[公Ta司ble盈_F利in预anc测e]及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,813 5,579 6,434 7,405 8,394 增长率 yoy% -10.3% -4.0% 15.3% 15.1% 13.4% 净利润（百万元） 709 802 899 1,035 1,184 增长率 yoy% 3.3% 13.2% 12.0% 15.1% 14.5% 每股收益（元） 1.77 2.01 2.25 2.59 2.96 每股现金流量 1.62 4.84 2.29 2.95 3.65 净资产收益率 16.3% 17.3% 17.4% 17.2% 16.9% P/E 18.4 16.2 14.5 12.6 11.0 P/B 3.0 2.8 2.5 2.2 1.9 备注：股价取自 2024 年 4 月 26 日收盘价。 投资要点 公司持有该股票比例 相关报告 公司点评 公司点评 请务必阅读正文之后的重要声明部分 | --- | --- | --- | |--------------------------------------------------|- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 135.04 CNY per share [1]. Core Insights - The company reported a significant revenue growth of 31% year-on-year in Q1 2024, driven by a remarkable increase in etching equipment sales, which grew over 64% [3][4]. - The net profit for Q1 2024 decreased by 10% year-on-year, primarily due to a reduction in the fair value of listed company shares and a decrease in government subsidies [4]. - The company is experiencing rapid growth in its etching business, with new orders increasing by 60% in 2023, and new product launches enhancing its market position [5][6]. - The company maintains a positive outlook for 2024-2026, with net profit forecasts of 21.2 billion, 26.8 billion, and 34.7 billion CNY respectively, corresponding to P/E ratios of 40, 31, and 24 [6]. Financial Performance Summary - The company's revenue for 2022 was 4,740 million CNY, projected to grow to 14,107 million CNY by 2026, with a compound annual growth rate (CAGR) of approximately 29% [1]. - Net profit is expected to increase from 1,170 million CNY in 2022 to 3,471 million CNY in 2026, reflecting a CAGR of around 29% [1]. - The earnings per share (EPS) is projected to rise from 1.89 CNY in 2022 to 5.60 CNY in 2026 [1]. - The company's return on equity (ROE) is expected to improve from 8% in 2022 to 13% in 2026 [1]. Operational Highlights - The company reported a significant increase in contract liabilities and inventory, indicating strong demand and production activity [3]. - The gross margin for Q1 2024 was 44.94%, slightly down from the previous year, reflecting increased costs associated with higher R&D and operational expenses [3][4]. - The company is focusing on advanced packaging and compound semiconductor technologies, which are expected to drive future growth [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [10]. Core Views - The company achieved a revenue of 21.57 billion yuan in 2023, representing a year-on-year growth of 20.1%, and a net profit of 204 million yuan, marking a turnaround from losses in the previous year [5][14]. - The company is positioned as a leader in the automotive seat market, with significant growth expected as it approaches a scale-up phase in its seat business, driven by both domestic and global market opportunities [15][6]. - Profitability is expected to improve significantly, with projected net profits of 4.3 billion yuan, 11.4 billion yuan, and 14.5 billion yuan for 2024 to 2026, respectively [15]. Financial Summary - The company’s total assets are projected to grow from 17.95 billion yuan in 2023 to 21.82 billion yuan by 2026, with total liabilities increasing from 13.50 billion yuan to 14.22 billion yuan over the same period [4]. - The operating income is expected to rise from 21.57 billion yuan in 2023 to 33.60 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 17% [4][15]. - The net profit margin is projected to improve from 0.7% in 2023 to 4.7% in 2026, indicating enhanced profitability as the company scales its operations [4][15]. Business Outlook - The company is set to establish a joint venture in Germany to enhance its global seat business strategy, aiming to secure contracts with major automotive manufacturers [15]. - The domestic market for automotive seats is expected to grow from 100 billion yuan currently to 150 billion yuan by 2025, with a strong competitive landscape favoring the company [15]. - The company has a robust order book and is well-positioned to capitalize on the growing demand for automotive seats, supported by its cost advantages and rapid response capabilities [15].

