Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved significant growth in aerospace and marine applications, actively promoting the development of military, civilian, and foreign trade products [5][22] - The company reported a revenue of 2.494 billion yuan in 2023, a year-on-year increase of 32.90%, and a net profit attributable to shareholders of 815 million yuan, up 30.39% year-on-year [22][23] - The first quarter of 2024 saw a revenue of 643 million yuan, a decrease of 2.28% year-on-year but an increase of 17.91% quarter-on-quarter [3][9] Financial Summary - In 2023, the company achieved a gross profit margin of 43.70%, down 2.49 percentage points year-on-year, and a net profit margin of 32.66%, down 0.63 percentage points year-on-year [5][12] - The company’s revenue projections for 2024-2026 are 3.043 billion yuan, 3.676 billion yuan, and 4.247 billion yuan, respectively, with corresponding net profits of 1.015 billion yuan, 1.213 billion yuan, and 1.416 billion yuan [5][40] - The earnings per share (EPS) are projected to be 1.84 yuan, 2.20 yuan, and 2.57 yuan for 2024, 2025, and 2026, respectively [5][40] Product Performance - The revenue from forged products reached 2.237 billion yuan in 2023, a year-on-year increase of 32.10%, accounting for 89.71% of total revenue [5][11] - The revenue from free-forged products was 207 million yuan, showing a remarkable growth of 93.64% year-on-year [5][30] Research and Development - As of the end of 2023, the company had 63 R&D personnel, a 50% increase from the beginning of the year, focusing on developing new products and technologies [5][13] - The company is actively pursuing the development of military, civilian, and foreign trade products, with multiple national invention patents obtained [5][13] Investment Projects - The company is steadily advancing its fundraising projects, with significant investments in various initiatives, including a digital integration center for aviation [5][38]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 医疗研发外包 ＃investSuggestion＃ ＃ ＃d 康yCo 龙mp 化any＃成 （ 300759.SZ ） investSug ＃title＃ 增持 ( 维ges持tion ）Ch 000009 2024Q1 收入平稳，新签订单有所改善 ange＃ ＃ createTime1＃ 2024年 5月 16日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 2024Q1，公司实现营业收入26.71亿元，同比-1.95%；实现归母净利 司 日期 2024-05-15 润2.31亿元，同比-33.80%；实现扣非归母净利润1.87亿元，同比-46.01%。 点 收盘价（元） 22.24 公司单季度毛利率 32.66%，同比-3.14pct。公司销售费用率 2.08%，同比 评 总股本（亿股） 17.87 +0.03pct，管理费用率14.92%，同比-0.29pct，研发费用率3.50%，同比+0.68pct。 报 流通股本（亿股） 14.29 ⚫ 实验室服务和CMC业务总体稳定，临床业务略有恢 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 医药生物 ＃investSuggestion＃ ＃ ＃dyC新om诺pan威y＃ （300765.SZ ） investSug 增持 ( 维ges持tionC）h 000 原00 料9 药业务短期承＃ 压tit ，le＃ 创新资产持续整合 ange＃ ＃createTime1＃ 2024年5月 16日 投资要点 公 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2023年年报和2024年一季报。2023年公司实现营业收入 司 日期 2024/05/15 25.02亿元，同比下降4.75%；实现归母净利润7.56亿元，同比增长4.03%； 点 收盘价（元） 32.78 实现扣非归母净利润7.44亿元，同比增长13.09%；2024年Q1公司实现营 评 总股本（百万股） 1,404.59 业收入5.24亿元，同比下降27.08%；实现归母净利润0.79亿元，同比下降 报 流通股本（百万股） 1,247.07 38.86%；实现扣非归母净利润0.78亿元，同比下降56.44%。 净资产（百万元） 告 4407. ...

