2024年 04月 30日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业政策点评 人工关节国采续标规则温和，国产企业有望受益 投资要点 西南证券研究发展中心  事[Ta件bl：e_4S月um3m0日ary，] 国家组织医用耗材联合采购平台发布《人工关节集中带量采 [分Ta析bl师e_：Au杜th向or阳] 购协议期满接续采购公告（第 2 号）》文件。开展人工关节国采续标工作。采 执业证号：S1250520030002 购周期为3年。 电话：021-68416017 邮箱：duxy@swsc.com.cn  最高限价制定温和，部分初次中标较低企业有望提价。从最高有效申报价看， 本次续标最高限价基本按照初次集采后企业中标价上沿确定，入围企业报价不 分析师：张殊豪 得超过此价格。此外从中选规则看，规则一设置的价格线处于初次集采后企业 执业证号：S1250524030002 电话：021-68416017 中标价平均水平，根据运动医学以及脊柱国采结果来看，预计本次关节续标各 邮箱：zhshh@swsc.com.cm 家企业价差较小，初次集采中标价较低企业续标中标价有望提升。  膝关节采购需求量提 ...

[2T0a2b4l年e_I0n5d月ust0ry5In日fo ] 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0429-0505） 机器人公司 Sanctuary AI 和微软战略合作， 触觉传感器厂商帕西尼完成数亿元融资 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m本m周ary（] 4月 29日-5月 5日）机器人指数跑赢大盘。中证机器人指 数上涨 1.9%，跑赢沪深 300指数约 1.4个百分点，和创业板指持平；国证机 [分Ta析bl师e_：Au邰th桂or龙] 器人指数上涨2.2%，跑赢沪深300指数约 1.6个百分点，跑赢创业板指约0.3 执业证号：S1250521050002 个百分点。 电话：021-58351893 邮箱：tgl@swsc.com.cn  人形机器人公司 Sanctuary AI和微软战略合作。加拿大机器人公司Sanctuary AI 宣布和微软就具身智能和机器人展开合作。合作包括：1）研究通用人形机 分析师：周鑫雨 器人AI模型，包括机器人PhoenixTM；2）利用微软的Azure基础设施来为其 执业证号：S1250523070 ...

Investment Rating - The report maintains a "Hold" rating for the company [1]. Core Views - The company reported a revenue of 4.652 billion yuan in 2023, a year-on-year increase of 19.87%, but the net profit attributable to shareholders decreased by 18.80% to 135 million yuan [1][4]. - In Q4 2023, the company experienced a revenue of 1.426 billion yuan, a 6.56% year-on-year increase, but the net profit was negative at -5 million yuan, a decline of 111.35% [1]. - For Q1 2024, the company reported a revenue of 1.003 billion yuan, a 1.73% year-on-year increase, while the net profit dropped by 84.83% to 7 million yuan [1]. Summary by Sections Financial Performance - The overall gross margin for 2023 was 31.93%, down 1.92 percentage points year-on-year, with the industrial robot and intelligent manufacturing segment gross margin at 31.28%, down 2.09 percentage points [3]. - The Q4 2023 gross margin was 29.25%, a decline of 5.52 percentage points year-on-year, but it recovered to 32.62% in Q1 2024, down 0.95 percentage points year-on-year [3]. - The net profit margin for 2023 was 2.85%, down 1.86 percentage points year-on-year, with Q4 2023 showing a net profit margin of -0.87% [3]. Market Position and Growth - The company achieved a 40% growth rate in industrial robot sales, significantly outperforming the market, which saw a 0.4% increase in overall industrial robot sales [2]. - The company ranked second in China's industrial robot market by shipment volume, with the highest market share among domestic brands [2]. - Revenue from the automation core components business was 1.04 billion yuan in 2023, a 1.42% year-on-year increase [2]. Profit Forecast and Valuation - The company is expected to achieve net profits of 193 million yuan, 277 million yuan, and 348 million yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 81, 56, and 45 times [4][13]. - The forecast indicates a compound annual growth rate of 37% for net profit over the next three years [4][13]. - The report anticipates revenue growth rates for industrial robots and intelligent manufacturing systems of 21.8%, 22.5%, and 18.9% from 2024 to 2026 [11].

[ T able_StockInfo] 2024 年 04 月 30 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：13.93 元 卧龙电驱（600580）电力设备 目标价：17.40 元（6 个月） [Table_Author] 分析师：韩晨 执业证号：S1250520100002 电话：021-58351923 邮箱：hch@swsc.com.cn 联系人：李昂 电话：021-58351923 邮箱：liang@swsc.com.cn [Table_QuotePic] 相对指数表现 数据来源：聚源数据 | --- | --- | |------------------------------------|---------------| | | | | [Table_BaseData] 总股本 ( 亿股 ) | 13.11 | | 流通 A 股 ( 亿股 ) | 13.08 | | 52 周内股价区间 ( 元 ) | 8.69-18.41 | | 总市值 ( 亿元 ) 总资产 ( 亿元 ) | 182.66 248.36 | | 每股净资产 ( 元 ) | 7.34 | | 相关研究 | ...

