2024 年 04 月 10 日 公司发布 2023 年业绩公告。2023 年公司实现收入 7.83 亿元 （yoy-16.6%）；归母净亏损 0.31 亿元，去年同期为盈利 0.10 亿元；经 调整净亏损 0.10 亿元，去年同期为盈利 0.62 亿元。 ]yrtsudnI_elbaT[ [Table_ 【事项Summary 】 ] 2023 年无新游上线，财务表现短期承压。公司 2023 年收入下滑主系 1）2023 年无新游上线；2）老游随生命周期流水自然下滑。成本来看， 2023 年公司销售成本为 4.65 亿元（yoy-19.6%），主系第三方收入分 成下滑，公司毛利率升至 40.6%。费用来看，公司销售、行政费用率 基本持稳；研发持续投入，研发费用率升至 29.5%。运营数据来看， 2023 年公司平均季度活跃用户 730 万（yoy-27.7%），平均季度付费用 户 110 万（yoy-31.3%），主系老游生命周期影响自然下滑；平均季度 付费用户收入为 176.1 元（yoy+15.9%），公司对产品实现精细化运营， 用户付费意愿提升。 在研产品稳步推进。现阶段公司共有 7 款自主研发及外部投 ...

敬请阅读本报告正文后各项声明 2 [Table_yemei] 腾讯控股（00700.HK）动态点评 东方财富证券股份有限公司（以下简称"本公司"）具有中国证监会核准的证券投资咨询业务资格 分析师申明： 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来 自合规渠道，分析逻辑基于作者的职业理解，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，特此声明。 投资建议的评级标准： 报告中投资建议所涉及的评级分为股票评级和行业评级（另有说明的除外）。评级标准为报告发布日后3到12 个月内的相对市场表现，也即：以报告发布日后的3到12个月内的公司股价（或行业指数）相对同期相关证 券市场代表性指数的涨跌幅作为基准。其中：A股市场以沪深300指数为基准；新三板市场以三板成指（针对 协议转让标的）或三板做市指数（针对做市转让标的）为基准；香港市场以恒生指数为基准；美国市场以标 普500指数为基准。 股票评级 买入：相对同期相关证券市场代表性指数涨幅15%以上； 增持：相对同期相关证券市场代表性指数涨幅介于5%～15%之间； 中性：相对同期 ...

]yrtsudnI_elbaT[ 2024 年 04 月 09 日 规模效应释放，盈利能力提升。2023 年公司毛利率 11.91%，同比提 升 6.33pct，净利率 2.86%，同比提升 22.58pct。其中 23Q4 毛利率 13.88%，同比/环比+8.86/+3.6pct。盈利能力提升主要受益于销量增 长带来的规模效应释放。2023 年公司尾气催化剂销量 297.9 万支，同 比+168.95%，新型催化剂智能制造园项目产能利用率提升至 84.12%。 未来，随着公司在燃气和柴油机领域份额提升，以及乘用车大客户的 进一步放量，公司盈利能力有望持续向好。 | --- | --- | |-------------------------------|----------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 2861.78 | | 流通市值（百万元 ) | 1693.30 | | 52 周最高/最低（元） | 44.77/18.40 | | 52 周最高/最低（PE） | 76.46/-2847.25 | | 52 周最高/最 ...

