证券研究报告 | 公司动态点评 2024 年 04 月 26 日 Q1 业绩稳健增长，新产能将陆续投产 事件：2024 年 4 月 24 日，公司发布 2024 年一季报，报告期内公司实现营业 收入 5.99 亿元，同比+33.81%，实现归母净利润 0.66 亿元，同比+5.98%。 单 季 毛 利 率 / 净 利 率 39.54%/10.97% ， 同 比 -2.99/-3.01pct ，环比 +0.87/-3.23pct。 充电桩：2024 海内外市场齐发力，力争实现大客户突破。2024 年 1-2 月， 国内公共充电桩增量为 10 万台，同比上升 39.1%，仍保持较为高速的增长。 2024 年对于国内市场，公司致力于实现行业客户全面覆盖，年初至今，公司 携手中石油在渝正式启动了 14 座充电站；与重庆东部石油共建 7 座社会运营 充电站，合力打造了一条"环渝线"充电绿道等。此外，公司将积极发力充电 桩海外业务，产品方面研发适用不同国家不同场景的充电模块，市场方面以突 破重点国家的大客户或行业大客户为关键任务目标，保证充电设备业务的稳步 增长。我们认为受新能源电动汽车行业政策及需要的刺激，国内充电桩新 ...

Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal Industry, expecting a price increase of over 15% relative to the industry index in the next six months [4][13]. Core Views - The coal business volume has increased, but prices have declined, leading to a significant drop in net profit for 2023. The company reported a net profit of 21.24 billion yuan, a decrease of 39.67% year-on-year [3][4]. - The company has a strong dividend policy, with a proposed cash dividend of 1.315 yuan per share, resulting in a dividend yield of 5.21% [8]. - The company is expected to maintain stable revenue growth, with projected revenues of 175.48 billion yuan, 181.88 billion yuan, and 188.80 billion yuan for 2024, 2025, and 2026, respectively [8]. Financial Performance Summary - **2023 Financials**: - Revenue: 170.87 billion yuan, up 2.41% year-on-year - Net Profit: 21.24 billion yuan, down 39.67% year-on-year - Basic EPS: 2.19 yuan, down 39.67% year-on-year - ROE: 20.73%, down 12.57 percentage points year-on-year [3][4][8]. - **2024 Projections**: - Expected Revenue: 175.48 billion yuan - Expected Net Profit: 21.45 billion yuan - Expected EPS: 2.21 yuan [8]. Operational Insights - **Production and Sales**: - In 2023, the company produced 164 million tons of coal, an increase of 4.10% year-on-year, and sold 253 million tons, an increase of 12.60% year-on-year [3]. - The average selling price of coal in 2023 was 596.10 yuan per ton, a decrease of 13.04% year-on-year [3]. - **Cost Structure**: - The average operating cost for coal was 405.00 yuan per ton, an increase of 1.68% year-on-year [3]. - The gross profit margin for coal was 37.85%, down 7.06 percentage points year-on-year [3]. Capital Expenditure and Future Plans - The company plans to reduce capital expenditure in 2024 to 2.33 billion yuan, a decrease of 48.43% year-on-year [8]. - Key projects include investments in coal preparation plants and water-coal slurry projects, expected to enhance production capacity [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][10][33] Core Views - The company has shown significant revenue growth, with a 35.81% year-on-year increase in 2023, reaching 2.7 billion yuan, and a net profit growth of 23.74% to 186 million yuan [4][10] - The automotive interior business is rapidly growing, with a notable increase in gross margin, and the company has secured new clients, including a project worth 1 billion yuan expected to start in 2025 [19][23] - The company is strategically expanding in East and South China, leveraging its geographical advantages to enhance customer relationships and market responsiveness [9][10] Financial Performance - Revenue and profit forecasts for 2024-2026 indicate continued growth, with expected EPS of 0.91 yuan, 1.16 yuan, and 1.43 yuan respectively, corresponding to P/E ratios of 13.3X, 10.5X, and 8.5X [10][27] - The gross margin for 2023 was 21.41%, an increase of 1.90 percentage points year-on-year, with a net profit margin of 8.57% [5][10] - The company has a strong cash flow position, with operating cash flow expected to improve significantly in the coming years [26] Business Segments - The company operates in various leather segments, with revenues from shoe and bag leather, automotive interior leather, and collagen products showing substantial year-on-year growth [19][22] - The automotive interior leather segment has seen a 94.21% increase in revenue, reflecting the growing demand in the electric vehicle market [19][22] - The company is actively developing customized products to meet client needs, enhancing customer loyalty and market presence [19][22]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance relative to the industry index over the next six months [5][23]. Core Insights - The company reported a revenue of 411 million yuan in 2023, representing a year-on-year growth of 27.4%, with a net profit of 175 million yuan, up 23.1% year-on-year [21][23]. - The company is a leader in the domestic BLDC motor drive control chip market, leveraging a combination of chips, algorithms, and motors to enhance its core competitiveness [23]. - The company achieved significant growth in its ASIC business, with a revenue increase of 145% year-on-year, driven by a 157.5% increase in sales volume [22][23]. Financial Performance Summary - In Q1 2024, the company reported a revenue of 116 million yuan, a decrease of 10.5% quarter-on-quarter but an increase of 31.1% year-on-year [26]. - The gross margin for Q1 2024 was 54.51%, showing a slight increase of 0.76 percentage points from the previous quarter [8][21]. - The company's R&D expenditure in 2023 was 85 million yuan, reflecting a year-on-year increase of 32.6%, with a focus on automotive electronics [22][23]. Business Segmentation - The primary business segment is the MCU for motor control, generating 275 million yuan in revenue in 2023, accounting for approximately 67% of total revenue [22]. - The second-largest segment is HVIC for motor drive chips, contributing 66 million yuan in revenue, which is 16% of total revenue [22]. - The company has made strides in the automotive electronics sector, achieving ISO 26262 certification and increasing its sales share in this area to 5% in 2023 [22][23].

