Investment Rating - Buy rating maintained for Luxshare Precision (002475 SZ) [1] Core Views - Luxshare Precision's interim report guidance reinforces full-year growth certainty, with new business opportunities emerging from the AI wave [1] - The company's consumer electronics business is steadily growing, while automotive and communication businesses are contributing incremental growth [2] - Communication product series are comprehensive, with potential for rapid growth under the AI trend [2] Financial Performance Revenue and Profit - 2023 revenue: RMB 231 9 billion, up 8 4% YoY; net profit attributable to parent company: RMB 10 95 billion, up 19 5% YoY [1] - 2024E revenue: RMB 260 05 billion, up 12 1% YoY; net profit attributable to parent company: RMB 13 618 billion, up 24 3% YoY [4] - 2025E revenue: RMB 306 636 billion, up 17 9% YoY; net profit attributable to parent company: RMB 17 461 billion, up 28 2% YoY [4] Segment Performance - 2023 consumer electronics revenue: up 9 75% YoY; automotive interconnect and precision components revenue: up 50 46% YoY; communication interconnect and precision components revenue: up 13 28% YoY [2] Profitability - 2023 gross margin: 11 58%, down 0 6pct YoY [1] - 2024E gross margin: 11 5%; net margin: 5 5%; ROE: 16 4% [4] Business Development - Consumer electronics: achieved steady increase in assembly share, with more incremental space in core components and precision module businesses [2] - Communication and data center: won customer recognition in optical modules and high-speed copper cables, with further deep cooperation expected in optical connection, heat dissipation, and power modules [2] - Automotive business: established deep strategic cooperation with leading domestic and overseas OEMs and automotive brand customers, with more products expected to grow [2] Valuation - 2024E PE: 14 6x; 2025E PE: 11 4x; 2026E PE: 10 4x [3] - 2024E PB: 3 5x; 2025E PB: 2 4x; 2026E PB: 1 9x [1] Future Outlook - Communication business expected to grow rapidly under AI trend, with more opportunities in electrical connection, optical connection, thermal management, and server systems [2] - 800G OSFP DR8LRO silicon photonic module officially released and sampled to key customers [2]

| --- | |--------------------------| | | | | | [Table_Industry] | | [Table_Title] 评级：买入 | | 市场价格： | 分析师：王可 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 分析师：郑雅梦 执业证书编号：S0740520080004 Email：zhengym@zts.com.cn 新品良率爬坡影响短期业绩，看好产能扩张后市占率提升 浩洋股份（300833.SZ） /机械设备 证券研究报告/公司点评 2024 年 4 月 25 日 | --- | --- | --- | --- | --- | --- | |---------------------------------------------|--------------|-------|---------------------------|-------|-------| | [Table_Finance] 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E ...

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 [9]. Core Insights - The company's main business in brake systems, including wheel hub bearing units, is expected to continue stable growth in Q1 2024, with a significant market ceiling. The global automotive wheel hub unit aftermarket was approximately 53.88 billion yuan in 2021, with the company's market share being less than 2%. The company has established strong connections with downstream customers and is working on enhancing local service capabilities in the North American market, which is expected to improve penetration rates [1]. - The company reported a significant increase in net profit for Q1 2024, achieving a net profit of 47 million yuan, a year-on-year growth of 101.38%. The gross profit margin for Q1 2024 was 33.5%, up 1.4 percentage points from the full year of 2023, while the net profit margin reached 28.8%, an increase of 8.5 percentage points from the previous year [11][17]. - The company is actively expanding into the core supply chain of humanoid robots, with the harmonic reducer production and testing requirements being rigorously defined. The company is in the preparatory stage for mass production of harmonic reducers, with small batch orders expected this year [20]. Financial Summary - The company's revenue for 2023 is projected to be 738.1 million yuan, with a year-on-year growth rate of -1.5%. However, revenue is expected to rebound significantly in the following years, reaching 1.1 billion yuan in 2025 and 1.4 billion yuan in 2026, with growth rates of 22.0% and 27.7%, respectively [12]. - The net profit for 2024 is forecasted to be 224.7 million yuan, reflecting a 50% year-on-year increase. The earnings per share (EPS) are expected to rise from 1.36 yuan in 2023 to 2.04 yuan in 2024 [12][18]. - The report has adjusted the company's profit forecast upwards, with net profits expected to be 220 million yuan in 2024, 250 million yuan in 2025, and 290 million yuan in 2026, corresponding to price-to-earnings (PE) ratios of 17, 15, and 13 times, respectively [20].

