＃assAuthor＃ 证券研究报告 ＃industryId＃ 传媒 ＃investSuggestion＃ liyangyjs@xyzq.com.cn S0190518080004 李阳 请务必阅读正文之后的信息披露和重要声明 公司点评报告(带市场行情) ⚫ 主业稳中有进，一季度合并范围变更致业绩波动。 3）2024 年一季度：由于合并范围同比增加光厂创意，公司一季度营收同比增 长 32.35%，扣非后归母净利润同比增长 88.35%。由于 2023 年 Q1 进一步收 购成都光厂至控股产生投资收益，2024 年 Q1 投资收益同比减少 4949.86 万 元，因此公司归母净利润同比下降 71.98%。 2）丰富场景及客户资源：公司客户已经覆盖各个行业领域，KA 客户均是头 部的党政媒体、广告营销、互联网平台和品牌企业，中小企业年度付费用户 不断增长。公司已树立行业领军地位，并凭借现有客户优势打造出健康闭环 的发展生态。 请务必阅读正文之后的信息披露和重要声明 - 2 - ⚫ 盈利预测：我们调整盈利预测，预计公司 2024-2026 年归母净利润为 1.65/1.91/2.10 亿元，对应当前股价（2024 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 通信网络设备及器件 ＃investSuggestion＃ ＃ ＃dyC 新om 易pan 盛y＃ （ 300502 ） investSug 增持 ( 维ges持tion ）Ch 30 一05 季02 度 业 绩超预期高 增＃t ，itle 积＃ 极备 货应对高涨需求 ange＃ ＃ createTime1＃ 2024年 05月 09 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年年报和2024年一季报。 司 市场数据日期 2024-05-08 ⚫ 点评：1、24Q1盈利能力提升显著，业绩超预期高增，公司积极备货应对高 点 收盘价（元） 83.63 涨需求。2024Q1，受益于400G光模块需求的持续复苏，公司实现营收11.13 评 总股本（百万股） 709.92 亿元，同比+85.41%，环比+10%；受益于产品结构的优化和产能利用率的提 报 流通股本（百万股） 617.62 升，Q1 销售毛利率环比+5.23pct 至 42.00%；销售净利率环比+3.55pct ...

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [2][6]. Core Insights - The company achieved a revenue of 12.916 billion yuan in 2023, a year-on-year decrease of 1.78%, while the net profit attributable to shareholders increased by 16.82% to 2.554 billion yuan [1][3]. - In Q1 2024, the company reported a revenue of 3.391 billion yuan, representing a year-on-year growth of 34.44%, and a net profit of 590 million yuan, up 18.19% [1][3]. - The company has demonstrated effective cost control, with gross and net profit margins improving to 36.92% and 20.22%, respectively, in 2023 [1][3]. Financial Performance Summary - Revenue for 2023 was 12.916 billion yuan, with a slight decline of 1.8% expected in 2024, followed by growth rates of 18.8%, 17.1%, and 16.2% in the subsequent years [3]. - The net profit for 2023 was 2.554 billion yuan, with projections of 3.117 billion yuan, 3.757 billion yuan, and 4.470 billion yuan for 2024, 2025, and 2026, respectively, indicating a growth rate of 22.1% in 2024 [3]. - The company’s gross margin is expected to improve from 36.9% in 2023 to 40.0% by 2026 [3]. Business Development Highlights - The company is increasing its investment in industrial robotics, having acquired a controlling stake in Turing Robotics to enhance its competitiveness in high-end industrial robotics [1][2]. - The company showcased new industrial robot solutions at the Hannover Industrial Fair in April 2024, indicating a strong commitment to innovation in this sector [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" suggestion based on the expected performance recovery and strategic expansions in key regions [7][22]. Core Insights - The company has accelerated its store expansion, focusing on the Sichuan-Chongqing region while maintaining a strong presence in Yunnan and gradually increasing its market share in South China and North China [1][14]. - In 2023, the company reported a revenue of 17.38 billion yuan, a slight decrease of 0.29% year-on-year, and a significant drop in net profit by 45.60% to 549 million yuan, primarily due to tax-related expenses and a decline in gross margin [8][9][14]. - The first quarter of 2024 showed a recovery with a revenue increase of 14.96% year-on-year, reaching 5.10 billion yuan, and a net profit of 242 million yuan, marking a 1.03% increase [8][14]. Store Expansion and Market Strategy - In 2023, the company opened 1,381 new stores, bringing the total to 10,255 by the end of the year, with a focus on increasing the number of stores outside Yunnan [1][14]. - As of the first quarter of 2024, the total number of stores reached 10,746, with 5,455 in Yunnan and 5,291 outside, indicating a balanced expansion strategy [1][14]. Financial Performance - The company’s gross margin for 2023 was reported at 33.00%, reflecting a slight decline due to increased wholesale proportions and price adjustments in the product catalog [27]. - The forecast for earnings per share (EPS) for 2024-2026 is adjusted to 1.68, 1.95, and 2.28 yuan, respectively, indicating a positive outlook for profitability [22][16]. Diversification and Health Industry Layout - The company is actively diversifying its product categories, focusing on traditional medicine and expanding into the health industry, with sales in the health category reaching 370 million yuan in 2023 [12][14]. - The establishment of a health division aims to address consumer health needs beyond medication, including skincare and functional foods [12][14].

