] y r t s u d n I _ e l b a T [ [ 德Ta 业bl 股e_ 份T （itl 6e 0] 5 117）深度研究 公 司 研 储能微逆白马，高成长+高弹性可期 究 挖掘价值 投资成长 / [Table_Rank] 家 买入 （上调） 电 2024 年 03 月 20 日 / 证 目标价：147元 券 研 [东Ta方bl财e_富Au证th券or研] 究所 究 报 [【Tab投le_资Sum要ma点ry] 】 证券分析师：周旭辉 告 证书编号：S1160521050001  公司全面覆盖储能、组串、微型逆变器产品矩阵，是行业内少见的实 证券分析师：朱晋潇 现三类产品协同增长的逆变器企业。我们认为公司具备小家电基因， 证书编号：S1160522070001 [相Ta对b指le数_P表ic现Qu ote] 已然成长为储能微逆板块白马，当前时点仍具备高成长性和高弹性。 9.01%  高成长：差异化市场、多元化产品、高效率渠道。公司微型逆变器的 -5.24% 主要市场为巴西、德国等,组串式逆变器的主要市场为巴西、印度等, -19.50% -33.75%3/20 5/20 7/20 9/20 ...

[ 商Ta 贸bl 零e_ 售T 行itl 业e] 动 态点评 行 业 研 1-2月社零同比+5.5%，2月CPI同比重回 究 挖掘价值 投资成长 正增长 / 商 [Table_Rank] 贸 强于大市 零 （维持） 售 2024 年 03 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 券 [Table_Summary] 研 【事项】 证书编号：S1160521080001 究 证券分析师：陈子怡 报  国家统计局发布1-2月社会消费品零售及CPI数据。 告 证书编号：S1160522070002 联系人：班红敏 【评论】 电话：021-23586475  1-2月社零稳步增长，较23年同期上升5.5%。2024年1-2月社会消 [相 T对 a指 bl数 e表 _现 Pi cQuote] 费品零售总额 8.13 万亿元（+5.5%）。其中，除汽车以外的消费品零 5.66% 售额7.42万亿元（+5.2%）。 -3.08% -11.82% -20.57% 3/19 5/19 7/19 9/19 11/19 1/19 3/19 -29.31% ...

Investment Rating - The investment rating for the company is "Buy" [7][9]. Core Insights - The company has shown continuous improvement in profitability, with a gross profit of $217 million in 2023, representing a year-over-year increase of 22.7% and a gross margin of 20.6% [3]. - The Mar-tech segment generated revenue of $15.6 million, growing by 23.9% year-over-year, while the Ad-tech segment achieved revenue of $1.038 billion, up 17.8% year-over-year [4]. - The company is expected to benefit from the decentralization of overseas traffic, the high value of long-tail traffic, and advancements in AI algorithms, leading to significant revenue growth potential [9]. Financial Performance Summary - In 2023, the company reported total revenue of $1.054 billion, a year-over-year increase of 17.85%, and a net profit attributable to shareholders of $21.8 million, up 45.42% [4][10]. - The adjusted EBITDA for 2023 was $105 million, reflecting a substantial year-over-year growth of 191.32% [4]. - The company forecasts revenues of $1.301 billion, $1.529 billion, and $1.745 billion for 2024, 2025, and 2026, respectively, with net profits projected at $56.04 million, $74.55 million, and $93.71 million for the same years [10]. Segment Performance - The Ad-tech business, centered around Mintegral, is the primary revenue and profit contributor, with programmatic advertising revenue reaching $980 million, a year-over-year increase of 18.8% [4]. - The company has achieved a record high of 544 enterprise-level clients contributing over $100,000 in revenue, with a customer retention rate of 93.3% and a net expansion rate of 115% [4]. - The company is expanding its presence in the mid-to-heavy gaming market, with revenue from this segment increasing by 66.3% year-over-year, now accounting for 29% of Mintegral's revenue [4]. Market Position and Future Outlook - The company is positioned as a leading player in the global smart advertising service sector, driven by both Ad-tech and Mar-tech segments [9]. - The algorithm's maturity is expected to lead to stable profit releases, with significant growth opportunities anticipated in the coming years [9].

]yrtsudnI_elbaT[ [Table_Title] 公 中航沈飞（600760）深度研究 司 研 中国歼击机摇篮，新机型有望打开成 究 / 长空间 挖掘价值 投资成长 国 防 [增Tab持le_Rank] （维持） 与 装 备 2024 年 03 月 19 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 证券分析师：曲一平 研 [【Tab投le_资Sum要ma点ry] 】 证书编号：S1160522060001 究 报 联系人：陈然 告  中国战机第一股，歼击机重要上市平台。公司以航空产品制造为主 电话：021-23586458 营业务，深耕航空产品研发，被誉为“中国歼击机的摇篮”。公司创 联系人：李嘉文 建于 1951 年 6 月 29 日，是中国航空工业发祥地之一，70 多年来， 电话：021-23586458 公司先后研制生产了 40 多种型号数千架歼击机并装备部队，填补了 [相T对ab指le数_P表ic现Qu ote] 一系列国防建设的空白，其中公司研制生产的我国第一代舰载机歼 15飞机，使我国航空武器装备实现了陆基向海基的重大突破。 21.28% 13.16%  战斗 ...

