公 司 研 究 / 机 械 设 备/ 证 券 研 究 报 告 【投资建议】 【风险提示】 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：相对同期相关证券市 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [3]. Core Insights - The company is focusing on expanding its AI+3D digital twin and information software business while solidifying its traditional 3D visualization products and integrated digital services. The company is increasing R&D investment and creating benchmark cases [2][6]. - The company has made significant advancements in video technology with the launch of the Sora AI video model, which is expected to drive rapid growth in the AR/VR industry. The global VR market is projected to grow at a CAGR of 24.74% from 2023 to 2028 [1][6]. - The company plans to repurchase shares worth between RMB 25 million and RMB 50 million, with a maximum repurchase price of RMB 22 per share, to maintain company value and protect shareholder interests [1]. Financial Summary - The company’s total market capitalization is approximately RMB 2.49 billion, with a circulating market value of about RMB 1.56 billion. The stock has seen a 52-week high of RMB 57.37 and a low of RMB 15.71, with a 52-week decline of 34.74% [4][14]. - Revenue projections for 2023, 2024, and 2025 are RMB 645 million, RMB 748 million, and RMB 902 million, respectively, with corresponding net profits of RMB 16.23 million, RMB 59.63 million, and RMB 96.01 million [14][15]. - The company is expected to achieve an EPS of RMB 0.15, RMB 0.57, and RMB 0.92 for the years 2023, 2024, and 2025, respectively, with P/E ratios of 147, 40, and 25 [14][15].

]yrtsudnI_elbaT[ [Table_Title] 焦点科技（002315）动态点评 2024 年 02 月 22 日 AI 麦可模型集众家之长，功能迭代可塑性强。AI 麦可此前已接入了 包括 ChatGPT、百度文心一言在内的诸多开源大模型，叠加 New Bing 调取实时数据的能力，积极拥抱与合作 AI 领域资深玩家，集众家之 所长。我们认为多模态技术进步有助于跨境 B2B 领域的 AI 应用发展， 进一步提升 AI 麦可助手的产品价值，丰富用户体验。 [Table_ 【事项Summary 】 ] 2 月 16 日，OPENAI 发布首个视频生成模型 Sora，根据用户的文本提示， 最高可生成一分钟的高清视频，可以呈现"具有多个角色、特定类型的 动作、以及主题和背景的准确细节的复杂场景"。 [Table_ 东方财富证券研究所 Author] 电话：021-23586475 | --- | --- | |-------------------------------|---------------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - Chuangjian Medical successfully developed type III recombinant human collagen protein, which aligns with the amino acid sequence of natural human collagen and has a natural triple helix structure, enabling industrialization [2][3] - The market currently features products primarily made from humanized collagen, with human collagen being scarce. The National Medical Products Administration categorizes recombinant collagen into three levels, with human collagen being the highest [3] - Chuangjian Medical has initiated clinical trials for aesthetic implant agents and has made significant technological breakthroughs in stable genetic expression systems and fermentation purification technology [3] - The successful development of type III recombinant human collagen protein is expected to advance the commercialization of high-performance fillers with excellent anti-aging properties and low immunogenicity [3] Summary by Relevant Sections Market Dynamics - The report highlights the growth potential in the collagen-based skincare and filler product sectors, emphasizing the importance of upstream and downstream companies in this market [4] - Key players such as Juzhi Biotechnology and Jinbo Biotechnology are noted for their strong performance and innovative products in the collagen market [4][11] Company Developments - Juzhi Biotechnology reported over 1.6 billion in revenue for 2022, with a projected 2 billion+ for 2023, showcasing significant growth [4] - Jinbo Biotechnology anticipates a net profit of 280-300 million for 2023, reflecting a year-on-year increase of 156%-175% [4] - Jiangsu Wuzhong's subsidiary has received approval for a facial filler, indicating growth opportunities in regenerative injectables [11] - Chuangjian Medical has received approval for type II medical devices and is focusing on anti-aging skincare products [11] - Other companies like Marubi and Juyuan Biotechnology are also making strides in the collagen market with innovative products and significant investments planned for the future [11]

芯瑞达 沪深300 [Table_Title] 芯瑞达（002983）动态点评 Mini LED 在电视领域持续高速渗透，市场增量空间客观。根据奥维云 网数据，2023 年中国彩电 Mini LED 市场零售量渗透率为 2.9%，较去年 增长 1.8PCT，零售额渗透率为 9.8%，较去年增长 5.4PCT，预计 2024 年国内 Mini LED 电视零售量渗透率将达到 4.9%。公司生产的显示模组 下游是一线电视品牌客户，2023H1 公司净利润增长主要来自于 Mini 显 示模组，增量贡献近 70%。我们预测 Mini LED 电视在 2024 年将保持快 速渗透趋势，并从公司当前在手订单来看，Mini LED 显示模组在 2024Q1 延续增长态势，为 2024 年公司利润持续增长打下基础。 2024 年 1 月 10 日，公司发布 2023 年业绩预告，2023 年预计实现归 母净利润 1.59-1.85 亿元，同比增长 50%-75%；预计实现扣非归母净 利润 1.44-1.70 亿元，同比增长 70%-100%；预计实现 EPS 为 0.86-1.00 元/股。 [Table_ 东方财富证券研究 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of 32.7 yuan [5]. Core Viewpoints - The company is a leader in the smart display industry in China, focusing on display technology for 29 years, with significant growth driven by smart TVs and interactive flat panels [2][15]. - The company has achieved the highest global shipment volume for smart interactive panels among manufacturing suppliers in the first half of 2023 and ranks fifth for smart TVs [2]. - The dual strategy of self-owned brands and OEM business opens up growth opportunities, with a projected shipment of 8 million TVs in 2023, a 15% year-on-year increase [2][15]. - The company benefits from flexible production capabilities, catering to diverse customer needs, especially in emerging markets [2]. - The establishment of a wholly-owned automotive electronics subsidiary aims to tap into new growth areas, including smart cockpit and automotive parts manufacturing [2][5]. Summary by Sections Company Overview - The company has been deeply involved in the smart display industry for 29 years, with a focus on customized and differentiated flat display products [15]. - The ownership structure is stable, with the controlling shareholder holding 47.40% of the shares, ensuring strong management continuity [19]. Industry Status - The overseas demand for smart TVs is recovering, with a forecasted slight increase in global TV shipments in 2024 [30][32]. - The market for large-size TVs and new technologies like Mini LED and OLED is becoming a significant growth point [35][37]. Business Performance - The company’s revenue is primarily from smart TVs, smart interactive displays, design processing, and component sales, with a notable increase in high-margin product revenue [25][26]. - The gross margin for smart interactive displays is the highest among the company's business segments, contributing to overall profitability [26]. Investment Highlights - The company is advancing its self-owned brand strategy, which has shown promising sales results [10]. - The flexible manufacturing strategy allows the company to form differentiated market strategies and customer resources [10]. - The automotive electronics business is positioned as a new growth point, with ongoing collaborations with high-end automotive brands [11].

