[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 拓尔思(300229)首次覆盖报告 2024 年 03 月 27 日 [Table_Title] 掌握 AI 核心技术，赋能千行百业 [Table_Invest] 买入|首次推荐 [Table_ 当前价：TargetPrice 16.80] 元 | --- | --- | |------------------------------|-----------------| | | | | [Table_Base] 基本数据 | | | 52 周最高 / 最低价（元）： | 33.80 / 10.06 | | A 股流通股（百万股）： | 794.68 | | A 股总股本（百万股）： | 795.29 | | 流通市值（百万元）： | 13350.63 | | 总市值（百万元）： | 13360.90 | | --- | --- | |----------------------------|------------------------| | | | | [Table_ 报告作者 Author] | | | 分析师 | 耿军军 | | ...

Investment Rating - The report maintains a "Buy" recommendation for the outdoor power equipment (OPE) industry [6]. Core Insights - The outdoor power equipment market is expected to grow from $25.1 billion in 2020 to $32.4 billion by 2025, with a CAGR of 5.24% [3][15]. - The industry is driven by policy and technological innovations, particularly the shift towards lithium battery-powered equipment and the rise of robotic lawn mowers [4][28]. - Export conditions are improving, with expectations for profit margins to rise due to stable raw material prices and favorable exchange rates [5]. Summary by Sections 1. Industry Overview: A Trillion-Level Market with a Mature Supply Chain - The outdoor power equipment (OPE) market primarily serves lawn, garden, and yard maintenance, with gasoline-powered devices dominating the market [3][15]. - The market size for gasoline, corded, and cordless devices in 2020 was $16.6 billion, $1.1 billion, and $3.6 billion respectively, projected to grow to $21.2 billion, $1.3 billion, and $5.6 billion by 2025 [19][22]. 2. Development Trends: Policy and Technological Innovations Drive Growth - Environmental policies in North America and Europe are pushing the industry towards electric and battery-powered devices, phasing out gasoline-powered equipment [28][29]. - The trend towards lithium battery technology is expected to meet the growing demand for efficient and eco-friendly lawn maintenance solutions [32][34]. 3. Short-Term Catalysts: Improving Export Conditions and Profit Margins - The U.S. real estate market remains resilient, and expectations of interest rate cuts may boost market confidence, leading to a recovery in exports [5]. - In 2024, China's lawn mower exports are anticipated to continue their growth trajectory, supported by recovering overseas demand and inventory replenishment in downstream channels [39][42]. 4. Investment Recommendations - Key companies to watch include: - QuanFeng Holdings: A pioneer in lithium battery OPE with high growth potential [6]. - Techtronic Industries: A leading electric tool manufacturer with strong profitability [6]. - Daye Co., Ltd.: Focused on the OPE industry with emerging brand recognition [6]. - Sumida: Strengthening innovation and brand influence [6]. - Grebo: A leader in garden machinery with a focus on smart development [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant stock price appreciation over the next six months [5]. Core Insights - The company reported a total revenue of 4.049 billion yuan for 2023, a year-on-year decrease of 16.16%, and a net profit attributable to shareholders of 63.44 million yuan, down 53.90% year-on-year [1]. - In Q4 2023, the company achieved a total revenue of 974 million yuan, a decline of 2.65% year-on-year, but the net profit turned positive at 30 million yuan, compared to a loss of 6 million yuan in Q4 2022 [1]. - The cheese market in China is still in its early growth stage, with the company holding the leading market shares of 36.8% for cheese and 42.8% for cheese sticks in 2023, both showing slight increases from 2022 [1]. Financial Performance Summary - The company's gross margin for 2023 was 29.24%, down 4.91 percentage points year-on-year, while the net margin was 1.97%, down 1.62 percentage points [1]. - The company’s revenue from cheese, liquid milk, and trade for 2023 decreased by 19%, 4%, and 5% year-on-year, respectively, while the revenue from ambient cheese sticks and industrial cheese for the catering sector increased [1]. - The company’s net profit for 2024 is projected to be 125.15 million yuan, representing a growth rate of 97.28% compared to 2023 [7]. Market and Strategic Insights - The company is actively optimizing its distribution channels, reducing the number of distributors to 5,036 by the end of 2023, while expanding its presence in e-commerce and instant retail platforms [1]. - The report highlights the company's strong product development capabilities, with new product launches in 2023 including organic cheese and mousse cheese cups [1]. - The company’s operating cash flow improved significantly in 2023, reaching 279.15 million yuan, compared to a negative cash flow in 2022 [7].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 青岛啤酒(600600)公司点评报告 2024年3月28日 [Table_Title啤] 酒结构升级，品牌矩阵顺势 [Table_Inves 买t] 入|维持 ——青岛啤酒 2023 年报点评 [T[ Taabbl事ele__件SSuu mmmmaarryy]] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司公告2023年报。23年全年，公司实现总营收339.37亿元，同比+5.49%， 归母净利42.68亿元，同比+15.02%，扣非归母净利37.21亿元，同比+15.94%。 52周最高/最低价（元）： 124.33 / 68.35 23Q4，公司实现总营收29.58亿元，同比-3.37%，归母净利-6.40亿元（22Q4 A股流通股（百万股）： 1359.77 为-5.56亿元），扣非归母净利-8.76亿元（22Q4为-6.51亿元）。  23Q4淡季表现基本平稳，23全年产品结构持续升级 A股总股本（百万股）： 1364.20 1）23Q4淡季销量同比小幅下滑，23年全年中高端销量较快增 ...

