公 司 研 究 龙佰集团（002601.SZ）：产品销量 2024年4月29日 强烈推荐/维持 提升，产能保持扩张 东 龙佰集团 公司报告 兴 证 券 龙佰集团发布 2023 年年报及 2024 年 1 季报：公司 2023 年实现营业收入 公司简介： 股 267.94亿元，YoY+10.92%，归母净利润32.26亿元，YoY-5.64%；公司2024 公司是一家致力于钛、锆、锂等新材料研发 份 年 1 季度实现营业收入 72.94 亿元，YoY+4.54%，归母净利润 9.51 亿元， 制造及产业深度整合的大型多元化企业集 有 团，主要从事钛白粉、海绵钛、锆制品、锂 YoY+64.15%。 限 电正负极材料等产品的生产与销售，公司产 公 钛系产品销量提升，带动整体营收实现增长。①钛白粉：2023 年公司钛白粉 品销往 6 大洲，100 多个国家和地区。其 司 产品销量同比增长 24.93%至 115.89 万吨，其中硫酸法钛白粉销量同比增长 中，钛白粉产能 151 万吨/年，海绵钛产能 5 万吨/年，规模均居世界前列。公司钛产业 证 22.15%至79.64万吨、氯化法钛白粉销量同比增长31.48%至36 ...

| --- | --- | --- | --- | --- | --- | |----------------------|----------|----------|----------|----------|----------| | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,325.22 | 2,601.61 | 3,312.11 | 4,179.88 | 5,229.03 | | 增长率（ % ） | 45.88% | 11.89% | 27.31% | 26.20% | 25.10% | | 归母净利润（百万元） | 264.34 | 255.47 | 384.02 | 494.87 | 627.44 | | 增长率（ % ） | 147.91% | -3.35% | 50.32% | 28.87% | 26.79% | | 净资产收益率（ % ） | 6.60% | 6.12% | 8.53% | 10.04% | 11.47% | | 每股收益 ( 元 ) | 1.00 | 0.96 | 1.45 | 1.86 | ...

行 业 研 究 汽车行业：汽车生产模式的第三次变革， 2024年4月19日 看好/维持 从旧式生产力到新质生产力 东 汽车 行业报告 兴 证 分析师 李金锦 电话：010-66554142 邮箱：lijj-yjs@dxzq.net.cn 执业证书编号：S1480521030003 券 研究助理 吴征洋 电话：010-66554045 邮箱：wuzhy@dxzq.net.cn 执业证书编号：S1480123010003 股 份 投资摘要： 有 限 一百多年的汽车行业历史是一部不断创新和改善的产业进化史，也是不断向更高效率、更低成本的生产模式进化史。生产模 公 式的变革是一系列技术、工艺创新融合生产流程再造和优化的复杂过程，并非由某一个技术创新所能带来，是一个从量变到 司 质变的过程。 证 第一次变革-福特流水线替代手工制造。1908年福特Model T问世，并在1914年建成的流水线上生产。福特生产效率得到 券 了大幅提升，1923年T型车销量达到顶峰，单一车型年销量超过200万辆。T型车价格也不断下降，从1910年的780美 研 元降至1914年的360美元。工艺、设备等创新使得零部件标准化成为可能，这是流水 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 1.62 based on a PS valuation of 0.55X for 2024 [35]. Core Insights - The company is focusing on AI and fast-moving consumer goods (FMCG) to create a second growth curve, leveraging its strengths in CRM SaaS and expanding into AI-driven solutions [11][35]. - The FMCG sector has significant market potential for intelligent transformation, with a high willingness to pay from companies for digital marketing solutions [8][56]. - The company has established a strong position in the CRM market, holding a 13.8% market share in China as of 2021, and is the largest domestic supplier of smart CRM services [22][31]. Summary by Sections Company Overview - The company was founded in 2010 and listed on the Hong Kong main board in July 2022, providing aPaaS, cPaaS, AI, and DI platforms as its technological foundation [9][22]. - It offers comprehensive CRM products and services across various industries, including FMCG, finance, and government [22][31]. Business Segments - The company operates in three main segments: cloud communication, smart finance, and AI + FMCG, with the latter becoming a key growth driver [11][44]. - The AI + FMCG segment includes sales cloud services and innovative products like the AloT smart freezer, which are designed to enhance operational efficiency in the FMCG sector [11][32]. Financial Performance - The company reported a revenue of HKD 1.28 billion in 2023, a year-on-year increase of 22.80%, driven by growth in PaaS services and marketing cloud business [30][31]. - Revenue projections for 2024 to 2026 are estimated at HKD 1.53 billion, HKD 1.76 billion, and HKD 2.02 billion, respectively, with a gradual return to profitability expected [35][88]. Market Potential - The FMCG industry is characterized by a large market size and numerous enterprises, with significant sales expenditure, indicating a strong capacity for investment in digital solutions [56][57]. - The report highlights the potential for AI technology to transform marketing and sales processes in the FMCG sector, which is currently underutilized [56][79].

敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 以上内容来源于东兴证券研究报告的观点。 本研究报告仅供东兴证券股份有限公司客户和经本公司授权刊载机构的客户使用，未经授权私自刊载研 究报告的机构以及其阅读和使用者应慎重使用报告、防止被误导，本公司不承担由于非授权机构私自刊 发和非授权客户使用该报告所产生的相关风险和责任。 以报告日后的 6 个月内，公司股价相对于同期市场基准指数的表现为标准定义： 强烈推荐：相对强于市场基准指数收益率 15％以上； 回避：相对弱于市场基准指数收益率 5％以上。 中性：相对于市场基准指数收益率介于-5％～+5％之间； 东 兴 证 券 股 份 有 限 公 司 分析师推荐 【东兴汽车】汽车行业：汽车生产模式的第三次变革，从旧式生产力到新质 生产力（20240425） 一百多年的汽车行业历史是一部不断创新和改善的产业进化史，也是不断向 更高效率、更低成本的生产模式进化史。生产模式的变革是一系列技术、工 艺创新融合生产流程再造和优化的复杂过程，并非由某一个技术创新所能带 来，是一个从量变到质变的过程。 第一次变革-福特流水线替代手工制造。1908 年福特 ModelT 问世，并在 191 ...

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [26] Core Insights - The company is a leading player in the metal soft magnetic materials industry, benefiting from strong technical and model advantages, with a comprehensive product line from power generation to load end energy transformation [2][21] - The metal magnetic material manufacturing industry is in a high-growth phase with significant barriers to entry, making it difficult for new competitors to emerge in the short term [2] - The company has a strong brand influence and a high degree of customer stickiness, supported by national policy incentives for the new metal powder materials industry [2] Financial Performance Summary - The company is expected to achieve revenues of 1,065.68 million yuan in 2024, 1,158.52 million yuan in 2025, and 1,722.26 million yuan in 2026, with growth rates of 48.66%, 38.01%, and 27.03% respectively [22] - The net profit attributable to the parent company is projected to be 193.06 million yuan in 2024, 255.77 million yuan in 2025, and 369.45 million yuan in 2026, with growth rates of 44.55%, 36.88%, and 18.04% respectively [22] - The company's gross profit margin is expected to rise to 39.6% in 2023, with a net profit margin of 22.1% and a return on equity (ROE) of 14.5% [25] - The asset-liability ratio is projected to decrease to 24.06%, indicating strong risk resistance and ongoing expansion capability [25] Growth Drivers - The company's chip inductor business is emerging as a second growth driver, with significant demand from AI and new infrastructure developments [36] - The metal soft magnetic powder business is entering a phase of accelerated mass production, which is expected to enhance the company's profitability [36] - The company has established a collaborative platform for metal soft magnetic materials, providing solutions for various green emerging industries such as photovoltaics, energy storage, and new energy vehicles [36]

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 ...