[Table_MainInfo] 公司研究/机械工业/重型机械 证券研究报告 郑煤机（601717）公司季报点评 2024年05月30日 煤机板块迈入新阶段，汽零转型初见成效 [Table_Summary] 投资要点：  24Q1 归母净利同比/环比+33%/29%。24Q1 公司实现营收 96.6 亿元，同比 +4.9%；实现归母净利10.4亿元，同比/环比+33.1%/+29.2%，扣非净利9.3亿 元，同比/环比+40.7%/+10.7%，非经主要为委托投资收益0.8亿元和政府补助 0.3亿元。  煤机板块：24Q1净利润增长32%，行业或进入需求稳态下的高盈利阶段。24Q1 公司煤机板块收入/净利润48.3/10.9亿元，同比+0.7%/32.3%，净利率22.5%， 同比+5.4pct，创20Q3以来单季净利率最高水平，得益于24Q1确认收入的产 品毛利率较高。我们认为，煤机行业以存量更替需求为主，行业需求规模较 大且相对稳健，叠加供给格局稳定及下游煤炭行业盈利高位稳健，煤机盈利 能力有望维持高位。  汽零板块：24Q1 亚新科增收且增利，SEG 实现减亏。24Q1 公司汽零板块收 入48.4 ...

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 24.49 [2][4]. Core Insights - In 2023, the company achieved a revenue growth of 10% to RMB 3.48 billion, with a net profit attributable to shareholders of RMB 860 million, marking a turnaround from losses [3][11]. - The sales revenue from regular vaccines (excluding COVID-19 vaccines) reached RMB 3.5 billion, up 19% year-on-year, with significant growth in the 13-valent pneumonia vaccine (56% increase) and the 23-valent pneumonia vaccine (37% increase) [3][11]. - However, in Q1 2024, the company experienced a revenue decline of 40% to RMB 450 million, with net profit down 74% to RMB 54.07 million [3][11]. - The human diploid rabies vaccine, approved in December 2023, is expected to drive new growth as it is the first "four-dose" vaccine of its kind in China [3][11]. - The company is making steady progress in international markets, with the 13-valent pneumonia vaccine receiving a sales contract in Indonesia [3][11]. - A new stock option and restricted stock incentive plan has been announced, with performance targets set for net profit growth over the next three years [3][11]. Financial Summary - The company reported a net profit of RMB 861 million in 2023, with projections for 2024-2026 showing net profits of RMB 1.09 billion, RMB 1.32 billion, and RMB 1.55 billion, representing year-on-year growth rates of 27%, 20%, and 18% respectively [4][11]. - The projected revenue for 2024 is RMB 4.23 billion, with a growth rate of 21.7% [5][8]. - The gross margin is expected to improve from 84.5% in 2023 to 88.5% by 2026 [5][8].

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 安克创新（300866）公司年报点评 2024年06月01日 1Q24 收入增 30%扣非净利增 29%，创新 提质提效 [Table_Summary] 投资要点： 公司发布2023年报和2024年一季报。2023年收入175.07亿元，同比增长22.85%； 归母净利润16.15亿元，同比增长41.22%，扣非归母净利润13.44亿元，同比增 长71.88%，稀释EPS为3.96元，加权平均净资产收益率21.88%。经营性现金流 净额14.30亿元，同比增长0.42%。 1Q2024公司实现收入43.8亿元，同比增长30.09%；归母净利润3.11亿元，同 比增长1.6%，扣非净利润3.15亿元，同比增长29.04%，稀释EPS 0.76元，加权 平均净资产收益率3.80%。经营性现金流净额1.81亿元。 2023年分红预案：每10股派发现金红利 20元（含税），送红股0股（含税）， 以资本公积金向全体股东每 10股转增 3股。同时公司拟于 2024半年度结合未 分配利润与当期业绩分红。 简评及投资建议： 1. 2023年收入17 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 32.40, reflecting an 18x PE valuation for 2024 [10]. Core Insights - The company reported a revenue of RMB 53.62 billion for 2023, representing a year-on-year increase of 17.22%, and a net profit attributable to shareholders of RMB 2.10 billion, up 24.82% year-on-year [8][9]. - In Q1 2024, the company achieved a revenue of RMB 12.70 billion, a 10.61% increase year-on-year, but net profit attributable to shareholders fell by 24.81% to RMB 467 million [8][9]. - The company plans to distribute a dividend of RMB 8 per 10 shares, resulting in a payout ratio of 50.16% and a yield of 2.98% based on the stock price as of May 30 [8][9]. Financial Performance - The smart display terminal business sold 26.54 million units, generating RMB 41.26 billion in revenue, a 17.01% increase year-on-year, although the gross profit margin decreased by 1.36 percentage points to 15.99% [9]. - The new display businesses, including laser and commercial displays, generated RMB 6.52 billion in revenue, up 40.6% year-on-year, with a gross profit margin of 31.68% [9]. - The overall gross profit margin for 2023 was 16.94%, down 1.29 percentage points year-on-year, while the net profit margin improved to 3.91% [9][10]. Future Outlook - Short-term demand for televisions is expected to increase due to major sporting events, with potential improvements in panel costs anticipated after H1 2024 [10]. - Long-term strategies include the company's focus on display technology upgrades, which are expected to enhance market share and profitability [10].