持有 [2T0a2b4l年e_0S3t月oc3k1In日fo ] （维持） 证券研究报告• 2023年年报点评 当前价： 19.84元 张江高科（600895） 房地产 目标价： ——元（6个月） 园区开发稳健发展，产业投资规模扩大 投资要点 西南证券研究发展中心 [T a营ble收_S净u利m双ma增ry长] ，融资成本优势显著。2023年公司实现营收20.3亿元，同比增 [分Ta析bl师e_：Au池th天or惠] 长 6.2%；实现归母净利润9.5亿元，同比增长15.3%；总资产510.1亿元，同 执业证号：S1250522100001 比增长19.4%；加权平均净资产收益率为7.9%，同比增加0.6pp。2023年公司 电话：13003109597 平均融资成本为3.15%，同比减少0.15pp，融资成本优势显著。 邮箱：cth@swsc.com.cn  园区开发业务稳健发展，产业载体建设加速。2023年园区开发业务总收入20.0 分析师：刘洋 亿元，占公司总营收的 98.8%；其中，房地产开发和房产租赁分别占总营收的 执业证号：S1250523070005 电话：18019200867 47.2% ...

[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： 29.49元 山东黄金（600547） 有色金属 目标价： ——元（6个月） 业绩表现亮眼，黄金龙头乘风而起 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年度报告，全年实现营收 592.8亿元，同比+17.8%；归 [分Ta析bl师e_：Au黄th腾or飞] 母净利润23.3亿元，同比+86.6%；扣非归母净利润22.1亿元，同比+69.5%。 执业证号：S1250523070010 其中 Q4实现归母净利润 9.8亿元，环比+111.4%；Q4扣非归母净利润 9.3亿 电话：13651914586 元，环比+134.7%。 邮箱：htengf@swsc.com.cn  量价齐升助力公司业绩释放。价：2023 年伦敦金均价 1942 美元/盎司，同比 [相Tab对le指_Q数u表ot现eP ic] +7.8%，金交所黄金现货均价 450元/克，同比+14.7%。量：2023年公司矿产 山东黄金 沪深300 金产量 41.8吨，同比+8.0% ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 98.40 CNY over the next six months, based on a current price of 80.06 CNY [1]. Core Insights - The company, Plater (688333), is a leading player in the domestic metal 3D printing industry, focusing on an integrated layout of "materials + equipment + services." In 2023, it achieved a revenue of 1.23 billion CNY, representing a year-on-year growth of 34.2%, and a net profit attributable to shareholders of 140 million CNY, up 78.1% year-on-year [1][2]. Summary by Sections Company Overview - Plater specializes in industrial-grade metal additive manufacturing, with applications in aerospace, energy, transportation, electronics, automotive, and medical sectors. The company has established partnerships with major clients such as AVIC and Airbus, and has a robust R&D infrastructure, including national-level research centers [19][45]. Financial Performance - In Q4 2023, the company reported a revenue of 490 million CNY, a year-on-year increase of 23.4% and a quarter-on-quarter increase of 62.0%. The net profit for the same quarter was 100 million CNY, showing a year-on-year growth of 1.5% and a quarter-on-quarter growth of 396.7% [1][32]. Business Segments - The revenue breakdown for 2023 shows that customized 3D printing products, 3D printing equipment, and 3D printing materials generated 630 million CNY, 530 million CNY, and 60 million CNY, respectively, with year-on-year growth rates of 34.5%, 26.5%, and 99.0% [25][39]. Cost Management - The company has effectively controlled its expenses, with a total expense ratio of 37.0% in 2023, down 13.4 percentage points year-on-year. The gross margin was 49.0%, a decrease of 5.6 percentage points, primarily due to increased outsourcing and depreciation costs [39][56]. R&D and Innovation - Approximately 30% of the company's workforce is dedicated to R&D, with an investment of about 200 million CNY in 2023, marking a 24.5% increase. The company has launched several new products and is progressing with projects aimed at enhancing production capacity [1][45]. Profit Forecast and Valuation - The company is expected to achieve net profits of 320 million CNY, 490 million CNY, and 700 million CNY for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 71% over the next three years. The report assigns a PE ratio of 60 for 2024, indicating a target price of 98.40 CNY [2][56].

