证券研究报告 | 公司动态点评 2024 年 05月 07日 锦浪科技（300763.SZ） 好转信号已现，静候出货佳音 财务指标 2022A 2023A 2024E 2025E 2026E 增持（首次评级） 营业收入（百万元） 5,890 6,101 8,154 10,201 11,986 股票信息 增长率yoy（%） 77.8 3.6 33.7 25.1 17.5 归母净利润（百万元） 1,060 779 907 1,178 1,439 行业 电力设备及新能源 增长率yoy（%） 123.7 -26.5 16.4 29.9 22.1 2024年5月6日收盘价（元） 55.73 ROE（%） 25.0 10.0 10.6 12.1 13.0 总市值（百万元） 22,330.28 EPS最新摊薄（元） 2.64 1.95 2.26 2.94 3.59 流通市值（百万元） 17,919.12 P/E（倍） 20.2 27.5 23.7 18.2 14.9 总股本（百万股） 400.69 P/B（倍） 5.1 2.8 2.5 2.2 1.9 流通股本（百万股） 321.53 资料来源：公司财报，长城证券产业金融研 ...

证券研究报告 | 行业动态点评 2024 年 04月 26日 传媒 4 月国产网络游戏版号发布，版号数量略有下降 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 002555.SZ 三七互娱 买入 1.40 1.58 11.8 10.5 行业走势 002624.SZ 完美世界 买入 0.55 0.61 18.2 16.2 00700.HK 腾讯控股 买入 15.65 17.99 17.0 14.8 传媒 沪深300 资料来源：长城证券产业金融研究院 11% 4% 事件：4月26日，国家新闻出版署发布了2024年4月份国产网络游戏审批 -3% -10% 信息，共 95款游戏获批版号，低于此前超百款水平，但高于2023年平均数 -17% 量。此外，4月8号亦发放14款进口游戏版号，全年已累计发放46款。 -24% -31% 多家游戏公司产品获批版号，建议关注后续新品测试情况以及上线为公司带 -38% 2023-04 2023-08 2023-12 2024-04 来的边际变化。本次，多个重点产品获批游戏版号，涉及多家上市/非上市公 司 ...

证券研究报告 | 行业周报 2024 年 04月 25日 非银行金融 海外地缘政治持续扰动，基金交易端降费正式落地-非银周观点 本周市场受外部事件、美联储降息预期波动、密集财报披露等因素，叠加北 强于大市（维持评级） 向资金波动影响，市场继续呈现震荡走势。历史上，4 月走势更聚焦业绩， 更多要回归基本面定价，今年 4月外部地缘冲突加剧，市场风偏受到一定程 行业走势 度压制。第三个国九条颁布，有望提升市场风偏。交易节奏层面而言，本周 监管继续发布了东吴证券处罚通知书，彰显了从严监管导向，一定程度上可 非银行金融 沪深300 16% 能对券商板块股价形成短期压制，具备并购重组预期对板块的潜在影响可能 11% 胜率高些，重点关注以浙商证券、国联证券、中国银河等为代表个股。 5% 0% -5% 保险股估值有所修复，关注寿险改革及基本面修复情况。十年期国债收益率 -11% 跌破2.40%，本周下探到 2.25%附近，保险板块估值继续承压，后续走势需 -16% 密切关注寿险改革及基本面修复情况。我们认为，保险负债端基本面延续弱 -21% 2023-04 2023-08 2023-12 2024-04 复苏态势，五大上市险 ...

Investment Rating - The report maintains a "Hold" rating for the company, with expectations of a stock price increase relative to the industry index between -5% to 5% over the next six months [16]. Core Views - The company achieved a historical high in revenue for 2023, with a total revenue of 2.391 billion yuan, representing a year-on-year growth of 9.82%. However, the net profit attributable to the parent company was -93 million yuan, a decline of 167.48% year-on-year [10][19]. - The company is focusing on expanding its advanced packaging capabilities and has made significant investments in research and development to enhance its product offerings in the semiconductor market, particularly in automotive electronics [4][35]. - The company is expected to benefit from the recovery in downstream customer demand as the overall inventory destocking phase in the integrated circuit industry comes to an end [4]. Financial Summary - For 2023, the company reported a gross margin of 13.90%, down 8.01 percentage points year-on-year, primarily due to weak orders from downstream customers and price pressures on certain product lines [19]. - The first quarter of 2024 saw a significant revenue increase of 71.11% year-on-year, reaching 727 million yuan, with a gross margin of 14.23%, reflecting improved scale effects [10][19]. - The projected net profits for 2024, 2025, and 2026 are expected to be 21 million yuan, 159 million yuan, and 303 million yuan, respectively, with corresponding EPS of 0.05 yuan, 0.39 yuan, and 0.74 yuan [28]. Market Position and Strategy - The company is actively expanding its production capacity and enhancing its service capabilities to existing customers while also targeting new clients, including major players in Taiwan [35][36]. - The strategic focus includes the development of new product lines such as Bumping, CP, wafer-level packaging, FC-BGA, and automotive electronics, which are expected to drive future growth [4][35]. - The company has established a one-stop delivery capability, which is anticipated to shorten delivery times and improve quality control for customers [35].

