Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 18.14 CNY and a target price not specified for the next six months [8][9]. Core Insights - The company experienced revenue growth of 8.3% year-on-year in 2023, achieving total revenue of 1.32 billion CNY, while the net profit attributable to shareholders decreased by 1.6% to 220 million CNY [26][27]. - The company is a global leader in PCB drilling needles, holding a 19% market share in 2020, and is expanding its production capacity in various segments, including CNC tools and functional films [27][28]. - The company anticipates a recovery in demand for consumer electronics, which is expected to improve capacity utilization rates above 85% from 2024 to 2026 [2][3]. Financial Performance Summary - In 2023, the company reported a comprehensive gross margin of 36.4%, a decrease of 2.3 percentage points year-on-year, primarily due to increased competition and rising raw material prices [7][8]. - The company’s net profit margin for 2023 was 16.6%, down 1.6 percentage points from the previous year, with a quarterly net profit margin of 12.8% in Q4, reflecting a significant decline [8][9]. - Revenue projections for 2024-2026 are estimated at 1.22 billion CNY, 1.39 billion CNY, and 1.51 billion CNY, respectively, with a compound annual growth rate of 22% for net profit [9][28]. Business Segment Performance - The company's tool products saw a revenue increase of 0.6% year-on-year, while functional film materials and intelligent CNC equipment experienced substantial growth of 229.8% and 278.5%, respectively [7][27]. - The report highlights the strategic focus on expanding the production of CNC tools and developing functional film products, including privacy films and automotive light control films, which are expected to drive future growth [27][31].

Investment Rating - Buy (Maintained) with a target price of 68.00 yuan (6 months) [1] Core Views - The company achieved revenue of 5.37 billion yuan in 2023, a year-on-year decrease of 3.1%, and net profit attributable to the parent company of 500 million yuan, a year-on-year decrease of 31.5% [2] - For Q1 2024, the company expects revenue of 1.38 billion yuan, a year-on-year increase of 33.1%, and net profit attributable to the parent company of 130 million yuan, a year-on-year increase of 310.7% [2] - Q4 2023 saw significant improvement in gross margin, reaching 39.1%, up 3.1 percentage points quarter-on-quarter [2] - The company's first 6nm commercial chip has been successfully taped out, with potential applications in automotive and smart devices [2] - The company's WiFi tri-mode chip (WiFi 6+BT 5.4+802.15.4) has been successfully taped out, supporting Thread/Zigbee and enabling applications in IoT gateways and Matter controllers [2] - The 8K chip has passed operator certification tests and is expected to enter mass commercial use in the domestic operator market [2] Financial Performance - Revenue for 2023 was 5.37 billion yuan, a year-on-year decrease of 3.1% [2] - Net profit attributable to the parent company for 2023 was 500 million yuan, a year-on-year decrease of 31.5% [2] - Q4 2023 revenue was 1.51 billion yuan, a year-on-year increase of 32.2%, with net profit attributable to the parent company of 180 million yuan, a year-on-year increase of 296.8% [2] - Gross margin in Q4 2023 improved to 39.1%, up 3.1 percentage points quarter-on-quarter [2] - R&D expenses in Q1 2024 were 330 million yuan, with share-based payment expenses of 40 million yuan [2] Product and Market Outlook - Global smart set-top box shipments are expected to grow by 8.79% in 2024, driven by economic stabilization and the "smart replacement" trend [2] - The company has deepened cooperation with Google, Amazon, Roku, and RDK TV, and added new ecosystem partners such as Xumo and TIVO TV in 2023 [2] - The company's S-series chips are benefiting from the recovery in set-top box demand, while the T-series is gaining market share overseas [9] - The W-series WiFi6 