Industry Investment Rating - The report maintains a "Stronger than Market" rating for the defense and equipment industry [3] Core Viewpoints - Intelligent individual soldier equipment, characterized by high integration, informatization, and intelligence, can comprehensively enhance combat capabilities and drive the development of intelligent individual soldiers [1] - The global landscape is increasingly volatile, necessitating continuous upgrades in ground military equipment to build a high-quality army [1] - Ground conventional weapons are the core equipment for individual soldiers, with companies like Hunan Ordnance, Great Wall Military, and others making significant advancements in lightweight and intelligent weaponry [1] - The capabilities of individual soldiers in reconnaissance and targeting are continuously improving, with companies like GaoDe Infrared and DaLi Technology leading in infrared imaging and related technologies [1] - Military robots are becoming a new increment in modern warfare, with companies like Jingpin Special Equipment developing core technologies in this field [1] - The future of information and electronic warfare demands new requirements for specialized protective equipment, with companies like Tianqin Equipment focusing on ammunition storage and transportation protection [1] - Small drones have shown significant potential in recent local wars, with companies like HuaQing Innovation and CETC developing advanced micro-drones and swarm combat systems [1] Summary by Relevant Sections 1. Review of the Israel-Palestine Conflict Since October 2023 - Urban warfare has highlighted the importance of individual soldier equipment and combat capabilities, with the Israel-Palestine conflict demonstrating the challenges of urban combat and the need for specialized equipment [8][9][10] - The conflict has shown that traditional urban warfare tactics are insufficient without advanced individual soldier systems, as seen in the difficulties faced by the Israeli military in Gaza [8][9] 2. Development Directions of Individual Soldier Intelligent Combat Systems in the US and Russia - The US has developed the "Land Warrior" system, integrating weapon subsystems, helmet subsystems, computer/radio subsystems, software subsystems, and protective clothing subsystems to enhance soldier lethality, survivability, and flexibility [18][19][20] - Russia's "Warrior-3" system, currently under development, aims to improve upon previous systems with features like microclimate support, health monitoring, and exoskeletons, reducing weight by 30% [29][30][31] 3. Potential Opportunities in the Military Industry from Individual Soldier System Upgrades 3.1 Individual Soldier Weapons - Hunan Ordnance Example - Hunan Ordnance focuses on the R&D and production of conventional weapons like artillery, ammunition, and firearms, with significant contributions to national defense and a strong presence in both domestic and international markets [40][41][42] 3.2 Individual Soldier Protection - Tianqin Equipment Example - Tianqin Equipment specializes in protective devices for ammunition storage and transportation, with products designed to withstand harsh environments and improve operational efficiency [45][46][47] 3.3 Individual Soldier Reconnaissance and Targeting - GaoDe Infrared Example - GaoDe Infrared is a leader in infrared imaging technology, with a comprehensive product line that includes infrared detectors, thermal imaging systems, and military ammunition, contributing to national defense and technological self-reliance [48][49][50] 3.4 Individual Soldier Robot Systems - Jingpin Special Equipment Example - Jingpin Special Equipment develops and produces military robots and optoelectronic reconnaissance equipment, with a focus on unmanned and intelligent systems that enhance battlefield capabilities [51][52][53] 3.5 Individual Soldier Micro-Drones - HuaQing Innovation Example - HuaQing Innovation's "Hummingbird" micro-drone is a lightweight, low-noise reconnaissance tool with advanced imaging capabilities, showcasing the potential of small drones in modern warfare [56][57] Investment Recommendations - The report recommends focusing on companies with growth potential in the individual soldier intelligent system upgrade sector, including Hunan Ordnance, Great Wall Military, XinYu Guoke, ZhongBing HongJian, XianFeng Machinery, Tianqin Equipment, GaoDe Infrared, DaLi Technology, Raytron, and Jingpin Special Equipment [58]

T [ [ 一Ta 汽bl 解e_ 放T （itl 0e 0] 0 800）2023年报点评 公 受益燃气车高增业绩大幅回暖， 司 研 携手华为积极整合优势资源 挖掘价值 投资成长 究 / [Table_Rank] 增持 交 （维持） 运 设 2024 年 04 月 09 日 备 / 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：周旭辉 研 究 证书编号：S1160521050001 报 联系人：贾国琛 告  23 年业绩大幅回暖，燃气车高景气公司有望持续受益。2023 年公司 电话：021-23586316 实现营收 639.05 亿元，同比+66.71%，归母净利润 7.63 亿元，同比 [相T对ab指le数_P表ic现Qu ote] +107.49%，扣非归母-0.83亿元（2022年同期-17.14亿元），亏损幅 度收窄；其中，2023Q4 公司实现营收 157.82 亿元，同比/环比 28.08% +100.36%/+4.46% ， 归 母 净 利 润 3.51 亿 元 ， 同 比 / 环 比 17.89% 7.70% -65. ...

[ 电Ta 气bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 究 4月光伏玻璃报价上调，盈利有望修复 挖掘价值 投资成长 / 电 [Table_Rank] 气 设 强于大市 （维持） 备 2024 年 04 月 08 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：周旭辉 券 [Table_Summary] 研 【事项】 证书编号：S1160521050001 究 证券分析师：朱晋潇 报  据4月2日SMM数据，2.0mm单层镀膜玻璃价格为17.5-18.5元/平方 告 证书编号：S1160522070001 米，3.2mm单层镀膜玻璃价格为27.0-27.5元/平方米，主流成交价格 分别为18.0、27.0元/平方米，均价较3月分别上涨1.85元/平方米、 [相 T对 a指 bl数 e表 _现 Pi cQuote] 1.5元/平方米。 8%  据隆众资讯数据，截至3月末，重质纯碱主流价2110元，同比下跌 0% -8% 32%，较年初下跌27%。 -16% -24% 4/8 6/8 8/8 10/8 12/8 2/8 -32% ...