Investment Rating - The report gives a "Buy" rating to the company, with a target price of 4 63 yuan [1] - The company is expected to achieve EPS of 0 20/0 31/0 38 yuan for 2024-2026, with corresponding PE ratios of 22 7/15 1/12 1x [2] Core Views - The company is a leading private health check-up provider in China, with optimized customer structure and dual growth drivers of group and individual check-ups [2] - The company has achieved significant cost reduction and efficiency improvement through digital transformation and AI technology, leading to a substantial increase in net profit margin [12] - The company's health check-up business has seen both volume and price growth, with a 13 0% YoY increase in total check-ups and an 11 2% YoY increase in average customer spending [7][9] Financial Performance - In 2023, the company achieved revenue of 10 894 billion yuan (YoY +26 44%), net profit attributable to the parent company of 506 million yuan (YoY +190 45%), and non-GAAP net profit of 463 million yuan (YoY +181 61%) [1][5] - In 2023Q4, the company achieved revenue of 3 676 billion yuan (YoY +29 77%), net profit attributable to the parent company of 280 million yuan (YoY +264 00%), and non-GAAP net profit of 235 million yuan (YoY +263 70%) [1][5] - In 2024Q1, the company achieved revenue of 1 801 billion yuan (YoY -14 91%), net profit attributable to the parent company of -287 million yuan, and non-GAAP net profit of -302 million yuan [1][5] Business Operations - The company has 596 health check-up centers, including 306 wholly-owned centers and 290 joint-venture centers [7] - The company's four major brands, including "Meinian Health", "Ciming", "Ciming Aoya", and "Meizhao", achieved revenue growth of 26 95%, 29 75%, and 32 14% respectively in 2023 [11] - The company's innovative products contributed nearly 10% of revenue in 2023, and this is expected to increase to 10%-15% in 2024 [9] Cost Efficiency - In 2023, the company's net profit margin was 6 14% (YoY +11 96pp), gross profit margin was 42 79% (YoY +8 35pp), and operating expense ratios for sales, management, and finance were 23 53% (YoY -0 38pp), 7 64% (YoY -1 68pp), and 2 75% (YoY -0 61pp) respectively [12] - The company expects to achieve a 10% reduction in rent in 2024, which could increase gross profit margin by 1pp-2pp [12] Digital Transformation and AI - The company has achieved full business digital transformation, with its self-developed smart health check-up cloud platform "Bian Que" covering over 95% of its branches [15] - The company has integrated health check-up big data with AI technology to empower innovative products in areas such as lung nodule AI diagnosis, brain stroke AI diagnosis, and ECG AI diagnosis [15] - The company has launched "Health Xiaomei", an AI health management robot, in collaboration with Huawei Cloud and Runda Medical [15]

本次电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位投资者大家晚上好我是西叶地产飞行师金汝余非常感谢大家参加我们今天的电话会议那么在这个 正如会议提到提完消化存量以及优化增量之后大家也能看到整个地产股的表现是非常强势的那么最近的话其实也带动整个产业链都有比较好的一个上涨那么在今天的话我们也是地产联合产业链银行建材家电清工各个团队跟大家汇报一下在去沽损的大背景之下我们怎么去布局 那么接下来的话呢我先跟那个各位领导汇报一下关于这个地产这边的一个看法那包括就是对去库存这个事情本身我们跟大家做一个简要的一个汇报以及对于当下地产股行情反映到哪个阶段未来的持续性以及就是说这个标的上面我们怎么看去跟大家去做一个整体的一个汇报 那首先还 ...

公 司 研 证券研究报告 究 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃ ＃d 中yCo 航mp 西any＃飞 （ 000768 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 营收稳步增长，利润显著提升 ange＃ ＃ createTime1＃ 2024年 05月 16日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum公m司ary发＃布 2023年年报及2024年一季报：2023年营收403.01亿元，同比增长7.01%； 归母净利润 8.61 亿元，同比增长 64.41%；扣非后归母净利润 8.09 亿元，同比增长 司 日期 2024-05-15 93.56%；基本每股收益 0.31 元/股，同比增长 64.20%。2024Q1，公司实现营业收入 点 收盘价（元） 23.99 84.55 亿元，同比增长 6.45%，环比下降 28.88%；归母净利润 2.72 亿元，同比增长 15.67%，环比增长375.79%；扣非归母净利润2.77亿元，同比增长24.52%，环比增 评 总股本（百万股） 2,781.74 长 ...

