公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 商贸零售 ＃investSuggestion＃ ＃ ＃d 小yCo 商mpa 品ny＃城 （ 600415 ） investSug 增持 ( 维ges持tion C）h ＃ 600t 4i 1t 5le ＃ 2023年报暨 2024一季报点评：业绩快速增长，新业务多方发展 ange＃ ＃ createTime1＃ 2024年 05月 06日 投资要点 公 ＃市场ma数rk据et Data＃ ＃  sum 事m 件ary ：＃ 公 司2023年实现营收113.00亿元，同比+48.30%;归母净利润26.76亿元，同比+142.25%; 司 市场数据日期 2024-04-29 扣非后归母净利润24.69亿元，同比+39.86%。公司24Q1实现营收26.81亿元，同比+26.42%; 点 收盘价（元） 8.75 归母净利润7.13亿元，同比-41.66%;扣非后归母净利润6.91亿元，同比-36.03%。 评 总股本（百万股） 5484.33  23 年业绩快速增长，线上线下市场进一步扩容。2023年营收同比增加 48.30%， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][8]. Core Insights - The company achieved a revenue of 2.569 billion yuan in Q1 2024, representing a year-on-year increase of 29.93%. The net profit attributable to shareholders reached 62 million yuan, up 203.18% year-on-year, while the net profit excluding non-recurring items was 47 million yuan, a significant increase of 748.12% year-on-year [7]. - The charging segment showed resilience during the off-peak season, with charging business revenue growing year-on-year. The company added 18,100 public DC charging piles in Q1 2024, a 7.8% increase year-on-year. The charging volume reached 2.85 billion kWh, up 53.7% year-on-year, with a monthly average utilization rate of 7.06%, reflecting strong demand in the charging industry [7]. - The box transformer business continues to thrive, focusing on new energy applications across various sectors. The company has secured contracts exceeding 10 billion yuan in 2023, with a year-on-year growth rate of over 50% in new energy box transformers [7]. - The company announced a stock incentive plan for 2024, granting 1.4 million restricted shares, which represents 0.13% of the company's total shares, aimed at boosting confidence in the box transformer business [7]. Financial Summary - The company forecasts revenues of 14.602 billion yuan, 19.554 billion yuan, 25.466 billion yuan, and 32.408 billion yuan for 2023, 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 25.6%, 33.9%, 30.2%, and 27.3% [9]. - The net profit attributable to shareholders is projected to be 491 million yuan, 704 million yuan, 955 million yuan, and 1.345 billion yuan for the same years, with year-on-year growth rates of 80.4%, 43.4%, 35.6%, and 40.9% respectively [9]. - The gross margin is expected to be 23.4% in 2023, decreasing to 20.8% by 2026, while the return on equity (ROE) is projected to increase from 7.3% in 2023 to 14.1% in 2026 [9].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 煤炭开采 ＃investSuggestion＃ ＃ ＃d 山yCo 西mp 焦any＃煤 （ 000983 ） investSug 增持 ( 维ges持tion ）Ch 00 高098 分3 红政 策延续， 2＃ 4tit Qle 1＃ 量价 下滑拖累业绩 ange＃ ＃ createTime1＃ 2024年 5月 5 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃事s件um：m山ar西y＃焦 煤发布2023年年报及2024年一季报。2023年，公司实现营收555亿元，同 司 比-14.8%；归母净利润67.7亿元，同比-37.0%；扣非归母净利润68.2亿元，同比-27.2%。 市场数据日期 2024-04-30 2024Q1单季度，公司营收105.5亿元，同比-28.5%，环比-28.8%；归母净利润9.5亿元， 点 收盘价（元） 10.50 同比-61.5%，环比-16.2%。对此，我们点评如下： 评 总股本（百万股） 5677.10 高比例分红延续，股息率超7%。公司重视股东回报，派息有逐年递增趋势。2021-2 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [7]. Core Views - The company is experiencing short-term pressure on demand and performance, but is expected to recover growth in Q1 2024 [10]. - The company is a rare supplier of 200/400/800G copper cables, benefiting significantly from the development of AI [10]. - The industrial digital cable business has high technical barriers and is expected to become a new growth driver for the company [11]. - Profit forecasts for 2024-2026 estimate net profits of 135 million, 175 million, and 211 million yuan, corresponding to PE ratios of 72, 55, and 46 times based on the closing price on April 26 [11]. Financial Summary - In 2023, the company achieved revenue of 1.556 billion yuan, a year-on-year decrease of 3.45%, and a net profit of 98.15 million yuan, down 24.76% year-on-year [14]. - For Q1 2024, the company reported revenue of 36.9 million yuan, a year-on-year increase of 12.43%, and a net profit of 17.61 million yuan, up 11.91% year-on-year [14]. - The gross profit margin for 2023 was 15.07%, a decrease of 1.10 percentage points year-on-year [12]. - The company’s operating income is projected to grow at a CAGR of 16.8% from 2023 to 2024, with net profit expected to grow at a CAGR of 37.9% during the same period [8].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 锂 ＃investSuggestion＃ ＃ ＃d永yCo兴mpa材ny＃料 （ 002756 ） investSug 增持 ( 维ges持tionC）h 002756 ＃title＃ 锂价下滑致公司业绩承压，关注矿端扩产进展 ange＃ ＃createTime1＃ 2024 年05 月05日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告和2024年一季报，2023年公司实现营 市场数据日期 2024-04-30 业收入121.89亿元，同比下降21.76％；实现归母净利润34.07亿元，同比 收盘价（元） 47.58 下降46.09%；实现扣非后归母净利润32.39亿元，同比下降47.66%。公司拟 总股本（百万股） 539.10 向全体股东每10股派发现金红利20元（含税）。