] y r t s u d n I _ e l b a T [ [ 传Ta 音bl 控e_ 股T （itl 6e 8] 8 036）动态点评 公 司 研 营收与利润创历史新高，手机出海走向 究 全世界 挖掘价值 投资成长 / 电 [Table_Rank] 子 买入 （维持） 设 备 2024 年 02 月 21 日 / 证 券 [东Ta方bl财e_富Au证th券or研] 究所 研 究 [【Tab事le_项Sum】ma ry] 证券分析师：邹杰 报 证书编号：S1160523010001 告  2023年12月27日传音控股公布2023年业绩预增公告，2023年度， 联系人：刘琦 公司预计实现营业收入621.22亿元左右，比上年同期增加155.26亿 电话：021-23586475 元左右，同比增长 33.32%左右；预计 2023 年度实现归母净利润为 [相Ta对b指le数_P表ic现Qu ote] 54.93亿元左右，比上年同期增加30.09亿元左右，同比增长121.15% 左右；预计 2023 年度实现归母扣非净利润为 50.10 亿元左右，比上 90.56% 67.83% 年同期增加28.00亿元左右 ...

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 全国数据资源调查启动，数据要素价值 究 挖掘价值 投资成长 持续释放 / 信 [Table_Rank] 息 强于大市 技 （维持） 术 2024 年 02 月 20 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 联系人：向心韵 报  2024年2月19日，国家数据局综合司、中央网信办秘书局、工业和 告 电话：021-23586478 信息化部办公厅、公安部办公厅联合发布《关于开展全国数据资源调 查的通知》，调研各单位数据资源生产存储、流通交易、开发利用、 [相 T对 a指 bl数 e表 _现 Pi cQuote] 安全等情况。  本次调查工作截止3月5日。调查对象包括：1.省级数据管理机构、 29.83% 18.76% 工业和信息化主管部门、公安厅（局）；2.各省重点数据采集和存储 7.69% 设备商、消费互联网平台和工业互联网平台企业、大数据和人工智能 -3.37% -14.44% 技术企业、应用企业、 ...

[ 汽Ta 车bl 行e_ 业T 动itl 态e] 点 评 行 业 1月出口延续快速增长态势， 研 究 挖掘价值 投资成长 新能源VS燃油车竞争加剧。 / 汽 车 [Table_Rank] 行 强于大市 （维持） 业 2024 年 02 月 20 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 证券分析师：周旭辉 [Table_Summary] 研 【事项】 证书编号：S1160521050001 究 报 联系人：贾国琛 告  近日，中汽协发布汽车工业产销情况：2024年1月，我国汽车产销分 电话：021-23586316 别完成241万辆和243.9万辆，同比分别+51.2%和+47.9%，汽车出口 44.3万辆，同比+47.4%。 [相 T对 a指 bl数 e表 _现 Pi cQuote] 2月19日，比亚迪上市秦PLUS荣耀版，官方指导价7.98万元起，五  3.96% 菱、长安汽车、哪吒汽车、北京现代、上汽通用等多家车企宣布旗下 -1.70% 多款车型大降价，行业价格战全面打响。 -7.36% -13.01% -18.67% 【评论】 -24.33%2/20 4/20 6/20 ...

[ 家Ta 电bl 行e_ 业T 动itl 态e] 点 评 行 业 研 新春新活力，家电更新需求逐步回暖 挖掘价值 投资成长 究 / [Table_Rank] 家 强于大市 电 （维持） / 2024 年 02 月 20 日 证 [东Ta方bl财e_富Au证th券or研] 究所 券 证券分析师：高博文 研 [Table_Summary] 究 【事项】 证书编号：S1160521080001 报 联系人：班红敏 告  苏宁易购发布春节消费数据，门店以旧换新订单增长两倍。2月17 电话：021-23586475 日，苏宁易购发布2024年春节消费数据,苏宁易购门店以旧换新订单 量同比增长2倍，“追新逐大”“家务减负”“即买即送”需求高，大 [相 T对 a指 bl数 e表 _现 Pi cQuote] 屏电视、大容量冰箱冷柜、智能清洁家电、潮流数码产品销售火热。 数据显示，2月10日至16日，大容量智能冰箱销售量同比增长超50%， 5.96% 0.16% 80英寸以上大屏电视销售量同比增长超120%,大尺寸、大容量、多功 -5.65% 能的升级类产品需求较高。 -11.46% -17.27% -23.08%2/20 ...