Investment Rating - The report assigns a "Not Rated" status to the company [1] Core Views - The company's performance is under pressure due to fluctuations in traditional industry demand and the impact of overseas market supply chain destocking [1] - The company's hollow cup motor sales are growing rapidly, with annual sales growth exceeding 80% [1] - The company's profitability has slightly declined in the short term, with gross margins for 2023 and 2024Q1 at 37.19% and 38.08%, respectively, down by 2.83 and 3.97 percentage points year-on-year [1] - The company's expense ratio has increased overall, with the sales expense ratio decreasing slightly [1] - The company is focusing on high-end application fields and increasing R&D investment [1] - The company's control motor and drive system business in emerging high-value-added application fields such as photovoltaics, lithium batteries, and semiconductors is expected to maintain growth [1] - The company's hollow cup motor business is expected to benefit from the expansion of humanoid robots [1] Financial Performance Summary Revenue and Profit - The company's revenue for 2023 was 2,543 million yuan, a year-on-year decrease of 14.09% [1] - Net profit attributable to the parent company for 2023 was 140 million yuan, a year-on-year decrease of 43.20% [1] - Revenue for 2024Q1 was 608 million yuan, a year-on-year decrease of 6.34% [1] - Net profit attributable to the parent company for 2024Q1 was 6.49 million yuan, a year-on-year decrease of 80.03% [1] Profitability - Gross margin for 2023 was 37.2%, and it is expected to increase to 39.1% by 2026 [3] - Net margin for 2023 was 5.6%, and it is expected to increase to 8.7% by 2026 [3] - ROE for 2023 was 4.9%, and it is expected to increase to 9.9% by 2026 [3] Expense Ratios - The company's sales expense ratio for 2023 was 7.99%, management expense ratio was 13.69%, R&D expense ratio was 9.37%, and financial expense ratio was 0.11% [1] - The sales expense ratio for 2024Q1 was 9.31%, management expense ratio was 14.54%, R&D expense ratio was 9.71%, and financial expense ratio was -0.42% [1] Future Projections - Revenue is expected to grow by 16.4% in 2024, 14.8% in 2025, and 13.4% in 2026 [3] - Net profit attributable to the parent company is expected to grow by 36.4% in 2024, 27.2% in 2025, and 36.9% in 2026 [3] Valuation Metrics - The company's P/E ratio for 2023 was 206, and it is expected to decrease to 87 by 2026 [3] - The company's P/B ratio for 2023 was 10.2, and it is expected to decrease to 8.7 by 2026 [3] Key Financial Ratios - The company's asset-liability ratio for 2023 was 25.7%, and it is expected to increase to 27.3% by 2026 [3] - The company's current ratio for 2023 was 2.4, and it is expected to remain stable at 2.4 by 2026 [3] - The company's quick ratio for 2023 was 1.7, and it is expected to remain stable at 1.6 by 2026 [3]

| --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------|-----------------------------------------------|--------------|--------|-------|-------|-------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 80.10 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：闻学臣 | 营业收入（百万元） | 601 | 828 | 997 | 1,218 | 1,472 | | | 增长率 yoy% | -2.9% | 37.7% | 20.4% | 22.2% | 20.8% | | 执业证书编号： S0740519090007 | 净利润（百万元） | 6 | 61 | 8 ...

