证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 张威震 邮箱：zhangwz5＠tebon.com.cn 相关研究 事件：4 月 23 日，洁美科技发布 2024 年一季度报告。2024 年 Q1，公司实现营 收 3.63 亿元，同比增长 17.87%；实现归母净利润 5331 万元，同比增长 69.19%； 实现扣非后归母净利润 5274 万元，同比增长 70.39%。 投资建议：我们调整公司 2024 至 2026 年营业收入预测至 21.12 亿元/28.74 亿元 /37.89 亿元，调整公司归母净利润预测至 3.64 亿元/5.15 亿元/6.98 亿元，以 4 月 23 日收盘价计算，对应 2024 至 2026 远期 PE 分别为 23.53 倍/16.62 倍/12.28 倍，维持"买入"评级。 [Table_Finance] 主要财务数据及预测 2 / 4 请务必阅读正文之后的信息披露和法律声明 公司点评 洁美科技（002859.SZ） 陈蓉芳，电子组长，南开大学本科，香港中文大学硕士，电子板块全覆盖，对于汽车电子、消费电子 ...

1. 产品更新换代不及预期 2. 行业出现新进入者，竞争加剧，转而侵蚀毛利率新产品渗透率不及预期 3. 新产品渗透率不及预期 请务必阅读正文后的信息披露和法律声明 19 / 21 公司首次覆盖 思维列控（603508.SH） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------------------------|-------|------------------------|-------|-------------------------|-------|-------| | 财务报表分析和预测 \n主要财务指标 | 2023A | 2024E | 2025E | 2026E | 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | | 每股指标 ( 元 ) | | | | | 营业总收入 | | 1,180 1,339 1,486 1,652 | | | | 每股收益 | | | ...

Investment Rating - The report maintains a "Buy" rating for Zhongtai Co., Ltd. (300435.SZ) [3] Core Views - The overseas market remains buoyant, and the company is expected to achieve significant growth in performance throughout 2024 [2][6] - The company reported a Q1 2024 revenue of 816 million yuan, a year-on-year decrease of 14.24%, while the net profit attributable to shareholders was 70 million yuan, a year-on-year increase of 0.51% [2] - The company secured new orders worth 1.818 billion yuan in 2023, with overseas orders increasing by 335%, accounting for over 30% of new contracts [6][7] Summary by Sections Market Performance - The company’s stock price is currently at 13.67 yuan, with a 52-week price range of 10.78-15.25 yuan [3][12] - The absolute growth rates for the stock compared to the CSI 300 index show a decline of 34% as of April 2023 [5] Financial Data and Forecast - The company is projected to achieve revenues of 3.597 billion yuan, 4.007 billion yuan, and 4.388 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 18%, 11.4%, and 9.5% [8][12] - The net profit attributable to shareholders is expected to be 452 million yuan, 552 million yuan, and 630 million yuan for the same years, with growth rates of 29%, 22.2%, and 14.2% [8][12] Business Opportunities - The company is positioned to benefit from a new wave of equipment upgrades in the domestic market, driven by government policies promoting energy-efficient and environmentally friendly equipment [7] - The gas operation segment is improving, with a significant project in Shandong generating revenue of 48.24 million yuan in 2023 [8]

Investment Rating - The report maintains a "Buy" rating for Jintian Co., Ltd. (601609.SH) [2][5] Core Views - The company's performance continues to improve, with copper processing production and sales reaching historical highs. The structure of flat wire products is continuously optimized, and capacity expansion is steadily advancing [2][4] - In 2023, the company achieved a revenue of 110.5 billion yuan, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 527 million yuan, a year-on-year increase of 25.37% [4][18] - The company’s copper and copper alloy material production reached 1.9122 million tons in 2023, a year-on-year increase of 9.38%, with external sales of 1.8555 million tons, a year-on-year increase of 15.22% [4][18] Financial Summary - Revenue projections for 2024-2026 are 128.573 billion yuan, 143.207 billion yuan, and 158.167 billion yuan respectively, with net profits of 689 million yuan, 882 million yuan, and 1.04 billion yuan respectively [5][8] - The company’s P/E ratios for 2024-2026 are projected to be 13.37, 10.45, and 8.86 respectively [5][8] - The gross profit margin is expected to improve from 2.3% in 2023 to 2.5% in 2026 [8][18]

