[Table_StockInfo] 买入 2024年 04月 17日 （维持） 证券研究报告•2023年年报点评 当前价： 10.50元 福能股份（600483） 公用事业 目标价： ——元（6个月） 量价齐升火电业绩稳增，项目储备多位布局 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，实现营收 146.9亿元，同比增长 2.6%；实现归 [分Ta析bl师e_：Au池th天or惠] 母净利润 26.2亿元，同比增长 1.1%；分红方面，公司拟向全体股东每股派发 执业证号：S1250522100001 现金股利0.31元，现金分红比例约30.26%。 电话：13003109597 邮箱：cth@swsc.com.cn  量价齐升火电业绩持续向好。报告期内公司火电板块实现营收81亿元，同比增 加 5.1%。报告期内公司发电量/上网电量同比分别增加 12.6%/12.8%；电价较 分析师：刘洋 去年亦小幅提升，福建省内燃煤/燃气电价分别为467.03/632.6元/兆瓦时，同比 执业证号：S1250523070005 电话：18019200867 分别增加0.3 ...

Investment Rating - The report assigns a rating of "Outperform" for the company, indicating that it is expected to outperform the market index by more than 5% over the next six months [12]. Core Insights - The company's traditional business is experiencing some pressure, while emerging businesses are growing rapidly. The home respiratory device business, which is the core business, reported a revenue of 870 million yuan in 2023, down 18.1%, with a gross margin of 43.0% due to downstream customers undergoing inventory destocking. The cochlear implant business showed steady growth with a revenue of 110 million yuan, up 15.9%, and a gross margin of 63.7%. Other businesses, including home and consumer electronic components, saw a combined revenue growth rate of 38.1%, indicating successful diversification efforts [2][10][18]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 1.34 billion yuan, a decrease of 5.5%, and a net profit attributable to shareholders of 310 million yuan, down 22.1%. For Q1 2024, the revenue was 280 million yuan, down 23.3%, and the net profit was 60 million yuan, down 46.5% [16][18]. - The company forecasts revenues of 1.7 billion yuan, 2.1 billion yuan, and 2.6 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 400 million yuan, 500 million yuan, and 600 million yuan [8][18]. Business Segments - The home respiratory device segment is under pressure, while the cochlear implant segment is growing steadily. Other emerging businesses are expected to contribute significantly to revenue growth in the coming years [2][18]. - The company plans to increase its R&D investment, which reached 120 million yuan in 2023, reflecting a focus on new product development and long-term strategic business [17]. Growth Projections - The company anticipates a revenue growth rate of 25% for 2024, with further growth projected at 25.3% and 25.2% for 2025 and 2026, respectively. The gross margin is expected to improve gradually as the business stabilizes [24][18].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company achieved a revenue of 16.27 billion yuan in 2023, representing a year-on-year growth of 12.9%, while the net profit attributable to shareholders reached 1.72 billion yuan, up 74.2% year-on-year [2]. - The company experienced robust domestic growth of 10.1% and impressive overseas revenue growth of 29.7%, leading to an overall growth of 17.3% in its main business [2]. - The overall gross margin improved to 20.8%, an increase of 3.0 percentage points year-on-year, driven by a higher sales proportion of electric forklifts and favorable raw material prices [2]. - The company is advancing its electrification and internationalization strategies, with overseas business revenue growing by 30% in 2023 [2]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 3.76 billion yuan, a year-on-year increase of 23.3%, but a quarter-on-quarter decline of 12.5% [2]. - The net profit for Q4 was 420 million yuan, reflecting a year-on-year growth of 71.9% and a quarter-on-quarter decline of 20.7% [2]. - The comprehensive gross margin for Q4 was 22.7%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter increase of 0.3 percentage points [2]. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is 1.93 billion, 2.11 billion, and 2.32 billion yuan, respectively, indicating a compound annual growth rate of 10% [3]. - The report emphasizes the company's competitive advantage in the electric forklift market and its potential for increased market share internationally [9].