安全事故影响消退，Q2量增价稳利润改善可期 平煤股份（601666.SH） 证券研究报告/公司点评 2024年4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e1及] 估值 市场价格：12.89元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 36,044 31,561 33,325 34,443 35,409 分析师：杜冲 增长率yoy% 21% -12% 6% 3% 3% 执业证书编号：S0740522040001 净利润（百万元） 5,725 4,003 4,462 4,785 5,135 电话： 增长率yoy% 96% -30% 11% 7% 7% 每股收益（元） 2.31 1.62 1.90 2.04 2.19 Email：duchong@zts.com.cn 每股现金流量 4.41 2.47 4.43 4.47 4.54 联系人：鲁昊 净资产收益率 23% 14% 14% 14% 14% 电话： P/E 5.6 8.0 6.4 6.0 5.6 P/B 1.5 1.2 1.0 ...

Investment Rating - Buy rating maintained for the company [8] Core Views - The company is expanding into the seat assembly business, leveraging its position as a leading player in the automotive seat frame market [2] - The company's Q1 2024 revenue reached a historical high, meeting expectations with a 103.44% YoY increase [4] - The company's profitability is expected to accelerate, driven by new clients and businesses, with a projected 108% YoY growth in net profit for 2024 [5] - The company's mid-term growth is supported by its entry into the passenger car seat market, which is characterized by large market size and favorable competitive dynamics [2][5] Financial Performance - Q1 2024 revenue: RMB 570 million, up 103.44% YoY [4] - Q1 2024 net profit: RMB 32 million, up 190% YoY [4] - 2024E revenue: RMB 2,582 million, up 70% YoY [4] - 2024E net profit: RMB 190 million, up 108% YoY [4] - 2024E EPS: RMB 2.37, up 108% YoY [4] - 2024E P/E ratio: 19.7x [4] Industry Analysis - The passenger car seat market is expected to reach RMB 150 billion by 2025, with a CAGR of 17% [5] - The global seat market is highly concentrated, with the top 5 players accounting for over 85% of the market [5] - In China, the top 5 players hold over 70% of the market, all of which are foreign companies [5] - The company's core advantage lies in its seat frame technology, which accounts for nearly 70% of the total investment in seat manufacturing [5] Business Outlook - The company's new businesses, including railway containers and high-speed rail seats, are expected to contribute significantly to future growth [18] - The company's profitability is expected to improve as new businesses scale up and stabilize [17] - The company's revenue growth is driven by strong demand from clients such as BYD and Seres, as well as the ramp-up of new businesses [17][18] Financial Ratios - 2024E ROE: 14% [4] - 2024E net profit margin: 7.3% [21] - 2024E asset turnover ratio: 0.7 [21] - 2024E current ratio: 1.5 [21] - 2024E quick ratio: 1.2 [21]

Q1 业绩保持稳健增长，“连接+算力”双轮驱动 中兴通讯（000063.SZ）/通信 证券研究报告/公司点评 2024年4月26 日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利ina预nc测e1]及 估值 市场价格：28.74元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 122,954 124,251 139,761 155,707 172,307 分析师：陈宁玉 增长率yoy% 7% 1% 12% 11% 11% 执业证书编号：S0740517020004 净利润（百万元） 8,080 9,326 10,645 12,292 14,423 电话：021-20315728 增长率yoy% 19% 15% 14% 15% 17% 每股收益（元） 1.69 1.95 2.23 2.57 3.02 Email：chenny@zts.com.cn 每股现金流量 1.58 3.64 4.64 3.20 3.34 研究助理：杨雷 净资产收益率 14% 14% 13% 13% 14% Email：yanglei01@ ...

