http://www.huajinsc.cn/ 4 / 5 请务必阅读正文之后的免责条款部分 446 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------|------------------------|----------------| | 2024 年 04 月 18 日 \n爱博医疗（ 688050.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 医药 \| | 医疗器械Ⅲ | | 业绩保持快速增长，视光产品快速放量 | 投资评级 | | 增持-B(维持 | ) | | 投资要点 | 股价 | (2024-04-18) | | 138.29 元 | | 业绩保持快速增长：公司发布 2023 年度报告和 2 ...

Investment Rating - The investment rating for the company is "Buy - B" [1] Core Views - Despite industry pressures, the company has demonstrated strong resilience, achieving a revenue of 7.565 billion yuan in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders decreased by 3.84% to 2.530 billion yuan [1] - The company has focused on its core business, optimizing resource allocation, and has initiated equity adjustments in its subsidiaries, which is expected to enhance management efficiency [1] - The company’s special integrated circuit business generated a revenue of 4.487 billion yuan, with a slight year-on-year decline of 5.02%, maintaining a gross margin of 73.22% [1] - R&D investment has increased by 30.68% year-on-year to 1.633 billion yuan, accounting for 21.58% of revenue, indicating a commitment to technological innovation [1] Financial Performance - The company’s revenue for 2023 was 7.565 billion yuan, with a net profit of 2.530 billion yuan, reflecting a decline in profitability but stable operational cash flow of 1.772 billion yuan [3][5] - Forecasted revenues for 2024, 2025, and 2026 are 10.145 billion yuan, 13.493 billion yuan, and 17.541 billion yuan respectively, with expected growth rates of 34.1%, 33%, and 30% [2][3] - The projected net profits for the same years are 3.232 billion yuan, 4.316 billion yuan, and 5.249 billion yuan, with corresponding growth rates of 27.7%, 33.5%, and 21.6% [2][3] Product Development and Market Position - The company has launched new industrial-grade and radiation-resistant product series, and has made significant progress in the development of special memory and dedicated processors [1] - The smart security chip business has seen a revenue increase of 36.67% year-on-year, reaching 2.842 billion yuan, indicating strong market demand [2] - The company has established a development and management process for automotive-grade products, achieving recognition in the automotive electronics market [1][2]

华 发 集 团 旗 下 企 业 欧莱新材的可比公司。从上述可比公司来看，行业平均收入规模（TTM）为 19.64 亿元，可比 PE-TTM（剔除异常值/算术平均）为 54.40X，销售毛利率 为 21.57%；相较而言，公司的营收规模低于行业平均水平，销售毛利率与行 业平均水平较为接近。 新股覆盖研究/ | --- | --- | |-------|-----------------------------------------------------| | | | | | 图 1: 公司产品下游应用领域示意图 . | | | 图 2: 公司收入规模及增速变化 . | | | 图 3: 公司归母净利润及增速变化 | | | 图 4: 公司销售毛利率及净利润率变化 | | | 图 5: 公 司 ROE 交 化 | | | | | | 图 6: 全球波射靶材市场规模（亿美元） | | | 图 7: 中国靶材行业市场规模（亿元）. | | | 图 8: 中国平面显示用滚射靶材市场规模（亿元）. | | | 图 9: 中国半导体集成电路用谈射靶材市场规模（亿元）… | | | 图 10: 中国大阳能电池用滚射靶材市 ...

2024年04月17日 公司研究●证券研究报告 燕京啤酒（ ） 公司快报 000729.SZ 食品饮料 | 啤酒Ⅲ U8 增势延续，利润表现亮眼 投资评级 增持-A(首次) 股价(2024-04-17) 9.71元 事件： 公司发布2023年年报，2023全年公司实现营业收入142.13亿元，同比+7.7%，实 交易数据 现归母净利润6.45亿元，同比+83.02%，实现扣非归母净利润5亿元，同比+84.23%。 总市值（百万元） 27,368.02 单季度来看，23Q4公司实现营业收入17.97亿元，同比-4.41%，实现归母净利润-3.11 流通市值（百万元） 24,367.83 亿元，同比+2.78%，实现扣非归母净利润-3.66亿元，同比-2.19%。 总股本（百万股） 2,818.54 流通股本（百万股） 2,509.56 投资要点 12个月价格区间 13.46/7.87 收入分析：U8维持高增，结构升级趋势延续。2023年公司实现营收142.13亿元， 一年股价表现 同比+7.7%（其中Q1：+13.74%；Q2：+7.65%；Q3：+8.53%；Q4：-4.41%）。 公司啤酒业务实现收入13 ...

2024年04月17日 行业研究●证券研究报告 传媒 行业快报 应用持续推进，端侧需求日益显现 AI 投资评级 领先大市-A维持 投资要点 首选股票 评级 热点事件：4月17日，昆仑万维宣布「天工3.0」基座大模型与「天工SkyMusic」 音乐大模型正式开启公测。作为中国首个音乐SOTA模型，「天工SkyMusic」 一年行业表现 综合性能超越SunoV3，使中国自研大模型技术第一次在AIGC领域领跑全球。 端侧方面：据彭博社记者MarkGurman，苹果即将于6月10日发布的 iOS18 所载首批AI功能将完全在设备上运行，不涉及云端处理，以后或提供由Google Gemini或其他供应商提供基于云端的AI功能。国内AI模型再迎突破，AI应用 落地进行时；端侧AI竞争格局火热，AI赋能内容创作有望拉动相关产业需求。 MoE大模型迭代更新，国内AI技术突飞猛进。「天工3.0」拥有4000亿参数， 超越了3140亿参数的Grok-1，是全球最大的开源MoE大模型，其在语义理解、 逻辑推理、通用性、泛化性、不确定性知识、学习能力等领域拥有突破性的性能 资料来源：聚源 提升，数学/推理/代码/文创能力提升超过 ...