合同负债新高，业绩增长可持续性增强 [Table_Summary 业绩总结：行动教育发布 ] 2023年报，公司 2023年实现营收 6.7亿，yoy+49.1%； 归母净利润 2.2亿，yoy+96.6%。单四季度实现营收 2.1亿，yoy+91.5%；归母 净利润 5879 万，yoy+251%。 | --- | --- | --- | --- | --- | |----------------------------|--------|--------|-------------------------------|--------| | | | | | | | 营业收入（百万元） | | | 672.24 846.03 1036.93 1247.26 | | | 增长率 | 49.08% | 25.85% | 22.56% | 20.28% | | 归属母公司净利润（百万元） | | | 219.45 283.68 357.20 442.71 | | | 增长率 | 97.95% | 29.27% | 25.92% | 23.94% | | 每股收益 EPS （元） | | | 1.86 2.40 3 ...

Investment Rating - The report maintains a "Hold" rating for the company, with expected EPS for 2024-2026 at 1.69, 1.91, and 2.13 yuan respectively [13][14] Core Views - The company's profitability improved significantly in 2023, with gross margin increasing by 4.3pp to 30.8%, driven by foreign sales margin improvement and enhanced production efficiency [1] - Despite revenue decline due to weak domestic demand and overseas market pressure, the company achieved a 23.4% YoY increase in net profit attributable to parent company, reaching 200 million yuan [5] - The company is actively adjusting its overseas team structure and improving profitability, positioning itself for growth as the economy recovers [7] Financial Performance Revenue and Profit - 2023 revenue decreased by 7.5% YoY to 1.86 billion yuan, with domestic sales down 5.16% and overseas sales down 8.59% [5][6] - Net profit attributable to parent company grew 23.4% YoY to 200 million yuan, with Q4 showing strong growth of 32.2% YoY [5] - The company plans to distribute 130 million yuan in cash dividends, with a payout ratio of 66.4% [5] Margins - Gross margin improved to 30.8% in 2023, with domestic and overseas margins at 36.6% and 26.1% respectively [1] - Net margin increased by 2.7pp to 11% in 2023, primarily due to gross margin improvement [1] Product Performance - Massage chairs accounted for the majority of revenue at 1.77 billion yuan, down 5.9% YoY [6] - Massage appliances and experiential massage services saw significant declines of 28.2% and 16.2% respectively [6] Future Outlook - The company is expected to achieve revenue growth of 12.19%, 12.84%, and 11.16% in 2024-2026, with net profit growth of 15.75%, 12.89%, and 11.93% respectively [8] - Domestic revenue is projected to grow at 10% annually, while overseas revenue is expected to grow at 15%, 15%, and 12% in 2024-2026 [20] - Gross margins are forecasted to improve further, with domestic margins stable at 37% and overseas margins increasing from 27% to 29% over the next three years [20]

[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： 16.43元 九洲药业（603456） 医药生物 目标价： ——元（6个月） CDMO 板块稳健增长，原料药业务阶段性承压 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，2023年公司实现营业收入55.2亿元，同比增长 [分Ta析bl师e_：Au杜th向or阳] 1.4%；归母净利润 10.3亿元，同比增长 12.2%；扣非净利润 10.2亿元，同比 执业证号：S1250520030002 增长 10.5%。单Q4公司实现营业收入9.5亿元，同比下降11.7%；归母净利润 电话：021-68416017 6649万元，同比下降62.6%；扣非净利润7268万元，同比下降55.7%。 邮箱：duxy@swsc.com.cn  业绩符合预期，CDMO板块实现稳健增长。公司 CDMO板块 2023年实现收入 [T相ab对le指_Q数u表ot现eP ic] 40.8亿元（+19.4%），实现稳健增长。其中：1）心血管类：2023年实现收入 2 ...