[Table_Industry] [Table_Finance 公司盈利预测及估值 1] 指标 2022 2023 2024E 2025E 2026E 营业收入（百万元） 559 394 549 936 1,491 增长率 yoy% 21% -30% 40% 70% 59% 归母净利润（百万元） -15 -54 -158 -37 134 增长率 yoy% -159% -258% -191% 77% 466% 每股收益（元） -0.04 -0.13 -0.38 -0.09 0.33 每股现金流量 -0.13 -0.60 -0.46 -0.17 0.16 净资产收益率 -1% -3% -9% -2% 8% P/E -309.36 -86.51 -29.74 -127.83 34.93 P/B 2.61 2.55 2.79 2.86 2.64 总股本(百万股) 410 流通股本(百万股) 239 市价(元) 11.44 市值(百万元) 4,688 流通市值(百万元) 2,730 [Table_ 分析师：Authors 王芳 ] 分析师： 王九鸿 [Table_QuotePic] 股价与行业-市场走势对比 [相关报告 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company reported a revenue growth of 3.9% year-on-year in Q1 2024, compared to a full-year growth of 3.0% in 2023. However, net profit growth was only 1.49% in Q1 2024, significantly lower than the 10.64% growth in 2023, primarily due to a 72.2% increase in credit impairment losses [7][12]. - The report highlights that the company has a solid capital base, stable asset quality, and a high dividend payout ratio, which is expected to continue. The focus on innovation in financial services and retail transformation is showing initial positive results [3][4]. Summary by Sections Financial Overview - The company's total revenue for 2023 was 26,381 million yuan, with a projected revenue of 27,259 million yuan for 2024, reflecting a growth rate of 3.3% [2]. - Net profit for 2023 was 12,142 million yuan, with an expected increase to 12,720 million yuan in 2024, indicating a growth rate of 4.8% [2]. Revenue and Profitability - Q1 2024 saw a revenue increase of 3.9% year-on-year, while net profit growth was impacted by credit impairment losses [7]. - The net interest margin for Q1 2024 decreased by 3 basis points to 1.52%, with a slight increase in interest income by 1.4% [12]. Asset and Liability Management - The company’s total loans increased by 6.1% year-on-year, with a significant portion of new loans being corporate loans [14]. - Total deposits grew by 6.2% year-on-year, although the growth in new deposits was lower compared to the previous year [15]. Non-Interest Income - Non-interest income showed a strong recovery in Q1 2024, with a year-on-year growth of 22%, driven by investment income and one-time revenues [4][8]. Asset Quality - The non-performing loan ratio remained stable at 1%, with a slight increase in overdue loans [4][14]. - The company has maintained a high coverage ratio for loan loss provisions, ensuring a strong safety margin [4]. Dividend Policy - The company continues to maintain a dividend payout ratio of over 30%, reflecting its commitment to returning value to shareholders [4][14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near future [3]. Core Views - The company has shown steady growth in revenue and profit, with a 3.9% year-on-year increase in revenue for Q1 2024, although net profit growth was impacted by credit impairment losses [7][13]. - The bank's financial health remains robust, with a focus on maintaining a high dividend payout ratio of over 30% and a strong capital adequacy ratio [3][15]. - The report highlights the bank's strategic positioning in Shanghai and the Yangtze River Delta, which supports its growth potential [3]. Summary by Sections Financial Overview - Q1 2024 revenue increased by 3.9% year-on-year, while net profit rose by 1.49%, affected by a 72.2% increase in credit impairment losses [7][9]. - The bank's total assets grew by 9.3% year-on-year, with total loans increasing by 6.1% [15][17]. Income and Profitability - Net interest income for Q1 2024 increased by 1.4% quarter-on-quarter, but the net interest margin decreased by 3 basis points to 1.52% [13][14]. - Non-interest income saw a significant rise of 69% year-on-year, driven by other non-interest income sources [15]. Asset and Liability Management - The bank's asset structure shows a decrease in the proportion of real estate loans, with corporate loans being the main driver of growth [15][17]. - Total deposits grew by 6.2% year-on-year, with a notable increase in interest-bearing liabilities by 9.7% [16][17]. Risk and Asset Quality - The non-performing loan ratio remains stable at below 1%, with a slight increase in overdue loans [15][18]. - The bank's provisioning coverage ratio is high, indicating a strong buffer against potential loan losses [15].

[Table_Title] 分析师：杨畅 执业证书编号：S0740519090004 电话：021-20315708 Email：yangchang@zts.com.cn ◼ 高频数据：生产高位走强，基建上行仍弱，住宅成交平稳，上海低位回升，土地出让回 落，消费保持平稳，出口运价续升，进口运价上行 、 出口平稳、物价偏弱与社融波动 ◼ 风险提示事件：国内与海外政策变动风险；国内与海外经济波动超预期风险；国际经 济贸易摩擦风险 宏观策略专题报告 2. 高频数据：生产高位走强，基建上行仍弱，住宅成交平稳，上海低位回升，土地出让回落，消费 保持平稳，出口运价续升，进口运价上行 ......................................................... - 6 - 3. 风险提示..................................................................................................... - 15 - 图表 7：上海一手签约与二手成交面积指数（以 2023 年 Q4 日均值为基准 100 ...

