Investment Rating - The report gives a "Buy" investment rating for the company [3]. Core Views - The company is positioned as a key supplier in the global fluorescence rigid endoscope market, with significant growth potential driven by new product launches and increasing demand for core components [1][18]. - The fluorescence rigid endoscope market is expected to grow rapidly, with a projected compound annual growth rate (CAGR) of 24.3%, reaching USD 3.87 billion by 2024, while the market share of fluorescence products is anticipated to increase from 22.9% in 2019 to 53.5% [18][43]. - The company has established a strong foothold in the optical industry and is actively developing its own brand of endoscope systems, which is expected to lead the domestic fluorescence rigid endoscope market [18][19]. Summary by Sections Company Overview - The company, HaiTai New Light, specializes in medical imaging instruments, focusing on the research, production, and sales of medical endoscopes and optical products [27]. - The company has seen revenue growth from CNY 201 million in 2018 to CNY 471 million in 2023, although there was a slight decline in 2023 due to product iteration and decreased demand [15][19]. Market Dynamics - The rigid endoscope market is expanding rapidly, with the Chinese market expected to grow significantly, driven by the increasing adoption of minimally invasive surgery [35][60]. - The fluorescence endoscope technology is breaking through technical barriers, enhancing diagnostic and therapeutic efficiency, and is becoming a trend in the industry [37][60]. Financial Projections - Revenue projections for 2024-2026 are CNY 607 million, CNY 719 million, and CNY 881 million, representing year-on-year growth rates of 28.91%, 18.57%, and 22.41% respectively [19][20]. - The net profit attributable to the parent company is expected to reach CNY 196 million, CNY 239 million, and CNY 295 million for the same period, with corresponding growth rates of 34.72%, 21.62%, and 23.56% [19][20]. Competitive Position - The company has a stable shareholding structure and a strong management team, which enhances its confidence in future growth [30][57]. - The company maintains a high gross margin of 63.72% in 2023, attributed to its core technology and stable supply to partners [58].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by over 20% in the next six months [5][17]. Core Views - The company achieved steady growth in 2023, with a revenue of 5.99 billion yuan, a year-on-year increase of 33.56%, and a net profit attributable to shareholders of 333 million yuan, up 67.41% year-on-year [10]. - The company is positioned as a mid-to-high-end fashion consumer goods multi-brand operator, with plans to expand its store network significantly in 2024 [12][11]. - The report highlights the successful performance of traditional gold products and the ongoing brand upgrades for FION, indicating a strong market presence and consumer engagement [11]. Financial Summary - In 2023, the company reported a gross margin of 26.07%, a decrease of 4.11 percentage points year-on-year, while the net margin improved to 5.59%, an increase of 0.95 percentage points [10]. - The company’s revenue is projected to grow from 6.90 billion yuan in 2024 to 8.93 billion yuan in 2026, with corresponding net profits expected to rise from 401 million yuan to 529 million yuan during the same period [18]. - The report forecasts earnings per share (EPS) of 0.45 yuan in 2024, 0.53 yuan in 2025, and 0.60 yuan in 2026, with price-to-earnings (P/E) ratios decreasing from 13x in 2024 to 10x in 2026 [12][18].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the Shanghai Composite Index within the next six months [12]. Core Views - The company has demonstrated strong performance in its financial results, with a 15.30% year-on-year increase in revenue to CNY 4.295 billion in 2023 and a 42.57% increase in net profit to CNY 1.462 billion. In Q1 2024, revenue grew by 36.93% year-on-year to CNY 1.308 billion, and net profit increased by 47.06% to CNY 426 million [2][4]. - The company has a rich pipeline of game products, with successful launches of titles like "Nasalik: King" and "Stone Age: Awakening," which have achieved significant user engagement and sales rankings. The company is also expanding its overseas market presence [3][4]. Financial Performance - In 2023, the company achieved a revenue of CNY 42.95 billion, a 15.30% increase year-on-year, and a net profit of CNY 14.62 billion, up 42.57% [2][5]. - For Q1 2024, the company reported revenue of CNY 13.08 billion, reflecting a 36.93% year-on-year growth, and a net profit of CNY 4.26 billion, which is a 47.06% increase [2]. - The company plans to distribute dividends of CNY 2.13 billion for 2023 and approximately CNY 2 billion in 2024 [2]. Profit Forecast - The company is expected to maintain stable growth in its core gaming business while actively exploring innovative categories and investing in VR technology. The projected net profits for 2024, 2025, and 2026 are CNY 18.35 billion, CNY 22.39 billion, and CNY 26.11 billion, respectively, with corresponding EPS of CNY 0.85, CNY 1.04, and CNY 1.21 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [11]. Core Views - The company achieved a revenue of 4.915 billion yuan in 2023, a year-on-year increase of 3.78%, and a net profit attributable to shareholders of 1.258 billion yuan, up 9.15% year-on-year. However, the non-recurring net profit decreased by 42.86% to 660 million yuan [2][3]. - The company has significantly increased its R&D investment, with annual R&D expenses rising to 970 million yuan, representing a 19.69% R&D expense ratio, an increase of 5.11 percentage points from the previous year [2]. - The company is advancing its AGI strategy, having launched its first domestic AI search product, TianGong AI Search, and the first self-developed music SOTA model, TianGong SkyMusic, which leads globally in the AIGC vertical [2][3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 4.915 billion yuan, with a year-on-year growth of 3.78%. The net profit attributable to shareholders was 1.258 billion yuan, reflecting a 9.15% increase. However, the non-recurring net profit fell by 42.86% to 660 million yuan [2][3]. - For Q1 2024, the company recorded a revenue of 1.208 billion yuan, a slight decline of 0.79% year-on-year, and a net loss attributable to shareholders of 187 million yuan [2]. R&D and Strategic Initiatives - The company has increased its R&D investment, with expenses reaching 970 million yuan, resulting in a R&D expense ratio of 19.69%, up 5.11 percentage points from the previous year [2]. - The AGI strategy is progressing, with the launch of TianGong AI Search and the TianGong SkyMusic model, which has accumulated over 10 billion quality data resources [2][3]. Profit Forecast - The company is expected to achieve net profits of 831 million yuan, 929 million yuan, and 1.012 billion yuan for 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be 0.68 yuan, 0.76 yuan, and 0.83 yuan, with PE ratios of 55, 50, and 46 times [3].

