] 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].

]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 ...