[Table_StockInfo] 2024 年 04 月 15 日 证券研究报告•公司研究报告 当前价：14.74 元 特一药业（002728）医药生物 目标价：——元（6 个月） [Table_Summary 推荐逻辑：在政策鼓励中医药的背景下，公司聚焦特色中成药，有望迎来新的高 ] 速发展阶段。1）止咳宝片为公司核心品种，具有百年品牌积淀，"产能扩张+渠 道变革"有望驱动该品种 3-5 年实现翻倍以上增长；2）公司将皮肤病血毒丸、 降糖舒丸作为继止咳宝片后的重大品种进行培育，有望通过 3-5年把皮肤病血毒 丸、降糖舒丸打造为年营销收入到达 3 亿左右的中药大品种；3）产能扩张有望 带动原料药收入增长一倍。 止咳宝片：百年品牌积淀，产能扩张+渠道变革驱动翻倍空间。独家品种止咳宝 片是岭南中药的代表之一，具有百年历史和众多用户基础。止咳宝片为公司核心 品种，2023 年止咳宝片的销量突破了 10 亿片，同比增长 91%，放量显著，止 咳宝片贡献收入占比进一步提升至 41%。产能扩张+渠道变革，公司将核心品种 止咳宝片作为未来长期经营的目标，力争在 3-5年左右的时间，达到止咳宝片销 售 24亿片的目标，较 ...

受产品结构影响，公司盈利能力有所下滑。2016-2023 年中大力德毛利率和净利率有所 下滑，主要受产品结构影响。2023 年公司毛利率 22.88%，净利率 6.77%，期间费用率为 16.49%。未来随着 RV 和谐波减速器的批量化生产，公司毛利率和净利率有望提升。 数据来源：公司公告，西南证券整理 数据来源：公司公告，西南证券整理 附表：财务预测与估值 | --- | --- | --- | |----------|--------------------|---------------------------------------------------------------------| | | | | | 行业评级 | 跟随大市：未来 6 | 个月内，行业整体回报介于同期相关证券市场代表性指数 -5% 与 5% 之间 | | | 弱于大市：未来 6 | 个月内，行业整体回报低于同期相关证券市场代表性指数 -5% 以下 | | | | | 减速器：行星减速器用于工控自动化行业，其需求与国民经济的景气程度有较强的相关 性，未来随着 RV 减速器和谐波减速器的占比提升，毛利率有望提升，预计设 202 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.60 CNY for the next six months [5][15]. Core Views - The demand for home appliances is recovering, and the industrial sector is expected to regain high growth [1]. - The company achieved a revenue of 780 million CNY in 2023, representing an 8.4% year-on-year increase, while the net profit attributable to the parent company was 60 million CNY, down 33.8% year-on-year [5][11]. - The company is positioned to benefit from new energy efficiency standards and the "old-for-new" appliance replacement policy, which is expected to significantly boost demand in the home appliance market [5][9]. Financial Summary - **Revenue and Growth Rates**: - 2023 Revenue: 780 million CNY, growth rate of 8.4% - 2024E Revenue: 922 million CNY, growth rate of 18.2% - 2025E Revenue: 1,075 million CNY, growth rate of 16.6% - 2026E Revenue: 1,216 million CNY, growth rate of 13.1% [3][11]. - **Net Profit and Growth Rates**: - 2023 Net Profit: 60 million CNY, down 33.8% - 2024E Net Profit: 123 million CNY, growth rate of 106.8% - 2025E Net Profit: 166 million CNY, growth rate of 34.7% - 2026E Net Profit: 211 million CNY, growth rate of 27.2% [3][11]. - **Earnings Per Share (EPS)**: - 2024E EPS: 0.45 CNY - 2025E EPS: 0.94 CNY - 2026E EPS: 1.26 CNY [3][11]. - **Return on Equity (ROE)**: - 2023 ROE: 2.26% - 2024E ROE: 5.48% - 2025E ROE: 6.69% - 2026E ROE: 7.82% [3][11]. - **Price-to-Earnings (PE) Ratio**: - 2024E PE: 66.88 - 2025E PE: 32.35 - 2026E PE: 24.01 [3][11]. Business Segments - **Home Appliances**: - Revenue in 2023: 480 million CNY, with a growth rate of 30.4% [11]. - Expected growth rates for 2024-2026: 16.8%, 14.2%, and 11.2% respectively [11]. - **Standard Power**: - Revenue in 2023: 146 million CNY, with a decline of 14.3% [11]. - Expected recovery in 2024 with a growth rate of 14.3% [11]. - **Industrial Power**: - Revenue in 2023: 144 million CNY, with a slight decline of 0.2% [11]. - Expected growth rates for 2024-2026: 21.9%, 25.0%, and 20.0% respectively [11]. - **Other Businesses**: - Revenue in 2023: 6.8 million CNY, with a significant decline of 79.9% [11]. - Expected recovery in 2024 with a growth rate of 119.6% [11].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 67.57 yuan over the next six months, indicating an expected increase of over 20% compared to the relevant market index [31][47]. Core Insights - The company has expanded its product line in high-performance mixed-signal chips, power management chips, and signal chain chips, achieving record revenue and shipment volumes in 2023 [3][6]. - The company reported a revenue of 25.3 billion yuan in 2023, a year-on-year increase of 21.1%, and a net profit of 0.5 billion yuan, marking a turnaround from losses in 2022 [6][18]. - The company is focusing on digital transformation in R&D processes to enhance market competitiveness and is well-positioned to benefit from emerging technologies like AI and high-performance computing [3][18]. Summary by Sections Revenue and Profitability - From 2019 to 2023, the company's revenue grew from 1.02 billion yuan to 2.53 billion yuan, with a 21.1% increase in 2023. The net profit for 2023 was 0.5 billion yuan, a significant recovery from previous losses [6][18]. - The gross