[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 ...

[Table_Main] 证券研究报告 |行业周报 传媒 2024年04月22日 传媒互联网行业周报：出海短剧 传媒 在 24 年 Q1 迎来了新一轮的爆 优于大市（维持） 证券分析师 发， META 发布 Llama3 开源 马笑 资格编号：S0120522100002 模型 邮箱：maxiao＠tebon.com.cn [Table_Summary] 研究助理 投资要点： 王梅卿  投资组合：腾讯控股、网易、恺英网络、上海电影、三七互娱、神州泰岳、吉比特、 邮箱：wangmq＠tebon.com.cn 姚记科技、汤姆猫、快手、芒果超媒、皖新传媒、百度集团、美团、分众传媒等。  投资主题：游戏，AI和VR，教育，短剧，影视动漫，广告，数据要素等。 市场表现  受益标的：港股海外公司阿里巴巴-SW、京东集团-SW、拼多多、爱奇艺、移卡、 阅文集团、美图公司、哔哩哔哩-W、猫眼娱乐、泡泡玛特、云音乐、祖龙娱乐、中 传媒 沪深300 手游、心动公司、东方甄选、巨星传奇等；A股主要有慈文传媒、掌阅科技、三人 20% 行、万达电影、浙数文化、电广传媒，南方传媒，中文传媒、电魂网络、冰川网络、 10% 0% 中文 ...

[Table_Main] 证券研究报告 | 公司点评 力量钻石(301071.SZ) 2024 年 04 月 22 日 所属行业：基础化工/非金属材料Ⅱ 当前价格(元)：31.96 赵雅楠 市场表现 -34% -23% -11% 0% 11% 力量钻石 沪深300 -46% 相关研究 投资要点 买入（维持） 证券分析师 资格编号：S0120523070002 邮箱：zhaoyn＠tebon.com.cn 张望 资格编号：S0120524010002 邮箱：zhangwang＠tebon.com.cn 研究助理 | --- | --- | --- | --- | |----------------------------------|----------------|--------------|-------| | -57% \n2023-04 \n沪深 300 对比 | 2023-08 \n1M | 2023-12 \n2M | 3M | | 绝对涨幅 (%) | -6.41 | 17.36 | 22.30 | | 相对涨幅 (%) | -5.31 | 14.90 | 13.98 | | 资料来源：德邦研究 ...

Investment Rating - The report maintains a "Buy" rating for the company Haisco (002653.SZ) [2] Core Views - The company is entering a harvest period with a rich pipeline of innovative drugs and significant growth potential [2][3] - The performance in Q1 2023 met expectations, with revenue growth of 20% year-on-year and a total revenue of 3.355 billion yuan, representing an 11.27% increase compared to the previous year [2][8] - The company has made significant progress in both domestic and international markets, particularly with its anesthetic product, achieving rapid market penetration and hospital access [2][3] Financial Performance - In Q1 2023, the net profit attributable to shareholders was 295 million yuan, a year-on-year increase of 6.51%, while the net profit after deducting non-recurring items was 242 million yuan, showing a remarkable growth of 153.20% [2][8] - The company plans to distribute a cash dividend of 2.00 yuan for every 10 shares to all shareholders [2] - For Q1 2024, the company expects revenue of 752 million yuan, a year-on-year increase of 20.60%, with a net profit of approximately 91.96 million yuan, reflecting a significant growth of 219.86% [2] Product Pipeline and Clinical Development - The company has 12 innovative Class 1 drugs entering clinical stages, indicating a robust pipeline [3] - Notable products include HSK21542 for postoperative pain, which has submitted an NDA in October 2023, and HSK16149 for diabetic peripheral neuropathy, with an NDA submission completed in November 2023 [3][9] - HSK7653, a long-acting diabetes medication, has completed its research and submitted relevant materials for review, with preparations for market launch already underway [3][9] Revenue and Profit Forecast - The company anticipates revenues of 3.876 billion yuan, 5.086 billion yuan, and 6.709 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.5%, 31.2%, and 31.9% [3][10] - The forecasted net profit for the same period is expected to be 552 million yuan, 897 million yuan, and 1.379 billion yuan, with growth rates of 86.9%, 62.6%, and 53.8% respectively [3][10]