2024 年 04 月 29 日 相关报告 2024 年 04 月 26 日出口集装箱运价指数为 1193.64 点，较上周增加 7.11 点。2024 年 03 月中国主要港口外贸货物吞吐量当月值为 45091.07 万吨，较去年同期增加 3166 万吨。 全球经济增速有所下行，2024 年 04 月 26 日波罗的海干散货指数 (BDI)当周平均值为 1784.8 点，较上周减少 49.80 点；通胀水平高位 震荡，CRB 商品价格指数当周平均值为 297.45 点，较上周增加 0.81 点。 证券研究报告 | --- | --- | --- | --- | |------------|-------|-------|-------| | | | | | | % | 1M | 3M | 12M | | 上证指数 | 1.31 | -3.79 | 25.97 | | 沪深 300 | 5.29 | 10.04 | -2.05 | 3 宏观经济研究周报（04.08-04.12）：国内 CPI 同比回落，美国 CPI 同比超预期 2024-04-15 风险提示：数据指标具有滞后性，政策变化超预期。 国内经济增长 ...

证券研究报告 行业深度 光伏设备 产研并进，降本提效，共赴星辰大海 钙钛矿行业深度报告 2024年 04月24日 2022A 2023E 2024E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 同步大市 捷佳伟创 3.01 20.01 4.57 13.18 6.82 8.83 买入 评级变动： 首次 京山轻机 0.49 27.20 0.71 18.67 0.95 13.90 买入 杰普特 0.81 54.31 1.46 30.13 2.28 19.29 增持 行业涨跌幅比较 曼恩斯特 1.69 40.57 2.94 23.32 4.26 16.09 增持 微导纳米 0.12 259.08 0.62 50.15 1.14 27.27 增持 光伏设备 沪深300 13% 资料来源：iFinD，财信证券 -7% 投资要点： -27%  钙钛矿属于第三代太阳能电池，在性能和特点上具备诸多优势。钙钛 -47% 矿型太阳能电池是利用钙钛矿型的有机金属卤化物半导体作为吸光材 2023-04 2023-07 2023-10 2024-01 2024-04 料的太阳能电 ...

Investment Rating - The report assigns a rating of "Buy" to the company [1] Core Views - The company has shown significant growth in revenue and profit, with a notable turnaround in performance. In 2023, the company achieved a revenue of 748.39 billion yuan, a year-on-year increase of 25.81%, and a net profit of 29.57 billion yuan, a year-on-year increase of 1614.73% [5][6] - The shipbuilding industry in China is experiencing a positive trend, with the company securing a substantial number of orders. In 2023, the company received orders for 128 vessels, totaling 728.78 billion yuan, and as of the end of 2023, it had a backlog of 261 vessels worth 1534.99 billion yuan [6] - The continuous rise in ship prices, coupled with a decline in steel prices, has created a favorable margin for shipbuilders, enhancing profitability. The Clarkson new ship price index increased by 10.1% in 2023, marking the highest level since 2009 [6] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 748.39 billion yuan and a net profit of 29.57 billion yuan, with a significant increase in Q1 2024 revenue to 152.70 billion yuan, up 68.84% year-on-year [5][6] - Forecasted net profits for 2024, 2025, and 2026 are 55.41 billion yuan, 87.02 billion yuan, and 101.45 billion yuan respectively, with corresponding EPS of 1.24 yuan, 1.95 yuan, and 2.27 yuan [7] Market Position - The company is a leader in the Chinese shipbuilding industry, with a market share of 50.2% in completed shipbuilding, 66.6% in new orders, and 55% in backlog as of 2023 [6] - The company is also expanding its presence in the green shipbuilding sector, capturing 57% of the international market share for new green ship orders [6] Valuation Metrics - The report provides a P/E ratio forecast of 29.56 for 2024, decreasing to 16.15 by 2026, indicating an improving valuation as earnings grow [5][7] - The P/B ratio is projected to decline from 3.16 in 2024 to 2.58 in 2026, reflecting a strengthening balance sheet [5][7]

