[Table_Main] 证券研究报告 | 公司点评 长海股份(300196.SZ) 2024 年 04 月 23 日 买入（维持） 所属行业：建筑材料/玻璃玻纤 当前价格(元)：10.80 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 王逸枫 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 研究助理 市场表现 -34% -23% -11% 0% 11% 长海股份 沪深300 -46% | --- | --- | --- | --- | |--------------------------------|------------|------------|----------| | -57% 2023-04 | 2023-08 | 2023-12 | | | 沪深 300 对比 绝对涨幅 (%) | 1M 11.69 | 2M 16.50 | 3M 12.27 | | 相对涨幅 (%) | 12.78 | 15.94 | 3.34 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《长海股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong Q1 2024 performance with revenue of 2.584 billion yuan, a year-on-year increase of 38.34%, and a net profit of 515 million yuan, up 157.03% year-on-year [3] - The growth in revenue and profit is attributed to the high demand for high-speed multi-layer PCBs driven by emerging computing fields such as AI servers [3] - The company is expected to benefit from the ongoing growth in AI-related business and the optimization of production capacity, which will enhance customer stickiness [4] Summary by Sections Market Performance - The absolute increase in stock price was -7.19% from April to August 2023, with a relative increase of -6.10% [2] Financial Performance - Q1 2024 revenue reached 2.584 billion yuan, marking the highest growth rate since 2020 [3] - The gross margin for Q1 was 33.86%, an increase of 8.13 percentage points year-on-year, while the net margin was 19.66%, up 8.94 percentage points year-on-year [3] - The company’s revenue forecast for 2024 to 2026 has been adjusted to 11.944 billion yuan, 14.847 billion yuan, and 17.977 billion yuan respectively, with net profit forecasts of 2.283 billion yuan, 2.930 billion yuan, and 3.712 billion yuan [5] Business Segments - The AI demand is driving continuous high growth in the company's server and data communication switch PCBs, with AI server-related revenue increasing from 7.89% in 2022 to 25.59% in the second half of 2023 [4] - The automotive segment generated approximately 2.158 billion yuan in revenue in 2023, a year-on-year increase of 13.74%, with a gross margin of about 25.65% [4]

[Table_Main] [Table_Summary] 医疗新观察： 本周，我们重点关注了减肥行业的动态，科技进展以及不良减肥方法可能导 致的并发症后遗症。随着健康意识的提高，减肥已成为许多人追求的目标，但 不当的减肥方法可能带来严重的健康问题。 1. 司美格鲁肽医保争议：司美格鲁肽是一种胰高血糖素样肽-1(GLP-1)受体 激动剂，能激活 GLP-1 受体，促进分泌胰岛素，同时抑制胰高糖素分泌， 降低食欲和减缓胃部消化来减少食物摄入量，有助于减少体内脂肪。国家 医保局于 4 月 16 日对外发布《2024 年医保基金违法违规问题专项整治 工作方案》政策解读，提出对"超量开药、超范围用药、倒卖医保药品等 行为进行查处"，并点名提到司美格鲁肽。尽管司美格鲁肽注射液已被纳 入国家医保目录，但其支付范围仅限于与成人 2 型糖尿病相关的两种特定 情形。对于减肥这一用途，并不在医保支付范围之内，因此无法通过医保 进行报销。这一说明旨在明确医保政策对于该药物的支付限制，确保医保 资金使用的合规性和有效性。 1. 疗效或超司美格鲁肽的新药在华申请临床：4 月 10 日，中国国家药品监 督管理局药品审评中心（CDE）官方网 ...