2024年一季度公司实现营 流通股本（百万股） 386.40 业收入23.00亿元，同比下降31.07%；实现归母净利润4.68亿元，同比下降 净资产（百万元） 13250.54 49.70%；实现扣非后归母净利 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][32]. Core Views - The report highlights that the gradual adoption of edge AI is expected to trigger a wave of upgrades in consumer electronics, particularly in smartphones and PCs, driven by the introduction of AI processors by major players [3][8][14]. - The company is positioned as a global leader in PCB manufacturing, benefiting from the dual increase in volume and price of soft and hard boards due to the rise of AI terminals [25][32]. - The report emphasizes the significant potential for revenue growth as the company expands its product lines and production capabilities in response to the evolving market demands [30][32]. Summary by Sections 1. Edge AI and Consumer Electronics Upgrade - The introduction of AI processors by companies like Qualcomm and MediaTek is facilitating the emergence of AI smartphones, enhancing user experience through features like real-time translation and personalized services [8][10][14]. - The report anticipates a rapid increase in AI smartphone penetration, with projections indicating that the market share will rise from 5% in 2024 to 45% by 2027 [14][16]. 2. Chip Performance and PCB Value Increase - The report discusses how the integration of AI requires enhanced computing power, leading to upgrades in smartphone hardware, such as the Samsung Galaxy S24 series, which features significant improvements in CPU, GPU, and NPU performance [17][19]. - It notes that the increase in chip size and complexity will elevate the value of PCBs, with expectations for higher layer counts and reduced line widths in future designs [21][22]. 3. Global PCB Leader and Market Position - The company is recognized as the largest PCB manufacturer globally, with a diverse product range that includes FPC, SLP, HDI, and more, catering to various sectors including consumer electronics and automotive [25][27]. - The report highlights the company's strong competitive advantage in the smartphone and consumer electronics markets, which accounted for over 95% of its revenue in 2023 [27][30]. 4. Profit Forecast and Valuation - The report maintains previous profit forecasts, projecting net profits of 38.17 billion, 44.49 billion, and 49.18 billion yuan for 2024-2026, with corresponding PE ratios of 14.7, 12.6, and 11.4 [3][32].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][9]. Core Insights - The company reported a revenue of 4.295 billion yuan in 2023, representing a year-on-year growth of 15.30%. The net profit attributable to shareholders was 1.462 billion yuan, up 42.57% year-on-year [4][6]. - In Q1 2024, the company achieved a revenue of 1.308 billion yuan, a 36.93% increase year-on-year, with a net profit of 426 million yuan, growing by 47.06% [4][6]. - The company has a strong product pipeline with several successful game launches and ongoing projects, indicating robust future growth potential [8][9]. Financial Performance Summary - **2023 Financials**: - Revenue: 42.95 billion yuan, up 15.30% - Net Profit: 14.62 billion yuan, up 42.57% - Gross Margin: 83.47%, an increase of 8.45 percentage points [4][7]. - **Q4 2023 Performance**: - Revenue: 12.66 billion yuan, up 40.62% - Net Profit: 3.79 billion yuan, up 241.70% [4][6]. - **Q1 2024 Performance**: - Revenue: 13.08 billion yuan, up 36.93% - Net Profit: 4.26 billion yuan, up 47.06% [4][6]. Business Segment Analysis - **Revenue Breakdown**: - Mobile games contributed 35.77 billion yuan, accounting for 83.27% of total revenue, with a growth of 13.28% year-on-year [7]. - Information services revenue was 6.64 billion yuan, up 43.28% [7]. - Web game revenue decreased to 0.55 billion yuan, down 37.31% [7]. - **Cost and Expenses**: - The company's main business gross margin improved, with mobile game gross margin at 82.20% and information services at 92.75% [7][8]. Governance and Confidence - The company has increased its dividend payout, planning to distribute 2.13 billion yuan for 2023 and approximately 2 billion yuan in 2024 [8][9]. - The governance structure has been enhanced, with the company ending its status of having no controlling shareholder and implementing board structure reforms [8][9]. Product Development and Innovation - The company has a rich pipeline of upcoming games, including titles like "斗罗大陆:诛邪传说" and "盗墓笔记：启程" [9]. - An AI application research center has been established to enhance game development processes [9]. Profit Forecast - The profit forecast for 2024-2026 is adjusted to 1.805 billion yuan, 2.111 billion yuan, and 2.394 billion yuan respectively, with corresponding PE ratios of 14.1, 12.0, and 10.6 times based on the current stock price [4][9].

