Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The acquisition of Tongtuo Technology is expected to exceed expectations in terms of cost-effectiveness and is likely to act as a business accelerator [4] - The company is continuously expanding its product categories and platforms, with the acquisition expected to enhance scale [17] Financial Performance Summary - In 2023, Tongtuo's revenue was 34.13 billion, a year-on-year decrease of 1.0%, with a net profit of -1.07 billion due to inventory impairment losses and credit impairment losses [12] - The company is projected to achieve revenues of 84.48 billion, 102.18 billion, and 114.39 billion from 2024 to 2026, with corresponding net profits of 4.55 billion, 5.85 billion, and 6.95 billion [17] - The projected PE ratios for 2024, 2025, and 2026 are 11, 9, and 7 respectively [17] Business Model and Market Position - The company has a high concentration of categories, with home and electronic categories generating revenues of 2.67 billion and 0.58 billion respectively, accounting for 78.8% and 17.1% of total revenue [5] - The company has diversified its channels, with significant growth in emerging platforms such as Amazon, AliExpress, and Meituan, which generated revenues of 1.66 billion, 0.49 billion, and 0.28 billion respectively [5] - As of 2023, Tongtuo has a total of 10,856 third-party e-commerce platform stores, with 3,274 on Amazon, indicating a strong resource base for rapid expansion [5] Profitability and Efficiency Metrics - Tongtuo's gross margin in 2023 was 28.85%, lower than Yibai's 37%, indicating significant room for improvement [6] - The company's operating cash flow was 0.75 billion, with cash and cash equivalents amounting to 4.36 billion, suggesting a strong financial position for the acquisition [12] - The projected net profit growth rates from 2024 to 2026 are 36.89%, 28.63%, and 18.90% respectively [7]

Industry Overview - The global semiconductor market is showing signs of recovery, with Q1 2024 sales reaching $137.7 billion, a 15.2% YoY increase [7] - China's semiconductor market is leading the recovery, with a 27.4% YoY growth in Q1 2024, driven by strong demand in AI, IoT, and consumer electronics [8][9] - The US has escalated semiconductor trade restrictions, increasing tariffs on Chinese semiconductor products from 25% to 50% [13] Memory Market - Memory prices are steadily rising, with DRAM contract prices expected to increase by 13%-18% and NAND Flash by 15%-20% in Q2 2024 [2] - Server memory, particularly HBM, is in high demand, with SK Hynix and Micron reporting sold-out HBM chips for 2024 [19][20] - Niche memory markets, including DDR3 and NOR Flash, are experiencing price increases, with some products seeing up to 30% price hikes [25] Foundry Market - TSMC reported a 59.6% YoY revenue increase in April 2024, driven by strong demand for AI chips [27] - SMIC has become the world's third-largest foundry, with an 80.8% capacity utilization rate in Q1 2024 [28] - Chinese foundries like SMIC and Hua Hong Semiconductor are expected to see continued revenue growth in Q2 2024 [29] Semiconductor Equipment - China's demand for semiconductor equipment is boosting the performance of global equipment manufacturers, with Japan's semiconductor equipment shipments increasing by 8.5% YoY in March 2024 [30] - Domestic Chinese equipment manufacturers, such as Naura and AMEC, are making significant progress, winning multiple bids for equipment procurement projects [37][38] - ASML's revenue from China increased to 49% of total revenue in Q1 2024, highlighting the importance of the Chinese market [35] Investment Recommendations - Memory companies like Jiangbolong, Biwin Storage, and Dongxin are recommended due to the rising prices and demand for memory products [2] - Foundry companies like SMIC and Hua Hong Semiconductor are key to the semiconductor supply chain and are expected to benefit from the industry's recovery [42] - Semiconductor equipment and material companies, including Naura, AMEC, and Dinglong, are expected to see growth due to the expansion of domestic production lines [43][44]

证券研究报告 财通证券 CAITONGSECURITIES 三大运价指数回升 实体经济图谱 2024年第17期 ...

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证证券券研研究究报报告告 分红比例增加，组合夏普超 1 — — “泛红利资产”研究九 分析师：李美岑 ...

电子 /行业深度分析报告 / 2024.05.23 铜互联，数据中心通信网络重要解决方案 证券研究报告 投资评级:看好(维持) AI 行业深度跟踪报告（二） 最近12月市场表现 核心观点 ❖ 数据中心网络架构加速向高速率带宽迭代：AI 算力需求大幅增长，通信 电子 沪深300 上证指数 网络带宽速率提升势在必行。以全球两大网络通信协议以太网和InfiniBand为 10% 例，2025年预期将发布的 PCIe 7.0将提供比PCIe 6.0翻倍的双向传输带宽； 2% 2025年将发布的InfiniBand GDR每通道传输速率提升至400 Gb/s，4通道速 -5% 率将达到1.6Tb/s水平，数据中心网络架构加速向高速率带宽迭代。 -13% -20% ❖ 短距通信场景铜互联相对优势明确：铜连接产品在数据中心高速互联中一 -28% 直扮演着重要角色。在数据中心能耗攀升，以及建设成本高企的背景下，铜互 联在散热效率、低功耗、低成本方面有着一定优势。行业龙头英伟达在最新的 GB200 NVL72大机柜中大量采用铜连接方案，实现性能、能耗和成本的平衡。 分析师 张益敏 SAC证书编号：S0160522070002 ...

