图表 19：住宅开发投资完成额加速下行 图表 20：商品房去化周期刷新历史高点 12 基数走高和物价水平回落，社零增速边际降低。2024 年 3 月社会消费品 零售总额同比增长 3.1%，较 1-2 月低 2.4 个百分点；边际变化看，2024 年 3 月份社零环比增长 0.26%，较 2 月份提高 0.25 个百分点，但环比增速仍处于 历史较低水平，反映当前消费复苏偏温和。 3. 全球财经大事概览 敬请阅读本报告正文后各项声明 预期 0.5%，前值 0.3%；除汽车和天然气外零售销售环比增加 1%，预期 0.3%， 前值 0.5%。13 个类别中有 8 个类别出现增长，其中电子商务居首。随着当月 油价上涨，加油站的收入增加，而汽车销量下降。其中杂货店的收入增幅为 去年八月以来最大。 美国雇主在 3 月份再次交出了一份强劲的报告，他们的工资单上增加了 303,000 名员工，尽管利率高企，经济有望能在物价上涨的情况下继续发展， 而不至于陷入衰退。上个月的就业增长高于 2 月份修正后的 27 万个就业岗位， 远远超过了经济学家预测的 20 万个就业岗位，凸显了经济抵御美联储加息带 来的高借贷成本压力的能力。随着 ...

[Table_Title] 策略快报 2024 年 04 月 22 日 根据 2024 年 4 月 17 日美国驻华大使馆官网披露：贸易代表在对五个 全国性工会向美国贸易代表办公室（USTR）提交的请愿书进行审查后， 将针对中华人民共和国（PRC）在海运、物流和造船行业寻求支配地 位的行为、政策和做法启动调查。2024 年 3 月 12 日，美国五个全国 性工会提交了一份请愿书，要求针对中国在海运、物流和造船行业寻 求支配地位的行为、政策和做法进行调查。 【评论】 能快速改变全球行业现状：中国造船业三大指标连续 14 年位居世界第一 2023 年我国造船完工量 4232 万载重吨，同比增长 11.8%；新承接订单量 7120 万载重吨，同比增长 56.4%；截至 2023 年底，手持订单量 13939 万 载重吨，同比增长 32.0%，三大指标占国际市场份额分别是 50.2%、66.6% 和 55.0%。中国建造的总吨位与美国建造的总吨位之比增加了两倍多，从 2014 年的 108 比 1 增加到 2022 年的 356 比 1，当前市场格局是较难快速 扭转的。 实际来看美国造船业提出的 301 条款指控反映 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][12]. Core Insights - The company achieved a record high revenue of 11.018 billion yuan in 2023, representing a year-on-year growth of 29.93%. The net profit attributable to shareholders reached 612 million yuan, up 59.71% year-on-year [1]. - The passenger vehicle segment generated 5.428 billion yuan in revenue, surpassing the commercial vehicle segment for the first time, with a growth rate of 51% [1]. - The digital energy business also showed strong performance with a revenue of 696 million yuan, reflecting a 37% year-on-year increase [1]. - The company has successfully expanded its international customer base, securing 223 projects with an estimated annual sales revenue of over 6.106 billion yuan [9]. - The company is positioned to become a Tier 1 player in the global new energy thermal management industry, with a focus on digital and energy thermal management as a third growth curve [4]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 13.269 billion, 15.566 billion, and 17.761 billion yuan, respectively, with corresponding net profits of 806 million, 1.003 billion, and 1.248 billion yuan [4][14]. - The earnings per share (EPS) are expected to increase from 0.98 in 2024 to 1.52 in 2026, with price-to-earnings (P/E) ratios decreasing from 18 to 12 over the same period [4][14]. - The gross margin for 2023 was reported at 21.57%, with a net margin of 6.36%, showing improvements from the previous year [10].

] y r t s u d n I _ e l b a T [ [ 珀Ta 莱bl 雅e_ （Ti 6t 0l 3e 6] 0 5）2023年报&一季报点评 公 业绩增长略超预期，持续关注强品牌势 司 研 能标的 挖掘价值 投资成长 究 / [Table_Rank] 买入 基 （维持） 础 化 2024 年 04 月 22 日 工 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 研 究 证书编号：S1160521080001 报 证券分析师：陈子怡 告  公司发布 2023&24Q1 业绩，净利润增速略超预期。公司 2023 年实现 证书编号：S1160522070002 收入89.05亿元（+39.5%），归母净利11.94亿元（+46.1%），扣非后 联系人：班红敏 11.74亿元（+48.9%）；单季度看，Q4实现收入36.56 亿（+50.9%）； 电话：021-23586475 归母净利4.48亿（+39.1%）。24Q1公司实现收入21.82亿（+34.6%）， [相T对ab指le数_P表ic现Qu ote] 归母净 ...