[Table_Main] 行业研究|工业| 资本货物 证 券研究报告 军工及新材料行业月报 2024年05月12日 [新Ta兵ble种_T调itle整] 彰显未来发展方向，多领域进展取得阶段性突破 [Table_Invest] 推荐|维持 ——军工及新材料月报 [行Ta情ble回_S顾um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情 从 4 月申万一级行业的涨跌幅看，国防军工下跌 1.99%，排名第 25 国防军工 沪深300 位，各军工细分领域中航空领域表现最好，整体涨幅为2.83%；军用 20% 材料领域表现最差，整体跌幅为-4.40%。 本月要点： 0%  上半月国防军工与大盘共振，下半月军工信息化领跑回升 -20% 上半月，整体A股市场表现较为平淡，且国防军工板块热点事件较少， -40% 受市场风险偏好影响，国防军工走势与大盘共振；下半月，军委宣布 2023-05-082023-08-082023-11-082024-02-08 调整组建信息支援部队催化军工板块回升，叠加国产大飞机、低空经 资料来源：Wind 济和卫星互联网等多板块取得阶段性进展，军工电子板块领跑，拉动 [相Ta ...

| --- | --- | --- | --- | |-------|---------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------| | 城市 | 文件 | 内容 | 车桩比 | | 上海 | 《关于本市进一步推动充换电基 础设施建设的实施意见》 | 到 2025 年，满足 125 万辆以上电动汽车的充电需求，全市车桩比不高于 2 ： 1 。 | 不高于 2:1 | | 北京 | 《北京市"十四五"时期能源发 展规划》 | 到 2025 年，北京力争建成充电桩 70 万个、加氢站 74 座，平原地区电动 汽车公共充电设施平均服务半径小于 3 公里。 | | | 广州 | 《广州 ...

[Table_Main] 行业研究|可选 消费|汽车与汽车零部件 证 券研究报告 汽车与汽车零部件行业 2024年05月12日 周报、月报 [Table_Invest] [T4ab月le_T产itl销e] 快速增长，结构替换持续推进 推荐|维持 [报Ta告bl要e_S点um：ma ry] [过T去ab一le年_P市ic场Qu行ot情e]  4月汽车产销快速增长，全年销量基础稳固 17% 2024年4月，中汽协口径汽车产销分别完成240.6万辆和235.9万辆， 8% 同比镇长12.8%和9.3%。1-4月，汽车产销分别完成901.2万辆和907.9 -1% 万辆，同比分别增长7.9%和10.2%。其中乘用车产销分别完成204.8万 -10% 辆和200.1万辆。同比分别增长15.2%和10.5%。1-4月乘用产销分别完 -19% 成 765.8 万辆和 768.9 万辆，同比分别增长 8.6%和10.6%。4 月淡季汽 5/12 8/11 11/10 2/9 5/10 车产销整体仍然保持较高增速，为全年销量增长打下坚实基础。 汽车与汽车零部件 沪深300  燃油车快速收缩，新能源+海外提供增长动能 资料来 ...

