[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 海信家电（000921）公司研究报告 2024年06月04日 [Table_InvestInfo] 首次 治理持续优化，业绩端表现优异 投资评级 优于大市 覆盖 股票数据 [Table_Summary] 0[6Ta月b0le3_日S收to盘ck价I（nf元o]） 40.37 投资要点： 52周股价波动（元） 19.69-43.18 总股本/流通A股（百万股） 1387/903  公司23年度及24Q1业绩表现优异。公司23年全年收入规模856亿元，同比 总市值/流通市值（百万元） 56000/56000 增长15.5%，实现归母净利润28.4亿元，同比增长97.7%。其中Q4单季度实 相关研究 现收入207.0亿元，同比增长21.13%，实现归母净利润4.11亿元，同比增长 [Table_ReportInfo] 12.66%。公司Q4单季度收入及利润端表现优异，单季度收入增速均环比优于 Q3。24年一季度实现营收 234.86亿元，同比增长 20.87%，实现归母净利润 9.81 亿元，同比增长 59.5%，扣非净利润达 8 ...

[Table_MainInfo] 公司研究/医药与健康护理/生物科技 证券研究报告 奥浦迈（688293）公司年报点评 2024 年 06 月 01 日 688293 CH Shanghai Opm Biosciences Rating: OUTPERFORM Target Price: Rmb53.41 Kehan Meng kh.meng@htisec.com 2023 年分业务板块经营情况： ② 293 培养基业务：收入 22.56 百万元，同比减少 44.94%。毛利率 70.32%， 同比减少 0.04pcts。公司自主研发的 HEK-293 CD05 已完成美国 FDA 的 DMF 备案。 分地域经营情况：2023 年，公司境内营业收入 203.98 百万元，同比下滑 16.02%，毛利率 58.10%，同比降低 1.44pcts。境外收入 38.71 百万元，同比下 滑 24.67%，毛利率 63.62%，同比降低 21.28pcts，境外业务剔除 2022 年某海 外重大客户采购额影响，收入显著上升。 2024 年一季度，培养基产品增速强劲，海外收入增长超过 7 倍。2024 年一季 度，营业 ...

Financial Performance and Key Indicators - In 2023, the company achieved operating revenue of 31.928 billion yuan, a year-on-year increase of 21.8% [1] - The net profit attributable to shareholders was 10.438 billion yuan, up 28.93% year-on-year [1] - Total assets reached 44.096 billion yuan, growing by 20.18% [1] - Basic earnings per share for 2023 were 8.56 yuan, an increase of 28.78% [1] - Cash dividends amounted to 4.37 yuan, accounting for 51.07% of the net profit [1] - In Q1 2024, operating revenue was 15.338 billion yuan, a 20.94% increase year-on-year, with net profit at 6.2 billion yuan, up 29.95% [1] Business Line Performance - Revenue from mid-to-high-end liquor reached 23.203 billion yuan in 2023, a growth of 22.56% [1] - The number of distributors outside the province increased to 3,120, with revenue from these regions amounting to 19.660 billion yuan [1] Market Data and Key Indicators - The company plans to optimize its investment structure and innovate its marketing strategies to enhance brand communication across various media [1] Company Strategy and Development Direction - The company is implementing the "11125 Fenjiu Technology Strategy" to enhance quality management and product quality [1] - In 2024, the company aims to accelerate technological upgrades and expand production capacity [1] - The company is focused on establishing a world-class value creation action plan and improving internal control systems [1] Management Comments on Operating Environment and Future Outlook - Management emphasized the importance of high-quality development and maintaining confidence in growth despite challenges [4] - The company aims to achieve a revenue growth of around 20% in 2024 [1] Other Important Information - The company is committed to sustainable profit distribution principles to ensure investor interests [2] - Plans to enhance talent recruitment and leverage talent advantages for future growth [2] Q&A Session Summary Question: What are the basic logic and key directions for the company's development? - The company has established five basic logics for development, including building a scientific marketing system and enhancing product structure [3] Question: What plans and measures does the company have for quality management and brand strategy? - The company plans to focus on quality management and brand positioning, emphasizing quality production and technological upgrades [4] Question: What are the company's cultural and reform plans? - The company aims to strengthen cultural development and improve internal governance structures [4] Question: What are the company's goals and plans for 2024? - The company targets high-quality development and aims to enhance operational efficiency and product quality [4] Question: What is the company's strategic layout for future development stages? - The strategic layout is divided into two phases: 2022-2024 for transformation and management upgrades, and 2025-2030 for sustainable development [4] Question: How did the company perform in 2023 and Q1 2024? - The company reported significant revenue and profit growth in both 2023 and Q1 2024 [5] Question: What is the company's approach to marketing expenses and management in 2024? - The company plans to optimize marketing expenses and focus on product quality and innovation [6] Question: What strategies does the company have for high-end liquor branding and market promotion? - The company is promoting its high-end product, Qinghua Fenjiu 30, and aims to strengthen its market position [6] Question: How does the company manage its independent directors? - Independent directors focus on financial audits and maintain communication with management to ensure compliance [6] Question: What are the company's strategies for channel management and expense allocation in different regions? - The company tailors its marketing strategies based on regional market conditions to enhance effectiveness [6] Question: What are the capital expenditure plans for construction and fixed assets? - Specific details on capital expenditure were not provided [7] Question: What is the company's approach to product structure and dividend policy? - The company plans to enhance competitiveness in the mid-range market and maintain a stable dividend policy [8] Question: How does the company view the performance and growth potential of Qinghua 20? - Qinghua 20 has shown strong growth potential in the mid-to-high-end market segment [8] Question: What are the core advantages and actions for the company's operations? - The core advantages include continuous growth and a focus on quality, brand, culture, and market strategies [9] Question: How does the company enhance management and marketing, and what breakthroughs are expected in quality and culture? - The company is leveraging digital partnerships to improve management efficiency and enhance marketing strategies [9] Question: What new initiatives are being taken in reform and talent management? - The company is focusing on systematic reforms and enhancing talent recruitment efforts [9]

