公司加大费用投入，利润水平同比有所提升 资产负债表端，公司 2024Q1 货币资金+交易性金融资产为 29.6 亿元，同比 +14.71%，存货为 16.47 亿元，同比-2.07%，应收票据和账款合计为 34.37 亿元，同比+18.56%。周转端，公司 2024Q1 存货、应收账款和应付账款的 周转天数分别为 79.32、80 和 124.02 天，同比-13.11、-1.79 和+8.84 天。现 金流端，2024Q1 公司经营活动产生的现金流量净额为 0.77 亿元，同比 +3.51%，其中销售商品及提供劳务现金流入 20.69 亿元，同比+17.88%。 公司报告 | 季报点评 24Q1 公司收入同比+14.75%，我们预计公司延续 23 年的产品趋势，通用照 明和车灯业务带动收入增长。 投资建议：公司照明主业基本盘稳固，积极做大照明版图：1）车灯领域收 购南宁瞭望，同时扩展车灯模组产能，已与理想、长安、北汽、吉利等主 机厂建立合作；2）新兴照明领域重点发力智慧路灯及海洋照明，目前商业 模式已跑通，在手订单有望实现增长；3）并购整合中上游 LED 封装，规模 效应下有望持续提升份额。根据公司一季度的 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,517,243,351.93, representing a 14.75% increase compared to CNY 2,193,613,606.54 in the same period last year[10]. - Net profit attributable to shareholders was CNY 83,714,220.74, up 26.42% from CNY 66,221,546.43 year-on-year[10]. - Basic earnings per share increased to CNY 0.0545, an 11.00% rise from CNY 0.0491 in the same quarter last year[10]. - The company reported a comprehensive income total of ¥103,876,165.00, up from ¥90,129,509.60, indicating a growth of 15.67%[26]. - The net profit for the current period is ¥115,125,206.00, up from ¥91,308,437.09 in the previous period, representing a growth of about 26.1%[55]. - The operating profit for the current period is ¥130,682,066.43, compared to ¥113,127,549.71 in the last period, reflecting an increase of approximately 15.5%[55]. Cash Flow - The net cash flow from operating activities was CNY 77,337,687.93, reflecting a 3.51% increase from CNY 74,718,240.10 in the previous year[10]. - The net cash flow from operating activities for the current period is ¥77,337,687.93, an increase from ¥74,718,240.10 in the previous period, reflecting a growth of approximately 3.4%[47]. - Total cash inflow from operating activities reached ¥2,185,616,586.06, compared to ¥1,863,436,272.10 in the prior period, indicating a year-over-year increase of about 17.3%[47]. - The net cash flow from investing activities showed a substantial decrease of 429.14%, amounting to CNY -846,896,748.45, primarily due to increased purchases of large-denomination certificates of deposit[15]. - The net cash flow from investing activities was -¥846,896,748.45, worsening from -¥160,051,306.41 in the previous period, showing a significant decline in investment cash flow[48]. - Cash inflow from investment activities totaled ¥181,776,248.07, a substantial increase from ¥21,352,738.77 in the last period, marking an increase of approximately 752.5%[48]. - The cash inflow from financing activities was ¥114,104,345.83, slightly down from ¥128,509,476.58 in the previous period, showing a decrease of about 11.2%[48]. Expenses - Research and development expenses rose to CNY 130,242,811.21, a 32.17% increase compared to CNY 98,541,775.73 in the same period last year[14]. - Sales expenses increased by 58.21% to CNY 83,278,275.64, primarily due to increased marketing and advertising costs for market expansion[14]. - The company reported a decrease in tax expenses to ¥15,957,470.97 from ¥20,116,039.48, which is a reduction of approximately 20.8%[55]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 16,743,443,081.77, a decrease of 1.13% from CNY 16,934,439,915.02 at the end of the previous year[10]. - Total current assets decreased from CNY 9,528,113,271.81 to CNY 8,710,597,097.93, a decline of approximately 8.55%[22]. - Cash and cash equivalents decreased from CNY 3,596,049,654.55 to CNY 2,833,101,452.72, a reduction of about 21.25%[22]. - Accounts receivable increased from CNY 2,093,499,280.40 to CNY 2,381,690,924.69, an increase of approximately 13.76%[22]. - Inventory decreased from CNY 1,971,171,641.14 to CNY 1,646,905,367.28, a decline of about 16.43%[22]. - Total non-current assets increased from CNY 7,406,326,643.21 to CNY 8,032,845,983.84, an increase of approximately 8.43%[23]. - Total liabilities decreased from CNY 6,641,162,972.46 to CNY 6,298,984,725.06, a reduction of about 5.16%[23]. - Short-term borrowings decreased significantly from CNY 220,019,877.73 to CNY 115,406,529.09, a decrease of approximately 47.5%[23]. - The company's long-term borrowings increased from CNY 253,093,421.29 to CNY 304,807,255.75, an increase of approximately 20.5%[23]. - The company's total equity attributable to shareholders increased by 1.16% to CNY 6,358,579,328.50 from CNY 6,285,442,808.19 at the end of the previous year[10]. - Total equity increased to ¥9,876,026,192.79 from ¥9,771,397,489.05, marking a growth of 1.07%[24]. - The company's total equity position remains stable with no significant changes reported in the equity section[22]. Other Income - The company reported a significant increase in other income, which rose by 81.43% to CNY 27,748,471.98, mainly from government subsidies[14]. - The company received government subsidies amounting to ¥14,481,564.17 during the reporting period[32]. - Investment income rose to ¥8,290,925.60, compared to ¥4,102,704.62 in the previous period, reflecting a significant increase of 102.93%[24].

