Investment Rating - The report maintains a "Buy" rating for the company [5][21]. Core Insights - The company demonstrated a steady increase in profitability, with a gross margin of 22.36% in 2023, up by 0.26 percentage points year-on-year. The gross margins for automotive electronics and precision die-casting businesses increased by 0.77, 0.15, and 0.03 percentage points, while one segment saw a decrease of 5.58 percentage points [4]. - The company reported a total revenue of 7.137 billion yuan in 2023, representing a year-on-year growth of 27%, and a net profit attributable to shareholders of 465 million yuan, up 22% year-on-year. In Q4 2023, revenue reached 2.34 billion yuan, a 44% increase year-on-year, with net profit growing by 48% to 167 million yuan [21][22]. Summary by Sections Financial Performance - The company’s revenue for 2024-2026 is projected to be 8.814 billion yuan, 10.596 billion yuan, and 12.609 billion yuan, respectively. The net profit attributable to shareholders is expected to be 639 million yuan, 802 million yuan, and 1.005 billion yuan for the same period [5][24]. - The earnings per share (EPS) are forecasted to be 1.22 yuan, 1.53 yuan, and 1.92 yuan for 2024, 2025, and 2026, respectively [5][24]. Business Segments - The automotive electronics and precision die-casting sectors continue to drive growth, with significant revenue contributions of 4.826 billion yuan and 1.660 billion yuan, respectively, in 2023. The automotive electronics segment saw a 29% year-on-year increase [11][22]. - The company is expanding its product line in the smart cockpit sector, enhancing its leadership position. New products include cockpit domain controllers and large OLED displays, with successful collaborations with major automotive manufacturers [22]. Strategic Developments - The company is investing in a new production base in Changxing to enhance its capabilities in the Yangtze River Delta region, aiming to produce 3 million automotive parts annually starting in 2024 [12]. - The company has secured multiple projects related to automotive intelligence components, benefiting from the trend towards smart vehicles [12].

Investment Rating - The report assigns an "Overweight" rating to the food and beverage industry, indicating a positive outlook for the sector in the near term [3]. Core Insights - The food and beverage sector experienced a decline of 0.56% last week, underperforming the CSI 300 index by 0.35 percentage points, ranking 15th among 31 first-level sectors [10]. - The snack sub-sector showed strong performance with a 7.62% increase, highlighting the resilience and growth potential in this area [10]. - Key companies such as Salted Fish and Three Squirrels reported significant revenue growth, with Salted Fish's revenue increasing by 42.22% and net profit by 67.76% in 2023 [5]. Summary by Sections 1. Market Performance - The food and beverage sector's performance was below the market average, with notable individual stock movements, including Salted Fish and Three Squirrels leading in gains [10]. - The top five gainers included Salted Fish (up 14.1%), Three Squirrels (up 13.8%), and others, while the biggest losers were Jinzi Ham and Shuanghui Development [10]. 2. Key Product Insights - **Baijiu (Chinese liquor)**: Entering a consumption off-season, but overall sales are better than expected. Key brands like Luzhou Laojiao and Wuliangye are focusing on consumer engagement and digital marketing strategies [4]. - **Snacks**: Continued expansion by leading companies, with Salted Fish and Jin Zai Food showing strong performance. The snack market is expected to benefit from channel growth and brand effects [5]. - **Frozen Foods**: Increased regulatory scrutiny on prepared dishes, which may impact market dynamics. Companies with strong production and channel advantages are recommended [5]. - **Dairy Products**: Benefiting from falling raw milk prices, with a shift towards high-end products and direct-to-consumer channels [5]. 3. Company Dynamics - Salted Fish reported a net profit of 506 million yuan in 2023, with a forecasted growth of 34.48%-52.41% in Q1 2024 [33]. - Three Squirrels achieved a net profit of 220 million yuan in 2023, marking a 36.85% increase [33]. - Other companies like Qingdao Beer and Huayi Food also reported positive earnings growth, indicating a robust performance across the sector [37].

