin is projected to improve significantly from 12.5% in 2023 to 40%, 45%, and 50% in the following years [9] - The net profit margin is expected to turn positive by 2026, with a projected net profit of 90 million RMB [4][9] - The company’s earnings per share (EPS) is forecasted to improve from -1.06 RMB in 2023 to 0.09 RMB in 2026 [4][9]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------|----------|--------------------|------------------|-------|-------------|----------------|-------|-------|------------------|----------|-------| | \n证券代码 | 可比公司 | 总市值 \n（亿元 ） | 股 价 \n（元） | 22A | EPS \n23A/E | （元） \n24E | 25E | 22A | PE （ 倍 \n23A/E | ） \n24E | 25E | | 002063.SZ | 远光软件 | 103 | 5.39 | 0.20 | 0.18 | 0.25 | 0.29 | 37 | 34 | 22 | 18 | | 600131.SH | 国网信通 | 215 | 17.89 | 0.67 | 0.70 | 0.86 | 0.99 | 22 | 22 | 21 ...

[Table_StockInfo] 买入 2024年 03月 29日 （维持） 证券研究报告•2023年年报点评 当前价： 10.25元 通化东宝（600867） 医药生物 目标价： ——元（6个月） 三代胰岛素快速增长，加速推进胰岛素国际化 投资要点 西南证券研究发展中心 [T a事bl件e_：Su公m司m发ar布y] 2023年报，实现营业收入 30.8亿元（+10.7%），归属于母公 [分Ta析bl师e_：Au杜th向or阳] 司股东的净利润 13.7亿元（-25.4%），归属于上市公司股东的扣除非经常性损 执业证号：S1250520030002 益的净利润11.7亿元（+38.9%）。 电话：021-68416017 邮箱：duxy@swsc.com.cn  胰岛素类似物 2023年实现销量超 60%增长，利润率稳步提升。2023年公司业 绩保持稳健增长，胰岛素全系列产品销量为8322.12万支，同比增长12.84%， [相Tab对le指_Q数u表ot现eP ic] 尤其胰岛素类似物 2023年实现销量超 60%增长。根据医药魔方数据，2023年 公司人胰岛素市场份额超 40%，稳居行业第一；公司 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 31.85 CNY over the next six months [28]. Core Insights - The electric and intelligent transformation is driving growth in the wiring harness industry, with the average single vehicle value for new energy vehicles exceeding 5000 CNY, significantly higher than the 3000 CNY for traditional fuel vehicles [1][19]. - The domestic wiring harness market is expected to reach 104.8 billion CNY by 2025, with a CAGR of 14.1% over three years [1][67]. - The company is positioned to benefit from the increasing demand for high-voltage wiring harnesses due to the rise of electric vehicles and the growing complexity of automotive electronics [20][42]. Financial Performance - The company's revenue for 2022 was 3.278 billion CNY, with a growth rate of 33.91%. The projected revenue for 2023 is 3.773 billion CNY, reflecting a growth rate of 15.09% [2]. - The net profit attributable to the parent company for 2022 was 41.07 million CNY, with an astonishing growth rate of 3988.03%. The forecast for 2023 is 44.41 million CNY, an increase of 8.14% [2]. - The earnings per share (EPS) are projected to rise from 0.09 CNY in 2022 to 0.91 CNY in 2024, indicating significant growth potential [2]. Industry Analysis - The wiring harness market is fragmented, with strict supplier qualifications leading to a competitive environment where superior companies are likely to gain market share [1][25]. - The shift towards lightweight materials, such as aluminum replacing copper, is becoming a trend in the industry to enhance fuel efficiency and reduce vehicle weight [45][46]. - The report highlights the increasing importance of high-voltage wiring harnesses in electric vehicles, which require enhanced electrical and mechanical properties compared to traditional vehicles [42][19]. Company Overview - The company, established in 1997 and listed in 2020, specializes in the research, production, and sales of automotive high and low voltage wiring harnesses [9][34]. - The company has a diverse customer base, including both domestic and joint venture automotive manufacturers, with a significant portion of revenue coming from high-voltage wiring harnesses for new energy vehicles [34][72]. - The company is actively transitioning from a labor-intensive model to an intelligent manufacturing model, leveraging automation and smart systems to improve efficiency and product quality [80][57].

[Table_StockInfo] 买入 2024年 04月 08日 证券研究报告•2023年年报点评 当前价： 52.59元 泰格医药（300347） 医药生物 目标价： 64.50元（6个月） 利润短期波动，海外业务持续发力 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年报，2023年实现营收 73.8亿元（+4.2%）；归母净利 [分Ta析bl师e_：Au杜th向or阳] 润 20.3亿元（+0.9%）；归母扣非净利润14.8亿元（-4.1%）。 执业证号：S1250520030002  短期利润略有扰动，主营业务仍表现较强韧性。分业务看，1）临床试验技术服 电话：021-68416017 邮箱：duxy@swsc.com.cn 务收入 41.7 亿元（+1%），实现毛利 15.9 亿元（+2.6%），毛利率为 38.2% （+0.6pp），主要因工作效率提升、疫苗项目减少及供应商过手费下降所致。截 [相Tab对le指_Q数u表ot现eP ic] 至 2023年12月 31日，公司正在进行的药物临床研究项目从2022年12月 31 日的 680个增至 75 ...