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 28.7 yuan based on a reasonable valuation of 35 times PE for 2024 [4]. Core Insights - The company has demonstrated rapid growth in both revenue and net profit, with a significant increase in specialty gas revenue, which grew by 46.50% year-on-year in 2023, contributing to an increase in its share of main business revenue from 39.23% to 46.34% [1][4]. - Revenue projections for the company indicate a steady growth trajectory, with expected revenues of 2.958 billion yuan in 2024, 3.516 billion yuan in 2025, and 4.218 billion yuan in 2026, reflecting year-on-year growth rates of 21.8%, 18.9%, and 20.0% respectively [2][4]. - The company's net profit is forecasted to reach 4.01 billion yuan in 2024, 4.85 billion yuan in 2025, and 6.26 billion yuan in 2026, with corresponding EPS of 0.82 yuan, 0.99 yuan, and 1.28 yuan [4]. Financial Performance Summary - The company achieved operating revenues of 1.427 billion yuan in 2023, with a year-on-year growth of 23.4% [2]. - The net profit for 2023 was reported at 315 million yuan, reflecting a year-on-year increase of 37.5% [2]. - The gross profit margin is projected to improve gradually, reaching 38.2% by 2026 [2][4]. Business Segment Analysis - The bulk gas segment, which includes oxygen, nitrogen, and carbon dioxide, is expected to see a consistent sales growth of 9% annually from 2024 to 2026 due to stable growth in downstream applications [3]. - The specialty gas segment is anticipated to continue its strong performance, with significant contributions to overall revenue growth [1][4]. - The company is also focusing on expanding its production capacity for both bulk and specialty gases, enhancing its competitive advantage in the market [32].

[Table_MainInfo] 公司研究/信息服务 证券研究报告 润泽科技（300442）公司研究报告 [ Table_InvestInfo] 首次覆盖：AIDC 第二增长曲线驱动公 司快速成长 [Table_Summary] 投资要点：  IDC+AIDC的行业资深玩家。公司成立于2009年，主营业务包括 IDC 业务和 AIDC 业务。IDC 业务：公司与基础电信运营商合作，主要采用批发模式，共 同为头部互联网公司、大型云厂商等终端客户提供服务器托管服务，同时提 供运营维护、安全管理及其他增值服务。AIDC 业务：公司作为智算中心的链 主方，联合生态伙伴，通过汇聚资源、技术、模型、算法和数据，组织构建 一个从智算基础设施，到智算平台，再到智算中心整体解决方案的完整产业 生态，高质量输出高性能计算能力和大规模并行处理能力，为终端大模型客 户提供智算服务。  收入和净利大幅增长。2023 年，公司营收约 43.51 亿元人民币，同比增长 60.27%，实现归母净利润约 17.62亿元人民币，同比增长 47.03%，扣非净利 润约 17.09亿元人民币，同比增长 50.18%。公司收入出现大幅增长的原因是 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 43.81 based on a 2024 PE of 45x [8][16]. Core Insights - The company has achieved a strong recovery in performance, with a significant increase in gross profit margin (GPM) from 39% in 2022 to 43% in 2023. Revenue for 2023 reached RMB 1.70 billion, a 22.80% year-on-year increase, while net profit attributable to shareholders was RMB 102 million, up 169.54% [2][14]. - The company is expanding its overseas market presence, with a revenue growth rate of 26.87% from international operations, compared to 18.67% growth in mainland China. The establishment of eight subsidiaries and offices in over 100 countries has contributed to this growth [5][20]. - The company has streamlined its three-tier R&D structure, leading to improved efficiency. R&D spending in 2023 was RMB 246 million, accounting for 14.50% of revenue, down from RMB 282 million in 2022 [3][19]. Summary by Sections Financial Performance - In 2023, the company reported revenue of RMB 1.70 billion, a 22.80% increase year-on-year, and a net profit of RMB 102 million, reflecting a 169.54% growth. For Q1 2024, revenue was RMB 502 million, up 37.19% year-on-year, with net profit at RMB 53 million, a 120.74% increase [2][14]. - The projected revenue for 2024-2026 is RMB 2.14 billion, RMB 2.71 billion, and RMB 3.39 billion, respectively, with net profits expected to be RMB 168 million, RMB 232 million, and RMB 311 million [8][16]. R&D and Innovation - The company has invested in a three-tier R&D structure, enhancing efficiency with a reuse rate of over 80% for foundational technology platforms. The focus remains on artificial intelligence, with leading algorithms in various industries [3][19]. - The company has initiated exploration into large models since late 2022, applying them in automated annotation and sample generation [3][19]. Market Expansion - The launch of a European safety management solution aligns with EU regulations, facilitating vehicle certification processes. The company has developed a comprehensive suite of solutions compliant with EU standards [4][15]. - The company continues to expand its international marketing network, with over 30% of local staff in overseas operations, contributing to a robust international presence [5][20].