margin for 2023 was 24.8%, down 13.2 percentage points year-on-year, with specific margins for high-performance mixed-signal chips, power management, and signal chain chips at 27.8%, 27.9%, and 4.2% respectively [6][23]. Product Performance - The high-performance mixed-signal chip segment generated 12.6 billion yuan in revenue, accounting for 49.6% of total revenue, while the power management segment contributed 9.1 billion yuan (35.8% of total revenue), and the signal chain segment reached 3.5 billion yuan (13.8% of total revenue) [39][18]. - The company has launched several new products, including a digital medium-power amplifier and various high-performance mixed-signal products, which are expected to drive future sales growth [9][18]. Future Outlook - The company forecasts revenue growth of 31.5 billion yuan in 2024, 38.4 billion yuan in 2025, and 44.5 billion yuan in 2026, with corresponding net profits of 1.2 billion yuan, 2.8 billion yuan, and 3.8 billion yuan [47]. - The report anticipates that the company will maintain a strong position in the mobile, AIoT, and automotive electronics sectors, leveraging its platform-based approach to enhance market share [47].

Investment Rating - The report gives a "Hold" rating for the company, indicating a cautious approach towards investment in the near term while recognizing potential long-term growth opportunities [38]. Core Insights - The company, Shijia Photon (688313), focuses on the optical communication industry, with a comprehensive business model that includes optical chips and devices, indoor optical cables, and cable materials. The company has established a full-process business system covering chip design, wafer manufacturing, chip processing, and packaging testing [4][52]. - In 2023, the company reported a revenue of 750 million yuan, a decrease of 16.5% year-on-year, and a net profit loss of 47.55 million yuan, a decline of 174% year-on-year. The decline in revenue is attributed to reduced demand for core products and price decreases in the optical chip and device segment [38][25]. - The company has seen a significant drop in gross margin, with the overall gross margin for 2023 at 18.6%, down 26.1% year-on-year. However, there are signs of recovery in Q1 2024, with a gross margin increase to 24.1% [38][25]. Summary by Sections Company Overview - Shijia Photon was established in 2010 and went public in 2020. The company emphasizes continuous investment in R&D for optical chips and devices, aiming to master core technologies in the optical electronics sector [52][53]. Financial Analysis - The company's revenue fluctuated from 550 million yuan in 2019 to 900 million yuan in 2022, driven by increased demand in the global access network market and data center construction. However, in 2023, revenue fell to 750 million yuan due to various macroeconomic and industry factors [25][38]. - The net profit for 2023 was a loss of 47.55 million yuan, primarily due to decreased revenue and a significant drop in the net profit margin of the optical chip and device segment [25][38]. Product and Market Analysis - The main business segments include optical chips and devices, indoor optical cables, and cable materials, with optical chips and devices consistently accounting for over 40% of total revenue from 2020 to 2023 [26][29]. - The company has maintained a stable gross margin for indoor optical cables at 14.2%, while the gross margin for cable materials increased to 18.3% due to a higher proportion of automotive cable materials [26][30]. R&D and Innovation - R&D expenses increased from 59.6 million yuan in 2019 to 96.03 million yuan in 2023, with a R&D expense ratio of 12.7% in 2023, reflecting the company's commitment to innovation [37][38]. - The company has achieved significant milestones in developing various optical components and has accumulated 266 intellectual property rights, including 44 invention patents [37][38]. Future Outlook - The report anticipates a recovery in demand for optical chips and devices, driven by the growth of AI and data center requirements, with projected revenue growth rates of 30% for the next three years [38][55]. - The company is expected to improve its gross margin gradually, with forecasts indicating a rise to 24% by 2026 [38][55].

