Investment Rating - The report maintains a "Recommended" rating for the company [5][4]. Core Insights - The company achieved a revenue of 6.845 billion yuan in 2023, representing an increase of 8.3% year-on-year. The net profit reached 0.401 billion yuan, recovering from a loss of 0.168 billion yuan in the previous year [1][6]. - The growth in revenue is primarily attributed to the rapid increase in short drama income and the stable development of the live social segment. The company has successfully entered the top tier of the short drama industry [1][6]. - The company is accelerating its overseas product matrix construction, with overseas revenue reaching 0.136 billion yuan, a significant increase compared to the previous year [1][6]. Financial Performance Summary - In 2023, the company reported a total revenue of 6.845 billion yuan, with value-added service revenue at 5.220 billion yuan (down 10% year-on-year), content service revenue at 0.959 billion yuan (up from 0.041 billion yuan last year), and other income at 0.666 billion yuan (up 8.32% year-on-year) [1][7]. - The company's gross profit margin improved to 41.4%, an increase of 1.1 percentage points from the previous year, while the adjusted net profit margin was 6.2% [1][7]. - The company expects net profits for 2024-2026 to be 0.364 billion yuan, 0.402 billion yuan, and 0.410 billion yuan, respectively, corresponding to PE ratios of 4.2X, 3.8X, and 3.7X [1][7].

Investment Rating - The report maintains a "Strong Buy" rating for Shandong Pharmaceutical Glass [4][8]. Core Views - The company's product structure optimization is driving high profit growth, with a significant increase in sales of borosilicate molded bottles, which are the mainstay products [3][4]. - The company achieved a revenue of 4.982 billion yuan in 2023, representing an 18.98% year-on-year growth, and a net profit of 775.8 million yuan, up 25.48% year-on-year [2][9]. - The first quarter of 2024 saw a revenue of 1.267 billion yuan, a 2.50% increase year-on-year, and a net profit of 210 million yuan, reflecting a 36.14% growth [2][3]. Financial Performance Summary - Revenue and Profit Growth: - 2023 revenue: 4.982 billion yuan, 18.98% growth - 2023 net profit: 775.8 million yuan, 25.48% growth - 2024 estimated revenue: 5.784 billion yuan, 16.10% growth - 2024 estimated net profit: 1.02068 billion yuan, 31.56% growth [9][11]. - Earnings Per Share (EPS) Forecast: - 2023 EPS: 1.17 yuan - 2024 estimated EPS: 1.54 yuan - 2025 estimated EPS: 1.89 yuan - 2026 estimated EPS: 2.34 yuan [4][9]. - Price-to-Earnings (PE) Ratio: - 2024 PE: 18.52 - 2025 PE: 15.03 - 2026 PE: 12.16 [4][9]. Market Position and Competitive Advantage - The company is a leading player in the borosilicate molded bottle market, benefiting from scale advantages and ongoing product development [3][4]. - The introduction of new products and automation in production processes are expected to further reduce costs and enhance customer loyalty [3][4]. - The company has developed 591 new products in 2023, a 170% increase from the previous year, which includes lightweight molded bottles that lower production costs [3][4].

首 席 观 点 首席周观点：2024 年第 17 周2024 年 4 月 26 日 首席观点 周度观点 汽车：汽车生产模式的第三次变革，从旧式生产力到新质生产力 丰田的 Giga casting& Self-propelling 方案：为了确保电动车的盈利能力，丰田需要在技术和 制造两个领域共同发力。1）引入一体化压铸，使得电动车车身结构简单。2）解构车身，丰 田将汽车分成前中后三个部分。与 unbox 相似，丰田称新的模式可以使组装工作在一个开放 的空间进行，有利于提升组装效率。3）Self-propelling 组装线：丰田将在下一代生产车间取 消传输机，通过安装在工厂的传感器和控制系统与车身上的传感器结合，实现对车辆运行控 制。丰田新一代电动车在开发费用在 2026 年下降 30%，未来下降 50%。工厂投资下降 50%。 DONGXING SECURITIES 李金锦 | 东兴证券汽车行业首席分析师 S1480521030003，18515800578，lijj-yjs@dxzq.net.cn 第一次变革-福特流水线替代手工制与第二次变革-丰田的精益制造都实现了对汽车生产效率 大幅提升和成本的明显下降 ...

东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司在多维度构筑强竞争优势。作为金属软磁材料领域产业链一体化龙头企 业，公司具有明显的技术优势及模式优势，并且已经具有从发电端到负载端电 能变化的全产品线布局。金属磁材新材料制造行业处于高景气成长期且行业具 有高行业壁垒（上游资金、技术及量产壁垒，下游客户认证壁垒），新企业在 短期内很难形成有效竞争。公司拥有强品牌影响力及高拓展性与高粘性的客户 群体且金属粉末新材料行业获国家重点政策性支持。 P4东兴证券公司报告 铂科新材（300811.SZ）：芯片电感业务助力公司第二成长极显现 金属与金属新材料行业首席分析师。英国布里斯托大学金融与投资学硕士。具有十年以上金融衍生品研究、 投资及团队管理经验。曾担任东兴资产管理计划投资经理（CTA），东兴期货投资咨询部总经理。曾获得 中国金融期货交易所（中金所）期权联合研究课题二等奖，中金所期权联合研究课题三等奖；曾获得中金 所期权产品大赛文本类银奖及多媒体类铜奖；曾获得大连商品期货交易所豆粕期权做市商大赛三等奖，中 金所股指期权做市商大赛入围奖。曾为安泰科、中国金属通报、经济参考报特约撰稿人，上海期货交易所 ...

