Compa n y U pda te Ch in a Resea rch Dep t . 阿 2024年03月12日 珀莱雅(603605.SH) BUY 买进 顾向君 H70420@capitalcom.tw 目标价(元) 117 38销售亮眼，大单品战略持续推进 结论与建议： 产业别 消费 事件概要： A股价(2024/3/12) 99.30 上证指数(2024/3/12) 3055.94 据青眼情报及天猫大美妆，38大促期间（3.1-3.8），公司旗下珀莱雅、 股价12个月高/低 131.07/75.01 彩棠两个品牌天猫平台GMV合计超5亿，其中珀莱雅GMV为4.95亿，居护肤 总发行股数(百万) 396.76 类目首位，彩棠GMV4071.7万，位列彩妆类目TOP5；抖音平台珀莱雅GMV1.89 A股数(百万) 394.80 A市值(亿元) 392.04 亿，同比增52.4%，位列TOP3。 主要股东 侯军呈(34.46%) 点评： 每股净值(元) 9.80 股价/账面净值 10.13  开年迄今销售表现优异，1Q增长可期。38大促期间公司在天猫、抖音双 一个月 三个月 一年 平台GMV表现出彩， ...

Compa n y U pda te Ch in a Re sea rch Dep t . 2024年03月12日 兆易创新（603986.SH） Buy 买进 朱吉翔 H70138@capital.com.tw 存储行业景气改善趋势明确，龙头公司将展现业绩弹性 目标价(元) 100 结论与建议： 公司基本资讯 得益于HPC需求保持旺盛、手机、PC在换机潮带动存储需求回升以及需求 产业别 电子 A股价(2024/3/12) 79.00 结构的改善，1Q24Nand以及Dram价格环比均录得一成以上的涨幅。继4Q23以 上证指数(2024/3/12) 3055.94 来，存储行业的景气修复趋势进一步明确。展望未来，AI PC、AI手机以及其 股价12个月高/低 142.44/55.2 他IOT产品渗透率持续提升，预计运行本地大模型的硬件产品普遍内存将达到 总发行股数(百万) 666.91 甚至超过16Gb，同时对于Nor Flash的需求亦同步增加，维持2024起行业景气 A股数(百万) 664.49 A市值(亿元) 524.94 逐季提升的判断，龙头企业业绩弹性将不断显现。 主要股东 朱一明(6.86%) 兆 ...

Investment Rating - The report assigns a "Buy" rating for the company, Yuyue Medical (002223.SZ), with a target price of 43 RMB per share [1]. Core Views - The company has launched a "Quality and Return Improvement" action plan, focusing on long-term development and enhancing product competitiveness [1]. - The report highlights the company's commitment to R&D, with increasing investment leading to a stronger product lineup and competitive edge in the medical device sector [1][2]. - The company is expanding its international market presence, particularly in response to increased demand for medical equipment during the pandemic [1]. Financial Summary - The projected net profit for 2023 is expected to increase by 45% to a range of 23.1 to 24.7 billion RMB, with further growth anticipated in 2024 and 2025 [1][4]. - The company's revenue is forecasted to grow from 7.895 billion RMB in 2023 to 10.186 billion RMB in 2024 [4]. - The earnings per share (EPS) is projected to rise from 2.39 RMB in 2023 to 2.73 RMB in 2025, reflecting a year-on-year growth of 15.3% [2][4]. Shareholder Returns - The company has a history of increasing dividends, with a proposed dividend per share (DPS) of 0.72 RMB for 2023, translating to a yield of 2.01% [2]. - Cumulative dividends since the company's listing in 2008 amount to 29.55 billion RMB, indicating a strong commitment to returning value to shareholders [1]. Market Position - Yuyue Medical is positioned as a leader in the consumer medical device sector, with a focus on innovation and product development [1]. - The company has established R&D centers in multiple locations, including Germany and Taiwan, to enhance its technological capabilities [1].

