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]

Investment Rating - The report assigns a rating of "Accumulate" for the company [6]. Core Views - The company is a leading digital city construction and operation service provider in China, advocating for the smart city concept through the integration of AI, big data, and IoT technologies [3]. - The company has established a comprehensive strategic partnership with Huawei, focusing on the development of smart computing centers and health AI models [3][16]. - The company aims to enhance the utilization of data elements and explore sustainable industry transaction models, contributing to the national data element strategy [3][16]. Financial Summary - The company is projected to achieve revenues of 2.102 billion, 2.416 billion, and 2.770 billion yuan for the years 2023, 2024, and 2025 respectively, with a growth rate of 30.41%, 14.97%, and 14.63% [8]. - The net profit attributable to the parent company is expected to be 199.84 million, 266.85 million, and 328.71 million yuan for the same years, reflecting growth rates of 187.98%, 33.53%, and 23.18% [8]. - The company’s PE ratios are projected to be 24.69, 18.49, and 15.01 for the years 2023, 2024, and 2025 respectively [8]. Business Development - The company has launched various innovative products, including the HealthGPT health service platform and AI-powered health monitoring devices [3]. - The company has successfully implemented smart traffic solutions in Cangzhou, enhancing urban traffic management through AI technologies [3]. - The company is actively involved in establishing city brain companies across multiple provinces, focusing on data value extraction and urban data asset activation [16].

【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. ...