长城证券产业金融研究院 增持（维持评级） 行业 电子 江丰电子（300666.SZ） | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,325 | 2,602 | 3,676 | 4,781 | 5,985 | | 增长率 yoy （ % ） | 45.9 | 11.9 | 41.3 | 30.1 | 25.2 | | 归母净利润（百万元） | 264 | 255 | 331 | 471 | 634 | | 增长率 yoy （ % ） | 147.9 | -3.4 | 29.5 | 42.4 | 34.6 | | ROE （ % ） | 5.9 | 5.3 | 6.9 | 8.9 | 10.7 | | EPS 最新摊薄（元） | 1.00 | 0.96 | 1.25 | 1.77 | 2.39 | | ...

证券研究报告 | 公司动态点评 2024 年 04月 26日 电投能源（002128.SZ） 煤炭盈利逆势上涨，打造“煤-电-铝”产业集群成长可期 财务指标 2022A 2023A 2024E 2025E 2026E 买入（上调评级） 营业收入（百万元） 26,793 26,846 29,300 32,164 35,662 股票信息 增长率yoy（%） 8.6 0.2 9.1 9.8 10.9 归母净利润（百万元） 3,986 4,560 4,796 5,302 5,744 行业 有色金属 增长率yoy（%） 11.3 14.4 5.2 10.5 8.3 2024年4月25日收盘价（元） 18.95 ROE（%） 17.2 14.6 14.3 13.8 13.4 总市值（百万元） 42,477.82 EPS最新摊薄（元） 1.78 2.03 2.14 2.37 2.56 流通市值（百万元） 40,052.22 P/E（倍） 10.7 9.3 8.9 8.0 7.4 总股本（百万股） 2,241.57 P/B（倍） 1.8 1.4 1.2 1.1 1.0 流通股本（百万股） 2,113.57 资料来源：公司财报 ...

Investment Rating - The report maintains a "Buy" rating for Lingrui Pharmaceutical, expecting the stock price to outperform the industry index by over 15% in the next six months [17]. Core Views - Lingrui Pharmaceutical has demonstrated strong financial performance with a revenue of 3.311 billion yuan in 2023, representing a year-on-year growth of 10.31%, and a net profit of 568 million yuan, up 22.09% [2][4]. - The company is positioned to benefit from the expanding orthopedic medication market due to the aging population in China, with a focus on optimizing product structure and cost management to enhance profit margins [8][19]. Financial Performance Summary - In 2023, the company achieved a revenue of 3.311 billion yuan, with a net profit of 568 million yuan and a non-deductible net profit of 534 million yuan, marking increases of 22.09% and 30.61% respectively [2][4]. - For Q1 2024, the company reported a revenue of 909 million yuan, a year-on-year increase of 15.27%, and a net profit of 190 million yuan, up 31.98% [5][19]. - The financial indicators for 2024E project revenues of 3.779 billion yuan and a net profit of 701 million yuan, reflecting a growth rate of 14.1% and 23.4% respectively [4][8]. Product and Brand Development - The product matrix has been enriched with the approval of two new drug registrations, expanding the range of dosage forms to over a hundred products [3][31]. - The company has implemented a "1+N" brand strategy, enhancing brand value and recognition, with notable products achieving significant sales milestones [3][31]. Operational Efficiency - The company has optimized its cost structure, with a decrease in sales, management, and financial expense ratios in Q1 2024 compared to the previous year [5][19]. - Continuous improvements in operational management and marketing strategies have been noted, including the integration of traditional and e-commerce channels [22].

