[ 传Ta 媒bl 互e_ 联T 网itl 行e] 行 业 动态点评 业 研 究 电影市场开门红，“二八效应”加剧 挖掘价值 投资成长 传/ 媒 [Table_Rank] 互 强于大市 （维持） 联 网 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：高博文 [Table_Summary] 券 【事项】 证书编号：S1160521080001 研 究 证券分析师：陈子怡 报 春节假期正式收官，春节档电影票房数据发布。  证书编号：S1160522070002 告 【评论】 联系人：陈子怡 电话：021-23586305  票房创历史新高。2024年春节档（2.10-2.17，共8天）总票房共80.16 [相 T对 a指 bl数 e表 _现 Pi cQuote] 亿，同比增长18.5%，超过2021年春节档的78.42亿，刷新历史记录； 其中，情人节档（2月14日，初五）票房11.91亿，环比增长25.2%， 36.07% 较2023年同期的2.13亿票房大幅提升。按往年春节档7天口径，2024 24.24% 年同期共实现票房73.37亿，同比增长8. ...

[ 商Ta 贸bl 零e_ 售T 行itl 业e] 动 态点评 行 业 研 究 春节假期正式收官，黄金珠宝表现靓丽 挖掘价值 投资成长 / 商 [Table_Rank] 贸 强于大市 零 （维持） 售 2024 年 02 月 19 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：高博文 券 [Table_Summary] 研 【事项】 证书编号：S1160521080001 究 证券分析师：陈子怡 报  春节假期正式收官，多地消费数据发布。（以下同比均较农历同期） 告 证书编号：S1160522070002 联系人：班红敏 【评论】 电话：021-23586475  社会消费稳健复苏，生活服务业“开门红”。人民银行数据显示，除 [相 T对 a指 bl数 e表 _现 Pi cQuote] 夕至初五（9-14日）网联和中国银联处理的网络支付交易共计153.8 0.69% 亿笔（+15.8%），金额7.74万亿元（+10.1%）。其中餐饮、住宿、旅 -7.81% 游、影视娱乐等场景同增均超20%。美团2024春节“吃喝玩乐”消费 -16.31% 洞察显示，春节假期日均消费规模同增36% ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment industry [4] Core Insights - REC Silicon announced the closure of its polysilicon production line in Montana, USA, primarily due to high electricity costs and an unfavorable regional power supply-demand balance [1][2] - The closure of the Montana facility, which had a capacity of over 20,000 tons of high-purity polysilicon, is part of a long-term operational strategy to ensure profitability [2] - In 2023, polysilicon sales reached 749 tons, nearly half of the 1,502 tons sold in 2022, indicating a significant decline in production [2] - REC Silicon is restarting approximately 20,000 tons of granular silicon capacity in Washington State, expected to be operational by the end of 2024, highlighting the competitive advantage of granular silicon under high electricity costs [2] - The closure of high-cost overseas production lines suggests that the industry is entering a phase of gradual consolidation, favoring companies with scale, low costs, and technological advantages [2] Summary by Sections Industry Overview - REC Silicon's Montana polysilicon production line closure is attributed to structural imbalances in regional electricity supply and demand, with expectations of continued price increases [1][2] Company Performance - The Montana facility, employing around 300 workers, was the largest private employer in the region, and its closure reflects broader industry challenges [2] - The report suggests focusing on leading companies with low polysilicon costs, such as GCL-Poly Energy, Tongwei Co., Daqo New Energy, and Xinte Energy [2]

] y r t s u d n I _ e l b a T [ [ 惠Ta 泰bl 医e_ 疗T （itl 6e 8] 8 617）动态点评 公 司 研 究 迈瑞联手，企稳血管介入国产领先地位 挖掘价值 投资成长 / 医 [Table_Rank] 药 增持 （首次） 生 物 2024 年 02 月 07 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：何玮 报 证书编号：S1160517110001 告 联系人：何玮  公司发布2023年度业绩预告。2023年公司业绩预计维持高增长，归 电话：021-23586471 母净利润预计 5.10-5.65 亿元，同比增长 42.45%-57.81%，扣非净利 [相Ta对b指le数_P表ic现Qu ote] 润预计4.45-5.05亿元，同比增长38.38%-56.78%。2023年公司持续 开展市场推广活动，快速拓展医院覆盖率和渗透率，扩大品牌知名度 17.74% 和影响力，并积极拓展海外市场，各产品线较上年同期均有不同程度 9.75% 1.76% 增长。同时公司通过产研优化迭代，不 ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Viewpoints - The OLED panel market has seen a recovery in prices after a challenging period, with a slight increase in prices expected due to rising demand and tight supply conditions [1] - The acquisition of a 40.91% stake in Hefei Visionox is progressing smoothly, which will allow the company to consolidate its financials and expand its revenue base [3] - The penetration of domestic OLED screens is increasing, with strong demand for foldable screens contributing to growth in the sector [4] - The company is expected to face short-term performance pressure but is projected to benefit from increasing OLED panel penetration in smartphones and a recovery in prices [20] Summary by Sections Market Overview - The OLED panel prices have decreased significantly in the first three quarters of 2023, with rigid AMOLED panels down 24% and flexible AMOLED panels down 33%. However, prices are expected to rebound in the fourth quarter due to improved demand and supply constraints [1] Company Performance - The company anticipates a revenue of 5.727 to 6 billion yuan for 2023, with a projected net loss of 3.58 to 3.98 billion yuan. Despite the overall industry pressure, the company has seen a significant increase in smartphone panel shipments, ranking third globally and second domestically [15][14] Future Outlook - The company forecasts revenues of 11.46 billion yuan in 2024 and 19.34 billion yuan in 2025, with a return to profitability expected in 2025. The anticipated increase in OLED panel penetration and the recovery in prices are expected to drive growth [20][21]