[Table_StockInfo] 持有 2024年 04月 08日 （首次） 证券研究报告•2023年年报点评 当前价： 4.11元 中国广核（003816） 公用事业 目标价： ——元（6个月） 新增机组持续投产，发电量持续增长 投资要点 西南证券研究发展中心 [T a盈ble利_能Su力m提m升ary，] 财务持续优化。2023年公司实现营业收入 825.5亿元，较去年 [分Ta析bl师e_：Au池th天or惠] 略降 0.33%；其中销售电力业务收入同比增长 7.6%，提供劳务和商品销售收入 执业证号：S1250522100001 分别增长32.4%/10.3%，总营收下降主要原因是工程公司对海上风电项目的施工 电话：13003109597 量减少导致建筑安装和设计服务收入同比下降 21.1%，其他业务收入同比下降 邮箱：cth@swsc.com.cn 58.8%。归属于母公司股东的净利润约为 107.3亿元，较去年增长 7.6%。公司 分析师：刘洋 毛利率和净利率分别由2022年的33.3%/18.4%上升到2023年的36.0%/20.7%， 执业证号：S1250523070005 毛利率的增长 ...

业绩高速增长，海外布局完善 [ T able_StockInfo] 2024 年 03 月 27 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：21.45 元 新 国 都（300130）计算机 目标价：——元（6 个月） 收单流水 12月已重回增势，后续行业格局有望向龙头集中。公司 2023年收入 同比有所下滑，主要系牌照续展因素影响，全年收单业务实现收入 25.8亿元， 同比下降 15.7%，处理交易流水量为 1.94万亿元，同比下降 24.8%；但随着第 四季度嘉联支付收单产品线大批量出货，12月份月度流水实现环比增长。同时， 公司收单业务毛利率达到 34.1%，同比增长 15.64pp。伴随行业监管政策的逐步 明晰，行业格局有望迎来进一步出清，公司后续或重新调整经营拓客策略，预 计 2024 年收单业务流水重回增长趋势。 AIGC 持续变现，布局多模态打造成长动力。公司的 AI 业务在技术研发和商业 化运作已取得初步成绩，参股子公司 Duality Intelligence Limited面向海外市场 推出的多款工具类应用功能持续迭代，下载量持续攀升，带动公司投资收益超 预期增长。此外 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 174.54 billion yuan in 2023, a year-on-year decrease of 2.2%, and a net profit attributable to shareholders of 2.55 billion yuan, down 66.2% year-on-year. However, the non-recurring net profit showed a significant improvement, with a growth of 71.7% year-on-year, reaching -0.63 billion yuan [2][10] - The company expects a gradual recovery in TV demand in 2024 after three years of decline, with an average shipment size projected to increase from 50.7 inches in 2023 to 52 inches in 2024. IT demand is also anticipated to rebound as interest rate hikes near their end [2][10] - The company achieved an OLED shipment volume of nearly 120 million units in 2023, a 50% year-on-year increase, and expects to maintain a growth rate of 30% in 2024, reaching 160 million units [2][10] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 174.54 billion yuan, with the display device business generating 147.05 billion yuan, IoT innovation business 38.90 billion yuan, MLED business 2.90 billion yuan, smart healthcare services 2.79 billion yuan, and sensor solutions 0.41 billion yuan [2][9] - The gross margin and net margin improved year-on-year, with gross margin at 12.6% and net margin at 0.2%, both showing increases of 0.8 percentage points and 1.2 percentage points respectively [2][10] Future Projections - Revenue projections for 2024-2026 are 216.60 billion yuan, 246.94 billion yuan, and 270.94 billion yuan respectively, with net profits expected to be 4.84 billion yuan, 9.77 billion yuan, and 15.92 billion yuan respectively [3][10] - The company anticipates a recovery in the display device business, with a projected growth rate of 24.1% in 2024, followed by 14.0% in 2025 and 9.7% in 2026 [9][10] Market Position - The company is positioned as a leader in the OLED market, with over 50% market share in LTPO and a record high in foldable screen shipments. The structural improvement in OLED products is expected to enhance profitability [2][10]

[Table_StockInfo] 持有 2024年 04月 01日 （维持） 证券研究报告•2023年年报点评 当前价： 31.50元 海信家电（000921） 家用电器 目标价： ——元（6个月） 国内外业务稳健增长，盈利能力持续提升 投资要点 西南证券研究发展中心 [T a事ble件_S：公um司m发ar布y] 2023年年报，2023年公司实现营收856亿元，同比增长15.5%； [分Ta析bl师e_：Au龚th梦or泓] 实现归母净利润 28.4亿元，同比高增 97.7%；实现扣非后归母净利润 23.6亿 执业证号：S1250518090001 元，同比高增 160.1%。单季度来看，Q4 公司实现营收 207 亿元，同比增长 电话：023-63786049 21.1％；实现归母净利润 4.1亿元，同比增长 12.7%；实现扣非后归母净利润 邮箱：gmh@swsc.com.cn 2.9亿，同比增长 124.8%。2023年公司，现金分红 13.9亿元，现金分红金额 联系人：方建钊 占当期归母净利润比率为49.1%。 电话：18428374714  各业务板块协同发展，均实现快速增长。2023 年 ...

地址：深圳市福田区益田路 6001 号太平金融大厦 22 楼 邮编：518038 | --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|--------------------| | 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@swsc.com.cn | | | 李 ...