Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Views - The company reported a revenue of 4.096 billion yuan in 2023, representing a year-on-year increase of 11.30%. The net profit attributable to shareholders was 477 million yuan, up 17.66% year-on-year. For Q1 2024, revenue reached 955 million yuan, a year-on-year increase of 11.72%, with a net profit of 116 million yuan, up 28.83% year-on-year [1][5]. Summary by Sections Financial Performance - The company demonstrated strong growth in revenue and profit from Q2 2023 to Q1 2024, with revenue growth rates of 8.31%, 5.95%, 38.27%, and 11.72%, and net profit growth rates of 24.86%, 30.00%, 43.58%, and 28.83% respectively. This indicates the company's ability to grow counter-cyclically in a challenging market environment [6][15]. - The gross margin and net margin for 2023 were 33.25% and 12.00%, respectively, showing increases of 2.13 percentage points and 0.54 percentage points year-on-year. In Q1 2024, these margins improved to 34.80% and 12.37% [6][15]. Industry Outlook - The injection molding and die-casting sectors are expected to experience a rebound in 2024. The company is well-positioned to benefit from this recovery due to its strong market presence and product innovation [2][16]. - The company has launched new product lines, including the SKIII series of precision servo injection molding machines, which are expected to enhance its competitive edge in the market [16]. Profit Forecast and Valuation - The company is projected to achieve net profits of 598 million yuan, 735 million yuan, and 878 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25%, 23%, and 20%. The corresponding price-to-earnings ratios are expected to be 18, 15, and 12 times [14][16].

分析师：郑雅梦 ◼ 汽车电子业务三管齐下，批量收获新订单。 请务必阅读正文之后的重要声明部分-3- 公司点评 | --- | --- | |---------------------------|-------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 70 | | 流通股本 ( 百万股 ) | 70 | | 市价 ( 元 ) | 49.90 | | 市值 ( 百万元 ) | 3,493 | | 流通市值 ( 百万元 ) | 3,493 | 来源:wind,中泰证券研究所 本报告基于本公司及其研究人员认为可信的公开资料或实地调研资料，反映了作者的研究观点，力求独立、客 观和公正，结论不受任何第三方的授意或影响。本公司力求但不保证这些信息的准确性和完整性，且本报告中 的资料、意见、预测均反映报告初次公开发布时的判断，可能会随时调整。本公司对本报告所含信息可在不发 出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。本报告所载的资料、工具、意见、信息及 推测只提供给客户作参考之用，不构成任何投资、法律、会计或税务的最终操作建议，本公司不就报告中的内 ...

大家好 欢迎参加中泰骑车如何看待理想L6丁家电话会议目前所有参会者均处于静状态下面开始播报免责声明 声明播报完毕后主持人可直接发言 谢谢本次电话会议服务于中泰证券正式签约客户为非公开 本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 好的各位投资者大家早上好我是中泰汽车首席何俊逸今天的话我们邀请了行业的深得之中渠道领导然后来跟大家探讨就是说怎么看待理想L6的这个定价昨天理想的这个L系列的第四款车型一级的SUV真诚SUVL6上市然后定价的话是 分两个配色Mac和Pro两个版本24.98和27.98这个定价的话是符合资本市场的预期的或者说大家可能觉得会略微高一点点25的这个低配但是有这个5月5号之前应该是有一些这种权益比如说5000然后抵1万 或者说加1万块钱的这种选装基金还有5千的这些充电桩的这种安装可能整体表观大概是2万元的一个优惠的权益所以说如果把这个权益加上的话这个定价还是可能是符合市场的预期的而公司给到的在此价格贷下的月销预期的话也是在 接近两万的这个水平而基本上的预期的话一般应该是稳定在1.5万到两万的这个水平然后这是一个基本的情况那下面的话我还是先 ...

