Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Insights - The company, Stone Technology (688169), reported strong performance in 2023, with total revenue reaching 8.654 billion yuan, a year-on-year increase of 30.55%. The net profit attributable to shareholders was 2.051 billion yuan, up 73.32% year-on-year [3][4]. - The company is experiencing growth in both domestic and international markets, with domestic sales increasing by 41.01% to 4.411 billion yuan and international sales rising by 21.42% to 4.229 billion yuan [3][4]. - The gross margin improved by 5.87 percentage points to 55.13%, driven by better raw material prices and product structure optimization [3][4]. - The company plans to distribute a cash dividend of 46.80 yuan per 10 shares and will also conduct a stock transfer of 4 shares for every 10 shares held [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 86.54 billion yuan, with a year-on-year growth of 30.55%. The net profit attributable to shareholders was 20.51 billion yuan, reflecting a 73.32% increase [3][4]. - The company expects revenues for 2024, 2025, and 2026 to be 105.84 billion yuan, 125.33 billion yuan, and 141.76 billion yuan, respectively, with corresponding net profits of 24.00 billion yuan, 28.81 billion yuan, and 33.13 billion yuan [4]. Market Expansion - The company has successfully launched new products in both domestic and international markets, contributing to its revenue growth. The introduction of high-quality products has enhanced its market share [3][4]. - The retail market for robotic vacuums in China reached 137 billion yuan in 2023, with a year-on-year growth of 10% [3][4]. Profitability - The net profit margin increased by 5.85 percentage points to 23.70%, supported by favorable tax rates and improved operational efficiency [3][4]. - The company’s gross margin for domestic and international sales reached 49.26% and 61.65%, respectively, indicating strong profitability across regions [3][4].

报告发布日后的 6 个月内的公司股价（或 中性 行业与整体市场表现基本持平 行业指数）的涨跌幅相对同期的沪深 300 指数的涨跌幅为基准 看淡 行业弱于整体市场表现 [Table_Introduction] 分析师简介 王仕进，策略首席分析师，上海财经大学经济学博士，7 年策略研究经验，2022 年 10 月加入首创证券研究发 展部。 张君贝，策略研究助理，南洋理工大学商业分析硕士，2023 年 9 月加入首创证券。 分析师声明 本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者将 对报告的内容和观点负责。 免责声明 本报告由首创证券股份有限公司（已具备中国证监会批复的证券投资咨询业务资格）制作。本报告所在资料的来 源及观点的出处皆被首创证券认为可靠，但首创证券不保证其准确性或完整性。该等信息、意见并未考虑到获取 本报告人员的具体投资目的、财务状况以及特定需求，在任何时候均不构成对任何人的个人推荐。投资者应当对 本报告中的信息和意见进行独立评估，并应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商 业、财务、税收等方面咨询专业财务顾问的意见。对依据或者 ...