Investment Rating - The report maintains a "Buy" rating for Zhongzhou Special Materials (300963.SZ) [10][19]. Core Views - The company reported a revenue increase of 24.42% year-on-year, reaching 1.085 billion yuan in 2023, while the net profit attributable to shareholders grew by 3.15% to 82.53 million yuan. However, the non-recurring net profit decreased by 4.49% to 74.41 million yuan [2]. - The subsidiary Jiangsu Xinzhongzhou faced profit pressure, with revenue increasing to 635.32 million yuan, up 29.5% from 2022, but net profit decreased by 63.1% to 7.75 million yuan due to price concessions on large orders and increased inventory of semi-finished products amid declining metal prices [3]. - The company is expanding its production capacity, with the second and third phases of Jiangsu Xinzhongzhou expected to contribute to future profits as they progress towards trial production [3][19]. - The demand for high-temperature alloys in China is projected to grow significantly, with the market size expected to reach over 30 billion yuan by 2025, driven by applications in various industries including aerospace, petrochemicals, and renewable energy [12]. Financial Summary - In 2023, the company achieved a total revenue of 1.085 billion yuan, with a projected revenue growth to 1.341 billion yuan in 2024 and 1.845 billion yuan by 2026 [14][19]. - The net profit is expected to rise from 83 million yuan in 2023 to 198 million yuan by 2026, reflecting a strong growth trajectory [15][19]. - The gross margin is projected to improve from 17.4% in 2023 to 20.9% by 2026, indicating enhanced profitability [15].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company's 2023 performance met expectations, with a net profit showing a recovery growth. The total revenue for 2023 was 5.145 billion, representing a year-on-year increase of 24.41%. The net profit attributable to shareholders was 225 million, aligning with the previous forecast [12] - The medical beauty business is experiencing high-quality growth driven by both internal growth and external acquisitions, with a revenue of 2.127 billion in 2023, up 27.75% year-on-year. The gross margin for the medical beauty segment was 53.15%, an increase of 3.27 percentage points [12] - The clothing business is positioned in the mid-to-high-end market, with a revenue of 1.984 billion in 2023, reflecting a growth of 29.27%. The online sales channel has seen significant growth, with online revenue reaching 739 million, up 45.29% [12] Financial Summary - Total revenue projections for 2024-2026 are 5.988 billion, 6.638 billion, and 7.238 billion respectively, with corresponding net profits of 308 million, 389 million, and 479 million [4][12] - The company is expected to maintain a net profit growth rate of 36.8%, 26.3%, and 23.2% for the years 2024, 2025, and 2026 respectively [12] - The projected P/E ratios for 2024, 2025, and 2026 are 23.2X, 18.4X, and 14.9X respectively, indicating a favorable valuation trend [12]

[Table_Main] 证券研究报告 | 公司点评 银泰黄金(000975.SZ) 2024年04月24日 银泰黄金：产量符合规划，黄金 买入（维持） 所属行业：有色金属/贵金属 成本下降 当前价格(元)：18.56 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件。公司发布 2024年一季度报告，报告期内，公司实现营业收入 27.7亿元，  邮箱：zhaikun＠tebon.com.cn 同比提升 26.52%；实现归母净利润 5.0亿元，同比提升 69.73%；实现扣非归母 张崇欣 净利润5.0亿元，同比提升78.23%。 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 生产平稳，黄金成本下降。从公司的产品产销情况来看，2024年第一季度公司实  高嘉麒 现黄金产量1.98吨、销量2.28吨，白银产量20.88 吨、销量29.64吨， 铅 产 量 资格编号：S0120523070003 1,086.92 吨、销量1,468.49吨，锌产量1,383.66吨、销量2,347.93吨。成本方 邮箱：gaojq＠tebon.com.cn 面， ...