多方位巩固龙头优势，盈利能力有望修复 | --- | --- | --- | --- | --- | |-------------------------------------------------------|---------------|----------------|----------------|----------------| | | | | | | | [Table_MainProfit] 指标 / 年度 营业收入（百万元） | 2023A | 2024E | 2025E | 2026E | | 增长率 | 1615.87 5.81% | 1867.72 15.59% | 2220.93 18.91% | 2648.48 19.25% | | 归属母公司净利润（百万元） | 36.69 | 202.17 | 277.08 | 390.26 | | 增长率 | -13.95% | 451.05% | 37.05% | 40.84% | | 每股收益 EPS （元） | 0.02 | 0.13 | 0.18 | 0.25 | | 净资产收益率 ROE | 0.98% | 5.12% | 6 ...

[Table_Summary 事件：公司发布] 2023年年报和 2024年一季报。2023年实现营收 12.1亿，同 比+23.1%；实现归母净利润 1.4亿，同比+17.3%。2024Q1，实现营收 2.9亿， 同比+5.8%，环比+4.5%；实现归母净利润 2821.9 万元，同比-7.4%，环比 +54.6%。 海洋油气景气延续，高毛利深海产品持续受益。根据标普全球，2024年全球石 油需求仍将持续增长，预计全球上游勘探开发资本支出约 6079亿美元。同比增 长 5.7%，其中海上勘探开发资本支出同比增速高达 19.5%。从油气开采发展来 看，油气开采结构将沿着从常规油气到非常规油气、从陆地油气到海洋油气、 从浅海到深海的趋势发展。公司不断加大深海产品研发投入并向深海产品市场 转型，高毛利深海产品贡献主要业绩增量。 风险提示：油气价格波动、海外业务拓展不及预期、原材料价格上涨、募投项 目拓展不及预期等风险。 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：杨云杰 电话：021-58351 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months with expected stock performance exceeding the market index by over 20% [14][35]. Core Insights - The company reported significant growth in 2023, achieving revenue of 1.02 billion with a year-on-year increase of 14.4%, and a net profit of 160 million, up 37.5% year-on-year. In Q1 2024, revenue reached 280 million, reflecting a 19.4% increase, and net profit was 55 million, up 33.6% year-on-year [1][21]. - The company has successfully upgraded its product lines, particularly in testing instruments and professional instruments, which have driven stable revenue growth. The testing instruments segment alone generated 140 million in revenue, a 29% increase year-on-year, with a gross margin improvement of 11.7 percentage points to 40.9% [1][21]. - The company has optimized its product lines, increasing the proportion of mid-to-high-end products, which has significantly boosted gross and net profit margins. The overall gross margin for 2023 was 43.3%, up 7.1 percentage points year-on-year, and the net profit margin was 15.5%, an increase of 2.6 percentage points [1][21]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.02 billion and a net profit of 160 million, with respective growth rates of 14.4% and 37.5%. For Q1 2024, revenue was 280 million, up 19.4%, and net profit was 55 million, up 33.6% [1][21]. - The company forecasts net profits of 230 million, 290 million, and 360 million for 2024, 2025, and 2026, respectively, with an expected compound annual growth rate of 31% [1][21]. Product Development - The company has enhanced its product matrix, focusing on high-end and specialized instruments, which has led to increased competitiveness and profitability. The gross margin for main products improved from 34.9% to 46.4% from Q1 2022 to Q4 2023 [1][21]. - The testing instruments segment is expected to grow significantly, with projected sales growth rates of 32%, 30%, and 26% for 2024, 2025, and 2026, respectively [19][20]. Market Expansion - The company has successfully expanded its market presence both domestically and internationally, with domestic sales growing by 16% and international sales by 15% [1][21]. - The company is actively developing its sales team and market outreach, targeting various sectors including electronics, home appliances, and new energy, which is expected to drive future growth [1][21].

Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 18.14 CNY and a target price not specified for the next six months [8][9]. Core Insights - The company experienced revenue growth of 8.3% year-on-year in 2023, achieving total revenue of 1.32 billion CNY, while the net profit attributable to shareholders decreased by 1.6% to 220 million CNY [26][27]. - The company is a global leader in PCB drilling needles, holding a 19% market share in 2020, and is expanding its production capacity in various segments, including CNC tools and functional films [27][28]. - The company anticipates a recovery in demand for consumer electronics, which is expected to improve capacity utilization rates above 85% from 2024 to 2026 [2][3]. Financial Performance Summary - In 2023, the company reported a comprehensive gross margin of 36.4%, a decrease of 2.3 percentage points year-on-year, primarily due to increased competition and rising raw material prices [7][8]. - The company’s net profit margin for 2023 was 16.6%, down 1.6 percentage points from the previous year, with a quarterly net profit margin of 12.8% in Q4, reflecting a significant decline [8][9]. - Revenue projections for 2024-2026 are estimated at 1.22 billion CNY, 1.39 billion CNY, and 1.51 billion CNY, respectively, with a compound annual growth rate of 22% for net profit [9][28]. Business Segment Performance - The company's tool products saw a revenue increase of 0.6% year-on-year, while functional film materials and intelligent CNC equipment experienced substantial growth of 229.8% and 278.5%, respectively [7][27]. - The report highlights the strategic focus on expanding the production of CNC tools and developing functional film products, including privacy films and automotive light control films, which are expected to drive future growth [27][31].

Investment Rating - Buy (Maintained) with a target price of 68.00 yuan (6 months) [1] Core Views - The company achieved revenue of 5.37 billion yuan in 2023, a year-on-year decrease of 3.1%, and net profit attributable to the parent company of 500 million yuan, a year-on-year decrease of 31.5% [2] - For Q1 2024, the company expects revenue of 1.38 billion yuan, a year-on-year increase of 33.1%, and net profit attributable to the parent company of 130 million yuan, a year-on-year increase of 310.7% [2] - Q4 2023 saw significant improvement in gross margin, reaching 39.1%, up 3.1 percentage points quarter-on-quarter [2] - The company's first 6nm commercial chip has been successfully taped out, with potential applications in automotive and smart devices [2] - The company's WiFi tri-mode chip (WiFi 6+BT 5.4+802.15.4) has been successfully taped out, supporting Thread/Zigbee and enabling applications in IoT gateways and Matter controllers [2] - The 8K chip has passed operator certification tests and is expected to enter mass commercial use in the domestic operator market [2] Financial Performance - Revenue for 2023 was 5.37 billion yuan, a year-on-year decrease of 3.1% [2] - Net profit attributable to the parent company for 2023 was 500 million yuan, a year-on-year decrease of 31.5% [2] - Q4 2023 revenue was 1.51 billion yuan, a year-on-year increase of 32.2%, with net profit attributable to the parent company of 180 million yuan, a year-on-year increase of 296.8% [2] - Gross margin in Q4 2023 improved to 39.1%, up 3.1 percentage points quarter-on-quarter [2] - R&D expenses in Q1 2024 were 330 million yuan, with share-based payment expenses of 40 million yuan [2] Product and Market Outlook - Global smart set-top box shipments are expected to grow by 8.79% in 2024, driven by economic stabilization and the "smart replacement" trend [2] - The company has deepened cooperation with Google, Amazon, Roku, and RDK TV, and added new ecosystem partners such as Xumo and TIVO TV in 2023 [2] - The company's S-series chips are benefiting from the recovery in set-top box demand, while the T-series is gaining market share overseas [9] - The W-series WiFi6 products were successfully shipped in 2023, and the new tri-mode chip is expected to enter mass production soon [9] Financial Projections - Revenue for 2024-2026 is projected to be 6.54 billion yuan (+21.8%), 7.89 billion yuan (+20.7%), and 9.55 billion yuan (+21%) respectively [9] - Net profit attributable to the parent company for 2024-2026 is projected to be 710 million yuan (+42.5%), 940 million yuan (+31.9%), and 1.13 billion yuan (+21%) respectively [9] - EPS for 2024-2026 is projected to be 1.70 yuan, 2.24 yuan, and 2.71 yuan respectively [9] - The company's PE ratio for 2024-2026 is projected to be 32x, 24x, and 20x respectively [9] Valuation - The target price of 68.00 yuan is based on a 40x PE ratio for 2024 [9] - The average PE ratio of three comparable companies in the chip design industry is 57x for 2024 [9] - The company's three-year compound growth rate for net profit is expected to be 31.5% [9]