【投资建议】 宏观经济缓慢复苏，公司业绩有望保持稳步增长。我们预计公司 2023-2025 年收入分别为 20.65/26.71/33.12 亿元，归母净利润分别为 2.09/2.69/3.53 亿元， 对应 EPS 分别为 0.48/0.60/0.78 元，2023-2025 年 PE 分别为 28.83/23.23/17.68 倍。给予"增持"评级。 盈利预测 | --- | --- | --- | --- | --- | |-----------------------------------|---------|---------|-------------------------|---------| | [Table_FinanceInfo 项目\年度 ] | | | 2022A 2023E 2024E 2025E | | | 营业收入（百万元） | 1462.03 | 2065.21 | 2671.09 | 3312.26 | | 增长率 (%) | 31.59% | 41.26% | 29.34% | 24.00% | | EBITDA （百万元） | 165.30 | 262.31 | 32 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic equipment industry [4]. Core Insights - The report emphasizes that going global is essential for Chinese electronic companies to become world-class enterprises, especially in the context of insufficient domestic demand. Successful overseas ventures can reshape the competitive landscape and yield significant returns [1]. - The electronic industry benefits from global supply chain division, with China holding competitive advantages in consumer electronics, PCB, panels, and chip design and testing. Expanding overseas can boost revenue and profit, reflecting positively on return rates [1]. - The experiences of Japan and South Korea in the electronic sector provide valuable lessons for China, as both countries faced limited domestic demand and successfully promoted overseas expansion, leading to the emergence of leading global companies [1]. Summary by Sections 1. Historical Context and Future Opportunities - The electronic industry has a high proportion of overseas revenue, with 25.6% of companies having over 50% of their revenue from abroad as of 2022. The competitive advantage is primarily in downstream segments of the supply chain [9]. - The relationship between overseas revenue and return rates indicates that companies with higher overseas revenue ratios have shown better performance, especially during market fluctuations [10][11]. - The overseas revenue is a significant growth driver for electronic companies, with 85% of listed companies experiencing revenue growth from 2019 to 2022, particularly those with higher overseas revenue ratios [13][14]. 2. Lessons from Japan and South Korea - Japan's experience in the 1980s and 1990s, characterized by limited domestic demand and a focus on exports, offers insights for China. Key strategies included leveraging semiconductor materials and equipment advantages, targeting emerging markets, and upgrading from low to high-profit segments [15][16]. - South Korea's emphasis on innovation and internationalization has allowed its electronic companies to become global leaders, establishing extensive production networks and enhancing capabilities through cross-border mergers and acquisitions [1]. 3. Key Companies to Watch - The report suggests focusing on several companies that are well-positioned for overseas expansion, including: - Transsion Holdings, a leading brand in emerging markets for mobile phones - Kangguan Technology, driven by smart TVs and interactive displays - Absen, known for its international marketing services in commercial displays - Anker Innovations, which excels in online channels overseas - Chanzhan Optoelectronics, leveraging acquisitions for business expansion - Zhaoyi Innovation, benefiting from automotive storage and MCU markets - Huadian Technology, a PCB supplier poised to gain from AI server demand [2].

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company has shown significant improvement in profitability, with a 22.01% year-on-year increase in revenue to 400.92 billion and a 43.58% increase in net profit to 44.12 billion in 2023 [3] - The company maintains its leading position in the global market, achieving a 36.8% market share in the power battery sector and a 40% share in the energy storage battery sector in 2023 [3] - The company emphasizes research and development, with R&D expenses reaching 18.36 billion, an increase of 18.35% year-on-year, and has launched several innovative products [3] Financial Performance - In 2023, the company reported revenue of 400.92 billion, with a year-on-year growth rate of 22.01% [8] - The net profit attributable to shareholders was 44.12 billion, reflecting a year-on-year growth of 43.58% [8] - The company’s revenue projections for 2024, 2025, and 2026 are 463.45 billion, 515.64 billion, and 545.21 billion respectively, with growth rates of 15.60%, 11.26%, and 5.74% [7][8] Product Segmentation - Revenue from the power battery system, energy storage battery system, battery materials and recycling, and battery mineral resources in 2023 were 285.25 billion, 59.90 billion, 33.60 billion, and 7.73 billion respectively, with year-on-year growth rates of 20.57%, 33.17%, 29.08%, and 71.54% [3] - The gross margins for these segments were 22.27%, 23.79%, 11.38%, and 19.86% respectively, with notable increases in the power and energy storage battery segments [3] Market Position - The company’s power battery sales reached 321 GWh in 2023, a year-on-year increase of 32.56%, while energy storage battery sales were 69 GWh, up 46.81% [3] - The company has held the number one position in the global power battery market for seven consecutive years and in the energy storage battery market for three years [3] Research and Development - The company invested 18.36 billion in R&D in 2023, marking an 18.35% increase from the previous year [3] - New products launched include the Shunxing battery and the sodium-ion battery, which have been adopted by various automotive clients [3]