[Table_Main] 证券研究报告 | 公司点评 电连技术(300679.SZ) 2024 年 04 月 23 日 | --- | --- | --- | |---------------------------|---------------------------|----------------------------------------| | 电连技术（ 买入（维持） | ）： 24Q1 | 300679.SZ 单季度利润创 | | | | 历史新高，车载高速连接器龙头持续超预期 | | 所属行业：电子 / 消费电子 | | | | 当前价格 ( 元 ) ： 41.45 | 2024 年 Q1 业绩点评 | 年年度报告及 | 投资要点 事件：4 月 22 日，公司发布 2023 年年度报告以及 2024 年第一季度报告。根据 公司披露报告，2024 年一季度公司实现营收 10.4 亿元，同比增长 68.77%；实现 归母净利润 1.62 亿元，同比增长 244.43%；扣非净利润为 1.51 亿元，同比增长 252.06%。 单季度利润创历史新高，车载高速连接器龙头持续超预期。2024 年 Q ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated rapid growth in its 2023 annual report, with operating revenue reaching 1.159 billion yuan, a year-on-year increase of 8.71%, and a net profit attributable to shareholders of 256 million yuan, up 32.48% year-on-year [4] - The company has successfully developed a series of chip inductors specifically for AI chips, achieving mass production and strong product competitiveness, with significant orders from leading GPU manufacturers [4] - The company plans to expand its chip inductor production capacity from 5 million pieces per month in 2023 to 10-15 million pieces per month in early 2024, indicating a promising growth outlook for chip inductors [4] Financial Performance Summary - In 2023, the company's revenue from magnetic soft magnetic powder cores in communication and server power supply applications saw rapid growth, while the automotive and photovoltaic sectors remained stable [5] - The company forecasts revenues of 1.588 billion yuan, 2.118 billion yuan, and 2.592 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 353 million yuan, 476 million yuan, and 576 million yuan for the same years [5] - The average annual compound growth rate of net profit from 2023 to 2026 is expected to be 31.09% [5] Stock Data and Valuation - The total market capitalization of the company is approximately 11.05 billion yuan, with a total share capital of 198.86 million shares [6] - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 31.24, 23.18, and 19.17 respectively [6] - The company's gross margin is expected to remain around 39.6% in 2024, slightly decreasing to 38.9% by 2026 [6]

| --- | --- | |-----------------------------------------------------|------------------------------| | 章源钨业（ 买入（维持） | 002378.SZ ）：钨粉末 | | 所属行业：有色金属 / 小金属 当前价格 ( 元 ) ： 6.63 | 业务筑盈利底，澳克泰有望打开 | | 证券分析师 | 向上空间 | 事件：公司披露 2023 年报。公司全年实现营收 34.0 亿元，同比+6.15%；实现归 母净利 1.44 亿元，同比-29.21%；实现扣非归母净利润 1.35 亿元，同比-20.41%， 主要系全资子公司澳克泰产生亏损，棒材类产品市场价下滑，且产能未完全释放 以致毛利倒挂，产生存货减值；以及为开拓市场导致销售费用大幅增加；全年亏 损 4875.39 万元。公司 2023Q4 单季度实现营收 8.82 亿元，同比+26.5%，实现 归母净利 0.34 万元，同比+32.2%，环比+42.0%，同环比均有所改善。公司计划 现金分红 7209 万元，股利支付率达 50.07%。 澳克泰因销售费用增加以 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 748 billion yuan for Q1 2024, a year-on-year increase of 0.22% and a quarter-on-quarter increase of 9.33%. The net profit attributable to shareholders was 62.6 billion yuan, reflecting a year-on-year growth of 15.05% and a quarter-on-quarter growth of 26.37% [6] - The company has effectively implemented cost control measures, resulting in a significant decrease in operating costs for overseas projects. The unit sales costs for gold and copper concentrates decreased by 14% and 13% respectively, contributing to a notable increase in gross profit margins [6] - The production of gold and copper increased in Q1 2024, driven by rising prices and effective cost management. The gross margin for mining enterprises reached 54.50%, up 0.97 percentage points year-on-year and 8.88 percentage points quarter-on-quarter [6] Financial Performance Summary - For Q1 2024, the company produced 16.8 tons of gold (up 5% year-on-year), 263,000 tons of copper (up 5% year-on-year), and 98,000 tons of zinc (down 9% year-on-year) [6] - The average domestic gold spot price in Q1 2024 was 489.18 yuan per gram, a year-on-year increase of 16.3%. The unit sales costs for gold bars and gold concentrates were 276.72 yuan per gram and 145.17 yuan per gram, with gross margins of 41.47% and 66.75% respectively [6] - The average copper spot price was 69,432 yuan per ton, a year-on-year increase of 1.5%. The unit sales costs for copper concentrates and electrolytic copper were 18,546 yuan per ton and 32,155 yuan per ton, with gross margins of 63.77% and 44.77% respectively [6] Production Capacity and Future Outlook - The company plans to increase copper production at its flagship mines, with the Kamoa Copper Mine expected to produce 50.7 million tons in 2024 and the Giant Copper Mine projected to produce 16.6 million tons [7] - The company forecasts gold production to reach 74 tons in 2024, 90 tons in 2025, and 99 tons in 2026, while copper production is expected to be 1.11 million tons in 2024, 1.17 million tons in 2025, and 1.34 million tons in 2026 [7] - The projected net profits for 2024, 2025, and 2026 are 26 billion yuan, 32.6 billion yuan, and 35.6 billion yuan respectively, with year-on-year growth rates of 23.2%, 25.4%, and 9.2% [7]

