科创板23Y&24Q1业绩分析：科创营收利润增速转正

证券研究报告 科创营收利润增速转正 ——科创板23Y&24Q1业绩分析 分析师：李美岑 SAC：S0160521120002 分析师：张日升 SAC：S0160522030001 1 联系人：张洲驰 科创板 市值占比 标的数量 营收增速 22-12 23-03 23-06 23-09 23-12 24-03 盈利增速 22-12 23-03 23-06 23-09 23-12 24-03 电子 37.6% 132 16% -12% -5% -1% 5% 37% -7% -68% -58% -59% -53% 272% 半导体 30.9% 92 27% -12% -8% -5% 0% 32% 6% -65% -59% -63% -59% 157% 光学光电 2.3% 15 -6% -14% -12% -11% -7% 15% -121% -279% -363% -1348% -724% -19% 消费电子 2.7% 8 -4% -16% 5% 15% 26% 66% -47% -55% 17% 57% 医药 20.5% 106 13% -36% -25% -19% -16% 31% -69% -124% -139% -118% 医疗器械 8.7% 58 18% -40% -34% -30% -28% 2% -10% -72% -62% -65% -61% -1% 生物医药 9.2% 31 12% -43% -22% -8% -3% 119% -121% -1334% -125% 5% 1% 424% 化学制药 2.7% 17 -2% 18% 20% 7% 9% 12% -110% 16% 231% 357% 78% 284% 机械 11.7% 105 18% 18% 14% 14% 10% 9% 13% 16% 18% 13% 6% -8% 专用机械 3.9% 47 30% 23% 24% 22% 16% 15% 16% 8% 24% 7% -6% -8% 运输设备 2.5% 9 8% 13% 4% 5% 2% -2% 14% 20% 9% 11% 1% -15% 通用设备 3.5% 27 23% 19% 21% 22% 20% 17% 15% 16% 34% 41% 43% 10% 电新 8.6% 35 66% 31% 28% 24% 16% -17% 148% 35% 11% -9% -24% -66% 新能源动力 1.4% 7 58% 47% 22% 12% 5% -27% 126% 9% -53% -72% -70% -74% 电气设备 2.4% 20 37% 60% 53% 42% 32% -3% 44% 108% 67% 30% 8% -52% 电源设备 4.8% 8 73% 24% 28% 26% 19% -14% 173% 31% 12% -8% -25% -67% 计算机 9.3% 64 6% 17% 14% 11% 8% 9% -38% 2% 29% -14% -29% 18% 计算机软件 3.8% 42 9% 15% 10% 6% 3% 6% -49% -20% -125% -674% -98% -10% 计算机设备 2.3% 14 4% 24% 22% 19% 13% 6% -27% -4% 24% 21% -4% 28% 云服务 3.3% 8 1% 11% 12% 15% 15% 21% 31% 108% 190% 743% 220% 1011% 化工 5.3% 53 62% -11% -14% -13% -17% -10% 37% -52% -60% -58% -70% -40% 科创板整体 100% 562 31% 2% 5% 6% 5% 4% 10% -47% -39% -38% -41% 2% 科创50 43% 50 45% 14% 14% 13% 11% 2% 55% -15% -14% -23% -25% 4% 科创100 27% 100 40% 1% -1% 1% 0% 5% -33% -108% -96% -43% -52% 12% 营收增速：科创板企稳，科创100回升，电子/医药连续4季度改善，当前已转正。盈利增速：科创板/科创50/科创100均转正，电子/医药/计算机触底回升。 图表1：主要行业&细分业绩增速汇总 105%280% -224% 1043% 科创板 市值占比 标的数量 ROE-ttm 22-12 23-03 23-06 23-09 23-12 24-03 净利率 22-12 23-03 23-06 23-09 23-12 24-03 电子 37.6% 132 6.7% 5.4% 4.0% 2.9% 2.7% 2.7% 12.5% 5.1% 6.6% 5.7% 5.6% 3.3% 半导体 30.9% 92 7.2% 5.9% 4.3% 2.9% 2.5% 2.1% 16.6% 7.1% 8.5% 6.9% 6.9% 2.3% 光学光电 2.3% 15 -0.7% -2.0% -3.7% -5.2% -6.2% -6.4% -1.5% -8.4% -10.5% -12.6% -13.4% -8.7% 消费电子 2.7% 8 9.2% 7.4% 9.9% 12.8% 17.3% 19.8% 4.7% 3.5% 7.1% 7.8% 7.6% 8.0% 医药 20.5% 106 1.6% -1.5% -2.2% -1.8% -2.0% 2.7% 3.5% -7.1% -5.7% -1.9% -5.1% 22.4% 医疗器械 8.7% 58 12.6% 8.9% 7.4% 5.0% 4.7% 5.3% 23.3% 15.1% 15.8% 14.5% 12.7% 15.0% 生物医药 9.2% 31 -11.7% -15.7% -16.2% -11.9% -12.8% -1.0% -29.8% -45.7% -41.1% -24.6% -30.5% 