2024年04月30日 公司研究●证券研究报告 龙佰集团（ ） 公司快报 002601.SZ 基础化工 | 钛白粉Ⅲ 24Q1 业绩高增，钛白粉出口亮眼，强化资源保 投资评级 增持-B(维持) 障 股价(2024-04-29) 20.93元 交易数据 投资要点 总市值（百万元） 49,945.12 流通市值（百万元） 48,610.10 事件：龙佰集团发布2023年报和2024年一季报，2023年实现收入267.65亿元， 总股本（百万股） 2,386.29 同比增长11.00%；归母净利润32.26亿元，同比下降5.64%；扣非归母净利润31.16 流通股本（百万股） 2,322.51 亿元，同比下降4.68%；毛利率26.71%，同比下降3.48pct。2024Q1，实现收入72.88 12个月价格区间 20.16/15.77 亿元，同比增长4.52%，环比增长12.06%；归母净利润9.51亿元，同比增长64.15%， 一年股价表现 环比下降12.29%；扣非归母净利润9.25亿元，同比增长67.21%，环比下降12.68%； 毛利率28.29%，同比提升5.24pct，环比小幅提升0.75pct。 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook on its future performance [3][6] Core Views - The company's profitability has improved, with a gross margin of 30.62% in 24Q1, up by 2.95 percentage points year-over-year, driven by cost reduction measures [2] - The net profit margin reached 5.66% in 24Q1, an increase of 2.99 percentage points year-over-year, with further improvement expected as BF orders are delivered and economies of scale enhance profitability [2] - Short-term growth is supported by increased market share among high-value customers in China, strong performance in new brands and cross-border e-commerce, and a recovery in orders in the US following inventory depletion [3] - Long-term growth is underpinned by the vast potential of the health supplement market, the company's robust product pipeline, strong R&D capabilities, and a global production and marketing network [3] Financial Performance - In 2023, the company achieved revenue of 3.582 billion yuan, a year-over-year increase of 42.87%, and net profit attributable to shareholders of 281 million yuan, up 32.39% year-over-year [6] - 24Q1 revenue was 952 million yuan, a 35.51% year-over-year increase, with net profit attributable to shareholders of 63 million yuan, up 114.39% year-over-year [6] - The company's sales expense ratio in 24Q1 was 7.68%, slightly up by 0.23 percentage points year-over-year, while the management expense ratio decreased by 2.16 percentage points to 9.67% [2] Regional Performance - In 2023, China region revenue was 1.851 billion yuan, up 24.1% year-over-year, driven by deepening relationships with high-value customers and new project launches [6] - Americas region revenue reached 1.044 billion yuan, up 93.0% year-over-year, primarily due to the integration of Best Formulations (BF) and cross-selling efforts [6] - Europe region revenue was 529 million yuan, up 33.8% year-over-year, supported by market expansion and increased penetration in emerging markets [6] Future Outlook - The company plans to deepen its presence in high-value customer segments in China, expand cross-border e-commerce, and develop retail and innovative businesses [9] - In the Americas, the focus will be on maintaining relationships with key clients, expanding retail and e-commerce channels, and integrating supply chains between China and the US [9] - In Europe, the company aims to develop key clients, expand into emerging markets, and leverage new production lines for plant-based capsules, gummies, and beverages [9] - The company will continue to focus on six key functional areas: anti-aging, probiotics, beauty and health, cardiovascular and metabolic health, immune enhancement, and sports nutrition [9]

2024年04月30日 公司研究●证券研究报告 湖南裕能（ ） 公司快报 301358.SZ 基础化工 | 锂电化学品Ⅲ 磷酸铁锂正极龙头企业，全面推进一体化布局 投资评级 增持-A(维持) 股价(2024-04-29) 34.99元 投资要点 交易数据 总市值（百万元） 26,496.28 事件：公司发布2023年度财报和2024年一季报，2023年实现营业总收入413.58 流通市值（百万元） 13,416.33 亿元，同比-3.35%，归属于上市公司股东的净利润15.81亿元，同比-47.44%； 总股本（百万股） 757.25 公司拟向全体股东每10股派发现金股利4.18元（含税）。2024Q1实现营业总收 流通股本（百万股） 383.43 入45.20亿元、同比-65.69%、环比-35.70%，归属于上市公司股东的净利润1.59 12个月价格区间 48.20/24.35 亿元、同比-43.56%、环比+307.75%。 一年股价表现 出货量连续四年蝉联全国第一，产能持续扩张。公司磷酸铁锂产品具有高能量密度、 长循环寿命、低温性能优异等特性，同时产品质量稳定可靠，具有高稳定性。2023 年，公司 ...