公 司 研 证券研究报告 究 机械设备 ＃investSuggestion＃ 中联重科 （ 000157 ） 增持 ( 维持 ） 新兴 业 务快速发 展，海 外布 局取得成效 ＃ ＃ 2024年 5月 9日 投资要点 公 市场数据  公司发布 2023 年年报及 2024 年一季报：2023 年公司实现营收 470.75 亿元， 司 日期 2024-5-6 YOY+13.08%；归母净利润35.06亿元，YOY+52.04%；扣非后归母净利润27.08 点 收盘价（元） 8.78 亿元，YOY+109.51%；加权平均净资产收益率 6.41%，YOY+2.28pct。2024 年 第一季度公司实现营收 117.73 亿元，YOY+12.93%；归母净利润 9.16 亿元， 评 总股本（百万股） 8677.99 YOY+13.06%；毛利率28.65%，YOY+2.26pct;归母净利率7.78%，YOY+0.01pct。 报 流通股本（百万股） 7070.51  传统板块市场地位稳固提升，新兴业务板块营收增速较高：分产品看，2023年 净资产（百万元） 57199.31 公司起重机械实现营收192.91亿 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 医药生物 ＃investSuggestion＃ ＃ ＃d华yCo厦mpa眼ny＃科 （301267.SZ） investSug 增持 ( 维ges持tionC）h 000009 基础眼病和消＃费tit眼le＃科均衡增长， ange＃ 不断吸收整合优质资源 ＃createTime1＃ 2024 年05月09 日 ＃市场ma数rk据etData＃ 投资要点 ＃summary＃ 日期 2024/5/8  公司发布 2023 年年报及 2024 年一季报。2023 年，公司实现营收 40.13 亿元 收盘价（元） （YOY+24.12%）；归母净利润6.66亿元（YOY+29.60%）；扣非归母净利润6.62 26.54 总股本（百万股） 亿元（YOY+22.37%）。2023Q4，公司实现营收9.10亿元（YOY+28.17%）；归母净 840.00 流通股本（百万股） 利润1.09亿元（YOY-6.57%）；扣非归母净利润0.90亿元（YOY-16.61%）。2024Q1， 328.83 净资产（百万元） 公司实现营收9.78亿元（YOY+5.09 ...

公 司 研 究 增持 ( | --- | --- | |-----------------------------------------|------------| | | | | ＃市场数据 marketData ＃ 市场数据日期 | 2024-05-09 | | 收盘价（元） | 31.41 | | 总股本（百万股） | 114.33 | | 流通股本（百万股） | 49.41 | | 净资产（百万元） | 1903.05 | | 总资产（百万元） | 2079.33 | | 每股净资产 ( 元 ) | 16.65 | ＃分析师： emailAuthor＃ jiangjialin@xyzq.com.cn S0190515050002 guiyang@xyzq.com.cn S0190524040005 投资要点 ⚫ 营收稳健增长，毛利率基本稳定。2023 年，公司实现营收增长 5.54%，主要 系在云服务商和运营商等领域开拓方面取得明显成效，同时收购江南科友增 厚业绩；公司密码服务及其他收入 0.49 亿元，同比增长 273.32%，主要系公 司客户结构中最终客户占比增加，对支撑和技术服务的要求更高。2 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of this rating [5]. Core Insights - In 2023, the company achieved operating revenue of 1,494 million yuan, a year-on-year increase of 28.0%, and a net profit attributable to shareholders of 583 million yuan, up 54.9% year-on-year [6][8]. - The company's supermaterial products saw significant revenue growth, generating 1,247 million yuan in 2023, a 55.94% increase year-on-year, accounting for 83.47% of total revenue [6][8]. - The company is expanding its automotive electromagnetic testing business and has secured substantial contracts for supermaterial structural components [6][8]. Financial Performance Summary - **2023 Financials**: - Operating revenue: 1,494 million yuan, up 28.0% year-on-year - Net profit: 583 million yuan, up 54.9% year-on-year - Basic earnings per share: 0.27 yuan, up 58.82% year-on-year [6][8]. - **2024 Q1 Performance**: - Operating revenue: 321 million yuan, up 3.04% year-on-year, and up 18.89% quarter-on-quarter - Net profit: 136 million yuan, up 34.88% year-on-year [6][8]. - **Future Projections**: - Expected net profits for 2024, 2025, and 2026 are 765 million yuan, 1,137 million yuan, and 1,342 million yuan respectively, with corresponding EPS of 0.36 yuan, 0.53 yuan, and 0.62 yuan [6][8]. Product Segment Performance - **Supermaterial Products**: - Revenue: 1,247 million yuan, 55.94% increase year-on-year, with a gross margin of 52.19% [6][8]. - **Automotive Parts**: - Revenue: 206 million yuan, down 24.56% year-on-year, with a gross margin of 9.35% [6][8]. - **Research and Development**: - Revenue from supermaterial R&D: 27.92 million yuan, down 61.88% year-on-year, with a gross margin of 32.64% [6][8]. Cash Flow and Balance Sheet - The company reported a negative net cash flow from operating activities of -16 million yuan in 2023, a decrease of 111.27% year-on-year [6][8]. - As of the end of 2023, accounts receivable totaled 1,664 million yuan, a 49.79% increase from the beginning of the year [6][8]. Strategic Developments - The company has established a joint innovation laboratory for automotive electromagnetic modulation technology, indicating a strategic move into the automotive testing sector [6][8]. - A significant contract worth 660 million yuan for supermaterial structural components was signed in March 2024, reflecting strong demand in this segment [6][8].