核心苹果钢壳增量带来高额利润 其他手机厂也在跟进。 【苹果业务】 苹果的小钢壳 现在 20 条产线， 去年 11 月 2 亿订单，今年 1-2 月 2 亿订单， 现在接近 5 亿。 现在 20 条小线 只能满足一款， 后续三款也会继续下， 还给了我们项目 试验线， 新款手机，手机样子不是现在能用的，和苹果合 作以后， 对我们的技术都比较满意 韩国 日本公司做的都不满意，公司是第 8 家实验的也是做的最好的。 这个项目满意就会交给我们其他的。 现在十几二十个项目 一条线 3000-4000 万 现在毛利率 50%-60%。现在本身降过了 安卓也在合作，还没明确的时间表， 小米要合作，钢壳优势明显。 LG？ 主要，之前最大， LG 冠宇，LG 找我们买了好几千万的样机。我们给他们卖 样机是不违反规定的。 今年比去年同比 去年高的话 5600 今年 4600 人， 供应链 128 人 现在把系统 健全，去年年底 72 人，今年给采购 50 人， 【锂电】 10 条产线 这一款 成本贵了 8 美金 0.075mm 厚度，材料是不锈钢， 容易行程虚焊和气孔。我们精度是 5um 以下， 日本 韩国。 【安费诺合作】 24 ...

问题 1:请问目前公司整体运行情况如何? 问题 9:请问中药 CRO 和化药 CRO 在成本、报价及盈利水平方面是否有明显的差异? 答:相较于上年,公司临床研究服务毛利率同比基本持平,但临床前研究服务及其他咨询服务毛利率同比有 问题 2:请问公司的业务都主要集中在母公司吗? 答:公司的业务主要集中在母公司,母公司以化药、生物药临床研究服务,临床前研究服务及安全性评价服务 为主。同时为了业务领域的精细化管理及战略发展,也会成立一些专业化的子公司独立运营相关板块的业务, 比如杏林中医药以中药新药临床研究和注册服务为主;北京博济以早期临床、临床药理、国内注册为主;砝 码斯以 SMO(临床研究协调)为主;九泰药械以医疗器械、IVD 的临床和注册服务为主;博济数据以数统业务为 主;旭辉检测以检测业务为主等。 答:目前公司业务以国内客户为主,主要收入均来自境内。近期公司成立了海外子公司,希望能帮助国内企业 在美国开展临床试验、服务美国本土企业开展早期临床项目以及承接国外申办方在中国的注册和临床业务。 问题 6:请问目前公司的临床订单价格变化趋势如何? 所下降。公司也未产生临床前自主研发项目转让及技术成果转化服务收入,该类 ...

