| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|----------------------------|---------------------|-------------------------------------|--------------------------------------------| | 2024 年 04 月 27 日 \n天下秀（ 600556.SH ） \n红人业务根基稳固， "AI+出海"赋能创意营销 \n投资要点 | 投资评级 \n股价 \n交易数据 | 传媒 \n(2024-04-26) | 公司研究●证券研究报告 \n\| 增持 -A( | 公司快报 \n互联网广告营销Ⅲ 首次) \n4.51 元 | | | 总市值（百万元） | | | | | 事件： 2023 年，公司实现营收 42.02 亿元，同比增长 1.77% ；归 ...

2024年04月27日 行业研究●证券研究报告 通信 行业周报 算力热度不减：海外 高速增长，国内集 capex 投资评级 领先大市-A维持 采加速 首选股票 评级 投资要点 600941.SH 中国移动 增持-B 1、本周回顾 002049.SZ 紫光国微 买入-B 本周通信(中信) 上涨4.54%，同期上证指数上涨0.76%，深证成指上涨1.99%， 一年行业表现 创业板指上涨3.86%，沪深300上涨1.20%。从板块来着，光模块（CPO）本周 表现最佳，涨幅达8.94%，工业互联网板块相对弱势，涨幅仅为4.20%。 涨幅前三的个股为：奥维通信(61.48%)、广哈通信(43.16%)、神宇股份(27.62%)。 通信行业仍表现全面回暖。此外，AI算力指数本周涨幅为8.01%、东数西算指数涨 幅为8.67%；专网领域标的佳讯飞鸿、海能达涨幅分别5.61%、3.69%。我们认为 本周A股市场整体仍处于震荡行情，但存在走出震荡区间的态势。通信产业驱动较 多，持续催化看好全板块投资机会。 资料来源：聚源 运营商及主设备商领域：中国联通数据中心交换机集采：中兴、新华三、华为等5 家中标；400G超长距全光传输 ...

Investment Rating - The investment rating for the company is "Buy - A" [8] Core Insights - The company has fully embraced AI, achieving a 100% coverage of the "human + AI" work model, resulting in an overall business productivity increase of approximately 50% [2] - In 2023, AI-driven revenue reached 108 million, with expectations to grow by 500 to 1,000 million in 2024 [2] - The company reported a revenue of 52.616 billion in 2023, a year-on-year increase of 43.44%, and a net profit attributable to shareholders of 117 million, marking a return to profitability [7] - The company is expanding its overseas business significantly, although the overall gross margin for overseas operations remains low [3] Financial Data and Valuation - Revenue projections for 2024 to 2026 are 62.719 billion, 72.861 billion, and 82.024 billion respectively, with year-on-year growth rates of 19.2%, 16.2%, and 12.6% [3] - The net profit attributable to shareholders is forecasted to be 351 million, 596 million, and 766 million for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 201.0%, 69.8%, and 28.6% [3] - The company's EPS is projected to be 0.14, 0.24, and 0.31 for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 45.6, 26.8, and 20.9 [3] - The gross margin is expected to decline slightly from 3.4% in 2023 to 3.0% by 2026 [3] Business Growth and Strategy - The company has seen significant growth in its comprehensive promotion and overseas marketing, with comprehensive promotion revenue reaching 11.282 billion, a year-on-year increase of 73.05% [7] - The overseas advertising revenue continues to rise, contributing over 70% of total revenue, with a growth rate of 41.69% [7] - The partnership with TikTok For Business has resulted in a nearly 50% increase in advertising revenue, indicating strong performance in the overseas market [7]

2024年04月26日 公司研究●证券研究报告 森麒麟（ ） 公司快报 002984.SZ 基础化工 | 橡胶制品Ⅲ 业绩亮眼高增，全球化布局助力持续成长 投资评级 买入-B(首次) 股价(2024-04-26) 25.77元 投资要点 交易数据 事件：森麒麟发布2024年一季报，2024Q1公司实现营收21.15亿元，同比增长 总市值（百万元） 26,627.84 27.59%，环比增长0.73%；归母净利润5.04亿元，同比增长101.34%，环比增长 流通市值（百万元） 18,119.96 34.28%；扣非归母净利润4.97亿元，同比增长106.70%，环比增长42.96%。 总股本（百万股） 1,033.29 流通股本（百万股） 703.14 量利高增，业绩亮眼。2023年森麒麟为代表企业之一的中国轮胎行业整体经营形 12个月价格区间 35.88/25.95 势全面复苏。公司高品质、高性能产品在欧美轮胎市场具备高性价比的竞争优势， 订单需求持续处于供不应求状态；在具有高增长潜力的国内市场，亦呈现出复苏态 一年股价表现 势。2023年伴随公司泰国二期项目的大规模投产，森麒麟持续保持稳健增长发展态 ...