兆易创新23年报及24Q1季报交流240419中泰_原文 2024年04月19日22:21 发言人100:02 大家好，欢迎参加供货电子政务创新2023年报及2024Q1李报交流会。目前所有参会者均处于静音状 态，暂停开始播报。免责声明声明，播报完毕后，主持人可直接开始发言，谢谢。 发言人2 00:21 本次电话会议服务于中泰证券正式签约客户，为非公开交流活动，未经中泰证券授权，请勿对外传播 本次会议的内容包括但不限于视频、音频、文字记录内容等信息，感谢您的理解与配合。中泰证券对违 反上述要求的行为保留追究法律责任的权利。 股市调 发言人200:41 发言人300:55 尊敬的各位投资者，大家晚上好。我是中泰证券研究所联席所长兼电子行业首席分析师王芳。今天也是 非常荣幸，我们邀请到了教育创新的多位管理层领导来参加我们的会议。 发言人301:11 整个半导体行业应该说是从2021年之后，一直是在一个非常长期的调整的过程中。在这期间其实很多公 司都面临非常大的压力。一方面就是需求是有比较大的下滑，然后同时这个库存也是积累，然后同时还 有行业的竞争。所以我们看到在这两年，其实行业里面的公司都有非常多的经营上的一个压 ...

23 年业绩再创新高，24 年供给侧改善加速 请务必阅读正文之后的重要声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-------|-------|-------|------------------------------|--------------------------------------------------|------------|---------|---------|---------| | 盈利预测表 \n[ 资产负债表 Table_Finance 2] \n会计年度 2023 2024E 2025E 2026E | | | 单位: | 百万元 | 利润表 单位: \n会计年度 2023 2024E 2025E 2026E | | | | 百万元 | | 货币资金 | 179 | 320 | 590 | 796 | 营业收入 72 ...

[Table_Industry] 备注：每股指标按照最新股本数全面摊薄，股价为 2024 年 4 月 18 日收盘价 总股本(百万股) 650 流通股本(百万股) 650 市价(元) 38.3 市值(百万元) 24,882 流通市值(百万元) 24,882 [投资要点 Table_Summary] 西部超导(688122.SH)/国防 军工 证券研究报告/公司点评 2024 年 04 月 19 日 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|-----------------------------------------------|--------|-------|-------|-------|-------| | [Table_Industry] [Table_ 评级：买入 Invest] ( 维持 ) \n市场价格： 38.30 元 | [Table_Finance 公司盈利预测及估值 1] ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of 5% to 15% in stock price over the next 6 to 12 months compared to the benchmark index [19]. Core Views - The company has demonstrated rapid revenue growth, achieving an operating income of 2.76 billion yuan in 2023, a year-on-year increase of 37.4%, and a net profit attributable to shareholders of 151 million yuan, up 50.7% year-on-year [4][5]. - The company is positioned as a leader in the photovoltaic welding strip market, with significant product volume growth and an expected shift towards new product structures that will enhance profitability [9][4]. - The report anticipates a decline in processing fees affecting revenue forecasts for 2024 and 2025, adjusting expected revenues to 3.87 billion yuan and 4.69 billion yuan respectively [5]. Financial Summary - In 2023, the company shipped 33,000 tons of welding strips, a 47.8% increase year-on-year, with a projected shipment of 8,500 to 9,000 tons for Q4 2023 and Q1 2024 [8]. - The gross margin for Q4 2023 and Q1 2024 is estimated at 7.25% and 7.85%, respectively, reflecting a decrease due to rising raw material costs, while the expense ratio has improved significantly [8]. - The company forecasts operating revenues of 3.87 billion yuan in 2024, with a net profit of 228 million yuan, maintaining a strong growth trajectory [5][10].

