]yrtsudnI_elbaT[ 爱博医疗 沪深300 2024 年 02 月 26 日 公司发布 2023 年度业绩快报。营收预计 9.51 亿元，较上年同期的 5.79 亿元同比增长 64.18%。归母净利润预计 3.04 亿元，同比增长 30.83%， 扣非净利润预计 2.87 亿元，同比增长 38.12%。公司总资产达到 30.65 亿元，同比增长 36.58%。 23 年公司业绩预计达到较高增长。其中营收增长 64.18%，主要源于 "普诺明"等系列人工晶体收入同比增长 40%+，"普诺瞳"角膜塑形 镜收入同比增长 25%+，同时隐形眼镜及护理产品等视力保健产品快速 增长，收入占比超 15%。公司净利增速低于收入增速，在于公司隐形 眼镜业务尚处快速扩张初期，受规模效应、产线调试及品牌营销等影 响，前期盈利能力较弱。公司自年初市场恢复以来加大了整体营销投 入，加之蓬莱生产基地产能尚需逐步释放，净利增速短期受限，有待 提升。同时，公司投资收购福建优你康 51%的股权，故新增资产较高。 此外公司积极拓展了隐形眼镜业务，场地及生产线投资额也较高。 新上市及在研产品进展顺利，持续激发长期发展活力。公司新推出的 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7]. Core Views - The company is expected to achieve a revenue of 4.394 billion yuan in 2023, representing a year-on-year growth of approximately 19.50%. The net profit attributable to shareholders is projected to grow by 1.01% to 9.15% compared to the previous year [2]. - Despite a slowdown in global economic growth affecting smartphone demand in the first half of 2023, the second half saw a recovery driven by holiday consumption and improved inventory structures among clients [2]. - The company has focused on building its own filter production lines, accelerating product iteration to meet diverse customer needs, and expanding market coverage for RF filter module products [2][3]. Summary by Sections Revenue and Profit Growth - The company reported a revenue of 4.394 billion yuan for 2023, with a growth rate of 19.48% expected for 2024 and 17.99% for 2025 [8]. - The net profit attributable to shareholders is forecasted to be 1.150 billion yuan in 2023, with growth rates of 7.57% and 19.19% for the following years [8]. Market Dynamics - The RF chip market is recovering, with inventory pressures easing in the second half of 2023 due to increased demand from domestic smartphone sales [3]. - The company has successfully established a 6-inch filter intelligent production line, enabling mass production capabilities and addressing technical challenges in filter production [3]. Product Development - The company has made significant progress in developing high-end RF filter modules, which are now entering a phase of increased delivery and market penetration [3]. - The successful development of the L-FEMiD product enhances the company's product coverage in the high-end module segment [3]. Financial Projections - The adjusted revenue forecasts for 2023, 2024, and 2025 are 4.394 billion yuan, 5.304 billion yuan, and 6.258 billion yuan, respectively [7]. - The expected earnings per share (EPS) for the same years are 2.15 yuan, 2.57 yuan, and 3.01 yuan, with corresponding price-to-earnings (P/E) ratios of 45, 38, and 33 times [7][8].