products were successfully shipped in 2023, and the new tri-mode chip is expected to enter mass production soon [9] Financial Projections - Revenue for 2024-2026 is projected to be 6.54 billion yuan (+21.8%), 7.89 billion yuan (+20.7%), and 9.55 billion yuan (+21%) respectively [9] - Net profit attributable to the parent company for 2024-2026 is projected to be 710 million yuan (+42.5%), 940 million yuan (+31.9%), and 1.13 billion yuan (+21%) respectively [9] - EPS for 2024-2026 is projected to be 1.70 yuan, 2.24 yuan, and 2.71 yuan respectively [9] - The company's PE ratio for 2024-2026 is projected to be 32x, 24x, and 20x respectively [9] Valuation - The target price of 68.00 yuan is based on a 40x PE ratio for 2024 [9] - The average PE ratio of three comparable companies in the chip design industry is 57x for 2024 [9] - The company's three-year compound growth rate for net profit is expected to be 31.5% [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.56 CNY over the next six months [1][3][9]. Core Insights - The company achieved a turnaround in profitability, reporting a net profit of 558.9 million CNY in 2023, compared to a loss in the previous year. The revenue for 2023 was 20.36 billion CNY, a decrease of 17.1% year-on-year, primarily due to reduced revenue recognition in the real estate sector [18][3]. - Sales volume increased significantly, with a sales area of 735,000 square meters, up 41.6% year-on-year, and sales revenue of 32.6 billion CNY, a 7.4% increase. The company ranked second among Beijing real estate firms for three consecutive years [2][3]. - The company has expanded its land reserves, acquiring a total building area of 822,000 square meters, with a rights area of 567,900 square meters. The quality of the land reserves is high, with 25 projects awaiting development, totaling a planned area of 2.13 million square meters [2][3]. Financial Performance and Forecast - The company forecasts a compound annual growth rate (CAGR) of 38.5% for net profit attributable to shareholders from 2024 to 2026. The expected net profit for 2024 is 1.08 billion CNY, with further increases projected in subsequent years [3][4]. - Revenue is expected to recover, with projected figures of 20.36 billion CNY in 2024, 23.75 billion CNY in 2025, and 26.18 billion CNY in 2026, reflecting growth rates of 16.6%, 10.3%, and 8.2% respectively [4][39]. - The report highlights a strong cash position, with cash and cash equivalents of 13.69 billion CNY at the end of 2023, and a net cash flow from operations of 13.12 billion CNY, up 57.3% year-on-year [18][4]. Business Development - The company is diversifying its business, with a commercial real estate holding of 464,000 square meters and a revenue of 650 million CNY from commercial properties. The first self-operated project, Chengyuehui, has successfully opened [19]. - In the cultural tourism sector, the Huangshan project has made progress, with the first batch of residential units successfully launched and hotel management agreements signed [19]. - The company is also involved in urban renewal projects, with 11 land development and urban renewal projects under construction or in the preliminary stages, covering a total planned area of 7.72 million square meters and an estimated total investment of approximately 106.5 billion CNY [19].

[Table_StockInfo] 2024 年 04 月 17 日 证券研究报告•23 年年报点评 买入 （维持） 当前价：9.59 元 陕鼓动力（601369）机械设备 目标价：——元（6 个月） 气体业务稳步增长，盈利能力提升 [Table_Summary] 事件：公司发布 2023年年报，2023年实现营收 101.4亿，同比-5.8%；归母净 利润 10.2 亿，同比+5.4%。单 2023Q4 实现营收 28.7 亿，同比+24.0%，环比 +37.9%；归母净利润 2.9 亿，同比+89.6%，环比+49.3%。公司气体业务稳步 增长，盈利能力提升。 石化、能源、国防等行业的市场开拓顺利、增速高，冶金等行业宏观环境及客 户项目延期，公司营收整体小幅下降。