公 司 点 评 报 告 投资要点 ＃summary＃ 2023 年，公司实现营业收入 10.17 亿元(yoy+67.51%)；实现归母净利润 2.72 亿元(yoy+40.07%)；实现扣非归母净利润 2.59 亿元(yoy+52.48%)。2023 年 Q4 单季度实现营业收入 3.04 亿元(yoy+62.66%)；实现归母净利润 0.70 亿元 (yoy+44.00%)；实现扣非归母净利润 0.58 亿元(yoy+57.96%)。2023 年，公司 新增订单金额为 13.60 亿元（含税），同比增长 35.06%，在手订单金额为 15.86 亿元（不含税），同比增长 18.90%。2024 年 Q1，公司实现营业收入 2.16 亿元(yoy+34.04%)；实现归母净利润 0.5 亿元(yoy+42.06%)；实现扣非归 母净利润 0.49 亿元(yoy+41.00%)。 huanghanyang@xyzq.com.cn S0190519020002 ＃assAuthor＃ 请务必阅读正文之后的信息披露和重要声明 风险提示：订单业务运营和进度不及预期；市场竞争风险；行业监管政策变 动超预期等。 请务必 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - In 2023, the company achieved operating revenue of 2.002 billion yuan, a year-on-year increase of 3.97%, and a net profit attributable to shareholders of 178 million yuan, a year-on-year increase of 0.47%. However, the net profit after deducting non-recurring gains and losses decreased by 8.92% to 140 million yuan. The gross margin was 42.73%, down 1.55 percentage points year-on-year [1][14] - In Q1 2024, the company reported operating revenue of 468 million yuan, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 27 million yuan, a year-on-year increase of 21.40%. The gross margin for this quarter was 40.54%, down 0.66 percentage points year-on-year [1][14] - The company is focusing on multi-omics technology and expanding clinical sequencing services, with steady growth in sequencing platform services. The company has increased its overseas investments, establishing local laboratories in various countries, enhancing its global layout [1][15][17] Financial Summary - The company expects to achieve operating revenues of 2.327 billion, 2.719 billion, and 3.205 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.2%, 16.8%, and 17.9%. The net profit attributable to shareholders is projected to be 208 million, 253 million, and 296 million yuan for the same years, with growth rates of 16.7%, 21.7%, and 16.9% [1][6] - The earnings per share (EPS) are expected to be 0.50 yuan, 0.61 yuan, and 0.71 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 30.4, 25.0, and 21.4 [1][6] Market and Operational Strategy - The company has made significant progress in its localization strategy, deploying local laboratories in the US, UK, Singapore, Germany, and Japan, which enhances service efficiency and stability globally. It serves over 7,300 clients, including top academic research institutions and pharmaceutical companies [1][17] - The company continues to invest in research and development, with R&D expenses of 124 million yuan in 2023, representing 6.20% of revenue. It has developed a comprehensive range of multi-omics products and is actively expanding clinical applications of gene sequencing technology [1][18]