数据来源：Wind，财通证券研究所 数据来源：Wind，财通证券研究所 复锐医疗科技：2023 年实现营收 3.59 亿美元，同比增长 1.4%；实现经调整净利 润 0.38 亿美元，同比下滑 22.9%。 公司作为全球能量源设备领军者，形成医美+生美+牙科共振，随直销占比扩 大及注射管线布局毛利率持续提升，渠道趋于稳定后有望迎来净利率拐点 谨请参阅尾页重要声明及财通证券股票和行业评级标准 13 相关报告 证券研究报告 展望 2024-2025 年，建议关注核心厂商新品获批节奏：1）2024 年：透明 质酸类建议关注爱美客宝尼达 2.0、昊海生科第四代有机交联透明质酸填 充剂、华熙生物颈纹填充产品等；胶原蛋白类建议关注巨子生物、锦波生 物；痤疮治疗类建议关注科笛外用 4%米诺环素泡沫剂。2）2025 年：建议 关注爱美客 Hutox 肉毒、巨子生物重组胶原蛋白植入剂&交联重组胶原蛋 白凝胶、锦波生物 17 型重组胶原蛋白、科笛外用非那雄胺等。 美容护理 / 行业投资策略周报 / 2024.05.22 医美业绩总结：对标海外具备高成长性，关注品类迭代 投资评级:看好(维持) 最近 12 月市场表现 -39% - ...

汽车 /行业点评报告 /2024.05.22 理想汽车公布 2024Q1 财报 证券研究报告 投资评级:看好(维持) Q1 业绩承压，Q2 交付量及收入有望同比增长 最近12月市场表现 核心观点 ❖ 事件：理想汽车公布 2024 年第 1 季度财报，公司 Q1 的收入总额为 256 亿 汽车 沪深300 上证指数 元，同比增加36.4%，环比减少38.6%。公司Q1净利润为5.91亿元，同比减 14% 少36.7%，环比减少89.7%。Q1经调整净利润为13亿元，同比减少9.7%，环 7% 比减少72.2%。 0% -6% ❖ Q1交付量同比增长，毛利率同比有所增长，环比有所下滑：Q1交付量 -13% 为80400辆，同比增长52.9%。Q1汽车业务销售收入为243亿元，同比增长 -20% 32.3%，环比下滑 39.9%。汽车销售收入同比增加的原因为交付量同比有所提 升，但部分被两个季度不同产品组合及定价策略变化导致的平均售价降低所 抵消，环比下滑主要是受到了春节假期等季节性因素影响，以及三月销售订单 分析师 邢重阳 SAC证书编号：S0160522110003 不及预期。Q1公司毛利率为20.6%，同比增 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2] Core Viewpoints - The company is a leading education service provider in South China, focusing on compliance transformation post "Double Reduction" policy, and aims to build a business system of "Quality Education + Full-time Review + Vocational Education" [5][13] - The K12 student population in Guangdong continues to rise, with strong demand for non-subject training and high school repeaters, indicating potential for accelerated expansion in quality education services [5][37] Summary by Sections Company Overview - Established in October 1997, the company has developed a strong reputation in South China, achieving a revenue of 506 million yuan in 2023 [4][52] - The company has been recognized as a leading education service provider in the region, focusing on diverse educational products and services [4][52] Business Transformation - Following the "Double Reduction" policy, the company has shifted its focus to compliance and quality education, establishing a strategic framework that includes full-time review and vocational education [5][13][56] - The company has successfully launched nine quality education products that have passed non-subject product certification by educational authorities [13][75] Market Potential - The K12 education market in Guangdong is expected to benefit from a growing student population, with the number of K12 students reaching 17.49 million in 2022, a year-on-year increase of 2.37% [37][40] - The "Double Reduction" policy has led to a significant reduction in the number of training institutions, creating opportunities for compliant and established providers like the company [40][72] Financial Projections - The company forecasts net profits of 122 million yuan, 161 million yuan, and 200 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22x, 17x, and 14x [5][85] - Revenue is projected to grow from 489 million yuan in 2023 to 627 million yuan in 2024, reflecting a growth rate of 28.17% [14][129] Competitive Landscape - The company is positioned as the largest K12 extracurricular education service provider in South China, with a market share of approximately 7% in the full-time review business [68][71] - The competitive environment is expected to intensify as more institutions transition to non-subject training, which may impact the company's performance [114][133]

谨请参阅尾页重要声明及财通证券股票和行业评级标准 3 宏观月报/证券研究报告 图2.国债净融资和新增地方债发行累计进度（%） -20 0 20 40 60 80 100 120 1 2 3 4 5 6 7 8 9 10 11 12 2016 2017 2018 2019 2020 2021 2022 2023 2024 数据来源：WIND，财通证券研究所，5 月数据截至 5 月 19 日 财政收入增速延续走低。1-4 月，全国一般公共预算收入 8.1 万亿元，同比下降 2.7%，仍远低于年初目标值（3.3%）。在去年同期基数走高的背景下，4 月当月 全国财政收入增速降幅延续走扩至-3.7%。若扣除去年同期中小微企业缓税入库 抬高基数、去年年中出台的部分减税政策翘尾减收等特殊因素影响，前四个月一 般公共预算可比增速约 2%，从历史同期看仍然偏缓。分项来看，4 月中央收入同 比增速降幅较上月收窄至-5.2%，地方收入增速由正转负至-2.5%；4 月税收收入 增速降幅较 3 月缩小至-4.9%，非税收入增速放缓至 5.8%。从进度来看，目前 辆购置税收入增速均有回升；所得税层面，4 月企业所得税增速回落，个人所得 ...