证券研究报告 | 行业周报 2024年 04月 13日 建材 3 月社融略好于预期，Q1 出口形势整体向好 本周关注（4.8-4.12，下同）：3月社融略好于预期，Q1出口形势整体向 强于大市（维持评级） 好 3 月社会融资规模增量为 4.87 万亿元（同花顺一致预期为 4.08 万亿 行业走势 元），同比少增 5142亿元，企业和住户贷款有所下降。其中人民币贷款增 建材 沪深300 加 3.29万亿元，同比少增 6561亿元。从分项上来看，新增住户人民币贷款 3% 9406亿元，同比少增 3041亿元，其中，短期贷款增加 4908亿元，中长期 -2% 贷款增加 4516 亿元；新增企事业单位人民币贷款 2.34 万亿元，同比少增 -7% -13% 3600亿元，其中中长期贷款贡献最多，同比增加 1.60万亿元，票据融资同 -18% 比减少2500亿元，短期贷款增加 9800亿元。 -23% -28% 3月社会融资规模存量为 390.32万亿元，同比增长 8.7%，增速比上月下 -34% 降 0.3pct。其中，对实体经济发放的人民币贷款余额为 244.59万亿元，同 2023-04 2023-08 2023 ...

证券研究报告 | 公司动态点评 2024 年 04月 23日 济川药业（600566.SH） 24Q1 利润增速超预期，员工持股计划彰显长期经营信心 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 8,996 9,655 10,021 11,010 12,019 股票信息 增长率yoy（%） 17.9 7.3 3.8 9.9 9.2 归母净利润（百万元） 2,171 2,823 3,035 3,399 3,738 行业 医药 增长率yoy（%） 26.3 30.0 7.5 12.0 10.0 2024年4月23日收盘价（元） 40.97 ROE（%） 19.1 21.1 19.2 18.2 17.0 总市值（百万元） 37,766.42 EPS最新摊薄（元） 2.35 3.06 3.29 3.69 4.06 流通市值（百万元） 37,518.20 P/E（倍） 17.4 13.4 12.4 11.1 10.1 总股本（百万股） 921.81 P/B（倍） 3.3 2.8 2.4 2.0 1.7 流通股本（百万股） 915.75 资料来源：公司财报，长 ...

证券研究报告 | 公司动态点评 2024 年 04月 24日 三七互娱（002555.SZ） 买量投放导致利润低于预期，股东回报有望持续加强 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 16,406 16,547 19,011 20,921 22,727 股票信息 增长率yoy（%） 1.2 0.9 14.9 10.1 8.6 归母净利润（百万元） 2,954 2,659 3,112 3,498 3,879 行业 传媒 增长率yoy（%） 2.7 -10.0 17.1 12.4 10.9 2024年4月23日收盘价（元） 16.79 ROE（%） 23.6 20.6 20.8 19.7 18.7 总市值（百万元） 37,237.94 EPS最新摊薄（元） 1.33 1.20 1.40 1.58 1.75 流通市值（百万元） 26,987.38 P/E（倍） 12.4 13.8 11.8 10.5 9.4 总股本（百万股） 2,217.86 P/B（倍） 3.0 2.9 2.4 2.1 1.8 流通股本（百万股） 1,607.35 资料来源：公司财 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [12][27]. Core Insights - The company experienced significant growth in 2023, with revenue increasing by 35.99% year-on-year to 2.4 billion yuan and net profit rising by 89.02% to 734 million yuan. The first quarter of 2024 also showed strong growth, with revenue up 21.10% year-on-year [2][12]. - The company's active ingredients and raw materials for cosmetics business are rapidly expanding, driven by increasing market demand and the release of new products, particularly in the sunscreen segment [3][12]. - The company has a robust R&D strategy focused on innovative technologies, with a total of 172 authorized patents as of the end of 2023, including 46 invention patents [3][10]. Financial Performance - In 2023, the company achieved a gross margin of 48.83%, an increase of 12.18 percentage points year-on-year. The net profit margin for the same year was 30.57%, up 8.58 percentage points [7][12]. - The company forecasts continued revenue growth, with projected revenues of 3.22 billion yuan in 2024 and 4.05 billion yuan in 2025, reflecting growth rates of 34.2% and 25.7%, respectively [6][15]. - The earnings per share (EPS) are expected to rise from 4.33 yuan in 2023 to 5.61 yuan in 2024, with corresponding price-to-earnings (P/E) ratios decreasing from 18.4 to 14.2 [6][12]. Product Segmentation - The revenue breakdown for 2023 shows that the active ingredients and raw materials for cosmetics generated 2.07 billion yuan, a 43.68% increase year-on-year, while synthetic fragrances contributed 308 million yuan, growing by 6.83% [3][12]. - The company has established a strong market position in the sunscreen ingredient sector, benefiting from high demand and technological advancements in product formulation [12][10]. R&D and Innovation - The company has made significant investments in R&D, focusing on advanced technologies and continuous product optimization, which has led to the development of new products and processes in the fields of synthetic fragrances and sunscreen ingredients [10][12]. - The company has recently initiated a project in Anhui with an annual production capacity of 5,000 tons for personal care raw materials, expected to generate annual sales of 700 million yuan upon completion [11][12].