38.4% 化学制药 2.7% 17 -0.4% -0.3% 0.6% 0.0% -0.1% 0.7% -0.9% -2.6% 2.5% 0.8% -0.2% 4.2% 机械 11.7% 105 8.6% 8.5% 8.5% 8.3% 7.8% 7.7% 11.1% 10.1% 11.7% 11.4% 10.7% 8.5% 专用机械 3.9% 47 9.5% 9.1% 9.1% 8.3% 7.3% 7.1% 10.0% 8.1% 9.8% 9.1% 8.2% 6.5% 运输设备 2.5% 9 7.5% 7.6% 7.7% 7.8% 7.2% 7.0% 10.9% 10.8% 11.8% 11.9% 10.9% 9.4% 通用设备 3.5% 27 9.2% 9.0% 9.8% 10.4% 10.6% 10.7% 10.8% 10.6% 12.5% 12.8% 12.9% 10.0% 电新 8.6% 35 17.4% 17.2% 16.7% 14.1% 11.3% 8.6% 9.2% 9.9% 8.5% 7.3% 6.0% 4.1% 新能源动力 1.4% 7 5.6% 5.5% 3.8% 1.7% 1.5% 0.7% 2.4% 2.0% 1.3% 0.8% 0.7% 0.7% 电气设备 2.4% 20 10.1% 11.3% 12.3% 10.9% 9.7% 8.3% 14.4% 15.4% 14.7% 13.1% 11.7% 7.5% 电源设备 4.8% 8 22.8% 21.9% 21.1% 18.3% 14.3% 10.8% 11.0% 12.2% 10.0% 8.7% 7.0% 4.7% 计算机 9.3% 64 2.4% 2.3% 2.4% 2.1% 1.5% 1.7% 4.6% -10.5% -2.8% -2.2% 3.0% -7.8% 计算机软件 3.8% 42 2.2% 2.0% 1.7% 1.1% 0.0% 0.0% 4.2% -11.4% -1.9% -2.3% 0.1% -11.8% 计算机设备 2.3% 14 3.4% 3.3% 4.0% 3.9% 3.1% 3.6% 6.3% -16.1% -7.3% -5.0% 5.4% -10.8% 云服务 3.3% 8 1.3% 1.7% 2.2% 2.3% 3.3% 3.7% 2.4% 0.5% 2.5% 3.2% 6.6% 4.3% 化工 5.3% 53 9.9% 8.4% 6.6% 5.0% 2.8% 2.3% 8.5% 5.6% 4.7% 4.5% 3.1% 3.7% 科创板整体 100% 562 7.3% 6.2% 5.4% 4.6% 3.8% 4.4% 9.4% 6.0% 6.5% 6.1% 5.3% 6.2% 科创50 43% 50 11.3% 10.7% 9.9% 8.5% 7.6% 8.5% 12.0% 9.5% 9.7% 8.7% 8.0% 9.3% 科创100 27% 100 2.6% 1.8% 1.0% 1.5% 1.2% 3.0% 3.5% -0.4% 0.2% 2.4% 1.7% 4.2% ROE：科创板/科创50/科创100在24Q1均改善，医药回升显著，计算机略有上升。盈利增速：科创板/科创50/科创100在24Q1均改善，医药回升显著。 图表2：主要行业&细分盈利能力汇总 营收增速：电子/医药/机械连续2季度以上改善，电子/医药已转正。盈利增速：电子/医药/计算机触底回升。 图表3：主要行业&细分业绩增速汇总 科创100 市值占比 标的数量 营收增速 22-12 23-03 23-06 23-09 23-12 24-03 盈利增速 22-12 23-03 23-06 23-09 23-12 24-03 电子 28.2% 32 9% -13% -5% 2% 7% 25% -29% -93% -67% -63% -57% 317% 半导体 21.3% 23 13% -12% -3% 5% 12% 48% -14% -86% -72% -70% -60% 131% 光学光电 4.5% 5 -9% -18% -11% -5% -3% 12% -53% -104% -65% -52% -59% 1552% 消费电子 1.4% 2 5% -18% -6% 0% 3% 3% -75% -167% 0% 18% 37% 148% 医药 36.3% 25 18% -5% 2% 8% 5% 18% -630% -111% -43% 56% 38% 256% 医疗器械 10.7% 12 37% -20% -20% -22% -26% 4% 4% -46% -40% -37% -39% -1% 生物医药 20.2% 9 5% 9% 24% 39% 36% 29% -99% -17% -3% 50% 40% 67% 化学制药 5.4% 4 -10% 55% 57% 61% 62% 77% -1342% 25% 16% 21% 13% 93% 机械 11.8% 12 26% 20% 14% 16% 19% 28% 43% 64% 48% 36% 30% 2% 专用机械 5.0% 6 39% 29% 28% 33% 36% 42% 69% 103% 105% 75% 61% 19% 通用设备 4.7% 4 29% 18% 13% 19% 19% 36% 105% 150% 84% 79% 55% 6% 电新 3.9% 5 145% 111% 39% 30% 37% -10% 145% 57% -181% -253% -431% 62% 新能源动力 2.0% 2 197% 117% 37% 33% 42% -10% 28% -41% -1597% -1927% -116% 61% 电气设备 1.9% 3 50% 92% 47% 19% 16% -8% 117% 164% 7% -20% -25% -61% 计算机 8.5%