公司利润增速可观，重视研发，实现连续分红 东方电子（000682.SZ）/计 算机 证券研究报告/公司点评 2024 年 4 月 24 日 投资要点 [Table_QuotePic] 股价与行业-市场走势对比 ◼ 投资事件：公司发布 2023 年年报：2023 年公司营业收入约 64.78 亿元，同比增长 18.64%；归母净利润 5.41 亿元，同比增长 23.46%；扣非归母净利润 4.71 亿元，同 比增长 41.10%。2023 年单 Q4 公司实现营收 23.78 亿元，同比增长 21.47%；归母净 利润 1.97 亿元，同比增长 24.85%；扣非归母净利润 1.45 亿元，同比增长 48.50%。 ◼ 营收维持稳健增长，新能源及储能业务实现高增速。2023 年公司实现营业总收入 64.78 亿元，同比增长 18.64%；单 Q4 公司实现营收 23.78 亿元，同比增长 21.47%。分业 务板块来看，新能源及储能业务营收 3.44 亿元，同比增长 162.36%；输变电自动化业 务营收 6.23 亿元，同比增长 45.28%；智能配用电业务营收 36.94 亿元，同比增长 20.99%；综合 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [12]. Core Views - The company has successfully turned losses into profits in Q1 2024, indicating a continuous improvement in operations [5]. - The company is expected to benefit from policy support for regional aviation development, positioning it as a unique independent regional airline in China with significant growth potential [12]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of 5,151 million in 2023, increasing to 7,790 million in 2024, and further to 9,095 million in 2025 [7]. - **Net Profit**: The net profit is expected to recover from a loss of 965 million in 2023 to a profit of 406 million in 2024, reaching 952 million in 2025 [7]. - **Earnings Per Share (EPS)**: EPS is forecasted to improve from -0.75 in 2023 to 0.32 in 2024, and further to 0.75 in 2025 [7]. - **Return on Equity (ROE)**: ROE is anticipated to rise from -31% in 2023 to 12% in 2024, and 21% in 2025 [7]. Operational Insights - The company has increased its fleet size by 5 aircraft in 2023, contributing to a recovery in operational performance [12]. - The passenger load factor has improved, with a notable increase in revenue from personal distribution channels [12]. - The company’s operational cash flow is projected to turn positive, indicating a recovery in cash generation capabilities [7].

[Table_Title] 评级：买入(维持) 市场价格：30.14 药石科技（300725.SZ）/医药生物 证券研究报告/公司点评 2024 年 04 月 23 日 电话：021-20315150 执业证书编号：S0740522060001 [Table_QuotePic] 股价与行业-市场走势对比 前端业务逐步恢复，静待行业逐步迎来拐点 公司点评 [Table_Industry] [Table_Profit] 基本状况 总股本(百万股) 199.66 流通股本(百万股) 168.45 市价(元) 30.14 市值(百万元) 6017.75 流通市值(百万元) 5077.08 执业证书编号：S0740519040001 分析师：崔少煜 投资要点 公司持有该股票比例 相关报告 1 《药石科技（300725）：前三季度 稳健增长，毛利率波动及财务费用增 加扰动利润-买入-（中泰证券_祝嘉琦 _崔少煜）》2023.11.06 2 《药石科技（300725）：收入稳健 增长，利润端受多因素影响略有波动-买入-（中泰证券_祝嘉琦_崔少煜）》 2023.08.14 请务必阅读正文之后的重要声明部分 营业收入 营业成本 ...

