ICL 业务延续良好增长，经营性现金流持续改善 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|-------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------- ...

股价与行业-市场走势对比 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 2022-102022-112022-122022-122023-012023-022023-022023-032023-042023-052023-052023-062023-072023-072023-082023-092023-092023-10 万孚生物 沪深300 投资要点 事件：公司发布 2023 年年报以及 2024 年一季报， 2023 年公司实现营业收入 27.65 亿元，同比下降 51.33%，归母净利润 4.88 亿元，同比下降 59.26%，扣非净利润 4.15 亿元，同比下降 62.46%。2024 年一季度公司实现营业收入 8.61 亿元，同比增长 3.54%， 实现归母净利润 2.18 亿元，同比增长 7.19%，实现扣非净利润 2.09 亿元，同比增长 6.78%。 分季度来看： 2023 年单四季度公司实现收入 7.60 亿元，同比下降 22.72%，归母净 利润 0.88 亿元，扣非净利润 0.78 亿元，去年同期亏损；公司单季度收入有所下降， 主要与医疗反 ...

| --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-----------------------------| | | | | 总收入 0.23 亿元，同比下降 55.26% ；实现归母净利润 -0.11 实现扣非后归母净利润 -0.14 亿元，同比下降 396.64%。 | 亿元，同比下降 292.05% ； | | --- | --- | |-----------------------------------------|---------| | | | | 基本状况 | | | 总股本 ( 百万股 ) 流通股本 ( 百万股 ) | 102 60 | | 市价 ( 元 ) | 37.00 | | 市值 ( 百万元 ) | 3,781 | | 流通市值 ( 百万元 ) | 2,205 | 投资要点 短期业绩继续承压，长期受益于核产业链资本开支上升 景业智能（688290.SH）/机械 ...

普洛药业（000739.SZ）/化学 制药 证券研究报告/公司点评 2024 年 4 月 23 日 业绩符合预期，增长呈现韧性 公司点评 图表 1：2024Q1 主要财务数据变化（百万元，%） 来源：公司公告，中泰证券研究所 5,551.76 6,376.40 7,210.717,879.67 8,942.62 10,544.91 11,474.16 3,198.05 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 2000 4000 6000 8000 10000 12000 14000 营业收入 yoy | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|--------|-------|-------|----------------------------|--------|----------|--------|-------------------|--------|--------|------ ...

JKLM23N;&24OP;I!#2QRSTUVKWXYZ6[\ JKLM(300274.SZ)/L] ‘abc;I! 2024N4d23e ^_ [Table_Industry] [!Ta"ble#_T$itle%] &’() [=Ta>ble?_F@inAancBe1C] DE !"#$%96.98& 23 2022A 2023A 2024E 2025E 2026E ^-_‘a78&b 40,257 72,251 96,119 119,664 141,831 ’()%*+ cdeyoy% 66.8% 79.5% 33.0% 24.5% 18.5% ,-./01%S0740522020001 fgha78&b 3,593 9,440 11,191 13,469 15,615 Email%zengbiao@zts.com.cn cdeyoy% 127.0% 162.7% 18.6% 20.4% 15.9% i5_ja&b 2.42 6.36 7.54 9.07 10.51 i5kl9m 0.82 4.70 4.84 6.53 7.90 ’()%23 fno_je 18% 32% 29% 26% 23% ,-. ...