Group 1 - The ChiNext 50, ChiNext Composite, and ChiNext Index performed well this week, with increases of 5.09%, 4.54%, and 4.25% respectively [2] - The top five performing sectors this week were Automotive (6.09%), Food and Beverage (5.12%), Nonferrous Metals (5.08%), Environmental Protection (4.8%), and Retail (4.72%) [2] - The sectors with the largest declines were Coal (-7.24%), Oil and Petrochemicals (-2.6%), Household Appliances (-1.41%), Banking (-1.39%), and Utilities (-1.25%) [2] Group 2 - The concept sectors with the highest net inflows this week included Baijiu (27.47 billion), Super Capacitors (11.83 billion), Super Brands (10 billion), Lithium Extraction from Salt Lakes (8.61 billion), and Automotive Disassembly (7.76 billion) [2] - Northbound capital recorded a net purchase of 32.82 billion this week, with the top three net inflows being Chang'an Automobile (1.628 billion), Wuliangye (1.328 billion), and Tigermed (773 million) [2] - Margin trading saw a net inflow of 23.38 billion, with a total margin balance of 1,519.071 billion as of March 14 [11] Group 3 - The People's Bank of China conducted a 130 billion 7-day reverse repurchase operation and a 3,870 billion Medium-term Lending Facility (MLF) operation, maintaining the rates at 1.8% and 2.5% respectively [43] - The M2 balance reached 299.56 trillion, with a year-on-year growth of 8.7% [34] - The total social financing scale reached 385.72 trillion, with a year-on-year growth of 9% [34] Group 4 - The China Securities Regulatory Commission (CSRC) issued four documents aimed at enhancing the quality of the capital market, including stricter regulations on IPOs and increased oversight of listed companies [58] - The CSRC emphasized the need to improve the quality of listed companies and proposed measures to combat financial fraud and enhance cash dividend regulations [59] - The new regulations are expected to slow down the pace of new stock issuances as the market adjusts to the stricter standards [58]

] y r t s u d n I _ e l b a T [ [ 名Ta 创bl 优e_ 品T （itl 0e 9] 8 96.HK）FY24Q2财报点评 公 司 研 海外收入再创季度新高，直营+TOP TOY 究 驱动利润上行 挖掘价值 投资成长 / 商 [Table_Rank] 贸 增持 （首次） 零 售 2024 年 03 月 15 日 / 证 券 [东Ta方bl财e_富Au证th券or研] 究所 研 究 [【Tab投le_资Sum要ma点ry] 】 证券分析师：高博文 报 证书编号：S1160521080001 告  公司公布 FY24Q2（即 23Q4）业绩。23Q4 公司实现收入 38.41 亿元 证券分析师：陈子怡 （+54%）；经调整净利润6.61亿元（+77%）。 证书编号：S1160522070002 联系人：班红敏  海外直营及 TOP TOY 加速拓展，推动盈利能力大幅提升。 23Q4①毛 电话：021-23586475 [相Ta对b指le数_P表ic现Qu ote] 利率：43.1%（+3.1pct），主要系MINISO海外直营市场毛利率提升， TOP TOY 产品结构优化。② ...

Core Insights - The report highlights that the real estate sector is showing signs of recovery due to government support, with significant financing initiatives for major developers like Vanke [5] - The report indicates that the financial support for the real estate sector is gradually materializing, with new regulations allowing banks to issue loans for operational properties to help alleviate liquidity pressures [5][8] - The report notes that the sales performance of the top 100 real estate companies has significantly declined, with a 60% year-on-year drop in sales amounting to 185.86 billion yuan in February 2024 [5] Summary by Sections Real Estate Market Dynamics - The report discusses the historical context of real estate recoveries, emphasizing that first-tier cities play a crucial role, accounting for over 25% of China's total real estate market value [8] - In January 2024, first-tier cities saw a year-on-year increase in new residential sales prices by 2.1%, while second-tier cities experienced a decline of 1.1% [8] - The report highlights that third-tier cities are facing the most significant challenges, with new residential prices dropping by 3.8% [8] Government Policies and Support - The report suggests that mortgage rates will be a key adjustment point, with potential further reductions expected to ease the burden on existing loans and stimulate consumption [8] - It recommends tax relief measures for second-hand housing transactions and adjustments to purchase restrictions in first-tier cities to support new residents [8] - The report emphasizes the need for stronger government support for real estate companies, including the issuance of special government bonds to ensure liquidity and support the completion of housing projects [8]