[三Tab环le_集Stoc团kN（am 3eR 0p 0tT 4yp 0e 8] ） 公司研究/公司点评 景气度持续回升，高容 MLCC 进展顺利 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-05-08 ⚫[ T事ab件le _Summary] 公司发布2023年报，根据公告，公司23年实现收入57.27亿元，同比 [收Ta盘bl价e_（Ba元se）D ata] 28.69 增长11.21%；实现归母净利润15.81亿元，同比增长5.07%；实现扣 近12个月最高/最低（元） 33.98/21.00 总股本（百万股） 1,916 非归母净利润12.21亿元，同比增长0.05%。毛利率39.83%，净利率 流通股本（百万股） 1,870 27.65%。 流通股比例（%） 97.56 24Q1单季度，公司实现收入15.64亿元，同比增长31.49%，环比减少 总市值（亿元） 550 3.52%；实现归母净利润4.33亿元，同比增长35.31%，环比减少1.37%； 流通市值（亿元） 536 实现扣非归母净利润3.78亿元，同比增长57.40%，环比增长10.20%。 毛利 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's performance is expected to accelerate due to a recovery in market conditions and breakthroughs in high-end products [4][5] - The company achieved a revenue of 5.727 billion yuan in 2023, representing a year-on-year increase of 11.21%, with a net profit of 1.581 billion yuan, up 5.07% year-on-year [4][6] - The company is a leading manufacturer of MLCC in China and is actively expanding its high-end MLCC product offerings, which is expected to enhance its market share [4][5] Financial Performance Summary - In Q4 2023, the company reported a revenue of 1.621 billion yuan, a year-on-year increase of 35.56%, and a net profit of 439 million yuan, up 67.52% year-on-year [4][6] - For Q1 2024, the company achieved a revenue of 1.564 billion yuan, a year-on-year increase of 31.49%, with a net profit of 433 million yuan, up 35.31% year-on-year [4][6] - The projected net profits for 2024, 2025, and 2026 are 1.893 billion yuan, 2.395 billion yuan, and 2.817 billion yuan respectively, with corresponding EPS of 0.99 yuan, 1.25 yuan, and 1.47 yuan [4][6] Product Development and Market Position - The company's MLCC products are advancing towards miniaturization, high capacitance, high frequency, high reliability, and high voltage, achieving mass production of 1-micron dielectric layer thickness and over 1000 layers [5] - The company's SOFC system has achieved a power density increase of 43% and has undergone over 2000 hours of reliability testing, with an initial power generation efficiency of 65% and a combined heat and power efficiency exceeding 90% [5]

[Table_Main] 证券研究报告 | 公司点评 三环集团(300408.SZ) 2024年04月30日 三环集团（300408.SZ）：业绩符合预 买入（维持） 期，MLCC 有望驱动新一轮成长 所属行业：电子/元件 当前价格(元)：27.99 2023 年度报告&2024 年第一季度报告点评 证券分析师 投资要点 陈蓉芳 资格编号：S0120522060001 事件：4 月 27 日，三环集团发布 2023 年度报告和 2024 年第一季度报告。1） 邮箱：chenrf＠tebon.com.cn 2023全年：公司实现营收57.27亿元，同比增长11.21%；实现归母净利润15.81 研究助理 亿元，同比增长 5.07%；实现扣非后归母净利润 12.21 亿元，同比增长0.05%。 2）2024年Q1：公司实现单季度营收15.64亿元，同比增长31.49%；实现单季 张威震 度归母净利润4.33亿元，同比增长35.31%；实现单季度扣非后归母净利润3.78 邮箱：zhangwz5＠tebon.com.cn 亿元，同比增长57.40%。 市场表现 收入稳定增长，业绩符合预期，盈利能力边际改善。得益于电子 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance [5]. Core Views - The company is recognized as an excellent domestic platform enterprise in electronic ceramics, with a vertically integrated business model that strengthens its competitive edge. The acceleration of domestic substitution in electronic components and the rapid expansion of high-end product capacity are driving growth in the MLCC (Multi-Layer Ceramic Capacitor) business [1][4]. - The company has shown steady improvement in performance, with revenue and net profit experiencing quarter-on-quarter growth, reflecting a recovery in downstream demand [2][3]. Financial Performance - In 2023, the company achieved revenue of 5.727 billion yuan, a year-on-year increase of 11.21%, and a net profit of 1.581 billion yuan, up 5.07% year-on-year. For Q1 2024, revenue reached 1.564 billion yuan, representing a 31.49% year-on-year growth, while net profit increased by 35.31% to 433 million yuan [2][3]. - The gross margin for Q1 2024 was 40.14%, slightly up from the previous quarter, and inventory turnover days decreased to 172.5 days, the lowest since 2021 [3]. Product Development - The company has made significant technological breakthroughs in MLCC products, achieving a dielectric layer thickness of 1 micron and a stacking layer count exceeding 1000 layers. This has led to increased market recognition and a broader application range in downstream sectors [3][4]. Future Projections - The company is expected to see continued growth, with projected net profits of 2.040 billion yuan, 2.593 billion yuan, and 3.200 billion yuan for 2024, 2025, and 2026, respectively. The estimated EPS for the same years is 1.06 yuan, 1.35 yuan, and 1.67 yuan [4][7]. - The report anticipates a P/E ratio of 26.3, 20.7, and 16.8 for the years 2024, 2025, and 2026, indicating a favorable valuation trend [5][10].

