2024年 04月 07日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（4.1-4.7） 2024 年 4 月第一周创新药周报 （附小专题 BCMA CAR-T 治疗研发概况） A股和港股创新药板块及XBI指数本周走势 西南证券研究发展中心 202[4Ta年ble4_月Su第m一m周ary，] 陆港两地创新药板块共计 17个股上涨，43个股下跌。其中 [分Ta析bl师e_：Au杜th向or阳] 涨幅前三为艾力斯-U（+10.8%）、荣昌生物-B(+8.47%)、复宏汉霖-B(+6.75%)。 执业证号：S1250520030002 跌幅前三为康诺亚-B(-11.95%)、华领医药-B(-11.56%)、嘉和生物-B(-11.29%)。 电话：021-68416017 本周 A 股创新药板块下跌 2.46%，跑赢沪深 300 指数-3.31pp，生物医药上涨 邮箱：duxy@swsc.com.cn 0.11%。近 6个月 A股创新药累计下跌 0.9%，跑赢沪深 300指数 1.44pp，生物 分析师：汤泰萌 医药累计下跌9.89%。 执业证号：S1250522120001 电话：02 ...

[Table_StockInfo] 2024 年 04 月 03 日 证券研究报告•2023 年报点评 买入 （首次） 当前价：42.37 元 联瑞新材（688300）基础化工 目标价：52.08 元（6 个月） [Table_Summary 事件：公司发布] 2023年年报，全年公司实现营业收入 7.1亿元，同比增长 7.5%， 实现归属于母公司所有者的净利润 1.7亿元，同比下降 7.6%，实现归属于母公 司所有者的扣除非经常性损益的净利润 1.5亿元，同比上升 0.2%；实现基本每 股收益 0.94 元，同比下降 6.9%。 高附加值球形硅微粉占比提升，驱动业绩改善。公司全年营收稳步增长，原因 是下半年开始消费电子终端需求缓慢复苏，加之公司积极推动产品结构转型升 级，高端产品占比提升，营业收入有所增长。归母净利润同比下滑 7.6%，原因 是，研发费用增加、汇兑收益减少、折旧费用增加等因素所致。分业务看，2023 年公司角形无机粉体销量 7.1万吨，同比上升 3%，实现营收 2.3亿元，同比上 升 0.6%，毛利率 32.8%，同比降低 2.7pp；球形无机粉体销量 2.6 万吨，同比 上升 8.4%，实 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 23.45 yuan over the next six months [1][56]. Core Insights - The company is expected to benefit from a sustained consumer demand and is continuously expanding its product line. The MCU business is showing signs of recovery, with price stabilization anticipated. The lithium battery management chip market is also expected to see continued demand, particularly in mobile phones and laptops. Additionally, the AMOLED display driver chip segment is opening new revenue opportunities [14][56]. Financial Performance Summary - In 2023, the company achieved a revenue of 1.3 billion yuan, a decrease of 18.8% year-on-year. The net profit attributable to the parent company was 186.31 million yuan, down 42.3% year-on-year. The gross margin for the year was 35.6%, reflecting a decline of 10.2 percentage points [14][23][56]. - The company’s revenue is projected to grow to 1.63 billion yuan in 2024, with a compound annual growth rate (CAGR) of over 34% for net profit from 2024 to 2026 [56]. Revenue Breakdown - The revenue structure for 2023 shows that industrial control accounted for 10.1 billion yuan, while consumer electronics contributed 2.9 billion yuan, with respective year-on-year declines of 14.2% and 31.6% [23][56]. - The MCU business represented nearly 50% of total revenue, with significant growth observed in the home appliance sector during Q4 2023 [14][56]. Product Development and Market Expansion - The company has made strides in developing new products, including a car-grade MCU and a WiFi/BLE Combo MCU, which are set to be promoted in 2024. The company is also expanding its market presence in Europe and Japan for industrial-grade MCUs [14][56]. - The lithium battery management chip segment is expected to benefit from a recovery in demand, particularly in the mobile phone market, with new products aimed at laptops anticipated to launch this year [14][56]. Profitability Forecast - The company’s gross margin is expected to improve, with projections of 38% in 2024, 40.6% in 2025, and 41.2% in 2026. The net profit margin is also expected to recover, reflecting the anticipated stabilization in prices and demand [31][56].