千源证券 公 司 研 究 2023 年经营稳健，车灯业务利润率稳中有升 家用电器/照明设备Ⅱ 佛山照明（000541.SZ） 2024 年 04 月 25 日 2023Q4 经营稳健，车灯业务利润率稳中有升，维持"买入"评级 2023 年车灯/照明业务稳健增长，南宁燎旺利润率稳中有升 各业务毛利率稳步向上带动盈利能力修复，全年维持较高分红比率 | --- | --- | --- | --- | --- | --- | |-----------------------|-------|-------|--------|--------|--------| | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 8,760 | 9,057 | 10,369 | 11,582 | 12,833 | | YOY(%) | 0.4 | 3.4 | 14.5 | 11.7 | 10.8 | | 归母净利润 ( 百万元 ) | 230 | 290 | 357 | 431 | 513 | | YOY(%) | -23.1 | 26.1 | 23.1 | ...

2024 年 04 月 23 日 公司点评 买入/首次 佛山照明(000541) 目标价: 昨收盘:5.45 佛山照明：2023Q4 业绩高增，盈利能力有所改善 | --- | --- | --- | --- | --- | --- | |-------|-------------------------------|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 | 2024年04月21日 2023 年报点评： 通用照明及车灯业务加速复苏，盈利有所改善 | --- | --- | --- | --- | --- | --- | |--------------------------|-----------|-----------|-----------|-----------|-----------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 8,760 | 9,057 | 11,565 | 13,176 | 14,868 | | (+/-%) | 0.4% | 3.4% | 27.7% | 13.9% | 12.8% | | 归母净利润(百万元) | 230 | 290 | 406 | 498 | 567 | | (+/-%) | -23.1% | 26.0% | 40.0% | 22.6% | 13.8% | | 每股收益（元） | 0.17 | 0.19 | 0.26 | 0.32 | 0.37 | | EBIT Margin | 4.2% | 4.3% | ...

