]yrtsudnI_elbaT[ 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 挖掘价值 投资成长 【投资建议】 资料来源：Choice，东方财富证券研究所 行业政策风险； 药品降价风险； 安全环保风险； 并购整合风险； 产品质量风险； 新药品开发风险； 制造工业稳步增长，加大投入储备新药 2024 年 04 月 23 日 [Table_Title] 方盛制药（603998）2023年报&一季报点评 [【投资要点】 Table_Summary] 制造工业稳步增长扣非归母净利润上升。2023 年公司实现营业收入 16.28 亿元，同比-9.12%；归母净利润 1.86 亿元，同比-34.64%；扣 非归母净利润 1.33 亿元，同比+25.35%。公司营收、归母净利润同比 均出现一定程度下降，前者主要是佰骏医疗不再并表、部分重点品种 进入国家集采降价所致；后者主要是因为上年确认了佰骏医疗股权转 让的投资收益，而 2023 年无该部分收益。公司扣非归母净利润上升 是由于制药工业稳步增长。公司聚焦主业，"338 大产品打造计划"中 大部分品种均呈现稳健增长态势。2024Q1，公司实现营收 4.38 ...

Investment Rating - The report maintains a "Buy" rating for Hikvision (002415) [3][5] Core Views - Hikvision demonstrated resilient performance in 2023 with revenue reaching 89340 billion yuan, up 7.42% YoY, and net profit attributable to parent company reaching 14108 billion yuan, up 9.89% YoY [2] - The company's gross margin improved to 44.44% in 2023, up 2.15 percentage points, driven by supply chain scale advantages and cost reduction through technological innovation [2] - In Q4 2023, revenue grew 19.71% YoY to 28065 billion yuan, with net profit attributable to parent company surging 31.51% YoY to 5256 billion yuan [2] - For Q1 2024, revenue increased 9.98% YoY to 17818 billion yuan, while net profit attributable to parent company rose 5.78% YoY to 1916 billion yuan [2] Business Segment Analysis - EBG (Enterprise Business Group) revenue grew 8.12% YoY to 17845 billion yuan in 2023, driven by growth in industries like industrial and commercial enterprises, energy and metallurgy, education, and financial services [3] - Overseas business revenue increased 8.83% YoY to 23977 billion yuan in 2023, showing strong resilience with accelerating growth [3] - Innovation business revenue surged 23.11% YoY to 18553 billion yuan in 2023, with competitive advantages emerging across various scenarios [3] - PBG (Public Business Group) revenue declined 4.84% YoY to 15354 billion yuan in 2023 due to reduced government investment, though transportation and traffic police sectors still achieved growth [3] Strategic Development - Hikvision is deepening its AIoT (Artificial Intelligence of Things) layout, leveraging AI to enhance perception technology and build a comprehensive AIoT technology system [3] - The company is transitioning towards becoming an OT (Operational Technology) provider, benefiting from enterprise digital transformation trends [5] - Scenario-based digital business is emerging as the company's second growth curve [3] Financial Projections - Revenue is projected to grow to 99291 billion yuan in 2024, 112524 billion yuan in 2025, and 128139 billion yuan in 2026 [5][6] - Net profit attributable to parent company is expected to reach 16549 billion yuan in 2024, 19378 billion yuan in 2025, and 22391 billion yuan in 2026 [5][6] - EPS is forecasted to be 1.77 yuan in 2024, 2.08 yuan in 2025, and 2.40 yuan in 2026 [5][6] Valuation Metrics - The company's P/E ratio is projected at 18.5x for 2024, 15.8x for 2025, and 13.7x for 2026 [5][6] - P/B ratio is expected to be 3.29x in 2024, 2.91x in 2025, and 2.57x in 2026 [6] - EV/EBITDA is forecasted at 12.52x in 2024, 10.66x in 2025, and 8.95x in 2026 [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][5]. Core Insights - The company achieved a revenue of 48.784 billion yuan in 2023, representing a year-on-year growth of 34.38%, and a net profit attributable to shareholders of 4.050 billion yuan, up 15.42% year-on-year [2]. - The consumer battery segment remains a market leader, with revenue of 8.362 billion yuan in 2023, slightly down by 1.78% year-on-year, and a gross margin of 23.73% [2]. - The energy storage business saw significant growth, with power battery shipments of 28.08 GWh, ranking fifth in China, and energy storage battery shipments of 26.29 GWh, ranking third globally [2]. - The company invested 2.871 billion yuan in R&D in 2023, a 26.97% increase year-on-year, focusing on new technologies such as lithium metal secondary batteries and sodium batteries [2]. Financial Performance Summary - Revenue for 2023 was 48.784 billion yuan, with a growth rate of 34.38% [6]. - The net profit attributable to shareholders for 2023 was 4.050 billion yuan, with a growth rate of 15.42% [6]. - The company forecasts revenues of 59.118 billion yuan, 73.202 billion yuan, and 91.619 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 21.18%, 23.83%, and 25.16% [5][6]. - The projected net profit for 2024, 2025, and 2026 is 5.021 billion yuan, 5.980 billion yuan, and 7.365 billion yuan, with growth rates of 23.98%, 19.09%, and 23.16% [5][6]. Market Position and Competitive Advantage - The company is the leading supplier of lithium primary batteries in China, maintaining its position for eight consecutive years [2]. - The company has established effective partnerships with major clients in the small lithium-ion battery sector, enhancing its market presence [2]. - The launch of new products, such as the 21700 series batteries, has strengthened the company's competitive edge in the two-wheeler market [2].

