[Table_Title] 净利润翻倍增长，验证 IP 运营开发核心竞争力不断 提升 [Table_ReportDate] 泡泡玛特（9992.HK）公司简评报告 | 2024.04.12 [评Ta级ble：_R 买ank入] 核心观点 [ Table_Authors] [Tabl e_Summary] 王建会 ⚫ 事件：公司披露 2023年业绩，2023 年，公司实现总营收 63.01 亿元， 传媒互联网首席分析师 同比增长36.5%；实现净利润10.88亿元，同比增长128.8%；经调整净 SAC执证编号：S0110522050001 利润11.91亿元，同比增长107.6%。 wangjianhui2@sczq.com.cn ⚫ 渠道和区域角度，店效驱动线下高速恢复，抖音渠道持续高增，海外市 李甜露 场翻倍增长。 传媒互联网联席首席分析师 SAC执证编号：S0110516090001 2023年，线下出游火爆带动线下商业快速恢复，公司零售店和机器人商 litianlu@sczq.com.cn 店收入分别同比增长46.6%和44.8%，尤其是考虑到公司在内地新开店 电话：86-10-8115 2690 铺 ...

| --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------|--------------|-------|--------------------------------------------| | 1. | 投资建议的比较标准 | | 评级 | 说明 | | | 投资评级分为股票评级和行业评级 | 股票投资评级 | 买入 | 相对沪深 300 指数涨幅 15 ％以上 | | | 以报告发布后的 6 个月内的市场表现为比 | | 增持 | 相对沪深 300 指数涨幅 5 ％ -15% 之间 | | | 较标准，报告发布日后的 6 个月内的公司 股价（或行业指数）的涨跌幅相对同期的 | | 中性 | 相对沪深 300 指数涨幅－ 5 ％ -5 ％之间 | | | 沪深 300 指数的涨跌幅为基准 | | 减持 | 相对沪深 300 指数跌幅 5 ％以上 | | 2. | 投资建议的评级标准 | 行业投资评级 | 看好 | 行 ...

[Table_Title] N 型硅料快速放量，Q4 盈利能力改善 [Table_ReportDate] 大全能源(688303)公司简评报告 | 2024.04.12 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T able事_S件um：m公ar司y]发 布 2023 年度报告，2023 年公司实现营业收入 163.29 亿 董海军 元，同比下降47.22%。实现归母净利润57.63亿元，同比下降69.86%。 分析师 实现扣非后归母净利润 57.76 亿元，同比下降 69.84%。其中，2023 年 SAC执证编号：S0110522090001 四季度营收 34.51 亿元，同比下降 44.90%，归母净利润 6.48 亿元，同 donghaijun@sczq.com.cn 电话：86-10-5651 1712 比下降83.95%，扣非后归母净利润9.34亿元，同比下降76.88%。公司 营收和利润的减少主要是因为主营产品多晶硅价格下降所致，2023年， 张星梅 多晶硅新增产能陆续释放，供给量大幅增加，导致多晶硅价格快速回落， 研究助理 公司营收和利润双双下滑。 ...

