Investment Rating - The report assigns an **"Overweight"** rating to the company, indicating a positive outlook for its stock performance relative to the industry index over the next six months [6][34] Core Views - The company is expected to achieve **recovery growth** in 2024, driven by increased sales orders and improved profitability, with Q1 2024 revenue and net profit attributable to the parent company increasing by **7.42%** and **31.25%** respectively [10] - The company is actively expanding its presence in the **US market**, with plans to acquire Decking Distribution Sub, LLC, and establish production bases in **Vietnam** and **Thailand**, which are expected to drive future growth [9] - The company's **overseas business** accounted for **91%** of its revenue in 2023, with Europe being the primary market, contributing approximately **64%** of overseas revenue in 2021 [10] - The company plans to use **30-40 million yuan** of its IPO overfunding to repurchase shares for employee stock ownership or equity incentive plans, demonstrating confidence in its future development [10][29] Financial Performance - The company's revenue and net profit attributable to the parent company in 2023 were **616 million yuan** and **48 million yuan**, respectively, representing year-on-year declines of **25%** and **43.65%** [10] - For 2024-2026, the company's revenue is projected to grow at a compound annual growth rate (CAGR) of **39.3%**, reaching **1.7 billion yuan** by 2026 [6] - The company's net profit attributable to the parent company is expected to grow by **104.5%**, **38%**, and **23%** in 2024, 2025, and 2026, respectively, reaching **166 million yuan** by 2026 [6] - The company's **ROE** is forecasted to improve from **3.2%** in 2023 to **9.5%** by 2026, reflecting enhanced profitability [6] Industry and Competitive Advantages - The global **wood-plastic composite** market is expected to grow at a CAGR of **11.4%** from 2019 to 2027, driven by increasing demand for sustainable materials [36] - The company holds a competitive edge in the market due to its **export-oriented business model**, with products sold in developed countries such as the US and Europe, where it has secured a share of the **mid-to-high-end market** [36] - The company possesses **independent core technologies** and has developed a comprehensive product portfolio of high-performance wood-plastic composites, which meet international standards and have contributed to the advancement of the domestic wood-plastic industry [36] Expansion and Capacity - The company is expanding its production capacity through projects such as the **20,000-ton lightweight co-extruded wood-plastic composite expansion project** and the **6 million square meter new stone-wood-plastic composite digital printing production line upgrade project** [9] - The establishment of subsidiaries in **Vietnam** and **Thailand** is expected to enhance the company's overseas production and service capabilities, better meeting the order demands of international customers [9]

证券研究报告 | 公司动态点评 2024 年 05月 28日 玲珑轮胎（601966.SH） 轮胎行业进入景气周期，公司积极布局中高端配套项目 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 17,006 20,165 25,101 28,856 32,025 股票信息 增长率yoy（%） -8.5 18.6 24.5 15.0 11.0 归母净利润（百万元） 292 1,391 2,171 2,636 3,226 行业 基础化工 增长率yoy（%） -63.0 376.9 56.1 21.4 22.4 2024年5月27日收盘价（元） 21.35 ROE（%） 1.5 6.7 9.6 10.6 11.6 总市值（百万元） 31,459.71 EPS最新摊薄（元） 0.20 0.94 1.47 1.79 2.19 流通市值（百万元） 31,459.71 P/E（倍） 107.9 22.6 14.5 11.9 9.8 总股本（百万股） 1,473.52 P/B（倍） 1.6 1.5 1.4 1.3 1.1 流通股本（百万股） 1,473.52 资料来源 ...

水晶光电（002273.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,376 | 5,076 | 6,464 | 7,751 | 9,143 | 股票信息 | | | 增长率 yoy （ % ） | 14.9 | 16.0 | 27.3 | 19.9 | 18.0 | | | | 归母净利润（百万元） | 576 | 600 | 798 | 996 | 1,170 | 行业 | 电子 | | 增长率 yoy （ % ） | 30.3 | 4.2 | 33.0 | 24.8 | 17.5 | 2024 年 5 月 28 日收盘价（元） | 14.65 | | R ...

证券研究报告 | 公司动态点评 2024 年 05 月 30 日 B 族维生素价格反弹，1Q24 公司盈利同比改善，看好公司产品规 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（首次评级） | | | 营业收入（百万元） | 2,305 | 1,882 | 2,174 | 2,649 | 3,202 | 股票信息 | | | 增长率 yoy （ % ） | -8.6 | -18.3 | 15.5 | 21.9 | 20.9 | | | | 归母净利润（百万元） | 622 | 476 | 587 | 748 | 978 | 行业 | 医药 | | 增长率 yoy （ % ） | -1 ...