Investment Rating - The report does not specify a clear investment rating for the company [3][17]. Core Insights - The company achieved a revenue of 8.22 billion yuan in 2023, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 14.5% to 990 million yuan [3][4]. - The industrial segment saw a revenue increase of 10.34% to 4.93 billion yuan, driven by strong sales of key products such as the Rapid Rescue Heart Pill, which surpassed 2 billion yuan in sales for the first time [3][4]. - The company is actively expanding its international market presence, with international sales revenue exceeding 400 million yuan, a 25% increase year-on-year [3][4]. Summary by Sections Financial Performance - Revenue for 2023 was 8.22 billion yuan, with a growth rate of -0.33% compared to the previous year [4][10]. - Net profit attributable to shareholders was 990 million yuan, reflecting a growth rate of 14.49% [4][10]. - The gross profit margin improved to 44.01%, an increase of 4.08 percentage points [3][10]. Product Performance - The company’s core products, particularly the Rapid Rescue Heart Pill, saw significant sales growth, contributing to a 20.17% increase in cardiovascular revenue [3][4]. - The respiratory system segment experienced a 37.44% revenue increase, driven by products like the Throat Soothing Pill [3][4]. - The company is focusing on the secondary development of major products to enhance competitiveness [3][4]. Future Outlook - The company has set clear strategic goals for the 14th Five-Year Plan, with projected net profits for 2024, 2025, and 2026 expected to be 1.21 billion, 1.49 billion, and 1.79 billion yuan, respectively [3][10]. - The report anticipates continued growth in the sales of traditional Chinese medicine products, with an expected annual growth rate of 8% from 2024 to 2026 [9][10].

Company Overview - The company is a leading player in the POCT (Point of Care Testing) field in China, ranking third in market share with approximately 10% [4] - It operates nine major technology platforms and six product lines, covering areas such as infectious diseases, chronic disease management, toxicology, and maternal-fetal health [4] - The company has a dual-core business model focusing on both B2B and B2C markets, with a strong presence in both domestic and international markets [4][6] - The company's overseas revenue share increased from 23% in 2018 to 49% in 2022, with products sold in over 150 countries and regions [1][2] Financial Performance - The company's gross margin improved significantly from 52% in 2022 to 63% in Q1-Q3 2023, driven by better cost control in its fluorescence and colloidal gold product lines [4] - In 2023H1, the company achieved revenue of 7.2 billion yuan in chronic disease management, a year-on-year increase of 40.3% [5] - The company's toxicology testing business generated revenue of 1.6 billion yuan in 2023H1, up 18.1% year-on-year [5] - The company's net profit for 2022 was 1.2 billion yuan, a decrease of 29% year-on-year, mainly due to the high base effect from the COVID-19 pandemic [123] Industry Analysis - The Chinese POCT market has grown at a compound annual growth rate (CAGR) of 20% over the past six years, with the market size expected to reach 23.14 billion yuan by 2025 [1][5] - The global POCT market is projected to grow at a CAGR of 11.7% from 2022 to 2032, reaching 35.3 billion USD in 2023 [54] - The domestic POCT market is dominated by foreign companies, with Abbott and Roche holding 17% and 14% market share respectively, while the company holds 10% [104][105] - The infectious disease POCT market in China is expected to grow at a CAGR of 9.8% from 2023 to 2027, reaching 4.1 billion USD by 2027 [138] Product and Technology - The company has developed a comprehensive product portfolio across nine technology platforms, including immunocolloidal gold, immunofluorescence, and molecular diagnostics [4][34] - In 2023H1, the company launched 81 new products and improvements across various platforms, including 20 in the colloidal gold platform and 26 in the chemiluminescence platform [95] - The company's strategic focus on chemiluminescence, molecular diagnostics, and pathology has led to significant growth in these areas, with active instrument installations and revenue increases [118] - The company has introduced new products in toxicology testing, such as hair and saliva-based drug tests, with expected sales growth of 17%, 16%, and 15% from 2023 to 2025 [42] Market Strategy - The company has established three major marketing systems: domestic, international, and its US subsidiary, which focuses on the North American market [6][35] - The company is enhancing its local production capabilities in the US to improve operational efficiency and reduce costs, particularly in the toxicology testing market [148] - The company is expanding its e-commerce channels and developing its own apps and websites to drive growth in its 2C business, particularly in toxicology and maternal-fetal health [40][148] - The company is strengthening its partnerships with major e-commerce platforms and exploring new media channels to boost sales in the maternal-fetal health segment [84] Future Outlook - The company is expected to achieve net profits of 5.1, 6.5, and 7.7 billion yuan in 2023, 2024, and 2025 respectively, driven by industry expansion and steady growth [21] - The company plans to continue its dual-circulation strategy, focusing on both domestic and international markets, with a particular emphasis on globalization and balanced development [27] - The company aims to strengthen its position in the global IVD market by leveraging its technological advantages and expanding its product portfolio [27][118] - The company is expected to benefit from the growing demand for POCT products in both developed and emerging markets, particularly in infectious disease and chronic disease management [5][54]