[Table_Title] 传统业务稳健，零售大店盈利改善 [Table_ReportDate] 晨光股份(603899)公司简评报告 | 2024.04.11 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 陈梦 ⚫ 事件：公司发布2023年年报，全年实现营收233.51亿元，同比+16.78%； 首席分析师 归母净利润15.27亿，同比+19.05%；拟每股派发现金红利0.8元。 SAC执证编号：S0110521070002 点评： chenmeng@sczq.com.cn 电话：010-81152649 ⚫ 传统业务运营能力提升，新业务持续高增。据公司公告，2023年公司传 统核心业务/办公直销业务（科力普）/零售大店业务分别实现营收 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） 91.36/133.07/13.35亿，同比分别+8%/+22%/+51%。其中晨光科力普致力 0.2 晨光股份 沪深300 于为大客户提供一站式采购服务解决方案，行业地位进一步提升，全年 实现净利润4.01亿元，同比+8%；零售大店业务中九木杂物社首 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's main business performance remains stable, awaiting marginal improvements [2] - In 2023, the company achieved a revenue of 11.538 billion yuan, representing a year-on-year growth of 12.39%, and a net profit attributable to shareholders of 1.601 billion yuan, up 16.48% [5][6] - The laboratory services segment generated revenue of 6.660 billion yuan, with a growth rate of 9.38%, but the growth has significantly slowed compared to the first half of 2023 [5] - The CMC (Chemistry, Manufacturing, and Controls) business reported revenue of 2.711 billion yuan, growing by 12.64%, with an increase in high-value projects expected to enhance revenue and profitability [5] - The clinical research services segment saw revenue of 1.737 billion yuan, a 24.66% increase, with improved gross margins attributed to enhanced efficiency in domestic clinical CRO and SMO operations [5] - The company’s operating cash flow was strong, with a net cash flow from operating activities of 2.754 billion yuan, up 28.50% [5] - Capital expenditures (CAPEX) for 2023 were 2.865 billion yuan, maintaining a historical high, with ongoing investments in capacity expansion [5] Financial Projections - Revenue projections for 2024-2026 are 12.748 billion yuan, 14.755 billion yuan, and 16.995 billion yuan, with year-on-year growth rates of 10.5%, 15.7%, and 15.2% respectively [6][7] - Net profit attributable to shareholders is expected to be 1.715 billion yuan, 2.069 billion yuan, and 2.539 billion yuan for 2024-2026, with growth rates of 7.1%, 20.7%, and 22.7% respectively [6][7] - The price-to-earnings (PE) ratios based on the closing price as of April 10 are projected to be 20.7, 17.1, and 14.0 for 2024-2026 [6][7]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company reported a strong performance in 2023, achieving revenue of 520 million yuan, a year-on-year increase of 25.41%, and a net profit attributable to shareholders of 65 million yuan, up 21.04% year-on-year [2]. - The Bluetooth audio SoC chips generated revenue of 386 million yuan, reflecting a significant year-on-year growth of 42.58% [2]. - The company has successfully penetrated the smartwatch chip market, with the first-generation smartwatch chip achieving over 10 million units shipped in 2023, driven by partnerships with major brands [2]. - The company has become a mainstream supplier in the Bluetooth speaker market, particularly for mid-to-high-end products, and aims to continue increasing its market share in 2024 [2]. - The transition from wired to wireless audio products is evident, with the company leveraging its expertise in low-latency, high-quality wireless audio solutions [2]. - Profit forecasts for the company indicate net profits of 87 million yuan, 114 million yuan, and 144 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 40, 31, and 24 times [2]. Financial Summary - In 2023, the company achieved a gross margin of 43.73%, an increase of 4.40 percentage points year-on-year, with a net margin of 12.51% [2]. - The revenue growth rate is projected to be 29.35% in 2024, 27.62% in 2025, and 25.00% in 2026 [11]. - The gross margin for Bluetooth audio SoC chips was 42.66%, up 6.07 percentage points year-on-year [2]. - The company’s total assets are expected to grow from 192.66 billion yuan in 2023 to 219.46 billion yuan by 2026 [5].

[Table_Title] 煤铝价格下跌拖累业绩 铝箔产能持续扩张 [Table_ReportDate] 神火股份(000933)公司简评报告 | 2024.04.10 [评Ta级ble：_R an增k]持 核心观点 [ Table_Authors] [⚫T abl煤e_铝Su价mm格a下ry]跌 ，拖累2023年业绩。2023年公司实现营业收入376.25亿 吴轩 元，同比-11.89%；归母净利润 59.05 亿元，同比-22.00%；扣非后归母 有色行业首席分析师 净利润58.20亿元，同比-25.10%。其中，Q4实现营业收入89.96亿元， SAC执证编号：S0110521120001 同比-14.90%，环比-5.51%；归母净利润18.03亿元，同比5.04%，环比 wuxuan123@sczq.com.cn 32.23%；扣非后归母净利润17.72亿元，同比-0.13%，环比35.73%。公 刘崇娜 司主营产品煤炭、电解铝、铝箔价格分别同比下降284.42元/吨、945.32 有色行业研究助理 元/吨、4806.53元/吨及公司子公司云南神火减产9.27万吨等因素影响。 liuchongna@ ...

巨擘行稳致远，新财年发展可期 评级： 买入 易嘉豪 联系人 yijiahao@sczq.com.cn 年初业绩目标顺利完成，2024 年发展 势能依旧充足 三季度业绩稳健，阶段性回调迎来中 长期布局机遇 行稳致远，龙头全年业绩有望持续稳 健增长 请务必仔细阅读本报告最后部分的重要法律声明 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|----------------------|---------|---------|---------|---------| | 资产负债表（百万元） | 2023 | 2024E | 2025E | 2026E | 现金流量表（百万元） | 2023 | 2024E | 2025E | 2026E | | 流动资产 | 225173 | 258145 | 296830 | 340473 | 经营活动现金流 | 66593 | 70608 | 81778 | 95490 | | 现金 ...