2/6 4/6 6/6 8/6 10/6 12/6 2/6 数据要素践行者，陆续发布智算中心、 健康AI大模型、智能网联平台 与华为全面战略合作，陆续发布了银江智算中心、Health AI 大模型、 银江智能网联平台。2023 年公司与华为签署了全面战略合作协议，打 造联合创新中心，探讨智算中心基于鲲鹏、昇腾、鸿蒙、盘古大模型 等底座生态建立。银江智算中心是是基于 NVIDIA 领先 Hopper 架构的 GPU 服务器、高速 IB 网络、并行文件存储系统和专业 AI 开发调度系 统构建的集群平台，可以搭载 500 PFLOPS 算力的智算设备，已正式 投入运营。公司携手智慧健康运营服务平台-健康宝联合发布面向健 康服务的 HealthGPT，产品包括健康宝 Health AI 健康大模型、AI 智 能终端、健康宝 AI 智能体检中心。健康大模型包括了 AI 智能健康报 告、疾病医学百科、健康自评量表库以及健康资讯四大功能。同时公 司联合健康宝推出了 E-CARE 健康检测仪、机器人医生、智能检测手 表 E-Watch。体检设备 E-Care 可以大病早筛、临床辅助诊断，仅需 5 分钟检测，15 分钟出报告。 ...

【投资建议】 | --- | --- | |--------------------------------------|--------------------------| | [Table_ 东方财富证券研究所 Author] | | | 证券分析师：何玮 | | | 证书编号： S1160517110001 | | | 联系人：崔晓倩 | | | 电话： 021-23586309 | | | [Table_PicQuote] 相对指数表现 | | | 7% -1% -9% -17% -25% | | | -33% 2/2 4/2 6/2 8/2 澳华内镜 | 10/2 12/2 沪深 300 | | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 6694.95 | | 流通市值（百万元 ) | 4605.90 | | 52 周最高/最低（元） | 78.90/46.06 | | 52 周最高/最低（ PE） | 446.04/110.45 | | 52 周最高 /最低（PB） | 8.10/5.08 | | 52 周涨幅（%） | -32.04 | | ...

] y r t s u d n I _ e l b a T [ [ 润Ta 泽bl 科e_ 技T （itl 3e 0] 0 442）动态点评 公 司 研 23年业绩预告亮眼，上架率较好，AIDC 究 发展迅速 挖掘价值 投资成长 / 信 [Table_Rank] 息 买入 （维持） 技 术 2024 年 02 月 02 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  23年业绩预计高增长，传统IDC稳步推进，新增AIDC拓展顺利。2023 联系人：刘琦 年业绩预告显示公司 2023 年归母净利润 17.5-18.5 亿，同比增长 电话：021-23586475 46-54%。2023年公司传统IDC业务稳步推进，上架机柜总量和单机柜 [相Ta对b指le数_P表ic现Qu ote] 功率持续提升，受益于液冷解决方案应用和 AI 人工智能爆发带动智 算需求快速增长，新增 AIDC 相关业务拓展顺利。2023 年公司营业收 55.80% 入约44亿左右，其中传统IDC业务收入35 ...

Investment Rating - The report maintains a "Buy" rating for Qitian Technology [9][15] Core Views - The company is expected to face short-term performance pressure due to macroeconomic conditions, but there is optimism regarding the expansion of its digital government services [9] - The revenue forecast for 2023-2025 has been revised downwards, with expected revenues of 0.95 billion, 1.14 billion, and 1.38 billion respectively, reflecting year-on-year growth rates of -24%, 20%, and 21% [9][10] - The net profit attributable to the parent company is projected to be a loss of 0.475 billion in 2023, with a significant recovery expected in subsequent years [9][10] Summary by Sections Company Overview - Qitian Technology's total market capitalization is approximately 2.76 billion, with a circulating market value of about 2.35 billion [3] - The company has experienced a 52-week price range of 8.35 to 4.11, with a 52-week decline of 42.05% [3] Financial Performance - The company anticipates a revenue of 0.8 to 1.1 billion for 2023, with a net loss projected between 0.37 billion and 0.53 billion [6] - The company has increased its investment in technology system platform development due to intensified competition in the digital marketing sector [6] Business Strategy - Since becoming state-owned in 2022, Qitian Technology has leveraged its resources to gain a competitive edge in government services, collaborating with over ten cities on mobile government platforms [7] - The company aims to transition its business model from TOG (government to consumer) to TOG+TOB (government to business) by integrating vast information resources for B-end enterprises [7] Market Outlook - The digital government sector in China is entering a phase of quality improvement, with a significant user base of 926 million for online government services as of December 2022 [14] - Qitian Technology has signed a cooperation agreement with Changsha's media technology company to enhance its urban government mobile platform [14]

] y r t s u d n I _ e l b a T [ [ 晶Ta 科bl 能e_ 源T （itl 6e 8] 8 223）动态点评 公 司 研 究 N型出货持续领跑，价格急跌盈利承压 挖掘价值 投资成长 / 电 [Table_Rank] 气 增持 （维持） 设 备 2024 年 02 月 01 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：周旭辉 报 证书编号：S1160521050001 告  公司发布 2023 年业绩预告，公司预计 2023 年实现归母净利润 72.5～ 联系人：唐硕 79.5亿元，同比增长146.92%～170.76%；实现扣非归母净利润65.5～ 电话：021-23586475 72.5亿元，同比增长147.59%～174.05%；其中公司23Q4实现归母净利 [相Ta对b指le数_P表ic现Qu ote] 润 8.96～15.96 亿元，环比-64.32%～-36.44%，实现扣非归母净利润 5.03～12.03亿元，环比-79.97%～-52.09%。 1.95% -8.12% -18. ...