证券研究报告 | 公司动态点评 2024 年 04月 26日 电投能源（002128.SZ） 煤炭盈利逆势上涨，打造“煤-电-铝”产业集群成长可期 财务指标 2022A 2023A 2024E 2025E 2026E 买入（上调评级） 营业收入（百万元） 26,793 26,846 29,300 32,164 35,662 股票信息 增长率yoy（%） 8.6 0.2 9.1 9.8 10.9 归母净利润（百万元） 3,986 4,560 4,796 5,302 5,744 行业 有色金属 增长率yoy（%） 11.3 14.4 5.2 10.5 8.3 2024年4月25日收盘价（元） 18.95 ROE（%） 17.2 14.6 14.3 13.8 13.4 总市值（百万元） 42,477.82 EPS最新摊薄（元） 1.78 2.03 2.14 2.37 2.56 流通市值（百万元） 40,052.22 P/E（倍） 10.7 9.3 8.9 8.0 7.4 总股本（百万股） 2,241.57 P/B（倍） 1.8 1.4 1.2 1.1 1.0 流通股本（百万股） 2,113.57 资料来源：公司财报 ...

Investment Rating - The report maintains a "Buy" rating for Lingrui Pharmaceutical, expecting the stock price to outperform the industry index by over 15% in the next six months [17]. Core Views - Lingrui Pharmaceutical has demonstrated strong financial performance with a revenue of 3.311 billion yuan in 2023, representing a year-on-year growth of 10.31%, and a net profit of 568 million yuan, up 22.09% [2][4]. - The company is positioned to benefit from the expanding orthopedic medication market due to the aging population in China, with a focus on optimizing product structure and cost management to enhance profit margins [8][19]. Financial Performance Summary - In 2023, the company achieved a revenue of 3.311 billion yuan, with a net profit of 568 million yuan and a non-deductible net profit of 534 million yuan, marking increases of 22.09% and 30.61% respectively [2][4]. - For Q1 2024, the company reported a revenue of 909 million yuan, a year-on-year increase of 15.27%, and a net profit of 190 million yuan, up 31.98% [5][19]. - The financial indicators for 2024E project revenues of 3.779 billion yuan and a net profit of 701 million yuan, reflecting a growth rate of 14.1% and 23.4% respectively [4][8]. Product and Brand Development - The product matrix has been enriched with the approval of two new drug registrations, expanding the range of dosage forms to over a hundred products [3][31]. - The company has implemented a "1+N" brand strategy, enhancing brand value and recognition, with notable products achieving significant sales milestones [3][31]. Operational Efficiency - The company has optimized its cost structure, with a decrease in sales, management, and financial expense ratios in Q1 2024 compared to the previous year [5][19]. - Continuous improvements in operational management and marketing strategies have been noted, including the integration of traditional and e-commerce channels [22].

金雷股份（300443.SZ） 事件：公司于 2024 年 4 月 23 日发布 2023 年年度报告以及 2024 年一季报。 2023 年公司实现营业收入 19.46 亿元，同比增长 7.41%；归母净利润 4.12 亿元，同比增长 16.85%；扣非归母净利润 3.93 亿元，同比增长 9.19%。 2024Q1 公司实现营业收入 2.55 亿元，同比下降 41.56%；归母净利润 0.29 亿元，同比下降 70.80%；扣非归母净利润 0.23 亿元，同比下降 75.98%。 传统业务不断扩产，新增 28 万吨锻造产能。锻造领域，公司拟于济南市建 设高端传动装备科创产业园项目，总投资额为 26.51 亿元，项目规划期为 4.5 年，共分三期建设，建成后将形成年产 28 万吨大型高端锻件的全流程生产能 力。铸造领域，公司于东营建设的 15 万吨大兆瓦铸件产能已于 2023 年逐步 投产，已经通过西门子、金风科技、远景能源等多家客户建立良好战略合作 关系，形成超过 130 个新产品。作为风电主轴领域龙头公司，预计随着产能 的快速提升，公司有望进一步增强核心竞争力。 执业证书编号：S107052003000 ...

证券研究报告 | 公司动态点评 2024 年 04月 26日 澜起科技（688008.SH） 24Q1 扣非净利润同比+741 倍，持续受益 AI 互联新品放量 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 3,672 2,286 3,509 4,537 5,467 股票信息 增长率yoy（%） 43.3 -37.8 53.5 29.3 20.5 归母净利润（百万元） 1,299 451 1,125 1,614 2,015 行业 电子 增长率yoy（%） 56.7 -65.3 149.6 43.4 24.8 2024年4月25日收盘价（元） 48.30 ROE（%） 13.1 4.4 10.2 13.2 14.5 总市值（百万元） 55,132.57 EPS最新摊薄（元） 1.14 0.40 0.99 1.41 1.76 流通市值（百万元） 55,132.57 P/E（倍） 42.4 122.3 49.0 34.2 27.4 总股本（百万股） 1,141.46 P/B（倍） 5.6 5.4 5.0 4.5 4.0 流通股本（百万股） 1,141.4 ...