近期评等 日期 收盘价 评级 2023/08/15 17.39 买进 股价相对大盘走势 公司基本信息 产业别 医药生物 A 股价(2024/3/8) 13.27 深证成指(2024/3/8) 9369.05 股价 12 个月高/低 23.47/10.66 总发行股数(百万) 1178.52 A 股数(百万) 1178.09 A 市值(亿元) 156.33 主要股东 横店集团控股有 限公司(28.08%) 每股净值(元) 5.28 股价/账面净值 2.51 一个月 三个月 一年 股价涨跌(%) 10.8 -14.2 -42.9 机构投资者占流通 A 股比例 基金 17.6% 一般法人 52.1% 2023 年扣非净利 YOY+22%，符合预期，维持"买进"评级 结论与建议： 原料药承压，CDMO 快速增长，制剂获批品种不断扩充：（1）公司 2023 年原料药中间体业务实现营收 80.0 亿元，YOY+3.2%，地缘政治对出口产 生了一定负面影响，毛利率为 17.6%，同比增 0.9 个百分点，主要是受益 于原料端价格低位；（2）CDMO 业务实现营收 20.0 亿元，YOY+27.1%，毛 利率 42.3%,同 ...

Compa n y U pda te Ch in a Resea rch Dep t . 2024年3月11日 中兴通讯（000063.SZ/00763.HK） Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 35 盈利能力表现优异，关注第二曲线尤其是AI算力进展 公司基本资讯 结论与建议： 产业别 通信 公司发布2023年年报，2023年实现营业收入1,242.51亿元，同比增长1.05%； A股价(2024/3/11) 30.00 实现归母净利润93.26亿元，同比增长15.41%；实现扣非归母净利润74.00亿元， 深证成指(2024/3/11) 9581.53 同比增长19.99%。 股价12个月高/低 46.75/20.89 总发行股数(百万) 4783.25 单看第四季度，2023Q4现营业收入348.57亿元，同比增长14.68%；实现归 A股数(百万) 4027.02 母净利润14.85亿元，同比增长17.80%，业绩符合预期，维持“买进”评级。 A市值(亿元) 1208.11 主要股东 中兴新通讯有  各项业务毛利率快速爬升，带动整体盈利能力表现优异：分业务 ...

Compa n y U pda te Ch in a Resea rch Dep t . 202423年2月29日 中际旭创（300308.SZ） Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 180 全年业绩高增长，AI将继续带动高速光模块爆发式增长 结论与建议： 公司基本资讯 产业别 通信 公司发布2023年业绩快报，公司全年营收107.25亿元，YOY+11.23%，归 A股价(2024/2/28) 149.81 深证成指(2024/2/28) 9047.10 母净利润预计为21.81亿元，YOY+78.19%，；扣非归母净利润21.25亿元， 股价12个月高/低 170/32.3 YOY+104.81%。业绩符合预期，维持“买入”建议。 总发行股数(百万) 802.83  800G光模块等高端产品带动盈利增长：单看Q4，公司营收36.95亿元， A股数(百万) 750.21 A市值(亿元) 1123.88 同比增长33.05%，环比增长22.11%，归母净利润8.85亿元，同比增长 主要股东 山东中际投资 138.27，落于此前预告区间中值偏上，业绩符合预期。Q4业 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [2][3]. Core Views - The aviation industry is experiencing a recovery, with the company's performance significantly improving, leading to a substantial reduction in losses for the year [3]. - The company is the only flag carrier in China, establishing a robust aviation network centered around major cities, and holds the largest share of flight slots at key airports [3]. - The recovery in domestic routes has surpassed pre-pandemic levels, with available seat kilometers (ASK) and revenue passenger kilometers (RPK) recovering to 89.8% and 80.8% of 2019 levels, respectively [3]. - International routes are expected to recover further in 2024, supported by recent policy changes and negotiations that will increase flight frequencies [3]. Summary by Sections Company Overview - The company operates in the transportation sector, specifically in aviation, with a current A-share price of 7.48 as of February 28, 2024 [2]. - Major shareholders include China National Aviation Holding Company, holding 39.57% of shares [2]. Financial Performance - The company reported a significant reduction in losses, with a projected net loss of 11.66 billion RMB for 2023, compared to a loss of 39.2 billion RMB in 2022 [4]. - The forecasted net profit for 2024 is 9.502 billion RMB, indicating a turnaround from previous losses [4]. - Earnings per share (EPS) are expected to improve from -0.07 RMB in 2023 to 0.59 RMB in 2024 [4]. Market Outlook - The report anticipates that the recovery in passenger travel will continue, with domestic passenger transport expected to reach 630 million in 2024, a 7.7% increase from 2019 [3]. - The company’s aircraft utilization rates are expected to improve as international routes recover, enhancing profitability [3].