http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 投资建议：公司深耕国防及行业信息化领域，主营业务涵盖卫星应用、仿真测试、 雷达信号处理、无人系统等方向，受益于北斗换代、低空经济、卫星互联网景气度 提升，公司业务预计将迎来边际改善，我们调整盈利预测，预计公司 2024-2026 年收入 9.98/13.05/16.28 亿元（24-25 年预测前值为 6.87/8.72 亿元），同比增长 40.7%/30.7%/24.8%，归母净利润分别为 0.39/0.71/1.14 亿元（24-25 年预测前值 为 0.23/0.46 亿元），同比增长 120.6%/82.4%/60.4%，对应 EPS 为 0.06/0.11/0.17 元，维持"增持"评级。 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|----------------|--------- ...

食品饮料 | 休闲食品Ⅲ 交易数据 流通市值（百万元） 12,722.99 流通股本（百万股） 172.61 资料来源：聚源 升幅% 1M 3M 12M 相对收益 10.86 1.53 -2.41 绝对收益 10.99 7.14 -13.33 全渠道多品类开花，重视价值链分配变化 公司发布 2023 年年报，23 年实现营收 41.15 亿元，同比+42.22%；归母净利润 5.06 亿元，同比+67.76%；扣非归母净利润 4.76 亿元，同比+72.84%。其中 23Q4 实现营 收 11.11 亿元，同比+ 20.22%；归母净利润 1.10 亿元，同比+32.62%；扣非归母净 利润 1.00 亿元，同比+21.23%。 投资要点 24Q1 经营分析：业绩表现亮眼，开局势能延续。24Q1 实现营收 12.23 亿元，同 比+37.00%，全渠道战略下公司增长势能延续。24Q1 毛利率同比-2.47pct 至 32.10%，主要因公司高毛利渠道占比下降、电商及零食量贩等低毛利渠道占比提 升。24Q1 公司销售/管理/研发费用率分别为 13.00%/4.23%/1.30%，分别同比 -0.77/-0.15 ...

Investment Rating - The report assigns an "Accumulate-A" rating to the company with a target price of 15.09 CNY as of April 25, 2024 [1]. Core Insights - The company achieved a revenue of 2.065 billion CNY in 2023, representing a year-on-year growth of 41.26%, and a net profit of 210 million CNY, up 68.12% year-on-year [1]. - The company aims to double its revenue again in the next three years, targeting a compound annual growth rate (CAGR) of approximately 25% [1][3]. - The growth is driven by increased sales of quail eggs and the upgrade of packaging and distribution channels [1][4]. Revenue Analysis - In 2023, the company reported revenue growth across various quarters: Q1 +68.40%, Q2 +35.17%, Q3 +45.92%, and Q4 +26.51% [1]. - Revenue breakdown by product category for 2023 includes fish products at 1.291 billion CNY (+25.87%), poultry products at 451.96 million CNY (+147.56%), and vegetable products at 72.11 million CNY (+88.24%) [1][29]. - The company has seen a significant increase in the proportion of small packaging revenue, which accounted for 49% of total revenue, up 16% year-on-year [1]. Profit Analysis - The gross profit margin for 2023 was 28.17%, an increase of 2.54 percentage points year-on-year, with Q4 gross margin reaching 32.61% [1]. - The company’s net profit margin for 2023 was 10.15%, up 1.62 percentage points year-on-year, indicating improved profitability [1]. Future Outlook - The company expects strong growth in its second major product, quail eggs, as production bottlenecks ease and brand recognition increases [3]. - The report forecasts revenue growth rates of 30.9%, 23.9%, and 20.9% for 2024 to 2026, with net profit growth rates of 37.8%, 30.2%, and 25.1% respectively [4][12]. - The company is focusing on expanding its modern distribution channels and enhancing its brand image through product innovation and differentiation [3][10]. Financial Data and Valuation - The company’s projected revenue for 2024 is 2.704 billion CNY, with a net profit of 289 million CNY [12]. - The report indicates that the company’s P/E ratios for 2024, 2025, and 2026 are expected to be 22.5x, 17.3x, and 13.8x respectively, suggesting a relatively attractive valuation compared to peers [4][33].

Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 89.36 CNY [1]. Core Views - The company reported a significant increase in Q1 2024 performance, with a quarter-on-quarter revenue growth of 63.26% despite a year-on-year decline of 9.64% [1]. - The inverter series contributed 59.22% to the total revenue in 2023, showing an 11.95% increase compared to the previous year [1]. - The energy storage battery pack series saw a remarkable revenue increase of 965.43% year-on-year, accounting for 11.82% of total revenue [1]. - The global photovoltaic industry continues to grow, with an expected increase in global installed capacity from 390 GW in 2023 to 512-587 GW by 2030 [1]. - The company is strategically expanding its market presence internationally, establishing after-sales services in key regions such as South Africa, Germany, and Lebanon [1]. Financial Performance Summary - In 2023, the company achieved a revenue of 7.48 billion CNY, a year-on-year increase of 25.59%, and a net profit of 1.79 billion CNY, up 18.03% [2]. - For Q1 2024, the company reported a revenue of 1.884 billion CNY, with a net profit of 433 million CNY, reflecting a quarter-on-quarter increase of 94.17% [1]. - The forecasted revenues for 2024, 2025, and 2026 are 10.771 billion CNY, 13.463 billion CNY, and 17.031 billion CNY respectively, with corresponding year-on-year growth rates of 44.0%, 25.0%, and 26.5% [2][4]. - The projected net profits for the same years are 2.534 billion CNY, 3.179 billion CNY, and 3.851 billion CNY, with growth rates of 41.5%, 25.5%, and 21.2% respectively [2][4]. Valuation Metrics - The company’s EPS is projected to increase from 5.89 CNY in 2024 to 8.96 CNY in 2026, with corresponding P/E ratios decreasing from 15.2 to 10.0 [2][4]. - The gross margin is expected to slightly decline from 40.4% in 2023 to 36.8% in 2026 [2][4]. - The return on equity (ROE) is forecasted to decrease from 34.2% in 2023 to 27.8% in 2026 [2][4].

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has established a significant market position in electromagnetic brakes, supplying well-known manufacturers such as Huichuan Technology, Estun, and Hitachi Elevator, with a domestic market share of 1.56% [2] - The company's revenue from high-value servo brakes is continuously increasing, with a sales growth of 109.73% in 2023, and it has secured mass production orders from Panasonic and Siemens [2] - The company has developed a range of products including maintenance-free brakes and has formed technical reserves in wind power and rail transit brakes [2] - The company has adopted a differentiated competition strategy in the harmonic reducer market, serving over 60 clients and focusing on the collaborative robot segment [3] - The company plans to invest in two projects through its IPO, including an expansion project for electromagnetic brakes with an expected annual revenue increase of 62.08 million yuan and a net profit increase of 10.37 million yuan [4][5] Financial Overview - The company achieved revenues of 585.2 million yuan in 2023, a slight decrease of 0.32% year-on-year, while net profit increased by 28.98% to 97 million yuan [8][36] - The company expects revenues for Q1 2024 to be between 130 million and 142 million yuan, with a year-on-year growth rate ranging from -2.87% to 5.93% [8][36] - The main revenue sources in 2023 were electromagnetic brakes (331 million yuan, 58.51%) and precision transmission components (194 million yuan, 34.18%) [36] Industry Situation - The electromagnetic brake market in China is projected to grow, with estimated market sizes of 16.19 billion yuan, 17.61 billion yuan, and 19.89 billion yuan from 2021 to 2023 [44] - The global harmonic reducer market is expected to grow significantly, driven by the rapid development of the robotics industry, with the global robot market projected to exceed 65 billion USD by 2024 [46]

我们预测 2024-26 年公司整体营收 28.33/33.3/39.12 亿元，毛利率 37.9/39.3%/40.4%。其中： 航空航天新材料及零部件：公司在"两机"领域多年来进行了大额的资本投入，目前叶片、机匣、喷嘴环、 导向器等产品已进入 GE、罗罗、中国航发、中国重燃等客户供应体系。受益于国外民用航空，国内军民用航空、 燃气轮机业务的高景气，"两机"业务有望持续保持高增长。"两机"业务产品科技附加值高，随着"两机"业务 产能利用率的提升以及单晶产品占比与良率的提高，毛利率仍有提升空间，此外公司已打通母合金产业链，盈利 能力也有望提升。预计 2024-26 年实现收入 10.56/13.73/17.71 亿元，毛利率为 44.5%/46.0%/47.0%。 核能新材料及零部件：公司是国内第一家成功研制 CAP1000、CAP1400、华龙一号主泵泵壳的企业，主泵 泵壳市占率高。22 年与 23 年我国连续两年核准 10 台机组，审批提速下，根据核电项目推进节奏，公司核能务 订单迎来加快交付周期，核级泵阀、乏燃料搁架、金属保温层等产品有望持续放量。此外公司刚性和柔性屏蔽材 料开始陆续发力，可应用在除核电 ...