分行业看，2023年公司加大石化、能源、 国防等行业的市场开拓，石化行业实现营收 30.7 亿，同比+56.0%，毛利率 -4.52pp 至 22.7%；能源行业实现营收 12.5亿，同比+279.2%，毛利率+4.75pp 至 24.1%；国防行业实现营收 3.2亿，同比+4584.6%，毛利率-1.86pp至 15.3%； 城建行业实现营收 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of ——元 for the next 6 months [17] Core Views - The company's full-year performance met expectations, with large vehicle sales growing over 60% [1] - The company's forklift and intelligent logistics systems are driving steady revenue growth, with a 5.1% YoY increase in forklift revenue and a 2.2% YoY increase in intelligent logistics system revenue in 2023 [2] - The company's gross margin improved to 22.2% in 2023, up 2.0 percentage points YoY, driven by cost control, favorable exchange rates, and low raw material prices [2] - The company's "Large Vehicle Strategy" and overseas exports are driving growth in the forklift segment, with large lithium-powered forklift sales increasing over 60% in 2023 [3] Business Performance - In 2023, the company achieved revenue of 6.96 billion yuan, a 3.9% YoY increase, and net profit attributable to the parent company of 460 million yuan, a 13.8% YoY increase [17] - Q4 2023 revenue was 1.63 billion yuan, down 19.6% YoY and 18.2% QoQ, while net profit attributable to the parent company was 100 million yuan, down 11.1% YoY and 28.1% QoQ [17] - The company's net profit margin increased to 6.6% in 2023, up 0.9 percentage points YoY, driven by improved gross margins [18] Growth Strategy - The company is focusing on its "Large Vehicle Strategy," with large lithium-powered forklift sales growing over 60% in 2023 [3] - The company is expanding its large vehicle dealer network overseas, where exports account for over 70% of forklift sales [3] - The company is expected to maintain high growth in large vehicle sales, with projected growth rates of 54%, 40%, and 29% for 2024-2026 [9] Financial Projections - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of 12.1% from 2024 to 2026, reaching 9.77 billion yuan in 2026 [20] - Net profit attributable to the parent company is projected to grow at a CAGR of 19% from 2024 to 2026, reaching 780 million yuan in 2026 [19][20] - The company's gross margin is expected to remain stable, with a slight increase from 22.2% in 2023 to 22.9% in 2026 [24] Valuation Metrics - The company's PE ratio is projected to decrease from 13.06 in 2023 to 7.68 in 2026, while the PB ratio is expected to decline from 2.24 in 2023 to 1.44 in 2026 [26] - The company's ROE is expected to increase from 17.15% in 2023 to 18.71% in 2026 [26]

[ T able_StockInfo] 2024 年 04 月 19 日 证券研究报告•2023 年年报点评 持有 （维持） 当前价：19.08 元 乐歌股份（300729）轻工制造 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 3.13 流通 A 股(亿股) 2.95 52 周内股价区间(元) 12.9-22.4 总市值(亿元) 59.65 总资产(亿元) 67.98 每股净资产(元) 9.60 自主品牌竞争力提升，海外仓收入延续高增长 [Table_Summary 业绩摘要：公司发布 ] 2023年年报，2023年公司实现营收 39亿元，同比+21.6%； 实现归母净利润 6.3 亿元，同比+189.7%；实现扣非净利润 2.5 亿元，同比 +142.4%。单季度来看，2023Q4公司实现营收 12.2亿元，同比+35.7％；实现 归母净利润 1.2 亿元，同比+93.5%；实现扣非后归母净利润 1 亿元，同比 +160.6%。自主品牌业务和海外仓业务双轮驱动，剔除出售海外仓的资产处置 收益后扣非利润仍然高增。 收入结构优化，规模优势逐步显现。2023 年公司整体 ...

Q1 业绩超预期，盈利能力大幅回升 新能源占比不断提升，无边框密封条定点增长：公司紧跟核心客户的新能源汽 车战略，智界 S7、S9、领克、极氪 001、极氪 007、通用、奥迪、享界 S9 等 8 个无边框密封条获得定点，新能源汽车项目将持续放量；大众、上汽等多个畅 销车型欧式导槽项目获得定点；长安启源 A07、阿维塔 E12、领克、北汽华为 等多个侧围铝亮条项目开发顺利，将成为新的增长点。截止 23年底统计在研新 项目车型 42 个，为未来可持续、快速发展提供强有力的支撑。 风险提示：竞争加剧风险；客户开拓不及预期的风险；原材料价格上涨风险等。 [Table_Author] 分析师：郑连声 执业证号：S1250522040001 电话：010-57758531 邮箱：zlans@swsc.com.cn 联系人：冯安琪 电话：021-58351905 邮箱：faz@swsc.com.cn [Table_Report] 1. 浙江仙通（603239）：毛利率大幅回暖， 新项目逐步放量 (2023-10-29) 2. 浙江仙通（603239）：原材料价格影响毛 利，H2 有望企稳回升 (2023-08-25) 3 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance above the market index over the next six months [7][31]. Core Insights - The company reported a revenue of 4.096 billion yuan in 2023, representing a year-on-year growth of 11.30%, and a net profit attributable to shareholders of 477 million yuan, up 17.67% year-on-year [6][22]. - In Q4 2023, the company achieved a revenue of 1.156 billion yuan, showing a year-on-year increase of 38.27% and a quarter-on-quarter growth of 18.13% [6]. - For Q1 2024, the company reported a revenue of 955 million yuan, a year-on-year increase of 11.72%, and a net profit of 116 million yuan, up 25.48% year-on-year, slightly exceeding expectations due to improved gross margins [6][7]. Financial