锦波 24Q1 延续高增，珀莱雅业绩超预 证 券 期 研 究 ——美容护理行业周报（20240415-0419） 报 告 [Table 增_R 持at （ing 维] 持） [➢Ta bl主e_S要u观mm点ar y] 锦波生物发布Q1业绩预告，重组胶原蛋白持续高景气 [行Ta业bl:e _Indu美st容ry]护 理 锦波生物发布2024年第一季度业绩预告，公司预计Q1实现归母净利润 日期: s 20h2z4q年da0t4e月m2a1r日k 8500~10500万元，同比增长97.65%~144.16%。公司持续加大研发投 入、积极研发新产品及产品升级、并努力加大品牌宣传和市场开拓， [T分ab析le师_A: utho梁r]瑞 实现了收入的可持续增长。 Tel: 021-53686409 E-mail: liangrui@shzq.com 珀莱雅Q1业绩亮眼，多个子品牌实现高增 SAC编号: S0870523110001 公司发布23年报及24年第一季度报告。23年公司实现营收89.05亿 元，同比+39.45%，归母净利润11.94亿元，同比+46.06%。24Q1公 [最Ta近bl一e_年Qu行o业te ...

小商品城主业迈入量价齐升的新发展阶 证 券 段 研 究 ——行业周报（20240415-0419） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl周e_度Su核mm心a观ry]点 ： [行Ta业bl:e _Indu商st贸ry]零 售 传统零售： 日期: s 20h2z4q年da0t4e月m1a9r日k 小商品城主业迈入量价齐升的新发展阶段。2023 年公司实现营收 113.00 亿元，同比+48.30%，归母净利润 26.76 亿元，同比 [T分ab析le师_A: utho张r]洪 乐 +142.25%，扣非归母净利润 24.69 亿元，同比+39.86%。2024Q1 公 Tel: 021-53686159 司实现营收26.81亿元，同比+26.42%，归母净利润7.13亿元，同比- E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 41.66%，扣非归母净利润 6.91 亿元，同比-36.03%。一季度公司业务 经营亮眼，1）市场经营业务：毛利率进一步提升，公司主业迈入量价 [最Ta近bl一e_年Qu行o业teP指ic数] ...

Investment Rating - Buy (Maintained) [2][7] Core Views - The company's 2023 annual revenue was 1.32 billion yuan, a year-on-year increase of 8.34%, while net profit attributable to the parent company was 219 million yuan, a year-on-year decrease of 1.59% [2] - The company's gross margin in 2023 was 36.42%, a year-on-year decrease of 2.3 percentage points, and the net margin was 16.62%, a year-on-year decrease of 1.64 percentage points [2] - In Q4 2023, the company achieved revenue of 393 million yuan, a year-on-year increase of 27.27%, and net profit attributable to the parent company was 50 million yuan, a year-on-year decrease of 7.32% [2] - The company's revenue is expected to reach 1.70/2.10/2.60 billion yuan in 2024/2025/2026, with year-on-year growth rates of 29.03%/23.49%/23.43% [7] - Net profit attributable to the parent company is expected to be 332/417/505 million yuan in 2024/2025/2026, with year-on-year growth rates of 51.34%/25.60%/21.17% [7] Business Performance - The company's tooling business achieved revenue of 1.042 billion yuan in 2023, a year-on-year increase of 0.56%, with a gross margin of 34.53%, a year-on-year decrease of 2.25 percentage points [10] - The company's PCB drill bit shipments in 2023 were approximately 700 million units, with product prices under pressure due to weak downstream demand [10] - The company's functional film materials business achieved revenue of 89.78 million yuan in 2023, a year-on-year increase of 229.81%, with a gross margin of 15.87% [17] - The company's intelligent CNC equipment business achieved revenue of 47.51 million yuan in 2023, a year-on-year increase of 278.55% [18] Industry and Market - The company is a global leader in PCB drill bits, with product premiumization and capacity expansion strengthening its core competitiveness [18] - The company's CNC tooling business has expanded to 3C (including titanium alloys), automotive, aerospace, and dental fields, contributing to incremental performance [10] - The global automotive display market is expected to grow from 192 million units in 2022 to 267 million units by 2030, providing a significant market opportunity for the company's automotive film business [17] Financial Projections - The company's revenue is projected to be 1.70/2.10/2.60 billion yuan in 2024/2025/2026, with net profit attributable to the parent company of 332/417/505 million yuan [7] - The company's gross margin is expected to remain stable at around 36% from 2024 to 2026, with net margins of 19.5%/19.8%/19.5% [11] - The company's ROE is projected to increase from 9.5% in 2023 to 14.3% in 2026 [11] Valuation - The current stock price corresponds to 2024-2026 P/E ratios of 22/18/15x, and P/B ratios of 2.81/2.42/2.11x [7][11]

