[Table_Industry] [Table_Profit] 基本状况 总股本(百万股) 400 流通股本(百万股) 168 市价(元) 20.39 市值(百万元) 8,156 流通市值(百万元) 3,423 Email：xiemq@zts.com.cn [Table_QuotePic] 股价与行业-市场走势对比 [Table_Finance] 公司盈利预测及估值 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 1,869 3,569 1,274 1,661 2,102 增长率 yoy% 19% 91% -64% 30% 27% 净利润（百万元） 678 594 -68 212 329 增长率 yoy% -17% -12% -111% 412% 55% 每股收益（元） 1.70 1.49 -0.17 0.53 0.82 每股现金流量 1.54 1.84 0.62 0.52 1.05 净资产收益率 16% 13% -2% 5% 7% P/E 12.0 13.7 -120 38 25 P/B 2.0 1.8 1.8 1.8 1.7 备注：股价信息截止至 2024 年 2 月 ...

极米科技（688696）/家电 证券研究报告/公司点评 2024 年 2 月 3 日 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 公司点评 请务必阅读正文之后的重要声明部分-2- 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。 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。 请务必阅读正文之后的重要声明部分 - 3 - 期待底部反弹 ——极米科技 2023 年年度预告点评 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------|-----------|------------------------------------------------------ ...

来日可追，期待 24 年回暖 ——科沃斯23年预告点评 科沃斯（603486）/家电 证券研究报告/公司点评 2024年2月1日 [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：31.6 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 13,086 15,325 15,531 17,858 20,480 分析师：姚玮 增长率yoy% 81% 17% 1% 15% 15% 执业证书编号：S0740522080001 净利润（百万元） 2,010 1,698 652 1,482 1,788 Email：yaowei@zts.com.cn 增长率yoy% 214% -16% -62% 128% 21% 每股收益（元） 3.49 2.95 1.13 2.57 3.10 每股现金流量 3.05 3.00 1.90 2.96 2.88 净资产收益率 39% 26% 10% 20% 21% P/E 9.1 10.7 28.0 12.3 10.2 备 注：股价选自20240201收盘价 投资要 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 11.09 CNY [2]. Core Views - The company is expected to achieve a net profit of 2.059 to 2.375 billion CNY for the year 2023, representing a year-on-year growth of 30.00% to 50.00%. The net profit after deducting non-recurring gains and losses is projected to be between 1.879 to 2.233 billion CNY, indicating a growth of 22.00% to 45.00% compared to the previous year [1]. - The company has shown rapid growth in annual performance, with a projected net profit median of 2.217 billion CNY, reflecting a year-on-year growth rate of 39.96%. The median net profit after deducting non-recurring gains is estimated at 2.056 billion CNY, with a growth rate of 33.51% [3]. - The company is positioned as a leader in the domestic optical cable market, focusing on communication and energy interconnection sectors. The demand for optical communication is expected to benefit from the ongoing development of 5G networks, IoT, and AIGC applications [4][5]. Summary by Sections Financial Performance - The company's revenue for 2023 is projected to be 54.261 billion CNY, with a year-on-year growth rate of 17%. The net profit is expected to reach 2.302 billion CNY, with a growth rate of 45% [2][6]. - The earnings per share (EPS) for 2023 is estimated at 0.93 CNY, with projections of 1.14 CNY for 2024 and 1.36 CNY for 2025 [2][6]. Market Position and Opportunities - The company has secured a bid for 7.17 billion CNY in ordinary optical cable products, achieving a market share of 11.61%, ranking first among the top four bidders [3]. - The company has a substantial order backlog in the marine communication sector, with approximately 6 billion CNY in orders as of Q3 2023 [3]. - The company is actively expanding its presence in the offshore wind power sector, with a significant order amounting to 17 billion CNY in energy interconnection products [3]. Strategic Initiatives - The company plans to repurchase shares worth between 100 million to 200 million CNY, with a total of 9,077,908 shares repurchased as of January 31, 2024 [5]. - The company is focusing on enhancing its core product technology research and cost control in the communication and energy sectors, which is expected to further improve profitability [3].

23 年业绩符合预期，"天幕"大模型全方位赋能产品线 [Table_Industry] 请务必阅读正文之后的重要声明部分 [资产负债表 Table_Finance 2] 单位:百万元 利润表 单位:百万元 | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------|-------|-------|-------| | 现金流量表 单位:百万元 \n会计年度 2022 2023E 2024E 2025E | | | | | | 经营活动现金流 | 107 | 165 | 282 | 445 | | 现金收益 | 112 | 166 | 297 | 449 | | 存货影响 | 0 | 0 | 0 | 0 | | 经营性应收影响 | -12 | -8 | -18 | -22 | | 经营性应付影响 | 13 | 2 | 3 | 4 | | 其他影响 | -6 | 5 | 0 | 15 | | 投资活动现金流 | -134 | -512 | -472 | -432 | | 资 ...

Q4 经营改善，长期成长性望逐步兑现 光威复材（300699.SZ）/新材 证券研究报告/公司点评 2024年2月1日 料 [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：23.49 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 2,607 2,511 2,517 3,099 3,753 分析师：孙颖 增长率yoy% 23% -4% 0% 23% 21% 执业证书编号：S0740519070002 净利润（百万元） 758 934 869 1,049 1,300 Email：sunying@zts.com.cn 增长率yoy% 18% 23% -7% 21% 24% 每股收益（元） 0.91 1.12 1.05 1.26 1.56 分析师：陈鼎如 每股现金流量 1.44 0.18 1.71 1.26 1.62 执业证书编号：S0740521080001 净资产收益率 18% 19% 15% 16% 17% Email：chendr01@zts.com.cn P/E 25.8 ...