金雷股份（300443.SZ） 事件：公司于 2024 年 4 月 23 日发布 2023 年年度报告以及 2024 年一季报。 2023 年公司实现营业收入 19.46 亿元，同比增长 7.41%；归母净利润 4.12 亿元，同比增长 16.85%；扣非归母净利润 3.93 亿元，同比增长 9.19%。 2024Q1 公司实现营业收入 2.55 亿元，同比下降 41.56%；归母净利润 0.29 亿元，同比下降 70.80%；扣非归母净利润 0.23 亿元，同比下降 75.98%。 传统业务不断扩产，新增 28 万吨锻造产能。锻造领域，公司拟于济南市建 设高端传动装备科创产业园项目，总投资额为 26.51 亿元，项目规划期为 4.5 年，共分三期建设，建成后将形成年产 28 万吨大型高端锻件的全流程生产能 力。铸造领域，公司于东营建设的 15 万吨大兆瓦铸件产能已于 2023 年逐步 投产，已经通过西门子、金风科技、远景能源等多家客户建立良好战略合作 关系，形成超过 130 个新产品。作为风电主轴领域龙头公司，预计随着产能 的快速提升，公司有望进一步增强核心竞争力。 执业证书编号：S107052003000 ...

证券研究报告 | 公司动态点评 2024 年 04月 26日 澜起科技（688008.SH） 24Q1 扣非净利润同比+741 倍，持续受益 AI 互联新品放量 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 3,672 2,286 3,509 4,537 5,467 股票信息 增长率yoy（%） 43.3 -37.8 53.5 29.3 20.5 归母净利润（百万元） 1,299 451 1,125 1,614 2,015 行业 电子 增长率yoy（%） 56.7 -65.3 149.6 43.4 24.8 2024年4月25日收盘价（元） 48.30 ROE（%） 13.1 4.4 10.2 13.2 14.5 总市值（百万元） 55,132.57 EPS最新摊薄（元） 1.14 0.40 0.99 1.41 1.76 流通市值（百万元） 55,132.57 P/E（倍） 42.4 122.3 49.0 34.2 27.4 总股本（百万股） 1,141.46 P/B（倍） 5.6 5.4 5.0 4.5 4.0 流通股本（百万股） 1,141.4 ...

Investment Rating - The report assigns an "Overweight" rating to Neway CNC (688697 SH) for the first time [1][4] Core Views - Neway CNC's operating performance continues to grow, with active expansion in overseas markets [1] - The company's revenue in 2023 maintained a good growth rate, with overseas sales revenue doubling year-on-year [1] - The company is strengthening its R&D and technological innovation, with R&D investment accounting for 4 39% of total revenue in 2023 [32] - The company's fourth-phase high-end intelligent CNC equipment and core functional components project is nearing completion and is expected to be operational by 2025 [2] Financial Performance - Revenue in 2023 was RMB 2 321 billion, a year-on-year increase of 25 76% [31] - Net profit attributable to the parent company in 2023 was RMB 318 million, a year-on-year increase of 21 13% [31] - Revenue from large machining centers in 2023 was RMB 959 million, a year-on-year increase of 14 98%, with a gross margin of 24 47% [1] - Revenue from vertical CNC machine tools in 2023 was RMB 646 million, a year-on-year increase of 29 72%, with a gross margin of 25 28% [1] - Revenue from horizontal CNC machine tools in 2023 was RMB 692 million, a year-on-year increase of 41 83%, with a gross margin of 30 20% [1] - Domestic sales revenue in 2023 was RMB 1 604 billion, a year-on-year increase of 6 66% [1] - Overseas sales revenue in 2023 was RMB 705 million, a year-on-year increase of 112 99% [1] Future Projections - Revenue is expected to grow to RMB 2 747 billion in 2024, RMB 3 222 billion in 2025, and RMB 3 737 billion in 2026 [1] - Net profit attributable to the parent company is expected to be RMB 370 million in 2024, RMB 447 million in 2025, and RMB 533 million in 2026 [4] - EPS is expected to be RMB 1 13 in 2024, RMB 1 37 in 2025, and RMB 1 63 in 2026 [4] - P/E ratio is expected to be 17 3x in 2024, 14 3x in 2025, and 12 0x in 2026 [4] Industry and Market Position - Neway CNC operates in the machinery industry, specializing in the R&D, production, and sales of medium and high-end CNC machine tools [1][32] - The company has undertaken 9 national major scientific and technological projects, improving the overall performance of CNC machine tools and narrowing the technological gap with international leading levels [32] Capital and Investment Projects - The company raised RMB 572 million in net proceeds from its IPO in September 2021, with RMB 490 million invested by the end of 2023, achieving an investment progress of 85 57% [2] - The third-phase mid-to-high-end CNC machine tool industrialization project is expected to add 2,000 CNC machine tools annually upon completion [2] - The fourth-phase high-end intelligent CNC equipment and core functional components project is expected to provide 60,000 square meters of intelligent production workshops and supporting facilities [2]