证券研究报告 ＃industryId＃ 传媒 ＃investSuggestion＃ ＃相关报告 relatedReport＃ 《【兴证传媒】蓝色光标 2023 年 半年报点评：主营业务高速修 复，AI²深入推进》2023-08-23 李阳 ＃ investSug gestionCh ange＃ 维持 ） 注: 每股收益均按照最新股本摊薄计算 公司点评报告(带市场行情) 信息披露 本公司在知晓的范围内履行信息披露义务。客户可登录 www.xyzq.com.cn 内幕交易防控栏内查询静默期安排和关联公司 持股情况。 | --- | --- | --- | --- | |------------------------------------------------------------------------|----------|-----------|-----------------------------------------------------------------------------------------------------------------------| | 投资建议的评级 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 传媒 ＃investSuggestion＃ ＃ ＃d 分yCo 众mp 传any＃媒 （ 002027.SZ ） investSug 增持 ( 维ges持tion ）Ch 000 经00 营9 业绩 稳健增长 ＃ ，tit 境le＃ 内 外 点位高速扩张 ange＃ ＃ createTime1＃ 2024年 05月 05日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 分众传媒发布2023年报及2024年一季报。2023年公司实现营业 司 收入119.04亿元，同比增长26.30%；归母净利润48.27亿元，同比增长 日期 2024-04-30 点 收盘价（元） 6.50 73.02%；扣非归母净利润 43.74 亿元，同比增长 82.68%。其中第四季度 公司实现营业收入 32.29 亿元，同比增长 57.13%；归母净利润 12.25 亿 评 总股本（百万股） 14442.20 元，同比增长85.81%；扣非归母净利润11.17亿元，同比增长151.99%。 报 流通股本（百万股） 14442 ...

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its stock performance [3][20]. Core Views - The company achieved significant revenue growth in 2023, with operating income reaching 128 million yuan, a year-on-year increase of 361%. However, it reported a net loss attributable to shareholders of 1.053 billion yuan, compared to a loss of 955 million yuan in the same period last year [14][24]. - The company is entering a commercial phase with successful sales of its products, including adalimumab and dexamethasone biosimilars, and has a robust pipeline with the Nectin-4 ADC showing promising clinical data [6][20][25]. - The company is expected to continue its growth trajectory, with projected EPS for 2024-2026 being -2.59, -1.86, and -0.23 yuan respectively, reflecting a gradual improvement [20]. Financial Performance Summary - In 2023, the company reported an operating income of 128 million yuan, a 361% increase year-on-year, but a net loss of 1.053 billion yuan [14][24]. - For Q1 2024, the company reported an operating income of 68 million yuan, a staggering 1572% increase year-on-year, with a net loss of 206 million yuan [23][24]. - The company’s revenue growth is attributed to the sales of its biosimilars and licensing agreements, contributing positively to its financial performance [24]. Clinical Development and Pipeline - The Nectin-4 ADC, 9MW2821, has shown differentiated efficacy in clinical trials for treating advanced esophageal squamous cell carcinoma (ESCC) and cervical cancer, with FDA granting it "Fast Track Designation" [4][30]. - Clinical data for 9MW2821 indicates an overall response rate (ORR) of 62.2% for treating relapsed/refractory UC, outperforming the competitor Padcev [15][18]. - The company has a comprehensive pipeline with multiple products in various stages of development, indicating a strong focus on research and development [6][20].