[Table_Invest] 思看科技公司首次覆盖报告 2024 年 03 月 27 日 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|------------------------------------| | | | | | 深耕三维视觉数字化软硬件，自主创新打破国外垄断 | [Table_ 报告作者 Author] | | | 思看科技是面向全球的三维视觉数字化综合解决方案提供商，主营业务为 | 分析师 | 龚斯闻 | | 三维视觉数字化产品及系统的研发、生产和销售。公司成立于 2015 年， | 执业证书编号 | S0020522110002 | | 2020-2022 年公司营业收入从 0.92 亿元增至 2.06 亿元，对应 CAGR 为 | 电话 | 021- ...

[Table_Main] 公司研究|信息技术|半导体与半导体生产 设备 证券研究报告 韦尔股份(603501)公司首次覆盖 2024年03月28日 报告 [Table_Title] 周期见底，CIS 领军重启成长 [Table_买Inves入t] |首次推荐 ——韦尔股份(603501.SH)首次覆盖报告 [报Ta告ble要_S点um：m ary] [当Ta前b价le_/目Ta标rg价etP：ri 9ce7]. 41元/125.46元  并购实现赛道转换，CIS领军扬帆启航。韦尔股份成立于2007年，于 2019年收购全球第三的CIS厂商豪威科技和思比科，正式切入CIS赛道， 目 标期限： 6 个月 [基Ta本bl数e_据Ba se] 并成为公司的核心业务。此外，公司于2020年收购Synaptics的TDDI业 52周最高/最低价（元）： 112.76 / 79.22 务，目前形成CIS、触控与显示和模拟解决方案三大业务体系。 A股流通股（百万股）： 1214.43  多主摄提振 CIS 需求，公司产品迭代切入高端市场。公司在消费电子 A股总股本（百万股）： 1215.78 CIS 方面的成长逻辑主要来 ...

Investment Rating - Buy | Maintain [2] Core Views - The company's full-year performance exceeded expectations, with significant optimization in H2 sales expense ratio [3] - The product matrix continues to enrich, with strong growth in key brands and new product launches [4] - The company maintains a leading position in the recombinant collagen protein market, supported by strong R&D capabilities and industry standards [3][4] Financial Performance - 2023 revenue reached 3,524 million RMB, a year-on-year increase of 49.05% [3] - Net profit attributable to the parent company was 1,452 million RMB, up 44.88% year-on-year [3] - Gross margin was 83.63%, a slight decrease of 0.76 percentage points, while net margin was 41.19%, down 0.98 percentage points [3] - Sales expense ratio was 33.04%, up 3.17 percentage points, but showed significant optimization compared to H1 [3] - Management expense ratio decreased by 1.95 percentage points to 2.74%, while R&D expense ratio increased by 0.26 percentage points to 2.13% [3] Product and Brand Performance - Key brand "Kefumei" achieved revenue of 2,788 million RMB, a year-on-year increase of 72.86% [4] - "Kefumei" collagen repair series saw strong growth, with GMV during Double 11 increasing by over 200% [4] - New products such as "Collagen Milk" and "Collagen Soothing Patch" frequently appeared on Tmall and Douyin bestseller lists [4] - "Keling" brand revenue remained stable at 617 million RMB, with star products continuing to perform well [4] Channel and Operational Strategy - Direct sales channels accounted for 68.7% of total revenue, with online direct sales contributing 61.2%, up 77.5% year-on-year [4] - Distribution channels accounted for 31.3% of revenue, up 14.6% year-on-year [4] - The company expanded its offline presence, opening its first "Kefumei" standard store in Xi'an and three "Keling" specialty stores [4] - Production capacity increased with the completion of new recombinant collagen protein fermentation workshops and additional production lines [4] Future Outlook and Profit Forecast - The company is expected to achieve net profit attributable to the parent company of 1,721 million RMB in 2024, 2,196 million RMB in 2025, and 2,743 million RMB in 2026 [5] - Corresponding P/E ratios are projected at 23x, 18x, and 14x for 2024-2026 [5] - The company is positioned as a leader in the professional skincare market, with a strong focus on R&D and brand expansion [5]

