Q1利润增长强劲，AI业务表现可期 公司于 4 月 26 日发布一季报，2024Q1 公司实现营业收入 3.82 亿元， 同比增长 11.05%；实现归母净利润 7673 万，同比增长 57.92%；实现 扣非归母净利润 7297 亿元，同比增长 57.02%。 [Table_Rank] 买入（维持） | --- | --- | |-------------------------------|--------------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 10925.83 | | 流通市值（百万元 ) | 6964.45 | | 52 周最高/最低（元） | 47.61/21.53 | | 52 周最高/最低（PE） | 47.38/19.76 | | 52 周最高 /最低（PB） | 6.50/2.88 | | 52 周涨幅（%） | 4.37 | | 52 周换手率（%） | 1553.85 | | [Table_Report] 相关研究 | | | 《核心业务稳健发展， | AI 业务增长可 | | 期》 | | | | ...

[Table_Title] 桂林三金（002275）2023年年报&2024Q1点评 [【投资要点】 Table_Summary] 2022.08.24 [Table_PicQuote] 相对指数表现 公 司 研 究/ 医 药 生 物/ 证 券 研 究 报 告 全年业绩稳定增长，新季度受高基数影 响 [Table_yemei]桂林三金（002275）2023 年年报&2024Q1 点评 | --- | --- | --- | --- | --- | |-----------------------------------|---------|---------|-------------------------|---------| | [Table_FinanceInfo 项目\年度 ] | | | 2023A 2024E 2025E 2026E | | | 营业收入（百万元） | 2171.60 | 2397.88 | 2636.18 | 2888.01 | | 增长率 (%) | 10.81% | 10.42% | 9.94% | 9.55% | | EBITDA （百万元） | 623.73 | 63 ...

2024 年 04 月 29 日 T[ [【投资要点】 Table_Summary] 挖掘价值 投资成长 [Table_Rank] 增持（维持） 电话：021-23586475 | --- | --- | |-----------------------------------------|-----------------------------| | | | | [Table_PicQuote] 相对指数表现 | | | 117.16% 88.68% 60.21% | | | 31.73% 3.26% -25.22% 4/28 6/28 8/28 | 10/28 12/28 2/28 4/28 | | 沃尔核材 | 沪深 300 | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 18659.10 | | 流通市值（百万元 ) | 18499.90 | | 52 周最高/最低（元） | 14.81/4.97 | | 52 周最高/最低（ PE） | 26.64/9.89 | | 52 周最高/最低（PB） | 3.80/1.31 | | 52 周涨幅（%） | 11 ...

Investment Rating - The investment rating for the company is "Accumulate" [3][5]. Core Insights - The company's net profit attributable to shareholders showed steady growth, with a net profit of 295 million yuan in Q1 2024, representing an increase of 11.58% year-on-year. However, total revenue decreased by 1.73% year-on-year to 2.049 billion yuan, primarily due to a significant decline in pharmaceutical commercial sales, which dropped by 33.74% [2][5]. - The company is increasing its R&D investment, with R&D expenses reaching 199 million yuan in Q1 2024, up 19.88% year-on-year, accounting for 9.71% of total revenue. The company has a robust pipeline with 98 products under development, including 41 innovative drugs [2][5]. - The company's profitability remains stable, with a gross margin of 67.17% and a net profit margin of 14.30% in Q1 2024, both showing improvements compared to the previous year [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 2.049 billion yuan, down 1.73% year-on-year, while the net profit attributable to shareholders was 295 million yuan, up 11.58% year-on-year. The pharmaceutical industrial revenue increased by 4.83%, while the traditional Chinese medicine segment generated 1.441 billion yuan, up 3.83% [2][5]. - The company forecasts revenue for 2024-2026 to be 9.416 billion yuan, 10.211 billion yuan, and 11.064 billion yuan, respectively, with net profits projected at 1.314 billion yuan, 1.477 billion yuan, and 1.596 billion yuan [5][6]. R&D and Product Pipeline - The company has a diverse R&D pipeline with 98 products, including 41 innovative drugs. In Q1 2024, the R&D expenses were 199 million yuan, reflecting a year-on-year increase of 19.88% [2][5]. - Several innovative traditional Chinese medicine products are in advanced clinical stages, indicating a strong commitment to expanding its product offerings [2]. Profitability Metrics - The company reported a gross margin of 67.17% and a net profit margin of 14.30% in Q1 2024, both of which improved compared to the previous year. The sales, management, and financial expense ratios were 33.83%, 13.28%, and 0.28%, respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 6.518 billion yuan in 2023, representing a year-on-year growth of 47.56%, and a net profit