本报告信息来源于公开资料，本公司对该信息的准确性、完整性或可靠性不作任何保证。本公司对已发报告无更 新义务，若报告中所含信息发生变化，本公司可在不发出通知的情形下做出修改，投资者应当自行关注相应的更 新或修改。 本报告版权仅为本公司所有，未经书面许可，任何机构和个人（包括本公司客户及员工）不得以任何形式复制、 发表、引用或传播。 网址：stock.hnchasing.com 地址：湖南省长沙市芙蓉中路二段 80 号顺天国际财富中心 28 层 邮编：410005 电话：0731-84403360 传真：0731-84403438 2024 年 04 月 29 日 评级 增持 | --- | --- | --- | --- | --- | |--------------|---------|---------|-------|------------| | | | | | | | | 戈碧迦 | | | 光学光电子 | | 381% | | | | | | 281% | | | | | | 181% | | | | | | 81% | | | | | | -19% 2023-04 | 2023-07 | 2023 ...

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The company has shown steady revenue growth, with a reported revenue of 349.32 billion yuan in 2023, representing a 15.04% increase year-on-year. The net profit attributable to shareholders was 115.82 billion yuan, up 20.56% from the previous year [4][5] - The company continues to expand its high-end customer base overseas, achieving nearly 30% growth in international business in Q1 2024, with significant contributions from developing countries [5][6] - The company is positioned as a leading domestic medical device manufacturer, with strong innovation capabilities and competitive pricing, which are expected to drive further market share gains and revenue growth in the coming years [5][6] Financial Performance Summary - The company's main revenue is projected to grow from 424.97 billion yuan in 2024 to 593.81 billion yuan by 2026, with net profit expected to increase from 139.20 billion yuan to 193.61 billion yuan over the same period [4][7] - Earnings per share (EPS) are forecasted to rise from 11.48 yuan in 2024 to 15.97 yuan in 2026, indicating strong profitability growth [4][7] - The price-to-earnings (P/E) ratio is expected to decrease from 26.31 in 2024 to 18.92 in 2026, suggesting the stock may become more attractive over time [4][7] Business Segment Performance - Domestic revenue reached 213.82 billion yuan in 2023, growing by 14.54%, driven by the recovery of routine medical activities [5][6] - The IVD (in vitro diagnostics) segment showed remarkable growth, with revenue increasing by 21.11% to 124.21 billion yuan, benefiting from the recovery of demand for diagnostic reagents [5][6] - The medical imaging segment experienced slower growth due to industry policy impacts, but high-end ultrasound models saw over 20% growth domestically and over 25% growth internationally [5][6]

| --- | --- | --- | --- | --- | --- | |--------------------------|-----------|-----------------|----------|--------|------------------------------------------------------------------------------| | | | | | | 晨会纪要 晨会纪要 | | | 2024 年 | 05 月 | 06 日 | | | | 市场数据 | | | | | 晨会聚焦 | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | 上证指数 | | 3104.82 | -0.26 | | 【市场策略】 A 股迎来配置机会，专注高景气赛道 | | 深证成指 | | 9587.12 | -0.90 | | | | 创业板指 | | 1858.39 | -1.55 | | 【基金研究】基金数据日跟踪 | | 科创 50 | | 767.46 | -1.12 | | 【债券研究】债券市场综述 | | 北证 50 | | 814.2 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [19][11]. Core Views - The company achieved significant growth in 2023, with revenue of 795 million yuan, up 62.76% year-on-year, and a net profit attributable to shareholders of 341 million yuan, up 67.98% year-on-year. However, the net profit for Q1 2024 saw a slight decline of 14.73% year-on-year, attributed to substantial upfront investments in the energy storage business [3][11]. - The company is a leading supplier of coating technology and coating heads in China, with a focus on expanding into new fields such as perovskite solar cells, display panels, and hydrogen energy [4][9]. - The company has established a joint laboratory for perovskite thin-film solar cells with the Shenzhen Institute of Advanced Technology, indicating a commitment to innovation and new product development [9][11]. Financial Summary - In 2023, the company reported a revenue of 795 million yuan and a net profit of 341 million yuan. The forecast for 2024-2026 projects revenues of 1.11 billion yuan, 1.49 billion yuan, and 1.84 billion yuan, respectively, with corresponding net profits of 451 million yuan, 611 million yuan, and 761 million yuan [8][11]. - The earnings per share (EPS) for 2024 is projected at 3.76 yuan, with a price-to-earnings (P/E) ratio of 17.13 [8][11]. - The company has a total market capitalization of approximately 7.72 billion yuan, with a circulating market capitalization of about 1.68 billion yuan [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for 2023 was 8.54 billion yuan, a year-on-year decrease of 44.82%, with a net profit attributable to shareholders of 0.6438 billion yuan, down 76.64% year-on-year [4][6] - The decline in performance is attributed to a significant reduction in COVID-19 testing demand, increased credit impairment losses, and a slowdown in the growth of routine medical testing business [4][6] - Despite the overall decline, the routine medical testing business showed a robust growth of 15.35% year-on-year, with revenues reaching 7.73 billion yuan [4][6] - The company has developed 412 new projects in 2023, contributing 0.638 billion yuan in revenue, with notable growth in specific diagnostic areas [4][6] Financial Summary - The company's main revenue for 2022 was 15.48 billion yuan, with a net profit of 2.75 billion yuan [3][7] - For 2024, the expected revenue is 9.20 billion yuan, with a projected net profit of 0.663 billion yuan [3][7] - The earnings per share (EPS) for 2024 is estimated at 1.41 yuan, with a price-to-earnings (P/E) ratio of 26.94 [3][7] - The company’s overall gross margin decreased by 6.65 percentage points to 36.48% in 2023, influenced by industry competition and policy changes [4][6] Future Outlook - The company is expected to recover and achieve net profits of 1.06 billion yuan and 1.43 billion yuan in 2025 and 2026, respectively [6][7] - The report suggests a reasonable target price of 45.40 to 56.75 yuan per share for 2025, based on a P/E ratio of 20-25 times [6][7]

