[Table_Main] 证券研究报告 | 行业周报 电气设备 2024年5月5日 电气设备 产业链价格低迷，国内前三月光伏 装机维持增长 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 彭广春 资格编号：S0120522070001 全产业链各环节亏损，短期内市场呈现非理性竞争。据中国有色金属工业协会硅业  邮箱：penggc＠tebon.com.cn 分会，4月 20日至 4月 24日多晶硅价格再度下滑。其中 n型棒状硅成交价格区 研究助理 间为4.50-5.20万元/吨，成交均价为4.92万元/吨，环比下跌6.29%。p型致密料 成交价格区间为4.00-4.50万元/吨，成交均价为4.28万元/吨，环比下跌6.75%。 n/p棒状硅价差为0.41万元/吨，价差持续收窄。n型颗粒硅成交价格区间为4.20- 4.40万元/吨，成交均价为4.30万元/吨，环比下降9.47%。据统计，4月20日至 市场表现 4月 24日，n型棒状硅有 7家企业成交，p型棒状硅有 6家企业成交，成交量一 般，仅有少数企业成交千吨以上。目前，市场价格的持续下跌也对市场成交造成负 30% 面反馈 ...

投资建议：润本股份产品矩阵丰富，未来将拓展产品品类，拓宽销售渠道建设，进 一步加强对线上渠道以及线下渠道的布局。预计 24-26 年营收为 13.43 亿/16.65 亿/19.82 亿，归母净利润为 2.90 亿/3.64 亿/4.38 亿，同增 28.1%/25.6%/20.4%， PE 为 26.0X/20.7X/17.2X，维持"增持"评级。 风险提示： 行业竞争加剧风险；电商平台流量提升；热销品依赖度过高风险。 分析师与研究助理简介 分析师声明 本报告仅供德邦证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况 下，本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，本公司不对任何人因使用本报告中的任何内容 所引致的任何损失负任何责任。 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可 能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。 市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别 ...

[Table_Main] 证券研究报告 | 公司点评 华熙生物(688363.SH) 2024年05月05日 华熙生物：24Q1 利润拐点明 买入（维持） 所属行业：美容护理/医疗美容 显，降本增效期待 618 表现 当前价格(元)：61.50 单击或点击此处输入文字。 证券分析师 投资要点 易丁依 资格编号：S0120523070004  华熙生物24Q1扣非+53%，增长拐点明显。1）2023年：实现营收60.76亿/yoy- 4.45%，归母净利润 5.93 亿/yoy-38.97%，扣非归母净利润 4.9亿/yoy-42.44%。 邮箱：yidy＠tebon.com.cn 23全年盈利能力下滑，毛利率73.32%/-3.67pct，销售净利率9.59%/-5.53pct；费 用端基本稳定，销售费用率 47%/-1.0pct，管理费用率 8%/+2.0pct，研发费用率 7%/+1.0pct；2）23Q4：实现营收18.54亿/yoy-9.04%，归母净利润0.78亿/yoy- 市场表现 73.37%，扣非归母净利润0.58亿/yoy-77.07%。23Q4净利下跌，毛利率73.88%/- 华熙生物 ...

Investment Rating - The report maintains a "Buy" rating for Yongxin Optics (603297 SH) [16] Core Views - Yongxin Optics is expected to achieve revenue of 1 149/1 515/2 000 billion yuan in 2024-2026 with net profit of 307/413/549 million yuan [9] - The company's PE ratio is forecasted at 27/20/15 times for 2024-2026 based on April 30 market capitalization [9] - Key growth drivers include optical microscope business benefiting from equipment replacement laser radar and medical optics [3] Business Performance Optical Microscope - NEXCOPE series revenue grew from 4 million yuan in 2018 to 140 million yuan with over 100% CAGR [3] - 2023 revenue reached 414 million yuan up 15 76% YoY though gross margin decreased by 0 9pct to 39 29% [8] - Potential growth from China's equipment replacement policy with positive customer feedback [3] Laser Radar - 2023 revenue exceeded 90 million yuan up over 50% YoY entering mass production phase [3] - Secured new projects from Hesai and Tudatong in Q1 2024 expected to drive further growth [3] Medical Optics - 2023 revenue reached 63 million yuan exceeding equity incentive targets [3] - Established deep cooperation with domestic and international medical companies achieving batch shipments [3] Barcode Scanning - Quarterly growth since Q3 2023 expected to accelerate recovery in 2024 [3] - Secured module orders from Zebra and Honeywell with batch shipments starting H2 2024 [3] Financial Performance - 2023 revenue reached 854 million yuan up 3 02% YoY though net profit declined 15 64% to 235 million yuan [18] - Q1 2024 revenue grew 14 74% YoY to 216 million yuan with net profit of 46 million yuan [18] - Gross margin improved to 37 71% in Q1 2024 up 2 2pct QoQ though down 0 98pct YoY [8] - R&D investment reached 92 million yuan in 2023 up 15 58% YoY [19] Future Outlook - Expected revenue growth of 34 6%/31 8%/32 0% for 2024-2026 [11] - Forecasted net profit growth of 30 3%/34 8%/32 8% for 2024-2026 [11] - Gross margin projected to improve to 39 8%/40 7%/41 0% in 2024-2026 [11] - ROE expected to increase from 13 0% in 2023 to 17 8% in 2026 [11]

