深度变革积聚势能，拐点向上趋势延续 经营势能持续向好，经营质量显著提升。1、受益于百元以上价位产品动销持续 向好，营收占比提升显著，毛利率同比增 1.0个百分点至 63.0%。2、费用方面， 费用合计增加 18.2%至 4.4亿元，受益于营收规模高增，规模效应下费用率同比 下降 1.7个百分点至 36.7%。3、2023年末合同负债 0.81亿元，同比+39.6%， 蓄水池进一步扩容；2023年经营现金流净额 1.0亿元，同比+3214%，经营质量 显著提升。 | --- | --- | --- | --- | --- | |----------------------------------|--------|-------------------------|--------|--------| | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | | | | | | | 营业收入（亿元） | | 12.10 14.83 17.62 20.59 | | | | 增长率 | 23.50% | 22.58% | 18.78% | 16 ...

[Table_StockInfo] 买入 2024年 04月 23日 （维持） 证券研究报告•2023年报及24年一季报点评 当前价： 66.50元 科 博 达（603786） 汽车 目标价： ——元（6个月） Q1 业绩超预期，新产品新客户逐渐放量 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年报及24年一季报，23全年实现营收 46.25亿元，同比 [分Ta析bl师e_：Au郑th连or声] +36.7%；归母净利润 6.09亿元，同比+35.3%；毛利率 29.6%，同比-3.3pp， 执业证号：S1250522040001 净利率14.1%，同比-0.7pp。24Q1实现营收14.17亿元，同比+55.2%，环比-1%； 电话：010-57758531 归母净利润2.19亿元，同比+66.2%，环比+42.5%，超出预期。 邮箱：zlans@swsc.com.cn  季度营收创新高，费用控制有效：23年公司主要客户销量实现增长，其中主要 联系人：冯安琪 客户大众集团全球销量866万辆（Marklines），同比+9.5%，23Q4公司营收首 电话：021 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][2]. Core Insights - The company reported a total revenue of 1.08 billion yuan for Q1 2024, representing a year-on-year growth of 20.4%, and a net profit attributable to shareholders of 220 million yuan, up 21.6%, aligning with market expectations [1]. - The product structure continues to improve, with significant revenue growth in high-priced products, and the company is actively expanding its market presence outside its home province [1]. - The company aims for a revenue target of 3 billion yuan and a net profit of 400 million yuan for 2024, alongside plans to repurchase shares worth 100 to 200 million yuan to implement employee stock ownership plans [1][2]. Summary by Sections Financial Performance - Q1 2024 revenue breakdown: products priced above 300 yuan generated 190 million yuan (+86.5%), products priced between 100-300 yuan generated 550 million yuan (+24.1%), and products below 100 yuan generated 320 million yuan (-4.2%) [1]. - Revenue from the domestic market reached 850 million yuan (+22.6%), while revenue from outside the province was 220 million yuan (+13.2%) [1]. - The company’s gross margin improved by 0.43 percentage points to 65.4%, with a slight increase in net profit margin to 20.4% [1]. Market Strategy - The company is focusing on a strategy of "national layout, deepening in the northwest, and key breakthroughs," enhancing brand influence and market share [1]. - The company is also advancing its user engagement strategy, which has significantly boosted brand recognition [1]. Earnings Forecast - Expected EPS for 2024-2026 are 0.87 yuan, 1.15 yuan, and 1.48 yuan, with corresponding PE ratios of 22, 17, and 13 [2][3]. - The company is projected to benefit from national expansion and consumption upgrades, indicating strong long-term growth potential [2].

收入稳健增长，Q1 盈利能力同比改善 假设 3：产品结构有所优化，遮光面料毛利率稳步提升，2024-2026 年分别为 41%、41.5%、 表 1：分业务收入及毛利率 公司评级 卖出：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在-20%以下 [ T able_StockInfo] 2024 年 04 月 23 日 证券研究报告•23年年报及 24年一季报点评 持有 （维持） 当前价：12.30 元 玉马遮阳（300993）轻工制造 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 3.08 流通 A 股(亿股) 0.99 52 周内股价区间(元) 8.39-14.1 总市值(亿元) 37.90 总资产(亿元) 14.57 每股净资产(元) 4.45 [Table_Summary 业绩摘要：公司发布 ] 2023年年报及 2024年一季报，2023年公司实现营收 6.6 亿元（同比+21.3%）；实现归母净利润 1.7 亿元（同比+5.4%）；实现扣非净 利润 1.6亿元（同比+5.6%）。单季度来看，2023Q4公司实现营收 1.9亿元（同 比+28.2％ ...