2024年04月30日 公司研究●证券研究报告 科达利（ ） 公司快报 002850.SZ 电力设备及新能源 | 锂电池Ⅲ 盈利能力稳健，海外扩产稳步推进 投资评级 买入-A(维持) 股价(2024-04-29) 96.81元 投资要点 交易数据 事件：公司发布2024年一季报，实现营业总收入25.09亿元，同比增长7.84%、 总市值（百万元） 26,139.29 环比下降8.55%，归属于上市公司股东的净利润3.09亿元，同比增长27.76%、环 流通市值（百万元） 18,607.43 比下降23.97%。 总股本（百万股） 270.01 流通股本（百万股） 192.21 盈利能力稳健。2024Q1，公司实现营收25.09亿元，同比增长7.84%，主要系订 12个月价格区间 143.20/61.14 单和销量相对增加所致。公司综合毛利率22.18%，同比+0.04pct、环比-2.10pct， 净利率12.30%，同比+1.76pct、环比-2.74pct。2024Q1，公司销售费用率0.40%， 一年股价表现 同比-0.07pct、环比0.00pct，管理费用率2.76%，同比-0.24pct、环比 ...

446 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------|------------------------------------------|--------------------------------------------| | 2024 年 04 月 29 日 \n尚太科技（ 001301.SZ ） \n出货量快速增长，产品迭代加快 \n投资要点 | 投资评级 \n股价 | (2024-04-29) | 公司研究●证券研究报告 \n基础化工 \| 买入 | 公司快报 \n锂电化学品Ⅲ -B(维持) \n38.39 元 | | | 交易数据 | ...

2024年04月29日 公司研究●证券研究报告 恩捷股份（ ） 公司快报 002812.SZ 基础化工 | 锂电化学品Ⅲ 海外产能落地在即，半固态电解质涂层隔膜试生 投资评级 买入-B(维持) 产 股价(2024-04-29) 42.62元 交易数据 投资要点 总市值（百万元） 41,671.95 流通市值（百万元） 35,382.20 总股本（百万股） 977.76 事件：公司发布2023年度财报和2024年一季报，2023年实现营业总收入120.42 流通股本（百万股） 830.18 亿元，同比-4.36%，归属于上市公司股东的净利润25.27亿元，同比-36.84%； 12个月价格区间 105.80/38.83 公司拟向全体股东每10股派发现金股利15.51元（含税）。2024Q1实现营业总 收入23.28亿元、同比-9.38%、环比-21.07%，归属于上市公司股东的净利润1.58 一年股价表现 亿元、同比-75.64%、环比-57.62%。 因竞争加剧，盈利能力承压。2023年，公司实现营业总收入120.42亿元，同比 下降4.36%，归属于上市公司股东的净利润25.27亿元，同比下降36.84 ...

"国九条"配套政策细则详解 主题报告 IPO 标准有不同程度的上调。（1）主板财务指标要求显著上调：将第一套上市标 准中的最近 3 年累计净利润、最近一年净利润、最近 3 年累计经营活动现金流净额、 最近 3 年累计营业收入，第二套上市标准中的最近 3 年累计经营活动现金流净额， 第三套上市标准中的预计市值、最近 1 年营业收入等指标均上调。（2）创业板财 务指标要求同样显著上调：将第一套标准中的最近两年累计净利润上调，且新增最 近一年净利润不低于 6000 万元；将第二套标准中的预计市值和最近一年营业收入 上调。（3）科创板上调研发和科技创新指标：将最近三年研发投入、应用于公司 主营业务的发明专利数、最近三年营业收入复合增速上调。 业绩扰动整体衰减但局部依旧敏感，节前暂 时 或 保 持适 度 谨 慎 - 华 金 证 券新 股 周 报 2024.4.28 外 资 可 能 持 续 流 入 ， 关 注 核 心 资 产 2024.4.28 新规加大对财务造假、内控失效的退市力度，调高财务和市值指标的退市下限。 加大对量化交易的监管。（1）重点监控：短时间内或日内申报、撤单笔数、频率 达到一定标准；短时间内大笔、连续 ...

Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company is transitioning its entire LED supply chain towards high value-added products, with a focus on digital entertainment and lighting applications [2][3] - The company has successfully integrated its optical communication device and module sectors through the acquisition of Guangdong Ruigu, enhancing its market position and operational efficiency [5] - The company is expected to see significant revenue growth, with projected revenues of 20.67 billion, 23.63 billion, and 25.34 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 20.4%, 14.3%, and 7.2% [6] Summary by Sections Trading Data - Total market capitalization is 24,852.90 million yuan, with a circulating market capitalization of 24,838.59 million yuan [1] - The stock price as of April 29, 2024, is 5.49 yuan, with a 12-month price range of 5.82 to 4.47 yuan [1] LED Chip Production - The company has expanded its GaN chip production, achieving a capacity of 1 million pieces by June 2023, and aims for 1.05 million pieces by December 2023 [2] - The company is the industry leader in GaN chip sales, with a production of 5,000 pieces of arsenide chips during the reporting period [2] Financial Performance - In 2023, the company reported revenues of 6.75 billion yuan and a net profit of 940 million yuan from its digital entertainment platform, Windy Online [3] - The company’s COB display applications generated revenues of 541 million yuan in 2023, with a significant increase in production capacity [2][3] Future Projections - The company anticipates a revenue increase to 20.67 billion yuan in 2024, with a net profit of 2.07 billion yuan, reflecting a growth rate of 30.2% [6] - The projected gross margin is expected to improve from 18.8% in 2023 to 19.2% in 2024 [6]

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, indicating a positive outlook for future performance [1][9]. Core Views - The company's profitability is gradually recovering, with share buybacks reflecting confidence in its development. Despite challenges in the consumer electronics sector and slower-than-expected growth in some emerging smart hardware products, the company continues to adhere to its product strategy of "precision components + smart hardware systems" [1][2]. - The company is actively expanding its business in the fields of acoustics, optics, microelectronics, and structural components, while also making progress in automotive electronics [1][2]. - The company achieved a revenue of 98.57 billion yuan in 2023, with a net profit attributable to shareholders of 1.088 billion yuan, showing signs of improving profitability [1][3]. Financial Projections - Revenue projections for 2024 to 2026 are 101.31 billion yuan, 115.86 billion yuan, and 133.53 billion yuan, with growth rates of 2.8%, 14.4%, and 15.3% respectively. Net profit attributable to shareholders is projected to be 1.845 billion yuan, 2.539 billion yuan, and 2.816 billion yuan, with growth rates of 69.6%, 37.6%, and 10.9% respectively [2][8]. - The company’s gross margin is expected to improve from 8.95% in 2023 to 10.21% in 2024, and further to 10.81% by 2026 [3][11]. Business Segments - The smart hardware segment is projected to generate revenues of 56.18 billion yuan, 58.17 billion yuan, and 60.25 billion yuan from 2024 to 2026 [5]. - The smart acoustic systems segment is expected to achieve revenues of 29.13 billion yuan, 37.25 billion yuan, and 48.62 billion yuan during the same period [6]. - The precision components segment is forecasted to generate revenues of 14.40 billion yuan, 18.78 billion yuan, and 22.50 billion yuan from 2024 to 2026 [6]. Market Position and Competitive Advantage - The company is focusing on enhancing its vertical integration capabilities and profitability in the XR (Extended Reality) field, with significant investments in R&D for VR, MR, and AR technologies [1][2]. - The acquisition of 100% equity in Yuguang Technology is expected to strengthen the company's competitive position in the precision optics sector [1][2]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 29.5, 21.4, and 19.3 respectively, indicating a favorable valuation compared to peers [3][10].

2024年04月29日 公司研究●证券研究报告 信维通信（ ） 公司快报 300136.SZ 通信 | 通信终端及配件Ⅲ 业绩短期承压波动，受益海外商业卫星加速渗透 投资评级 增持-B(首次) 股价(2024-04-26) 18.66元 投资要点 事件：2024年4月24日，信维通信发布2023年度报告，2023年公司实现营业总收 交易数据 入75.5亿元，同比减少12.13%，实现归母净利润5.21亿元，同比减少19.65%。 总市值（百万元） 18,054.83 流通市值（百万元） 15,386.44 消费电子下行致业绩波动，AI应用+换新周期有望带动需求改善。公司主营业务包 总股本（百万股） 967.57 括天线及模组、无线充电及模组、EMI\EMC器件、高精密连接器、汽车互联产品、 流通股本（百万股） 824.57 被动元件等。目前，消费电子依然是公司主要收入来源，2023年，受地缘政治、 12个月价格区间 25.75/15.77 高通胀等因素影响，全球经济复苏缓慢，需求端下行压力明显，以智能手机为代表 一年股价表现 的消费电子行业进入存量调整期，由于终端需求下降以及下游去库存压力的传导， 公司业绩 ...