证券研究报告 ＃industryId＃ 有色金属 ＃title＃ 锂行业 2023 年报及 2024 一季报总结及展望：下行 ＃ 趋势趋缓，板块进入左侧配置窗口期 ＃inve推stSu荐ggestion＃ 维持 (investS） uggesti onChan ＃createTime1＃ 2024 年05 月15日 ge＃ 重点公司 投资要点 ＃summary＃ EPS（元/股）  2023年行业盈利下行但分红比例提升，24Q1板块盈利呈现初步企稳迹象。 重点公司 23A 24E 2023年受锂资源供需逆转等因素影响，锂价回落，锂板块企业盈利下滑。2023 永兴材料 6..32 2.99 年锂板块实现营收1230.57亿元，同比下降18.71%；实现归母净利润196.23 中矿资源 3.03 1.83 亿元，同比下降73.03%。24Q1下游需求复苏，锂价止跌反弹，2024Q1锂板 赣锋锂业 2.45 1.28 块企业营收345亿元，同比增长58.37%；实现归母净利润103.44亿元，同比 盛新锂能 0.76 1.16 下降11.01%。值得注意的是，电碳价格从2023Q4的15万元/吨回落至2024Q1 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][28]. Core Views - The company reported a revenue of 7.565 billion yuan in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders was 2.531 billion yuan, a decrease of 3.84% [4][6]. - In Q1 2024, the company experienced a significant decline in revenue, reporting 1.141 billion yuan, down 26.16% year-on-year, primarily due to insufficient downstream demand in the special integrated circuit business [4][11]. - The company has seen a notable growth in its smart security chip segment, which achieved a revenue of 2.842 billion yuan in 2023, marking a 36.67% increase year-on-year [4][14]. Financial Performance Summary - **2023 Annual Report**: - Revenue: 75.65 billion yuan, up 6.26% YoY - Net Profit: 25.31 billion yuan, down 3.84% YoY - Basic EPS: 2.99 yuan, down 3.43% YoY [4][6][7]. - **2024 Q1 Report**: - Revenue: 1.141 billion yuan, down 26.16% YoY - Net Profit: 3.07 billion yuan, down 47.44% YoY - Basic EPS: 0.36 yuan, down 47.04% YoY [4][11][12]. Segment Performance - **Integrated Circuits**: - Revenue: 73.30 billion yuan, up 7.72% YoY, accounting for 96.89% of total revenue [4][14]. - Special integrated circuits revenue: 44.88 billion yuan, down 5.02% YoY [4][14]. - Smart security chips revenue: 28.42 billion yuan, up 36.67% YoY [4][14]. - **Electronic Components**: - Revenue: 1.85 billion yuan, down 35.49% YoY [4][14]. Profitability Metrics - **2023 Overall**: - Gross Margin: 61.19%, down 2.61 percentage points YoY - Net Margin: 33.49%, down 3.59 percentage points YoY [4][18]. - **2024 Q1**: - Gross Margin: 57.67%, down 8.97 percentage points YoY - Net Margin: 26.89%, down 11.00 percentage points YoY [20]. Cash Flow and Working Capital - **2023 Cash Flow**: - Operating cash flow: 1.772 billion yuan, up 2.63% YoY - Accounts receivable: 6.171 billion yuan, up 14.23% YoY [21][24]. - **2024 Q1 Cash Flow**: - Operating cash flow: -0.272 billion yuan, down significantly YoY [21]. Client and Supplier Concentration - The sales to the top five customers accounted for 40.47% of total sales, a decrease of 2.28 percentage points YoY [25]. - Purchases from the top five suppliers accounted for 56.62% of total purchases, an increase of 3.36 percentage points YoY [25]. Earnings Forecast - The company’s projected net profits for 2024-2026 are 2.002 billion, 2.201 billion, and 2.603 billion yuan, respectively, with corresponding EPS of 2.36, 2.59, and 3.06 yuan per share [28].

增持 ( ＃ investSug gestionCh ange＃ 维持 ） 证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ | --- | --- | |------------------------------|--------------------------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-05-10 | | 收盘价（元） | 52.97 | | 总股本（百万股） | 364.65 | | 流通股本（百万股） | 364.65 | | 净资产（百万元） | 3,516.49 | | 总资产（百万元） | 5,933.29 | | 每股净资产（元） | 9.60 | | 来源： WIND | ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |-------------------------------------------------|-------|--------------------------------|-------| ...

证券研究报告 ＃industryId＃ 交通运输 ＃title＃ ＃ 航运 4 月跟踪：油轮运价同比下降，集运出口大幅改善 ＃inve推stSu荐ggestion＃ (维持） investS uggesti ＃createTime1＃ 2024 年5月15日 onChan 投资要点 ge＃ ＃summary＃  油轮vlcc市场4月运价同比下滑，新订单数量提升。油轮市场 4月运价 ＃assAuthor＃ 表现来看，vlcc-tce在1/2/3/4月的均价为40365/47759/44306/36388美元/ 分析师： 天，其中4月vlcc船运价水平同比下降33.37%。2024年4月vlcc新签造 船订单规模为0艘， 2023年全年新订单合计为18艘，当前2024年1-4 张晓云 月合计新订单已经达到26艘。2024年4月油轮市场vlcc在手订单合计达 zhangxiaoyun@xyzq.com.cn 到48艘，当前订单占运力比重为5.34%，需求端海关总署数据显示，中 S0190514070002 国2024年1/2/3月原油进口量为4417/4414/4905万吨，其中3月原油进口 量同比下降6.23% ...