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------|----------------|-----------------------------------------|-----------|----------------------------------| | 2024 年 04 月 16 日 \n海兴电力（ 603556.SH ） | | | | 公司研究●证券研究报告 \n公司快报 | | 业绩超预期，欧洲与非洲市场增长迅猛 | 投资评级 | 电力设备及新能源 \| | 买入 -B( | 电力电子及自动化Ⅲ 维持) | | 投资要点 | 股价 | (2024-04-16) | | 45.85 元 | | | 交易数据 | | | | | 事件 ：公司发布 2023 年年度报告。报告期内，公司实现营业总收入 42.00 亿元， | | 总市值（百万元） | | 22,406.16 | | ...

风险提示：业务拓展不及预期，项目交付及验收不及预期，新技术产品研发不及预 期。 财务数据与估值 | --- | --- | --- | --- | --- | --- | |---------------------|--------|-------|-------|-------|-------| | 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 413 | 851 | 983 | 1,121 | 1,270 | | YoY(%) | -13.2 | 106.2 | 15.5 | 14.0 | 13.3 | | 归母净利润(百万元 ) | -46 | 113 | 139 | 159 | 180 | | YoY(%) | -539.4 | 347.7 | 22.1 | 14.4 | 13.6 | | 毛利率 (%) | 39.7 | 46.5 | 46.8 | 46.5 | 46.3 | | EPS(摊薄/元) | -0.18 | 0.44 | 0.54 | 0.62 | 0.71 | | ROE(%) | -4.7 | 10.4 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating of A [1][2]. Core Views - The company is expected to achieve revenue of approximately 540 million to 550 million yuan in Q1 2024, representing a year-on-year increase of about 64% to 67% [1]. - The net profit attributable to the parent company is projected to be between 60 million and 70 million yuan, a significant recovery from a loss of 18.38 million yuan in the same period last year [1]. - The overall market demand is recovering, and the company's product matrix is continuously improving, which is expected to drive growth in the AIoT sectors [1][2]. Financial Performance Summary - In 2023, the company achieved revenue of approximately 2.13 billion yuan, a year-on-year increase of 5.17%, while the net profit attributable to shareholders was 134.89 million yuan, a decline of 54.65% [1][3]. - The company anticipates revenue growth of 27.1%, 34.6%, and 30.0% for the years 2024, 2025, and 2026, respectively, with projected revenues of 2.71 billion yuan, 3.65 billion yuan, and 4.75 billion yuan [2][3]. - The gross profit margin is expected to improve from 34.2% in 2023 to 36.0% in 2024, and further to 40.0% by 2026 [3]. Product Development and Market Position - The company has launched several new products, including the RK3576 processor, which supports advanced features such as 4K 120Hz display and 8K decoding capabilities [1]. - The company is positioned as a leading player in the domestic SoC market, with a strong focus on AI and IoT applications, which are expected to see significant growth in demand [2][3].

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1] Core Views - The company has demonstrated stable profitability and an increase in market share, particularly in the global power battery market, where its market share reached 38.4% in early 2024, a year-on-year increase of 5 percentage points [1] - The company reported a total revenue of 797.71 billion yuan in Q1 2024, a year-on-year decrease of 10.41%, while net profit attributable to shareholders was 105.10 billion yuan, reflecting a year-on-year increase of 7.00% [1][2] - The company is actively developing new technologies, such as solid-state batteries, which are suitable for electric aviation and flying cars, contributing to its zero-carbon strategy through green energy initiatives [1][2] Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 26.42%, an increase of 5.15 percentage points year-on-year, and a net profit margin of 14.03%, up by 2.71 percentage points year-on-year [1] - The company’s cash flow from operating activities reached 283.58 billion yuan, a year-on-year increase of 35.25%, with cash reserves at 2,886 billion yuan at the end of the quarter [1] - The company’s R&D investment was 43.40 billion yuan, a decrease of 6.71% year-on-year, with an R&D expense ratio of 5.44%, an increase of 0.22 percentage points year-on-year [1] Earnings Forecast - The company is projected to achieve net profits of 469.03 billion yuan, 568.70 billion yuan, and 665.20 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18.5, 15.3, and 13.0 [2]

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：北路智控深耕矿山智能化多年，着力构建多元化产品及业务格局，在通 信、集控、监控、装备配套等多个细分领域业务突破较快。考虑到公司新业务布局 等因素，我们调整盈利预测，2024-2026 年收入 13.35/17.52/22.83 亿元（2024-2025 预测前值为 13.47/17.57 亿元），同比增长 32.5% /31.2% /30.3% ，归母净利润分 别为 2.95/3.81/4.87 亿元（2024-2025 预测前值为 3.28/4.26 亿元），同比增长 31.0%/29.3%/27.9%，对应 EPS 为 2.24/2.90/3.70 元，PE 为 16.3/12.6/9.9，维持 "增持"评级。 公司快报/专用计算机设备Ⅲ | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|---------|-------|------ ...