预告利润大幅增长，OLED国产设备领先 者再中标大单 2024 年 1 月 29 日，公司公布 2023 年业绩预告，预计实现净利润的大 幅提升。公司在 2023 年度预计实现归母净利润 1.65-1.85 亿元，同比 增长 114.61%-140.62%；预计实现扣非归母净利润 1.48-1.68 亿元，同 比增长 149.06%-182.72%。 再度中标大项目迎"开门红"。2024 年 2 月 20 日，公司公告收中标第 6 代柔性 AMOLED 模组生产线项目，中标设备包括 POL 贴附设备、OCA 贴 附设备、SCF/SUS 贴附设备、全贴合设备，中标价格为 1.25 亿元。受 益于国产 OLED 产线建设与升级，公司中标大金额项目，为 2024 全年业 绩奠定坚实基础。 [Table_ 东方财富证券研究所 Author] | --- | --- | |-------------------------------|-------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 4674.78 | | 流通市值（百万元 ) | 294 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [11] Core Insights - The company has shown significant growth in net profit, with a year-on-year increase of 121.64% to 138.27%, expected to reach between 400 million to 430 million yuan in 2023 [9][7] - The company is focusing on four rapidly developing treatment areas: ophthalmology, medical aesthetics, orthopedics, and surgery, aiming for sustainable long-term growth through product line expansion and industry chain integration [13] - The company has successfully participated in national procurement for artificial crystals, with moderate price reductions, which may exert short-term pressure on sales but is expected to enhance market share in the long run [6][13] Financial Performance - The company’s revenue for 2023 is projected to be 2.77 billion yuan, with a growth rate of 29.96% [21] - The expected EBITDA for 2023 is 657.72 million yuan, reflecting a significant recovery from the previous year [21] - The earnings per share (EPS) for 2023 is estimated at 2.38 yuan, with a corresponding price-to-earnings (P/E) ratio of 43 [21] Product Development - The company’s third-generation hyaluronic acid product "Hai Mei" has seen a remarkable revenue increase of 377.37% in the first half of 2023, contributing to an overall growth of 114.35% in hyaluronic acid revenue [17] - The fourth-generation organic cross-linked hyaluronic acid is expected to receive approval soon, enhancing the company's competitive edge in the medical aesthetics market [17]

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Insights - The company is expected to achieve a revenue of approximately 4.045 billion yuan in 2023, representing a year-on-year growth of about 45%. The net profit attributable to shareholders is projected to be between 310 million and 350 million yuan, reflecting a growth of 52.7% to 72.4% [1][6]. - The company has a strong overseas presence, with nearly 70% of its revenue coming from international markets. It has established a competitive advantage through its extensive experience in overseas markets and a robust network of partnerships across over 140 countries [3][6]. - The company is actively participating in major sports events, which is driving new demand for its LED display products. It has successfully provided products for international events such as the World Cup and NBA [10][11]. Financial Performance - The company’s revenue is projected to grow from 4.045 billion yuan in 2023 to 5.421 billion yuan in 2024 and 7.275 billion yuan in 2025, with corresponding net profits of 339 million yuan, 432 million yuan, and 550 million yuan respectively [6][16]. - The expected earnings per share (EPS) are forecasted to be 0.93 yuan in 2023, 1.19 yuan in 2024, and 1.51 yuan in 2025, with price-to-earnings (P/E) ratios of 17, 13, and 10 respectively [6][16]. Strategic Initiatives - The company plans to issue convertible bonds to raise 589 million yuan for the construction of manufacturing bases, research centers, and global market networks, which will enhance its production capacity and innovation capabilities [11][6]. - The company has optimized its governance structure, with the chairman increasing his shareholding and implementing employee stock ownership plans to boost team cohesion [9][6].

资料来源：Choice 宏观板块，东方财富证券研究所，数据截至 2023 年 国内与海外货币政策长期错位，流动性"内松外紧"，货币供应量 M 不是 本轮通胀走低的主要原因。2023 年我国央行两次下调存款准备金率，保持流动 性合理充裕，促进货币信贷总量适度、节奏平稳；同时，两次下调政策利率， 图表 5：全球加息潮下国内继续降息 图表 6：中美利差持续倒挂 图表 3：存款准备金率持续下调 图表 4：我国 M2 增速高于主要经济体 资料来源：Choice宏观板块，东方财富证券研究所，数据截至2024年1月 资料来源：Choice宏观板块，东方财富证券研究所，数据截至2023-12 5 7 9 11 13 15 17 19 21 23 2010-022010-112011-082012-052013-022013-112014-082015-052016-022016-112017-082018-052019-022019-112020-082021-052022-022022-112023-08 人民币存款准备金率:大型存款类金融机构(公告日期) 人民币存款准备金率:中小型存款类金融机构(公告日期) -10 -5 ...