Investment Rating - The report maintains an "Accumulate" rating for Ping An Bank [1] Core Views - Ping An Bank's Q1 2024 revenue decreased by 14.0% year-on-year, primarily due to a decline in interest income, while net profit increased by 2.3% year-on-year, supported by provision releases [4][6] - The bank's net interest income fell by 21.7% year-on-year, influenced by narrowing interest margins and slowing credit growth, while net non-interest income rose by 4.9% [4][6] - The bank's asset quality showed a slight increase in non-performing loans (NPL) ratio to 1.07%, with a provision coverage ratio of 261.66% [16][17] Financial Performance Summary - Total revenue (in million) for 2022 was 179,895, 2023 was 164,699, and the forecast for 2024 is 145,606, indicating a decline [3] - Net profit (in million) for 2022 was 45,516, 2023 was 46,455, and the forecast for 2024 is 47,497, showing a stable growth trend [3] - Earnings per share (in yuan) for 2022 was 2.30, 2023 was 2.35, and the forecast for 2024 is 2.40 [3] Revenue and Profitability - Q1 2024 net interest income decreased by 5.6% quarter-on-quarter, with an annualized net interest margin of 2.01% [9][10] - The bank's non-interest income showed a positive growth of 4.9% year-on-year, driven by other non-interest income growth of 56.7% [15] Asset and Liability Structure - Total assets increased by 5.0% year-on-year, while total loans grew by only 1.2%, indicating a shift in asset structure [13] - Total liabilities increased by 4.7% year-on-year, with total deposits growing by 1.7%, reflecting a slower deposit growth compared to liabilities [13] Asset Quality - The NPL generation rate for Q1 was 2.20%, with a slight decrease in the NPL ratio to 1.07% [16][17] - The bank's provision coverage ratio decreased by 15.97 percentage points, indicating a release of provisions [16][17] Investment Recommendations - The report suggests that Ping An Bank is expected to have a price-to-book (PB) ratio of 0.47X in 2024, 0.44X in 2025, and 0.41X in 2026, indicating potential for long-term investment [5][19] - The bank is seen as having advantages in corporate and retail business expansion, supported by its technology and comprehensive financial services [19]

业绩超预期，改革红利兑现 中炬高新（600872.SH）/食 证券研究报告/公司点评 2024年4月24日 品加工 [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：27.55 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,341 5,139 5,860 6,876 7,890 分析师：范劲松 增长率yoy% 4% -4% 14% 17% 15% 执业证书编号：S0740517030001 净利润（百万元） -592 1,697 790 972 1,172 电话：021-20315733 增长率yoy% -180% 387% -53% 23% 21% 每股收益（元） -0.75 2.16 1.01 1.24 1.49 Email：fanjs@zts.com.cn 每股现金流量 0.86 1.07 0.91 0.95 1.22 分析师：熊欣慰 净资产收益率 -17% 33% 14% 15% 16% 执业证书编号：S0740519080002 P/E -36.5 12.8 27 ...

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。 投资者应注意，在法律允许的情况下，本公司及其本公司的关联机构可能会持有报告中涉及的公司所发行的 证券并进行交易，并可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品等各种金融服务。 本公司及其本公司的关联机构或个人可能在本报告公开发布之前已经使用或了解其中的信息。 本报告版权归"中泰证券股份有限公司"所有。事先未经本公司书面授权，任何机构和个人，不得对本报告 进行任何形式的翻版、发布、复制、转载、刊登、篡改，且不得对本报告进行有悖原意的删节或修改。 - 5 - 请务必阅读正文之后的重要声明部分 [Table_Profit] 基本状况 总股本(百万股) 131 流通股本(百万股) 131 市价(元) 55.97 市值(百万元) 7,356 流通市值(百万元) 7,356 [Table_Title] 评级：增持（维持） 分析师：王可 Email：wangke03@zts.com.cn 执业证书编号：S0740522120001 备注：股价取自 2024 年 4 月 23 日 ◼ 事件：公司发布 ...