Investment Rating - The report maintains a "Buy" rating for Wanxin Media (601801.SH) [1] Core Views - The company achieved stable profit growth in 2023, with a significant increase in the dividend payout ratio, proposing a cash dividend of RMB 3.05 per 10 shares, totaling RMB 5.97 billion, which is approximately 68.90% of the net profit attributable to shareholders [4][12] - The "AI + Education" initiative is expected to gradually establish a commercial model, with various projects such as smart classrooms and reading systems being developed [5][12] - The traditional business, including general books and teaching materials, showed steady growth, with general book revenue increasing by 23.4% year-on-year in Q1 2024 [11] Financial Performance Summary - In 2023, the company reported total revenue of RMB 112.44 billion (YoY -3.79%), with a net profit of RMB 9.36 billion (YoY +32.21%) and a non-net profit of RMB 7.54 billion (YoY +9.66%) [4] - For Q1 2024, revenue was approximately RMB 29.29 billion (YoY -5.44%), with a net profit of about RMB 2.93 billion (YoY -13.28%) and a non-net profit of RMB 3.15 billion (YoY +17.13%) [4] - The company expects revenue for 2024-2026 to be RMB 116.76 billion, RMB 120.36 billion, and RMB 125.16 billion, respectively, with net profits projected at RMB 8.56 billion, RMB 10.14 billion, and RMB 11.92 billion [12] Business Development Summary - The company completed 54 smart classroom projects and organized over 100 training sessions for smart schools [5] - The traditional business is focusing on reducing low-margin operations while expanding high-margin educational services [11] - The company has developed a reading evaluation system and enhanced teacher training programs, serving over 150,000 teachers [5]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 4.697 billion yuan in 2023, a decrease of 20.97% year-on-year, with a net profit of 48 million yuan, down 89.01% [5] - In Q1 2024, the company reported a revenue of 1.289 billion yuan, representing a year-on-year increase of 51.13%, while net profit reached 30 million yuan, up 123.35% year-on-year [5] - The company is transitioning to a Fab-lite model, with the new factory in Lingang expected to enhance production capabilities and competitiveness in high-end image sensors [6] Financial Performance Summary - Revenue for 2023 was 4.697 billion yuan, with a net profit of 48 million yuan [7] - Projected revenues for 2024, 2025, and 2026 are 6.426 billion yuan, 8.095 billion yuan, and 9.274 billion yuan respectively [10] - The company expects net profits to rise significantly to 268 million yuan in 2024, 561 million yuan in 2025, and 655 million yuan in 2026 [9][10] Product and Market Development - The company successfully launched high-pixel single-chip products, with significant contributions from 32M and 50M products in Q1 2024 [5] - The company’s mobile CIS revenue for 2023 was 2.242 billion yuan, down 43.60%, while non-mobile CIS revenue increased by 13.43% to 1.210 billion yuan [5] - The company is expanding its product offerings in the display driver segment, with new orders for LCD TDDI products and plans for AMOLED driver ICs [6] Future Outlook - The company is expected to achieve revenues of 6.426 billion yuan in 2024, with a projected net profit of 268 million yuan, reflecting a significant recovery from previous years [8][10] - The report anticipates a strong growth trajectory for the company, with expected net profit growth rates of 455.1% in 2024 and 109.5% in 2025 [8]

