Investment Rating - The report upgrades the investment rating to "Buy" based on the expected strong growth in the company's performance and market demand for PCB and semiconductor equipment [5][32]. Core Views - The company has shown continuous revenue growth, with a 2023 revenue of 829 million yuan, representing a year-on-year increase of 27.07%, and a net profit of 179 million yuan, up 31.28% year-on-year [1][2]. - The company is benefiting from the high-end upgrade of its product system, particularly in the PCB market, which has led to a significant increase in market penetration and revenue growth [2]. - The company has a robust order backlog for the second quarter of 2024, with expectations for continued growth driven by both domestic and international customer demand [2][11]. Financial Performance - In 2023, the company's gross margin was 42.62%, a slight decrease of 0.55 percentage points year-on-year, while the net profit margin improved by 0.69 percentage points to 21.63% [2]. - The company reported a net profit of 179 million yuan for 2023, with projections for 2024-2026 net profits of 271 million yuan, 351 million yuan, and 498 million yuan, respectively [5][14]. - The earnings per share (EPS) for 2023 was 1.36 yuan, with forecasts of 2.06 yuan, 2.67 yuan, and 3.79 yuan for the years 2024, 2025, and 2026 [5][25]. Business Development - The company is expanding its product offerings in the semiconductor field, with significant advancements in direct-write lithography technology and a strong focus on high-end PCB products [8][12]. - The company has successfully entered international markets, with equipment sales to countries such as Japan, Vietnam, Thailand, and Australia, indicating a strong growth trajectory in overseas business [12]. - The company is actively pursuing strategic partnerships, such as with VTEC in Japan, to enhance its market presence and technological capabilities [12].

证券研究报告 | 公司动态点评 2024 年 05月 16日 巨化股份（600160.SH） 公司短期内业绩承压，看好公司制冷剂配额优势，盈利水平有望逐 步回升 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 21,489 20,655 24,192 27,257 30,195 股票信息 增长率yoy（%） 19.5 -3.9 17.1 12.7 10.8 归母净利润（百万元） 2,381 944 2,644 3,471 4,536 行业 基础化工 增长率yoy（%） 114.7 -60.4 180.2 31.3 30.7 2024年5月15日收盘价（元） 25.83 ROE（%） 15.2 5.9 14.4 16.1 17.6 总市值（百万元） 69,734.44 EPS最新摊薄（元） 0.88 0.35 0.98 1.29 1.68 流通市值（百万元） 69,734.44 P/E（倍） 29.3 73.9 26.4 20.1 15.4 总股本（百万股） 2,699.75 P/B（倍） 4.5 4.3 3.8 3.2 2.7 流通股本（百万股） 2 ...

