[Table_StockInfo] 买入 2024年 03月 01日 （维持） 证券研究报告•2023年年报点评 当前价：1 37.07元 同 花 顺（300033） 计 算机 目标价：1 67.04元（6个月） HithinkGPT 正式发布，24 年业绩有望改善 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 35.6亿元，同比增长 0.1%； [分Ta析bl师e_：Au王th湘or杰] 实现归母净利润 14.0 亿元，同比下滑 17.1%；实现扣非归母净利润 13.7 亿 元，同比下降 15.3%。单 Q4实现营收 11.9亿元，同比下滑 7.1%；实现归母 执业证号：S1250521120002 净利润 6.3亿元，同比下滑 21.9%；实现扣非归母净利润 6.1亿元，同比下滑 电话：0755-26671517 19.5%。 邮箱：wxj@swsc.com.cn  主业相对稳健，软件业务高增。分业务来看：1）增值电信业务相对持平，23 联系人：罗紫莹 年实现营收 15.3 亿元，同比下滑 0.6%。2）23 年全年两市总成交额合计 ...

西南证券版权所有发送给国投瑞银基金.国投瑞银基金:res@ubssdic.com p1 医美系列之 从米诺地尔看防脱发药物市场 西南证券研究发展中心 2024年2月 05881 ...

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 [4][10]. Core Insights - The company achieved a revenue of 180 million yuan in 2023, representing a year-on-year increase of 38.2%. The net profit attributable to shareholders was 37.34 million yuan, up 28.1% year-on-year [4][10]. - The introduction of the AI data analysis cloud platform for photovoltaic power station detection is expected to enhance operational efficiency by 2-4% and is projected to be implemented in 2024 [5][10]. - The photovoltaic detection industry is anticipated to grow significantly, with the market size expected to reach 2.901 billion yuan by 2024, driven by the company's leading market share in battery string and module detection equipment [9][10]. Financial Performance Summary - In 2023, the company reported a revenue of 180 million yuan, with a net profit of 37.34 million yuan and a non-recurring net profit of 28.54 million yuan, showing respective year-on-year growth rates of 38.2%, 28.1%, and 9.0% [4][10]. - The second half of 2023 saw a revenue of 100 million yuan, a 43.6% increase year-on-year, and a net profit of 18.06 million yuan, reflecting a 25.0% year-on-year growth [4][10]. - The company forecasts a compound annual growth rate (CAGR) of 25.2% for net profit from 2023 to 2025, with projected net profits of 44.54 million yuan in 2024 and 57.23 million yuan in 2025 [10][13]. Market Position and Growth Potential - The company holds a leading market share of 25.0% in the global battery string detection equipment market and 43.4% in the photovoltaic module detection equipment market [9][10]. - The introduction of AI technology in the company's product offerings is expected to enhance production efficiency and reduce costs for clients, further solidifying its competitive position in the market [9][10].

Investment Rating - The report initiates coverage on China Shipbuilding Industry Company (601989) with a recommendation to "continue to pay attention" to the stock [4]. Core Views - The global shipbuilding cycle is on the rise, with new ship prices remaining high and significant differentiation among ship types [2][3]. - The company is expected to improve its profitability as it delivers previously contracted low-price orders and enhances production efficiency [4][52]. - The Chinese shipbuilding market continues to gain global market share, with high-value-added ship types increasing their proportion [3][42]. Summary by Sections 1. Company Overview - China Shipbuilding Industry Company is a leading ship design and manufacturing company, established in 2008 and listed in 2009. It has expanded its business through acquisitions and partnerships [11][22]. 2. Market Dynamics - The global shipbuilding market is experiencing a recovery, driven by increased demand for new ships as older vessels are retired. The report highlights the impact of geopolitical events on shipping rates and order placements [25][29]. - As of January 2024, new ship price indices for bulk carriers, oil tankers, and container ships have increased by 5.6%, 7.7%, and 3.5% year-on-year, respectively [3][37]. 3. Financial Performance - The company is projected to achieve revenues of 44.15 billion yuan in 2023, with a growth rate of 15.74%. The net profit for 2023 is expected to be between -0.88 billion and -0.74 billion yuan [4][55]. - The report forecasts a significant turnaround in profitability, with net profits expected to reach 2.74 billion yuan in 2024 and 4.99 billion yuan in 2025 [4][55]. 4. Business Segments - The company operates in various segments, including marine defense, marine transportation, deep-sea equipment, and ship repair. The marine transportation segment accounted for 28.5% of revenue in the first half of 2023 [16][18]. - The report notes that the company is focusing on high-end ship types, such as LNG carriers and FPSOs, which are increasingly in demand [13][44]. 5. Market Share and Competitive Position - China Shipbuilding has maintained its position as the world's leading shipbuilding nation, with a market share exceeding 50% in completed shipbuilding and new orders [3][42]. - The report emphasizes the company's ability to capture opportunities in the green shipbuilding sector, with a significant increase in orders for LNG and methanol-powered vessels [44][45].

