Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6-12 months compared to the benchmark index [11]. Core Insights - The company reported a revenue of 202 million yuan in 2023, a year-on-year increase of 6.22%, while the net profit attributable to shareholders decreased by 17.18% to 47.21 million yuan. The first quarter of 2024 saw a revenue decline of 15.7% year-on-year, with a net profit drop of 65.54% [2][3]. - The company is focusing on enhancing its competitiveness through increased R&D investment, which reached 40.51 million yuan in 2023, accounting for 20.07% of revenue, reflecting a 46.08% year-on-year increase [4][20]. - The company is expanding its market presence outside Zhejiang province, with sales in key regions such as North China, Central China, and South China increasing significantly, now accounting for 36.59% of total sales, up 18.49% year-on-year [4]. Summary by Sections Growth Analysis - In 2023, the company's revenue increased by 6.22%, while the net profit attributable to shareholders decreased by 17.18%. The first quarter of 2024 showed a revenue decline of 15.7% and a net profit decrease of 65.54%. The decline in net profit is primarily attributed to increased R&D expenses [3][4]. - The revenue from power equipment testing and services, power-related services, and electrochemical equipment in 2023 was 129 million, 48 million, and 22 million yuan, respectively, with year-on-year changes of +3.66%, +18.68%, and -1.49% [3]. Profitability Analysis - The company's gross profit margin for 2023 was 59.38%, an increase of 1.83 percentage points year-on-year, while the net profit margin was 23.42%, a decrease of 6.57 percentage points. In Q1 2024, the gross profit margin rose to 75.93%, but the net profit margin fell to 13.77% [3]. - R&D expenses increased significantly, indicating a strategic focus on innovation and competitiveness [4]. Operational Capability and Cash Flow Analysis - The accounts receivable turnover days improved to 252 days in 2023, a reduction of 28.8 days year-on-year, indicating enhanced cash flow efficiency. The operating cash flow reached 72.41 million yuan, a 256% increase year-on-year [3]. Market Expansion and Innovation - The company is actively expanding its market share in the new energy sector, particularly in the development of electrochemical equipment and perovskite solar cells, which are expected to contribute significantly to revenue growth [4][5]. - The establishment of a 100MW perovskite production line and partnerships with research institutions for technology development further strengthen the company's innovation capabilities [20].

、 政策│如何理解国务院的金融企业国有资产管理报告？——优化国有金融资本管理，来推动金 融国企提质增效 非银金融 证券研究报告/专题研究报告 2024年4月28日 [T评ab级le_：M增ain持] （ 维持 ） [投Ta资ble要_S点ummary] 分析师：蒋峤 执业证书编号：S0740517090005 ◼ 核心观点：《关于金融企业国有资产管理情况专项报告审议意见的研究处理情况和 整改问责情况的报告》发布，从5方面对金融国有资产管理提出完善工作的思路和 Email：jiangqiao@zts.com.cn 措施。总体看，格局方面，明确提出集中力量打造金融业“国家 队”，头部金融机构 受益，同时地方国有金融企业特色差异化发展；管理机制方面，将进一步理顺权责 分析师：戴志锋 关系，实行分级分类委托管理；功能定位方面，通过完善考评制度等提升服务实体 执执业业证证书书编编号号：： SS00774400551177003300000044 水平及防控风险。 EEEmmaaiill：：ddaaiizzff@@rz.tqsl.zcqo.mco.mcn.cn ◼ 优化国有金融资本功能定位和战略布局。1、对国有金融资本布 ...

2 !"#$%&PLUS’()*+,-./012 3456789: ;<=>?@/&AB? 2024C4D28E FGHIJK LJ M [ ZTa [ble \_F ]in Nanc Oe] P Q !"#$%& CI EPS PE JK GH PEG ’()*+,$S0740522020001 (=) 2023A 2024E 2025E 2026E 2022 2024E 2025E 2026E Email$zengbiao@zts.com.cn !"#$ 90.05 4.45 5.41 6.66 8.11 20.23 16.65 13.52 11.10 0.8 %& ’()* 198.48 10.03 11.97 14.75 17.59 19.79 16.58 13.46 11.28 0.9 %& !+,- 20.58 2.54 3.17 3.96 3.49 8.09 6.50 5.20 5.90 0.3 %& !"#$-. .,/0 54.05 2.67 4.56 5.73 6.43 20.25 11.85 9.43 8.41 0.2 %& ’()*+,$S0740522040004 123 97.68 ...

