◼ 3）积极布局微短剧视听新业态，多元创新业务全面铺开。视听新业态方面，公司搭建 起平台、内容、审核、运营、投流、商务等完整的微短剧项目运营链路，2023 年累计 审核微短剧 224 部、18,000 余集，上线微短剧 90 余部。同时，公司协同青岛西海岸 新区及青岛融创，积极推进北方微短剧影视基地（藏马山）落地，打造山东本土精品 微短剧影视品牌。其他创新业务方面，公司上线宠物服务移动应用"海看爱宠 APP"， 打造线上宠物互联网医院，解决宠物健康养护问题。 | --- | --- | |-------|----------------------------------------------------------------------------------------------------| | | | | | 图表 1： 2019-2023 年公司营收及归母净利润（百万元）………………………………………………………………………………… - 4 - | | | 图表 2: 2022Q1-2024Q1 公司誉收及归母净利润（百万元）. | | | 图表 3: 2019-2023 年公司销售、管理、研 ...

业绩稳健增长，全球化进程加速 伯特利(603596.SH)/汽车 证券研究报告/公司点评 2024年5月5日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：57.53元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,539 7,474 9,442 11,660 14,001 分析师：何俊艺 增长率yoy% 59% 35% 26% 23% 20% 执业证书编号：S0740523020004 净利润（百万元） 699 891 1,164 1,515 1,874 分析师：刘欣畅 增长率yoy% 38% 28% 31% 30% 24% 每股收益（元） 1.61 2.06 2.69 3.50 4.33 执业证书编号：S0740522120003 每股现金流量 1.81 1.57 3.38 0.77 6.43 Email：liuxc03@zts.com.cn 净资产收益率 15% 15% 16% 18% 18% P/E 35.7 28.0 20.8 16.0 12.9 P/B 5 ...

Q1业绩稳定高增，多产品齐头并进开启新一轮增长 晶晨股份(688099.SH)/电子 证券研究报告/公司点评 2024年5月6日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：58.17元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,545 5,371 6,496 7,888 9,623 分析师：王芳 增长率yoy% 16% -3% 21% 21% 22% 执业证书编号：S0740521120002 净利润（百万元） 727 498 707 989 1,333 Email：wangfang02@zts.com.cn 增长率yoy% -10% -31% 42% 40% 35% 每股收益（元） 1.74 1.19 1.69 2.36 3.19 分析师：杨旭 每股现金流量 1.27 2.27 3.22 2.76 2.19 执业证书编号：S0740521120001 净资产收益率 15% 9% 12% 14% 16% Email：yangxu01@zts.com.cn P/ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 32.00 CNY [20]. Core Views - The company reported a strong Q1 performance with revenue of 800 million CNY, a year-on-year increase of 93.3%, and a net profit of 100 million CNY, up 193% year-on-year. This aligns with previous earnings forecasts [14][21]. - The company's growth is driven by orders from major clients such as Ideal, Seres, Changan, and BYD, as well as an upgrade from Tier 2 to Tier 1 suppliers, enhancing the unit value per vehicle [21][22]. - The company expects a net profit growth of 40-70% for the full year, supported by the performance of key clients [21][22]. Financial Summary - Revenue is projected to grow from 2,600 million CNY in 2023 to 6,662 million CNY by 2026, with year-on-year growth rates of 87%, 51%, 41%, and 20% respectively [21]. - Net profit is expected to increase from 309 million CNY in 2023 to 771 million CNY in 2026, with growth rates of 109%, 49%, 36%, and 23% respectively [21]. - The company's earnings per share (EPS) is forecasted to rise from 1.11 CNY in 2023 to 2.77 CNY in 2026 [21]. Growth Potential - The company is positioned for sustained high growth due to its deep integration with leading clients and its comprehensive body manufacturing capabilities [22]. - The report highlights the company's full coverage of body manufacturing processes and its integrated capabilities, which provide a competitive edge in the market [22]. - The company is expanding its production capacity with new facilities coming online, which will further enhance its service to clients and support growth [22].

| --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 417 | | 流通股本 ( 百万股 ) | 42 | | 市价 ( 元 ) | 26.56 | | 市值 ( 百万元 ) | 11,076 | | 流通市值 ( 百万元 ) | 1,108 | [相关报告 Table_Report ] ◼ 2）固本强基，主业表现稳健。IPTV 业务方面，2023 年，公司 IPTV 基础业务实现营收 7.9 亿元，同比减少 2.1%，毛利率 55.0%，同比增加 2.1pct；IPTV 增值业务营收 1.6 亿元，同比减少 3.5%，毛利率 58.9%，同比增加 0.2pct。公司 IPTV 业务整体平稳，按 照"稳固基本盘，深挖增值量"的基本原则，并响应总局要求，优化电视大屏服务， 实现开机默认看直播，基础业务有效用户达到 1,671.4 万户；调整压缩了计费点，将 增值业务 20 多个收费包压减到 6 个，有效改善了"套娃"收费现象。同时，公司不断 创新产品供给，上线大屏 ...