三环集团：景气度回升业绩进一步改善，看好龙头公司高弹性 三环集团（300408.SZ）/电子 证券研究报告/公司点评 2024年04月28日 评级：买入 （维持） 公司盈利预测及 估值 市场价格：26.09元/股 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 5,149 5,727 7,199 8,987 10,305 增长率yoy% -17% 11% 26% 25% 15% 执业证书编号：S0740521120002 净利润（百万元） 1,505 1,581 1,929 2,514 2,923 Email：wangfang02@zts.com.cn 增长率yoy% -25% 5% 22% 30% 16% 每股收益（元） 0.79 0.82 1.01 1.31 1.53 每股现金流量 1.08 0.90 0.95 1.09 1.39 分析师：刘博文 净资产收益率 9% 9% 10% 11% 12% 执业证书编号：S0740524030001 P/E 33.2 31.6 25.9 19.9 17.1 P/B 2.9 2.7 2.5 2.3 2.0 Email ...

三环集团：景气度回升业绩进一步改善，看好龙头公司高弹性 三环集团（300408.SZ）/电子 证券研究报告/公司点评 2024年04月28日 评级：买入 （维持） 公司盈利预测及 估值 市场价格：26.09元/股 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 5,149 5,727 7,199 8,987 10,305 增长率yoy% -17% 11% 26% 25% 15% 执业证书编号：S0740521120002 净利润（百万元） 1,505 1,581 1,929 2,514 2,923 Email：wangfang02@zts.com.cn 增长率yoy% -25% 5% 22% 30% 16% 每股收益（元） 0.79 0.82 1.01 1.31 1.53 每股现金流量 1.08 0.90 0.95 1.09 1.39 分析师：刘博文 净资产收益率 9% 9% 10% 11% 12% 执业证书编号：S0740524030001 P/E 33.2 31.6 25.9 19.9 17.1 P/B 2.9 2.7 2.5 2.3 2.0 Email ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.98 CNY, maintaining the rating [4]. Core Views - The company reported a revenue of 5.727 billion CNY in 2023, a year-on-year increase of 11.21%, and a net profit attributable to shareholders of 1.581 billion CNY, up 5.07% year-on-year. In Q1 2024, revenue reached 1.564 billion CNY, growing 31.49% year-on-year, with a net profit of 433 million CNY, up 35.31% year-on-year [1][2]. - The company is experiencing a recovery trend with high-capacity MLCC (Multi-Layer Ceramic Capacitors) products rapidly gaining market share due to improved demand in consumer electronics and successful product breakthroughs [2][3]. - The company continues to invest heavily in R&D, with R&D expenses increasing by 20.71% in 2023 and 20.88% in Q1 2024, indicating a commitment to innovation and long-term growth potential [3][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.727 billion CNY and a net profit of 1.581 billion CNY. The Q1 2024 results showed a revenue of 1.564 billion CNY and a net profit of 433 million CNY, reflecting significant growth [1][2]. - The gross profit margin for Q1 2024 was 40.14%, showing a slight improvement year-on-year [2]. Market Position and Growth - The company’s MLCC products have seen a significant increase in market acceptance, with revenue from electronic components and materials reaching 2.196 billion CNY, a year-on-year increase of 50.32% [2][3]. - The company is expanding its product offerings in various sectors, including automotive and renewable energy, which broadens its market applications [3]. R&D and Innovation - The company has made notable advancements in MLCC technology, achieving breakthroughs in material thickness and production capacity, with plans for further expansion in high-capacity MLCC production by May 2025 [3]. - R&D personnel increased to 2,034 by the end of 2023, reflecting the company's focus on innovation [3]. Dividend Policy - The company has a strong dividend policy, proposing a cash dividend of 2.80 CNY per 10 shares for 2023, which represents 33.94% of the annual net profit [7]. The company plans to maintain a dividend payout of no less than 30% of distributable profits from 2024 to 2028 [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 31.8 CNY, compared to the current price of 26.09 CNY [2][3]. Core Views - The company's performance exceeded expectations, with a revenue of 5.727 billion CNY in 2023, representing a year-on-year increase of 11.21%. The net profit attributable to shareholders was 1.581 billion CNY, up 5.07% year-on-year [2][3]. - The main product, MLCC, is benefiting from the recovery in downstream consumer electronics and home appliances, indicating a positive growth trajectory for the company's core business [3]. - The company is expected to enter a new growth cycle, driven by its MLCC business, which is projected to lead revenue growth due to improved technology and cost advantages [3]. Financial Summary - In Q4 2023, the company reported a revenue of 1.621 billion CNY, a year-on-year increase of 35.56%, and a net profit of 439 million CNY, up 67.52% year-on-year [2][3]. - For Q1 2024, revenue was 1.564 billion CNY, reflecting a year-on-year increase of 31.49%, while net profit was 433 million CNY, up 35.31% year-on-year [2][3]. - The gross margin improved to 39.96% in Q4 2023 and 40.14% in Q1 2024, indicating effective cost control and product mix optimization [3]. Earnings Forecast - The company is projected to achieve revenues of 7.228 billion CNY in 2024, 8.992 billion CNY in 2025, and 10.417 billion CNY in 2026, with respective year-on-year growth rates of 26.2%, 24.4%, and 15.8% [4]. - The net profit attributable to shareholders is expected to reach 2.027 billion CNY in 2024, 2.475 billion CNY in 2025, and 2.846 billion CNY in 2026, with growth rates of 28.2%, 22.1%, and 15.0% respectively [4].