[ T able_StockInfo] 2024 年 04 月 23 日 证券研究报告•2024 年一季度业绩预告点评 买入 （维持） 当前价：10.62 元 天佑德酒（002646）食品饮料 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2024年一季度业绩预告，一季度实现营业总收入 5.2-5.3亿元， 同比增长 31.31%-33.84%；实现归母净利润 1.05-1.10 亿元，同比增长 36.1%-42.6%，业绩符合预期。 省外积极开拓，成长空间广阔。1、全国化布局更加清晰，不断夯实青海大本营 市场，甘肃市场基地市场化；省外聚焦晋、陕、豫等战略核心市场，积极布局无 锡，福州、南宁、张家口等点状市场，为深度全国化打下坚实基础，成长空间持 续拓宽。 2、阿拉嘉宝在西藏区域聚焦高端，作为当地的名优酒企，极具品牌力 和产品力，经过多年运作在当地具有较为深厚的资源基础，当前已具备放量条件； 此外，公司积极布局青藏高原酒旅融合项目，差异化丰富营销内容，有利于公司 整体品牌力的提升。 盈利预测与投资建议。预计 2024-2026 年 EPS 分别为 0.34 元、0.48 元、0. ...

Investment Rating - The report assigns a "Hold" investment rating to the company, with a target price of 49.43 CNY based on a 4x PS valuation for 2024 [2]. Core Insights - The company achieved a revenue of 500 million CNY in 2023, representing a year-on-year growth of 58.5%, primarily driven by the growth in industry cloud and AI cloud revenues [1][9]. - The net profit attributable to the parent company for 2023 was -80.5 million CNY, a 29.5% improvement compared to -114.5 million CNY in 2022, indicating a narrowing of losses [1][9]. - The company is positioned as a leading player in the domestic supercomputing cloud sector, benefiting from experience, technology, and first-mover advantages [2]. Revenue Growth - From 2019 to 2023, the company's total revenue increased from 120 million CNY to 500 million CNY, with a compound annual growth rate (CAGR) of 43.6% [16]. - The supercomputing cloud service has become the core revenue source, with its revenue growing from 98.25 million CNY in 2020 to 410 million CNY in 2023, maintaining an 80% revenue share [17]. Profitability and Cost Management - The company's gross margin decreased from 43.0% in 2020 to 25.6% in 2023, primarily due to increased depreciation costs from fixed asset investments [10][18]. - The operating expense ratio improved to 42.6% in 2023, down 21.2 percentage points from 2022, attributed to high revenue growth and scale effects [10][35]. Future Projections - The forecasted net profits for 2024-2026 are -35.7 million CNY, 38.4 million CNY, and 111.9 million CNY, respectively, with corresponding PS ratios of 3, 2, and 2 [2][11]. - Revenue growth rates for the supercomputing cloud services are expected to be approximately 13.1% for general cloud, 60.5% for industry cloud, and 107.0% for AI cloud from 2024 to 2026 [21]. Market Position - The company is recognized as the largest independent supercomputing service provider in China, with a significant market share and a strong technological service capability [30].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.2 yuan, based on a 2024 PE multiple of 16x [2] Core Views - The company is a leader in the plant extract industry, with its main products showing steady growth and secondary products rapidly expanding, forming a second growth curve [2] - The company's plant extract business achieved revenue of 2.89 billion yuan in 2023, a year-on-year increase of 8.9% [9] - The cottonseed business faced pressure due to market competition and price fluctuations, with revenue of 3.55 billion yuan in 2023, up 5.1% year-on-year, but gross margin declined by 1.0pp to 3.7% [10] - The healthcare and traditional Chinese medicine businesses showed strong growth, with healthcare product revenue exceeding 150 million yuan, up 80% year-on-year [10] Financial Performance - In 2023, the company achieved total revenue of 6.87 billion yuan, a year-on-year increase of 9.1%, and net profit attributable to shareholders of 480 million yuan, up 10.5% year-on-year [8] - The gross margin in 2023 was 11.6%, down 2.3pp year-on-year, mainly due to the increased proportion of low-margin cottonseed business [11] - The net profit margin in 2023 was 7.0%, up 0.1pp year-on-year, while the net profit margin in Q4 2023 was 4.8%, down 1.7pp year-on-year [11] Business Segments - The natural pigment/spice/nutritional and medicinal products segment achieved revenue of 2.89 billion yuan in 2023, with a gross margin of 19.9% [3] - The cottonseed products segment achieved revenue of 3.55 billion yuan in 2023, with a gross margin of 3.7% [3] - The other products segment (including healthcare OEM) achieved revenue of 4.33 billion yuan in 2023, with a gross margin of 21.3% [3] Future Projections - The report forecasts revenue growth for other products (healthcare OEM, etc.) of 65%, 50%, and 40% for 2024-2026, with gross margins of 15%, 10%, and 10% respectively [1] - The natural pigment/spice/nutritional and medicinal products segment is expected to grow at 20%, 15%, and 12% for 2024-2026, with gross margins of 20%, 21%, and 22% [20] - The cottonseed products segment is expected to grow at -10%, 1%, and 3% for 2024-2026, with gross margins of -2%, 1%, and 2% [20] Valuation and Profit Forecast - The report forecasts net profit attributable to shareholders of 374 million yuan, 569 million yuan, and 744 million yuan for 2024-2026, with EPS of 0.70 yuan, 1.07 yuan, and 1.40 yuan respectively [15] - The ROE is expected to be 9.75%, 13.10%, and 14.94% for 2024-2026 [16]