行 业 研 究 [Table_Reportdate] 2024年04月01日 [table_invest] [磐Tabl石e_N首ewT发itle] 阿维塔，工商储装机动力渐强 标配 行 ——电池及储能行业周报（2024/03/25-2024/03/31） 业 [table_main] 周 [证Ta券b分le析_A师u thors] 投资要点： 报 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 市场表现：本周（3/25-3/31）申万电池板块整体上涨0.24%，跑赢沪深300指数0.45个百 联系人 分点。主力净流入前五为鹏辉能源、格林美、天赐材料、当升科技、德方纳米；净流出前 张帆远 电 zfy@longone.com.cn 五为德业股份、盛弘股份、安孚科技、阳光电源、亿华通-U。 力 联系人 设 ➢ 电池板块 赵敏敏 备 zmmin@longone.com.cn （1）磐石首发阿维塔，行业需求向好。宁德时代和阿维塔推出磐石高安全滑板底盘的新 与 能源品牌，磐石是基于CIIC一体化智能底盘和CTC技术，实现车型碰撞能量吸收超80%， 新 [t 1a 5%ble_ ...

行 业 研 究 [Table_Reportdate] 2024年04月01日 [table_invest] [1Ta-b2le_月New风Title电] 新增装机规模高增，电池、组 标配 行 件盈利边际变化 业 ——新能源电力行业周报（2024/03/25-2024/03/31） 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 市场表现： 电 证券分析师 力 王珏人 S0630523100001 本周（03/25-03/29）申万光伏设备板块下跌2.78%，跑输沪深300指数2.57个百分点， 设 wjr@longone.com.cn 申万风电设备板块下跌3.15%，跑输沪深300指数2.94个百分点。本周光伏板块涨幅前 联系人 备 三个股为：石英股份、高测股份、福莱特，跌幅前三个股为ST中利、海优新材、快可电 付天赋 与 子。本周风电板块涨幅前三个股为：时代新材、中环海陆、日月股份，跌幅前三个股为 ftfu@longone.com.cn 新 海力风电、大金重工、金雷股份。 能 ...

Investment Rating - The industry investment rating is "Overweight" [6][12] Core Insights - The report indicates that the supply pressure in the pig industry is expected to gradually decrease in 2024, with pig prices likely to be better than in 2023, signaling an approaching cycle reversal [6][12] - The report highlights that the current market sentiment is optimistic regarding pig prices in the second half of the year, with an increase in restocking activities and rising prices for piglets [6][12] Summary by Sections Supply and Demand Dynamics - The number of breeding sows has been decreasing since January 2023, with a projected decline of 7.9% by February 2024 compared to December 2022, reaching a new low in three years [6] - Feed sales data shows a mixed trend, with a slight increase in January followed by a decline in February, indicating ongoing supply adjustments [6] - The report notes that the cash flow pressure in the industry remains high, with many listed pig farming companies experiencing restructuring and asset sales due to continuous losses [6] Price Trends - As of March 29, 2023, the average price of live pigs was 15.09 CNY/kg, an 8% increase month-on-month, while the price of piglets rose by 29.7% to 565.95 CNY/head [6] - The report anticipates that the overall average price of live pigs in 2024 will likely be better than in 2023, particularly in the second half of the year [6] Market Outlook - The report suggests that the lowest point for pig prices has passed, and a cycle reversal is imminent, with a recommendation to focus on companies with cost advantages and stable operations, such as Muyuan Foods, Wens Foodstuff Group, and others [6][12]

