] y r t s u d n I _ e l b a T [ [ 中Ta 文bl 传e_ 媒T （itl 6e 0] 0 373）2023年报&2024年一季报点评 公 司 出版发行业务稳步提升，产业延伸布局 研 究 助力增长 挖掘价值 投资成长 / [Table_Rank] 传 增持 （首次） 媒 互 2024 年 05 月 13 日 联 网 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 研 证书编号：S1160521080001 究 报  公司发布2023年报和2024年一季报。 证券分析师：陈子怡 告 证书编号：S1160522070002 2023 年，公司实现营业收入 100.84 亿元，同比下降 1.49%；实现归 证券分析师：潘琪 母净利润 19.67 亿元，同比增长 1.88%；实现扣非归母净利润 15.57 证书编号：S1160524040001 亿元，同比下降10.09%。 联系人：陈子怡 2024 年一季度，公司实现营业收入 21.61 亿元，同比下降 13.24%； 电话：021-23586305 受 ...

] y r t s u d n I _ e l b a T [ [ 时Ta 代bl 电e_ 气T （itl 6e 8] 8 187）2024年一季报点评 公 Q1轨交业绩表现亮眼， 司 研 轨交+新兴装备双轮驱动业绩增长 挖掘价值 投资成长 究 / [Table_Rank] 买入 交 （维持） 运 设 2024 年 05 月 13 日 备 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：周旭辉 研 究 证书编号：S1160521050001 报 联系人：付丹蕾 告  公司盈利能力稳步向上。2024年Q1，公司实现营业收入39.25亿元， 电话：021-23586313 同比+27.22%；实现归母净利润 5.68 亿元，同比+30.44%；实现扣非 [相T对ab指le数_P表ic现Qu ote] 归母净利润4.61亿元，同比+44.85%。分业务来看，2024年Q1公司 轨交装备业务实现收入 21.2 亿元，同比大幅增长43.74%；新兴装备 18.22% 业务实现17.69亿元，同比+13.18%。2024年Q1公司毛利率为34.06 ...

] y r t s u d n I _ e l b a T [ [ 科Ta 博bl 达e_ （Ti 6t 0l 3e 7] 8 6）2023年报&2024年一季报点评 公 经营业绩创新高， 司 研 域控等新业务打开成长空间 挖掘价值 投资成长 究 / [Table_Rank] 买入 交 （维持） 运 设 2024 年 05 月 13 日 备 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：周旭辉 研 究 证书编号：S1160521050001 报 联系人：付丹蕾 告  内生动力强劲，业绩增长创新高。2023年公司实现营业总收入46.25 亿元，同比+36.68%；归母净利润 6.09 亿元，同比+35.26%；扣非归 电话：021-23586313 母净利润5.73亿元，同比+32.54%。季度营收创新高，23年Q4公司 [相T对ab指le数_P表ic现Qu ote] 实现营收14.31亿元，同/环比+48.56%/+16.13%；24年Q1公司实现 51.54% 营收14.17亿元，同/环比+55.2%/-1.0%；归母净利润2.19 ...

Investment Rating - The report assigns a "增持" (Overweight) rating to the company, indicating a positive outlook for its stock performance relative to the market [4][13] Core Views - The company has a strong foothold in the oil and petrochemical sectors and is strategically expanding into the hydrogen energy industry, which is expected to become a second growth curve [4] - Revenue is projected to grow from 9 194 11 million yuan in 2024 to 11 043 42 million yuan in 2026, with a compound annual growth rate (CAGR) of 9 48% to 9 69% [4] - Net profit attributable to the parent company is expected to increase from 145 66 million yuan in 2024 to 318 97 million yuan in 2026, with a CAGR of 58 40% to 44 28% [4] - The company's EPS is forecasted to rise from 0 15 yuan in 2024 to 0 33 yuan in 2026, with a corresponding P/E ratio decreasing from 42x to 19x [4] Financial Performance - In 2023, the company achieved revenue of 8 398 01 million yuan, a year-on-year increase of 8 33%, and net profit attributable to the parent company of 91 96 million yuan, a year-on-year increase of 76 59% [4][11] - The gross margin for 2023 was 15 90%, with a net margin of 1 29%, showing an improvement of 0 42 percentage points year-on-year [11] - In Q1 2024, the company reported revenue of 1 672 million yuan and net profit attributable to the parent company of 25 million yuan, with a gross margin of 14 45% and a net margin of 1 85% [11] Business Segments - In 2023, the oil machinery equipment segment contributed 40 31% of total revenue, followed by drilling tools (9 42%), oil and gas steel pipes (23 34%), and other segments (10 92%) [11] - Domestic revenue accounted for 75 02% of total revenue, growing by 3 48% year-on-year, while international revenue grew by 78 25% to 8 97% of total revenue [11] Order Growth - The company secured new orders worth 9 5 billion yuan in 2023, an 18% increase year-on-year, with domestic orders growing by 8% and international orders doubling [12] - In the hydrogen energy sector, the company achieved orders worth 63 million yuan, a 209% increase year-on-year, and has been involved in the construction of 8 hydrogen refueling stations [12] Strategic Initiatives - The company is closely aligned with Sinopec's hydrogen energy strategy, having signed agreements to advance PEM electrolysis water equipment manufacturing and hydrogen production technologies [12] - The company aims to reduce costs and accelerate the commercialization of PEM electrolysis water hydrogen production products [12]

Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The company is expected to experience significant growth driven by the successful launch of high-end new products and a robust pipeline of ongoing projects. The domestic market is showing strong performance with a projected increase in surgical procedures and successful procurement in key regions [1][3][17]. - The company reported a substantial increase in Q1 2024 revenue, with a year-on-year growth of 71.01%, and a net profit increase of 144.70%. The domestic revenue saw a remarkable growth of 117% [3][17]. - The company is maintaining a strong competitive position in the electrophysiology market, with a focus on expanding both domestic and international markets, which is expected to contribute to a second growth curve [17]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 89.15 million yuan, representing a 71.01% increase year-on-year, and a net profit of 4.17 million yuan, up 144.70% [3]. - The sales, management, and R&D expense ratios were 27.49%, 11.50%, and 22.17%, respectively, showing a decrease compared to the previous year, which has improved the profit margin [3]. - The gross profit margin was reported at 60.54%, with a slight decline due to procurement policies, but is expected to recover as product volumes increase [3]. Product Development and Market Expansion - The company has made significant progress in its product pipeline, including successful clinical trials and certifications for various medical devices, which are expected to enhance market penetration [1][3][17]. - The company’s three-dimensional catheter revenue grew approximately 130% year-on-year, indicating strong demand for its innovative products [3]. - The company is actively working on expanding its presence in overseas markets, with plans to conduct 1,000 to 1,500 surgeries in 2024 following the recent CE certification [1][3]. Earnings Forecast - The company forecasts revenues of 464.44 million yuan, 646.86 million yuan, and 889.13 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 28.80 million yuan, 70.54 million yuan, and 122.60 million yuan [18]. - The expected earnings per share (EPS) for the next three years are projected to be 0.06 yuan, 0.15 yuan, and 0.26 yuan [18].

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported impressive growth in its 2023 annual report and 2024 Q1 report, with a revenue of 3.443 billion yuan in 2023, representing a year-on-year increase of 140.19%, and a net profit attributable to shareholders of 217 million yuan, up 123.30% year-on-year [2][4]. - The environmental equipment segment showed significant growth, with revenue from the semiconductor-related photovoltaic sector reaching 3.198 billion yuan in 2023, a 161.55% increase, accounting for 92.88% of total revenue [2]. - The company has secured over 11.5 billion yuan in new contracts since 2023, with an order backlog of approximately 7 billion yuan as of March 2024, indicating strong demand for its equipment [2]. - The battery segment is expected to gradually realize its potential, with a contract signed with JinkoSolar for the sale of approximately 2.5 billion photovoltaic battery cells over two years, corresponding to about 20GW of capacity [2][4]. - The company's cash flow situation has improved significantly, with a net cash outflow from operating activities reduced by 82.45% year-on-year to -130 million yuan in 2023, attributed to a focus on high-quality customers and optimized payment methods [2]. Financial Summary - The company forecasts net profits attributable to shareholders of 650 million yuan, 976 million yuan, and 1.158 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.53 yuan, 6.80 yuan, and 8.06 yuan [4]. - Revenue is projected to grow to 11.993 billion yuan in 2024, reflecting a growth rate of 248.35% [4]. - The company’s EBITDA is expected to reach 864.93 million yuan in 2024, with a significant increase in profitability metrics [4].