图表 19：住宅开发投资完成额加速下行 图表 20：商品房去化周期刷新历史高点 12 基数走高和物价水平回落，社零增速边际降低。2024 年 3 月社会消费品 零售总额同比增长 3.1%，较 1-2 月低 2.4 个百分点；边际变化看，2024 年 3 月份社零环比增长 0.26%，较 2 月份提高 0.25 个百分点，但环比增速仍处于 历史较低水平，反映当前消费复苏偏温和。 3. 全球财经大事概览 敬请阅读本报告正文后各项声明 预期 0.5%，前值 0.3%；除汽车和天然气外零售销售环比增加 1%，预期 0.3%， 前值 0.5%。13 个类别中有 8 个类别出现增长，其中电子商务居首。随着当月 油价上涨，加油站的收入增加，而汽车销量下降。其中杂货店的收入增幅为 去年八月以来最大。 美国雇主在 3 月份再次交出了一份强劲的报告，他们的工资单上增加了 303,000 名员工，尽管利率高企，经济有望能在物价上涨的情况下继续发展， 而不至于陷入衰退。上个月的就业增长高于 2 月份修正后的 27 万个就业岗位， 远远超过了经济学家预测的 20 万个就业岗位，凸显了经济抵御美联储加息带 来的高借贷成本压力的能力。随着 ...

[Table_Title] 策略快报 2024 年 04 月 22 日 根据 2024 年 4 月 17 日美国驻华大使馆官网披露：贸易代表在对五个 全国性工会向美国贸易代表办公室（USTR）提交的请愿书进行审查后， 将针对中华人民共和国（PRC）在海运、物流和造船行业寻求支配地 位的行为、政策和做法启动调查。2024 年 3 月 12 日，美国五个全国 性工会提交了一份请愿书，要求针对中国在海运、物流和造船行业寻 求支配地位的行为、政策和做法进行调查。 【评论】 能快速改变全球行业现状：中国造船业三大指标连续 14 年位居世界第一 2023 年我国造船完工量 4232 万载重吨，同比增长 11.8%；新承接订单量 7120 万载重吨，同比增长 56.4%；截至 2023 年底，手持订单量 13939 万 载重吨，同比增长 32.0%，三大指标占国际市场份额分别是 50.2%、66.6% 和 55.0%。中国建造的总吨位与美国建造的总吨位之比增加了两倍多，从 2014 年的 108 比 1 增加到 2022 年的 356 比 1，当前市场格局是较难快速 扭转的。 实际来看美国造船业提出的 301 条款指控反映 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][12]. Core Insights - The company achieved a record high revenue of 11.018 billion yuan in 2023, representing a year-on-year growth of 29.93%. The net profit attributable to shareholders reached 612 million yuan, up 59.71% year-on-year [1]. - The passenger vehicle segment generated 5.428 billion yuan in revenue, surpassing the commercial vehicle segment for the first time, with a growth rate of 51% [1]. - The digital energy business also showed strong performance with a revenue of 696 million yuan, reflecting a 37% year-on-year increase [1]. - The company has successfully expanded its international customer base, securing 223 projects with an estimated annual sales revenue of over 6.106 billion yuan [9]. - The company is positioned to become a Tier 1 player in the global new energy thermal management industry, with a focus on digital and energy thermal management as a third growth curve [4]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 13.269 billion, 15.566 billion, and 17.761 billion yuan, respectively, with corresponding net profits of 806 million, 1.003 billion, and 1.248 billion yuan [4][14]. - The earnings per share (EPS) are expected to increase from 0.98 in 2024 to 1.52 in 2026, with price-to-earnings (P/E) ratios decreasing from 18 to 12 over the same period [4][14]. - The gross margin for 2023 was reported at 21.57%, with a net margin of 6.36%, showing improvements from the previous year [10].