Compa n y U pda te Ch in a Res ear ch Dep t . 阿 2024年2月29日 盛美上海(688082.SH) Buy 买进 朱吉翔 C0044@capitalcom.tw 目标价(元) 115.0 新业务快速增长，2023年业绩靓丽 结论与建议： 公司基本资讯 产业别 电子设备制造 2023年公司营收端增长35%，净利润增长36%，扣非后净利润增长26%。 A股价(2024/2/28) 87.05 同时公司电镀设备获得客户批量重复订单，带动其他半导体设备收入增速增 上证指数(2024/2/28) 2957.85 股价12个月高/低 129.03/68.8 长超过8成，形成新的业绩增长点，标志公司半导体设备平台型企业初具规 总发行股数(百万) 435.71 模。 A股数(百万) 75.86 A市值(亿元) 66.04 展望未来，得益于国内半导体设备市场需求增长、公司在清洗设备领域 主要股东 ACM Research, Inc.(82.09%) 竞争优势的提升以及不断开拓新的半导体设备产品，其业绩具备持续快速增 每股净值(元) 14.82 长潜力。2024-2025年实现净 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2023年2月28日 费倩然 天赐材料（002709.SZ） Trading Buy 区间操作 H70507@capital.com.tw 目标价(元) 21 供需格局宽松，业绩同比下降 公司基本资讯 事件： 产业别 化工 公司发布2023年业绩快报，全年预计实现营收155.06亿元，yoy-31%,实 A股价(2024/2/28) 19.48 现归母净利润19.08亿元，yoy-66.61%，处于业绩预告中值，符合预期。其中 深证成指(2024/2/28) 9047.10 Q4单季预计实现营收33.82亿元，yoy-43%，qoq-18%,归母净利润1.56亿 股价12个月高/低 47.68/16.07 元,yoy-88%,qoq-66%。 总发行股数(百万) 1924.16 A股数(百万) 1384.89 结论与建议： A市值(亿元) 269.78 主要股东 徐金富(36.31%) 2023年锂电产业链产能快速扩张，叠加原材料价格大幅降低，盈利能力 每股净值(元) 6.94 整体下滑。公司主营产品电解液量增价减，正 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [3]. Core Insights - The company has shown a significant recovery in performance, with a 20% increase in revenue and a 9% increase in net profit for 2023. The fourth quarter of 2023 saw a remarkable 97% growth in revenue and a 313% increase in net profit, reflecting improved market conditions and increased sales of RF module products [3]. - The company is positioned as a leader in the domestic RF chip sector, benefiting from the recovery in smartphone sales in China. The production of new products is expected to enhance its competitive edge and shift its product structure towards RF modules [3]. - Future earnings projections indicate a net profit of 16.6 billion RMB and 21.1 billion RMB for 2024 and 2025, respectively, with year-over-year growth rates of 42% and 28% [3]. Financial Summary - For 2023, the company reported a revenue of 4.38 billion RMB, a year-over-year increase of 19.1%, and a net profit of 1.165 billion RMB, reflecting a 9% increase [5]. - The earnings per share (EPS) for 2023 is projected at 2.18 RMB, with forecasts of 3.10 RMB and 3.96 RMB for 2024 and 2025, respectively [5]. - The price-to-earnings (P/E) ratios for 2024 and 2025 are estimated at 33 and 26, respectively, indicating a favorable valuation compared to historical performance [5].