| --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|-------|-------|-------|-------|-----------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 6,229 | 5,921 | 6,087 | 6,686 | 7,371 | 股票信息 | | | 增长率 yoy （ % ） | -10.8 | -4.9 | 2.8 | 9.8 | 10.3 | | | | 归母净利润（百万元） | -381 | 266 | 428 | 477 | 545 | 行业 | 建材 | | 增长率 yoy （ % ） | -220.9 | 169.9 | 60.7 | 11.5 | 14.3 | 2024 年 5 月 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for future performance [22][37]. Core Insights - The company has shown strong performance in 2023, with significant growth in revenue and profit margins, particularly in its main product lines [17][22]. - The company is expanding its product categories, which is expected to drive future growth [22]. - The financial outlook for 2024-2026 shows a steady increase in net profit, with projections of 1.71 billion, 2.08 billion, and 2.48 billion respectively, reflecting year-on-year growth rates of 17%, 21%, and 19% [22][24]. Financial Performance Summary - In Q1 2024, the company reported revenue of 88.57 million, a year-on-year increase of 3.22%, while the net profit was -1.76 million, showing a significant improvement of 68.59% compared to the previous year [20]. - For the full year 2023, the company achieved revenue of 9.40 billion, a growth of 5.94%, and a net profit of 1.46 billion, up 35.21% year-on-year [20]. - The gross margin for 2023 was 36.19%, an increase of 2.85 percentage points from the previous year, while the net margin was 15.53%, up 3.36 percentage points [17]. Revenue Breakdown - In 2023, the revenue from the company's main products was as follows: energy-saving aluminum-clad wooden windows at 790 million, aluminum alloy windows at 114 million, and curtain walls and sunrooms at 20 million, with respective year-on-year growth rates of 5.17%, 11.98%, and 4.91% [17]. - The sales model showed that bulk sales accounted for 55.71% of total revenue, while dealer sales contributed 42.62%, with the latter growing by 8.17% year-on-year [17]. Cash Flow and Expenses - The operating cash flow for 2023 was 1.49 billion, a remarkable increase of 660.80% year-on-year, primarily due to increased sales collections [17]. - The company’s expense ratio was 12.35%, a slight decrease of 0.82 percentage points compared to the previous year [17]. Dividend Policy - The company announced a cash dividend plan for 2023, proposing a distribution of 5 yuan per 10 shares, totaling 46.45 million, and outlined a three-year shareholder return plan [17][18].

长城证券产业金融研究院 传真：021-31829681 传真：86-10-88366686 Q1 盈利能力同比改善，研发费用、政府补助增加影响扣非业绩。Q1 公司毛 利率/净利率分别为 10.59/4.59%，同比分别增加 1.34/0.59pct。公司经营性 现金流净额为 8421.14 万元，同比下降 49.97%，主要系本期营业收入减少 所致。公司期间费用率为 7.18%，同比增长 2.54pct。其中销售/管理（含研 发）/财务费用率分别为 0.51/4.98/1.70%，同比分别增长 0.05/2.14/0.36pct， 主要系研发投入增加所致。Q1 研发费用为 1.57 亿元，同比增长 105.44%。 其他收益为 1.54 亿元，同比增长 107.92%，主要系本期确认的与公司日常经 营活动相关的政府补助增加所致。 风险提示：宏观经济政策变化；主要原材料价格波动风险；用工风险；市场 邮箱：huajiangyue@cgws.com 1、《订单增势向好，吨盈利有所下滑》2024-04-02 2、《订单及产量维持高增，吨盈利阶段性承压—鸿路钢 构（002541）三季报点评》2023-10-27 3、《 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [10][32]. Core Insights - The company has successfully divested the "Songlin Home" business, allowing it to focus more on its core operations [11][32]. - The first quarter of 2024 showed strong performance with a revenue of 681 million yuan, a year-on-year increase of 12.61%, and a net profit of 111 million yuan, up 154.72% year-on-year [22]. - The company is expected to see significant growth in net profit over the next few years, with projections of 482 million yuan, 584 million yuan, and 716 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 37%, 21%, and 23% [32]. Financial Performance Summary - In 2023, the company reported a revenue of 2,983 million yuan, a decrease of 6.2% year-on-year, while the net profit was 352 million yuan, an increase of 34.9% year-on-year [10][22]. - The gross margin and net margin for 2023 were 35.02% and 13.11%, respectively, both showing improvements compared to the previous year [12][22]. - The company's operating cash flow for Q1 2024 was 131 million yuan, reflecting a year-on-year growth of 37.25% [11]. Product and Market Dynamics - The company has optimized its product structure, with steady growth in kitchen and bathroom health products as well as beauty health products [11][12]. - The average selling price for kitchen health products decreased by 6.73% to 47.26 yuan per unit, while beauty health products saw a price increase of 9.61% to 59.86 yuan per unit [12]. - The company aims to become a hidden champion in the health hardware IDM business, focusing on niche categories after the divestment of "Songlin Home" [32].