[2T0a2b4l年e_I0n4d月ust0ry7In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（0401-0407） 优必选接入百度大模型，国产人形机器人智能化再升级 投资要点 西南证券研究发展中心  行[Ta情ble回_S顾um：m本ary周] （4月 1日-4月 7日）机器人指数收跌。中证机器人指数下跌 [分Ta析bl师e_：Au邰th桂or龙] 1.8%，跑输沪深 300指数约2.6个百分点，跑输创业板指约3.0个百分点；国 执业证号：S1250521050002 证机器人指数下跌 1.7%，跑输沪深 300指数约 2.6个百分点，跑输创业板指 电话：021-58351893 约 2.9个百分点。 邮箱：tgl@swsc.com.cn  优必选人形接入百度大模型，共探 AI 大模型+人形机器人创新应用。优必选 分析师：周鑫雨 Walker S 通过百度智能云千帆平台接入百度文心大模型进行任务调度应用开 执业证号：S1250523070008 电话：021-58351893 发，快速构建了任务规划与执行能力。Walker S依靠端侧多模态感知模型获得 邮箱：zxy ...

[2T0a2b4l年e_I0n4d月ust0ry6In日fo ] 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0331-0406） OpenAI 将允许用户直接使用 ChatGPT， 《少年西游记 2》官宣定档 4 月 30 日 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]传 媒板块表现欠佳，下跌 1.54%，跑输创业板约 2.76个百 [分Ta析bl师e_：Au刘th言or ] 分点（创业板指上涨 1.22%）；跑输市场约 2.40 个百分点（沪深 300 上涨 执业证号：S1250515070002 0.86%）。 电话：023-67791663 邮箱：liuyan@swsc.com.cn  细分行业：（1）游戏指数跑输市场：中信游戏指数（CI005577）上涨 0.62%， 沪深 300上涨0.86%。中信游戏指数相对于沪深300指数下跌0.23%；（2） 分析师：苟宇睿 广告指数跑输市场：中信广告指数（CI005847）下跌 1.48%，沪深 300上涨 执业证号：S1250524030001 电话：15882659190 0.86%。中信 ...

[Table_StockInfo] 持有 2024年 04月 02日 （维持） 证券研究报告•2023年年报点评 当前价： 18.64元 欧普康视（300595） 医药生物 目标价： ——元（6个月） 业绩承压，静待拐点 投资要点 西南证券研究发展中心 [T ab业le绩_S总u结mm：a公ry司] 发布 2023年年报，2023年实现收入 17.4亿元（+13.9%）， [分Ta析bl师e_：Au杜th向or阳] 归母净利润 6.7亿元（+6.9%），扣非后约 5.7亿元（+2.3%）。2023年公司 执业证号：S1250520030002 第四季度实现收入 4.2亿元（+32.9%），归母净利润 1.3亿元，（+8.4%）， 电话：021-68416017 扣非后约1亿元（+5.9%）。 邮箱：duxy@swsc.com.cn  框架镜收入快速增长，角膜接触镜和护理产品平稳增长。公司2023年硬性角膜 分析师：王钰畅 接触镜收入 8.2亿元（+7.1%），其中行业销售量达到 71.5万片（+3.5%）； 执业证号：S1250524010001 护理产品收入2.6亿元（-12%）；普通框架镜及其他收入3 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 49.50 CNY, indicating a potential upside from the current price of 38.30 CNY [10][32]. Core Insights - The company reported a revenue of 885 million CNY in 2023, a decrease of 5.22% year-on-year, and a net profit attributable to shareholders of 155 million CNY, down 13.86% year-on-year. However, Q4 showed a strong recovery with a revenue of 262 million CNY, up 13.83% year-on-year and a net profit of 50 million CNY, up 69.74% year-on-year [10][31]. - The company is focusing on enhancing its product matrix and expanding its overseas market presence, including the establishment of a subsidiary in Vietnam to strengthen its international capacity [11][25]. Summary by Sections 1. Business Overview - The company specializes in optical devices and is one of the largest manufacturers of dense connection products globally. It has a diverse product line including ceramic ferrules, fiber optic connectors, and optical sensing products [67]. 2. Financial Analysis - The company's revenue from optical devices was 830 million CNY in 2023, down 7.9% year-on-year, while optical sensing products generated 10 million CNY, down 27.2% year-on-year. Other segments saw a revenue increase of 96.3% [31][58]. - The gross margin for optical devices decreased from 32.4% to 29.8% from 2019 to 2023, reflecting market challenges [75]. 3. Profit Forecast and Valuation - The forecasted EPS for 2024-2026 is 0.99 CNY, 1.24 CNY, and 1.55 CNY respectively, with a projected compound annual growth rate of 31.4% for net profit [32][58]. - The report anticipates a revenue growth of 40.12% in 2024, recovering from the decline in 2023 [58]. 4. Market Position - The company has maintained a strong focus on the overseas market, with export revenue consistently above 75% from 2019 to 2023. Domestic sales have increased from 8.9% to 23.9% during the same period, although domestic gross margins have room for improvement [77].