attributable to shareholders of 332 million yuan, up 53.61% year-on-year [3][10] - The "Yimai Ecological Platform" has accelerated its development, generating revenue of 786 million yuan, a significant increase of 188.52% year-on-year, and accounting for 12.05% of total revenue in 2023 [1][8] - The company is expanding its product categories and exploring new markets, including furniture and toys, while also targeting emerging platforms like TikTok and Temu [11] Financial Performance - In 2023, the gross margin and net margin were 36.96% and 5.35%, respectively, with slight declines of 0.97 and 0.17 percentage points year-on-year [2] - The company expects revenues of 8.478 billion yuan, 10.228 billion yuan, and 11.909 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 448 million yuan, 551 million yuan, and 648 million yuan [8][9] - The cross-border e-commerce segment generated 5.696 billion yuan in revenue, reflecting a year-on-year growth of 38.62% [10] Strategic Initiatives - The company is focusing on a dual strategy of enhancing its core business while developing premium products and the Yimai Ecological Platform, aiming for sustained growth [8] - The introduction of a "semi-managed" service model on the Yimai platform is expected to help small and medium-sized sellers expand their overseas markets efficiently [11]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Views - The company's performance shows significant recovery, with a notable increase in profitability and product advantages. The report anticipates substantial growth in the company's performance for 2024 due to the ongoing development of its proprietary brand and the expansion of its nursing robot business [6][12]. Financial Performance Summary - In 2023, the company achieved revenue of 1.216 billion yuan, a year-on-year decrease of 5.27%. However, the net profit attributable to shareholders increased by 8.43% to 175 million yuan, and the net profit after deducting non-recurring items rose by 18.45% to 161 million yuan. The fourth quarter of 2023 saw a revenue of 380 million yuan, up 51.07%, and a net profit of 50 million yuan, up 86.90% [1][6]. - For Q1 2024, the company reported revenue of 326 million yuan, a year-on-year increase of 33.80%, and a net profit of 43 million yuan, up 126.69% [1]. - The company’s product segments include wet and dry vacuum cleaners, air compressors, industrial fans, and accessories, with revenues of 653 million yuan, 436 million yuan, 31 million yuan, and 96 million yuan respectively in 2023 [1]. Product and Market Development - The company is continuously enhancing product functionality and variety, launching new products such as floor washing machines to improve competitiveness. The overseas sales account for over 99% of total revenue, primarily focused on the North American market, with plans to expand into Europe, South America, Australia, Japan, and South Korea [1]. - The company has received a procurement commitment from The Home Depot for its small air compressor series, with an estimated annual procurement amount of approximately 20 million USD (about 144.8 million yuan), representing 11.91% of the company's 2023 revenue [1]. - The nursing robot business is expected to accelerate growth, with the global healthcare robot market projected to reach hundreds of billions. The company’s nursing robot products have reached the fifth generation, showcasing industry-leading technology [1]. Future Projections - The report forecasts the company's revenue for 2024, 2025, and 2026 to be 1.561 billion yuan, 1.914 billion yuan, and 2.258 billion yuan respectively, with net profits of 227 million yuan, 290 million yuan, and 348 million yuan. The expected EPS for these years is 1.25 yuan, 1.59 yuan, and 1.90 yuan, with corresponding P/E ratios of 17.47, 13.68, and 11.42 [6][15].