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue from routine medical testing reached 7.726 billion yuan in 2023, with a year-on-year growth of 15.35%. The proportion of revenue from tertiary hospitals increased significantly to 43.13%, up by 4.73 percentage points [6][7] - The company aims to improve profitability through cost reduction and efficiency enhancement, with a net profit margin of 7.46% in 2023, down by 10.91 percentage points year-on-year. The company reduced its workforce by 2,825 employees, a decrease of 19.60% year-on-year, which is expected to positively impact profitability in 2024 [6][7] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 8.540 billion yuan, a decrease of 44.82% year-on-year. The net profit attributable to shareholders was 643 million yuan, down 76.64% year-on-year. The operating cash flow was 1.231 billion yuan, down 36.81% year-on-year [5][8] - For Q1 2024, the company reported a revenue of 1.841 billion yuan, a year-on-year decrease of 13.05%, with a net profit of -19 million yuan [5][8] Revenue Breakdown - The company developed 412 new projects in 2023, contributing 6.38 billion yuan to total revenue, accounting for 7.47% of total revenue. Notable growth was seen in various diagnostic areas, including a 398.97% increase in revenue from infection tNGS series and a 525.35% increase in single-gene carrier screening [6][7] Profitability Outlook - The company is expected to improve its profitability in 2024 due to the gradual weakening of impairment losses and cost pressures from past expansions. The forecasted EPS for 2024-2026 is 1.80, 2.33, and 3.03 yuan, respectively, with corresponding P/E ratios of 22.0, 17.0, and 13.1 times [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [2][3][8] Core Views - The company reported strong financial performance in 2023, with revenue of 20.367 billion yuan (YOY +26.43%) and net profit of 3.359 billion yuan (YOY +33.07%) [4][5] - The growth in 2023 was driven by the release of accumulated demand for ophthalmic surgeries, continuous expansion of the company's scale, advancements in diagnostic technology, and increased awareness of eye health [5][6] - In Q1 2024, the company experienced a temporary slowdown in growth due to high base effects from the previous year, weak consumer spending, and extreme weather [4][5] - The company is expected to maintain a flexible pricing strategy for refractive surgeries and enhance its high-end cataract business through national procurement of artificial lenses [5][6] Financial Summary - In 2023, the company achieved a gross margin of 50.79% and a net profit margin of 17.95% [6][8] - For 2024, the company is projected to generate revenue of 23.697 billion yuan, with a net profit of 4.131 billion yuan, reflecting a growth rate of 16.35% and 23.00% respectively [2][3] - The company's earnings per share (EPS) for 2024 is estimated at 0.44 yuan, with a price-to-earnings (PE) ratio of 29.2 [2][3] Business Segmentation - In 2023, the refractive surgery segment generated revenue of 7.431 billion yuan (YOY +17.27%), while the cataract segment saw revenue of 3.327 billion yuan (YOY +55.24%) [5][6] - The optical services segment achieved revenue of 4.960 billion yuan (YOY +31.25%), indicating strong growth in this area [5][6] Shareholder Returns - The company has increased its dividend payout ratio, with annual dividends per share of 0.12 yuan, 0.10 yuan, and 0.15 yuan from 2021 to 2023, respectively [7][8] - Cash dividends amounted to 649 million yuan, 718 million yuan, and 1.395 billion yuan over the same period, with a payout ratio increasing from 28% to 42% [7][8] Global Expansion - The company has been expanding its international presence since 2016, with operations in Hong Kong, Europe, Southeast Asia, and the United States [8] - In 2023, revenue from Hong Kong, Macau, Taiwan, and overseas regions accounted for 11.35% of total revenue, with expectations for further growth [8]