、 详解基金 1Q24 银行持仓: 持仓占比升至 2.53%，增配大行和优质中小银行 行业名称 银行 证券研究报告/行业季度报告 2024年04月24日 评级：增持（维持） [ 重Ta 点ble 公_F 司in 基anc 本e] 状 况 分析师 戴志锋 简称 股价 EPS PE PEG 评级 (元) 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 执业证书编号：S0740517030004 江苏银行 8.16 1.72 1.65 1.92 2.18 4.56 4.76 4.09 3.60 买入 Email： daizf@zts.com.cn 农业银行 4. 49 0.71 0.73 0.74 0.75 5.86 5.70 5.62 5.55 增持 分析师 邓美君 招商银行 33.46 5.41 5.75 6.03 6.22 6.10 5.74 5.47 5.31 增持 执业证书编号：S0740519050002 宁波银 行 21.80 3 .38 3.75 4.05 4.38 6.25 5.63 5.21 4.82 增持 苏州银 行 7. 28 1.07 1.2 ...

利润高增，实现开门红 燕京啤酒（000729.SZ）/饮 证券研究报告/公司点评 2024年4月25日 料制造 [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：9.62 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 13,202 14,213 15,229 16,416 17,122 分析师：范劲松 增长率yoy% 10% 8% 7% 8% 4% 执业证书编号：S0740517030001 净利润（百万元） 352 645 927 1,275 1,565 电话：021-20315733 增长率yoy% 55% 83% 44% 38% 23% 每股收益（元） 0.12 0.23 0.33 0.45 0.56 Email：fanjs@zts.com.cn 每股现金流量 0.61 0.50 0.57 0.71 0.82 分析师：熊欣慰 净资产收益率 2% 4% 6% 8% 8% 执业证书编号：S0740519080002 P/E 77.0 42.1 29.3 21.3 17.3 P ...

Q1 业绩同比高增，高速率光器件驱动增长 天孚通信（300394.SZ）/通信 证券研究报告/公司点评 2024年4月24 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：152.1元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,196 1,939 3,302 5,289 6,932 分析师：陈宁玉 增长率yoy% 16% 62% 70% 60% 31% 执业证书编号：S0740517020004 净利润（百万元） 403 730 1,270 1,909 2,549 电话：021-20315728 增长率yoy% 32% 81% 74% 50% 34% 每股收益（元） 1.02 1.85 3.22 4.83 6.46 Email：chenny@zts.com.cn 每股现金流量 1.17 2.28 2.00 3.73 5.50 研究助理：杨雷 净资产收益率 15% 22% 28% 30% 29% EE Em maaiill：：wyaanngglfej@i01r.@ ...

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 [27]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 1.017 billion yuan, a year-on-year growth of 67.51%, and a net profit of 271.97 million yuan, up 40.07% [1][5]. - For Q1 2024, the company achieved revenue of 216 million yuan, representing a 34.04% year-on-year increase, and a net profit of 49.82 million yuan, up 42.06% [1]. - The company has strong order growth, with total new orders for 2023 amounting to 1.36 billion yuan, a 35.06% increase year-on-year, and an order backlog of approximately 1.586 billion yuan at the end of 2023, up 18.90% [14][31]. Summary by Sections Financial Performance - In 2023, the company maintained a gross margin of 65.53%, with a net profit margin of 26.73%. The operating expenses included sales expenses of 9.65 million yuan and management expenses of 128.63 million yuan, reflecting increases of 23.08% and 26.82% respectively [14][16]. - The company’s R&D expenses were 24.1 million yuan, up 45.13%, indicating a strong commitment to innovation [14]. Revenue Forecast - The company’s revenue is projected to grow to 1.339 billion yuan in 2024, 1.757 billion yuan in 2025, and 2.270 billion yuan in 2026, with growth rates of 31.59%, 31.21%, and 29.21% respectively [5][33]. - Net profit forecasts for the same period are 381 million yuan, 510 million yuan, and 672 million yuan, with growth rates of 40.11%, 33.96%, and 31.73% respectively [5][33]. Business Segments - The company’s contract development and manufacturing organization (CDMO) segment is expected to accelerate, with revenue from external custom development and production reaching 52.49 million yuan in 2023, a 152.35% increase [31]. - The self-developed technology transfer segment generated approximately 392 million yuan in 2023, reflecting a 77.66% increase, with ongoing projects expected to yield further revenue [31]. Market Position - The company is positioned in a favorable market environment, with strong demand for its services and products, indicating significant growth potential in the coming years [5][31].