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多重扰动下经营性业绩相对稳健，创新产品组合加速落地 乐普医疗（300003.SZ）/医疗 证券研究报告/公司点评 2024年4月23日 器械 评级：买入 (维持) 公司盈利预测及 估值 市场价格：14.00元 指标 2022A 2023A 2024E 2025E 2026E 分析师：祝嘉琦 营业收入（百万元） 10,609 7,980 8,763 10,017 11,524 增长率yoy% 0% -25% 10% 14% 15% 执业证书编号：S0740519040001 净利润（百万元） 2,203 1,258 2,102 2,453 2,889 电话：021-20315150 增长率yoy% 28% -43% 67% 17% 18% 每股收益（元） 1.17 0.67 1.12 1.30 1.54 Email：zhujq@zts.com.cn 每股现金流量 1.48 0.53 1.12 1.37 1.53 分析师：谢木青 净资产收益率 13% 7% 11% 11% 12% 执业证书编号：S0740518010004 P/E 12.0 20.9 11.9 10.2 8.7 P/B 1.7 1.6 1.4 1 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 3.529 billion yuan in 2023, a year-on-year decrease of 22.04%, and a net profit attributable to the parent company of 194 million yuan, down 41.96% year-on-year. However, in Q4 2024, the company achieved a revenue of 743 million yuan, a year-on-year increase of 15.07%, and a net profit of 32 million yuan, up 131.76% year-on-year, indicating a significant improvement in operational performance [7][8][25] - The recovery in the 3C industry and the continuous breakthrough in the high-end market, along with overseas market expansion, are expected to drive the company's performance in the future [8][28] Summary by Relevant Sections Growth Potential - In 2023, the company experienced a revenue decline but showed signs of recovery in Q4, driven by a resurgence in the 3C industry and AI-driven product innovation. The company's sales of drilling and tapping machines increased by over 120% year-on-year in Q4, contributing significantly to overall performance [8][10] - The establishment of a second business unit targeting high-end products has resulted in initial orders of nearly 50 million yuan, indicating a positive trend in the high-end market [8] Research and Development - The company invested 139 million yuan in R&D in 2023, a year-on-year increase of 18.3%, representing 3.94% of revenue. The focus is on high-end CNC machine tools, with over 60 products under development [9] Profitability - The company's gross margin and net margin for 2023 were 23.25% and 5.79%, respectively, both showing a decline year-on-year. However, Q4 2023 saw a gross margin of 25.44%, with net margin turning positive, indicating improved profitability management [25] - The company has implemented cost control measures, resulting in a significant reduction in operating expenses by 26.65% year-on-year [25] Market Position - The company maintains a leading position in the drilling and tapping machine market, with ongoing expansion into high-end machine tools, enhancing its resilience against market cycles [26][28] - The introduction of the eighth generation of drilling and tapping machines is expected to strengthen the company's market competitiveness [28] Future Outlook - The company is projected to achieve net profits of 421 million yuan, 526 million yuan, and 649 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 23, 18, and 15 [29]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next 6 to 12 months [18]. Core Views - The company is projected to experience a decline in revenue and profit due to falling coal prices, with revised revenue forecasts for 2024-2026 at 87.97 billion, 104.38 billion, and 117.31 billion respectively [2][7]. - The expected net profit for the same period is adjusted to 7.52 billion, 8.75 billion, and 9.33 billion, with earnings per share estimated at 0.35, 0.41, and 0.43 [2][7]. - The current stock price of 5.85 yuan corresponds to price-to-earnings ratios of 16.7X, 14.4X, and 13.5X for the years 2024, 2025, and 2026 respectively [2][7]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 94.03 billion yuan, a year-on-year decrease of 20.60%, and a net profit of 7.32 billion yuan, down 66.62% [1][2]. - The operating cash flow for 2023 was 1.446 billion yuan, reflecting a significant decline [17]. Revenue and Profit Forecast - The company anticipates a revenue decline in 2024 to 87.97 billion yuan, followed by a slight recovery in subsequent years [2][7]. - The net profit is expected to recover gradually, reaching 9.33 billion yuan by 2026 [2][7]. Dividend Policy - The company has announced a cash dividend payout ratio of 82.06%, translating to a dividend yield of 4.79% based on the current stock price [2][7]. Market Position - The report highlights challenges in the coal business due to production disruptions and price declines, but notes potential improvements as coal prices stabilize [2][7].