、 年季报印证食品饮料需求韧性 -周思考（第18周) 食品饮料 证券研究报告/行业周报 2024年4月28日 评级：增持（维持） [重Ta点bl公e_司Fi基na本nc状e]况 分析师：范劲松 股价(元) EPS PE 简称 PEG 评级 执业证书编号：S0740517030001 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 贵州茅台 1709.43 49.93 59.49 69.48 79.08 34.2 28.73 24.60 21.62 1.73 买入 电话：021-20315138 五粮液 152.25 6.88 7.75 8.89 10.07 224. 1 19.65 17.13 15.12 1.45 买入 Email：fanjs@zts.com.cn 燕京啤酒 9.77 0.12 0.21 0.33 0.43 813. 4 46.52 29.61 22.72 0.88 买入 分析师：赵襄彭 山西汾酒 252.29 6.65 8.56 10.68 13.01 37 2. 9 29.47 23.62 19.39 1.18 买入 安井食品 83.99 3. ...

Investment Rating - Buy (Maintained) [1] Core Views - The company is a leader in the domestic bulldozer industry, with high-margin large-horsepower bulldozer exports driving growth [7][8] - Group synergies are continuously emerging, with cost control and efficiency improvements through digital upgrades [3] - Overseas sales channels are being strengthened, with export revenue reaching 5.878 billion yuan in 2023, a 33.73% YoY increase, accounting for 55.77% of total revenue [7] - The company aims to achieve overseas revenue of 8.5 billion yuan in 2024, a 44.6% YoY increase [7] Financial Performance and Forecast - 2024 Q1 revenue was 3.069 billion yuan, up 29.29% YoY, with net profit attributable to shareholders of 208 million yuan, up 22.81% YoY [10] - 2024 Q1 gross margin was 17.05%, down 1.89 pct YoY, while net margin was 6.79%, down 0.38 pct YoY [10] - Operating cash flow for 2024 Q1 was -60 million yuan, mainly due to increased procurement payments and inventory [10] - Revenue is forecasted to grow 20% YoY in 2024, reaching 12.688 billion yuan, with net profit attributable to shareholders expected to grow 24% YoY to 951 million yuan [6][8] - EPS is projected to increase from 0.51 yuan in 2023 to 0.91 yuan in 2026 [6] Industry and Market Position - The company holds a domestic market share of over 60% in the bulldozer industry, with large-horsepower products gradually replacing imports [7] - In 2024 Q1, China exported 213 bulldozers with over 320 horsepower, a 49% YoY increase, reflecting strong demand for high-power equipment [7] - The company has achieved breakthroughs in exporting large-horsepower bulldozers, excavators, and loaders, offsetting domestic market declines [7] Strategic Initiatives - The company is planning to acquire shares of Shandong Heavy Machinery Co Ltd, which is expected to enhance its earthmoving product portfolio and synergies [3] - Digital transformation projects are being implemented to optimize production processes and improve cost efficiency [3] - The company is leveraging group synergies to expand overseas sales channels and increase market coverage [7]

