2024年04月01日 公 司点评 公 买入 / 首次 司 海信视像(600060) 研 究 目标价: 昨收盘:23.91 海信视像：2023Q4 利润端短期承压，大屏化产品市占率全球领先 ◼ 走势比较 事件：2024年3月29日，海信视像发布2023年年报。2023年公司 实现总营收536.16亿元（同比+17.22%），归母净利润20.96亿元（同比 40% +24.82%），扣非归母净利润17.33亿元（同比+21.19%）。2023Q4公司实 太 26% 现总营收 143.89 亿元（同比+8.79%），归母净利润 4.68 亿元（同比- 平 12% 18.18%），扣非归母净利润3.75亿元（同比-35.23%）。 洋 (2%) 证 (16%)13/3/32 11/6/32 22/8/32 2/11/32 31/1/42 52/3/42 2023Q4利润短期承压，经营能力逐步提升。1）分季度看，2023Q4公 券 司实现总营收143.89亿元（同比+8.79%），实现稳健增长主要系公司电 (30%) 股 视产品量价齐升叠加 2023 年合并乾照光电所致；归母净利润 4.68 亿元 份 海信视像 沪深 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 32.3, compared to the last closing price of 26.39 [1][3]. Core Views - The company's annual performance met expectations, with a positive outlook on its three-year plan and stock incentive goals [1][3]. - The company reported a revenue of 5.14 billion in 2023, a decrease of 3.8% year-on-year, while the net profit attributable to shareholders was 1.70 billion, an increase of 386.5% year-on-year [2][4]. - The company aims to achieve a revenue of 10 billion for its subsidiary by 2026, with a compound annual growth rate of 25% [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 51.4 billion, with a net profit of 17.0 billion, and a non-recurring net profit of 5.2 billion [2][4]. - The fourth quarter of 2023 saw a revenue of 11.9 billion, down 14.4% year-on-year, while the net profit was 29.7 billion, up 393.7% year-on-year [2][4]. - The gross profit margin improved by 1.0 percentage points to 32.7% for the year, driven by a decrease in raw material costs [2][3]. Future Projections - The company forecasts revenues of 57.6 billion, 67.1 billion, and 79.1 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 12.0%, 16.5%, and 18.0% [3][4]. - The projected net profit for 2024 is 7.5 billion, with a significant increase in subsequent years [3][4]. Strategic Initiatives - The company has announced a stock incentive plan to grant up to 14.39 million shares to 329 employees, representing 1.83% of the total share capital, with a grant price of 14.19 per share [2][3]. - The management aims to enhance brand marketing, research and development, operational optimization, and investment mergers and acquisitions to achieve its ambitious targets [3][4].

投资评级说明 1、行业评级 2、公司评级 太平洋研究院 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 重要声明 本报告信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。负责准备本 报告以及撰写本报告的所有研究分析师或工作人员在此保证，本研究报告中关于任何发行商或证券所 发表的观点均如实反映分析人员的个人观点。报告中的内容和意见仅供参考，并不构成对所述证券买 卖的出价或询价。我公司及其雇员对使用本报告及其内容所引发的任何直接或间接损失概不负责。我 公司或关联机构可能会持有报告中所提到的公司所发行的证券头寸并进行交易，还可能为这些公司提 供或争取提供投资银行业务服务。本报告版权归太平洋证券股份有限公司所有，未经书面许可任何机 构和个人不得以任何形式翻版、复制、刊登。任何人使用本报告，视为同意以上声明。 贵州茅台(600519) 目标价: 2025 昨收盘:1,713.99 贵州茅台：业绩超预期，2024 年增长信心充足 | --- | --- | --- | --- | --- | |-------|------------------------------------------ ...

