公 司 研 究 [Table_Reportdate] 2024年04月03日 [Table_invest] 买入（维持） 报告原因：业绩点评 电 力 设 备 与 新 能 源 [Table_QuotePic] -71% -56% -42% -28% -14% 1% 15% 29% 23-04 23-07 23-10 24-01 [聚和材料 Table_NewTitle]（688503）：业绩量利齐升， LECO导入带来新驱动力 ——公司简评报告 ➢ 业绩量利齐升，后续技术迭代有望继续驱动。公司2023年实现营业收入102.9亿元，同比 +58.21%；实现归母净利润4.42亿元，同比+13.00%；实现扣非后归母净利润为3.96亿元， 同比+10.10%。其中，2023Q4营收28.91亿，同比+77.96%；实现归母净利0.01亿，同比 -98.56%，环比-99.25%。 ➢ 银浆出货及收入大幅上升。2023年公司实现光伏银浆收入102.04亿，同比+57.64%；光伏 银浆毛利率为9.64%，同比-1.77pct。2023年公司银浆出货量为2002.96吨，同比+45.76%， 其中2023Q4出货约54 ...

公 司 研 究 [Table_Reportdate] 2024年04月03日 [Table_invest] [华Tabl兰e_N生ewT物itle] （002007）：采浆量提升显著， 买入（维持） 公 增长可期 报告原因：业绩点评 司 简 ——公司简评报告 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn 医 ➢ 利润端表现亮眼。2023年，公司实现营业收入53.42亿元（+18.26%）、归母净利润14.82 证券分析师 药 亿元（+37.66%）、扣非归母净利润12.67亿元（+41.77%）。其中Q4单季实现营业收入14.29 伍可心 S0630522120001 生 wkx@longone.com.cn 亿元（+56.23%）、归母净利润4.14亿元（+135.85%）、扣非归母净利润3.61亿元 物 联系人 （+166.87%）。公司业绩增长预计主要系血制品和流感疫苗需求增加所致。 林子超 ➢ 血制品业务增长稳健，浆站及采浆量快速提升。公司2023年血制品业务实现营收29.26亿 lzc@ ...

证券分析师：谢建斌 执业证书编号：S0630522020001 联系人：龚理 联系方式：gongli@longone.com.cn 2024年04月01日 投 资 要 点 l 复盘2023年：1）家纺跑出超额收益。2023年富安娜和水星家纺分别涨幅38.3%/15.7%，显著跑赢沪深300的-11.3%。2）景气回升。疫情放开 后，婚庆需求集中释放以及地产催化政策频出，叠石桥家纺景气指数显示2023年行业旺季景气程度超过2022年低值，表现出较强的修复趋势。 富安娜、罗莱生活和水星家纺2023年前三季度对2019年同期归母净利润CAGR分别为9%、4%和4%。3）高股息维护估值。富安娜和罗莱生活 股息率稳定在7%，水星家纺股息率稳步提升至5%。富安娜和水星家纺近三年的PE分位数分别为75%和20%，高于沪深300的14%。 l 家纺行业：刚需向可选切换，头部企业在品牌力和线下渠道享有相对优势。1）市场，2022年床品市场规模为1280亿元，2009-2022年CAGR 为6%，长期平稳向上。2）驱动，家纺消费分为为结婚、搬家、日常更新和团购四大场景，与结婚和住宅有密切联系。经测算，床品市场规模 （T+1）与住 ...

原 油 维 持 强 势 ， 下 游 或 迎 复 苏 原油及聚酯产业链月报（2024年4月） 证券分析师：谢建斌 执业证书编号：S0630522020001 证券分析师：张季恺 执业证书编号：S0630521110001 证券分析师：吴骏燕 执业证书编号：S0630517120001 2024年04月02日 一、油价回顾与展望 目 二、商品 、利率及汇率 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the market index [7]. Core Insights - The company's performance significantly exceeded expectations, with a revenue of 1.034 billion yuan in 2023, representing a year-on-year growth of 58.7%. The net profit attributable to shareholders was 163 million yuan, up 26.2% year-on-year, while the non-recurring net profit grew by 102.3% [5][8]. - The company is accelerating capacity expansion, with several projects coming online, including a multi-peptide raw material drug production facility and a solid dosage form production facility, which will enhance its CDMO and production capabilities [6][8]. - The self-selected products, particularly peptides and formulations, are experiencing rapid growth, with revenues from self-selected products reaching 629 million yuan, a 145.5% increase year-on-year [7][8]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 1,033.55 million yuan, with a year-on-year growth rate of 58.69%. The net profit attributable to shareholders was 162.94 million yuan, reflecting a growth of 26.2% [12]. - The gross profit margin improved to 68.05% in 2023, up from previous years, indicating better cost management and pricing power [12]. Capacity Expansion - The company has successfully launched several production facilities, including a multi-peptide raw material drug production facility and a solid dosage form production facility, which are expected to significantly increase production capacity by 2025 [6][8]. - The new facilities will support the transition of research and development processes to commercial production, enhancing the company's competitive edge in the market [6]. Research and Development - The company has a robust pipeline with 37 projects under development, including 21 raw material drug projects and 16 formulation projects. It has also secured FDA approvals for several key products [8]. - The R&D team has expanded significantly, with 266 personnel and an R&D investment of 134 million yuan, accounting for 12.93% of total revenue, which is above industry standards [8]. Business Development - The business development team has strengthened its presence in key markets, including Europe and Latin America, and has secured several strategic partnerships with major pharmaceutical companies [9]. - Notable contracts include a long-term supply agreement worth 102 million USD with a large European pharmaceutical company, set to commence in 2024 [9].