证券研究报告 | 公司动态点评 2024 年 04月 24日 沪电股份（002463.SZ） 24Q1 业绩稳步提升，产品结构持续升级助力公司长期发展 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 8,336 8,938 11,352 13,508 15,535 股票信息 增长率yoy（%） 12.4 7.2 27.0 19.0 15.0 归母净利润（百万元） 1,362 1,513 2,169 2,627 3,075 行业 电子 增长率yoy（%） 28.0 11.1 43.4 21.1 17.0 2024年4月23日收盘价（元） 29.55 ROE（%） 16.5 15.1 19.6 19.8 19.4 总市值（百万元） 56,519.66 EPS最新摊薄（元） 0.71 0.79 1.13 1.37 1.61 流通市值（百万元） 56,484.15 P/E（倍） 40.3 36.3 25.3 20.9 17.9 总股本（百万股） 1,912.68 P/B（倍） 6.6 5.6 5.0 4.2 3.5 流通股本（百万股） 1,911.48 资料 ...

证券研究报告 | 公司动态点评 2024 年 04 月 22 日 4Q23 经营性利润超预期，看好后续盈利持续兑现&电控放量 ◼ 事件：1）2023 年公司实现营收 38.74 亿，同比+3.3%；实现扣非净利 润 0.69 亿，同比+100.1%。4Q23 公司实现营收 11.58 亿，同/环比分 别 +4.9%/+20.5% ， 实 现 扣 非 净 利 润 0.08 亿，同 / 环 比 分 别 -38.2%/-59.1%。2）扣除可转债到期一次性补偿利息后，公司 2023 年 预计实现扣非净利润 1.28 亿，同比+272.4%；4Q23 预计实现扣非净利 润 0.67 亿，同/环比分别+417.2%/+242.3%。 ◼ 利润端：2023 年毛利率显著改善，调整后利润率达近年最高水平。1） ◼ 新项目、新客户持续拓展，线控制动迎量产落地。2023 年公司新启动 136 个项目（其中电控项目 58 个），新量产 93 个项目，公司客户在覆 盖国内主流车企以外，现已进入了大众、通用、本田、日产、Stellantis、 马自达等全球采购平台。截至 2023 年 9 月 9 日，公司已获取 4 个 IBS （O ...