证券研究报告 | 公司动态点评 2024 年 05月 15日 兆驰股份（002429.SZ） LED 景气提升盈利向好，23 年业绩同比快速增长 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 15,028 17,167 20,985 24,221 26,638 股票信息 增长率yoy（%） -33.3 14.2 22.2 15.4 10.0 归母净利润（百万元） 1,146 1,588 2,123 2,549 2,984 行业 家电 增长率yoy（%） 244.1 38.6 33.7 20.1 17.1 2024年5月14日收盘价（元） 5.26 ROE（%） 8.4 10.8 13.3 14.1 14.0 总市值（百万元） 23,811.71 EPS最新摊薄（元） 0.25 0.35 0.47 0.56 0.66 流通市值（百万元） 23,797.99 P/E（倍） 20.8 15.0 11.2 9.3 8.0 总股本（百万股） 4,526.94 P/B（倍） 1.7 1.6 1.4 1.3 1.1 流通股本（百万股） 4,524.33 资料来源 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index within the next six months [38]. Core Insights - The company achieved a revenue of 4.006 billion yuan in 2023, representing a year-on-year growth of 43.29%. The net profit attributable to shareholders was 316 million yuan, up 55.53% year-on-year [2][19]. - In Q1 2024, the company reported a revenue of 864 million yuan, a year-on-year increase of 21.87%, but a quarter-on-quarter decline of 41.15%. The net profit attributable to shareholders was 71 million yuan, down 10.28% year-on-year and 26.31% quarter-on-quarter [2]. - The company has set ambitious targets, aiming for signed contracts of 8 billion yuan in 2024 and 10 billion yuan in 2025, reflecting a strong outlook for the LED display industry and the new energy storage business [21]. Financial Performance - The company’s revenue is projected to grow from 5.734 billion yuan in 2024 to 10.059 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 25.3% [19]. - The net profit attributable to shareholders is expected to increase from 434 million yuan in 2024 to 804 million yuan in 2026, indicating a robust growth trajectory [21]. - The company’s gross margin for 2023 was 29.57%, with a slight decrease of 1.80 percentage points year-on-year, while the net margin improved by 0.44 percentage points to 7.72% [13]. Market Trends - The global LED display market is recovering, with a market size of 7.564 billion USD in 2023, reflecting an 8% year-on-year increase. The company is well-positioned to benefit from this trend [20]. - The company has invested approximately 400 million yuan in R&D from 2021 to 2023, focusing on technologies such as Micro LED and virtual shooting, which have significantly contributed to its product offerings and sales growth [32]. Business Development - The company’s domestic signed contracts grew by approximately 93% year-on-year, reaching 25 billion yuan in 2023, while international contracts increased by 26% to 28 billion yuan [30]. - The company has launched 55 new products in 2023, with sales of Micro LED products increasing by over 200% year-on-year, showcasing its innovation capabilities [32].

Financial Performance - The company achieved total operating revenue of 399,122.38 million CNY, representing a year-on-year growth of 27.66%[3] - Net profit attributable to shareholders reached 143,847.27 million CNY, with a year-on-year increase of 60.00%[3] - The weighted average return on net assets was 5.12%, up by 1.09 percentage points compared to the previous year[3] Risk Management and Compliance - The company has established a four-tier compliance management system to ensure effective risk control and compliance operations[3] - A comprehensive risk management framework includes a risk control and compliance committee at the board level, operational management, and dedicated risk management roles across various departments[3] Strategic Goals for 2024 - The company aims to achieve two core objectives: completing the annual profit budget and avoiding major risk incidents[4] - Key focus areas include talent development, refined management, and brand building, supported by mechanisms for oversight, collaboration, and risk mitigation[4] Market Position and Industry Recognition - The company improved its industry ranking, with operating revenue now at the 28th position, up 12 places, and net profit at the 25th position, up 5 places[30] - The company received over a hundred awards from government and regulatory bodies, enhancing its reputation in areas such as governance, innovation, and social responsibility[30] Future Business Development - The company plans to enhance its wealth management, investment banking, and asset management services while maintaining a focus on risk management and compliance[46] - There are intentions to explore new business growth points and optimize the financial structure to improve profitability[46]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has shown rapid revenue growth in Q1 2024, with a year-on-year increase of 38.72%, indicating a recovery trend in the integrated circuit industry [2] - The company is expanding its advanced packaging capabilities and has successfully entered trial production phases at new facilities, enhancing its market position [2][4] - Despite a challenging market environment, the company is actively managing costs and improving its service to key clients, which is expected to support future growth [2][4] Financial Summary - Revenue for 2023 was 11,298 million yuan, down 5.1% year-on-year, while Q1 2024 revenue reached 3,106 million yuan, up 38.72% year-on-year [1][2] - The net profit for 2023 was 226 million yuan, a decrease of 70.0% year-on-year, but Q1 2024 net profit improved to 57 million yuan, up 153.62% year-on-year [1][2] - The company's gross margin for 2023 was 8.91%, down 7.93 percentage points year-on-year, but improved to 8.52% in Q1 2024 [2][4] - The projected net profit for 2024-2026 is estimated at 684 million yuan, 1,088 million yuan, and 1,549 million yuan respectively, with corresponding EPS of 0.21, 0.34, and 0.48 yuan [4]