投资要点 西南证券研究发展中心 [Table_QuotePic] 相对指数表现 请务必阅读正文后的重要声明部分 莱特光电（688150）2023年业绩快报及 2024Q1 业绩预告点评 公司产品主要分为三奏:OLED终端材料产品、OLED中间体产品、其他产品。OLED 器件由６个核心功能层组成,分别是电子注入层、电子传输层、空穴阻挡层、发光层、空穴 传输层以及空穴注入层，其中发光层为最核心部分。公司产品已经涵盖发光层 6 种材料， 分别是 Red Prime、Green Host、Red Host、Green Prime、Blue Prime 以及 Blue Host。 2023 年公司持续推进 OLED 终端材料产品系列化布局和客户的全覆盖,共新增 3支材料量 产，6支材料量产测试,其中 Red Prime 新增 2支材料量产,Green Host 新增 1 支材料量 产,同时 Red Prime 新增２支材料量产测试,Green Host 新增１支材料量产测试,中间体 新增3个产品量产测试。两款量产材料中,Red Prime 配合客户需求持续进代更新,稳定量 产,Green Host 持续增长;Red H ...

[2T0a2b4l年e_I0n2d月ust2ry7In日fo ] 强于大市(维持) 证券研究报告•行业研究•机械设备 机床工具行业年度点评 国内弱势运行，出口高速增长 投资要点 西南证券研究发展中心 [T ab机le床_S工um具m行a业ry总] 观：2023年弱势运行。2023年，受国际环境、地缘政治及下 [分Ta析bl师e_：Au邰th桂or龙] 游装备投资乏力等因素影响，机床工具行业自二季度开始持续下滑，全年营业 执业证号：S1250521050002 收入同比-10%。由于需求减弱，市场竞争加剧，部分产品价格下行，用工成本 电话：021-58351893 上升等因素影响，2023年行业利润总额同比-36%，利润率同比减少 4.1个百 邮箱：tgl@swsc.com.cn 分点。 分析师：王宁  机床产量：金属切削机床微增，金属成形机床下降。2023 年金属切削机床产 执业证号：S1250523070007 电话：021-58351893 量 61.3万台，同比+6%；金属成形机床产量15.1万台，同比-14%。 邮箱：wn@swsc.com.cn  机床产消值：产值微增，消费下降。2023年我国 ...

OpenAI Sora专题 Transformer扩展优势凸显，视频理解与 生成能力提升 西南证券研究发展中心 海外研究团队 王湘杰 2024年2月 核心观点  事件：2024年2月16日，OpenAI发布文生视频模型——Sora及其技术报告《Video generation models as world simulators》。  从Sora模型看文生视频的技术路径：技术路径尚未收敛，Transformer扩展特性优势凸显。市场大 ...