【贵州三力】策略会交流纪要 2024 年 5 月 Q：公司主要产品的销售情况和销售目标 Q：2024 年 Q1 的业绩拆分情况 Q：2024 年 Q2 的业绩增长预期 Q：2024 年的全年的业绩指标 Q：中长期的销售增长目标？ Q：公司的净利率？ 利率约为 11-12%。中期来看，公司预计净利率变化不大，净利率的波动主要和产品结构 有关，例如黄芪颗粒和日舒安净利率较高，感冒灵颗粒的净利率较低。 Q：开喉剑的主要成分 A：开喉剑的核心有效成分是八爪金龙，这是黔东南地区的苗药材，具有缓解咽喉不适的 效果。其他有效成分包括山豆根、蝉蜕、薄荷脑等，形成完整处方。 A：开喉剑的年销量 4000-5000 万盒，预计覆盖约 1000 多万个家庭。成人型和儿童型都是 同时覆盖处方市场+OTC 市场。儿童型 2009 年进入医保，目前二级以上等级医院基本已经 全部覆盖，覆盖率达到 99%以上，未来处方市场增长空间有限，主要增长点来自 OTC 市 场。成人型 2018 年进入医保，2019 年开始医院开发工作，截至 2023 年底医院覆盖率约 为 30%，未来处方市场还有增长空间。成人型和儿童型的 OTC 市场由同一团队负责 ...

Financial Data and Key Metrics Changes - In 2023, the company's operating revenue reached 794 million, representing a year-on-year growth of 15.4% compared to 688 million in 2022 [4] - The net profit for 2023 was 296 million, showing a year-on-year increase of 10.1% from 269 million in 2022 [4] - The gross margin and net margin for 2023 were 95.81% and 37.28%, respectively, indicating strong profitability [4][23] Business Line Data and Key Metrics Changes - The software licensing business accounted for 91.65% of total revenue in 2023, up from 82.42% in 2020 [11][17] - The revenue from the core product, the Dameng Database Management System, constituted approximately 89.87% of software revenue in 2023 [11][17] - The company has diversified its revenue sources, with significant growth in the military sector, which saw a 98.11% year-on-year increase in 2022 [19] Market Data and Key Metrics Changes - The domestic database market is projected to grow at a CAGR of 26.1% from 2022 to 2027, driven by increasing enterprise business volume and data explosion [2] - The company has maintained a leading market share among domestic database vendors, with a 7% market share in the local deployment relational database market [2] - The demand from key sectors such as finance, energy, and telecommunications is expected to accelerate, with major state-owned enterprises beginning to issue tenders for domestic databases [2][12] Company Strategy and Development Direction - The company aims to leverage its three core competitive advantages: high autonomy, technical leadership, and high compatibility to capture market opportunities [3] - The strategic focus is on expanding from government sectors to various industries, enhancing its product offerings to meet high-performance requirements [2][12] - The company plans to continue investing in R&D and sales to capitalize on the opportunities presented by the domestic replacement trend [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the acceleration of domestic replacement in the database market, anticipating strong growth in mid-term performance [1][2] - The company is well-positioned to benefit from the increasing demand for secure and reliable database solutions amid the ongoing digital transformation [2] - Management acknowledged potential risks, including slower-than-expected progress in domestic replacement and increased market competition [3] Other Important Information - The company has a stable shareholding structure with significant state-owned enterprise involvement, which aids in market expansion [8] - The workforce has grown significantly, from 697 employees in 2019 to 1474 in 2023, reflecting the company's commitment to enhancing its capabilities [22] Q&A Session Summary Question: What are the company's growth prospects in the database market? - The company is expected to benefit from the rapid growth of the domestic database market, with projections indicating a CAGR of 26.1% from 2022 to 2027 [2] - The management highlighted the importance of expanding into various industries beyond government sectors to sustain growth [12] Question: How does the company plan to address competition in the market? - The company aims to leverage its high autonomy and technical capabilities to differentiate itself from traditional database vendors [3] - Management noted that the focus on product compatibility with existing systems, particularly Oracle, will be crucial in attracting new clients [3]