] y r t s u d n I _ e l b a T [ [ 珀Ta 莱bl 雅e_ （Ti 6t 0l 3e 6] 0 5）2023年报&一季报点评 公 业绩增长略超预期，持续关注强品牌势 司 研 能标的 挖掘价值 投资成长 究 / [Table_Rank] 买入 基 （维持） 础 化 2024 年 04 月 22 日 工 / 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 2023&24Q1 业绩，净利润增速略超预期。公司 2023 年实现 证书编号：S1160522070002 收入89.05亿元（+39.5%），归母净利11.94亿元（+46.1%），扣非后 联系人：班红敏 11.74亿元（+48.9%）；单季度看，Q4实现收入36.56 亿（+50.9%）； 电话：021-23586475 归母净利4.48亿（+39.1%）。24Q1公司实现收入21.82亿（+34.6%）， [相T对ab指le数_P表ic现Qu ote] 归母净 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [18]. Core Insights - The company is expected to benefit from the rapid growth of cross-border e-commerce, with significant demand for overseas smart logistics [1]. - The company has established a global strategy, achieving revenues of 1.075 billion and 304 million yuan domestically and internationally, respectively, with gross margins of 21.4% and 29.1% [2]. - In 2023, the company reported total revenue of 1.384 billion yuan, with a net profit attributable to shareholders of 88 million yuan, reflecting a year-on-year growth of 7.23% [3]. Financial Performance - The company’s revenue is projected to grow significantly, with estimates of 1.868 billion, 2.100 billion, and 2.307 billion yuan for 2024, 2025, and 2026, respectively [6][13]. - The gross margin for 2023 was 23.08%, with a net margin of 6.31%, showing improvements from the previous year [11]. - The company’s earnings per share (EPS) are expected to increase from 0.71 yuan in 2023 to 1.71 yuan by 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 28.27 to 8.83 [6][13]. Business Segmentation - The company’s revenue breakdown for 2023 shows that core components, key equipment, and system integration contributed 6.38 billion, 2.52 billion, and 4.82 billion yuan, respectively, with core components having the highest gross margin of 30.8% [10]. - The company completed the acquisition of Moandi, enhancing its competitive edge in upstream component technology [10]. Market Position - The company is recognized as a leading player in the smart logistics equipment sector, with a comprehensive global business footprint [13].

Investment Rating - The report assigns a rating of "Accumulate" for the company [7]. Core Viewpoints - The company achieved a revenue of 2.206 billion yuan in 2023, representing a year-on-year growth of 12.09%. The net profit attributable to the parent company was 425 million yuan, up 7.03% year-on-year [1]. - The company is a pioneer in unmanned intelligent mining control systems, benefiting from the demand for coal mine intelligent transformation. The company has a significant first-mover advantage and its core products have high market shares that are increasing year by year [3]. - The intelligent mining construction in the coal industry is supported by favorable policies, with the national coal output reaching 4.66 billion tons in 2023, a year-on-year increase of 2.9% [2]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 664 million yuan, a year-on-year increase of 16.78%, but the net profit attributable to the parent company decreased by 9.57% [1]. - The company's revenue from unmanned intelligent mining control system solutions was 1.570 billion yuan, up 8.32% year-on-year, with a gross margin of 40.02% [2]. - The company forecasts revenues of 2.566 billion yuan, 3.026 billion yuan, and 3.641 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 473 million yuan, 533 million yuan, and 614 million yuan [7][8]. Market Position - The company holds a market share of 37.63% for its SAC products, 33.4% for SAM products, and 14.84% for SAP products, all ranking first or second in their respective categories [3]. - The report highlights the significant potential for intelligent mining equipment upgrades, with a demand for approximately 5,000 sets of comprehensive mining equipment across over 1,700 coal mines [2]. Future Outlook - The company is expected to continue benefiting from the ongoing development of coal mine intelligent construction, with a projected revenue growth rate of 16.31% in 2024 and 20.31% in 2026 [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Views - The company's core products have shown strong growth, with 2023 revenue reaching 1.942 billion yuan, a year-on-year increase of 7.61%, and a net profit of 383 million yuan, up 40.27% year-on-year. In Q1 2024, revenue was 673 million yuan, a 35.75% increase year-on-year, with net profit at 142 million yuan, up 46.14% year-on-year [1][7]. - The company emphasizes the development of traditional Chinese medicine (TCM) decoction pieces and formula granules, with over 1,000 varieties of TCM decoction pieces and more than 335 formula granules registered [1][7]. - Cost control has improved, leading to a continuous increase in net profit margin. In 2023, the sales, management, and financial expense ratios were 40.03%, 9.06%, and -0.73%, respectively, with a sales gross margin of 68.42% and a net profit margin of 20.12% [1][7]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.942 billion yuan, with a growth rate of 7.61%. The net profit attributable to the parent company was 383 million yuan, reflecting a growth rate of 40.27%. For 2024, the revenue is projected to be 2.494 billion yuan, with a growth rate of 28.40% [8]. - The company expects net profits for 2024, 2025, and 2026 to be 498 million yuan, 624 million yuan, and 764 million yuan, respectively, with corresponding EPS of 0.71 yuan, 0.89 yuan, and 1.09 yuan [7][8]. Product Development - The company has developed a product line with independent intellectual property rights, focusing on the extension of its core product, Wuling Capsule, which is a unique product and a national Class I TCM new drug [1][7]. - The Wuling Capsule has been included in 9 clinical guidelines in 2023, totaling 64 recommendations across various clinical guidelines and textbooks [1][7]. Market Position - The company has a strong market position with its main products, including Wuling Capsule, Lingze Tablets, and Bailing Tablets, all included in the National Essential Medicines List and the National Medical Insurance Directory [1][7].