Investment Rating - The report assigns an "Overweight" rating to Neway CNC (688697 SH) for the first time [1][4] Core Views - Neway CNC's operating performance continues to grow, with active expansion in overseas markets [1] - The company's revenue in 2023 maintained a good growth rate, with overseas sales revenue doubling year-on-year [1] - The company is strengthening its R&D and technological innovation, with R&D investment accounting for 4 39% of total revenue in 2023 [32] - The company's fourth-phase high-end intelligent CNC equipment and core functional components project is nearing completion and is expected to be operational by 2025 [2] Financial Performance - Revenue in 2023 was RMB 2 321 billion, a year-on-year increase of 25 76% [31] - Net profit attributable to the parent company in 2023 was RMB 318 million, a year-on-year increase of 21 13% [31] - Revenue from large machining centers in 2023 was RMB 959 million, a year-on-year increase of 14 98%, with a gross margin of 24 47% [1] - Revenue from vertical CNC machine tools in 2023 was RMB 646 million, a year-on-year increase of 29 72%, with a gross margin of 25 28% [1] - Revenue from horizontal CNC machine tools in 2023 was RMB 692 million, a year-on-year increase of 41 83%, with a gross margin of 30 20% [1] - Domestic sales revenue in 2023 was RMB 1 604 billion, a year-on-year increase of 6 66% [1] - Overseas sales revenue in 2023 was RMB 705 million, a year-on-year increase of 112 99% [1] Future Projections - Revenue is expected to grow to RMB 2 747 billion in 2024, RMB 3 222 billion in 2025, and RMB 3 737 billion in 2026 [1] - Net profit attributable to the parent company is expected to be RMB 370 million in 2024, RMB 447 million in 2025, and RMB 533 million in 2026 [4] - EPS is expected to be RMB 1 13 in 2024, RMB 1 37 in 2025, and RMB 1 63 in 2026 [4] - P/E ratio is expected to be 17 3x in 2024, 14 3x in 2025, and 12 0x in 2026 [4] Industry and Market Position - Neway CNC operates in the machinery industry, specializing in the R&D, production, and sales of medium and high-end CNC machine tools [1][32] - The company has undertaken 9 national major scientific and technological projects, improving the overall performance of CNC machine tools and narrowing the technological gap with international leading levels [32] Capital and Investment Projects - The company raised RMB 572 million in net proceeds from its IPO in September 2021, with RMB 490 million invested by the end of 2023, achieving an investment progress of 85 57% [2] - The third-phase mid-to-high-end CNC machine tool industrialization project is expected to add 2,000 CNC machine tools annually upon completion [2] - The fourth-phase high-end intelligent CNC equipment and core functional components project is expected to provide 60,000 square meters of intelligent production workshops and supporting facilities [2]

证券研究报告 | 公司动态点评 2024 年 04 月 26 日 Q1 业绩稳健增长，新产能将陆续投产 事件：2024 年 4 月 24 日，公司发布 2024 年一季报，报告期内公司实现营业 收入 5.99 亿元，同比+33.81%，实现归母净利润 0.66 亿元，同比+5.98%。 单 季 毛 利 率 / 净 利 率 39.54%/10.97% ， 同 比 -2.99/-3.01pct ，环比 +0.87/-3.23pct。 充电桩：2024 海内外市场齐发力，力争实现大客户突破。2024 年 1-2 月， 国内公共充电桩增量为 10 万台，同比上升 39.1%，仍保持较为高速的增长。 2024 年对于国内市场，公司致力于实现行业客户全面覆盖，年初至今，公司 携手中石油在渝正式启动了 14 座充电站；与重庆东部石油共建 7 座社会运营 充电站，合力打造了一条"环渝线"充电绿道等。此外，公司将积极发力充电 桩海外业务，产品方面研发适用不同国家不同场景的充电模块，市场方面以突 破重点国家的大客户或行业大客户为关键任务目标，保证充电设备业务的稳步 增长。我们认为受新能源电动汽车行业政策及需要的刺激，国内充电桩新 ...

Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal Industry, expecting a price increase of over 15% relative to the industry index in the next six months [4][13]. Core Views - The coal business volume has increased, but prices have declined, leading to a significant drop in net profit for 2023. The company reported a net profit of 21.24 billion yuan, a decrease of 39.67% year-on-year [3][4]. - The company has a strong dividend policy, with a proposed cash dividend of 1.315 yuan per share, resulting in a dividend yield of 5.21% [8]. - The company is expected to maintain stable revenue growth, with projected revenues of 175.48 billion yuan, 181.88 billion yuan, and 188.80 billion yuan for 2024, 2025, and 2026, respectively [8]. Financial Performance Summary - **2023 Financials**: - Revenue: 170.87 billion yuan, up 2.41% year-on-year - Net Profit: 21.24 billion yuan, down 39.67% year-on-year - Basic EPS: 2.19 yuan, down 39.67% year-on-year - ROE: 20.73%, down 12.57 percentage points year-on-year [3][4][8]. - **2024 Projections**: - Expected Revenue: 175.48 billion yuan - Expected Net Profit: 21.45 billion yuan - Expected EPS: 2.21 yuan [8]. Operational Insights - **Production and Sales**: - In 2023, the company produced 164 million tons of coal, an increase of 4.10% year-on-year, and sold 253 million tons, an increase of 12.60% year-on-year [3]. - The average selling price of coal in 2023 was 596.10 yuan per ton, a decrease of 13.04% year-on-year [3]. - **Cost Structure**: - The average operating cost for coal was 405.00 yuan per ton, an increase of 1.68% year-on-year [3]. - The gross profit margin for coal was 37.85%, down 7.06 percentage points year-on-year [3]. Capital Expenditure and Future Plans - The company plans to reduce capital expenditure in 2024 to 2.33 billion yuan, a decrease of 48.43% year-on-year [8]. - Key projects include investments in coal preparation plants and water-coal slurry projects, expected to enhance production capacity [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][10][33] Core Views - The company has shown significant revenue growth, with a 35.81% year-on-year increase in 2023, reaching 2.7 billion yuan, and a net profit growth of 23.74% to 186 million yuan [4][10] - The automotive interior business is rapidly growing, with a notable increase in gross margin, and the company has secured new clients, including a project worth 1 billion yuan expected to start in 2025 [19][23] - The company is strategically expanding in East and South China, leveraging its geographical advantages to enhance customer relationships and market responsiveness [9][10] Financial Performance - Revenue and profit forecasts for 2024-2026 indicate continued growth, with expected EPS of 0.91 yuan, 1.16 yuan, and 1.43 yuan respectively, corresponding to P/E ratios of 13.3X, 10.5X, and 8.5X [10][27] - The gross margin for 2023 was 21.41%, an increase of 1.90 percentage points year-on-year, with a net profit margin of 8.57% [5][10] - The company has a strong cash flow position, with operating cash flow expected to improve significantly in the coming years [26] Business Segments - The company operates in various leather segments, with revenues from shoe and bag leather, automotive interior leather, and collagen products showing substantial year-on-year growth [19][22] - The automotive interior leather segment has seen a 94.21% increase in revenue, reflecting the growing demand in the electric vehicle market [19][22] - The company is actively developing customized products to meet client needs, enhancing customer loyalty and market presence [19][22]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance relative to the industry index over the next six months [5][23]. Core Insights - The company reported a revenue of 411 million yuan in 2023, representing a year-on-year growth of 27.4%, with a net profit of 175 million yuan, up 23.1% year-on-year [21][23]. - The company is a leader in the domestic BLDC motor drive control chip market, leveraging a combination of chips, algorithms, and motors to enhance its core competitiveness [23]. - The company achieved significant growth in its ASIC business, with a revenue increase of 145% year-on-year, driven by a 157.5% increase in sales volume [22][23]. Financial Performance Summary - In Q1 2024, the company reported a revenue of 116 million yuan, a decrease of 10.5% quarter-on-quarter but an increase of 31.1% year-on-year [26]. - The gross margin for Q1 2024 was 54.51%, showing a slight increase of 0.76 percentage points from the previous quarter [8][21]. - The company's R&D expenditure in 2023 was 85 million yuan, reflecting a year-on-year increase of 32.6%, with a focus on automotive electronics [22][23]. Business Segmentation - The primary business segment is the MCU for motor control, generating 275 million yuan in revenue in 2023, accounting for approximately 67% of total revenue [22]. - The second-largest segment is HVIC for motor drive chips, contributing 66 million yuan in revenue, which is 16% of total revenue [22]. - The company has made strides in the automotive electronics sector, achieving ISO 26262 certification and increasing its sales share in this area to 5% in 2023 [22][23].

证券研究报告 | 公司动态点评 2024 年 04 月 26 日 东宝生物（300239.SZ） 明胶及副产品业务平稳增长，益青生物新增胶囊产能 150 亿粒/年 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 943 | 975 | 1,079 | 1,170 | 1,258 | 股票信息 | | | 增长率 yoy （ % ） | 54.1 | 3.3 | 10.7 | 8.4 | 7.5 | | | | 归母净利润（百万元） | 109 | 120 | 132 | 145 | 155 | 行业 | 医药 | | 增长率 yoy ...