Investment Rating - The investment rating for the company is "Accumulate" [1][15] Core Views - The company's profitability is steadily improving, with gross margin and net margin reaching 29.81% and 11.74% respectively in 2023, an increase of 1.31 percentage points and 1.12 percentage points year-on-year [2] - In Q4 2023, the company achieved operating revenue of 830 million yuan, a year-on-year increase of 18.03%, and a net profit attributable to the parent company of 65 million yuan, up 42.63% year-on-year [2] - The company is increasing its investment in new product research and development, focusing on humanoid robots and intelligent manufacturing equipment [3] Financial Performance - In 2023, the company reported total revenue of 3.077 billion yuan, a year-on-year increase of 6.1%, and a net profit of 317 million yuan, up 22.4% year-on-year [13] - The company’s R&D expenses for 2023 reached 147 million yuan, an increase of 10.57% year-on-year, while management and sales expenses also saw increases of 9.14% and 9.89% respectively [2] - The company expects revenues of 3.495 billion yuan, 3.942 billion yuan, and 4.479 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 355 million yuan, 438 million yuan, and 486 million yuan [15][18] Product and Market Strategy - The company is strategically focusing on humanoid robots, smart manufacturing equipment, and industrial devices, enhancing its capabilities in high-precision screw technology [3] - The automotive parts segment has shown significant growth, with revenue from automotive components reaching 469 million yuan in 2023, a year-on-year increase of 43.14% [14]

[Table_Main] 证券研究报告 | 公司点评 上海家化(600315.SH) 2024 年 04 月 23 日 增持（维持） 市场表现 -46% -34% -23% -11% 0% 11% 23% 2023-04 2023-08 2023-12 上海家化 沪深300 | --- | --- | --- | --- | |--------------------------------|-------------|-------------|------------| | | | | | | 沪深 300 对比 绝对涨幅 | 1M | 2M | 3M | | (%) 相对涨幅 (%) | 5.99 7.08 | 6.44 5.88 | 6.44 -2.49 | | 资料来源：德邦研究所，聚源数据 | | | | 1.《上海家化：23 年业绩承压，看好 组 织 架 构 调 整 释 放 增 长 活 力 》， 2024.3.17 2.《上海家化：23Q3 业绩承压，组织 架 构 调 整 有 望 焕 发 新 活 力 》， 2023.10.26 3.《上海家化：23H1 恢复性增长，电 商转型成效明显》，2023 ...

[Table_Main] 证券研究报告 | 公司点评 东方雨虹(002271.SZ) 2024年04月23日 买入（维持） 东方雨虹（002271.SZ）：Q1 业绩 所属行业：建筑材料/装修建材 符合预期，静待行业触底企稳 当前价格(元)：12.99 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：公司2024年一季度实现收入71.49亿元（-4.61%），归母净利润3.48亿元（- 邮箱：yanguang＠tebon.com.cn 9.81%），扣非归母净利润3.1亿元（-4.39%）。 研究助理 受地产下行拖累，Q1收入业绩同比小幅下滑。进入24年，地产行业整体依旧承压， 24 年 Q1 全国房地产开发投资同比下降 9.5%，地产销售/新开工同比分别下降 19.4%/27.8%，房企经营压力增大，地产链需求持续承压，公司一季度收入业绩小 市场表现 幅下滑。当前在地产及产业链下行周期，公司积极战略调整，工程业务加速一体化 东方雨虹 沪深300 公司渠道下沉，提升渠道业务占比，同时，以民建集团、德爱威涂料零售、建筑修 11% 缮集团雨虹到家服务为代表的C端零售业务保持稳健增长，20 ...