红外、微波、激光多维感知全面突破 睿创微纳形成红外业务为主，微波、激光等多维感知领域逐步突破的 新格局。赋能工业制造、应急安全、智能汽车、户外消费、低空经济、 卫星通信等诸多领域。 2023 年营收及利润同比出现大幅增长。2023 年全年营收 35.58 亿， 同比增长 34.5%，2024 年一季度营收 10.06 亿，同比增长 27.47%。2023 年全年归母净利润 4.95 亿，同比增长 58.21%，2024 年一季度归母净 利润 1.28 亿，同比增长 57.56%。2023 年全年扣非归母净利润 4.36 亿，同比增长 75.22%，2024 年一季度扣非归母净利润 1.14 亿，同比 增长 51.72%。 2023 年毛利略持续提升费用率改善明显：2023 年公司毛利率为 50.02%，同比变化+3.44pct,销售费用率、管理费用率、财务费用率、 研发费用率分别为 6.04%、30.18%、1.02%、19.2%，同比变化为 +0.31pct、+1.13pct、+1.33pct、-1.07pct。 多产品线技术研发不断突破。光子器件方面，完成了线列探测器的小 批量阶段验证。视觉产品线，发布了 ...

业绩基本符合预期，"工程机械+光伏" 双轮驱动助力穿越周期 公 司 研 究 / 机 械 设 备/ 证 券 研 究 报 告 长龄液压 沪深300 -28.13% -17.95% -7.78% 2.40% 12.57% 22.75% 5/9 7/9 9/9 11/9 1/9 3/9 [Table_yemei] 长龄液压（605389）2023 年报&2024 年一季报点评 [Table_Rank] 增持（维持） 资料来源：Choice，东方财富证券研究所 ]yrtsudnI_elbaT[ 回转减速器业务打造第二成长曲线》 2024 年 05 月 09 日 近期，公司发布 2023 年报及 2024 年一季报。 2023 年，公司实现营业收入 8.06 亿元，同比-10.05%；归母净利 润 1.02 亿元，同比-20.01%；扣非归母净利润 0.96 亿元，同比-12.62%。 综合毛利率 24.18%，同比-0.3pct，略有下滑；期间费用率 10.18%， 同比+1.12pct，其中销售费用同比+42.55%，主要是控股子公司江阴 尚驰并表所致。 2024年一季度，公司实现营业收入22,526.12万元，同比 ...

]yrtsudnI_elbaT[ [Table_Title] 爱博医疗（688050）2023年报&2024年一季报点评 业绩全面增长，隐形眼镜表现亮眼 2024 年 05 月 09 日 [【投资要点】 Table_Summary] 业绩大幅增长符合预期，利润增速维持在较高水平。2023 全年爱博医 疗实现营业收入 9.51 亿元，同比+64.14%；归母净利润 3.04 亿元， 同比+30.63%；扣非归母净利润 2.89 亿元，同比+38.96%。24Q1 实现 营收 3.10 亿元，同比+63.55%；归母净利润 1.03 亿元，同比+31.26%。 23 年公司销售、管理、研发费用率分别为 19.28%、12.09%、9.85%， 同比分别+0.64pct、0.27pct、-1.53pct；毛利率、净利率分别为 76.01%、30.07%，同比分别-8.74pct、-9.14pct。23 年公司三大主营 业务全面增长，其中隐形眼镜毛利率较低，且业务处于产能扩张前期， 单位成本偏高。此外随着年初市场逐步恢复，公司加大了产品推广力 度和品牌营销活动，蓬莱生产基地产能尚在逐步释放，导致成本端增 长较快，对 ...

] y r t s u d n I _ e l b a T [ [ 恺Ta 英bl 网e_ 络T （itl 0e 0] 2 517）2023年报&2024年一季报点评 公 司 业绩持续高增，产品储备丰富 研 挖掘价值 投资成长 究 [Table_Rank] / 增持 （维持） 互 联 2024 年 05 月 09 日 网 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 研 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 究 证书编号：S1160521080001 报 告  公司发布2023年报及2024年一季报。2023年公司实现营业收入42.95 证券分析师：陈子怡 证书编号：S1160522070002 亿元（yoy+15.30%），实现归母净利润14.62亿元（yoy+42.57%），实 证券分析师：潘琪 现扣非归母净利润 13.51 亿元（yoy+41.26%）；2024 年一季度公司实 现营业收入 13.08 亿元（yoy+36.93%），实现归母净利润 4.26 亿元 证书编号：S1160524040001 （yoy+47.06%），实现扣非归母净利润4.24亿元 ...