2024Q1 扣非业绩高增，三梯次战略逐步落地 华龙证券研究所 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzqgs.com 市场数据 2024 年 04 月 25 日 当前价格（元） 27.11 52 周价格区间（元） 15.04-42.50 总市值（百万元） 9,205.48 流通市值（百万元） 8,657.19 总股本（万股） 33,956.05 流通股（万股） 31,933.58 近一月换手（%） 57.30 2024Q1 扣非归母净利润同比+74.7%，维持研发高投入驱动成长。 公司 2024Q1 归母净利润同比+74.7%，主要原因原因有二：一是 毛利率同比+4.9pct，或系销量增加摊薄成本；二是销售期间费用 率同比-2.1pct，其中销售费用率/管理费用率/研发费用率/财务费 用 率 同 比 +0.1pct/-0.5pct/+0.6pct/-2.3pct 。 其 中 研 发 费 用 同 比 +34.5%至 0.12 亿元，公司维持对新能源汽车零部件等研发项目高 投入，相关产品有望落地支撑公司业绩增长。 事件： 观点： 风险提示：宏观经济不及预期；产品定点不及 ...

Investment Rating - The investment rating for the company is "Accumulate" [13] Core Views - The company reported a revenue of 5.162 billion yuan in 2023, representing a year-on-year growth of 3.65%, while the net profit attributable to the parent company was 154 million yuan, a decrease of 12.62% year-on-year [13] - The company is actively integrating and optimizing its industrial chain, which is expected to lay a solid foundation for long-term development [13] - The company has seen significant growth in its nuclear energy sector, with new orders amounting to 517 million yuan in 2023, an increase of 154.60% year-on-year [13] Financial Performance Summary - The company’s revenue is projected to grow from 5.162 billion yuan in 2023 to 7.4 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 13.2% [6] - The net profit attributable to the parent company is expected to increase from 154 million yuan in 2023 to 258 million yuan in 2026, reflecting a growth rate of 14.0% [6] - The company’s return on equity (ROE) is forecasted to improve from 5.0% in 2023 to 6.7% in 2026 [6] Business Structure and Profitability - The company’s main business segments include traditional energy equipment (54.93%), new energy equipment (17.59%), and energy-saving and environmental protection equipment (7.31%) [13] - The gross profit margins for these segments are reported at 13.76%, 13.57%, and 16.81% respectively [13] - The company has increased its R&D expenditure, which now accounts for a higher percentage of total expenses, indicating a focus on technological innovation [13]

Investment Rating - The investment rating for the company is "Buy" (first coverage) [1] Core Views - The company achieved steady revenue growth in 2023, with a total revenue of 12.46 billion yuan, representing an 18.25% year-on-year increase, and a net profit attributable to shareholders of 1.56 billion yuan, up 27.75% year-on-year [1] - The company has set a target for new orders of 20.6 billion yuan in 2024, which is a 25% increase compared to the previous year [1] - The company is expected to benefit from domestic investment growth and overseas equipment renewal and new construction demands [1] Financial Performance Summary - In 2023, the company generated revenue from various segments: switchgear (5.58 billion yuan), coils (2.75 billion yuan), reactive power compensation (1.85 billion yuan), smart devices (1.00 billion yuan), and engineering contracting (0.92 billion yuan) [1] - The company’s overseas revenue reached 2.16 billion yuan in 2023, a 15.71% increase year-on-year, with overseas business accounting for 17% of total revenue [1] - The company’s financial forecasts for 2024-2026 predict net profits of 2.08 billion yuan, 2.54 billion yuan, and 3.07 billion yuan, respectively, with corresponding P/E ratios of 23.7, 19.4, and 16.1 [4][5]