上海家化（600315.SH）：23 年整体 表现偏弱，24 年 Q1 显著改善 品类毛利率提升及结构优化拉动整体毛利率提升，但费用率的增加影响盈利能 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 事件：上海家化发布 2023 年年报和 2024 年一季报，全年实现营业收入 65.98 亿元，同比-7.16%；实现归母净利润 5.00 亿元，同比+5.93%；2024 年 Q1 实现营业收入 19.05 亿元，同比-3.76%；实现归母净利润 2.56 亿元，同比 +11.18%。 力提升。2023 年个护和母婴毛利率分别上涨 3.35pct.和 0.57pct.达到 58.44% 和 52.24%，叠加毛利率较高的美妆业务占比提升，拉动公司整体毛利率增加 1.85pct.至 58.97%。销售费用率同比+4.66pct.至 41.98%，管理费用率和财务 费用率小幅增长，影响了盈利能力的提升。公司 22 年调降品牌投入费用导致 消费者人群基数减少，23 年希望扭转趋势增加了营销费用投放，叠加低基数 影响，23 年销售费用率增长较多。公司扣非净利润同比下降 41.82%，非经常 性损益来源于 ...

Investment Rating - The report maintains a "Strongly Recommend" rating for Anta Sports, reflecting confidence in its growth trajectory and market position [1][5] Core Views - Anta Sports achieved robust growth in 2023, with revenue reaching RMB 62.356 billion, a 16.2% YoY increase, and net profit attributable to the parent company (excluding joint venture losses) rising 44.9% to RMB 10.954 billion [1] - The company's multi-brand strategy continues to drive growth, with Anta, FILA, and other brands (DESCENTE and KOLON) contributing significantly to revenue and market expansion [1] - Anta Sports' 2024 Q1 performance showed steady growth, with Anta brand retail sales increasing by mid-single digits and FILA by high-single digits, while other brands grew 25-30% [1] Financial Performance - In 2023, Anta Sports' gross margin improved to 62.6%, up 2.4 percentage points, driven by DTC (Direct-to-Consumer) initiatives and improved retail discounts for FILA [1] - Operating profit margin rose to 24.6%, a 3.7 percentage point increase, reflecting strong cost control and operational leverage [1] - The company's joint ventures showed significant improvement, with EBITDA reaching RMB 3.745 billion, a 45.4% YoY increase, and expected gains of RMB 1.6 billion in 2024 due to the joint venture's listing [1] Multi-Brand Strategy - Anta brand revenue grew 9.3% YoY to RMB 30.306 billion, while FILA revenue increased 16.6% to RMB 25.103 billion, with notable growth in footwear and children's wear [1] - DESCENTE and KOLON achieved a 57.7% revenue growth, reaching RMB 6.947 billion, highlighting their role as new growth engines [1] - The company plans to maintain double-digit growth for Anta, achieve RMB 40-50 billion in FILA sales, and develop DESCENTE and KOLON into the third RMB 10 billion brand by 2026 [1] Market Position and Expansion - Anta Sports aims to become the market leader in China by 2025 and a global leader by 2030, leveraging its multi-brand strategy and market segmentation [1] - The company expanded its retail network, with Anta adult stores increasing to 7,053 (net addition of 129) and Anta Kids stores to 2,778 (net addition of 99) by the end of 2023 [1] Valuation and Forecast - The report forecasts Anta Sports' net profit for 2023-2025 to be RMB 12.85 billion, RMB 13.373 billion, and RMB 15.152 billion, respectively, with a current PE ratio of 19.7x, 18.9x, and 16.7x [5] - The company's EPS is expected to grow from RMB 2.68 in 2023 to RMB 5.35 in 2026, reflecting strong earnings potential [7]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook compared to market benchmarks [4]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 520 million yuan, representing a year-on-year growth of 28.80%, and a net profit of 91.95 million yuan, up 189.51% year-on-year [1][2]. - The significant increase in revenue and profit is attributed to the strong demand from downstream customers and the successful turnaround of its subsidiary, which achieved profitability [2][3]. - The global power semiconductor market is expected to grow by approximately 20% in 2024, reaching a scale of 52.2 billion USD, which bodes well for the company's growth prospects [4]. Financial Performance - In Q1 2024, the company achieved a gross margin of 38.02%, an increase of 9.07 percentage points year-on-year, and a net profit margin of 18.10% [2][4]. - The company's operating cash flow improved significantly, with a net cash flow from operating activities of 111 million yuan, up 221.36% year-on-year [2]. - The forecast for net profit for 2024-2026 is 333 million yuan, 519 million yuan, and 793 million yuan, respectively, with corresponding PE ratios of 49X, 32X, and 21X [4][7]. Product Development and Market Position - The company is actively expanding its product lines, focusing on high-end rectifiers and new power semiconductor devices such as MOSFETs, IGBTs, silicon carbide, and gallium nitride [3]. - The company aims to enhance its market share in the power semiconductor sector by developing advanced technologies and expanding its application fields, particularly in electric vehicles, photovoltaics, and wind power [3][4].