评级：买入（维持） 分析师：祝嘉琦 轻舟已过万重山，开启增长新阶段 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 4379.83 4123.42 4648.37 5384.45 6236.90 增长率 yoy% 0.52% -5.85% 12.73% 15.84% 15.83% 净利润（百万元） 749.41 563.08 684.11 845.11 1040.31 增长率 yoy% 21.00% -24.86% 21.49% 23.53% 23.10% 每股收益（元） 0.76 0.57 0.69 0.85 1.05 每股现金流量 0.62 0.60 0.77 0.93 1.10 净资产收益率 13.73% 9.73% 11.15% 12.45% 13.73% P/E 16.29 21.68 17.84 14.44 11.73 PEG 0.78 -0.87 0.83 0.61 0.51 P/B 2.24 2.11 1.99 1.80 1.61 备注：数据截至 2024.05.10 市场价格：12.30 执业证书编号：S0740519040001 电 ...

Investment Rating - Buy (maintained) [1] Core Views - The company's Q1 2024 performance is strong, with significant profit growth driven by new product demand and cost control [6] - New products and capacity release are expected to drive rapid growth in the next 3-5 years [6] - The company's API and CDMO businesses are showing promising growth, with new products and international market expansion [6] Financial Performance and Valuation - Revenue is projected to grow from 722.14 million in 2023 to 1,620.30 million in 2026, with a CAGR of 30.01% [2] - Net profit is expected to increase from 105.98 million in 2023 to 353.04 million in 2026, with a CAGR of 40.55% [2] - EPS is forecasted to rise from 0.25 in 2023 to 0.83 in 2026 [2] - P/E ratio is expected to decrease from 44.40 in 2023 to 13.33 in 2026, indicating improving valuation [2] Business Segments - API business: Revenue grew by 18.33% in 2023, with new products like Vildagliptin and Febuxostat gaining approvals [6] - CDMO business: Revenue increased by 31.28% in 2023, with 3 intermediates entering commercial production [6] - International markets: The company has secured approvals in Europe, Korea, and Russia, with more products expected to enter these markets [6] Operational Highlights - Gross margin remained stable at 33.30% in 2023, with a slight increase to 36.67% in Q1 2024 [6] - Expense ratios have declined, with total expense ratio dropping to 4.24% in Q1 2024 [6] - R&D investment accounted for 8.75% of revenue in 2023, with a slight decrease in Q1 2024 [6] Future Outlook - The company is expected to benefit from global patent expirations, with new products and capacity driving growth [6] - Revenue and net profit are projected to grow significantly from 2024 to 2026, with strong CAGR in both metrics [2][6] - The company's valuation metrics (P/E, P/B) are expected to improve, making it an attractive investment [2]

、 海外光通信指引乐观，关注AI应用与卫通行业催化 -中泰通信行业周报（0506-0512） 通信 证券研究报告/行业周报 2024年5月12日 评级：增持（维持） [重Ta点ble公_F司in基anc本e]状 况 分析师：陈宁玉 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740517020004 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 中际旭创 171.20 2.71 6.41 8.93 11.35 63.17 26.71 19.17 15.08 0.77 买入 Email：chenny@zts.com.cn 天乎通信 140.32 1.85 3.22 4.83 6.46 75.85 43.58 29.05 21.72 1.23 买入 研究助理：杨雷 源杰科技 138 .90 0.23 1.24 1.80 2.37 603.91 112.02 77.17 58.61 3.36 买入 Email：yanglei01@zts.com.cn 华测导航 31.29 0.82 1.06 1.17 0.83 38.16 29.52 26.74 ...

[Table_Industry] 证券研究报告/行业周报 2024年5月12日 有色金属 锑钨价格加速上行，稀土底部向上 [T[评aTab 级blele_ ：_MT增aitilne持]] （维持） [投Ta资bl要e_点Su mmary] 1. 【关键词】24 年 4 月智利出口锂盐 28764 吨，环比增加 36%，同比 分析师：安永超 增加 83%；4月新能源乘用车产销分别完成 87和 85 万辆，同比分别 执业证书编号：S0740522090002 增长35.9%和33.5%，渗透率达到36%；北方稀土发布 5月挂牌价， Email：anyc@zts.com.cn 氧化镨钕报价39.32万元/吨，环比增长7.52% 分析师：郭中伟 2. 投资策略：制造业补库叠加供给端不确定性加大，小金属价格普遍开 执业证书编号：S0740521110004 启上涨趋势，更加推荐供给较为刚性的品种：稀土、锡、锑、钨等： ➢ 1）稀土：短期需求逐步复苏，厂家挺价，稀土价格底部反弹，中 Email：guozw@zts.com.cn 长期机器人、新能源汽车、工业节能电机等多个消费场景有望爆 分析师：谢鸿鹤 发。国务院《推动大规 ...