【风险提示】 全球经济下行，海外需求下降； AI麦可助手获客不及预期； 研发不及预期，AI麦可升级遇瓶颈。 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[ 交Ta 运bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 究 降低物流成本，提物流效率促行业发展 挖掘价值 投资成长 / 交 [Table_Rank] 运 设 强于大市 （维持） 备 2024 年 02 月 26 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 [Table_Summary] 证券分析师：高博文 券 【事项】 研 证书编号：S1160521080001 究 证券分析师：陈子怡 报  2月23日下午，中央财经委员会第四次会议召开，习近平主席在会上 告 证书编号：S1160522070002 发表重要讲话强调，物流是实体经济的“筋络”联接生产和消费、内 贸和外贸，必须有效降低全社会物流成本，增强产业核心竞争力，提 联系人：刘雪莹 高经济运行效率。 电话：021-23586475  会议强调，降低全社会物流成本是提高经济运行效率的重要举措。物 [相 T对 a指 bl数 e表 _现 Pi cQuote] 流降成本的基本前提是保持制造业比重基本稳定，主要途径是调结 构、促改革，有效降低运输成本、仓储成本、管理成本。优化运输结 3.41% 构，强化“公转铁”、“公转水” ...

]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].

Investment Rating - The report maintains a rating of "Accumulate" for the company [22]. Core Views - The company is expected to achieve significant profit growth in 2023, with a projected net profit of 165-185 million yuan, representing a year-on-year increase of 114.61%-140.62% [1]. - The company has secured a major contract for a 6th generation flexible AMOLED module production line, with a contract value of 125 million yuan, which lays a solid foundation for its performance in 2024 [2]. - The company benefits from the ongoing domestic shift in the OLED industry, with substantial capital expenditures from panel manufacturers driving equipment procurement [21]. Financial Summary - The company’s revenue is projected to grow from 1,301.33 million yuan in 2023 to 1,942.21 million yuan in 2025, with growth rates of 33.48% and 19.64% respectively [6]. - The attributable net profit is expected to increase from 175.16 million yuan in 2023 to 259.67 million yuan in 2025, with growth rates of 127.82% and 21.04% respectively [6]. - The earnings per share (EPS) is forecasted to rise from 0.99 yuan in 2023 to 1.46 yuan in 2025 [6]. Market Position and Strategy - The company is positioned as a leader in the assembly of OLED modules and is expected to continue benefiting from the trend of domestic substitution in the OLED equipment market [15]. - The company has been increasing its R&D investment and optimizing its product structure, which has contributed to its revenue growth and improved gross margins [14][25]. - The report highlights the company's internationalization strategy and effective management as key factors in its performance [14][25].

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 ...

Investment Rating - The report maintains a "Buy" rating for Dongwei Technology (688700) [7] Core Views - Dongwei Technology reported a revenue of 915 million yuan for 2023, a year-on-year decrease of 9.52%, and a net profit attributable to shareholders of 155 million yuan, down 27.44% year-on-year [5] - The decline in revenue is attributed to a significant drop in PCB equipment sales, which accounted for approximately 30% of total revenue, while general hardware plating equipment and new energy equipment saw some growth [5] - The company is making progress in photovoltaic copper plating equipment, which is expected to become a new growth point, with the third-generation equipment already shipped and in the commissioning phase [6] Revenue and Profit Forecast - The revenue forecast for 2023, 2024, and 2025 is adjusted to 915 million, 1.42 billion, and 2.04 billion yuan, with year-on-year growth rates of -9.52%, 55.55%, and 43.59% respectively [11] - The net profit forecast for the same years is 155 million, 290 million, and 393 million yuan, with growth rates of -27.44%, 87.51%, and 35.43% respectively [11] - The current price corresponds to a PE ratio of 55, 29, and 22 for the years 2023, 2024, and 2025 [11] Industry Insights - The composite fluid industry layout is gradually improving, with over 20 domestic customers and contracts signed with clients in North America and Southeast Asia [14] - The company has achieved mass production of water plating equipment for composite copper foil and is expected to complete testing of new evaporation design equipment for composite aluminum foil by January 2024 [14]

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].