8 公司单Q4归母净利润实现高增，引领前沿创新 浪潮信息（000977）/计算机 证券研究报告/公司点评 2024年4月24日 [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：36.81 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 69,635 65,867 75,966 87,703 99,473 分析师：闻学臣 增长率yoy% 3.9% -5.4% 15.3% 15.5% 13.4% 执业证书编号：S0740519090007 净利润 2,086 1,783 2,066 2,606 3,265 Email：wenxc@zts.com.cn 增长率yoy% 4.2% -14.5% 15.9% 26.2% 25.3% 每股收益（元） 1.42 1.21 1.40 1.77 2.22 每股现金流量 1.23 0.35 1.46 1.75 1.75 分析师：苏仪 净资产收益率 11.8% 9.8% 10.3% 11.7% 12.9% 执业证书编号：S0740520060001 P/E 26.0 30.4 26.2 2 ...

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 over the next 6 to 12 months [4][27]. Core Insights - The company achieved a revenue of 1.105 billion yuan in 2023, a year-on-year increase of 3.18%, and a net profit of 242 million yuan, a significant year-on-year increase of 137.26% [1][4]. - The growth in net profit outpaced revenue growth primarily due to the impact of non-recurring losses in 2022. Excluding these factors, the adjusted net profit increased by 39.25% year-on-year, indicating strong growth momentum [1][4]. - In Q1 2024, the company reported a revenue of 276 million yuan, a year-on-year increase of 6.85%, and a net profit of 52 million yuan, a year-on-year increase of 1.29%, reflecting a slowdown in growth due to a high base in Q1 2023 [1][17]. Financial Performance - The company's gross margin improved significantly, reaching 35.81% in 2023, an increase of 6.43 percentage points year-on-year. The net margin also improved to 21.88%, up by 12.45 percentage points year-on-year [35]. - The company maintained stable cost control, with sales and management expense ratios at 7.60% for 2023 and 7.97% for Q1 2024, showing a slight decrease in Q1 2024 compared to Q1 2023 [20]. - The company continues to invest in R&D, with R&D expense ratios of 4.52% in 2023 and 4.35% in Q1 2024, which supports its competitive advantage in technology [20]. Market Position and Growth Potential - The self-lubricating bearing market is steadily growing, with the market size of sliding bearings in China increasing from 10.497 billion yuan in 2017 to 16.512 billion yuan in 2022. The self-lubricating bearing market alone reached 13.995 billion yuan in 2022, accounting for approximately 85% of the sliding bearing industry [21]. - The company has a competitive advantage in the automotive sector, where its products are used in various applications. Despite a currently low market share, it is expected to gain more traction as the automotive supply chain shifts domestically [21]. - The company is actively expanding into new product lines, including ball screws, which are expected to become a new growth point. The domestic market for ball screws is largely dominated by foreign brands, indicating a significant opportunity for domestic production [36].

Q1 营收利润超预期，PLC+工业机器人前景广阔 宝信软件（600845.SH）/通 证券研究报告/公司点评 2024年4月24日 信 [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：40.09元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 13,150 12,916 15,703 19,386 24,203 分析师：陈宁玉 增长率yoy% 12% -2% 22% 23% 25% 执业证书编号：S0740517020004 净利润（百万元） 2,186 2,554 3,146 4,103 5,168 电话：021-20315728 增长率yoy% 20% 17% 23% 30% 26% 每股收益（元） 0.91 1.06 1.31 1.71 2.15 Email：chenny@zts.com.cn 每股现金流量 1.05 1.09 0.97 1.35 1.68 研究助理：杨雷 净资产收益率 21% 21% 21% 22% 22% Email：yanglei01@zts.c ...