速腾聚创 MX 发布，激光雷达或将开启 证 券 “千元”新元年 研 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 报 事件描述 告 [行Ta业bl:e _Indu电 st子ry] 4 月 15 日，速腾聚创在深圳举办的 2024 年新品发布会上重磅发布了 日期: s 20h2z4q年da0t4e月m1a9r日k M平台新一代中长距激光雷达 MX，速腾聚创 CEO邱纯潮在发布会现 场表示，MX会以200美元左右作为基础开启第一个项目的量产，之后 [T分ab析le师_A: utho马r]永 正 会尽快争取达到1000人民币的水平，目前MX已斩获三个全新量产项 目定点，首个定点将于2025年上半年实现大规模量产。 Tel: 021-53686147 分析与判断 E-mail: mayongzheng@shzq.com 平台化搭建打造高性能&低成本终端，MX 有望打造下一代激光雷达新 SAC编号: S0870523090001 标杆。MX是速腾聚创多年致力于芯片化技术革新和平台化迭代升级的 联系人: 陈凯 成果，其搭载了速腾聚创在芯片化领域专研 3 年以上的全自 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating an expectation that the stock will outperform the benchmark index by more than 20% over the next six months [88]. Core Viewpoints - The company is a leading player in the cellulose ether market and is actively expanding into overseas markets and emerging application areas. With the recovery of overseas demand and the introduction of new production capacity, the company's performance is expected to enter an upward trajectory [97]. - The forecast for the company's revenue from 2023 to 2025 is projected to be 1.769 billion, 2.425 billion, and 2.625 billion yuan, with year-on-year growth rates of 2.65%, 37.10%, and 8.25% respectively. The net profit attributable to the parent company is expected to be 282 million, 392 million, and 452 million yuan, with year-on-year growth rates of -20.28%, 39.00%, and 15.25% respectively [70][98]. Summary by Sections Company Overview - The company focuses on cellulose ether and its downstream applications, with subsidiaries involved in various related products. Recent acquisitions and expansions have strengthened its market position [13][36]. Market Analysis - The cellulose ether market is expanding, with increasing demand for high-end products and domestic alternatives. The company is well-positioned to benefit from this trend [14][21]. - The global market for plant-based capsules is projected to grow, driven by increasing health awareness and the aging population, which will enhance the demand for the company's products [33][65]. Financial Performance - The company achieved a revenue of 428 million yuan in Q3 2023, reflecting a quarter-on-quarter growth of 14.05%, indicating a recovery in demand [11]. - The forecasted earnings per share (EPS) for 2023, 2024, and 2025 are 0.83, 1.15, and 1.32 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16.72x, 12.03x, and 10.44x [70][98]. Product and Capacity Expansion - The company has a cellulose ether production capacity of 34,000 tons per year, with ongoing projects expected to increase this capacity significantly [36][66]. - The plant-based capsule production capacity is also expanding, with a target of 15 billion capsules per year, enhancing the company's competitive edge in this segment [66][91].

[Table_Author] 分析师: 胡月晓 Tel: 021-53686171 E-mail: huyuexiao@shzq.com SAC 编号: S0870510120021 分析师: 陈彦利 Tel: 021-53686170 E-mail: chenyanli@shzq.com SAC 编号: S0870517070002 3 月主要数据除了固定投资外均有所回落。作为经济成效综合体现的 工业增长在开年高增后有所回归表明中国经济整体运行的韧性。而消 费数据的持续下滑主要受到基数变动的影响，从两年平均增速来看， 实际表现是回升的。而作为经济第一增长动力的投资主要依赖于制造 业和基建的回升，有助于固定资本形成总额的上升。本期房地产投资 跌幅再度扩大，但其余相关数据出现了改善信号，我们认为地产还难 言乐观，有待数据的进一步验证。一季度 GDP 为 5.3%，较去年四季 度继续回升，实现良好开局。我们认为，经济回升向好的趋势仍需巩 固，要强化宏观政策逆周期和跨周期调节，政策协力，增强宏观政策 取向一致性。 地缘政治事件恶化，国际金融形势改变，中国货币政策超预期变化。 目 录 表 1: 本期经济数据增速（%） ...