甘肃能化20240602_智能速览 关键词 章节速览 ● 07:30 煤化工项目的成长性和可转债投资 ● 18:32 火电日耗的影响因素 ● 30:49 能耗双控的政策层面 要点回顾 甘肃能化煤化工业务的成长性如何？ 甘肃能化公司的可转债在两年半后到期，其发行目的是为了转债促转股。大部分公司会在股价达到一定 水平时选择强赎，将债权转换为股权。该公司的转股价约为3.1元，若按强赎价130%计算，对应价格约 为4.03元。由于转债交易规则中规定，在30天内至少15个交易日股价必须高于转股价，因此股价可能会 高于这个水平。同时，与去年的淮北矿业相似，甘肃能化在今年也有可能触发可转债的强赎机制，因此 投资者可关注公司股价变化。 甘肃能化公司的成长性和估值情况如何？ 煤炭市场近期港口动力煤价格小幅下滑，秦港报价环比下跌约1%。但产地价格依然保持上行趋势，形成 港口和产地价格的分化。港口价格回调主要原因是沿海电厂日耗出现小幅下滑，水电出力良好导致火电 需求增速负值。目前水电后继出力难以预测，存在一定的不确定性，特别是水库水位偏低可能对水电出 力带来影响。不过，火电需求仍有望季节性增长，未来走势需继续观察。 动力煤价格的走 ...

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 近期汽车板块交流情况总结；比亚迪；以旧换新20240602 摘要 近期汽车板块投资热度下降主要受整体消费数据表现一般和上游原材料价格持续上涨 的影响，市场对消费力和汽车产业链利润兑现情况持悲观态度。 · 尽管市场情绪悲观，但汽车板块估值已消化至合理水平，资金密度下降，市场捕挤度降 低，且自主品牌市占率提升、中高端车型销量增长、出口数据强劲等积极因素表明市场 潜力依然巨大。 更多一 · 申万汽车指数和汽车零部件指数已回归至2023年初水平，估值泡沫基本消除，部分零 部件企业估值已消化至15 倍左右，基于其竞争格局和成长性来看，部分企业甚至处于 被低估状态。 开报数据力 比亚迪在成本控制方面具有显著优势，预计其后续定价策略将推动销量增长，今年销量 尔法优势。 综合来看，汽车板块估值已消化至合理水平，市场潜力依然巨大，当前阶段是一个较好 的左侧投资机会，建议投资者保持乐观，积极关注行业的后续变化和发展。 Q&A 近期汽车板块的投资热度为何有所下降？ 近期汽车板块的投资热度下降主要有两个原因。首先，整体消费数据表现·般，帝场对消费力 的预期并不乐观。其次，上游原 ...

Financial Data and Key Metrics Changes - The company has a strong technical reserve in micro actuators, with product performance (efficiency, noise, lifespan) comparable to leading overseas companies, while pricing is approximately one-third of competitors [9] - The expected price for the micro screw is around 300, significantly higher than the initial estimate of 100, due to additional costs such as labor and gross margin [6] Business Line Data and Key Metrics Changes - The company is currently engaged with leading humanoid robotics companies in North America, progressing well with the collaboration on charging gun locking gearbox projects [2] - The company has established relationships with major domestic clients such as UBTECH, Huawei, Tencent, and ByteDance, indicating a strong market presence [5] Market Data and Key Metrics Changes - The company is recognized as a core supplier for Tesla, Apple, and Figure, highlighting its unique position and reputation in Silicon Valley [15] - The company has a competitive edge in micro gearbox testing methods and equipment, surpassing domestic peers [9] Company Strategy and Development Direction - The company aims to integrate sensors and develop a complete dexterous hand solution, indicating a strategic shift towards comprehensive product offerings [4] - The focus on upgrading the degrees of freedom in dexterous hands is identified as a core variable for future marketing efforts [7] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in acquiring more clients and increasing market share due to strong relationships with key customers [2] - The company acknowledges the importance of communication regarding sample submissions to clients, which has been a concern in the market [13] Other Important Information - The company is the only one among those supplying samples to Tesla that does not include humanoid robots in its valuation, suggesting a potential undervaluation [23] - The recent survey attracted over 50 participants, indicating high interest in the company's developments [21] Q&A Session Summary Question: What is the company's position in the market? - The company is recognized as a core supplier for major clients like Tesla and has a strong reputation in Silicon Valley, which enhances its market position [15] Question: How does the company plan to manage costs? - The company aims to control material costs for modules (motor + transmission) to around 100 under favorable conditions [12] Question: What are the future product developments? - The company is focusing on increasing the degrees of freedom in dexterous hands, which is seen as a significant advancement in technology [17]