证券研究报告 | 公司动态点评 2024 年 05月 30日 立讯精密（002475.SZ） 果链龙头三大业务齐驱并进，AI 赋能未来增长新篇章 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 214,028 231,905 269,265 311,836 361,418 股票信息 增长率yoy（%） 39.0 8.4 16.1 15.8 15.9 归母净利润（百万元） 9,163 10,953 13,711 17,182 20,620 行业 电子 增长率yoy（%） 29.6 19.5 25.2 25.3 20.0 2024年5月29日收盘价（元） 31.18 ROE（%） 17.8 17.4 18.1 19.0 18.8 总市值（百万元） 223,810.39 EPS最新摊薄（元） 1.28 1.53 1.91 2.39 2.87 流通市值（百万元） 223,324.94 P/E（倍） 24.4 20.4 16.3 13.0 10.9 总股本（百万股） 7,178.01 P/B（倍） 5.0 4.0 3.3 2.7 2.2 流通股本（百万股） 7 ...

证券研究报告 | 公司动态点评 2024年 05月 28日 赛轮轮胎（601058.SH） 需求向好带动公司业绩高增长，看好公司海外产能布局 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 21,902 25,978 31,685 36,392 41,540 股票信息 增长率yoy（%） 21.7 18.6 22.0 14.9 14.1 行业 基础化工 归母净利润（百万元） 1,332 3,091 4,278 4,845 5,305 2024年5月27日收盘价（元） 15.37 增长率yoy（%） 1.5 132.1 38.4 13.2 9.5 ROE（%） 11.2 20.7 22.9 21.1 19.2 总市值（百万元） 50,538.10 EPS最新摊薄（元） 0.43 0.99 1.37 1.55 1.70 流通市值（百万元） 50,538.10 P/E（倍） 36.0 15.5 11.2 9.9 9.0 总股本（百万股） 3,288.10 P/B（倍） 4.0 3.2 2.6 2.1 1.7 流通股本（百万股） 3,288.10 资料来源： ...

证券研究报告 | 公司动态点评 2024 年 05月 28日 三美股份（603379.SH） 三代制冷剂价格向上，持续看好制冷剂行业景气度提升 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 4,771 3,334 4,682 5,428 6,131 股票信息 增长率yoy（%） 17.8 -30.1 40.4 15.9 12.9 归母净利润（百万元） 486 280 695 961 1,202 行业 基础化工 增长率yoy（%） -9.4 -42.4 148.4 38.4 25.0 2024年5月27日收盘价（元） 41.13 ROE（%） 8.5 4.7 10.8 13.2 14.4 总市值（百万元） 25,109.00 EPS最新摊薄（元） 0.80 0.46 1.14 1.57 1.97 流通市值（百万元） 25,109.00 P/E（倍） 51.7 89.8 36.1 26.1 20.9 总股本（百万股） 610.48 P/B（倍） 4.4 4.3 3.9 3.4 3.0 流通股本（百万股） 610.48 资料来源：公司财报，长城证券产业金 ...

证券研究报告 行业专题报告 消费复苏亦步亦趋，硅基智能高歌猛进 评级：强于大市 长城证券产业金融研究院 科技首席：唐泓翼 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [15]. Core Views - The collaboration with Volkswagen is driving revenue growth, and the company's international expansion and technological strategy are promising for future prospects [1][8]. - The first quarter of 2024 saw significant revenue growth, with total revenue reaching 6.548 billion yuan, a year-on-year increase of 62.3% [1][2]. - The company is expected to benefit from a rich product matrix and new model launches, which will enhance sales and improve profit margins [2][9]. Financial Summary - **Revenue Growth**: The company reported a revenue of 30.68 billion yuan in 2023, with an expected increase to 51.39 billion yuan in 2024, reflecting a year-on-year growth rate of 67.54% [1]. - **Net Profit**: The net loss attributable to shareholders is projected to narrow from 10.38 billion yuan in 2023 to 8.27 billion yuan in 2024, with a potential return to profitability in 2026 [1][9]. - **Gross Margin**: The gross margin for automotive sales improved to 5.5% in Q1 2024, up 1.4 percentage points from the previous quarter [2][7]. - **Service Revenue**: Revenue from services and other businesses reached 1.004 billion yuan in Q1 2024, a year-on-year increase of 93.1%, significantly contributing to the overall gross profit [7]. Strategic Developments - **Partnership with Volkswagen**: The ongoing collaboration with Volkswagen has led to increased service revenue and improved financial stability, with expectations for continued growth in related income [7]. - **International Expansion**: The company has initiated its international V2.0 strategy, with Q1 2024 export sales reaching 61.8% of the total export volume for 2023, indicating strong international market penetration [8][9]. - **New Model Launches**: The upcoming launch of the AI-driven compact electric sedan and a new B-class electric sedan is expected to enhance the product lineup and drive sales growth [2][9].