Group 1 - The report highlights the rapid development of AI large models, which is driving a significant increase in demand for AI servers, projected to grow at a CAGR of approximately 29% over the next three years [20][10] - The global AI server market is expected to expand from approximately 855,000 units in 2023 to around 2,369,000 units by 2026, indicating a strong growth trajectory for the AI computing chip and optical module industries [20][10] - The report identifies that GPUs are the most common type of AI chips, accounting for about 89% of the AI computing market in China, and they represent approximately 70-75% of the value in AI servers [8][20] Group 2 - The optical module market is anticipated to benefit from the high growth in computing demand, with a significant increase in demand for high-speed optical modules expected as AI servers proliferate [9][10] - The report notes that China has a leading position in optical module packaging capabilities, with five of the top ten global optical module companies based in mainland China [9] - The domestic market has achieved a 90% and 60% localization rate for 2.5G and 10G optical chips, respectively, but only a 20% localization rate for 25G optical chips, indicating substantial room for domestic substitution [9] Group 3 - The report emphasizes the importance of High Bandwidth Memory (HBM) in addressing the memory bottleneck in AI computing, with HBM offering significant advantages such as high bandwidth, low power consumption, and reduced size [21] - HBM is becoming the preferred solution for GPU memory, with a bandwidth of up to 1TB/s, which is crucial for supporting the rapid growth of AI computing chips [21] - The report suggests that domestic companies are beginning to develop HBM products, which could enhance the local supply chain and reduce reliance on foreign technology [21][24]

Investment Rating - Buy (Maintained) [1] Core Views - The company's core business remains stable, with new business opening up growth opportunities [3][7] - The company's 2023 revenue was 2.281 billion yuan, a year-on-year decrease of 20.36%, mainly due to the high base of public health epidemic prevention business in the same period last year and the impact of the macro environment [7] - The company's non-storage new industry revenue accounted for 38% of total revenue in 2023, a year-on-year increase of over 30% [7] - The company has launched a new equity incentive plan, demonstrating confidence in future development [8] Business Development - Life Science Segment: Achieved revenue of 1.031 billion yuan in 2023, with core business revenue decreasing by 6% year-on-year after excluding public health epidemic prevention business [4] - New products such as automated sample management, biological culture, and centrifugal preparation have accelerated growth [4] - Launched new products for pharmaceutical users, including intelligent automated cell preparation solutions for CGT, sterile inspection solutions, and controlled freeze-thaw systems [4] - Introduced new products for research and university users, including a new generation of -196°C intelligent liquid nitrogen biological sample storage system, fully automatic batch lid openers, and transfer robots [4] - Medical Innovation Segment: Achieved revenue of 1.241 billion yuan in 2023, with core business revenue increasing by 6% year-on-year after excluding public health epidemic prevention business [4] - The company actively participated in new medical infrastructure construction, with solutions newly entering over 80 hospitals in 2023 [4] - The company has established regional networks in Nanjing and other areas, with over 5,000 intelligent vaccination points [4] - The company is accelerating the promotion of blood donation houses and automated blood stations, with smart blood city networks landing in Qinghai and Ordos [4] Global Business Expansion - Domestic Market: Achieved revenue of 1.489 billion yuan in 2023, with core business revenue increasing by 4% year-on-year [21] - The proportion of new users in the domestic market exceeded 30% in 2023 [21] - The number of users using multiple business line products increased by over 40%, further amplifying single-user value [21] - Overseas Market: Achieved revenue of 783 million yuan in 2023, a year-on-year decrease of 6% [21] - The overseas distribution network added nearly 170 new dealers and entered 7 new countries, expanding user coverage in Eastern Europe and Africa [21] - The UK subsidiary has deepened its local market presence and expanded its global influence, with new layouts in the Netherlands and the US [21] Financial Forecast - Revenue Forecast: Expected to be 2.795 billion yuan, 3.366 billion yuan, and 3.985 billion yuan for 2024, 2025, and 2026, respectively [5] - Net Profit Forecast: Expected to be 491 million yuan, 600 million yuan, and 719 million yuan for 2024, 2025, and 2026, respectively [5] - EPS Forecast: Expected to be 1.54 yuan, 1.89 yuan, and 2.26 yuan for 2024, 2025, and 2026, respectively [5] - PE Ratio Forecast: Expected to be 18.28x, 14.95x, and 12.47x for 2024, 2025, and 2026, respectively [5] Equity Incentive Plan - The company plans to grant a total of 3.42 million restricted shares, accounting for 1.076% of the total share capital [8] - The performance assessment period is from 2024 to 2026, with revenue growth targets of 15%, 32%, and 52% for 2024, 2025, and 2026, respectively [8] - The target revenue growth rates are 30%, 69%, and 120% for 2024, 2025, and 2026, respectively [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 41.487 billion yuan in 2023, a year-on-year increase of 12.00%, and a net profit attributable to shareholders of 4.789 billion yuan, up 54.71% year-on-year [7] - The company benefits from significant advantages in raw material costs, with the average price of ethane in the US at approximately $182.4 per ton in 2023, down 48.79% year-on-year, and a further decline to about $142.65 per ton in early 2024 [7] - The company has completed the construction of several production facilities, enhancing its competitiveness in high-performance materials and new energy materials [7] - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on high-performance catalysts and new materials [8] - The forecasted net profits for 2024, 2025, and 2026 are 5.850 billion yuan, 6.924 billion yuan, and 9.023 billion yuan respectively, with corresponding EPS of 1.74, 2.06, and 2.68 [8] Summary by Sections Financial Performance - In 2023, the company reported a net profit of 4.789 billion yuan, with a year-on-year growth of 56.42% [9] - The gross profit margin for 2023 was 19.84%, with an expected increase to 20.29% in 2024 [9] - The company’s operating cash flow for 2023 was 7.996 billion yuan, reflecting a year-on-year increase of 35.80% [7] Production and Capacity - The company has established production capacities for various chemicals, including 600,000 tons of styrene and 400,000 tons of polystyrene, enhancing its production capabilities [7] - The acquisition of Jiangsu Jiahong New Materials Co., Ltd. added 1.35 million tons of hydrogen peroxide and 400,000 tons of propylene oxide production capacity [7] Research and Development - The company increased its R&D expenditure to 1.626 billion yuan in 2023, a 31.05% increase year-on-year [8] - Key projects include the successful commissioning of a pilot plant for α-olefins and the completion of the industrial process package for a 100,000-ton α-olefins facility [8] Market Outlook - The company is expected to see significant improvements in its functional chemicals business, with the Lianyungang Petrochemical Phase III project set to further enhance growth opportunities [8]