[Table_Authors] 陈梦 首席分析师 SAC 执证编号：S0110521070002 chenmeng@sczq.com.cn 电话：010-81152649 | --- | --- | |---------------------------------|------------| | | | | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 5.87 | | 一年内最高 / 最低价（元） | 6.82/4.80 | | 市盈率（当前） | | | 市净率（当前） | 14.10 1.38 | | 总股本（亿股） | 26.94 | | 总市值（亿元） | 158.14 | | 资料来源：聚源数据 | | [Table_Title] 经营质量提升，货品周转加速 [Table_Summary] ⚫ 事件：公司发布 2023 年报，期内实现营收 136.6 亿元，同比+2.5%；实 现归母净利润 11.21 亿元，同比+76.1%。拟每股派发现金红利 0.3 元。 点评： ⚫ 童装业务增长稳健，直营渠道表现亮眼。分业务看，2023 年公司休闲 装/童装分别实现营收 ...

Investment Rating - The investment rating for Huabei Mining (600985) is "Buy" [2] Core Views - The report highlights that coal profitability remains robust, with an increased dividend payout ratio enhancing the company's value [2] - The company reported a revenue of 73.39 billion yuan in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders decreased by 11.21% to 6.22 billion yuan [4][5] - The coal segment's revenue was 20.68 billion yuan, down 5.28% year-on-year, with a gross profit margin of 49.39% [4] - The coal chemical segment saw a revenue decline of 14.75% to 11.14 billion yuan, with a significant drop in average selling price [4] - Future profit forecasts estimate net profits of 6.44 billion yuan, 6.94 billion yuan, and 7.08 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 7.3, 6.8, and 6.7 [4][5] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 73.59 billion yuan, with a net profit of 6.22 billion yuan, resulting in an EPS of 2.51 yuan [5] - The coal production volume was 21.97 million tons, a decrease of 4.06% year-on-year, while coal sales volume was 17.83 million tons, down 5.27% [4] - The average selling price of coal was 1,181.45 yuan per ton, reflecting a decrease of 4.01% [4] Future Outlook - The company is expected to maintain stable growth in coal production and sales due to ongoing capacity expansion and resource development [4] - The report anticipates a slight revenue decline in 2024, followed by modest growth in subsequent years [5] Dividend Policy - The cash dividend payout ratio increased from 37.16% in 2022 to 42.60% in 2023, indicating a commitment to returning value to shareholders [4]

Investment Rating - The investment rating for Hisense Home Appliances is "Accumulate" [3] Core Views - The company reported a robust revenue growth of 15.5% year-on-year, reaching 85.6 billion yuan in 2023, with a significant increase in net profit by 97.7% to 2.837 billion yuan [5][6] - The company is expanding its overseas brand presence, particularly in the HVAC and home appliance sectors, with notable growth in air conditioning and washing machine segments [5] - Profitability is improving, with a gross margin increase of 1.39 percentage points to 22.08% in 2023, driven by enhanced scale effects and product structure upgrades [5] - Operating cash flow has significantly improved, with a net cash flow from operations increasing by 163.17% to 10.612 billion yuan [5] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 85.6 billion yuan, with a year-on-year growth of 15.5% [6] - The net profit attributable to shareholders reached 2.837 billion yuan, reflecting a 97.7% increase [6] - The company plans to distribute a cash dividend of 10.13 yuan for every 10 shares [5] Business Segments - The HVAC segment generated 38.652 billion yuan in revenue, up 12.04% year-on-year, with Hisense Hitachi contributing 22.167 billion yuan [5] - The washing machine and refrigerator segments saw revenue growth of 22.93%, with washing machines increasing by 53.6% [5] - The automotive air conditioning and thermal management segment achieved 9.05 billion yuan in revenue, maintaining a positive growth trend [5] Regional Performance - Domestic revenue grew by 15.04% to 49.035 billion yuan, while overseas revenue increased by 12.28% to 27.924 billion yuan [5] - The ASEAN region saw a revenue increase of 20%, with self-owned brand business growing by 70% [5] Profitability and Cash Flow - The gross margin improved to 22.08%, with HVAC and home appliance margins at 30.66% and 19.11%, respectively [5] - The net profit margin increased by 1.46 percentage points to 5.60% [5] - The company reported a significant improvement in operating cash flow, with a net cash flow of 10.612 billion yuan [5] Future Outlook - The company expects net profits to reach 3.279 billion yuan in 2024, 3.770 billion yuan in 2025, and 4.279 billion yuan in 2026, with corresponding PE ratios of 14, 12, and 11 times [6]