◆ 朗源股份 雪榕生物 绿康生化 双塔食品 华绿生物 涨幅前五 57.3% 31.2% 23.2% 18.1% 16.8% ST天邦 *ST天山 驱动力 *ST傲农 *ST佳沃 跌幅前五 -21.8% -9.1% -6.3% -4.9% -3.7% ◆ ◆ ...

公司网址:www.avicsec.com 中航证券研究所发布 证券研究报告 公司将铸造高温合金和轻质合金整合进入子公司河北德凯,优势互补, 承接了多家主机厂和设计所多种新产品的研发任务。2023年，河北德凯实 现营业收入(10.54 亿元，+10.14%)，净利润(1.47 亿元，-9.26%)，营收实 现平稳增长，净利润略有下滑。 控股子公司青岛新力通主要生产石化、冶金、玻璃、热处理等行业所用 的裂解炉炉管和转化炉炉管、连续退火线(连续镀锌线)炉和辐射管、玻璃输 送辊、耐高温耐磨铸件等产品，广泛用于石油化工和冶金行业。2023年， 青岛新力通营业收入(12.01 亿元，+39.33%)，实现快速增长，净利润(1.81 亿元，+254.90%)，增速迅猛。 关于 2024 年度日常关联交易，公司预计采购类交易为 2.75 亿元，相 较于 2023 年实际发生额同比增长 137.75%；销售类交易为 0.45 亿元，相 较于 2023 年实际发生额同比增长 87.19%； 1铸造高温合金和轻质合金 2024年05月07日 证券研究报告 公司研究|军工公司点评 | --- | --- | --- | |----- ...

1 2024年05月07 证券研究报告|公司研究|军工公司点评 中航证券研究所发布 SAC执业证书:S0640123080006 2022A 2026E 1081.65 21.01 19.43 103.08 证券研究报告 我们的具体观点与判断如下： 联系电话:010-59219558 传真:010-59562637 圆中航证券有限公司 [证券研究报告] 邮箱：yanhui@avicsec.com 2024E 773.45 627.06 23.34 81.80 153.13 ● 2 光栅编码器业务板块,在国产化替代需求和下游需求释放的双重影 响下,公司作为国内高端光栅编码器的龙头企业之一,积极布局高端数控 机床领域以及半导体领域,同时禹衡光学完成工业母机等战略投资方引 进，有望拓展产业链资源，迎来业绩的提速发展; 具体内容详见正文。 风险提示：下游需求不及预期;产品技术研发不及预期;市场竞争加 ，盈利能力下滑。 请务必阅读正文之后的免责声明部分 资料来源： iFinD，公司公告，中航证券研究所 净资产收益率ROE (%) 7.03 8.70 中航证券研究所发布 请务必阅读正文之后的免责声明部分 正文目录 一、公 ...

Investment Rating - The investment rating for the company is "Buy" [2][49]. Core Views - The company has shown significant growth in revenue and profit, with a 22.66% increase in revenue to 4.12 billion and a 15.57% increase in net profit to 0.42 billion in 2023. This growth is attributed to enhanced market expansion capabilities across multiple sectors [74][56]. - The company is focusing on high-precision satellite navigation technology, which is expected to benefit from the integration of the "Beidou+" and "+Beidou" industry development trends, leading to new market opportunities [120][93]. - The company has established a full industry chain business model, integrating basic products, terminals, and data applications, which is expected to enhance its market competitiveness [117][45]. Revenue and Profit Analysis - In 2023, the company's revenue from high-precision GNSS boards/modules decreased to 0.64 billion, a decline of 22.15%, while the gross margin remained high at 63.98% [7][22]. - Revenue from data collection equipment increased by 20.48% to 2.14 billion, maintaining a stable gross margin of 58.68% [20][22]. - The agricultural machinery autonomous driving system saw a significant revenue increase of 119.74% to 0.55 billion, with a gross margin improvement to 26.71% [20][22]. Market Expansion and R&D Investment - The company has increased its R&D investment by 23.78% to 0.85 billion in 2023, with a stable growth in the number of R&D personnel [41][83]. - The company is actively expanding its market presence, particularly in emerging sectors such as drones, smart driving, and the Internet of Things, which are expected to provide substantial growth opportunities [46][120]. Financial Forecast - The company is projected to achieve revenues of 5.15 billion, 6.49 billion, and 8.33 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 0.49 billion, 0.59 billion, and 0.72 billion [49][94].

◆ 300 30% ◆ 20% 10% 0% -10% -20% ◆ -30% -40% 23-05 23-07 23-10 23-12 24-02 24-05 ◆ ◆ ◆ ...

① ② ① ② ① ② ③ 1 “ ” “ ” ...

① ② ① ② ① ② ③ 1 “ ” “ ” ...

公司网址：www.avicsec.com | --- | --- | --- | |---------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|------------------| | | | | | 纽威股份（603699） | 投资评级 | 买入 | | Q1 业绩同比+100%，下游多点开花成长可期 | | 维持评级 | | 报告摘要 | 2024年05月07日 收盘价(元): | 19.16 | | ◆ 事件: 公司发布 2023年年报和 2024年一季报, 2023 年公司实现营收 55.44 亿元, | 公司基本数据 | | | 同比增长 36.59%,归母净利润 7.22亿元,同比增长 54.85%;2024Q1实现营 | | | | 收 13.60亿元,同比增长 24.54%,归母净利润 1.97亿元,同比 ...

◆ 300 30% ◆ 20% 10% 0% -10% -20% ◆ -30% -40% 23-05 23-07 23-10 23-12 24-02 24-05 ◆ ◆ ◆ ...

300 30% 20% 10% 0% -10% -20% -30% -40% 23-04 23-07 23-09 23-12 24-02 24-04 ...