2024年04月14日 公司研究●证券研究报告 亿联网络（ ） 公司快报 300628.SZ 通信 | 通信终端及配件Ⅲ 业绩拐点已现，三大产品线趋势向好 投资评级 增持-B(首次) 股价(2024-04-12) 30.33元 投资要点 事件：2024年4月12日，亿联网络发布2024年一季度业绩预告，预计业绩同向 交易数据 上升，营收实现113,744.15万元-118,187.28万元，同比增长28%-33%。 总市值（百万元） 38,331.52 流通市值（百万元） 21,929.17 经营拐点已现，整体向好趋势延续。根据公司2024年第一季度业绩预告，2024 总股本（百万股） 1,263.82 年一季度公司实现营收 113,744.15 万元-118,187.28 万元，比上年同期增长 流通股本（百万股） 723.02 28%-33%，归母净利润 55,823.99 万元–57,938.53 万元，比上年同期增长 12个月价格区间 66.36/24.88 32%-37%。公司整体向好趋势延续，从业务层面来看，目前经销商整体库存量已 回归至健康、合理水平，叠加下游需求恢复增长，公司三条产品线均有较 ...

Investment Rating - The investment rating for the company is "Buy-A" [2] Core Views - The company maintains its leading position in the semiconductor display sector and continues to drive its transformation into the Internet of Things (IoT) [1] - The company's net profit for Q1 2024 is expected to be between 800 million to 1 billion yuan, representing a year-on-year growth of 223% to 304% [1] - In 2023, the company achieved a total revenue of 174.543 billion yuan, with quarterly revenue showing a consistent upward trend [1] - The company remains the global leader in LCD shipments across major application areas, with significant advancements in high-end flagship products and OLED technology [1][4] - The supply-demand dynamics in the industry are improving, with a slowdown in LCD capacity expansion and an anticipated recovery in demand for 2024 [2][4] Summary by Sections Financial Performance - The company reported quarterly revenues of 37.973 billion, 42.204 billion, 46.337 billion, and 48.028 billion yuan for Q1 to Q4 in 2023, with net profits of 247 million, 488 million, 286 million, and 1.525 billion yuan respectively [1] - Revenue projections for 2024 to 2026 are adjusted to 199.887 billion, 213.440 billion, and 234.421 billion yuan, with growth rates of 14.5%, 6.8%, and 9.8% respectively [4] - The net profit forecast for 2024 to 2026 is set at 4.142 billion, 8.131 billion, and 11.955 billion yuan, with growth rates of 62.6%, 96.3%, and 47.0% respectively [4] Market Dynamics - The LCD production line expansion is nearing its end, leading to a more optimized supply structure, with Chinese manufacturers increasing their market share to 70% in 2023 [2] - The overall demand in 2023 was weak, but a recovery is expected in 2024, particularly in the TV panel market, driven by major sporting events [2][4] - The IT panel market is anticipated to rebound as PC hardware upgrades stimulate replacement demand [4] Strategic Initiatives - The company is actively pursuing IoT transformation, achieving significant market penetration in various sectors, including smart finance and digital healthcare [1] - The launch of new high-end products and strategic partnerships in key industries is expected to enhance the company's market position [1][4]

Group 1: Credit and Loan Trends - In March, new credit increased by 3.09 trillion yuan, a year-on-year decrease of approximately 800 billion yuan, with a larger decline compared to February[3] - Corporate medium and long-term loans sharply cooled, with a monthly increase of 1.6 trillion yuan, a year-on-year decrease of about 470 billion yuan, indicating a decline in corporate investment willingness amid real estate and local debt risks[3] - Resident loans also continued to decrease year-on-year, with short-term and medium-long loans adding 490.8 billion yuan and 451.6 billion yuan respectively, totaling a decrease of about 300 billion yuan, reflecting a cautious home-buying sentiment[3] Group 2: Social Financing and M2 Growth - New social financing in March was 4.87 trillion yuan, a year-on-year decrease of about 500 billion yuan, with a smaller decline compared to February[4] - The year-on-year growth rate of social financing stock fell by 0.3 percentage points to 8.7%, indicating a continued slowdown in broad credit expansion[4] - M2 growth rate declined by 0.4 percentage points to 8.3%, the lowest level in nearly 30 months, primarily due to reduced deposits from both enterprises and residents[12] Group 3: Economic Outlook and Policy Implications - The acceleration of local debt risk resolution has slowed the issuance of special bonds, but central government debt financing is expected to accelerate from April, potentially supporting social financing in the coming months[4] - The end of the fiscal overdraft phase has led to a noticeable effect on deposit growth, with corporate and resident deposits decreasing by over 500 billion yuan and nearly 800 million yuan respectively[12] - The central government plans to initiate a new round of fiscal expansion to replace suppressed local leverage financing needs, which is crucial for sustaining domestic demand growth[14]