[ T able_StockInfo] 2024 年 03 月 29 日 证券研究报告•2023 年年报点评 买入 （首次） 当前价：15.18 元 水晶光电（002273）电子 目标价：18.56 元（6 个月） 滤光片升级注入增长新动能，AR 业务或有突破性进展 [Table_Summary 事件：公司发布] 2023 年年报，全年实现营业收入约 50.8 亿元，较上年同期增 长 16.01%；实现归母净利润6.0 亿元，较上年同期增长 4.15%。 业绩符合预期，核心营业主务板块毛利率提升明显。1）收入端：2023 年在消 费电子市场需求疲软的背景下，公司营业收入仍然同比增长 16%以上。其中， 光学元器件、薄膜光学面板业务分别同比增长 21.1%、17.8%。2）利润端：2023 年公司归母净利润同比增长 4%以上。公司毛利率约为 27.8%，同比提升 0.9pp； 其中光学元器件业务、薄膜光学面板毛利率分别同比提升 4.5pp、3.4pp。公司 净利率约 12.2%，同比下降 1.4pp，主要因为配合大客户开发新项目研发投入增 加，微棱镜项目下半年才大规模起量、上半年利润端有所拖累。3）费用端：公 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company reported a revenue of 7.83 billion yuan in 2023, a decrease of 23.7% year-on-year, and a net profit attributable to shareholders of 2.27 billion yuan, down 31.3% year-on-year [2][4]. - Excluding large orders, the core business showed steady growth, with the small molecule CDMO business generating 6.62 billion yuan in revenue, which is a 25.6% increase when excluding large orders [2]. - Emerging business segments accelerated their layout, achieving 1.2 billion yuan in revenue, a growth of 20.4% [3]. Summary by Sections Financial Performance - Revenue for 2023 was 7.83 billion yuan, down 23.7% from the previous year [4]. - Net profit attributable to shareholders was 2.27 billion yuan, a decrease of 31.3% year-on-year [4]. - The company expects EPS for 2024-2026 to be 3.76 yuan, 4.59 yuan, and 5.74 yuan, respectively, with corresponding PE ratios of 23, 19, and 15 [11]. Business Segments - The small molecule CDMO business achieved a revenue of 6.62 billion yuan, with a 25.6% increase when excluding large orders [2]. - The clinical project segment generated 1.51 billion yuan, with a slight decline of 9.6% year-on-year, but remained stable when excluding specific antiviral project impacts [2]. - Emerging business segments, including chemical macromolecules and formulation businesses, showed growth rates of 8.8% and 18.4%, respectively [3]. Market Position and Outlook - The company is positioned as a leading technology-driven CDMO globally, with expectations for continued market share growth [8]. - The report highlights a strong project pipeline, with 69 clinical phase III projects covering popular targets, which supports future commercialization orders [2][3]. - The company anticipates a 15%-25% growth in non-COVID revenue for 2024, supported by a backlog of 874 million USD in orders [3].

轨交非金属扣件龙头，业务多元化发展 | --- | --- | --- | --- | --- | |----------------------------------|-------|-----------------------------|--------|--------| | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 640.66 726.84 814.87 914.10 | | | | 增长率 | 5.60% | 13.45% | 12.11% | 12.18% | | 归属母公司净利润（百万元） | | 67.05 92.08 109.30 129.30 | | | | 增长率 | 0.77% | 37.32% | 18.71% | 18.30% | | 每股收益 EPS （元） | | 0.27 0.38 0.45 0.53 | | | | 净资产收益率 ROE | 7.66% | 9.41% | 10.27% | 11.02% | | PE | | 39 28 24 20 | | ...