公 司 研 究 / 传 媒 互 联 网/ 证 券 研 究 报 告 [Table_Title] 德马科技（688360）2023年报点评 2024 年 04 月 22 日 跨境电商带动新需求。公司在电商、快递、消费等领域经验更丰富， 核心用户包括 SHEIN、京东、亚马逊、e-bay、LAZADA 等标杆企业。 近年来国内跨境电商平台发展迅速，海外智能物流需求激增。以 SHEIN、Temu、Tiktok 为代表的跨境电商平台加速扩张，海外仓储可 以降低成本、提高时效性，成为其未来重要规划。公司有望受益于跨 境电商投入加大，带动系统业务收入提升。 坚持全球化战略。分地区看，公司国内、海外分别实现收入 10.75/3.04 亿元，营收占比分别为 77.7%/21.9%，毛利率分别为 21.4%/29.1%。 公司拥有十余年海外业务经验，目前已经形成了"中央工厂+全球区 域工厂+本地合作组装工厂"的创新布局，拥有覆盖全球各大洲的销 售服务网络和海外客户基础。海外业务享有较高毛利率，随海外业务 占比提升，有利于带动公司整体盈利能力。 公司发布 2023 年报。2023 年公司实现营业收入 13.84 亿元，归母净 利润 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [7]. Core Viewpoints - The company achieved a revenue of 2.206 billion yuan in 2023, representing a year-on-year growth of 12.09%. The net profit attributable to the parent company was 425 million yuan, up 7.03% year-on-year [1]. - The company is a pioneer in unmanned intelligent mining control systems, benefiting from the demand for coal mine intelligent transformation. The company has a significant first-mover advantage and its core products have high market shares that are increasing year by year [3]. - The intelligent mining construction in the coal industry is supported by favorable policies, with the national coal output reaching 4.66 billion tons in 2023, a year-on-year increase of 2.9% [2]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 664 million yuan, a year-on-year increase of 16.78%, but the net profit attributable to the parent company decreased by 9.57% [1]. - The company's revenue from unmanned intelligent mining control system solutions was 1.570 billion yuan, up 8.32% year-on-year, with a gross margin of 40.02% [2]. - The company forecasts revenues of 2.566 billion yuan, 3.026 billion yuan, and 3.641 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 473 million yuan, 533 million yuan, and 614 million yuan [7][8]. Market Position - The company holds a market share of 37.63% for its SAC products, 33.4% for SAM products, and 14.84% for SAP products, all ranking first or second in their respective categories [3]. - The report highlights the significant potential for intelligent mining equipment upgrades, with a demand for approximately 5,000 sets of comprehensive mining equipment across over 1,700 coal mines [2]. Future Outlook - The company is expected to continue benefiting from the ongoing development of coal mine intelligent construction, with a projected revenue growth rate of 16.31% in 2024 and 20.31% in 2026 [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Views - The company's core products have shown strong growth, with 2023 revenue reaching 1.942 billion yuan, a year-on-year increase of 7.61%, and a net profit of 383 million yuan, up 40.27% year-on-year. In Q1 2024, revenue was 673 million yuan, a 35.75% increase year-on-year, with net profit at 142 million yuan, up 46.14% year-on-year [1][7]. - The company emphasizes the development of traditional Chinese medicine (TCM) decoction pieces and formula granules, with over 1,000 varieties of TCM decoction pieces and more than 335 formula granules registered [1][7]. - Cost control has improved, leading to a continuous increase in net profit margin. In 2023, the sales, management, and financial expense ratios were 40.03%, 9.06%, and -0.73%, respectively, with a sales gross margin of 68.42% and a net profit margin of 20.12% [1][7]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.942 billion yuan, with a growth rate of 7.61%. The net profit attributable to the parent company was 383 million yuan, reflecting a growth rate of 40.27%. For 2024, the revenue is projected to be 2.494 billion yuan, with a growth rate of 28.40% [8]. - The company expects net profits for 2024, 2025, and 2026 to be 498 million yuan, 624 million yuan, and 764 million yuan, respectively, with corresponding EPS of 0.71 yuan, 0.89 yuan, and 1.09 yuan [7][8]. Product Development - The company has developed a product line with independent intellectual property rights, focusing on the extension of its core product, Wuling Capsule, which is a unique product and a national Class I TCM new drug [1][7]. - The Wuling Capsule has been included in 9 clinical guidelines in 2023, totaling 64 recommendations across various clinical guidelines and textbooks [1][7]. Market Position - The company has a strong market position with its main products, including Wuling Capsule, Lingze Tablets, and Bailing Tablets, all included in the National Essential Medicines List and the National Medical Insurance Directory [1][7].