Investment Rating - The report maintains a "Hold" rating for the company [1][17][22] Core Views - The company is expected to achieve a compound annual growth rate (CAGR) of 27% in net profit attributable to shareholders from 2024 to 2026, with projected net profits of 205 million, 263 million, and 334 million yuan for the respective years [1][22] - The company's revenue structure is continuously optimizing, with a slight increase in machine vision business revenue, which reached 1.88 billion yuan in 2023, a year-on-year increase of 2.96% [3][22] - The company is focusing on the machine vision business while strategically reducing its involvement in the optical communication sector, with expected order growth rates of -15% for the next three years in that segment [34] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.641 billion yuan, a decrease of 3.92% year-on-year, and a net profit of 164 million yuan, down 12.65% [18][19] - The company’s gross margin for 2023 was 31.47%, a decline of 1.84 percentage points from the previous year [19] - The projected revenue for 2024 is 2.878 billion yuan, with a growth rate of 8.99%, and net profit is expected to rise to 205 million yuan, reflecting a growth rate of 24.77% [4][23] Business Segments - The machine vision segment is expected to see revenue growth rates of 18.7%, 27.5%, and 27.8% from 2024 to 2026, with gross margins improving slightly [22][23] - The optical communication segment is projected to decline, with revenue growth rates of -15% for the next three years [34] - The company is also expanding its presence in the new energy sector, benefiting from increased demand from major manufacturers [22] Valuation Metrics - The price-to-earnings (PE) ratio is projected to decrease from 53 in 2023 to 26 by 2026, indicating a more attractive valuation over time [4][22] - The report compares the company to peers in the machine vision industry, with an average PE of 30, 24, and 19 for the years 2024 to 2026 [22][23]

数据来源：Wind 请务必阅读正文后的重要声明部分 2 本报告仅供参考之用，不构成出售或购买证券或其他投资标的要约或邀请。在任何情况下，本报告中的信息和意 见均不构成对任何个人的投资建议。投资者应结合自己的投资目标和财务状况自行判断是否采用本报告所载内容和信 息并自行承担风险，本公司及雇员对投资者使用本报告及其内容而造成的一切后果不承担任何法律责任。 地址：重庆市江北区金沙门路 32 号西南证券总部大楼 21 楼 邮编：400025 风险提示：下游行业需求不及预期的风险；市场竞争加剧的风险；新产品的研 发及市场推广的风险等。 新能源业务：大量成熟方案的应用和推广，公司产品和技术已经获得行业龙头宁德时代、 比亚迪、蜂巢等企业认可。预计 2024-2026 年订单增速分别为 10%、10%、10%。 报告中投资建议所涉及的评级分为公司评级和行业评级（另有说明的除外）。评级标准为报告发布日后 6 个月内 的相对市场表现，即：以报告发布日后 6 个月内公司股价（或行业指数）相对同期相关证券市场代表性指数的涨跌幅 作为基准。其中：A 股市场以沪深 300 指数为基准，新三板市场以三板成指（针对协议转让标的）或三板做市指 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 32.50, based on a current price of HKD 25.60 [1][3]. Core Insights - The company has shown signs of an operational improvement with a notable performance turnaround in the second half of 2023, driven by various business segments [2][8]. - The expected compound annual growth rate (CAGR) for the company's net profit from 2024 to 2026 is projected at 40.6%, justifying the valuation of 25 times PE for 2024 [3][25]. Summary by Sections Financial Performance - In 2023, the company reported revenue of RMB 20.42 billion, a decrease of 1% year-on-year, with a gross margin of 16.9%, down 1.4 percentage points. The net profit was RMB 740 million, a decline of 9.9% [2][8]. - The second half of 2023 saw revenue of RMB 11.2 billion, remaining stable year-on-year, with a gross margin of 19.2%, an increase of 1.4 percentage points, and a net profit of RMB 590 million, up 25.2% [2][8]. Business Segments - **Acoustic Business**: Revenue was RMB 7.5 billion, down 15.4% year-on-year, but showed a 25.7% increase in the second half. The average selling price (ASP) improved by 10% due to smartphone specifications upgrades [2][3]. - **Optical Business**: Revenue increased by 12.7% year-on-year to RMB 3.63 billion, with a significant 36% growth in the second half. The gross margin improved by 20.5 percentage points year-on-year [2][16]. - **Electromagnetic Transmission and Precision Components**: Revenue grew by 13.3% year-on-year to RMB 8.25 billion, benefiting from increased demand for high-end smartphones [2][19]. - **Sensors and Semiconductors**: Revenue was RMB 1.03 billion, down 18.4% year-on-year, but the segment is expected to benefit from AI-driven upgrades in MEMS microphones [3][22]. Strategic Developments - The acquisition of 80% of Premium Sound Solutions (PSS) in February 2024 is expected to enhance the company's capabilities in the automotive audio market, leveraging PSS's established presence and technology [13][15]. - The company is focusing on high-end optical products, with significant increases in the shipment of advanced lens types, indicating a shift towards higher-value offerings [16][22]. Market Outlook - The global smartphone market is showing signs of recovery, with a projected increase in demand for mid-to-high-end devices, which is expected to positively impact the company's revenue streams [8][19]. - The report anticipates that the company's diversified product offerings and strategic acquisitions will position it well for future growth in various sectors, including automotive and consumer electronics [15][25].