2023 年门店稳健扩张，零售业务净利率提升 四季度业绩短期承压，期间费率有所下降。公司紧跟外部行业市场和政策环境 变化， 聚焦高质量发展主线，坚持战略引领稳增长，转型创新求突破，加强费 用管控体系建设，全面降本增效，支撑盈利改善。2023Q1-Q4 营收分别为 186.9/197/182/189 亿 元 ， 同 比 +9%/+3.8%/-1.6%/+0.4% ； 归 母 净 利 润 3.6/4.7/3.6/4.1 亿元，同比+43.5%/+11%/-3.8%/-6.7%。2023 年公司毛利率为 12%(-0.16pp)，净利率为 2.6%(+0.2pp)。费用方面，2023 年公司销售费率为 7.1%(-0.12pp)；管理费率为 1.5%(-0.07pp)；财务费率为 0.3%(+0.01pp)。 国大药房加大门店拓展力度，积极创新线上下多渠道业务。截至 2023年末，国 大药房门店总数 10516家(其中直营门店 8528家，加盟店 1988家），较去年增 加 1203家，其中北部地区增加 838家。截至 2023年末，国大药房直营连锁门 店中已取得各类医保定点资格门店达 7736 家，占公司直营店总 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 11.26 billion yuan in 2023, representing a year-on-year growth of 32.4%, and a net profit attributable to shareholders of 2.04 billion yuan, up 41.6% year-on-year [2] - The company plans to distribute 25 yuan per 10 shares to all shareholders [2] - The company aims for a revenue and net profit growth rate of no less than 20% in 2024 [2][3] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 2.62 billion yuan, a year-on-year increase of 40.9%, and a net profit of 380 million yuan, up 39.7% [2] - The gross profit margin for the year was 43.1%, an increase of 0.75 percentage points year-on-year [2] - The net profit margin improved to 18.1%, up 1.2 percentage points year-on-year [2] Revenue Structure - Revenue from the main product, Dongpeng Special Drink, was 10.34 billion yuan, growing by 26.5%, while other beverages generated 910 million yuan, a significant increase of 187% [2] - Revenue by region showed strong performance, with notable growth in the Southwest (64.7%) and North China (64.8%) [2] Cost and Profitability - The company experienced a decrease in raw material costs, contributing to an overall improvement in profitability [2] - The financial forecast estimates net profits of 2.66 billion yuan, 3.32 billion yuan, and 4.07 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 6.65 yuan, 8.30 yuan, and 10.19 yuan [3][11] Growth Strategy - The company is diversifying its product offerings with new launches in hydration drinks, electrolyte beverages, sugar-free tea, coffee, and pre-mixed cocktails [2] - The company has established nine production bases across China and is enhancing its production and sales coordination capabilities [2]