◼ 公司发布2023年三季度报告：2023年前三季度，公司实现营业收入23.3亿元，同比增加147.8%，实现归母净利润5.9亿 阿特斯2023年报及2024 年一季报点评：盈利超预期，看好海外市场+大储放量 元，同比增长 280.6%，实现扣非归母净利润 5.7 亿元，同比增长 274.3%；2023 年第三季度，公司实现营收 8.7 亿元，同 比增长143.8%，实现归母净利润1.8亿元，同比增长188.9%，实现扣非归母净利润1.8亿元，同比增长189.6%。 ◼阿 特斯坩（埚6成88本47有2.所SH上）涨/电，盈力利设能备力 短期证 回券 调研 。究 今报 年告 石/公 英司 砂点 价评 格 持续上涨，据SMM报道，11月石英2 坩02 埚4年 内层4月 用高26 纯日 石 英砂均价41.5 万元/吨，中层用高纯石英砂均价21.0万元/吨，外层用高纯石英砂均价9.5万元/吨，持续上涨的石英砂价格短期影响公 [Table_Industry] [评Ta级ble：_I买nve入st（] 维持） [公Ta司ble盈_F利in预anc测e1及] 估值 司坩埚产品盈利能力，毛利率从23Q2的37.3%下滑8.5 ...

Q1超预期，收入盈利共振 福耀玻璃(600660.SH)/汽车 证券研究报告/公司点评 2024年4月26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：44.75元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 28,099 33,161 39,634 46,606 53,651 分析师：何俊艺 增长率yoy% 19% 18% 20% 18% 15% 执业证书编号：S0740523020004 净利润（百万元） 4,756 5,629 6,566 7,779 9,289 分析师：刘欣畅 增长率yoy% 51% 18% 17% 18% 19% 每股收益（元） 1.82 2.16 2.52 2.98 3.56 执业证书编号：S0740522120003 每股现金流量 2.26 2.92 2.96 3.32 4.10 Email：liuxc03@zts.com.cn 净资产收益率 16% 18% 18% 17% 17% P/E 24.6 20.7 17.8 15.0 12. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company achieved a total revenue of 14.05 billion yuan in 2023, representing a year-on-year growth of 15.3%. The net profit attributable to the parent company was 1.478 billion yuan, with a year-on-year increase of 34.2% [1][2]. - The company is expected to continue its growth trajectory, with projected revenues of 16.19 billion yuan in 2024, 18.36 billion yuan in 2025, and 20.49 billion yuan in 2026, reflecting growth rates of 15%, 13%, and 12% respectively [1][2]. - The company plans to enhance its product development and channel strategies, focusing on new product launches and expanding into lower-tier markets [1][2]. Financial Performance Summary - **Revenue Forecast**: - 2023: 14,045 million yuan - 2024E: 16,188 million yuan - 2025E: 18,358 million yuan - 2026E: 20,489 million yuan - Growth Rates: 2023: 15%, 2024: 15%, 2025: 13%, 2026: 12% [1][2]. - **Net Profit Forecast**: - 2023: 1,478 million yuan - 2024E: 1,718 million yuan - 2025E: 2,073 million yuan - 2026E: 2,385 million yuan - Growth Rates: 2023: 34%, 2024: 16%, 2025: 21%, 2026: 15% [1][2]. - **Earnings Per Share (EPS)**: - 2024E: 5.04 yuan - 2025E: 5.86 yuan - 2026E: 7.07 yuan [1][2]. - **Return on Equity (ROE)**: - 2023: 11.5% - 2024E: 11.8% - 2025E: 12.5% - 2026E: 12.6% [1][2]. Strategic Outlook - The company aims to implement a "Research and Development Generation, Production Generation, and Reserve Generation" strategy for new products, focusing on timely follow-ups and continuous improvements [1][2]. - The channel strategy emphasizes "full-channel efforts," targeting both new and existing markets to enhance market share [1][2].

[Table_Industry] 天合光能2023 年报及2024 年一季报点评：夯实全球地位，光储协同发展 天合光能（688599.SH）/电力设备 证券研究报告/公司点评 2024年4月26日 [评[ TT aa 级bb ll ee ：__ II 增nn vd e持u ss tt （]r y] 维 持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：20.58 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 85,052 113,392 123,693 145,610 166,380 [分Ta析b师le：_A曾u彪th ors] 增长率yoy% 91% 33% 9% 18% 14% 执业证书编号：S0740522020001 净利润（百万元） 3,680 5,531 4,695 6,011 7,188 增长率yoy% 104% 50% -15% 28% 20% Email：zengbiao@zts.com.cn 每股收益（元） 1.69 2.54 2.15 2.76 3.30 分析师：赵宇鹏 每股现金流量 4.24 11.01 3.19 7.21 5 ...