业绩符合预期，战略布局持续扩大 [Table_Author] 分析师：叶泽佑 执业证号：S1250522090003 电话：13524424436 邮箱：yezy@swsc.com.cn 数据来源：聚源数据 光库科技（300620）2023 年年报点评 假设 1：23 年工业激光器行业需求不足，国内市场竞争激烈，光纤激光器件价格同比下 降，预计 24-26 年随着行业生态转好，下游需求复苏，收入增速稳定在 30%，毛利率稳定在 30%； 表 1：分业务收入及毛利率 附表：财务预测与估值 光库科技（300620）2023 年年报点评 北京 重庆 [ T able_StockInfo] 2024 年 04 月 03 日 证券研究报告•2023 年年报点评 持有 （维持） 当前价：48.51 元 光库科技（300620）通信 目标价：——元（6 个月） | --- | --- | --- | --- | --- | |----------------------------------|---------|-------------------------------|--------|--------| | [T ...

Investment Rating - The report maintains a "Buy" rating for the company [1][22]. Core Views - The sales of the product "Xihua Su" are experiencing rapid growth, and the company has secured its inclusion in the 2023 medical insurance catalog with a moderate price adjustment [2][22]. - The company is expected to see a significant increase in net profit over the next few years, driven by the strong competitive position of "Xihua Su" [22]. Financial Performance Summary - In 2023, the company achieved a revenue of 3,134.33 million yuan, representing a year-on-year growth of 22.69%. The net profit attributable to the parent company was 800.91 million yuan, up 116.58% year-on-year [7][21]. - The projected revenues for 2024, 2025, and 2026 are 3,762.48 million yuan, 4,631.73 million yuan, and 5,576.54 million yuan, respectively, with growth rates of 20.04%, 23.10%, and 20.40% [7][11]. - The net profit attributable to the parent company is expected to reach 1,092.76 million yuan in 2024, 1,404.32 million yuan in 2025, and 1,711.61 million yuan in 2026, with growth rates of 36.44%, 28.51%, and 21.88% respectively [7][11]. Product Sales Forecast - The sales forecast for "Xihua Su" is projected to be 2,816.5 million yuan in 2023, with a year-on-year growth of 25.1%. The expected sales for 2024, 2025, and 2026 are 3,379.8 million yuan, 4,157.1 million yuan, and 4,988.6 million yuan, with growth rates of 20%, 23%, and 20% respectively [11][12]. Profitability Metrics - The gross profit margin for 2023 is reported at 95.1%, with expectations to maintain this level in the coming years [7][11]. - The return on equity (ROE) is projected to be 26.01% in 2024, 26.04% in 2025, and 25.07% in 2026 [7][11].

[Table_StockInfo] 买入 2024年 04月 02日 （维持） 证券研究报告•2023年年报点评 当前价： 31.15元 杰瑞股份（002353） 机械设备 目标价： ——元（6个月） 业绩实现稳健增长，海外市场持续向好 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年实现营收139.1亿，同比+21.9%；实现 [分Ta析bl师e_：Au邰th桂or龙] 归母净利润 24.5 亿，同比+9.3%。Q4 单季度来看，实现营收 51.6 亿，同比 执业证号：S1250521050002 +20.0%，环比+54.6%；实现归母净利润8.9亿元，同比+18.8%，环比+71.0%。 电话：021-58351893 公司业绩增长稳健。 邮箱：tgl@swsc.com.cn  油气板块快速推进，海外业务持续向好。2023年，油气装备制造及技术板块营 联系人：杨云杰 收 117.6亿元，同比+28.8%；维修改造板块营收 18.6亿，同比+14.2%；环保 电话：021-58351893 服务板块营收 2.5亿，同比-58.6%。2023年， ...