分析师声明 法律声明 买入（维持） 证券分析师 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 研究助理 卢璇 邮箱：luxuan＠tebon.com.cn 市场表现 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | 2023-04 \n沪深 300 对比 | 2023-08 \n1M | 2023-12 \n2M | 3M | | 绝对涨幅 (%) | -1.76 | -2.36 | 6.13 | | 相对涨幅 (%) | -1.36 | -3.63 | -3.57 | | 资料来源：德邦研究所，聚源数据 | | | | 1.《九丰能源（605090.SH）：一主两 翼持续深化，能服+特气加速成长》， 2024.4.10 2.《九丰能源（605090.SH）：23 年预 计归母净利润符合预期，提升股东回 报彰显长期发展信心》，2024.1.25 3.《九丰能源（605090.SH）：拟投建 海南商发特气项目，特气"自 ...

[Table_Main] 证券研究报告 | 公司点评 兴齐眼药(300573.SZ) 2024年04月23日 兴齐眼药（300573.SZ）：经营符合预 买入（维持） 期，阿托品即将驱动公司高速成长 所属行业：医药生物/化学制药 当前价格(元)：217.00 证券分析师 投资要点 陈进 事件：公司发布2023年报，实现营业收入14.68亿元，同比增长17.4%；归母净利 资格编号：S0120521080001 润2.4亿元，同比增长13.4%；扣非净利润2.4亿，同比增长15.6%。 邮箱：chentl＠tebon.com.cn 23Q4经营超预期，环孢素持续加速放量。公司23Q4营收3.63亿（+47.7%），归母 净利润5770万（+552.3%），均超预期。收入分结构看，23年医药制造实现营业 收入10.9亿元（+32.6%），医疗服务收入3.5亿元（-13.5%）；其中，医药制造中 的凝胶剂/眼膏剂、滴眼剂实现收入分别为 3.74 亿、6.63 亿元，同比增速分别为 18.4%、47.9%。滴眼剂高增速我们认为主要系干眼症首仿药物环孢素滴眼液于 2021年新进医保谈判目录后持续快速放量，23年预计销售 ...

[Table_Main] 证券研究报告 | 公司点评 拓普集团(601689.SH) 2024年04月23日 拓普集团：2023 年收入业绩稳健 买入（维持） 所属行业：汽车/汽车零部件 增长，Tier0.5 模式持续推进 当前价格(元)：51.50 单击或点击此处输入文字。 投资要点 证券分析师 邓健全 公司发布 2023年年报，收入业绩稳健增长。2024年 4 月 22 日，拓普集团发布 资格编号：S0120523100001  2023 年年度报告。2023 年全年公司实现营收 197.0 亿元，同比+23.18%；实现 邮箱：dengjq＠tebon.com.cn 归母净利润 21.5 亿元，同比+26.49%；实现扣非归母净利润 20.2 亿元，同比 赵悦媛 +22.07%。从单季度来看，2023Q4公司实现营收55.49亿元，同比+13.49%；实 资格编号：S0120523100002 现归母净利润 5.54 亿元，同比+12.62%。从盈利能力上看，2023 年公司毛利率 邮箱：zhaoyy5＠tebon.com.cn 为 23.03%，同比+1.42pct；净利率为 10.91%，同比+0 ...