2024年04月03日 公 司点评 公 买入 / 维持 司 百融云-W(06608) 研 究 目标价: 昨收盘:11.08 百融云-W 2023 年年报点评：业绩持续兑现，费用管理得当 事件：百融云-W发布2023年年度报告，报告期内公司实现营业收入 ◼ 走势比较 26.81 亿元，同比+30.51%；实现归母净利润 3.40 亿元，同比+42.06%； 毛利率/净利率为72.91%/12.51%，同比+0.81pct/+1.25pct。 20% MaaS核心客户增加，客户留存率高位增长。报告期内公司MaaS收入 太 8% 8.91亿元，同比+17.33%；其中核心客户收入7.44亿元，同比+17.26%。 平 MaaS 收入增长得益于核心客户数量和客均收入的齐升，截至报告期末公 洋 (1( 64 %% ))3/4/32 41/6/32 52/8/32 5/11/32 61/1/42 82/3/42 司核心客户数量同比+13.90%至213家，客均收入同比+2.95%至349.53万 元。核心客户留存率高位继增，同比+1pct至99%，客户满意度同比+1.5pct 证 (28%) 至97%。 券 (40%) ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Views - The company is actively expanding its specialty gas category and continuously enhancing its electronic bulk gas service capabilities. As projects under construction progress, on-site gas production and electronic bulk gas orders are expected to contribute to rapid growth in the company's performance. The forecasted net profits for 2023, 2024, and 2025 are 398 million, 502 million, and 619 million respectively, corresponding to current P/E ratios of 24x, 19x, and 15x [1][7]. Financial Summary - **Balance Sheet (in million)** - Total assets are projected to grow from 6,240 million in 2023 to 9,232 million by 2026 [5]. - **Income Statement (in million)** - Revenue is expected to increase from 2,427 million in 2023 to 4,266 million in 2026, with a growth rate of 23.40% in 2023 [5][18]. - Net profit is forecasted to rise from 315 million in 2023 to 619 million in 2026, with a growth rate of 37.48% in 2023 [5][18]. - **Profitability Ratios** - Gross margin is expected to improve from 37.73% in 2023 to 39.43% in 2026 [5]. - Net profit margin is projected to increase from 12.98% in 2023 to 14.50% in 2026 [5]. - **Earnings Per Share (EPS)** - The diluted EPS is expected to grow from 0.65 in 2023 to 1.27 in 2026 [18]. - **Valuation Metrics** - The P/E ratio is projected to decrease from 37.06 in 2023 to 15.17 in 2026, indicating an attractive valuation as earnings grow [18].

2024年04月02日 公 司点评 公 买入 / 维持 司 君实生物(688180) 研 究 目标价:60.20 昨收盘:27.42 公司运营效率稳步提升，拓益海外商业化顺利推进 事件：  走势比较 近日，公司发布 2023 年年报。公司全年营业收入为 15.03 亿元 （同比+3.38%），研发费用为19.37亿元（同比-18.74%），销售费用 20% 为8.44亿元（同比+17.98%），管理费用为5.36亿元（-5.74%），归 太 6% 母净利润为-22.83亿元，扣非归母净利润为-22.98亿元。 平 洋 (8%)3/4/32 41/6/32 52/8/32 5/11/32 61/1/42 82/3/42 观点： (22%) 证 2023年公司产品销售收入大幅增长，整体运营效率提升，亏损逐 (36%) 券 渐收窄。2023 年公司营业收入 15.03 亿元，其中产品销售收入 11.91 (50%) 股 亿元、技术许可及特许权收入2.84亿元、技术服务等其他收入0.28亿 份 君实生物 沪深300 元。产品销售收入同比增长58%，主要由特瑞普利单抗销售收入同比 有  股票数据 增长25%至9.1 ...