电动垂直起降航空器（eVTOL）专题报 证 券 告（一）：交通方式的重大变革正在发生 研 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 报 告 eVTOL 是最理想化的城市空中交通载具。我们认为，2024 年低空经 [行Ta业bl:e _Indu电 st子ry] 济在政策推动下有望迎来重大发展机遇，而城市空中交通（UAM）有 日期: s 20h2z4q年da0t4e月m0a1r日k 望成为典型的、潜力巨大的低空经济形态。在UAM载具中，eVTOL因 为低碳环保、噪声低、运行成本低、稳定性好等优势脱颖而出。 [T分ab析le师_A: utho马r]永 正 旅游/消防/急救/空中出租车等均有望成为 eVTOL潜在应用场景，国内 市场空间巨大。 Tel: 021-53686147 （一）旅游：我们认为，由于低空旅游对 eVTOL 性能要求较低、 E-mail: mayongzheng@shzq.com eVTOL 具有成本优势且噪音小、旅游休闲用户价格敏感度相对较低等 SAC编号: S0870523090001 原因，eVTOL 或可作为直升机的“平替”，优先 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance met expectations, with new game launches expected to drive future performance improvements [1] - Revenue in 2023 was RMB 7.791 billion, up 1.57% YoY, while net profit attributable to shareholders was RMB 491 million, down 64.31% YoY [2] - The company is focusing on long-term operation of existing games and steady progress in R&D of new products [4] - The company is committed to a high-quality content strategy, emphasizing "quality over quantity" [9] - The company is exploring cutting-edge technology applications to enhance product upgrades [9] Financial Performance - 2023 revenue: RMB 7.791 billion (+1.57% YoY) [2] - 2023 net profit attributable to shareholders: RMB 491 million (-64.31% YoY) [2] - Q4 2023 revenue: RMB 1.595 billion (+18.57% YoY), net profit attributable to shareholders: -RMB 123 million (-90.27% YoY) [2] - Game business revenue in 2023: RMB 6.669 billion (-7.91% YoY) [3] - Film and TV business revenue in 2023: RMB 1.034 billion (+222.46% YoY) [3] Game Business - The company is focusing on long-term operation of existing games and steady progress in R&D of new products [4] - The company is developing multiple new games, including "Zhu Xian 2," "Shen Mo Da Lu," and "Perfect New World" [4] - Existing games such as "Zhu Xian," "Perfect World International Edition," and "CS: Global Offensive" continue to contribute stable revenue [9] - The company is actively testing new games like "Persona: Phantom of the Night" and "One Punch Man: World" [9] Film and TV Business - The company produced several high-quality TV dramas in 2023, including "The Starry Love" and "The Ingenious One" [9] - The company has a strong pipeline of upcoming TV dramas, such as "Xu Ni Sui Yue Jing Hao" and "Zhi Ci Jiang Hu Meng" [9] - The company has entered the short drama market, with several productions ranking high on platforms like Douyin and Youku [9] Technology and Innovation - The company is exploring AI, VR, AR, and MR technologies to enhance game development and production pipelines [9] - The company has developed AI tools for game development, including Dialogue+ and AI-generated scenarios [9] - In February 2024, the company's self-developed game business vertical large model completed filing, enhancing intelligent dialogue services in games [9] - In March 2024, the company's game "Zhu Xian World" integrated NVIDIA's Audio2Face technology [9] Future Outlook - The company is expected to achieve net profit attributable to shareholders of RMB 1.007 billion in 2024, up 104.9% YoY [9] - Revenue is projected to grow to RMB 9.355 billion in 2024, up 20.1% YoY [10] - The company's valuation is expected to be 19x, 16x, and 14x for 2024, 2025, and 2026, respectively [9] Stock Performance - The stock price has underperformed the CSI 300 index over the past year, with a decline of 53% compared to the index's 44% decline [7] - The latest closing price is RMB 9.86, with a 12-month price range of RMB 9.00-22.91 [6]

地缘局势紧张国际油价高位震荡，维生 证 券 素、醋酸等品种价格上涨 研 究 ——基础化工行业周报（20240408-20240414） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl市e_场Su行mm情a走ry]势 过去一周，基础化工指数涨跌幅为-1.61%，沪深300指数涨跌幅为- [行Ta业bl:e _Indu基st础ry]化 工 2.58%；基础化工板块跑赢沪深300指数0.97个百分点，涨跌幅居于所 日期: s 20h2z4q年da0t4e月m1a5r日k 有板块第13位。基础化工子行业涨幅靠前的有：氨纶（8.40%），锦纶 （2.79%），聚氨酯（0.99%）；跌幅靠前的有：其他化学纤维（- [T分ab析le师_A: utho于r]庭 泽 8.33%），涂料油墨（-6.76%），粘胶（-5.70%）。 SAC编号: S0870523040001 ◼ 化工品价格走势 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 周涨幅排名前五的产品分别为：烧碱（21.18%）、液氯（15.19%）、 苯胺（9.98%）、国产维生素B1（6.35%）、己内酰胺（5.77 ...

创新驱动深化转型，迈向智能化时代 证 券 研 ——三大运营商 23年业绩点评 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 报 告 整体业绩平稳，分红率稳步提升。 [行Ta业bl:e _Indu通 st信ry] 1）23 年整体业绩稳步增长，相较于半年报业绩增速有所回落。移 日期: s 20h2z4q年da0t4e月m1a7r日k 动、电信、联通 2023 年分别实现营业收入 10093.09、5078.43、 3725.97 亿元，分别同比增加 7.69%、6.92%、4.97%；归母为 [T分ab析le师_A: utho刘r]京 昭 1317.66、304.46、81.73 亿元，分别同比增加 5.03%、10.34%、 E-mail: liujingzhao@shzq.com 11.96%。 SAC编号: S0870523040005 营收端，移动全年表现好于2023H1，主要原因系DICT 等政企业务、 “移动高清”等家庭增值业务、“咪咕视频”等新兴业务的快速增长。 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 2023年电 ...