[Table_Industry] 东鹏饮料：收入超市场预期，多元发力贡献增长 东鹏饮料(605499.SH)/食品 证券研究报告/公司点评报告 2024年4月23日 饮料 [Table_Industry] [评Ta级bl：e_买Inv入es（t]维 持） [公Ta司bl盈e_利Fin预an测ce及1] 估值 市场价格：195.60元 指标 2022 2023 2024E 2025E 2026E 营业收入（百万元） 8,505 11,263 14,242 17,436 21,266 [Table_Authors] 分析师： 范劲松 增长率yoy% 21.89% 32.42% 26.45% 22.43% 21.97% 执业证书编号：S0740517030001 净利润（百万元） 1,441 2,040 2,703 3,404 4,208 增长率yoy% 20.75% 41.60% 32.51% 25.95% 23.61% Email：fanjs@zts.com.cn 每股收益（元） 1.63 5.10 6.14 7.74 9.56 分析师： 何长天 每股现金流量 5.07 8.20 8.64 10.82 12.9 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 157.51 CNY [1][5]. Core Insights - The company reported a revenue of 10.718 billion CNY for 2023, representing a year-over-year growth of 11.16%, and a net profit of 2.174 billion CNY, which is a significant increase of 77.58% [1][3]. - In Q1 2024, the company achieved a revenue of 4.843 billion CNY, showing a remarkable year-over-year growth of 163.59%, with a net profit of 1.009 billion CNY, up 303.84% [1][3]. - The demand for high-speed optical modules, particularly 800G and 1.6T, is expected to rise significantly due to advancements in AI and increased capital expenditure from major cloud providers [3][4]. Financial Summary - The company's revenue and net profit projections for 2024 to 2026 are as follows: - 2024E Revenue: 25.575 billion CNY, Net Profit: 5.146 billion CNY - 2025E Revenue: 36.188 billion CNY, Net Profit: 7.172 billion CNY - 2026E Revenue: 46.747 billion CNY, Net Profit: 9.109 billion CNY [2][4]. - The company’s earnings per share (EPS) are projected to be 6.41 CNY in 2024, 8.93 CNY in 2025, and 11.35 CNY in 2026 [2][4]. Product Performance - High-speed optical modules generated revenue of 9.799 billion CNY in 2023, with a gross margin of 35.06%, while mid-speed modules saw a decline in revenue [3]. - The company is positioned as a leader in the optical module market, with a strong focus on R&D and innovation, particularly in silicon photonics and coherent technologies [3][4]. Market Outlook - The report highlights the anticipated growth in the optical module market driven by AI developments and the increasing deployment of 1.6T modules, which are expected to enhance the company's performance [3][4]. - The company is recognized for its competitive edge in technology and scale, with a strong market position supported by significant capital expenditures from major tech firms [3][4].

Investment Rating - The report assigns 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]. Core Views - The company has shown significant improvement in profitability, particularly in the automotive leather segment, with a notable increase in gross margin [10]. - The company is expected to continue expanding its market share in emerging sectors, particularly in the automotive leather and collagen raw materials business [10]. - The financial performance for 2023 met expectations, with a reported revenue of 2.7 billion yuan, reflecting a year-on-year growth of 36% [9]. Financial Summary - **Revenue Forecast**: - 2023: 2,700 million yuan - 2024E: 3,343 million yuan (24% growth) - 2025E: 4,048 million yuan (21% growth) - 2026E: 4,831 million yuan (19% growth) [5][9] - **Net Profit Forecast**: - 2023: 186 million yuan - 2024E: 263 million yuan (41% growth) - 2025E: 339 million yuan (29% growth) - 2026E: 414 million yuan (22% growth) [5][9] - **Earnings Per Share (EPS)**: - 2023: 0.64 yuan - 2024E: 0.90 yuan - 2025E: 1.16 yuan - 2026E: 1.42 yuan [5][9] - **Key Financial Ratios**: - Gross Margin: 21.4% in 2023, expected to rise to 22.9% by 2026 - Net Margin: 8.6% in 2023, expected to reach 11.4% by 2026 - Return on Equity (ROE): 7.1% in 2023, projected to increase to 11.0% by 2026 [5][9]. Business Insights - The company is experiencing robust growth in traditional leather products, particularly in automotive interior leather and collagen raw materials, with significant volume increases expected [10]. - The company has successfully optimized its structure and achieved scale effects, leading to improved profitability [10]. - Cash flow has improved significantly, with a year-on-year increase of 122.69% in operating cash flow [10].

北方华创：本土半导体设备龙头，深度受益国产化 北方华创（002371.SZ）/电子 证券研究报告/公司深度报告 2024年4月23日 [Table_Industry] [评Ta级ble：_T买itle入] （首次） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：297.92元/股 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 9,683 14,688 22,080 29,990 39,640 分析师：王芳 增长率yoy% 60% 52% 50.3% 35.8% 32.2% 执业证书编号：S0740521120002 净利润（百万元） 1,077 2,353 3,899 5,441 7,171 Email：wangfang02@zts.com.cn 增长率yoy% 101% 118% 65.7% 39.5% 31.8% 每股收益（元） 2.03 4.44 7.35 10.26 13.52 分析师：杨旭 每股现金流量 -1.46 -1.37 13.56 11.93 12.42 执业证书编号：S0740521120001 净资产收益率 6% 12% 16% ...

| --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|--------------------|--------|--------------------------|--------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 10.76 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：杜冲 | 营业收入（百万元） | 14,156 | 13,284 | 14,455 | 15,617 | 16,670 | | | 增长率 yoy% | 10% | -6% | 9% | 8% | 7% | | 执业证书编号： S074052 ...