Investment Rating - The report maintains an "Accumulate" rating for the company SanHuan Group (300408) [1] Core Views - The company has shown continuous performance exceeding expectations due to the cyclical recovery and the ramp-up of new products [1] - In 2023, the company achieved a revenue of 5.73 billion yuan, a year-on-year increase of 11.2%, and a net profit attributable to the parent company of 1.58 billion yuan, up 5.1% [2] - The fourth quarter of 2023 saw a significant revenue increase of 35.6% year-on-year, reaching 1.62 billion yuan, with a net profit of 440 million yuan, up 67.9% [2] - The first quarter of 2024 reported a revenue of 1.56 billion yuan, a 31.5% year-on-year increase, and a net profit of 430 million yuan, up 35.3% [2] Summary by Sections Financial Performance - The company’s revenue growth in 2023 was primarily driven by the recovery in consumer electronics demand, with electronic components and materials revenue reaching 2.20 billion yuan, a 50.3% increase [2] - Communication components revenue declined by 19.2% to 1.99 billion yuan, but signs of recovery have begun to emerge [2] - Other business segments generated 1.43 billion yuan, up 28.5%, mainly due to rapid growth in fuel cell diaphragm boards and resistor pastes [2] - The overall gross margin for 2023 was 39.83%, a decrease of 4.27 percentage points from the previous year, but improved to 40.14% in Q1 2024 [2] Market Position and Growth Potential - The company is positioned to capture significant market share in the MLCC (Multi-Layer Ceramic Capacitor) sector, which has a global market size exceeding 100 billion yuan [3] - The company is actively exploring vertical integration in ceramic materials and core processes, with breakthroughs in high-capacity, automotive-grade, and small-sized products [3] - There is substantial potential for domestic substitution in the market, and the company is expanding into new product areas driven by AI, including high-speed optical communication packaging and semiconductor components [3] Earnings Forecast - The earnings forecast for 2024-2026 estimates net profits of 2.07 billion, 2.62 billion, and 3.12 billion yuan, respectively, with corresponding PE ratios of 24.2, 19.1, and 16.0 [5][6] - Revenue projections for the same period are 7.18 billion, 8.86 billion, and 10.64 billion yuan, with year-on-year growth rates of 25.4%, 23.3%, and 20.1% [6]

证券代码：300408 证券简称：三环集团 公告编号：2024-06 潮州三环（集团）股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 潮州三环（集团）股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日分别召开第十一届董事会第四次会议、第十一届监事会第四次会议，会议审议 通过了《关于会计政策变更的议案》，具体情况如下： 一、本次会计政策变更情况概述 1、变更原因及变更日期 基于公司对业务管理精细化以及提升经营管理水平的需求，公司于 2023 年 10 月 1 日启用 SAP 系统。为更好地适应相关系统运行，客观、公允地反映公司 的存货情况，为投资者提供更可靠、准确的会计信息，公司拟根据《企业会计准 则第 1 号——存货》及公司实际情况对存货核算会计政策进行变更。 本次会计政策变更从 2023 年 10 月 1 日起开始执行。 2、变更前的会计政策 公司的存货在取得时按照实际成本计价；领用或发出存货，采用月末一次加 权平均法确定其实际成本。 根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》的 ...