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 [37]. Core Insights - The company is expected to achieve a robust revenue growth, with projected net profits for 2024-2026 at 1.59 billion, 2.13 billion, and 2.67 billion CNY, representing year-on-year growth rates of 142%, 33%, and 26% respectively [5]. - The company is benefiting from the growth in the pharmaceutical glass market, with the introduction of borosilicate molded bottles expected to significantly enhance future performance [5][15]. - The company reported a revenue of 2.67 billion CNY in Q1 2024, marking an 18.99% year-on-year increase, while the net profit was 24.81 million CNY, up 8.22% year-on-year [24]. Financial Summary - The company's revenue for 2022 was 822 million CNY, which increased to 947 million CNY in 2023, with an expected revenue of 1.287 billion CNY in 2024, reflecting a year-on-year growth rate of 35.9% [2][30]. - The gross profit margin for 2023 was reported at 17.44%, a decrease of 4.65 percentage points year-on-year, while the net profit margin was 6.96%, down 7.23 percentage points year-on-year [3]. - The company's operating cash flow for 2023 was 61 million CNY, a 32.35% increase compared to the previous year, primarily due to increased revenue [3][17].

证券研究报告 | 公司动态点评 2024 年 05月 07日 锦浪科技（300763.SZ） 好转信号已现，静候出货佳音 财务指标 2022A 2023A 2024E 2025E 2026E 增持（首次评级） 营业收入（百万元） 5,890 6,101 8,154 10,201 11,986 股票信息 增长率yoy（%） 77.8 3.6 33.7 25.1 17.5 归母净利润（百万元） 1,060 779 907 1,178 1,439 行业 电力设备及新能源 增长率yoy（%） 123.7 -26.5 16.4 29.9 22.1 2024年5月6日收盘价（元） 55.73 ROE（%） 25.0 10.0 10.6 12.1 13.0 总市值（百万元） 22,330.28 EPS最新摊薄（元） 2.64 1.95 2.26 2.94 3.59 流通市值（百万元） 17,919.12 P/E（倍） 20.2 27.5 23.7 18.2 14.9 总股本（百万股） 400.69 P/B（倍） 5.1 2.8 2.5 2.2 1.9 流通股本（百万股） 321.53 资料来源：公司财报，长城证券产业金融研 ...

证券研究报告 | 行业动态点评 2024 年 04月 26日 传媒 4 月国产网络游戏版号发布，版号数量略有下降 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 002555.SZ 三七互娱 买入 1.40 1.58 11.8 10.5 行业走势 002624.SZ 完美世界 买入 0.55 0.61 18.2 16.2 00700.HK 腾讯控股 买入 15.65 17.99 17.0 14.8 传媒 沪深300 资料来源：长城证券产业金融研究院 11% 4% 事件：4月26日，国家新闻出版署发布了2024年4月份国产网络游戏审批 -3% -10% 信息，共 95款游戏获批版号，低于此前超百款水平，但高于2023年平均数 -17% 量。此外，4月8号亦发放14款进口游戏版号，全年已累计发放46款。 -24% -31% 多家游戏公司产品获批版号，建议关注后续新品测试情况以及上线为公司带 -38% 2023-04 2023-08 2023-12 2024-04 来的边际变化。本次，多个重点产品获批游戏版号，涉及多家上市/非上市公 司 ...