证券研究报告 | 公司动态点评 2024 年 04月 23日 江波龙（301308.SZ） 24Q1 扣非净利润环比+23 倍增长，企业级存储助力成长新动能 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 8,330 10,125 18,002 26,374 33,381 股票信息 增长率yoy（%） -14.6 21.6 77.8 46.5 26.6 归母净利润（百万元） 73 -828 1,512 2,680 4,164 行业 电子 增长率yoy（%） -92.8 -1237.1 282.7 77.2 55.4 2024年4月23日收盘价（元） 94.80 ROE（%） 1.1 -13.0 19.0 25.2 28.2 总市值（百万元） 39,139.53 EPS最新摊薄（元） 0.18 -2.01 3.66 6.49 10.09 流通市值（百万元） 10,699.42 P/E（倍） 543.9 -47.8 26.2 14.8 9.5 总股本（百万股） 412.86 P/B（倍） 6.0 6.6 5.3 3.9 2.8 流通股本（百万股） 112 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][9] Core Views - The company's performance is currently under pressure, but its smart products and overseas business are performing well [9] - The company reported a revenue of 1.135 billion yuan in Q1 2024, a year-on-year increase of 2.26%, while the net profit attributable to shareholders was -90.35 million yuan, a decline of 300.4% year-on-year [2][3] - For the full year 2023, the company achieved a revenue of 7.648 billion yuan, a slight increase of 1.79% year-on-year, but the net profit attributable to shareholders decreased by 28.43% to 425 million yuan [4][9] Financial Performance Summary - In Q1 2024, the company's gross margin and net margin were 24.40% and -8.03%, respectively, down 6.04 and 8.28 percentage points year-on-year [3] - The company experienced a significant increase in asset impairment losses in Q1 2024, amounting to 19.93 million yuan, compared to -6.56 million yuan in the same period last year [3] - The operating cash flow for 2023 was 1.166 billion yuan, a year-on-year increase of 190.98%, mainly due to increased cash received from sales and reduced tax payments [8] Product and Market Performance - The company’s smart toilet and overseas business showed strong performance, with smart toilet revenue reaching 1.562 billion yuan in 2023, a year-on-year increase of 12.48% [4][9] - The company’s revenue from sanitary ceramics, faucets, and bathroom furniture for 2023 was 3.742 billion yuan, 2.101 billion yuan, and 771 million yuan, respectively, with year-on-year changes of +6.61%, +1.50%, and -4.56% [4] - The company’s direct sales model, primarily through e-commerce and direct engineering, generated 1.037 billion yuan in revenue, a year-on-year increase of 20.03% [4] Future Outlook - The company is expected to achieve net profits of 4.95 billion yuan, 5.82 billion yuan, and 6.80 billion yuan for 2024, 2025, and 2026, representing year-on-year growth rates of 17%, 18%, and 17%, respectively [9] - The report highlights the rise of domestic brands and the theme of "smart transformation" in the industry, indicating a positive future outlook for the company [9]

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 [26]. Core Views - The company achieved a significant increase in net profit attributable to shareholders, with a 206.21% year-on-year growth, reaching 0.34 billion yuan in 2023, despite a revenue decline of 16.98% to 0.884 billion yuan [2][17]. - The company is focusing on expanding its remote health management services, leveraging its capabilities in "AI + IoT" to tap into the growing demand for chronic disease management solutions [3][7]. - The gross profit margin improved by 7.24 percentage points to 30.94% in 2023, indicating enhanced profitability and operational efficiency [17]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 0.884 billion yuan, down 16.98%, while net profit attributable to shareholders was 0.34 billion yuan, up 206.21% [2][17]. - The gross profit margin for wearable health products was only 5.58%, while the margins for home medical and health products were 29.18% and 31.26%, respectively, reflecting a strategic shift in product focus [17]. - The company expects revenues to grow to 1.075 billion yuan in 2024, 1.274 billion yuan in 2025, and 1.457 billion yuan in 2026, with corresponding net profits of 0.54 billion yuan, 0.79 billion yuan, and 1.05 billion yuan [7][17]. Business Strategy - The company is enhancing its product matrix by introducing smart glucose meters and OTC hearing aids, while also expanding into emerging markets in the Middle East, Africa, and Southeast Asia [3]. - The remote health management (RPM) sector is a key focus, with partnerships established with leading RPM clients such as Teladoc and Livongo, aiming to create comprehensive health management solutions [3][7]. - The company is also investing in digital health services, particularly in cardiovascular disease management, to develop innovative services like digital blood pressure management and remote dynamic ECG services [3]. Cost Management and R&D - The company is actively pursuing cost reduction and efficiency improvements, with a focus on automating production lines and integrating supply chain management [18]. - R&D expenses were reduced by 20.89% to 1.08 billion yuan in 2023, as the company optimized its product structure and focused on core projects [19].

2）区位因素助力公司生猪价格优势，浙江环保政策严格，散养户数量少、养 殖密度低，是天然的养殖无疫区，且产销缺口使得当地生猪销售价格高于全 国平均水平。 请仔细阅读本报告末页声明 分析师 刘 鹏 华统股份（002840.SZ） 3 月生猪出栏环比增长，销售均价延续改善 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|-------|--------|--------|--------|------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2021A | 2022A | 2023E | 2024E | 2025E | 买入（维持评级） | | | 营业收入（百万元） | 8,342 | 9,452 | 10,572 | 17,850 | 21,672 | 股票信息 | | | 增长率 yoy （ % ） | -5.6 | 13.3 | 11.8 ...