]yrtsudnI_elbaT[ 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 2024 年 04 月 19 日 [Table_Title] 佐力药业（300181）2023年报&一季报点评 发挥独特优势，核心产品强劲回归 [【投资要点】 Table_Summary] 核心产品回归强劲增长。2023 年，公司实现营业收入 19.42 亿元，同 比+7.61%；归母净利润 3.83 亿元，同比增长 40.27%。2024 年第一季 度，公司实现营业收入 6.73 亿元，同比+35.75%；归母净利润 1.42 亿元，同比+46.14%。其中乌灵系列营业收入同比+35.30%，主要是乌 灵胶囊的销售数量和销售金额同比分别+43.86%和+37.25%；灵泽片的 销售数量和销售金额同比分别+25.19%和+24.33%；百令片的销售数量 和销售金额较同比分别+7.11%和-18.98%；随着配方颗粒国标省标备 案的增加，中药配方颗粒收入同比增长了 332.99%；中药饮片收入同 比增长了 25.50%；新增佐力医药公司商业销售收入 2598.53 万元。 主打产品具有独特优势。1）乌灵胶囊是公司独家 ...

]yrtsudnI_elbaT[ 乐歌股份 沪深300 2024 年 04 月 19 日 公司发布 2023 年报。2023 年公司实现营业收入 39.02 亿元，同比增 长 21.61%；归母净利润 6.34 亿元，同比增长 189.72%；扣非归母净 利润 2.52 亿元，同比增长 142.38%。 其中单四季度实现营业收入 12.16 亿元，同比增长 35.73%；归母净利 润 1.17 亿元，同比增长 93.55%；扣非归母净利润 0.99 亿元，同比增 长 160.64%。业绩增长强劲。 公共海外仓业务快速发展，规模效应带动盈利能力明显提升。实现收 入 9.5 亿元，占营业收入比重提升至 24.4%。公司海外仓业务贯穿物 流产业链，发货量近 500 万个，规模优势提高溢价力，同时依托上市 公司背景成为中大件跨境电商卖家首选。2023 年末，公司在全球拥有 12 个自营海外仓，面积 28.96 万平方米，2024 年一季度加快扩仓进 度，目前在全球拥有 13 个自营海外仓，总面积 36.24 万平方米。同 时公司近两年在美国核心港口区域储备了 5000 亩工业物流用地，满 足未来自建仓需求。未来有望以 ...

] y r t s u d n I _ e l b a T [ [ 完Ta 美bl 世e_ 界T （itl 0e 0] 2 624）2023年报点评 公 司 产品周期逐步开启，关注新游上线表现 研 挖掘价值 投资成长 究 [Table_Rank] / 买入 （维持） 互 联 2024 年 04 月 18 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。2023年公司实现营收77.9亿元（yoy+1.6%）； 证券分析师：陈子怡 证书编号：S1160522070002 实现归母净利润 4.9 亿元（yoy-64.31%）；实现扣非归母净利润 2.1 证券分析师：潘琪 亿元（yoy-69.6%）。此外，公司发布 2023 年度利润分配预案，拟向 全体股东按10股派发现金股利4.6元，共计8.73亿元。 证书编号：S1160524040001 联系人：潘琪 电话：021-23586487  受产品周期影响，游戏业务短期承压。2023年公司游戏业务 ...

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Insights - The company's net profit attributable to shareholders has significantly rebounded, achieving a net profit of 1.071 billion yuan in 2023, a year-on-year increase of 505.34% [3]. - The company has increased its R&D investment to accelerate the development of intelligent traditional Chinese medicine, with R&D spending reaching 1.315 billion yuan, up 29.49% year-on-year [3]. - The company's profitability has shown a good recovery, with a gross profit margin of 66.80% and a net profit margin of 11.72%, reflecting increases of 2.75 percentage points and 15.69 percentage points, respectively [3]. Financial Performance Summary - In 2023, the company achieved operating revenue of 8.674 billion yuan, a year-on-year increase of 0.42% [3]. - The pharmaceutical industrial revenue grew by 3.22%, while the traditional Chinese medicine segment revenue reached 5.971 billion yuan, up 6.62% year-on-year [3]. - The company forecasts operating revenues of 9.416 billion yuan, 10.211 billion yuan, and 11.064 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.314 billion yuan, 1.479 billion yuan, and 1.598 billion yuan [7][8]. R&D and Product Pipeline - The company has a robust R&D pipeline with 98 products under development, including 41 innovative drugs and 36 in clinical trials [3]. - Notable products in clinical trials include several innovative traditional Chinese medicines and new chemical entities, with some nearing the final stages of approval [3]. Market Position and Valuation - The company's market capitalization is approximately 22.26 billion yuan, with a 52-week high of 18.00 yuan and a low of 12.88 yuan [5]. - The projected P/E ratios for 2024, 2025, and 2026 are 17, 15, and 14, respectively, indicating a favorable valuation trend [8].