446 数据来源：聚源、华金证券研究所 投资建议：公司 2023 年收入基本符合预期；展望 2024 年，新能源汽车行业有望 维持景气，结合公司新增客户及新增定点的逐步落地，预期公司业务稳定向好。长 期来看，公司是国内较为稀缺的车用尼龙管路厂商之一，或受益于未来车用尼龙管 路的渗透加速；同时，公司积极布局液冷等新业务，有望带来新的增长点。我们预 计 2024-2026 年营业总收入分别为 12.33 亿元、15.18 亿元、18.27 亿元，同比增 速分别为 22.0%、23.2%、20.3%；对应归母净利润分别为 1.73 亿元、2.19 亿元、 2.60 亿元，同比增速分别为 14.7%、26.6%、18.6%；对应 EPS 分别为 1.73 元、 2.19 元、2.60 元，对应 PE 分别为 20.3x、16.0x、13.5x，首次覆盖，给予增持-A 评级。 | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 会计年度 | 2022A | 2023 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for investment returns over the next six months [3][9][22]. Core Insights - The company is steadily advancing its commercialization efforts, with strong sales expectations for biosimilars and a rich pipeline of products that provide long-term growth potential. The company has a robust research and development capability, particularly in the ADC (Antibody-Drug Conjugate) field, which differentiates its market position [3][17]. - Revenue projections for 2024-2026 are adjusted to 368 million, 1.33 billion, and 2.44 billion yuan, reflecting growth rates of 188%, 261%, and 83% respectively [3][19]. Financial Data Summary - The company reported a revenue of 128 million yuan in 2023, a significant increase of 361% year-on-year, primarily driven by technology service income and sales from its product, Mylis [15][19]. - The company incurred a loss of 1.05 billion yuan in 2023, with a notable increase in sales, management, and R&D expenses due to commercialization efforts and clinical advancements [15][19]. - The projected operating income for 2024 is 368 million yuan, with a gross margin expected to decrease from 98.9% in 2023 to 90.0% in 2024 [19]. Pipeline and Product Development - The company has three biosimilar products approved for market, with ongoing efforts to expand into emerging markets. The product Mylis has already seen significant distribution and sales [15][17]. - The ADC pipeline is progressing well, with the Nectin-4 ADC showing promising results in clinical trials for multiple indications, including UC (Urothelial Carcinoma) and CC (Cervical Cancer) [15][17]. Market Position and Strategy - The company has established a comprehensive production system, with significant capacity for antibody and recombinant protein production, supporting its transition from R&D to commercial production [17]. - The company is actively pursuing market entry in various regions, including recent submissions for product approvals in Pakistan and Indonesia [15][17].

| --- | --- | |---------------------------------------------------------------------------------------|-------------------------------------------------| | 2024 年 04 月 12 日 \n新"国九条"有望提振市场 | 策略类●证券研究报告 \n事件点评 | | 投资要点 | | | 事件： 2024 年 4 月 12 日，国务院印发《加强监管防范风险推动资本市场高质量发 | 分析师 邓利军 SAC 执业证书编号： S0910523080001 | | 展的若干意见》。 | denglijun@huajinsc.cn | | 2004 年和 2014 年"国九条"出台均解决了当时资本市场的一些症结。（ 1）2004 | 相关报告 | | 年"国九条"主要解决了大量非流通股累积的股权分置等股市基础制度不完善的问 | 新股板块分化和高低切特征凸显，重视业绩 | | 题。一是 2004 年资本市场面临的背景是：大量非流通股长期累积、股权分置的矛 | 和性价比 ...