Investment Rating - The report gives a "Hold" rating for the company, with a current price of 7.77 CNY and a target price not specified for the next six months [2][86]. Core Viewpoints - The company is a leading refrigerator exporter in China, having maintained its position as the top exporter for 15 consecutive years. It has focused on its core business after divesting from financial services and has made significant acquisitions to enhance its operational structure [11][23][86]. - In 2023, the company achieved a revenue of 15.18 billion CNY, a year-on-year increase of 93.6%, and a net profit of 790 million CNY, up 85.7% from the previous year. The acquisition of Hefei Appliances has significantly contributed to revenue growth [14][29][86]. - The company has improved its gross margin to 23.7%, an increase of 3.8 percentage points year-on-year, driven by a higher proportion of overseas sales and a decrease in raw material costs [14][33][49]. Summary by Sections Company Overview - The company has transitioned through three phases, with a focus on refrigerator manufacturing since TCL's acquisition in 2021. The divestment of financial services has allowed the company to concentrate on its core business [12][23]. Financial Performance - In 2023, the company reported a revenue of 15.18 billion CNY, with a net profit of 790 million CNY. The revenue from refrigerator products reached 12.99 billion CNY, reflecting a 67.8% year-on-year growth [14][49]. - The company’s gross margin for refrigerator products was 25.4%, showing a slight increase due to improved sales and cost management [33][49]. Business Segments - The company operates through two main entities: Hefei Appliances and Oma Refrigerators, with a diverse product range including various types of refrigerators and washing machines. The acquisition of Hefei Appliances has enhanced the product matrix and operational efficiency [13][26][42]. Future Outlook - The company is expected to continue its growth trajectory, with projected EPS of 0.82 CNY, 0.96 CNY, and 1.11 CNY for 2024, 2025, and 2026 respectively. The ongoing synergy from the Hefei Appliances acquisition is anticipated to further boost performance [14][86].

[Table_StockInfo] 买入 2024年 03月 30日 （维持） 证券研究报告•2023年年报点评 当前价： 22.40元 恩华药业（002262） 医药生物 目标价： ——元（6个月） 麻醉新品保持快速增长，创新研发加速推进 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] 2023年度实现营业收入50.42亿元（同比增长17.28%），实现 [分Ta析bl师e_：Au杜th向or阳] 归母净利润 10.37亿元（同比增长 15.12%）；扣非归母净利润 10.13亿元（同 执业证号：S1250520030002 比增长16.11%）。 电话：021-68416017  “羟瑞舒阿”保持快速增长，利润率保持稳健。公司高度重视市场准入、学术 邮箱：duxy@swsc.com.cn 推广及市场医学服务支持等工作，在多个学科投入大量临床科研基金项目，使 公司近年获批的麻醉系列产品（瑞芬太尼、舒芬太尼、羟考酮等）实现了快速 [相Tab对le指_Q数u表ot现eP ic] 增长，2023年麻醉板块实现收入27亿元（+24.3%），占营收比重由2022年的 恩华药业 沪深 ...

[ T able_StockInfo] 2024 年 04 月 01 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：19.47 元 道通科技（688208）计算机 目标价：——元（6 个月） 体系搭建完善，美国工厂已经投产。公司充电桩产品在性能方面可全面对标 ABB、西门子等国际领先企业，在供应链管理、智能化交互等方面甚至更具优 势；与国内布局出海的其他桩企相比，公司在海外渠道把控、运营经验以及品 牌影响力等方面则有更深的积累，同时构建起充电云平台功能矩阵，包含充电 运营、远程运维、充电 APP 等。此外，2023 年年底，公司美国工厂已经正式 建成投产，后续有望降低《基础设施法案》带来的供应链风险，迎来产品规模 化放量拐点，实现爆发式增长。 [Table_Author] 分析师：王湘杰 执业证号：S1250521120002 电话：0755-26671517 邮箱：wxj@swsc.com.cn 分析师：邓文鑫 执业证号：S1250523070002 电话：15123996370 邮箱：dwx@swsc.com.cn | --- | --- | |--------------------- ...

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