[Table_Title] 微电生理（688351）2023年报点评 2024 年 04 月 16 日 海内外市场加速拓展，三维手术量保持高速增长。国内市场方面，公 司福建省际联盟集采顺利实施，北京集采压力导管、星型标测导管等 产品全线中标，京津冀"3+N"联盟集采冷冻消融系列产品在内的 4 个组套及单品部件全部中标。公司首款国产压力导管 TrueForce® 自 上市以来已在多家中心完成了 1000 余例手术，开启房颤术式国产化 替代进程。公司国产首个 IceMagic® 冷冻消融系列产品于 23 年 8 月 获批上市，目前已完成 20 多个省份的挂网，并在多个中心开展试用。 23 年公司产品已累计覆盖国内 1000 余家医院，三维手术累计突破 5 万例。海外方面实现营收增长超过 50%，公司重点加强代理渠道建立， 提高海外临床使用量，积极参会展示产品和技术，国际市场知名度稳 步提升。23 年 8 月公司 TrueForce® 压力导管获得欧盟 MDR 认证和英 国 UKCA 认证，与国内房颤市场拓展协同推进。 挖掘价值 投资成长 证券分析师：何玮 证书编号：S1160517110001 联系人：殷明伦 电 ...

]yrtsudnI_elbaT[ 2024 年 04 月 15 日 挖掘价值 投资成长 证券分析师：何玮 证书编号：S1160517110001 联系人：崔晓倩 电话：021-23586309 《聚焦核心品种，实现高质量发展》 2024.03.12 《口服液出现下滑，盈利能力持续改 善》 2023.10.30 《业绩稳定增长，注射液比重提升》 2023.07.14 《业绩实现稳健增长，主打品种表现 较好》 2023.04.11 《业绩增长符合预期，核心品种集群 显现》 【投资建议】 资料来源：Choice，东方财富证券研究所 敬请阅读本报告正文后各项声明 3 东方财富证券股份有限公司（以下简称"本公司"）具有中国证监会核准的证券投资咨询业务资格 分析师申明： 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来 自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和 公正，结论不受任何第三方的授意或影响，特此声明。 投资建议的评级标准： 报告中投资建议所涉及的评级分为股票评级和行业评级（另有说明的除外）。评级标准为报告发布日后3 ...

]yrtsudnI_elbaT[ 银价上涨库存增值，技术升级产品迭代 业绩稳中向上，出货大幅增长。公司 2023 年实现营业收入 102.90 亿 元，同比增长 58.21%，实现归母净利润 4.42 亿元，同比增长 13.00%, 其中 23Q4 公司实现营收 28.91 亿元，环比下降 10.15%，实现归母净 利润 0.01 亿元环比下降 99.25%，主要原因是 PERC 电池亏损产线停线 以及 23Q4 计提资产减值的影响。2023 年公司产能持续释放，国内总 产能攀升至 3000 吨，海外产能达到 600 吨，全年公司光伏银浆出货 2002.96 吨，同比大幅增长 45.77%。 银价上涨，库存增值。回顾白银价格历史走势，银价上涨多次与银浆 企业毛利率改善同步，银浆企业原材料库存周期约为 1 个月，库存收 益或在其中发挥重要作用。短期看，银价由金融属性主导，受海外通 胀、联储降息预期及地区动乱多重因素影响，银价由年初不到 6000 元/kg 快速上涨至超过 7300 元/kg；中长期看，随着光伏新增装机提 升及 N 型电池银耗增加，白银供需缺口或持续走扩，银价具备长期向 上基础。我们认为，近期银价 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [4][9]. Core Viewpoints - The company has shown stable development in its main business while actively expanding its shipping data element services. It is focusing on digital innovation and technology to enhance its offerings in the shipping logistics sector [1][4][13]. - The company reported a revenue of 1.776 billion yuan in 2023, a year-on-year increase of 1.38%, and a net profit attributable to shareholders of 189 million yuan, up 3.74% year-on-year. The operating cash flow also saw a significant increase of 92.55% [2][4]. Financial Performance Summary - In 2023, the company achieved a revenue of 1.776 billion yuan, with a projected revenue of 1.893 billion yuan for 2024, 2.095 billion yuan for 2025, and 2.374 billion yuan for 2026, indicating a growth rate of 6.59%, 10.70%, and 13.28% respectively [4][16]. - The net profit attributable to shareholders is expected to grow from 189 million yuan in 2023 to 199 million yuan in 2024, 219 million yuan in 2025, and 249 million yuan in 2026, with growth rates of 5.55%, 9.83%, and 13.96% respectively [4][16]. - The company has increased its R&D investment significantly, reaching 105 million yuan in 2023, a 76.64% increase year-on-year, which represents 5.89% of its revenue [2][4][20]. Business Segment Performance - The digital city and transportation business generated 1.083 billion yuan in revenue in 2023, a decline of 7.01%, while the digital shipping and supply chain business achieved 670 million yuan, a growth of 20.39% [20]. - The company is actively developing standardized products in the shipping data sector, with its digital platform "Ship Vision" accumulating 80 million pieces of lifecycle data for ships, growing by over 40,000 entries daily [20].