2024年04月13日 公司研究●证券研究报告 新产业（ ） 公司快报 300832.SZ 医药 | 医疗器械Ⅲ 公司业绩稳定增长，海外拓展持续完善 投资评级 增持-A(维持) 股价(2024-04-12) 65.81元 投资要点 事件：公司发布2023年年度报告，2023年实现营收39.30亿元（+29%，同比增 交易数据 速，下同）；归母净利润16.54亿元（+25%）；扣非归母净利润15.47亿元（+25%）； 总市值（百万元） 51,708.15 2023Q4单季度，公司实现营收10.22亿元（+36%），实现归母净利润4.67亿元 流通市值（百万元） 45,959.94 （+16%），实现扣非归母净利润4.46亿元（+15%）。 总股本（百万股） 785.72 流通股本（百万股） 698.37 国内大型医疗终端拓展成效显著，试剂收入及单机产出快速提升。2023年国内营 12个月价格区间 81.80/52.00 收26.01 亿元（+26%），其中国内仪器类业务收入随着大型发光仪器及流水线相 关产品销量的增加带动国内仪器类产品收入同比增长 34%，高于国内业务整体增 一年股价表现 速；国内试剂业务 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][7]. Core Views - The company is expected to benefit from the accelerated construction of domestic satellite internet, supported by its leading technological innovation capabilities in radar and avionics [2][8]. - The revenue forecast for 2024-2026 is adjusted to 1.307 billion, 1.628 billion, and 2.004 billion yuan, reflecting year-on-year growth of 25.5%, 24.6%, and 23.1% respectively [2][3]. - The net profit attributable to shareholders is projected to be 61 million, 98 million, and 149 million yuan for the same period, with significant year-on-year growth rates of 85.8%, 61.5%, and 51.5% [2][3]. Financial Summary - The company achieved a revenue of 1.041 billion yuan in 2023, a year-on-year increase of 24.07%, and a net profit of 33 million yuan, up 319.1% from the previous year [7][8]. - The gross profit margin is expected to improve from 24.0% in 2023 to 30.4% by 2026, indicating enhanced profitability [3][11]. - Earnings per share (EPS) are projected to rise from 0.08 yuan in 2023 to 0.35 yuan in 2026, reflecting strong growth potential [3][11]. Business Segments - The radar and aerospace electronics business saw a significant revenue increase of 121.62% in 2023, driven by strong order growth and project delivery acceleration [7][8]. - The company's subsidiary, Huqing Ruida, reported a substantial increase in new orders, indicating a robust demand for its radar target and environment simulators [7][8]. - The refrigerator compressor parts business experienced a decline in revenue, but the overall market is expected to benefit from government policies promoting appliance upgrades [7][8].

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Investment Rating - The investment rating for the company is "Buy-A" [1][9]. Core Views - The company has shown steady growth in its smart cable network business, achieving a revenue of 24.465 billion yuan in 2023, a year-on-year increase of 12.85%. However, the net profit attributable to shareholders decreased by 42.09% to 320 million yuan due to increased losses in the smart battery business [1][9]. - The smart battery segment reported a revenue of 590 million yuan in 2023, up 19.12% year-on-year, but faced a gross margin decline of 17.77%, primarily due to intensified competition in the lithium battery copper foil industry [1][9]. - The company has a robust order backlog, with over 23.631 billion yuan in orders received, reflecting a year-on-year increase of 21.63% [1][9]. Financial Performance - In 2023, the company achieved a net operating cash flow of 497 million yuan, a significant increase of 54.02% year-on-year [1]. - The company’s R&D investment reached 713 million yuan in 2023, representing a year-on-year growth of 7.26% [18]. - The projected net profits for 2024, 2025, and 2026 are expected to be 808 million yuan, 1.039 billion yuan, and 1.342 billion yuan, respectively, with corresponding EPS of 0.36 yuan, 0.47 yuan, and 0.60 yuan [9][10]. Business Segments - The smart cable network business generated 22.598 billion yuan in revenue in 2023, with a gross margin of 12.38%, down 0.75 percentage points year-on-year [1]. - The company is expanding its presence in the clean energy sector, participating in significant projects such as the first "wind-solar-fire-storage integrated" high-voltage transmission project in China [1]. - The smart airport business achieved a revenue of 1.222 billion yuan in 2023, despite a year-on-year decline of 14.87%, but the order intake increased by 151% [1][9].