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for future performance [35][156]. Core Insights - The company has a strong historical foundation in the pharmaceutical industry and is actively expanding into the health and wellness sector, leveraging its financial strengths to drive growth [42][50]. - The traditional Chinese medicine segment is expected to maintain a high growth rate, with projected revenue growth rates of 20.7%, 15.5%, and 13.7% for 2023-2025 [154]. - The chemical drug segment is anticipated to recover gradually, with significant growth expected from products like L-lysine and other small varieties [20][107]. - The health and wellness business is experiencing rapid growth, with a revenue increase of 303.76% in the first half of 2023 compared to the previous year [137]. Summary by Sections 1. Company Overview - The company, Jilin Aodong Pharmaceutical Group, has a long history dating back to 1957 and has evolved into a large-scale enterprise focusing on pharmaceuticals and health products [42][50]. - The company has a stable shareholding structure, with key management continuously increasing their stakes, which enhances investor confidence [46][57]. 2. Traditional Chinese Medicine (TCM) - TCM products have shown steady growth, with significant contributions from core products such as Anshen Bnnao Liquid, Xiaoer Chaigui Oral Liquid, and Xuefu Zhuyu Oral Liquid [50][89]. - The company is expanding its production capacity for TCM formula granules, which are expected to capture a larger market share [78][154]. 3. Chemical Drugs - The chemical drug segment has faced challenges due to regulatory impacts but is expected to stabilize and recover, particularly with the removal of certain products from monitoring lists [20][107]. - Sales of L-lysine and other chemical drugs are projected to grow significantly, contributing to the overall revenue recovery [20][107]. 4. Health and Wellness Sector - The health and wellness segment is rapidly expanding, with a focus on dietary supplements and functional foods, which are projected to see substantial revenue growth [137][148]. - The company is leveraging e-commerce and digital marketing strategies to enhance sales in this sector [139]. 5. Financial Performance and Projections - The company forecasts net profits of 2.76 billion, 3.26 billion, and 3.79 billion yuan for 2023-2025, reflecting significant growth rates [22][156]. - The projected total market value of the company is estimated at 223.7 billion yuan, indicating that the current market valuation is undervalued [156].

Investment Rating - The report initiates coverage with a "Buy" rating for Dongfang Cable (603606.SH) [2][3]. Core Views - The company reported a revenue of 7.31 billion yuan in 2023, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 1 billion yuan, up 18.8% year-on-year [2][7]. - The company's cash flow from operating activities significantly improved, reaching 1.19 billion yuan in 2023, an increase of 83.9% year-on-year [2][14]. - The company is expected to benefit from the recovery of the offshore wind industry, with a projected high growth in orders for 2024 [2][14]. - The company is actively expanding its overseas market presence through investments in foreign companies [2][15]. Financial Performance - In 2023, the revenue breakdown was as follows: land cables 3.83 billion yuan (down 3.8%), submarine cables 2.77 billion yuan (up 23.5%), and marine engineering 710 million yuan (down 9.9%) [2][10]. - The gross margin for submarine cables reached 49.14% in 2023, an increase of 5.9 percentage points year-on-year, contributing to an overall gross margin of 25.2%, up 2.8 percentage points [2][10]. - The company’s net profit is projected to grow to 1.3 billion yuan in 2024, reflecting a year-on-year increase of 30% [2][3]. Order Backlog and Market Outlook - As of March 15, 2024, the company had an order backlog of 7.86 billion yuan, with land cables at 3.75 billion yuan (up 73.1%), submarine cables at 3.16 billion yuan (down 45%), and marine engineering at 950 million yuan (down 21.7%) [2][14]. - The report anticipates a recovery in the offshore wind sector, which is expected to drive significant order growth for the company in 2024 [2][14]. Overseas Expansion - In January 2024, the company announced plans to invest in Xlinks First and XLCC, acquiring 2.4% and 8.5% stakes respectively, to enhance its overseas market presence [2][15].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 柏楚电子(688188)公司点评报告 2024年03月23日 [Table_Invest] [Tab业le_T绩itle实] 现快速增长，积极开拓海外市场 买入|维持 ——柏楚电子(688188.SH)2023年年度报告点评 [当Ta前b价le_：T argetPr2ic7e4]. 77元 [事Ta件ble：_S ummary] 公司于2024年3月19日收盘后发布《2023年年度报告》。 [基Ta本bl数e_据Ba se] 点评： 52周最高/最低价（元）： 296.01 / 178.56  收入与利润实现快速增长，市场开拓成效显著 A股流通股（百万股）： 146.33 2023年，虽然国内外下游环境仍在一定程度上受到宏观经济的部分影响， A股总股本（百万股）： 146.33 但是受益于国内高功率厚板切割需求的持续增长及国外应用场景的持续拓 流通市值（百万元）： 40208.21 展，公司主营业务依然实现较快增长。公司全年实现营业收入14.07亿元， 总市值（百万元）： 40208.21 同比增长56.61%；实现归母净利润7.2 ...