公司报告 | 年报点评报告 照明业务环比增长加速，车灯产品提升利润水平 事件：公司 2023 年实现营业收入 90.57 亿元，同比+3.39%，归母净利润 2.9 亿元，同比+26.03%；其中 2023Q4 实现营业收入 22.6 亿元，同比+1.14%， 归母净利润 0.52 亿元，同比+856.59%。公司向全体股东每 10 股派发现金 红利 1.2 元（含税），分红率 63.5%。 核心业务通用照明和车灯增长较好。分产品看，23A 通用照明/L ED 封装组 件/车灯/贸易及其他收入同比+6.17%/-2.56%/+5.81%/+5.17%，其中 23H2 同 比+8.1%/+0.1%/+8.8%/-4.7%，23H2 通用照明和车灯收入增速较好。23 年 公司持续发力新能源车灯市场，新开发汽车主机厂 7 家，新取得项目定点 62 个，并与多家潜在客户进行项目交流，全力争取更多新产品新项目定点。 分区域看，23A 公司内外销收入同比+6.1%/-5%，其中 23H2 收入同比为 +7.3%/-7.5%，收入占比较高的内销带动增长。 车灯毛利率有所提升。2023 年公司毛利率为 18.8%，同比+1. ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2]. Core Insights - In 2023, the company achieved revenue of 9.057 billion yuan, a year-on-year increase of 3.39%, and a net profit of 290 million yuan, up 26.07% year-on-year [1]. - The company's gross margin improved to 18.80%, an increase of 1.26 percentage points compared to the previous year, while the net profit margin reached 3.21%, up 0.58 percentage points [1]. - The fourth quarter of 2023 saw significant profit improvement, with revenue of 2.26 billion yuan, a year-on-year increase of 1.14%, and a net profit of 52 million yuan, up 856.59% year-on-year [1]. - The general lighting segment showed stable operations, contributing 3.33 billion yuan in revenue, accounting for 36.76% of total revenue, with a gross margin of 25.03% [1]. - The automotive lighting business continued to grow, contributing 1.83 billion yuan in revenue, representing 20.21% of total revenue, with a gross margin of 18.12% [1]. - The company plans to invest nearly 1.1 billion yuan in automation and digital transformation projects, as well as in new lighting segments [1]. Financial Forecasts - The company is expected to achieve revenues of 10.364 billion yuan, 11.927 billion yuan, and 13.646 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14.4%, 15.1%, and 14.4% [4]. - The net profit forecast for the same years is 353 million yuan, 464 million yuan, and 583 million yuan, with growth rates of 21.6%, 31.4%, and 25.7% [4]. - The projected PE ratios for 2024, 2025, and 2026 are 24, 18, and 14, respectively, indicating a favorable valuation trend [4].

4月18日，佛山照明(简称“公司”)公布2023年年度报告。 报告期内，公司实现营业收入90.57亿元，同比增长3.39%；归属于上市公司股东的净利润2.90亿元，同 比增长26.07%；归属于上市公司股东的扣除非经常性损益的净利润2.75亿元，同比增长23.71%；基本每 股收益0.2128元；拟向全体股东每10股派发现金红利1.2元(含税)。 ...

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：000541 （A 股） 200541 （B 股） 1、审议通过 2023 年度董事会工作报告。 同意 8 票，反对 0 票，弃权 0 票 公告编号：2024-021 佛山电器照明股份有限公司 第九届董事会第五十四次会议决议公告 详细内容请见同日巨潮资讯网刊登的《2023 年年度报告》第三节 "管理层讨论与分析"及其他相关内容。 2、审议通过 2023 年度总经理工作报告。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司于 2024 年 4 月 8 日以电子邮件的方式向全体董事发出了 关于召开第九届董事会第五十四次会议的通知，并于 2024 年 4 月 17 日在佛照大厦 22 楼会议室召开会议。会议应出席董事 8 人,实际出席 董事 8 人。监事会全体监事、财务总监汤琼兰、董事会秘书黄震环列 席了本次会议。本次会议由董事长万山先生主持，会议符合《公司法》 及《公司章程》的有关规定。会议审议通过了以下议案： 同意 8 票，反对 0 票，弃权 0 票 3、审议通过 2023 年度报告及其摘要。 同 ...

佛山电器照明股份有限公司 监 事 会 2024 年 4 月 17 日 佛山电器照明股份有限公司 监事会对公司 2023 年度内部控制自我评价报告的意见 公司监事会认真审议了公司《2023年度内部控制自我评价报告》 后，发表如下意见： 报告期内，公司按照《企业内部控制基本规范》及其配套指引和 其他相关规定，结合公司的实际情况，建立了较完善的内部控制体系， 符合有关法律法规的要求和公司经营管理实际需要。公司内部控制活 动基本涵盖公司所有运营环节，并能在经营活动中得到有效执行，保 证了公司各项业务活动的有序有效开展。我们认为公司 2023 年度内 部控制自我评价报告真实、完整、客观地反映了公司内部控制的实际 情况，有效地控制经营风险。 ...