公 司 研 究 [Table_Reportdate] 2024年03月29日 [Table_invest] [荣Tabl昌e_N生ewT物itle] （688331）： 核心产品持续放 买入（维持） 公 量，临床进展顺利推进 报告原因：业绩点评 司 简 ——公司简评报告 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn ➢ 收入端快速增长，利润端亏损扩大。2023年，公司实现收入10.83亿元（+40.26%），归母 医 证券分析师 净利润-15.11亿元（2022年为-9.99亿元），扣非净利润-15.43亿元（2022年为-11.17亿元）。 药 伍可心 S0630522120001 2023年公司两大核心商业化产品的销售持续放量，泰它西普和维迪西妥单抗收入规模均超 生 wkx@longone.com.cn 5亿元，收入端增长整体符合预期。由于公司新药研发管线持续推进，同时商业化团队扩 物 联系人 充以及学术推广力度加大，研发销售费用支出较大，导致利润端同比亏损进一步扩大。 付婷 futing@l ...

公 司 研 究 [Table_Reportdate] 2024年03月29日 [Table_invest] [常Tabl熟e_N银ewT行itle] （601128）：存贷利率符合行业 买入（维持） 公 趋势，控费效果明显 报告原因：业绩点评 司 ——公司简评报告 简 评 [证Ta券b分le析_A师u thors] [table_main] 投资要点 王鸿行 S0630522050001 whxing@longone.com.cn 事件：近日常熟银行公布2023年度报告。2023年公司实现营业收入98.70亿元（+12.05%， 银 行 [数Ta据b日le_期co minfo] 2024/03/28 YoY），归属于普通股股东净利润32.82亿元（+19.60%，YoY）。2023年末，公司总资产规 收盘价 7.03 模3344.56亿元（+16.19%，YoY），不良贷款率0.75%（持平，QoQ），不良贷款拨备覆盖 总股本(万股) 274,088 率537.88%（+0.92pct，QoQ）。全年净息差为2.86%，较前三季度收窄9bp。 流通A股/B股(万股) 264,337/0 资产负债率(%) 91 ...