证券研究报告 | 公司动态点评 2024 年 04 月 26 日 东宝生物（300239.SZ） 明胶及副产品业务平稳增长，益青生物新增胶囊产能 150 亿粒/年 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 943 | 975 | 1,079 | 1,170 | 1,258 | 股票信息 | | | 增长率 yoy （ % ） | 54.1 | 3.3 | 10.7 | 8.4 | 7.5 | | | | 归母净利润（百万元） | 109 | 120 | 132 | 145 | 155 | 行业 | 医药 | | 增长率 yoy ...

证券研究报告 | 公司动态点评 2024 年 04 月 26 日 华辰装备（300809.SZ） 公司业绩高速增长，磨床新品有望贡献增长 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（首次评级） | | | 营业收入（百万元） | 336 | 479 | 609 | 761 | 928 | 股票信息 | | | 增长率 yoy （ % ） | -17.9 | 42.5 | 27.0 | 25.0 | 22.0 | | | | 归母净利润（百万元） | 47 | 118 | 141 | 175 | 206 | 行业 | 机械 | | 增长率 yoy （ % ） | -38.3 | 149.4 | 19.7 | 24.3 | ...

证券研究报告 | 公司动态点评 2024 年 04月 26日 旗滨集团（601636.SH） 业绩增势向好，光伏玻璃贡献新亮点 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 13,313 15,683 20,242 23,802 26,416 股票信息 增长率yoy（%） -9.4 17.8 29.1 17.6 11.0 归母净利润（百万元） 1,317 1,751 2,114 2,370 2,624 行业 建材 增长率yoy（%） -69.0 33.0 20.7 12.1 10.7 2024年4月25日收盘价（元） 7.40 ROE（%） 10.2 11.5 13.0 13.6 13.7 总市值（百万元） 19,857.92 EPS最新摊薄（元） 0.49 0.65 0.79 0.88 0.98 流通市值（百万元） 19,857.92 P/E（倍） 16.7 12.5 10.4 9.3 8.4 总股本（百万股） 2,683.50 P/B（倍） 1.8 1.6 1.5 1.4 1.3 流通股本（百万股） 2,683.50 资料来源：公司财报，长城证 ...

证券研究报告 | 公司动态点评 2024 年 04月 26日 山西汾酒（600809.SH） 高质量增长延续，“大清香时代”来临 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 26,214 31,928 38,838 46,576 55,240 股票信息 增长率yoy（%） 31.3 21.8 21.6 19.9 18.6 归母净利润（百万元） 8,096 10,438 13,124 16,028 19,469 行业 食品饮料 增长率yoy（%） 52.4 28.9 25.7 22.1 21.5 2024年4月26日收盘价（元） 252.29 ROE（%） 37.5 37.0 36.4 33.8 31.5 总市值（百万元） 307,784.77 EPS最新摊薄（元） 6.64 8.56 10.76 13.14 15.96 流通市值（百万元） 307,784.77 P/E（倍） 37.0 28.7 22.8 18.7 15.4 总股本（百万股） 1,219.96 P/B（倍） 14.1 10.8 8.4 6.4 4.9 流通股本（百万股） 1,219 ...

证券研究报告 | 公司动态点评 2024 年 04月 26日 爱美客（300896.SZ） 24Q1 归母净利润增长 27%， 管理费用率显著下降 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 1,939 2,869 3,914 5,130 6,421 股票信息 增长率yoy（%） 33.9 48.0 36.4 31.1 25.2 归母净利润（百万元） 1,264 1,858 2,542 3,317 4,113 行业 医药 增长率yoy（%） 31.9 47.1 36.8 30.5 24.0 2024年4月26日收盘价（元） 297.01 ROE（%） 21.3 28.6 29.7 30.1 28.6 总市值（百万元） 64,261.08 EPS最新摊薄（元） 5.84 8.59 11.75 15.33 19.01 流通市值（百万元） 44,324.63 P/E（倍） 55.4 37.7 27.5 21.1 17.0 总股本（百万股） 216.36 P/B（倍） 12.0 11.0 8.3 6.4 4.9 流通股本（百万股） 149.24 资料来源 ...

证券研究报告 | 公司动态点评 2024 年 04 月 26 日 事件：公司发布 2024 年一季报，2024 年 Q1，公司实现营收 13.24 亿元，同 比降低 3.75%，实现归母净利润 0.43 亿元，同比降低 39.22%。 风险提示：汇率波动风险，AI 等新技术落地不及预期，政策落地不及预期， 海外经济波动的风险。 执业证书编号：S1070520030002 邮箱：caihang@cgws.com 公司动态点评 | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 主要财务比率 | | | | | | | | 2022A | 2023A | 2024E | 2025E | 2026E | | 成长能力 | | | | | | | 营业收入（%） | 3.8 | 24.5 | 20.6 | 19.5 | 18.5 | | 营业利润（ %） | -13.7 | 80.2 | 25.4 | 24.6 | 21.5 | | 归属母公司净利润 ...