] y r t s u d n I _ e l b a T [ [ 爱Ta 美bl 客e_ （Ti 3t 0l 0e 8] 9 6）2024年一季报点评 公 24Q1归母净利润同比+27%，关注医美龙 司 研 头的中长期成长空间 挖掘价值 投资成长 究 / [Table_Rank] 增持 医 （维持） 药 生 2024 年 04 月 26 日 物 / 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：高博文 研 究 证书编号：S1160521080001 报 证券分析师：陈子怡 告  公司发布2024年一季报。2024Q1公司实现营收8.08亿元（+28.2%）， 归母净利5.27亿元（+27.4%），扣非后5.28亿元（+36.5%），业绩基 证书编号：S1160522070002 联系人：班红敏 本符合预期。 电话：021-23586475  盈利能力稳定，费用管控优化。①毛利率：94.55%（-0.75pct），同 [相T对ab指le数_P表ic现Qu ote] 比略有下降。②费率：销售费率8.34%（-2.08pct）；管理费率为4 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [12]. Core Insights - The company has a significant advantage in the "One Card" positioning, with data services continuing to break through. In 2023, the revenue from the "One Card" and AIoT application business was 577 million yuan, a year-on-year decline of 17.42%, accounting for 68.44% of total revenue. The human resources operation and big data service business achieved revenue of 238 million yuan, a year-on-year increase of 44.15%, representing 28.26% of total revenue. Traditional social security card and reading device business saw revenue drop to 28 million yuan, down 33.68% year-on-year, making up 3.30% of total revenue [2][10]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 843 million yuan, a year-on-year decline of 6.94%, and a net profit attributable to shareholders of 73 million yuan, down 35.72%. The net profit for the year was 84 million yuan, a decrease of 31.53%. The operating cash flow was 185 million yuan, an increase of 144.71% year-on-year. In Q4 2023, the company reported operating revenue of 291 million yuan, a slight decline of 0.24%, and a net profit attributable to shareholders of 22 million yuan, down 57.01% year-on-year [10][11]. Revenue Forecast - The company is expected to achieve revenues of 1.03 billion yuan, 1.20 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is projected to be 93 million yuan, 117 million yuan, and 146 million yuan for the same years [15][16]. R&D Investment - In 2023, the company invested 84 million yuan in R&D, a year-on-year increase of 0.47%, accounting for 9.98% of revenue. Despite the decline in revenue, the company continues to increase investment in data services and AI products [11][15].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative performance of 5% to 15% above the benchmark index [7]. Core Insights - The company has shown significant growth in the first quarter of 2024, with a revenue increase of 159.33% year-on-year, reaching 1.07 billion yuan, and a net profit increase of 248.01%, amounting to 425 million yuan [3][8]. - The film market is experiencing a strong recovery, with the company participating in several successful film projects, contributing to a total box office of approximately 2.466 billion yuan in the first quarter of 2024 [2]. - The company has a robust pipeline of upcoming films and series, which is expected to support future revenue growth [2][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.546 billion yuan, a year-on-year increase of 104.74%, and a net profit of 418 million yuan, up 158.62% [2][9]. - The gross margin improved to 39.89%, an increase of 20.79 percentage points year-on-year, while the net margin reached 27.13%, marking a return to profitability [2][12]. Revenue Breakdown - The film and related derivative business generated 1.286 billion yuan in revenue, a year-on-year growth of 116.81% [2]. - The company has signed contracts with 25 artist groups, leading to a revenue of 260 million yuan from its agency and other businesses, reflecting a growth of 60.86% [2]. Future Projections - The company forecasts revenues of 2.871 billion yuan, 3.101 billion yuan, and 3.348 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 1.037 billion yuan, 1.174 billion yuan, and 1.329 billion yuan for the same years [8][9]. - The expected earnings per share (EPS) are projected to be 0.35 yuan, 0.40 yuan, and 0.45 yuan for 2024, 2025, and 2026, respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [12]. Core Insights - The company faced short-term pressure on its business due to macroeconomic conditions and intensified industry competition, leading to a decline in its core digital marketing and value-added services for bank cards [10][3]. - Despite these challenges, the company is strategically positioned to leverage its resources and competitive advantages in the digital governance sector, aiming for collaborative growth across its various business lines [3][10]. - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 1.07 billion, 1.31 billion, and 1.57 billion yuan respectively, with net profits projected to turn positive by 2026 [3][14]. Summary by Sections Financial Performance - In 2023, the company reported revenues of 974.89 million yuan and a net loss of 496.60 million yuan [10][14]. - The revenue growth rate is expected to recover, with projections of 9.78% in 2024, 22.20% in 2025, and 20.19% in 2026 [14]. - The company anticipates a significant turnaround in net profit, with estimates of 4.03 million yuan in 2024, 60.75 million yuan in 2025, and 102.72 million yuan in 2026 [14]. Business Strategy - The company is focusing on expanding its digital governance business while enhancing its core operations, aiming for synergistic growth across its various services [3][10]. - It has completed upgrades to its SAAS digital life service platform, which supports clients in customer acquisition and relationship management through data-driven marketing strategies [10]. - The company is actively collaborating with local governments to enhance mobile governance platforms, thereby integrating more digital services into urban management [10][3].