[【投资要点】 Table_Summary] [Table_ 东方财富证券研究所 Author] -21.27% -5.89% 9.49% 24.87% 40.26% 55.64% 4/8 6/8 8/8 10/8 12/8 2/8 [Table_Report 相关研究 ] [Table_yemei] 万马科技（300698）2023 年报点评 [Table_yemei] 万马科技（300698）2023 年报点评 | --- | --- | --- | --- | --- | --- | |-------|------------------------------------|---------|--------|------------------------------|--------| | | [Table_FinanceInfo 项目\年度 ] | | | 2023A 2024E 2025E 2026E | | | | 营业收入（百万元） | | | 520.68 635.77 794.19 1005.87 | | | | 增长率 (%) | 2.35% | 22.10% | 24.92% | ...

Investment Rating - The investment rating for the company is "Accumulate" [6]. Core Views - The company is experiencing significant revenue growth driven by the innovation in the financial technology sector and AI-enabled product optimization. The revenue for 2023 reached 5.204 billion yuan, a year-on-year increase of 21.45%, with a net profit of 326 million yuan, up 28.76% [4][8]. Summary by Sections Revenue and Profitability - In 2023, the company's software development business generated revenue of 3.322 billion yuan, a growth of 5.54%, accounting for 63.84% of total revenue with a gross margin of 31.13% [3]. - The system integration business benefited from innovation, achieving revenue of 1.72 billion yuan, a year-on-year increase of 77.47%, representing 33.05% of total revenue with a gross margin of 10.48% [3]. - The innovative operation business saw a revenue decline of 4.53%, totaling 157 million yuan, which accounted for 3.02% of total revenue [3]. Research and Development - The company invested 568 million yuan in R&D in 2023, an increase of 13.63%, focusing on core areas such as the innovation ecosystem, large model applications, and data asset applications [1]. Market Position and Strategy - The company is a leader in the banking IT solutions market, actively expanding its innovative business and steadily advancing its overseas operations. It has formed strategic partnerships to explore the personal loan non-performing asset market [3][8]. - The overseas business is progressing well, with projects in Indonesia entering stable operation and generating revenue, while also receiving positive feedback from markets in Singapore, Cambodia, and Hong Kong [3]. Financial Forecast - The company forecasts revenues of 6.007 billion yuan, 7.025 billion yuan, and 8.266 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 436 million yuan, 516 million yuan, and 622 million yuan for the same years [8][9].

] y r t s u d n I _ e l b a T [ [ 飞Ta 天bl 云e_ 动T （itl 0e 6] 6 10.HK）动态点评 公 司 研 业绩持续增长，外扩商业版图 究 挖掘价值 投资成长 / 互 [Table_Rank] 增持 联 （维持） 网 2024 年 04 月 08 日 / 证 券 研 [东Ta方bl财e_富Au证th券or研] 究所 究 [【Tab事le_项Sum】ma ry] 证券分析师：高博文 报 告 证书编号：S1160521080001 证券分析师：陈子怡  公司于 3 月 28 日发布 2023 年业绩公告。2023 年公司实现营业收入 证书编号：S1160522070002 12.45亿元（yoy+16.7%），实现归母净利润2.64亿元（yoy+11.5%）。 联系人：潘琪 电话：021-23586487 【评论】 [相Ta对b指le数_P表ic现Qu ote]  主线业务全面发展。2023年公司AR/VR营销服务实现收入8.45亿元 1.45% -14.94% （yoy+24.0%），其中国内营销业务实现收入7.46亿元（yoy+9.4%）； -31.34% ...

对于推动数字化协同发展,《指导意见》提出，在长三角、粤港澳大湾 区等城市群推动数字基础设施优化布局,强化数据要素共享利用,数字服务 普惠共享，数字治理高效协同。推动数字经济东西部协作,开展共建数字产 业园区、数字消费帮扶等活动,加强先进规划理念、建设经验、管理模式复 制推广。弥合城乡数字鸿沟,统筹推进智慧城市与数字乡村协同建设,推动 教清阅读本报告正文后各项声明 10 2017 [Table_yemei] 策略周报 城乡数字设施共享、数据资源整合，产业生态互促、公共服务共用。 此外，为保障相关政策举措落地见效，《指导意见》明确，强化要素保 障，鼓励各地区在依法依规、风险可控的前提下，通过各类资金渠道，加强 对城市数字化转型的资金支持，并积极吸引社会投资。 图表 16：智慧城市建设相关地方政策 | --- | --- | --- | |----------------|------------------------------------------------------------|-------------------------------------------------------------- ...