费率同比优化，期待成本红利 涪陵榨菜（002507.SZ）/食 品加工 证券研究报告/公司点评 2024 年 4 月 28 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|--------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Buy rating maintained for Tigermed (300347 SZ) [2] Core Views - Multiple factors impacted Q1 performance, but recovery is expected as innovative drug policies take effect [2] - Vaccine project base effects and investment fluctuations affected Q1 results [4] - Favorable policies for innovative drugs in Beijing and Guangzhou are expected to drive business recovery [4] - Gross margin showed sequential improvement in Q1 2024, reaching 37 83% (up 5 01pp QoQ) [4] - Operating cash flow rebounded sharply in Q1 2024, reaching 144 million yuan (+405 84% YoY) [4] Financial Performance - Q1 2024 revenue was 1 66 billion yuan, down 8 00% YoY [4] - Q1 2024 net profit attributable to shareholders was 235 million yuan, down 58 65% YoY [4] - 2024-2026 revenue forecast: 8 55 billion, 10 30 billion, and 12 83 billion yuan, with YoY growth of 15 80%, 20 50%, and 24 49% respectively [5] - 2024-2026 net profit forecast: 2 30 billion, 2 73 billion, and 3 44 billion yuan, with YoY growth of 13 52%, 18 86%, and 25 82% respectively [5] Valuation Metrics - 2024-2026 EPS forecast: 2 63, 3 13, and 3 94 yuan [5] - 2024-2026 P/E ratios: 21 90x, 18 43x, and 14 64x [5] - 2024-2026 P/B ratios: 2 13x, 1 91x, and 1 69x [5] Industry Position - Tigermed is a leading domestic clinical CRO company with significant competitive advantages [5] - The company's global layout is taking shape, though overseas business integration faces challenges [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in its performance, particularly in the automotive and data communication sectors, which are expected to drive future growth [7][8] - The company reported a revenue of 4.519 billion yuan in 2023, with a year-over-year growth of 1.96%, and a net profit of 496 million yuan, reflecting a year-over-year increase of 14.17% [5] - The company is focusing on high-value products and optimizing its product structure, which has contributed to its revenue and profit growth [5][7] Financial Forecast and Valuation - Revenue projections for the company are as follows: - 2022A: 4.432 billion yuan - 2023A: 4.519 billion yuan - 2024E: 5.216 billion yuan - 2025E: 6.299 billion yuan - 2026E: 7.079 billion yuan - Net profit projections are: - 2022A: 434 million yuan - 2023A: 496 million yuan - 2024E: 604 million yuan - 2025E: 717 million yuan - 2026E: 836 million yuan - The company’s P/E ratios are projected to decrease from 26.4 in 2022 to 13.7 in 2026, indicating an improving valuation [2][8] Business Highlights - The company has established itself as a key supplier in the automotive PCB sector, serving major brands such as Tesla, BMW, and Volkswagen, and is expanding its customer base [7] - In the data communication sector, the company has developed capabilities for high-layer and high-density interconnect PCBs, which are essential for AI servers [7] - The company has successfully entered the supply chain of major clients like Amazon and NVIDIA, indicating strong growth potential in the data communication field [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 4.007 billion yuan for 2023, representing a year-on-year increase of 21.76%, and a net profit of 825 million yuan, up 19.75% year-on-year [1] - The first quarter of 2024 saw a revenue of 861 million yuan, a year-on-year increase of 21.83%, and a net profit of 164 million yuan, up 15.24% year-on-year, slightly exceeding expectations [1] - The company is expected to continue benefiting from the growth in electric and intelligent vehicle testing services, with significant investments in R&D [1][2] Financial Summary - **Revenue Forecast**: - 2023: 4,007 million yuan - 2024E: 4,764 million yuan (growth rate of 18.9%) - 2025E: 5,838 million yuan (growth rate of 22.5%) - 2026E: 7,005 million yuan (growth rate of 20.0%) [1][2] - **Net Profit Forecast**: - 2023: 825 million yuan - 2024E: 951 million yuan (growth rate of 15.2%) - 2025E: 1,226 million yuan (growth rate of 29.0%) - 2026E: 1,512 million yuan (growth rate of 23.3%) [1][2] - **Earnings Per Share (EPS)**: - 2024E: 0.82 yuan - 2025E: 0.95 yuan - 2026E: 1.22 yuan [1][2] - **Return on Equity (ROE)**: - 2023: 12% - 2024E: 12% - 2025E: 13.8% - 2026E: 14.5% [1][2] - **Gross Margin**: - 2023: 42.96% - 2024E: 43.7% - 2025E: 45.0% - 2026E: 45.7% [1][2] Business Segments - The automotive technology services segment achieved a revenue of 3.33 billion yuan in 2023, accounting for 82.61% of total revenue, with expectations for continued growth as the penetration of new energy vehicles increases [1] - The equipment manufacturing segment generated revenue of 697 million yuan, reflecting a year-on-year increase of 36.13% [1] Market Position - The company is one of the few third-party automotive testing companies in China with full licensing, enhancing its competitive edge in the market [1] - The company has made significant advancements in R&D, with a reported R&D expenditure of 277 million yuan, representing a 6.9% R&D expense ratio [1]

久远银海（002777）/计算机 证券研究报告/公司点评 2024 年 4 月 27 日 请务必阅读正文之后的重要声明部分 - 2 - 请务必阅读正文之后的重要声明部分 备注：评级标准为报告发布日后的 6~12 个月内公司股价（或行业指数）相对同期基准指数的相对市场表现。其 中 A 股市场以沪深 300 指数为基准；新三板市场以三板成指（针对协议转让标的）或三板做市指数（针对做市 转让标的）为基准；香港市场以摩根士丹利中国指数为基准，美股市场以标普 500 指数或纳斯达克综合指数为 基准（另有说明的除外）。 重要声明： 市场有风险，投资需谨慎。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失 负任何责任。 医疗医保业务维持高增长，数据要素业务加速落地 ） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|---------|-------|-----------------------|--- ...