＃assAuthor＃ ＃分析师： emailAuthor＃ 孙媛媛 sunyuanyuan@xyzq.com.cn S0190515090001 ＃ investSug gestionCh ange＃ 维持 ） 投资要点 ＃⚫summary 事件：＃ 公司发布 2023 年年报和 2024 年一季报，公司 2023 年实现营收 39.99 亿元（同比+5.79%），实现归母净利润 6.19 亿元（同比-6.55%），实现扣非归 母净利润 5.33 亿元（同比-11.60%）。公司 2024Q1 实现营收 10.61 亿元（同 比+10.44%），实现归母净利润 1.71 亿元（同比+13.23%），实现扣非归母净利 润 1.57 亿元（同比+14.30%）。2023 年归母净利润下降受折旧摊销和研发、 管理费用增加影响。 ⚫ 财务指标：2023 年毛利率 50.57%(同比-2.7pp)，净利率 15.59%(同比-2.08pp)， 销售费用率 19.59%(同比-1.35pp)，管理费用率 5.33%(同比+0.19pp)，研发费 用率 10.03%(同比+0.32pp)。2024Q1 毛利率 51.88 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company reported a revenue of 3.276 billion yuan in 2023, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 210 million yuan, down 31.75% year-on-year. The decline in performance is primarily attributed to asset impairment provisions totaling 90 million yuan in 2023. In Q1 2024, the company achieved a revenue of 647 million yuan, representing a year-on-year increase of 23.90%, and a net profit of 64 million yuan, up 28.38% year-on-year [1]. - Financial metrics for 2023 include a gross margin of 44.87% (up 1.93 percentage points), a net margin of 7.76% (down 2.09 percentage points), and a research and development expense ratio of 6.02% (up 1.46 percentage points). In Q1 2024, the gross margin was 43.79% (down 3.65 percentage points), while the net margin improved to 10.19% (up 2.79 percentage points) [1]. - The nuclear medicine segment generated revenue of 1.017 billion yuan in 2023, an increase of 11.2% year-on-year, with key products like 18F-FDG contributing 420 million yuan (up 12%) and Y-90 labeled drugs generating 100 million yuan (down 3.23%). The raw material drug segment saw revenue of 1.678 billion yuan (up 18.61%), while the formulation segment declined to 400 million yuan (down 17.20%) [1]. - The company is focused on the nuclear medicine sector, with several products in clinical registration stages, including LNC1001 for prostate cancer and 99mTc-GSA for liver function diagnosis, which is preparing for market registration [1]. - Earnings forecasts for 2024-2026 predict EPS of 0.36, 0.45, and 0.53 yuan, corresponding to PE ratios of 37.33, 29.83, and 25.53 times, respectively [1]. Financial Summary - In 2023, the company reported a gross profit margin of 44.87% and a net profit margin of 7.76%. The gross profit margin is expected to decrease to 43.79% in Q1 2024, while the net profit margin is projected to increase to 10.19% [1]. - The company’s total assets were reported at 8.529 billion yuan, with a net asset value of 5.008 billion yuan [7]. - The projected revenue growth rates for 2024-2026 are 0.1%, 9.5%, and 13.2%, respectively, with net profit growth rates of 41.8%, 25.1%, and 16.8% [14].

行 业 研 证券研究报告 究 ＃银ind 行ustryId＃ ＃title＃ 新增社融转负，静待财政发力 ＃ ＃inve推stSu荐ggest ion＃ （ i维 nve持 stS ） ——2024年 4月金融数据点评 uggesti onC han ＃createTime1＃ 2024年 5月 12日 ＃relatedReport＃ge＃ 行 相关报告 投资要点 业 ＃⚫ sum社m融ary受＃信 贷和政府债等多因素影响负增长，社融增速回落至8.3%。2024年4月 《社融增速触底，对公信贷不 社融减少1987亿元，同比少增1.42万亿元，拆分结构来看： 点 弱——2024年3月金融数据点 评》 2024.4.14 （1）对实体经济发放的人民币贷款新增3306亿元，同比少增1125亿元。4月为 评 信贷小月，叠加需求偏弱、手工补息叫停、金融业增加值核算优化调整等多因素 报 影响，共同导致本月信贷偏弱，对于社融支撑不足。另外，根据金融时报报道， 金融业增加值核算方法优化可能带来“挤水分”的短期扰动，对信贷影响可能集 告 分析师：＃ emailAuthor＃ 中体现在二季度，且会在下半年持续产生影响。 陈绍兴 ...

证券研究报告 ＃industryId＃ 航空机场 ＃title＃ 航空机场年报及一季报综述： ＃ ＃inve推stSu荐ggestion＃ (维持） 板块盈利修复中继之年，需求波动下航司 Q1 业绩分化 investS uggesti onChan ＃createTime1＃ 2024 年5月12 日 ge＃ ＃ 相关rel报ate告dReport＃ 投资要点 ＃summary＃  航空板块：需求呈现显著的“旺季更旺，淡季更淡”特点，航司业绩有所分 《三大航年报综述：22年亏损 扩大，未来运力引进明显放缓， 化。春运、五一量价整体维持较高水平，但2023年四季度、2024年一月、三 展望量价齐升景气周期》 四月淡季票价较为低迷。2024年一季度航油价格环比下降，淡旺季需求波动 2023-04-04 下公司盈利分化，中国东航、中国国航陷入亏损，而南方航空、海航控股、 《竞争烈度显著下降，航空周期 春秋航空、吉祥航空、华夏航空环比扭亏为盈。但从现金流角度看，航司经 大幕缓缓拉开——航空机场行 业2024年年度策略》2023-12-05 营性现金流已复苏，资产负债率未来有望逐渐下降。  运力引进维持温和：国航、 ...