Performance Summary - The company's gross margin for 2023 was 33.25%, an increase of 2.13 percentage points year-on-year, with Q1 2024 gross margin rising to 34.80% [7][8]. - The net profit margin for 2023 was 12.00%, up 0.53 percentage points year-on-year, while Q1 2024 saw a net profit margin of 12.37%, reflecting a year-on-year increase of 1.36 percentage points [8][7]. - The company expects a compound annual growth rate (CAGR) of 25% for net profit from 2024 to 2026, with projected net profits of 622 million yuan, 770 million yuan, and 938 million yuan for the respective years [7][9]. Business Segment Insights - The injection molding machine segment generated revenue of 2.760 billion yuan in 2023, with a year-on-year growth of 3.86%, accounting for 67% of total revenue [22]. - The die-casting machine segment saw significant growth, with revenue of 780 million yuan, up 35.44% year-on-year, representing 19% of total revenue [22]. - The company anticipates order growth rates for injection molding machines of 20.9%, 21.0%, and 21.1% from 2024 to 2026, with stable gross margins of around 34% [12][28]. Future Projections - The company forecasts total revenue of 4.096 billion yuan for 2024, with a growth rate of 23.71%, and net profit of 622 million yuan, reflecting a growth rate of 30.45% [9][28]. - The die-casting machine orders are expected to grow by 38.6%, 21.3%, and 16.0% from 2024 to 2026, with gross margins projected to improve to 35.5% by 2026 [27][28].

[Table_StockInfo] 买入 2024年 04月 18日 （维持） 证券研究报告•2023年报及2024年一季报点评 当前价： 44.39元 恒瑞医药（600276） 医药生物 目标价： ——元（6个月） 创新药收入快速增长，持续加强源头创新 投资要点 西南证券研究发展中心 [T a事ble件_：Su公m司m发ary布] 2023年报和 2024一季报，2023年实现营业收入 228.20亿元 (+7.26%)，归属于上市公司股东的净利润为43.02亿元(+10.14%)，扣非后归属 [分Ta析bl师e_：Au杜th向or阳] 于上市公司股东净利润为 41.41 亿元(+21.46%)。2024 年一季度实现营业收入 执业证号：S1250520030002 59.98亿元（+9.2%），归属于上市公司股东的净利润为13.69亿元（+10.48%）， 电话：021-68416017 扣非后归属于上市公司股东净利润为14.4亿元（+18.06%）。 邮箱：duxy@swsc.com.cn  业绩和盈利能力稳步提升。2023 年公司业绩保持稳健增长，毛利率 84.55% （+0.94pp）；净利率1 ...

Investment Rating - The investment rating for the company is "Hold" [1][24]. Core Views - The company's traditional business has reached a bottom, while new materials are poised for growth. The report highlights a significant decline in revenue and net profit for 2023, with a year-on-year revenue drop of 16.9% to 8.26 billion yuan and a net profit decline of 75.1% to 340 million yuan [1][24]. - The report indicates that the major products' prices have sharply decreased, impacting overall performance. For instance, the average selling price of PVA fell by 38.48% year-on-year, leading to a revenue drop of 37.3% in this segment [1][24]. - Despite the challenges, there are positive signs for PVA pricing recovery and demand growth in the infrastructure sector, which is expected to drive future revenue increases [1][24]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 8.26 billion yuan, down 16.9% year-on-year, and a net profit of 340 million yuan, down 75.1% year-on-year. The basic EPS was 0.16 yuan [1][2]. - The report forecasts revenues for 2024-2026 to be 9.72 billion yuan (+17.6%), 10.96 billion yuan (+12.8%), and 12.37 billion yuan (+12.8%), with net profits expected to be 1 billion yuan (+192.9%), 1.19 billion yuan (+19.0%), and 1.63 billion yuan (+36.9%) respectively [2][24]. Product Pricing and Market Dynamics - The average selling price of PVA in 2023 was 11,286.5 yuan/ton, down 38.48%, while the price for cement was 247.0 yuan/ton, down 20.0% [1][2]. - As of April 17, 2024, the PVA price has started to recover, reaching 11,931 yuan/ton, an increase of 7.2% since the beginning of the year [1][24]. Future Outlook - The company is focusing on expanding its special PVA product lines, which are seeing strong demand. The report emphasizes the potential for revenue growth from new product capacities being released [1][24]. - The expected increase in demand for PVA in large infrastructure projects is anticipated to support revenue recovery in the coming years [1][24].