一季度新签订单增长超 20%，发布回购方案，彰显持续发展信心 康龙化成（300759.SZ ）/医药生物 证券研究报告/公司点评 2024年04月28日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：19.16 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10266.29 11538.00 12726.35 14531.23 16715.68 分析师：祝嘉琦 增长率yoy% 37.92% 12.39% 10.30% 14.18% 15.03% 执业证书编号：S0740519040001 净利润（百万元） 1374.60 1601.10 1730.74 1965.38 2307.94 电话：021-20315150 增长率yoy% -17.24% 16.48% 8.10% 13.56% 17.43% 每股收益（元） 0.77 0.90 0.97 1.10 1.29 Email：zhujq@zts.com.cn 每股现金流量 1.20 1.54 1.11 1.31 1.43 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [12][14]. Core Views - The company is a leading domestic automotive connector supplier, benefiting from high industry demand and the potential for domestic substitution. New products and projects are expected to drive accelerated performance growth [12][10]. - The profit forecast for 2024-2026 is adjusted to net profits of 1.27 billion, 1.82 billion, and 2.57 billion respectively, with corresponding EPS of 0.30, 0.43, and 0.60 [12][10]. Summary by Sections Financial Performance - The company achieved a revenue of 1.09 billion in 2023, with a year-on-year growth of 17% [1]. - Net profit for 2023 is projected at 720 million, reflecting a growth of 5.33% year-on-year [1]. - The company’s earnings per share (EPS) are expected to increase to 0.30 in 2025 and 0.43 in 2026 [1][12]. Market Position - The company has developed over 2000 automotive connectors and components, with clients including major automotive parts manufacturers and brands such as BYD and Tesla [3][10]. - The company is expanding its production capacity for new energy connectors and enhancing its R&D capabilities to support product upgrades [10][12]. Strategic Initiatives - The company is focusing on the automotive electrification and intelligentization trends, investing in automotive connector fields and improving its product offerings [3][10]. - It plans to collaborate with universities for research and development, aiming to enhance its automotive intelligence layout [3][10].

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Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 6.15 [1]. Core Views - The company is experiencing rapid growth in store expansion, validating its mid-term growth logic despite potential downward pressure on gross and net profit margins due to adjustments in store and product structures [3][4]. - The company has adjusted its profit forecasts, expecting revenues of 68.7 billion, 77.2 billion, and 85.9 billion yuan for 2024-2026, with year-on-year growth rates of 16.5%, 12.4%, and 11.2% respectively. The net profit attributable to the parent company is projected to be 4.3 billion, 4.8 billion, and 5.3 billion yuan for the same period, with growth rates of 29.4%, 10.5%, and 10.2% respectively [4]. Financial Summary - Total share capital is 889 million shares, with a circulating market value of 5,334 million yuan [2]. - Revenue for 2022 was 4,417 million yuan, with a forecast of 5,900 million yuan for 2023, reflecting a year-on-year growth of 33.6% [2]. - The company's earnings per share (EPS) are projected to increase from 0.38 yuan in 2023 to 0.59 yuan in 2026, with corresponding P/E ratios decreasing from 16.4 to 10.4 over the same period [2][4]. - The company reported a gross margin of 24.92% and a net margin of 7.35% in Q1 2024, with both margins showing a decline compared to the previous year [4]. Store Expansion and Growth Logic - In 2023, the company accelerated its store expansion, opening a net of 241 new stores, resulting in a 20.8% year-on-year increase in total store count. The rapid expansion is attributed to the opening of franchise opportunities [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 16.83 CNY per share [1]. Core Views - The report highlights that the company has shown significant growth in Q1 2024, with revenue reaching 4.423 billion CNY, representing a year-over-year increase of 17.77% and a quarter-over-quarter increase of 4.34%. The net profit attributable to the parent company was 392 million CNY, up 58.25% year-over-year and 47.92% quarter-over-quarter [1]. - The company is expected to continue optimizing its product structure, leading to improved profitability. The report anticipates a recovery in the overall copper-clad laminate prices, which, combined with the company's growth attributes, could lead to a dual recovery in performance and valuation [1][2]. Summary by Relevant Sections Financial Performance - Revenue (in million CNY): - 2022A: 18,014 - 2023A: 16,586 - 2024E: 18,840 - 2025E: 21,100 - 2026E: 23,533 - Year-over-year growth rates: - 2023A: -11% - 2024E: 13.6% - 2025E: 12.0% - 2026E: 11.5% [1]. Profitability Metrics - Net Profit (in million CNY): - 2022A: 1,531 - 2023A: 1,164 - 2024E: 1,820 - 2025E: 2,226 - 2026E: 2,658 - Year-over-year growth rates: - 2023A: -46% - 2024E: 56.4% - 2025E: 22.3% - 2026E: 19.4% [1]. Market Outlook - The company is expected to maintain a high level of operational capacity in Q2, with continued strong demand from downstream markets. The report suggests that the company will further enhance its product structure and continue to develop high-growth new products, laying a solid foundation for future growth [1][2].

| --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|------------------------|-----------|-----------|---------------------------|-----------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 13.03 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：何俊艺 | 营业收入（百万元） | 17,967 | 21,571 | 24,570 | 28,968 | 33,603 | | 执业证书编号： S0740523020004 | 增长率 yoy% 净利润（百万元） ...

稳健增长，盈利改善 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,911 3,499 4,282 5,225 6,330 增长率 yoy% 3% 20% 22% 22% 21% 净利润（百万元） 144 73 351 454 562 增长率 yoy% -49% -49% 380% 30% 24% 每股收益（元） 0.85 0.43 2.07 2.68 3.32 每股现金流量 2.02 1.80 2.79 3.21 4.13 净资产收益率 7% 3% 13% 14% 15% P/E 42.9 84.5 17.6 13.6 11.0 P/B 2.9 2.5 2.2 1.9 1.7 备注：股价选取 2024 年 4 月 29 日收盘价 [Table_Profit] 基本状况 总股本(百万股) 169 流通股本(百万股) 106 市价(元) 36.45 市值(百万元) 6,172 流通市值(百万元) 3,858 分析师：范劲松 Email：fanjs@ zts.com.cn [Table_QuotePic] 股价与行业-市 ...

根据年报 详解苏州银行2023年报&2024一季报：开门红成色较好，净利润保持稳健增长 苏州银行(002966.SZ)/银行 证券研究报告/公司点评 2024年04月28日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：7.13 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 11,697 11,811 12,045 12,645 13,280 分析师 戴志锋 增长率yoy% 8.7% 1.0% 2.0% 5.0% 5.0% 执业证书编号：S0740517030004 净利润（百万元） 3,918 4,601 5,153 5,668 6,238 Email： daizf@zts.com.cn 增长率yoy% 26.1% 17.4% 12.0% 10.0% 10.0% 每股收益（元） 1.07 1.25 1.41 1.55 1.70 分析师 邓美君 净资产收益率 11.49% 12.27% 12.49% 12.54% 11.65% 执业证书编号：S0740519050002 P ...

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24 年受益下游复苏有望恢复增长，大力发展超精密光学元件 请务必阅读正文之后的重要声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|-------|-------|-------|-----------------------------|---------------------------------------------------------------------------|---------------|---------------|---------------------|-------------| | 盈利预测表 \n资产负债表 单位: \n会计年度 2023 2024E 2025E 2026E | | | | 百万元 | [Table_Finance2] 利润表 单位:百万元 \n会计年度 2023 2024E 2025E 2026E | | | | | | 货币 ...