[Table_Main] 证券研究报告 | 公司点评 百润股份(002568.SZ) 2024年05月04日 买入（维持） 百润股份（002568.SZ）：营收稳固增 所属行业：食品饮料/非白酒 长，费用投放短期影响盈利 当前价格(元)：20.40 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布2023年年报和2024年一季报。2023年公司实现营业收入32.64  邮箱：xiongpeng＠tebon.com.cn 亿元，同比+25.85%；实现归母净利润8.09亿元，同比+55.28%；实现扣非归母 研究助理 净利润7.79亿元，同比+60.08%；其中2023Q4实现营业收入8.07亿元，同比- 14.90%；实现归母净利润1.44亿元，同比-33.37%；实现扣非归母净利润1.29亿 尤诗超 元，同比-36.87%。2024Q1公司实现营业收入8.02亿元，同比+5.51%；实现归 邮箱：yousc3＠tebon.com.cn 母净利润1.69亿元，同比-9.80%；实现扣非归母净利润1.61亿元，同比-13.79%。 市场表现 各品类稳固增长，精细化渠道运营效果 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [10][8]. Core Insights - The company achieved a significant milestone in 2023 with total revenue exceeding 10 billion yuan, with a year-on-year growth of 16.2%. However, the net profit decreased by 35.8% to 235 million yuan [25][3]. - In Q1 2024, the company reported a revenue increase of 10.4% year-on-year, with net profit rising by 28.2% to 130 million yuan, indicating a recovery in profitability [18][25]. - The company has seen a notable improvement in its sales channels, particularly in the North China and e-commerce sectors, which experienced growth rates of 21.9% and 182.8% respectively in 2023 [3]. Financial Summary - The company’s total revenue for 2023 was 10,121 million yuan, with projections for 2024, 2025, and 2026 at 11,330 million yuan, 12,904 million yuan, and 14,261 million yuan respectively [4][10]. - The gross margin for 2023 was 10.7%, with expectations of improvement to 11.3% in 2024 [4][10]. - The net profit margin for 2023 was 2.3%, with forecasts of 2.5% for 2024 and 3.0% for 2026 [4][10]. - The company’s total assets were reported at 7,409.34 million yuan, with a total market capitalization of approximately 7,410.68 million yuan [4][3]. Operational Highlights - The company opened 201 new stores in 2023, enhancing its store image and quality [3]. - The sales expense ratio decreased by 0.50 percentage points, while the management expense ratio saw a slight increase of 0.01 percentage points [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a significant profit turning point in Q1 2024, with a notable increase in net profit and a clear growth trajectory [4] - The company's functional skincare business is gradually improving, with a clear product positioning and a strengthening multi-brand matrix [5][7] - The medical aesthetics business is entering a harvest period, showing substantial revenue growth [5] - The raw materials business has also seen significant revenue growth, with an ongoing optimization of product structure [6] Financial Performance Summary - In 2023, the company achieved revenue of 6,076 million yuan, a year-on-year decrease of 4.45%, and a net profit of 593 million yuan, down 38.97% year-on-year [4][9] - The gross margin for 2023 was 73.32%, a decrease of 3.67 percentage points, while the net profit margin was 9.59%, down 5.53 percentage points [4] - For Q1 2024, the company reported revenue of 1,361 million yuan, a year-on-year increase of 4.24%, and a net profit of 243 million yuan, up 21.39% year-on-year [4] - The company anticipates revenue growth to reach 65.60 billion yuan in 2024, with net profit projected at 8.65 billion yuan, reflecting a year-on-year growth of 46.0% [7] Business Segment Insights - The functional skincare segment faced challenges in 2023, with revenue declining to 3,757 million yuan, down 18.45% year-on-year, but strategic adjustments are expected to lead to a revenue turnaround [5] - The medical terminal business achieved revenue of 1,090 million yuan in 2023, a year-on-year increase of 58.95%, with core products showing exceptional growth [5] - The raw materials segment generated revenue of 1,129 million yuan, up 15.22% year-on-year, with a focus on high-margin pharmaceutical-grade hyaluronic acid [6]

[Table_Main] 证券研究报告 | 公司点评 润本股份(603193.SH) 2024 年 05 月 05 日 所属行业：美容护理/个护用品 当前价格(元)：18.63 市场表现 -34% -23% -11% 0% 11% 润本股份 沪深300 -46% 相关研究 润本股份：23&24Q1 利润率维持高 投资要点 润本股份 23&24Q1 增长加速，盈利能力上行。1）2023 年：实现营收 10.33 亿 /+20.66%，归母净利润 2.26 亿/+41.23%，扣非归母净利 2.19 亿/+41.64%，业绩 落在此前业绩预告中值；2）23Q4：营收 2.09 亿/+19.72%，归母净利润 0.45 亿 /+58.54%，扣非归母净利 0.42 亿；3）24Q1：营收 1.67 亿/+10.02%，归母净利 润 0.35 亿/+67.93%，扣非归母净利 0.31 亿/+45.36%，预计 Q1 受到天气影响驱 蚊需求，毛利率达 55.69%/+2.85pcts，我们预计得益于高毛利产品占比提升；费 用控制稳定，销售/管理/研发费率分别为 30.15%/+1.2pct、4.32%/-0.3pct ...