公 司 研 究 [Table_Reportdate] 2024年04月01日 [Table_invest] [钒Tabl钛e_N股ewT份itle] （000629）：业绩短期承压，静 买入（首次覆盖） 公 待液流电池产业化东风 报告原因：业绩点评 司 ——公司简评报告 简 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 事件：公司发布2023年年度报告，受行业供需影响，业绩短期承压。2023年全年公司实现 电 联系人 营收143.80亿元，同比-4.7%；归母净利润10.58亿元，同比-21.3%；毛利率14.4%，同比 力 赵敏敏 设 zmmin@longone.com.cn -1.9pct；净利率7.5%，同比-1.6pct。2023Q4单季公司实现营收32.24亿元，同比-12.9%、 环比-8.6%；归母净利润1.89亿元，同比+61.4%、环比-28.9%；毛利率15.2%，同比+3.9pct、 备 [数Ta据b日le_期c ominfo] 2024/04/01 环比+1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 44.109 billion yuan in 2023, representing a year-on-year increase of 23.7%. The net profit attributable to shareholders was 3.013 billion yuan, up 27.8% year-on-year [7] - The company plans to distribute a cash dividend of 0.21 yuan per share, with a payout ratio of 33.25% [7] - The drilling business is recovering due to sustained global upstream capital expenditure, with the parent company, CNOOC, expected to spend 125-135 billion yuan in 2024 [7] - The oil technology segment has shown high growth potential, contributing 58.39% to total revenue in 2023, with a year-on-year revenue increase of 31.4% [7] - The company has optimized its overseas market strategy, achieving a 50.9% year-on-year increase in international market revenue [7] - The earnings forecast has been revised upward, with expected revenues of 49.911 billion yuan, 53.266 billion yuan, and 59.490 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - In 2023, the company reported a net cash flow from operating activities of 13.096 billion yuan, a significant increase of 89.8% year-on-year [7] - The basic earnings per share (EPS) for 2023 was 0.63 yuan, with projections of 0.87 yuan, 1.07 yuan, and 1.24 yuan for 2024, 2025, and 2026 respectively [8] Market Position - The domestic market accounted for 78.5% of total revenue in 2023, with a year-on-year growth of 17.9% [7] - The company secured new overseas contracts totaling approximately 4.2 billion USD in 2023, marking a 19.3% increase year-on-year [7] Future Outlook - The company is expected to maintain high-quality growth with a projected net profit of 4.154 billion yuan, 5.114 billion yuan, and 5.933 billion yuan for 2024, 2025, and 2026 respectively [7] - The price-to-earnings (PE) ratio is projected to decrease from 22.17 in 2024 to 15.52 in 2026, indicating potential for value appreciation [8]

公 司 研 究 [Table_Reportdate] 2024年04月02日 [Table_invest] [丽Tabl珠e_N集ewT团itle] （000513）： 业绩短期放缓， 买入（维持） 公 研发快速推进 司 报告原因：业绩点评 简 ——公司简评报告 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn ➢ 业绩基本平稳，控费能力良好。公司2023年实现营业收入124.3亿元（-1.58%）；实现归母 医 证券分析师 净利润19.54亿元（+2.32%）；实现归母扣非净利润18.81亿元（+0.05%）。其中Q4单季度 药 伍可心 S0630522120001 实现营业收入27.75亿元（-11.65%），归母净利润3.52亿元（-12.55%），Q4单季度业绩下 生 wkx@longone.com.cn 降，主要由于2022年Q4有新冠疫苗收入，而2023年Q4该部分收入大幅下降。公司2023全 物 联系人 付婷 年计提新冠疫苗相关资产减值，影响净利润3.1亿元。 2023年，公司销售毛利率 ...

公 司 研 究 [Table_Reportdate] 2024年04月02日 [Table_invest] [特Tabl宝e_N生ewT物itle] （688278）：公司业绩超预期， 买入（维持） 公 派格宾新适应症值得期待 司 报告原因：业绩点评 简 ——公司简评报告 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn ➢ 公司业绩超预期，盈利能力持续增强。2023年，公司实现营业收入21.00亿元（+37.55%）、 医 证券分析师 归母净利润5.55亿元（+93.52%）、扣非净利润5.79亿元（+73.58%）。其中Q4单季实现收 药 伍可心 S0630522120001 生 wkx@longone.com.cn 入6.41亿元（+66.93%），归母净利润1.87亿元（+115.37%）。公司收入端随着核心产品派 联系人 格宾持续放量快速增长，利润端因毛利率的提升和费用率的下降实现高速增长。从期间费 物 付婷 用上看，销售费用率为40.41%，同比下降5.64pp；管理费用率为10.01%， ...

公 司 研 究 [Table_Reportdate] 2024年04月02日 [Table_invest] [天Tabl赐e_N材ewT料itle] （002709）：业绩短时承压，行 买入（首次覆盖） 公 业市占率稳步提升 报告原因：业绩点评 司 ——公司简评报告 简 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 事件：2024年3月26日，公司披露2023年度报告。2023年全年公司实现营业收入154.05亿 电 联系人 元，同比下降30.97%，实现归母净利润18.91亿元，同比下降66.92%，实现扣非净利润 力 张帆远 设 zfy@longone.com.cn 18.24亿元，同比下降67.08%。2023Q4公司实现营业收入32.81亿元，同比下降44.29%， 归母净利润1.39亿元，同比下降89.74%，实现扣非净利润1.14亿元，同比下降91.10%。 备 [数Ta据b日le_期c ominfo] 2024/04/02 与 收盘价 24.45 ➢ 电解液价格下滑带 ...