| --- | --- | --- | |---------------------------------|------------------------|------------------------------------| | | | | | 北京 | 上海 | 深圳 | | 西城区金融大街 5 号新盛大厦 | B 虹口区杨树浦路 248 | 福田区益田路 6009 号新世界中心 | | 座 16 层 | 大厦 5 层 | 46F | | 邮编： 100033 | 邮编： 200082 | 邮编： 518038 | | 电话： 010-66554070 | 电话： 021-25102800 | 电话： 0755-83239601 | | 传真： 010-66554008 | 传真： 021-25102881 | 传真： 0755-23824526 | 江丰电子（300666.SZ）：收入增长 11.89%，发力半导体零部件与第三 代半导体 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 P2东兴证券公司报告 江丰电子（300666. ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][21]. Core Insights - The company reported a total revenue of 3.747 billion yuan in 2023, representing a year-over-year growth of 15.37%, and a net profit attributable to shareholders of 233.16 million yuan, which is a significant increase of 120.12% compared to the previous year [1][21]. - In Q1 2024, the company achieved a revenue of 878 million yuan, marking a year-over-year growth of 24.42%, and a net profit of 56 million yuan, reflecting a remarkable year-over-year increase of 259% [1][21]. - The domestic business generated revenue of 1.086 billion yuan in 2023, with a year-over-year growth of 20.40%. The main product categories, including pet staple food, snacks, and canned food, saw revenues of 577 million, 2.351 billion, and 635 million yuan respectively, with growth rates of 60.23%, 9.81%, and 5.76% [2]. - The company has been actively adjusting its product layout to stabilize pricing and improve gross margins, with a domestic gross margin of 31.28% in 2023, up by 3.51 percentage points year-over-year [2]. - The overseas business generated revenue of 2.662 billion yuan in 2023, a year-over-year increase of 13.44%, with a gross margin of 25.22%, which improved significantly by 7.97 percentage points due to favorable raw material prices and product structure optimization [20]. - The report forecasts net profits for 2024, 2025, and 2026 to be 288.18 million, 346.97 million, and 418.71 million yuan respectively, with corresponding EPS of 0.98, 1.18, and 1.42 yuan, and PE ratios of 26, 21, and 18 [21][22]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 3.747 billion yuan and a net profit of 233.16 million yuan, with respective growth rates of 15.37% and 120.12% [1][21]. - The Q1 2024 results showed revenue of 878 million yuan and a net profit of 56 million yuan, with growth rates of 24.42% and 259% year-over-year [1][21]. Product and Market Analysis - The domestic market's revenue was 1.086 billion yuan in 2023, with a growth of 20.40%, while the overseas market contributed 2.662 billion yuan, growing by 13.44% [2][20]. - The company has focused on enhancing its product mix and improving gross margins, achieving a domestic gross margin of 31.28% in 2023 [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits increasing to 288.18 million yuan in 2024 and further to 418.71 million yuan by 2026 [21][22].

事件：公司发布 2023 年年报及 2024 年一季报。23 全年实现营收 316.05 亿元，同比+37.1%；归母净利 9.39 亿元，同比+201.3%，扣非归母净利 1.16 亿元，同比扭亏。24Q1 实现营收 75.08 亿元，同环比+4.6%/-23.6%； 归母净利 0.69 亿元，同环比-8.6%/-89.3%；扣非归母净利 0.11 亿元，同比扭亏/环比-83.8%。公司 23 全年业 绩增长表现亮眼，归母净利润实现大幅增长。 毛利率趋于稳定，扣非后归母净利润率小幅下降。（1）2023 年，公司营业成本 98.03 亿元，毛利率 33.0%， 同比下降 0.9 个百分点，其中芒果 TV 互联网视频业务毛利率 41.3%，同比提升 0.2 个百分点；新媒体互动娱 乐内容制作业务毛利率 25.6%，同比提升 6.4 个百分点；内容电商业务毛利率 5.0%，同比下降 1.4 个百分点。 芒果 TV 互联网视频业务毛利率小幅提升，主要由于会员业务加速发展、广告业务稳固基本盘、运营商业务稳 健发展。各板块之间呈现结构性互补态势。新媒体互动娱乐内容制作业务毛利率稳定提升，得益于公司积极探 索 AI 等前 ...