兆易创新：Q1业绩亮眼，持续关注存储龙头涨价节奏及盈利修复 兆易创新（603986.SH）/电子 证券研究报告/公司点评 2024年4月21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：74.09元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,130 5,761 7,568 9,685 11,810 分析师：王芳 增长率yoy% -4% -29% 31% 28% 22% 执业证书编号：S0740521120002 净利润（百万元） 2,053 161 1,000 1,602 2,104 Email：wangfang02@zts.com.cn 增长率yoy% -12% -92% 520% 60% 31% 每股收益（元） 3.08 0.24 1.50 2.40 3.15 分析师：杨旭 每股现金流量 1.42 1.78 2.76 3.02 1.99 执业证书编号：S0740521120001 净资产收益率 14% 1% 6% 9% 11% Email：yangxu ...

中泰证券研究所专业｜领先｜深度｜诚信 ｜ 证 券 研 究 报 告 ｜ 国改持续深化，关注机械板块央国企投资机会 ——机械行业央国企专题报告 2024.04.20 分析师：王可 执业证书编号：S0740519080001 ...

Q1 量价双降业绩承压下行，高股息仍具吸引力 潞安环能(601699.SH） 证券研究报告/公司点评 2024年4月20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：23.82元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 54,297 43,137 42,843 44,466 45,743 分析师：杜冲 增长率yoy% 20% -21% -1% 4% 3% 执业证书编号：S0740522040001 净利润（百万元） 14,168 7,922 7,585 8,238 8,775 电话： 增长率yoy% 111% -44% -4% 9% 7% 每股收益（元） 4.74 2.65 2.54 2.75 2.93 Email：duchong@zts.com.cn 每股现金流量 11.29 2.96 4.88 4.12 4.27 联系人：鲁昊 净资产收益率 29% 16% 13% 13% 12% 电话： P/E 5.0 9.0 9.4 8.6 8.1 P/B 1.5 1.5 ...

百亚股份(003006.SZ)/轻工 证券研究报告/公司点评 2024 年 04 月 20 日 业绩超预期，继续看好长期成长 来源:Wind、中泰证券研究所 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------|---------|--------|---------------------|----------------------|--------|---------|--------|---------------------| | 图表 1:百亚股份三大财务报表 \n资产负债表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | | 货币资金 | 356 | 487 | 607 | 822 | 梦业收入 | 2, 144 | 2,675 | 3, 283 ...

[Table_Title] 评级：买入（维持） 市场价格：34.47 元 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3,355 3,913 4,611 5,303 6,099 增长率 yoy% 21% 17% 18% 15% 15% 净利润（百万元） 446 497 608 712 839 增长率 yoy% 16% 11% 22% 17% 18% 每股收益（元） 2.43 2.70 3.31 3.88 4.57 每股现金流量 1.54 2.78 3.43 4.28 4.89 净资产收益率 24% 12% 13% 13% 13% P/E 14.2 12.8 10.4 8.9 7.5 P/B 3.4 1.5 1.3 1.1 1.0 备注：数据截至 2024/04/19 [Table_Profit] 基本状况 总股本(百万股) 184 流通股本(百万股) 47 市价(元) 34.47 市值(百万元) 6,333 流通市值(百万元) 1,608 多利科技(001311.SZ)/汽车 证券研究报告/公司点评 2024 年 ...

请务必阅读正文之后的重要声明部分 国能日新（301162.SZ）/计 算机 证券研究报告/公司点评 2024 年 04 月 21 日 公司点评 - 2 - 请务必阅读正文之后的重要声明部分 来源：wind，中泰证券研究所 | --- | --- | --- | |--------------------------------|-------|-----------------------------------------------------------------------| | | 评级 | 说明 | | | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15% 以上 | | | 增持 | 预期未来 6~12 个月内相对同期基准指数涨幅在 5%~15% 之间 | | 股票评级 | 持有 | 预期未来 6~12 个月内相对同期基准指数涨幅在 -10%~+5% 之间 | | | 减持 | 预期未来 6~12 个月内相对同期基准指数跌幅在 10% 以上 | | | 增持 | 预期未来 6~12 个月内对同期基准指数涨幅在 10% 以上 | | 行业评级 | 中性 | 预期未来 6~12 个 ...