Industry Overview - The home appliance industry is expected to see a demand surge due to the implementation of the old-for-new replacement policy, which is anticipated to stimulate consumer purchasing behavior [1][2]. Market Data - The Shanghai Composite Index closed at 3113.04, up 0.79%, while the Shenzhen Component Index rose by 2.22% to 9673.76. The ChiNext Index increased by 3.50% to 1887.57, indicating a positive market trend [5]. - The total market capitalization of the Shanghai Composite Index is 582,082 million, with a PE ratio of 11.42 and a PB ratio of 1.17 [5]. Company Dynamics - **Zhejiang Securities (601878.SH)** reported a 21.26% decline in revenue for Q1 2024, with a net profit drop of 8.31% [15][34]. - **Mindray Medical (300760.SZ)** achieved a revenue of 34.932 billion, marking a 15.04% year-on-year increase [15]. - **China Shipbuilding (600150.SH)** released its annual report and Q1 2024 report, indicating significant growth and a turning point in performance [16]. - **CITIC Securities (600030.SH)** reported a 10.38% decrease in revenue for Q1 2024, with a net profit decline of 8.47% [17][36]. - **Zoomlion (000157.SZ)** posted a Q1 net profit of 9.16 billion, reflecting a 13.06% year-on-year increase [38]. - **Shengxiang Biology (688289.SH)** achieved a revenue of 3.91 billion in Q1 2024, a remarkable increase of 100.31% [39]. Economic Dynamics - The logistics sector in China saw a total social logistics volume of 88 trillion yuan in Q1, representing a year-on-year growth of 5.9% [9][28]. - The renewable energy sector experienced a 34% increase in newly installed capacity in Q1, with renewable energy accounting for 30.7% of total power generation [31][13]. Investment Recommendations - The report suggests focusing on sectors such as real estate, electric power equipment, and building materials, which have shown strong performance recently [5]. - The automotive sector, particularly in new energy vehicles, is expected to benefit from government subsidies aimed at promoting the replacement of old vehicles [5].

2024 年 04 月 27 日 评级 买入 | --- | --- | |------------------------------------|--------------| | 评级变动 交易数据 \n当前价格（元） | 维持 \n36.22 | | 52 周价格区间（元） | 19.58-38.85 | | 总市值（百万） | 12501.28 | | 流通市值（百万） | 7555.00 | | 总股本（万股） | 34514.90 | | 流通股（万股） | 20858.50 | 涨跌幅比较 -29% -9% 11% 31% 51% 2023-04 2023-07 2023-10 2024-01 九典制药 化学制药 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | % | 1M | 3M | 12M | | | | | | | 九典制药 | -1.58 | 16.28 | 45.21 | | 化学制药 | 2.65 | 3.92 | -7.72 | 吴号 分析师 执业证书编号:S053052205 ...