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 7.95 CNY [1]. Core Views - The company achieved a total revenue of 14.08 billion CNY in 2023, representing a year-on-year growth of 4.87%. The net profit attributable to the parent company was 572 million CNY, up 21.79% year-on-year [4][14]. - The company is a leader in the low-voltage lead-acid battery market and is expanding into lithium battery and energy storage businesses. The production and sales of automotive low-voltage lead-acid batteries increased by 10.98% and 7.45% respectively in 2023 [5][16]. - The report adjusts the revenue forecasts for 2024-2026 to 15.99 billion CNY, 17.63 billion CNY, and 19.43 billion CNY respectively, with net profits of 743 million CNY, 922 million CNY, and 1.07 billion CNY [16]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of 13.43 billion CNY, Net Profit of 470 million CNY - 2023A: Revenue of 14.08 billion CNY, Net Profit of 572 million CNY - 2024E: Revenue of 15.99 billion CNY, Net Profit of 743 million CNY - 2025E: Revenue of 17.63 billion CNY, Net Profit of 922 million CNY - 2026E: Revenue of 19.43 billion CNY, Net Profit of 1.07 billion CNY [1][7]. - **Growth Rates**: - Revenue growth rate for 2023 is 4.9%, with projections of 13.6% for 2024 and 10.2% for 2025 and 2026 [9]. - Net profit growth rate for 2023 is 21.8%, with projections of 29.8% for 2024 and 24.1% for 2025 [9]. - **Profitability Metrics**: - Gross margin for 2023 was 15.05%, with lead-acid battery gross margin at 20.34% [15]. - The company maintains a stable return on equity (ROE) with projections of 6% in 2023, increasing to 10% by 2026 [1]. Market Position and Future Outlook - The company is positioned as a leading player in the low-voltage lead-acid battery sector, with ongoing projects in lithium battery and energy storage expected to contribute to future revenue [5][16]. - The report highlights the company's efforts to expand its market share both domestically and internationally, which is anticipated to enhance its revenue streams [16].

Investment Rating - The report maintains a "Buy" rating for Shandong Publishing, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [3][23]. Core Insights - Shandong Publishing's 2023 net profit reached 2.38 billion yuan, a year-on-year increase of 41.1%, while total revenue was 12.15 billion yuan, up 8.2% year-on-year [3][8]. - The company plans to distribute a cash dividend of 1.17 billion yuan, representing a payout ratio of 49.2%, which is a historical high [3][4]. - The main business remains stable, with a revenue increase of 11.4% in the publishing sector, and the company is focusing on innovative business models in the education sector [3][4]. Financial Performance - In 2023, the company's total revenue was 12,154 million yuan, with a net profit of 2,376 million yuan, and a non-recurring net profit of 1,570 million yuan [3][8]. - The fourth quarter of 2023 saw revenue of 4,100 million yuan, a 5.8% increase year-on-year, and a net profit of 1,120 million yuan, which represents a significant 105.7% increase year-on-year [8][12]. - The gross margin for 2023 was 37.1%, and the net profit margin reached 19.5%, an increase of 4.6 percentage points year-on-year [12][15]. Revenue and Profit Forecast - The revenue forecast for 2024-2026 is set at 13,348 million yuan, 14,826 million yuan, and 16,491 million yuan, respectively, with year-on-year growth rates of 9.82%, 11.08%, and 11.23% [4][15]. - The net profit forecast for the same period is 1,847 million yuan, 2,055 million yuan, and 2,301 million yuan, with growth rates of -22.26%, 11.27%, and 11.94% respectively [4][15]. Cost Management - The company maintained stable expense ratios in 2023, with sales, management, and R&D expense ratios at 10.9%, 12.5%, and 0.2%, respectively, showing slight increases year-on-year [10][12]. - In Q4 2023, the sales and management expense ratios were 13.5% and 15.5%, reflecting a controlled increase in operational costs [10][12]. Strategic Developments - Shandong Publishing is expanding its presence in the elderly cultural industry by acquiring relevant media outlets and exploring new business models such as "Elderly University" [4][10]. - The company is also focusing on innovative educational products and services, including a project that integrates educational materials with big data technology [4][10].

长电科技：23 年景气低迷业绩承压，内生+外延把握24 年增长机遇 长电科技(600584.SH)/电子 证券研究报告/公司点评 2024年4月19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：25.55元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 33,762 29,661 34,407 39,224 43,930 分析师：王芳 增长率yoy% 11% -12% 16% 14% 12% 执业证书编号：S0740521120002 净利润（百万元） 3,231 1,471 2,648 3,799 4,601 Email：wangfang02@zts.com.cn 增长率yoy% 9% -54% 80% 43% 21% 每股收益（元） 1.81 0.82 1.48 2.12 2.57 分析师：杨旭 每股现金流量 3.36 2.48 3.39 3.54 3.62 执业证书编号：S0740521120001 净资产收益率 13% 6% 9% 12% 13% Emai ...