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 10.80 RMB based on a forward PE of 45 times for 2024 [5][41]. Core Insights - The company achieved a revenue of 10.54 billion RMB in 2023, representing a year-on-year growth of 11.39%, and turned a profit with a net profit attributable to shareholders of 74 million RMB, an increase of 417 million RMB year-on-year [9][39]. - The big health sector maintained a high growth rate of 30%, with revenue from medical health and social security services reaching 2.57 billion RMB, up 29.74% year-on-year [11][39]. - The intelligent vehicle interconnection sector generated revenue of 3.92 billion RMB in 2023, reflecting a year-on-year increase of 9.36% [13][40]. Financial Performance Summary - In 2023, the company reported a gross profit margin (GPM) of 24.20%, an increase of 3.42 percentage points year-on-year [3][9]. - The forecast for 2024-2026 indicates revenues of 11.84 billion RMB, 13.51 billion RMB, and 15.67 billion RMB, with net profits attributable to shareholders of 291 million RMB, 472 million RMB, and 626 million RMB respectively [5][41]. - The company’s GPM is expected to improve to 25.0% in 2024, 25.9% in 2025, and 26.5% in 2026 [3][16]. Business Segment Analysis - The medical health and social security segment is a key focus, with nearly 20 million-level projects signed in 2023, establishing multiple national model cases for county-level medical community construction [11][39]. - The intelligent vehicle interconnection segment continues to expand, with ongoing collaborations with major domestic and international automakers, contributing to increased overall shipments [13][40].

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 7.47 [1][21]. Core Views - The company has made significant progress in R&D, particularly in hydrofluoric acid and hydrogen chloride projects, with multiple pilot projects and patent applications filed [1][20]. - The construction of various projects is progressing well, which is expected to enhance performance in the coming years [1][19]. - The company reported a revenue of RMB 7.31 billion in 2023, a decrease of 17.84% year-on-year, and a net profit attributable to shareholders of RMB 0.38 billion, down 67.49% year-on-year [12][18]. Financial Summary - Revenue and Profitability: - 2023 revenue was RMB 73.06 billion, down 17.84% YoY; net profit was RMB 3.83 billion, down 67.49% YoY [12][18]. - Q1 2024 revenue was RMB 19.48 billion, up 10.98% YoY, with a net profit of RMB 0.29 billion, down 58.92% YoY [12][18]. - Revenue Forecast: - Expected revenues for 2024, 2025, and 2026 are RMB 113.44 billion, RMB 121.54 billion, and RMB 135.94 billion respectively [16]. - Profitability Metrics: - The gross margin is projected to improve from 17.6% in 2023 to 24.7% by 2026 [16]. - Net profit margins are expected to increase from 5.2% in 2023 to 6.9% in 2026 [16]. Project Development - The company has successfully initiated several projects, including propane and butane utilization, with significant milestones achieved in 2023 [19]. - Key projects such as the ultra-high purity electronic-grade hydrofluoric acid and deep purification of electronic-grade hydrogen chloride have received provincial funding support [1][20].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price increased to RMB 72.80 from RMB 70.84, reflecting a 2.8% adjustment [12][34]. Core Insights - The company is experiencing rapid growth in N-type silver paste shipments, with Q1 2024 showing a shipment volume of 569.94 tons, a year-on-year increase of 96.9% [17][33]. - The adoption of LECO technology is becoming standard in the industry, enhancing barriers and technological thresholds, positioning the company to benefit from industry dividends [40][34]. - The company anticipates a significant increase in photovoltaic silver paste shipments, projecting a volume of 2,500-3,000 tons for 2024, representing over 46% year-on-year growth [17][39]. Financial Performance - For Q1 2024, the company reported revenue of RMB 3.644 billion, a year-on-year increase of 135.38%, and a net profit attributable to the parent company of RMB 176 million, reflecting a year-on-year growth of 103.71% [39][33]. - The gross margin for Q1 2024 was approximately 10.65%, slightly decreasing due to rising silver paste prices [17][33]. - The company’s R&D expenses reached RMB 110 million in Q1 2024, marking a year-on-year growth of 201% [40][34]. Future Projections - Revenue forecasts for 2024-2026 are estimated at RMB 13.975 billion, RMB 15.764 billion, and RMB 17.977 billion, respectively, with net profits projected to be RMB 640 million, RMB 784 million, and RMB 910 million [34][41]. - The company is actively advancing the construction of a silver nitrate project, expected to be operational by the end of 2024, which will enhance supply chain stability and reduce raw material costs [18][34].