2023 年业绩符合股权激励目标，高车及应急产品多点发力 [Table_Profit] 基本状况 总股本(百万股) 1,041 流通股本(百万股) 1,037 市价(元) 4.21 市值(百万元) 4,382 流通市值(百万元) 4,365 ◼ 事件：公司发布 2023 年年度报告，2023 年全年实现营业收入合计 13.52 亿元，同比 增长 32.03%，实现归母净利润 2.06 亿元，同比增长 183.05%。2023 年四季度，实现 营业收入合计 2.78 亿元，同比下降 16.31%，实现归母净利润 0.73 亿元，同比增长 7 76.75%。 公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|-----------|-----------|-----------|-----------------------|-----------------------|-----------|-----------|-----------|---- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 22.32 CNY [1]. Core Insights - The company reported a revenue of 3.189 billion CNY in 2023, a slight increase of 0.6% year-on-year, but the net profit decreased by 39.3% to 136 million CNY. The fourth quarter of 2023 saw a revenue of 830 million CNY, down 9.6% year-on-year, resulting in a net loss of 4 million CNY [6]. - The decline in profit margins is attributed to the ramp-up phase of new production capacity and lower-than-expected customer demand, with a gross margin of 15.54% in 2023, down 1.73 percentage points year-on-year [6]. - The company is accelerating its globalization strategy through acquisitions, including a planned purchase of 97% of VOIT Automotive GmbH in Germany and 100% of Voit Polska Sp. Z o.o. in Poland, which will enhance its local production capacity and customer base in Europe [18]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 3.875 billion CNY in 2024, 4.375 billion CNY in 2025, and 4.943 billion CNY in 2026, with growth rates of 22%, 13%, and 13% respectively [2]. - Net profit forecasts have been adjusted to 156 million CNY for 2024, 183 million CNY for 2025, and 223 million CNY for 2026, reflecting growth rates of 15%, 17%, and 22% respectively [7]. - The company’s P/E ratio is projected to decrease from 34.6 in 2023 to 21.1 by 2026, indicating an improving valuation over time [2]. Business Performance - The company’s core business segments include communication components and automotive parts, with communication revenue declining by 15.1% to 1.42 billion CNY in 2023, while automotive parts revenue increased by 12.7% to 1.62 billion CNY [6]. - The company has established strong partnerships with major clients in the automotive sector, including Tesla, BYD, and NIO, as well as in the communication sector with Ericsson and Huawei [18].

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 [36]. Core Insights - The company achieved a revenue of 738.1 million yuan in 2023, a slight decline of 1.55% year-on-year, while net profit increased by 22.16% to 150 million yuan [13]. - The company is focusing on expanding its presence in the robot core components sector, having established a dedicated team for research and development in this area [27]. - The company has a strong market position in the automotive wheel hub bearing aftermarket, with significant growth potential due to its low market share [21]. Revenue Breakdown - Revenue from the braking system bearings reached 567 million yuan in 2023, a year-on-year increase of 2.7% [3]. - Revenue from the transmission system bearings was 95 million yuan, down 21% year-on-year [3]. - Revenue from the power system bearings was 55 million yuan, up 10.9% year-on-year [3]. - Non-automotive bearings generated 12 million yuan, a decline of 27% year-on-year [3]. Geographic Revenue Distribution - The overseas market is a major revenue source, with overseas revenue accounting for 69.2% of total revenue in 2023, compared to 70.1% in 2022 [5]. Profitability Metrics - The overall gross margin for 2023 was 32.1%, an increase of 5.9 percentage points from 2022, primarily due to a decrease in raw material prices [16]. - The net profit margin for 2023 was 20.3%, up 3.9 percentage points from the previous year [16]. Future Earnings Forecast - The company is projected to achieve net profits of 190 million yuan, 230 million yuan, and 290 million yuan for the years 2024, 2025, and 2026, respectively [28]. - The expected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 17, 14, and 11 times, respectively [28].

远期拖累表观业绩，剔除后利润率稳健 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|--------------|---------------------------|--------|--------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 10.04 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：姚玮 | 营业收入（百万元） | 20,215 | 24,248 | 27,072 | 30,020 | 32,850 | | | 增长率 yoy% | 12% | 20% | 12% | 11% | 9% | | ...