证券研究报告 | 公司动态点评 2024 年 05 月 14 日 23 年营收稳健增长，看好光传感芯片快速放量 23 年营收稳健增长，高研发投入拖累 24 年 Q1 业绩：2023 年，得益于无 线充电产品营收大幅增长、信号链产品开始规模交付，以及模拟电源管理芯 片出货量大幅增长，公司全年营收同比稳健增长。2023 年，公司整体毛利率 为 28.79%，同比-3.96pcts，主因系半导体行业回暖不及预期，终端销售价 格下降速度快于供应链端成本下降速度；净利率 6.38%，同比-5.54pcts。费 用方面， 2023 年 全 年公 司 销售 、管 理 、研 发 及财 务 费用 率 分别为 5.68%/6.46%/21.75%/-2.09% ， 同 比 变 动 分 别 为 +1.43/+1.21/+6.85/+0.17pcts；其中研发费用率与绝对值同比均有所提升， 主要系研发人员薪酬、新产品开发材料、测试实验等费用均大幅增加所致。 2024 年 Q1，受季节性因素及研发投入加大影响，公司利润端有所承压；其 中，Q1 研发投入金额为 3,274.36 万元，同比增长 81.26%，占公司营业收入 的比例为 3 ...

Investment Rating - The report upgrades the investment rating to "Buy" based on expected stock price growth exceeding 15% relative to the industry index over the next six months [22]. Core Insights - The company has significantly narrowed its losses in 2023, with a notable improvement in gross margin to 25.67%, up by 8.09 percentage points year-on-year, driven by inventory clearance and product structure optimization [2]. - The acquisition of Lingou Chuangxin has contributed positively to the company's performance, with a reported revenue of 1.76 billion yuan and a net profit of 0.53 billion yuan from the acquired subsidiary [8]. - The company is actively expanding its product lines, including LED lighting power management chips, AC/DC power management chips, motor drive and control chips, and DC/DC power management chips, with strong market feedback and sales growth across various segments [3][7]. Financial Performance Summary - In 2023, the company achieved a total revenue of 1.303 billion yuan, representing a year-on-year growth of 20.74%, and a net profit of -0.91 billion yuan, an increase of 54.21% year-on-year [23]. - For Q1 2024, the company reported a revenue of 319 million yuan, a year-on-year increase of 20.21%, and a net profit of -0.29 billion yuan, reflecting a 51.01% year-on-year growth [23]. - The forecast for net profit is projected to improve significantly, with estimates of 0.97 billion yuan, 1.76 billion yuan, and 2.45 billion yuan for 2024, 2025, and 2026 respectively [9].

证券研究报告 | 公司动态点评 2024 年 05月 08日 高通（NASDAQ:QCOM） FY24Q2 净利润稳健增长，持续推动终端侧 AI 变革 财务指标 FY2022A FY2023A FY2024E FY2025E FY2026E 买入（维持评级） 营业收入（百万美元） 44,200.00 35,820.00 38,560.23 42,786.43 46,222.18 股票信息 增长率yoy（%） 31.68 -18.96 7.65 10.96 8.03 归母净利润（百万美元） 12,936.00 7,232.00 9,938.83 12,107.11 13,913.81 行业 通信 增长率yoy（%） 43.05 -44.09 37.43 21.82 14.92 2024年5月7日收盘价（美元） 180.15 ROE（%） 71.81 33.51 35.48 33.78 31.03 总市值（百万美元） 201,047.00 EPS最新摊薄（美元） 11.59 6.48 8.91 10.85 12.47 流通市值（百万美元） 201,047.00 P/E（倍） 15.54 27.80 20.23 1 ...

证券研究报告 整体业绩稳步提升，估值仍处于历史低位，持续 关注算力相关产业链 ——通信行业2023年年报及2024年一季报总结 强于大市（维持） 长城证券产业金融研究院 分析师：侯宾 执业证书编号：S1070522080001 ...