证券研究报告 | 行业周报 2024 年 04月 25日 非银行金融 海外地缘政治持续扰动，基金交易端降费正式落地-非银周观点 本周市场受外部事件、美联储降息预期波动、密集财报披露等因素，叠加北 强于大市（维持评级） 向资金波动影响，市场继续呈现震荡走势。历史上，4 月走势更聚焦业绩， 更多要回归基本面定价，今年 4月外部地缘冲突加剧，市场风偏受到一定程 行业走势 度压制。第三个国九条颁布，有望提升市场风偏。交易节奏层面而言，本周 监管继续发布了东吴证券处罚通知书，彰显了从严监管导向，一定程度上可 非银行金融 沪深300 16% 能对券商板块股价形成短期压制，具备并购重组预期对板块的潜在影响可能 11% 胜率高些，重点关注以浙商证券、国联证券、中国银河等为代表个股。 5% 0% -5% 保险股估值有所修复，关注寿险改革及基本面修复情况。十年期国债收益率 -11% 跌破2.40%，本周下探到 2.25%附近，保险板块估值继续承压，后续走势需 -16% 密切关注寿险改革及基本面修复情况。我们认为，保险负债端基本面延续弱 -21% 2023-04 2023-08 2023-12 2024-04 复苏态势，五大上市险 ...

Investment Rating - The report maintains a "Hold" rating for the company, with expectations of a stock price increase relative to the industry index between -5% to 5% over the next six months [16]. Core Views - The company achieved a historical high in revenue for 2023, with a total revenue of 2.391 billion yuan, representing a year-on-year growth of 9.82%. However, the net profit attributable to the parent company was -93 million yuan, a decline of 167.48% year-on-year [10][19]. - The company is focusing on expanding its advanced packaging capabilities and has made significant investments in research and development to enhance its product offerings in the semiconductor market, particularly in automotive electronics [4][35]. - The company is expected to benefit from the recovery in downstream customer demand as the overall inventory destocking phase in the integrated circuit industry comes to an end [4]. Financial Summary - For 2023, the company reported a gross margin of 13.90%, down 8.01 percentage points year-on-year, primarily due to weak orders from downstream customers and price pressures on certain product lines [19]. - The first quarter of 2024 saw a significant revenue increase of 71.11% year-on-year, reaching 727 million yuan, with a gross margin of 14.23%, reflecting improved scale effects [10][19]. - The projected net profits for 2024, 2025, and 2026 are expected to be 21 million yuan, 159 million yuan, and 303 million yuan, respectively, with corresponding EPS of 0.05 yuan, 0.39 yuan, and 0.74 yuan [28]. Market Position and Strategy - The company is actively expanding its production capacity and enhancing its service capabilities to existing customers while also targeting new clients, including major players in Taiwan [35][36]. - The strategic focus includes the development of new product lines such as Bumping, CP, wafer-level packaging, FC-BGA, and automotive electronics, which are expected to drive future growth [4][35]. - The company has established a one-stop delivery capability, which is anticipated to shorten delivery times and improve quality control for customers [35].

长城证券产业金融研究院 增持（维持评级） 行业 电子 江丰电子（300666.SZ） | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,325 | 2,602 | 3,676 | 4,781 | 5,985 | | 增长率 yoy （ % ） | 45.9 | 11.9 | 41.3 | 30.1 | 25.2 | | 归母净利润（百万元） | 264 | 255 | 331 | 471 | 634 | | 增长率 yoy （ % ） | 147.9 | -3.4 | 29.5 | 42.4 | 34.6 | | ROE （ % ） | 5.9 | 5.3 | 6.9 | 8.9 | 10.7 | | EPS 最新摊薄（元） | 1.00 | 0.96 | 1.25 | 1.77 | 2.39 | | ...