Investment Rating - The report assigns a "Buy" rating to the company [4] Core Views - The company has been deeply involved in the precision temperature control industry for nearly 20 years, continuously improving its product lines and application areas [19] - The demand for data center temperature control is vast, with an estimated market size exceeding 90 billion RMB from 2023 to 2025 [19] - The penetration rate of efficient cooling technologies such as indirect evaporative cooling and liquid cooling is expected to increase significantly [19] - The company's high R&D investment and platform-based R&D model have resulted in a rich product matrix [19] - The company is expected to benefit from the high demand in data center and energy storage temperature control, with projected net profits of 3.9/5.4/7.1 billion RMB for 2023-2025 [19] Company Overview - The company is a leading provider of precision temperature control and energy-saving equipment in China [2] - The company's equity structure is stable, with the largest shareholder being Yingweike Investment, holding 25.5% of the shares [14] - The company's revenue and net profit have shown continuous growth, with revenue increasing from 1.07 billion RMB in 2018 to 2.92 billion RMB in 2022, a CAGR of 28.6% [24] - The company's gross margin and net margin have remained stable, with a recent recovery trend [49] - The company's core businesses include data center and cabinet temperature control equipment, with rapid growth in energy storage-related businesses [29] Data Center Temperature Control - Data center energy consumption is high, accounting for an increasing proportion of total electricity consumption, with data center electricity consumption expected to exceed 400 billion kWh by 2025 [58] - The PUE (Power Usage Effectiveness) requirements for data centers are increasing, with new large and super-large data centers required to have a PUE below 1.3 [43] - The power density of data center cabinets is increasing, with traditional cooling methods unable to meet the demand [96] - Indirect evaporative cooling and cold plate liquid cooling are expected to grow rapidly in the short to medium term, while immersion cooling will have significant advantages in the long term [103] - The demand for data center temperature control is expected to exceed 90 billion RMB from 2023 to 2025, with the annual demand exceeding 40 billion RMB by 2025 [112] Energy Storage Temperature Control - The rapid development of wind and solar energy has increased the demand for energy storage, with electrochemical energy storage becoming the mainstream of new energy storage [124] - Temperature control is crucial for energy storage, with the demand for temperature control increasing alongside the growth in energy storage installations [127] - Liquid cooling is becoming more prevalent due to its comprehensive advantages, with the penetration rate of liquid cooling expected to increase [130] - The company has a first-mover advantage in energy storage temperature control, with a platform-based R&D model enhancing its competitive edge [120] Product and Technology - The company has a rich product matrix in data center temperature control, including air cooling, liquid cooling, and integrated solutions [113] - The company has been a pioneer in indirect evaporative cooling technology, with its XFlex modular evaporative cooling unit achieving a PUE below 1.15 [117] - The company has been actively developing liquid cooling solutions, with its Coolinside full-chain liquid cooling solution achieving a single cabinet power density of 200kW [142] - The company's R&D expenditure ratio is consistently higher than its competitors, reflecting its emphasis on innovation [144]

| --- | --- | --- | --- | --- | |---------------------------|-------|---------------------|-------|-------| | 盈利预测 \n[Table_Profit] | 2023A | 2024E | 2025E | 2026E | | 营收（亿元） | 14.12 | 17.22 | 21.21 | 25.12 | | 营收增速 | 21.7% | 22.0% | 23.2% | 18.4% | | 归母净利润（亿元） | 1.16 | 1.49 | 1.96 | 2.38 | | 归母净利润增速 | 39.7% | 27.9% | 31.6% | 21.3% | | EPS( 元 / 股 ) | 0.68 | 0.87 | 1.15 | 1.39 | | PE | | 38.3 29.9 22.7 18.7 | | | 公司简评报告 证券研究报告 本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者将 对报告的内容和观点负责。 在法律许可的情况下，首创证券可能会持有 ...

[Table_Title] 主营产品产量提升 2023 年业绩平稳增长 [Table_ReportDate] 江西铜业(600362)公司简评报告 | 2024.04.12 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 吴轩 ⚫ 事件：2023年公司实现营业收入5218.93亿元，同比8.74%；归母净利 有色行业首席分析师 润65.05亿元，同比8.53%；扣非后归母净利润53.74亿元，同比-0.80%。 SAC执证编号：S0110521120001 其中，Q4实现营业收入1223.37亿元，同比9.44%，环比-7.34%；归母 wuxuan123@sczq.com.cn 净利润15.62亿元，同比23.44%，环比-1.35%；扣非后归母净利润12.33 刘崇娜 亿元，同比-20.74%，环比-14.12%。 有色行业研究助理 ⚫ 2023年产量整体显著提升。公司2023年生产阴极铜209.73万吨，同比 liuchongna@sczq.com.cn 增长14.02%；自产铜精矿含铜20.2万吨，同比-1.17%；生产黄金112.6 ...

[Table_Title] 主业表现平稳，静待边际改善 [Table_ReportDate] 康龙化成(300759)公司简评报告 | 2024.04.11 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 王斌 ⚫ 事件：公司发布 2023 年年报，2023 年实现营业收入为 115.38 亿元 首席分析师 （+12.39%），归母净利润为16.01亿元（+16.48%），扣非归母净利润为 SAC执证编号：S0110522030002 15.14亿元（+6.51%）。 wangbin3@sczq.com.cn 电话：86-10-81152644 ⚫ 投融资景气度下降影响实验室服务等业务表现，静待边际改善。分板块 [市T场ab指le数_C走ha势rt]（ 最近1年） 来看，实验室服务业务实现营业收入66.60亿元（+9.38%），与23H1相 0.2 康龙化成 沪深300 比，增速显著放缓；毛利率为44.28%（-1.25pct），预计受人力、折旧摊 销等成本增加影响。我们认为 2023 年下半年实验室服务业务增速放缓 0 1 2 4 1 2 ...

Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Insights - The company, Stone Technology (688169), reported strong performance in 2023, with total revenue reaching 8.654 billion yuan, a year-on-year increase of 30.55%. The net profit attributable to shareholders was 2.051 billion yuan, up 73.32% year-on-year [3][4]. - The company is experiencing growth in both domestic and international markets, with domestic sales increasing by 41.01% to 4.411 billion yuan and international sales rising by 21.42% to 4.229 billion yuan [3][4]. - The gross margin improved by 5.87 percentage points to 55.13%, driven by better raw material prices and product structure optimization [3][4]. - The company plans to distribute a cash dividend of 46.80 yuan per 10 shares and will also conduct a stock transfer of 4 shares for every 10 shares held [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 86.54 billion yuan, with a year-on-year growth of 30.55%. The net profit attributable to shareholders was 20.51 billion yuan, reflecting a 73.32% increase [3][4]. - The company expects revenues for 2024, 2025, and 2026 to be 105.84 billion yuan, 125.33 billion yuan, and 141.76 billion yuan, respectively, with corresponding net profits of 24.00 billion yuan, 28.81 billion yuan, and 33.13 billion yuan [4]. Market Expansion - The company has successfully launched new products in both domestic and international markets, contributing to its revenue growth. The introduction of high-quality products has enhanced its market share [3][4]. - The retail market for robotic vacuums in China reached 137 billion yuan in 2023, with a year-on-year growth of 10% [3][4]. Profitability - The net profit margin increased by 5.85 percentage points to 23.70%, supported by favorable tax rates and improved operational efficiency [3][4]. - The company’s gross margin for domestic and international sales reached 49.26% and 61.65%, respectively, indicating strong profitability across regions [3][4].

[Table_Title] 传统业务稳健，零售大店盈利改善 [Table_ReportDate] 晨光股份(603899)公司简评报告 | 2024.04.11 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 陈梦 ⚫ 事件：公司发布2023年年报，全年实现营收233.51亿元，同比+16.78%； 首席分析师 归母净利润15.27亿，同比+19.05%；拟每股派发现金红利0.8元。 SAC执证编号：S0110521070002 点评： chenmeng@sczq.com.cn 电话：010-81152649 ⚫ 传统业务运营能力提升，新业务持续高增。据公司公告，2023年公司传 统核心业务/办公直销业务（科力普）/零售大店业务分别实现营收 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） 91.36/133.07/13.35亿，同比分别+8%/+22%/+51%。其中晨光科力普致力 0.2 晨光股份 沪深300 于为大客户提供一站式采购服务解决方案，行业地位进一步提升，全年 实现净利润4.01亿元，同比+8%；零售大店业务中九木杂物社首 ...

报告发布日后的 6 个月内的公司股价（或 中性 行业与整体市场表现基本持平 行业指数）的涨跌幅相对同期的沪深 300 指数的涨跌幅为基准 看淡 行业弱于整体市场表现 [Table_Introduction] 分析师简介 王仕进，策略首席分析师，上海财经大学经济学博士，7 年策略研究经验，2022 年 10 月加入首创证券研究发 展部。 张君贝，策略研究助理，南洋理工大学商业分析硕士，2023 年 9 月加入首创证券。 分析师声明 本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者将 对报告的内容和观点负责。 免责声明 本报告由首创证券股份有限公司（已具备中国证监会批复的证券投资咨询业务资格）制作。本报告所在资料的来 源及观点的出处皆被首创证券认为可靠，但首创证券不保证其准确性或完整性。该等信息、意见并未考虑到获取 本报告人员的具体投资目的、财务状况以及特定需求，在任何时候均不构成对任何人的个人推荐。投资者应当对 本报告中的信息和意见进行独立评估，并应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商 业、财务、税收等方面咨询专业财务顾问的意见。对依据或者 ...