Investment Rating - The report indicates a positive investment outlook for the coronary intervention industry, highlighting significant growth potential due to low penetration rates in China compared to other countries [2]. Core Insights - Coronary heart disease (CHD) is a leading cause of death globally, with a substantial patient population in China, indicating a large market opportunity for percutaneous coronary intervention (PCI) treatments [2][12]. - The PCI market in China is expected to grow significantly, with a projected market size of 64 billion yuan in 2023 and a potential increase to 167 billion yuan by 2030, driven by lower costs and improved patient acceptance [2]. - The report emphasizes three key strategies for companies in the coronary intervention space: developing "intervention without implantation" products, targeting low-penetration treatment areas, and exploring international markets for growth opportunities [2]. Summary by Sections 1. Coronary Heart Disease: The Leading Cause of Death - Cardiovascular diseases (CVD) are the leading cause of death worldwide, with CHD accounting for a significant portion of these cases [5]. - The burden of CVD is increasing, with the number of affected individuals rising from 271 million in 1990 to 523 million in 2019 [5]. 2. Evolution of Coronary Intervention Treatment - PCI is a primary treatment method for CHD, yet its penetration in China remains low compared to the US and Europe, suggesting substantial growth potential [2][12]. - The report notes that the number of PCI procedures per million people in China is significantly lower than in the US, Japan, and Europe, indicating at least three times the potential for growth [2]. 3. Market Dynamics Post-National Procurement - Following national procurement, the prices of high-value consumables for PCI have drastically decreased, making treatments more accessible [2]. - The report highlights that drug-eluting stents have seen a price drop from 13,000 yuan to 800 yuan, and balloon catheters from 3,000 yuan to 300 yuan, which is expected to enhance market growth [2]. 4. Key Strategies for Companies - Companies are encouraged to focus on "intervention without implantation" products, such as drug-coated balloons and biodegradable stents, which offer safety and patient acceptance advantages [2]. - Identifying low-penetration treatment areas, such as complex lesions, and increasing domestic production rates for coronary access products are also recommended strategies [2]. - Companies are advised to seek international opportunities as domestic prices decline, with several leading firms already exploring overseas markets [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase in stock price relative to the market index over the next six months [8][29]. Core Views - The chairman's full subscription to the company's private placement reflects confidence in its future development [15]. - The company is expected to benefit from a recovery in demand, with projected net profits of 160 million, 210 million, and 300 million yuan for 2023-2025, representing a compound annual growth rate of 22% [29]. - The report emphasizes the importance of high-end products, direct sales, and overseas market expansion as key drivers for the company's and industry's healthy development [16]. Financial Summary - Revenue is projected to grow from 601.64 million yuan in 2022 to 1.30843 billion yuan in 2025, with growth rates of 23.93%, 32.39%, 29.40%, and 26.94% respectively [10]. - Net profit attributable to the parent company is expected to increase from 165.92 million yuan in 2022 to 303.99 million yuan in 2025, with growth rates of 2.20%, -5.34%, 32.70%, and 45.85% [10]. - Earnings per share (EPS) are forecasted to rise from 2.68 yuan in 2022 to 4.91 yuan in 2025 [10]. - The return on equity (ROE) is projected to improve from 14.89% in 2022 to 19.35% in 2025 [10]. Market Dynamics - The report notes that the domestic tool industry is expected to experience a turnaround as the inventory cycle approaches its end, leading to increased demand [9]. - The overseas tool market is four times the size of the domestic market, and its contribution to growth is anticipated to become significant post-2024 [9].

2024年 02月 26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（2.19-2.23） 2024 年 2 月第四周创新药周报 （附小专题 CD79b 靶点研发概况） 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 20 2[4Ta年ble2_S月um第m四a周ry，] 陆港两地创新药板块共计 38 个股上涨，22 个股下跌。其 [分Ta析bl师e_：Au杜th向or阳] 中涨幅前三为科济药业-B(+27.29%)、乐普生物-B(+25.6%)、亚虹医药- 执业证号：S1250520030002 U(+18.91%)。跌幅前三为圣诺医药-B(-25.69%)、创胜集团-B(-14.07%)、加科思 电话：021-68416017 -B (-13.21%)。 邮箱：duxy@swsc.com.cn 本周港股创新药板块下跌 0.07%，跑赢恒生指数 2.36pp，恒生医疗保健上涨 [行Ta业bl相e_对Qu指o数te表Pic现] 3.58%。近 6 个月港股创新药累计上涨 1.37%，跑赢恒生指数 39.95pp，恒生医 疗保健累计下跌7.06%。 医药生物 沪深 ...