Investment Rating - The investment rating for the company is "Buy" with initial coverage [1][2]. Core Views - The company reported a revenue of 4.63 billion yuan in 2023, representing a year-on-year increase of 36.7%, and a net profit attributable to shareholders of 609 million yuan, up 35.3% [1]. - In Q1 2024, the company achieved a revenue of 1.42 billion yuan, a year-on-year growth of 55.2%, and a net profit of 220 million yuan, reflecting a 66.2% increase compared to the same period last year [1]. - The company has a strong order backlog and is expected to benefit from overseas expansion and new products, particularly domain control products, which are projected to drive growth [2]. Financial Performance Summary - The company’s revenue and net profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 8.62 billion yuan, net profit of 862 million yuan - 2025: Revenue of 10.93 billion yuan, net profit of 1.09 billion yuan - 2026: Revenue of 13.34 billion yuan, net profit of 1.33 billion yuan [2][3]. - The projected P/E ratios for the years 2024, 2025, and 2026 are 31.2, 24.6, and 20.1 respectively [2][3]. Revenue Growth and Business Segments - The company’s revenue growth in Q4 2023 was driven by strong performance across various business segments, including: - Lighting control systems: +49.7% - Motor control systems: +60.5% - Energy management systems: +179.1% - Automotive electronics: +8.4% [1]. - The company has secured 73 new projects from major clients like BMW and Volkswagen, with an expected lifetime sales volume exceeding 100 million units [1]. Profitability Metrics - The company’s net profit margin for Q4 2023 was significantly higher than revenue growth, attributed to excellent cost control, with a decrease in expense ratios [1]. - The gross margin for Q1 2024 improved by 0.7 percentage points year-on-year, indicating better cost management and increased production efficiency [1]. Market Position and Future Outlook - The company is actively expanding its overseas presence, with plans to establish production facilities in Europe and North America by the end of 2024 [1]. - The introduction of high-value new products such as chassis controllers and domain controllers is expected to sustain high growth rates, benefiting from the accelerating trend of automotive intelligence [1].

数据来源：Wind，华龙证券研究所 盈利预测简表 点评报告 | --- | --- | --- | --- | --- | --- | |---------------------------------|--------|--------|--------|--------|--------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | | | | | | | | (%) | 39.49 | 14.58 | 23.16 | 17.69 | 17.80 | | 营业利润 (%) | 24.75 | 6.81 | 27.77 | 20.49 | 17.62 | | 归属于母公司净利润 (%) 获利能力 | 26.40 | 7.73 | 26.24 | 20.63 | 17.92 | | 毛利率 (%) | 39.08 | 37.95 | 37.95 | 37.95 | 37.95 | | (%) | 20.14 | 18.93 | 19.41 | 19.89 | 19.91 | | | 18.99 | 17.75 | 19.51 | 19.70 | 19.53 | ...

本人具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉尽责的职业态度，独立、客观、公正地出 具本报告。不受本公司相关业务部门、证券发行人士、上市公司、基金管理公司、资产管理公司等利益相关者的干涉和影响。本报 告清晰准确地反映了本人的研究观点。本人不会因本报告中的具体推荐意见或观点而直接或间接收到任何形式的补偿。据此入市， 风险自担。 表：公司财务预测表 | --- | --- | --- | --- | |----------------------------|----------------------------|----------------------------|--------------------------| | 北京 | 兰州 | 上海 | 深圳 | | 地址：北京市东城区安定门外 | 地址：兰州市城关区东岗西路 | 地址：上海市浦东新区浦东大 | 地址：深圳市福田区民田路 | | 大街 189 号天鸿宝景大厦西 | 638 号文化大厦 21 楼 | 道 720 号 11 楼 | 178 号华融大厦辅楼 2 层 | | 配楼 F4 层 | 邮编： 730030 | ...