公 司 研 究 / 机 械 设 备/ 证 券 研 究 报 告 【投资建议】 【风险提示】 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到12 个月内的相对市场表现，也即：以报告发布日后的3到12个月内的公司股价（或行业指数）相对同期相关证 券市场代表性指数的涨跌幅作为基准。其中：A股市场以沪深300指数为基准；新三板市场以三板成指（针对 协议转让标的）或三板做市指数（针对做市转让标的）为基准；香港市场以恒生指数为基准；美国市场以标 普500指数为基准。 股票评级 买入：相对同期相关证券市场代表性指数涨幅15%以上； 增持：相对同期相关证券市场代表性指数涨幅介于5%～15%之间； 中性：相对同期相关证券市 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [3]. Core Insights - The company is focusing on expanding its AI+3D digital twin and information software business while solidifying its traditional 3D visualization products and integrated digital services. The company is increasing R&D investment and creating benchmark cases [2][6]. - The company has made significant advancements in video technology with the launch of the Sora AI video model, which is expected to drive rapid growth in the AR/VR industry. The global VR market is projected to grow at a CAGR of 24.74% from 2023 to 2028 [1][6]. - The company plans to repurchase shares worth between RMB 25 million and RMB 50 million, with a maximum repurchase price of RMB 22 per share, to maintain company value and protect shareholder interests [1]. Financial Summary - The company’s total market capitalization is approximately RMB 2.49 billion, with a circulating market value of about RMB 1.56 billion. The stock has seen a 52-week high of RMB 57.37 and a low of RMB 15.71, with a 52-week decline of 34.74% [4][14]. - Revenue projections for 2023, 2024, and 2025 are RMB 645 million, RMB 748 million, and RMB 902 million, respectively, with corresponding net profits of RMB 16.23 million, RMB 59.63 million, and RMB 96.01 million [14][15]. - The company is expected to achieve an EPS of RMB 0.15, RMB 0.57, and RMB 0.92 for the years 2023, 2024, and 2025, respectively, with P/E ratios of 147, 40, and 25 [14][15].

]yrtsudnI_elbaT[ [Table_Title] 焦点科技（002315）动态点评 2024 年 02 月 22 日 AI 麦可模型集众家之长，功能迭代可塑性强。AI 麦可此前已接入了 包括 ChatGPT、百度文心一言在内的诸多开源大模型，叠加 New Bing 调取实时数据的能力，积极拥抱与合作 AI 领域资深玩家，集众家之 所长。我们认为多模态技术进步有助于跨境 B2B 领域的 AI 应用发展， 进一步提升 AI 麦可助手的产品价值，丰富用户体验。 [Table_ 【事项Summary 】 ] 2 月 16 日，OPENAI 发布首个视频生成模型 Sora，根据用户的文本提示， 最高可生成一分钟的高清视频，可以呈现"具有多个角色、特定类型的 动作、以及主题和背景的准确细节的复杂场景"。 [Table_ 东方财富证券研究所 Author] 电话：021-23586475 | --- | --- | |-------------------------------|---------------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - Chuangjian Medical successfully developed type III recombinant human collagen protein, which aligns with the amino acid sequence of natural human collagen and has a natural triple helix structure, enabling industrialization [2][3] - The market currently features products primarily made from humanized collagen, with human collagen being scarce. The National Medical Products Administration categorizes recombinant collagen into three levels, with human collagen being the highest [3] - Chuangjian Medical has initiated clinical trials for aesthetic implant agents and has made significant technological breakthroughs in stable genetic expression systems and fermentation purification technology [3] - The successful development of type III recombinant human collagen protein is expected to advance the commercialization of high-performance fillers with excellent anti-aging properties and low immunogenicity [3] Summary by Relevant Sections Market Dynamics - The report highlights the growth potential in the collagen-based skincare and filler product sectors, emphasizing the importance of upstream and downstream companies in this market [4] - Key players such as Juzhi Biotechnology and Jinbo Biotechnology are noted for their strong performance and innovative products in the collagen market [4][11] Company Developments - Juzhi Biotechnology reported over 1.6 billion in revenue for 2022, with a projected 2 billion+ for 2023, showcasing significant growth [4] - Jinbo Biotechnology anticipates a net profit of 280-300 million for 2023, reflecting a year-on-year increase of 156%-175% [4] - Jiangsu Wuzhong's subsidiary has received approval for a facial filler, indicating growth opportunities in regenerative injectables [11] - Chuangjian Medical has received approval for type II medical devices and is focusing on anti-aging skincare products [11] - Other companies like Marubi and Juyuan Biotechnology are also making strides in the collagen market with innovative products and significant investments planned for the future [11]