Investment Rating - Buy (Upgraded) with a target price of 208.00 RMB for the next 6 months [1] Core Views - The company's performance met expectations, driven by strong growth in 800G products [2] - High-end optical modules contributed significantly to revenue growth, with 800G/400G products increasing their share [2] - The company's gross margin improved due to higher sales of high-end products, but Q1 2024 saw slight pressure on profitability [3] - The company is focusing on expanding its delivery capacity for 800G and 400G products, aiming to strengthen its market position and international strategy [3] - The company is accelerating the market introduction of 1.6T optical modules, targeting mass production by 2025 [3] Financial Performance - 2023 revenue reached 10.725 billion RMB, up 11.23% YoY, with net profit attributable to shareholders of 2.181 billion RMB, up 78.19% YoY [2] - Q4 2023 revenue was 3.695 billion RMB, up 33.06% YoY, with net profit of 885 million RMB, up 138.54% YoY [2] - Q1 2024 revenue surged to 4.843 billion RMB, up 163.59% YoY, with net profit of 1.009 billion RMB, up 303.84% YoY [2] - High-speed optical module revenue reached 9.8 billion RMB in 2023, up 12% YoY, with ASP increasing by 27.1% to 1,798 RMB per unit [2] Business Segments - Optical communication transceiver modules accounted for 95% of total revenue, generating 10.18 billion RMB in 2023 [2] - Optical component and automotive optoelectronics businesses contributed 200 million RMB and 330 million RMB, respectively [2] Profitability and Cost Control - 2023 gross margin improved to 33%, up 3.4 percentage points YoY, driven by higher sales of high-end products [3] - Q1 2024 gross margin was 32.8%, up 3.2 percentage points YoY but down 2.6 percentage points QoQ due to product price reductions [3] - Sales and management expense ratios were well controlled, with Q1 2024 ratios at 0.9% and 2.7%, respectively [3] Future Outlook - The company expects EPS of 6.5 RMB, 8.76 RMB, and 10.88 RMB for 2024-2026, with a 59% CAGR in net profit [3] - High-speed optical module sales are expected to grow significantly, with 800G modules projected to account for over 50% of sales by 2026 [7] - The company is pre-researching next-generation optical module technologies to maintain its competitive edge [3] Valuation - The company's 2024 PE ratio is 24x, below the industry average of 32x, indicating potential undervaluation [8] - The target price of 208 RMB is based on a 32x PE multiple for 2024 [3] Industry Comparison - The company's valuation is lower than peers such as Xinyisheng (36.56x PE) and Accelink (38.36x PE) [9] - The company's growth prospects are supported by its leadership in high-speed optical modules and strong market demand [7]

产能布局持续扩张，海外需求稳步修复 老客户合作稳定，产品竞争实力优越。分地区看，2023年公司外销/内销营收分 别为 27.8 亿元（+15.5%）/2.2 亿元（+55.1%）。外销方面，公司与大客户合 作关系稳定，随着海外客户渠道库存逐步去化，公司外销收入恢复稳健增长。 2024 年年初，公司与泰普尔丝涟将电动床产品制造和供货协议延期至 2027年 3 月 31日，并与舒达席梦思续签五年期电动床产品制造和供货协议；此外公司 积极扩展新客户，与北美床上用品渠道商建立合作，新客户预计逐步贡献增量， 北美市场产品竞争力延续。内销方面，公司品牌投放成效显现，收入实现较快 增长，品牌力持续提升，2023年公司专注的智能电动床细分赛道在国内逐步扩 张，4月公司内销自有品牌"舒福德"在北京开设首家线下直营店，全年开设共 计 109 家门店。展望后续国内市场仍将保持稳健开店步伐，提升品牌影响力。 数据来源：聚源数据 盈利预测与投资建议。预计 2024-2026 年 EPS 分别为 0.77元、0.90元、1.05 元，对应 PE 分别为 15 倍、13 倍、11 倍。考虑到公司客户关系稳定，产品竞 争实力突出，维持"买入 ...

[ T able_StockInfo] 2024 年 04 月 24 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：16.39 元 长安汽车（000625）汽车 目标价：——元（6 个月） 新能源转型加快，全球化持续推进 [Table_Summary 事件：公司发布] 2023年年报，公司 2023年实现营收 1513.0亿元，同比+24.8%； 归母净利润 113.3 亿元，同比+45.3%；毛利率 18.4%，净利率 6.3%。其中， Q4 实现归母净利润 14.5亿元，同比+60.8%，环比-35.2%；实现毛利率 19.6%， 同比-2.9pp，环比+1.2pp。 自主新能源渗透率快速提升，自主盈利稳健。2023 年公司实现汽车销量 255.3 万辆，同比+8.8%，创近六年新高，自主乘用车累计销量 159.7 万辆，同比 +14.9%，自主品牌新能源年销量 47.4万辆，同比+74.8%。2023年，归母净利 润 113.3亿元，同比+45.3%，扣非归母净利润 37.8亿元，同比+16.2%。2023 年长安汽车构建起"长安启源、深蓝汽车、阿维塔"三大智能电动品牌，满足 不同细分 ...