[Table_Message]2 024-0 4-01 行业 周报 行 看好/维持 业 航空航天与国防Ⅲ 研 究 [Table_Title] 工业 资本货物 报 告 军工行业周报(2024.04.01)：四部门联合印发通用航空装备创新应用实施方案 [报T告ab摘le要_S ummary]  走势对比 太 本周要闻： 平 四部门联合印发通用航空装备创新应用实施方案 洋 证 工业和信息化部、科学技术部、财政部、中国民用航空局四部 券 门联合印发《通用航空装备创新应用实施方案（2024-2030年）》。 股 《方案》提出，到2027年，我国通用航空装备供给能力、产业创新 份 能力显著提升，现代化通用航空基础支撑体系基本建立，高效融合 有 产业生态初步形成，通用航空公共服务装备体系基本完善，以无人 限 [ Table_ReportInfo] 化、电动化、智能化为技术特征的新型通用航空装备在城市空运、 公 物流配送、应急救援等领域实现商业应用。 司 [ Table_Author] 证 券 行业观点： 研 目前军工板块平均估值水平处于历史低位，长期投资价值凸显。 究 我们认为，在当今复杂多变的国际形势下，军品需求仍处于 ...

2024 年 04 月 01 日 公司点评 买入/维持 普门科技(688389) 昨收盘:18.09 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 发费用率、财务费用率、整体净利率分别为 64.35%、7.74%、4.69%、9.25%、 -0.77%、36.61%，分别变动+7.98pct、-3.50pct、+0.84pct、-0.95pct、 -1.25pct、+4.88pct。 | --- | --- | --- | --- | --- | |--------------------|--------|--------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,146 | 1,459 | 1,841 | 2,254 | | 营业收入增长率 (%) | 16.55% | 27.35% | 26.20% | 22.42% | | 归母净利（百万元） | 329 | 423 | 528 | 652 | | 净利润增长率 (%) | 30.66% | 28.81% | 24.75% | 23.58% ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index within the next six months [18][30]. Core Insights - The company has achieved significant revenue growth, with a reported revenue of 329 million yuan in 2023, representing a year-on-year increase of 26.46%. The net profit attributable to shareholders was 6 million yuan, up 85.17% year-on-year [13][27]. - The company is rapidly expanding its domestic and international markets, aiming to create a comprehensive "Ice and Fire Electricity" solution [25][29]. - The company has successfully implemented bulk procurement across 27 provinces in China and has made significant strides in international markets, covering 35 countries and regions with multiple product certifications [4][14]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 477 million yuan, 671 million yuan, and 903 million yuan, respectively, with year-on-year growth rates of 44.79%, 40.80%, and 34.50% [18][27]. - The net profit forecast for the same years is 49 million yuan, 90 million yuan, and 158 million yuan, with substantial growth rates of 761.11%, 82.85%, and 76.34% [18][27]. - The earnings per share (EPS) are expected to rise from 0.10 yuan in 2024 to 0.34 yuan in 2026 [18][27]. Market Position and Product Development - The company has established a strong product matrix, including the TrueForce® pressure catheter and EasyStars™ mapping catheter, which have been well-received in the market [3][4]. - The company is advancing its research and development capabilities, with projects like the pressure pulse ablation catheter and renal denervation (RDN) expected to receive regulatory approval between 2025 and 2026 [4][17]. - The company is also collaborating with Stereotaxis to develop advanced navigation systems for cardiac procedures, enhancing its technological edge in the market [17].

2024年04月07日 行 业周报 看好 / 维持 行 机械 业 研 究 机械 首届人形机器人生态大会举办，本体厂商百花齐放 ◼ 走势比较 报告摘要 10% 本期（4月1日-4月5日），沪深300上涨0.9%，机械板块上涨0.5%， 0% 太 (10%)7/4/32 81/6/32 92/8/32 9/11/32 02/1/42 1/4/42 在所有一级行业中排名20。细分行业看，叉车涨幅最大，上涨6.3%； 平 (20%) 3C设备跌幅最大，下跌7.1%。 洋 (30%) 证 (40%) 本周观点 券 机械 沪深300 股 首届人形机器人生态大会举办，本体厂商百花齐放 ◼ 子行业评级 份 有 4 月 2 日，人形机器人行业盛会——“2024 中国人形机器人生态大会”在 限 ◼ 推荐公司及评级 上海智能谷产业园盛大开启。人形机器人及产业链领域院士、顶尖专家、 公 企业高管、行业精英等齐聚上海，一起共话创新、展望未来，为人形机器 司 相关研究报告 证 ...