Investment Rating - Maintain "Overweight" rating [3][5] Core Views - The company's performance improved quarter by quarter in 2023, driven by the recovery of the memory cycle and the scale shipment of new AI products [1][2] - Revenue in 2023 was RMB 2.286 billion, down 37.76% YoY, with net profit attributable to the parent company of RMB 451 million, down 65.30% YoY [2] - Q4 2023 revenue was RMB 761 million, down 3.90% YoY but up 27.28% QoQ, with net profit attributable to the parent company of RMB 217 million, down 27.72% YoY but up 42.96% QoQ [2] - Q1 2024 revenue is expected to be RMB 737 million, up 75.74% YoY, with net profit attributable to the parent company of RMB 210-240 million, up 9.65-11.17x YoY [2] Product Breakdown Interconnect Chips - Revenue in 2023 was RMB 2.185 billion, down 20.11% YoY, with a gross margin of 61.36%, up 2.64 pcts YoY [2] - Q1 2024 revenue was RMB 695 million, up 68.28% YoY, driven by the recovery in demand for memory interface chips [2] Jintide® Servers - Revenue in 2023 was RMB 94 million, down 90.01% YoY, with a gross margin of 4.01%, down 6.52 pcts YoY [2] - Q1 2024 revenue was RMB 39 million, up 680.00% YoY, as downstream manufacturers restarted procurement of general-purpose servers [2] Industry Leadership in Memory Interface Chips - The company is one of the three leading global suppliers of DDR5 memory interface chips [2] - The transition from DDR4 to DDR5 has increased the value of memory interface chips, with DDR5 penetration rising significantly due to the launch of mainstream server CPU platforms supporting DDR5 [2] - The company has rapidly iterated its DDR5 products, with the second-generation RCD chip shipping in Q3 2023, the third-generation in trial production in October 2023, and the fourth-generation launched in January 2024 [2] AI and New Products - The company is strategically focusing on high-performance "computing power" chips, with several new products achieving or nearing scale shipment [2] - PCIe Retimer chips successfully adopted in AI servers, with Q1 2024 shipments of approximately 150,000 units, 1.5x the total shipments in 2023 [2] - MRCD/MDB chips began trial shipments, with Q1 2024 sales exceeding RMB 20 million [2] - CKD chips completed mass production version development [2] - MXC chips adopted as core controllers in Samsung's 128GB CXL DRAM [2] - Fifth-generation Jintide® CPU released, featuring an AI acceleration engine that improves performance by 2x to 6x for various AI applications [2] Financial Forecasts - Revenue for 2024/2025/2026 is forecasted at RMB 3.793 billion, RMB 4.837 billion, and RMB 6.170 billion, respectively [5][6] - Net profit attributable to the parent company for 2024/2025/2026 is forecasted at RMB 1.314 billion, RMB 1.784 billion, and RMB 2.431 billion, respectively [5][6] - EPS for 2024/2025/2026 is forecasted at RMB 1.15, RMB 1.56, and RMB 2.13, respectively, with corresponding P/E ratios of 37x, 28x, and 20x [5][6] Valuation Metrics - Total market capitalization: RMB 54.722 billion [3] - 52-week high/low stock price: RMB 78.52/RMB 42.20 [3] - 52-week high/low P/E: 138.85x/53.70x [3] - 52-week high/low P/B: 8.76x/4.83x [3] - 52-week stock price change: -33.62% [3]

[Table_Title] 南网科技（688248）2023年报点评 | --- | --- | |-------------------------------|--------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 15133.96 | | 流通市值（百万元 ) | 6121.12 | | 52 周最高/最低（元） | 49.65/17.00 | | 52 周最高 /最低（PE） | 132.09/42.87 | | 52 周最高 /最低（PB） | 10.49/3.52 | | 52 周涨幅（%） | -42.68 | | 52 周换手率（%） | 410.24 | [Table_ 东方财富证券研究所 Author] 挖掘价值 投资成长 合巡检示范项目，推动广西电网变电站无人机巡检规模应用；"慧眼"无 人机巡检系统首获国家电网江苏、湖北区域试点许可；完成国网首例变电 站内无人机精细巡检项目，在南网、国网应用全面铺开，构建了国内电力 能源领域最大的低空巡检系统。在带电作业机器人方面，自主研发国内首 款采用仿人构型的双 7 自由度机 ...