]yrtsudnI_elbaT[ 乐歌股份 沪深300 2024 年 04 月 19 日 公司发布 2023 年报。2023 年公司实现营业收入 39.02 亿元，同比增 长 21.61%；归母净利润 6.34 亿元，同比增长 189.72%；扣非归母净 利润 2.52 亿元，同比增长 142.38%。 其中单四季度实现营业收入 12.16 亿元，同比增长 35.73%；归母净利 润 1.17 亿元，同比增长 93.55%；扣非归母净利润 0.99 亿元，同比增 长 160.64%。业绩增长强劲。 公共海外仓业务快速发展，规模效应带动盈利能力明显提升。实现收 入 9.5 亿元，占营业收入比重提升至 24.4%。公司海外仓业务贯穿物 流产业链，发货量近 500 万个，规模优势提高溢价力，同时依托上市 公司背景成为中大件跨境电商卖家首选。2023 年末，公司在全球拥有 12 个自营海外仓，面积 28.96 万平方米，2024 年一季度加快扩仓进 度，目前在全球拥有 13 个自营海外仓，总面积 36.24 万平方米。同 时公司近两年在美国核心港口区域储备了 5000 亩工业物流用地，满 足未来自建仓需求。未来有望以 ...

] y r t s u d n I _ e l b a T [ [ 完Ta 美bl 世e_ 界T （itl 0e 0] 2 624）2023年报点评 公 司 产品周期逐步开启，关注新游上线表现 研 挖掘价值 投资成长 究 [Table_Rank] / 买入 （维持） 互 联 2024 年 04 月 18 日 网 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 研 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：高博文 究 证书编号：S1160521080001 报 告  公司发布2023年报。2023年公司实现营收77.9亿元（yoy+1.6%）； 证券分析师：陈子怡 证书编号：S1160522070002 实现归母净利润 4.9 亿元（yoy-64.31%）；实现扣非归母净利润 2.1 证券分析师：潘琪 亿元（yoy-69.6%）。此外，公司发布 2023 年度利润分配预案，拟向 全体股东按10股派发现金股利4.6元，共计8.73亿元。 证书编号：S1160524040001 联系人：潘琪 电话：021-23586487  受产品周期影响，游戏业务短期承压。2023年公司游戏业务 ...

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Insights - The company's net profit attributable to shareholders has significantly rebounded, achieving a net profit of 1.071 billion yuan in 2023, a year-on-year increase of 505.34% [3]. - The company has increased its R&D investment to accelerate the development of intelligent traditional Chinese medicine, with R&D spending reaching 1.315 billion yuan, up 29.49% year-on-year [3]. - The company's profitability has shown a good recovery, with a gross profit margin of 66.80% and a net profit margin of 11.72%, reflecting increases of 2.75 percentage points and 15.69 percentage points, respectively [3]. Financial Performance Summary - In 2023, the company achieved operating revenue of 8.674 billion yuan, a year-on-year increase of 0.42% [3]. - The pharmaceutical industrial revenue grew by 3.22%, while the traditional Chinese medicine segment revenue reached 5.971 billion yuan, up 6.62% year-on-year [3]. - The company forecasts operating revenues of 9.416 billion yuan, 10.211 billion yuan, and 11.064 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.314 billion yuan, 1.479 billion yuan, and 1.598 billion yuan [7][8]. R&D and Product Pipeline - The company has a robust R&D pipeline with 98 products under development, including 41 innovative drugs and 36 in clinical trials [3]. - Notable products in clinical trials include several innovative traditional Chinese medicines and new chemical entities, with some nearing the final stages of approval [3]. Market Position and Valuation - The company's market capitalization is approximately 22.26 billion yuan, with a 52-week high of 18.00 yuan and a low of 12.88 yuan [5]. - The projected P/E ratios for 2024, 2025, and 2026 are 17, 15, and 14, respectively, indicating a favorable valuation trend [8].