开始发言本次电话会议仅服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 各位投资者大家好我是信息策略张启耀感谢大家周末时间欢迎大家参加我们这次电话会议那我们今天呢就想汇报一下我们的整体的对于今年市场主线的一个判断因为其实从去年底开始呢我们就在年度策略里面就把今年的市场风格认为会回到一个合营资产的这么一条主线当中去那么 最近我们也是在这个合营资产的主线中呢我们也归纳出来一条新的这种选股思路也就是15加3也就是15点的增速同时加上三个点的股息率可能作为我们的一个新的合营资产的一个筛选标准那么首先第一个呢从市场整体风格上 为什么我们判断这个合营资产可能会再次成为这个主线方向因为呢首先呢从资金的角度啊因为当时呢上一轮轰轰烈烈的合营资产行情大家应该 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" recommendation [1][2]. Core Insights - The company has accelerated its expansion in the rehabilitation hospital sector, adding 10 new hospitals in 2023, bringing the total to 28 hospitals with approximately 8,868 beds [1][2]. - Revenue from the medical services segment reached 2.783 billion yuan in 2023, representing a year-over-year increase of 34.73%, with rehabilitation medical revenue growing by 64.80% [1][2]. - The smart power distribution segment has a strong order backlog, with total orders amounting to 12.462 billion yuan as of Q1 2024, a year-over-year increase of 33.18% [3][4]. Financial Performance Summary - In 2023, the company achieved a revenue of 11.463 billion yuan, a year-over-year growth of 26.0%, and a net profit attributable to shareholders of 1.904 billion yuan, reflecting a 100.8% increase [2][3]. - The projected net profits for 2024, 2025, and 2026 are 2.313 billion yuan, 2.821 billion yuan, and 3.458 billion yuan, respectively, with corresponding P/E ratios of 21.3, 17.5, and 14.3 [2][3]. - The gross margin is expected to improve from 34.0% in 2023 to 35.2% in 2024, with ROE increasing from 17.3% to 18.7% [2][4].

＃investSuggestion＃ 机械设备 相关报告 shikang@xyzq.com.cn S1220517040001 安徽合力 （ 600761 ） 投资要点 公司发布 2023 年报及 2024 年一季报：2023 年公司实现营收 174.71 亿元， YOY+10.76%；归母净利润 12.78 亿元，YOY+40.89%；扣非后归母净利润 10.97 亿元，YOY+47.06%；加权平均净资产收益率 17.56%，YOY+2.84pct。2024 年 第一季度公司实现营收 43.05 亿元，YOY+2.50%;归母净利润 3.90 亿元， YOY+48.27%，毛利率 20.63%，YOY+2.28pct；归母净利率 9.06%，YOY+2.80pct。 行业内外销均实现双位数增长，电动化比例明显提升：2023 年行业销量 117.38 万台，YOY+12%，电动车销量占比增长至 67.87%，YOY+3.48pct；分内外销来 看，国内销量 76.84 万台，YOY+11.94%；出口销量 40.54 万台，YOY+12.13%。 公司层面，2023 年安徽合力总销量 29.20 万台，YO ...

Investment Rating - The report maintains a "Hold" rating for the company, indicating a stable outlook with potential for moderate growth in the coming years [10]. Core Insights - The company has achieved a revenue of 3.73 billion yuan and a net profit of 0.75 billion yuan in 2023, reflecting a year-on-year growth of 8.38% and 49.60% respectively [1]. - The company is actively advancing its "data element ×" strategy across various sectors including government, public security, cultural tourism, commerce, industry, and energy, with cloud and data service revenue accounting for over 10% of total revenue [1]. - The company has launched three new products, including the KES Plus rapid development and operation platform, and has secured multiple benchmark projects [1]. Financial Summary - In 2023, the company reported total revenue of 91.95 billion yuan, a decrease of 13.3% year-on-year, while the net profit was 3.75 billion yuan, down 0.3% year-on-year [16]. - The projected revenue for 2024 is 100.05 billion yuan, with an expected growth of 8.8%, and the net profit is forecasted to be 474 million yuan, reflecting a growth of 26.2% [6]. - The gross margin for 2023 was 23.5%, with a projected increase to 24.9% in 2024 [6]. - The return on equity (ROE) for 2023 was 7.3%, expected to rise to 8.4% in 2024 [6]. Product Performance - The company's cloud and data services generated revenue of 10.44 billion yuan in 2023, marking a significant year-on-year increase of 37.12% [16]. - The revenue from self-developed software reached 20.60 billion yuan, up 13.06% year-on-year, while industry solutions and digital infrastructure saw declines [16]. Market Position - The company is positioned to leverage its strengths in cloud and data services, which are becoming key growth drivers, particularly in industrial and energy sectors [16]. - The overall financial health of the company is stable, with a focus on optimizing its business structure and enhancing profitability through high-margin services [15].