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Investment Rating - Buy (First Coverage) [3] Core Views - The company's performance has grown rapidly, with significant improvement in profitability In 2023, the company's revenue from photovoltaic inverters, new energy investment and development, and energy storage systems reached 27,653 million yuan, 24,734 million yuan, and 17,802 million yuan, respectively, representing year-on-year growth of 60.97%, 113.15%, and 75.79% The gross profit margin in 2023 was 30.36%, an increase of 5.81 percentage points year-on-year, driven by brand premium, product innovation, economies of scale, reduced shipping costs, and exchange rate gains [2] - The company's global shipments of photovoltaic inverters reached 130GW in 2023, a year-on-year increase of 69%, maintaining a leading position globally The 1+X modular inverter has accumulated global orders exceeding 45GW by the end of 2023 The company successfully connected the world's first 2000V high-voltage inverter to the grid in the "Mengjiawan Photovoltaic Project" in Shaanxi, marking a significant step in cost reduction and efficiency improvement for photovoltaic systems [2] - In 2023, the company's global shipments of energy storage systems reached 10.5GWh, a year-on-year increase of 36%, maintaining its position as the top Chinese company for eight consecutive years The company secured several large energy storage projects globally, including 138MW/330MWh in South Australia, 825MWh in the UK, and 264MWh in South Africa The company launched the PowerTitan2.0 liquid-cooled energy storage system, featuring a 314Ah large-capacity battery cell and integrated PCS, with a standard 20-foot container capacity of 2.5MW/5MWh [2] - The company has a long-term overseas strategy, with overseas revenue accounting for 46.19% of total revenue in 2023 By the end of 2023, the company's overseas production capacity in India and Thailand reached 25GW The company has established over 20 subsidiaries, six global service regions, 490+ service outlets, and hundreds of key channel partners, with products sold in more than 170 countries and regions [3][4] Financial Forecast - The company's revenue is expected to grow from 72,251 million yuan in 2023 to 124,909 million yuan in 2026, with a compound annual growth rate (CAGR) of 18.5% from 2024 to 2026 [5] - Net profit attributable to the parent company is expected to increase from 9,440 million yuan in 2023 to 13,844 million yuan in 2026, with a CAGR of 13.5% from 2024 to 2026 [5] - The company's ROE is projected to remain strong, with estimates of 29.4%, 25.5%, and 22.0% for 2024, 2025, and 2026, respectively [5] - The company's EPS is expected to grow from 6.36 yuan in 2023 to 9.32 yuan in 2026, with a P/E ratio of 12.3x, 10.9x, and 10.1x for 2024, 2025, and 2026, respectively [5] Industry and Market Position - The company is a global leader in photovoltaic inverters and energy storage system solutions, benefiting from product advantages and growing demand both domestically and internationally [4] - The company's global market share and technological advancements in photovoltaic inverters and energy storage systems position it well to capitalize on the ongoing energy transition and increasing adoption of renewable energy solutions [2][4]

证券研究报告 社会服务 报告日期：2024年04月 29日 五一假期临近，出行热度延续 ——社会服务行业周报 华龙证券研究所 摘要：  社 会 服 务 板 块 跑 赢 沪 深 300 指 数 1.93pct 。 本 周 投资评级：推荐（维持） （2024.4.22-2024.4.26）社会服务指数跑赢沪深300、中小板指 最近一年走势 数、深证成指、中证500等基准指数，跑输上证综指、创业板指 数。社会服务指数涨幅+3.10%，跑赢沪深300指数1.93pct。  2024 年五一特色出游趋势洞察：包车、约向导成新趋势。携程发 布《2024年五一特色出游趋势洞察》。报告显示，包车出行、约 个向导深度游成为一种新的旅行方式，愈加受到追求松弛出行与 深度体验的游客的青睐。“五一”小长假期间，携程当地向导的 预订量同比2023年上涨近两成，较2019年上涨369%。其中，“全 家Chill游”“包车游旷野”“深度文化游”成为今年“五一” 假期出游的亮点趋势。 分析师：姬志麒  县域旅游贡献新增量，出境机票热度大涨 56%。携程发布《2024 执业证书编号：S0230521030008 “五一”旅游趋势洞察报告 ...

证券研究报告 传媒 报告日期：2024年04月 29日 国产大模型多模态方向发展，积极探索商业化 ——传媒行业周报 华龙证券研究所 摘要： 投资评级：推荐（维持）  中宣部正在研究制定《加快推进版权产业高质量发展的指导意 见》，采取包括完善著作权法规、出台针对性政策、加强版权保 最近一年走势 护以及提升版权社会服务能力等措施。在 2022年，中国版权产 业的经济贡献显著，增加值高达 8.97万亿元人民币，占国内生 产总值的 7.41%，且著作权登记数量同比增长 40.46%。出版及 IP 衍生行业对版权的规范尤为敏感，在版权问题得到规范后， 有益于相关行业利用 AIGC技术对相应业务进行赋能，如文字、 音像、视频等文学形式的出版。影视、出版、IP 衍生及相关企 业有望受益于版权问题规范而得到供给侧改善以及AI赋能。  商汤“日日新 5.0”大模型发布，对标 GPT-4 Turbo，该模型采 用混合专家(MOE)架构，能够高效处理高达10TTokens的中英文 数据，并利用大量合成数据进行训练，显著提升了语言、知识、 分析师：孙伯文 推理、数学和代码等方面的综合能力，与GPT-4Turbo形成对标。 随着国 ...