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook for future performance [4]. Core Views - The company is expected to experience significant revenue growth, with projections showing an increase from 650 million in 2022 to 1,145 million by 2026, representing a compound annual growth rate (CAGR) of approximately 18.3% [4]. - Earnings per share (EPS) are forecasted to rise from 0.38 in 2022 to 0.79 by 2026, reflecting a strong growth trajectory [4]. - The report highlights a favorable price-to-earnings (P/E) ratio trend, decreasing from 23.7 in 2023 to 11.5 in 2026, suggesting improved valuation over time [4]. Financial Summary - Revenue projections for the company are as follows: 686 million in 2023, 811 million in 2024, 981 million in 2025, and 1,145 million in 2026, with year-over-year growth rates of 5.6%, 18.3%, 20.9%, and 16.7% respectively [4]. - The net income is expected to grow from 192 million in 2022 to 395 million in 2026, with corresponding year-over-year growth rates of 74.1%, 14.9%, 23.0%, 25.1%, and 16.5% [4]. - The report anticipates an increase in return on equity (ROE) from 10.6% in 2023 to 14.0% in 2026, indicating improved profitability [4]. Valuation Metrics - The price-to-book (P/B) ratio is projected to decline from 2.2 in 2023 to 1.6 in 2026, suggesting a more attractive valuation as the company grows [4]. - The report also notes a decrease in the enterprise value to EBITDA ratio from 34 in 2023 to 25 in 2026, indicating a more favorable valuation environment [4].

消费类回暖高可靠稳定增长，Q1重回增长通道 复旦微电(688385.SH)/电子 证券研究报告/公司点评 2024年5月04日 [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：32.35元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3,539 3,536 4,087 4,854 5,826 分析师：王芳 增长率yoy% 37% 0% 16% 19% 20% 执业证书编号：S0740521120002 净利润（百万元） 1,077 719 801 999 1,211 Email：wangfang02@zts.com.cn 增长率yoy% 109% -33% 11% 25% 21% 每股收益（元） 1.31 0.88 0.98 1.22 1.48 分析师：杨旭 每股现金流量 0.39 -0.86 3.57 3.09 -1.07 执业证书编号：S0740521120001 净资产收益率 21% 12% 12% 13% 13% Email：yangxu01@zts.com.cn P/E 24.6 36.8 33 ...

| --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------|-----------------------------------------------|-------|---------------------------|-------|-------|-------| | [Table_Title] 评级：买入（维持） \n市场价格： 14.95 | [Table_Finance] 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：陈鼎如 | 营业收入（百万元） | 2,198 | 2,412 | 2,903 | 3,195 | 3,535 | | | 增长率 yoy% | 8% | 10% | 20% | 10% | 11% | | 执业证书编号： S0740521080001 | 净利润（百万元） | 402 | 303 | 409 | 507 | 642 | | Email ： c ...

Investment Rating - The report assigns a "Buy" rating to the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company reported significant growth in Q1 2024, achieving a revenue of 5.43 billion yuan, a year-on-year increase of 64.89%, and a net profit of 0.68 billion yuan, marking a turnaround from losses [2][4]. - The recovery in industry demand has driven substantial performance growth for the company, with a quarter-on-quarter revenue increase of 17.5% and a gross margin of 34.68%, up 1.24 percentage points year-on-year [2][4]. - The company is positioned as a leading supplier in the AIoT sector, with its flagship products widely adopted across various applications, including automotive and machine vision [2][4]. Financial Summary - Revenue projections show a growth trajectory from 2,135 million yuan in 2023 to 4,644 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 30% [2][4]. - Net profit is expected to increase from 135 million yuan in 2023 to 709 million yuan in 2026, indicating a significant recovery and growth potential [2][4]. - The company's earnings per share (EPS) is projected to rise from 0.32 yuan in 2023 to 1.70 yuan in 2026, showcasing strong profitability improvements [2][4]. Market Position - The company is recognized as one of the few core suppliers in the domestic automotive smart cockpit sector, with its products being integrated into mainstream automotive manufacturers [2][4]. - The report highlights the company's strategic focus on expanding its product line and enhancing its product matrix to meet the growing demand in AI and IoT applications [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][5]. Core Insights - The company has shown significant improvement in sales, particularly in the second half of 2023, following strategic adjustments and a recovery in the overall consumption environment. The launch of new seasoning oil products is expected to enhance the company's product offerings and risk resilience [1][3]. - The company's revenue for 2023 was reported at 7 billion CNY, with a year-on-year growth of 15.18 million CNY, while the net profit for the same year was 76 million CNY, reflecting a substantial recovery from a previous loss [1][3]. - The gross profit margin for 2023 reached 7.57%, marking the best level in four years, and the first quarter of 2024 saw a gross margin of 12.92%, the highest in five years [1][3]. Financial Summary - **Revenue Forecast**: - 2023: 7,001 million CNY - 2024E: 7,440 million CNY (6% growth YoY) - 2025E: 8,123 million CNY (9% growth YoY) - 2026E: 8,995 million CNY (11% growth YoY) [1][3]. - **Net Profit Forecast**: - 2023: 76 million CNY - 2024E: 216 million CNY (185% growth YoY) - 2025E: 292 million CNY (35% growth YoY) - 2026E: 400 million CNY (37% growth YoY) [1][3]. - **Earnings Per Share (EPS)**: - 2023: 0.22 CNY - 2024E: 0.63 CNY - 2025E: 0.85 CNY - 2026E: 1.16 CNY [1][3]. - **Return on Equity (ROE)**: - 2023: 3.7% - 2024E: 9.8% - 2025E: 11.9% - 2026E: 14.3% [1][3]. - **Debt Ratios**: - Asset-liability ratio for 2023: 57.2% - Debt-to-equity ratio for 2023: 82.9% [1][3].