铂族金属专题研究 铂族金属——稀缺珍贵的战略性资源 西南证券研究发展中心 中小市值研究团队 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 37.80 CNY over the next six months [1]. Core Insights - The company reported a revenue of 2.45 billion CNY for 2023, representing a year-on-year growth of 20.7%. The net profit attributable to shareholders was 18.79 million CNY, up 23.7% year-on-year, with a significant increase in the computing power business [1][38]. - The computing power business has emerged as a new growth driver, with the company actively engaging in projects aligned with the national "East Data West Computing" strategy [1][31]. - The company has shown improved profitability, with a comprehensive gross margin of 8% and a net profit margin of -0.4% for 2023, indicating effective cost control [1][66]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 1.08 billion CNY, a year-on-year increase of 32.0% and a quarter-on-quarter increase of 91.2%. The net profit for the same quarter was 48.99 million CNY, up 175.5% year-on-year [1][38]. - For Q1 2024, the company reported a revenue of 810 million CNY, a remarkable year-on-year growth of 215.3%, and a net profit of 22.20 million CNY, marking a turnaround from losses [1][38]. Business Segments - The company’s revenue from the communication market accounted for 56.1%, while the intelligent computing market contributed 43.5%. The intelligent computing segment saw a significant revenue increase due to server sales and IDC business growth [1][38]. - The company has established partnerships with local governments to promote self-owned computing power projects and has become a specific industry agent for leading domestic GPU manufacturer "Muxi" [1][31]. Profitability and Cost Control - The company maintained a good control over expenses, with sales, management, and financial expense ratios decreasing in 2023 compared to the previous year [1][66]. - The gross margin for the intelligent computing business reached 6.3% in 2023, reflecting the successful transformation of the business model [1][38]. Future Outlook - The company forecasts EPS of 0.7 CNY, 1.05 CNY, and 1.54 CNY for 2024, 2025, and 2026, respectively, with corresponding dynamic PE ratios of 44x, 30x, and 20x [1][45]. - The report anticipates a revenue compound annual growth rate (CAGR) of 36.3% over the next three years, driven by the booming computing power sector [1][45].

Investment Rating - The report maintains a "Hold" rating for the company [9][21]. Core Insights - In 2023, the company achieved a revenue of 1.116 billion yuan, representing a year-on-year growth of 18.24%, but the net profit attributable to shareholders decreased by 40.74% to 54 million yuan [21][22]. - The company is focusing on expanding its product offerings in automation and traditional industries, with significant growth expected in machine tool orders and automation products [7][22]. Financial Performance Summary - The comprehensive gross margin for 2023 was 29.45%, a decrease of 0.99 percentage points year-on-year, primarily due to changes in product mix [2]. - The operating expenses ratio for 2023 was 26.43%, an increase of 4.41 percentage points year-on-year, with sales expenses rising by 32% to 104 million yuan [2]. - The net profit margin for 2023 was 4.65%, down 4.56 percentage points year-on-year [2]. Revenue and Profit Forecast - The company forecasts net profits of 100 million yuan, 131 million yuan, and 181 million yuan for 2024, 2025, and 2026 respectively, indicating a compound annual growth rate of 50% over the next three years [9][22]. - Revenue from automation products is expected to grow at rates of 13.0%, 16.7%, and 16.8% from 2024 to 2026, with gross margins projected to improve [27][28]. Business Segment Performance - The machine tool segment showed significant growth, with a revenue increase of 252.04% in 2023, and is expected to continue growing at rates of 50%, 30%, and 30% from 2024 to 2026 [7][28]. - Automation products generated revenue of 1.025 billion yuan in 2023, a year-on-year increase of 12.33%, with a gross margin of 30.77% [8][27].