[Table_Main] 行 业研究|电信服务 证 券研究报告 电信服务行业周报 2024年05月12日 [TOabplee_nTiAtleI] 将发布产品更新，关注硬件及应用端催化 [Table_Invest] 推荐|维持 ——通信行业周报 [Table_Summary] 报告要点： [过Ta去bl一e_年Pic市Q场uo行te]情  市场整体行情及通信细分板块行情回顾 周行情：本周（2024.05.06-2024.05.10）上证综指上涨 1.60%，深 沪深300 通信(申万) 证成指上涨1.50%，创业板上涨1.06%。本周申万通信回调3.15%。 40% 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 20% 发展，我们给予通信行业“推荐”评级。 0% 细分行业方面：本周（2024.05.06-2024.05.10）通信板块三级子行 -20% 业中，通信线缆及配套上涨幅度最高，涨幅为2.16%，通信网络设备 -40%5/13 8/13 11/13 2/13 及器件回调幅度最高，跌幅为5.90%，本周各细分板块主要呈回调趋 势。 资料来源：Wind，国元证券研究所 个股方面：本周 ...

行业比较跟踪：出口和出海的景气在上升 在今年的五一假期，国内旅游出游人次同比增长 7.6%，较 2019 年同期 增长 28.2%；出游总花费同比增长 12.7%，按可比口径较 2019 年同期增长 13.5%。 旅游的景气虽高，但二阶也许大致见顶： （1）如果以 2019 年为对标的话，在去年十一及春节旅游连续两次假期中， 人均消费都超过了 2019 年同期，但这次五一假期的人均旅游消费再次低于 2019 年同期（今年五一旅游人均消费为 565.73 元/人，2019 年同期为 603.44 元/人）； （2）从最近的连续几次假期旅游消费看，人均消费的水平变化在变平； （3）刨除春节月份的话，刚刚公布的 CPI 旅游分项数据跌至 2023 年以来最 低，虽然还在原先的上升轨道中，但比起年初时，确实价格出现了幅度稍大 的回撤。 出口其实迈过了最困难的时候，现在正在波动改善的过程中，在 3 月出 口不及预期后，4 月的出口数据再次出现了反弹，今年的累计出口速度也超过 了去年。 往后看，出口的景气应会延续，这个趋势首先来自于周期的变化，自全 2024 年 05 月 11 日 [Table_PicStock] 主要 ...

Investment Rating - The report initiates coverage on Grand Pharmaceutical Group (0512 HK) with a "Buy" rating [6] Core Views - Grand Pharmaceutical Group is a long-established pharmaceutical company with three major business segments: pharmaceutical technology, nuclear medicine oncology, and precision cardiovascular intervention technology, along with biotech [2] - The company achieved revenue of HKD 10 53 billion in 2023, a 10 12% YoY increase, with net profit attributable to shareholders of HKD 1 88 billion, a 9 59% YoY decline [2] - The nuclear medicine oncology segment is expected to drive rapid growth, while the cardiovascular and respiratory segments are projected to maintain stable growth [6] - Revenue is forecasted to reach HKD 12 00 billion in 2024, HKD 13 92 billion in 2025, and HKD 15 32 billion in 2026, with EPS of HKD 0 64, HKD 0 68, and HKD 0 73 respectively [6] Business Segments Nuclear Medicine Oncology - The company is actively expanding its nuclear medicine oncology pipeline, with its flagship product Y-90 microspheres (Yigantai®) showing significant efficacy in treating primary liver cancer and colorectal cancer liver metastases [3] - Colorectal cancer is the third most common cancer globally, accounting for 10% of all cancer cases, while liver cancer is highly prevalent in China, with 47% of global new cases in 2018 [3] - Yigantai® has been approved for colorectal cancer liver metastases and is expected to gain approval for primary liver cancer soon, becoming a key growth driver [3] - The company has 14 innovative nuclear medicine products in its pipeline, including 9 RDC (radiopharmaceutical drug conjugate) products, with 4 in clinical trials in China [29] Precision Cardiovascular Intervention - The company entered the cardiovascular medical device field in 2015 through acquisitions and has built a comprehensive platform covering coronary, peripheral, structural heart, and electrophysiology [4] - Key products include drug-coated balloons (DCB), Novasight Hybrid intravascular imaging system, and HeartLightX3 laser ablation platform [4] - The DCB market in China is expected to grow from RMB 4 39 billion in 2019 to RMB 8 38 billion in 2024, driven by aging population and policy support [52] - The electrophysiology device market in China is projected to reach RMB 15 7 billion by 2025, with HeartLightX3 showing promising potential [57] Traditional Business Segments - The company has a strong presence in traditional segments such as cardiovascular emergency, ophthalmology, respiratory, and biotech products, with stable market share and brand influence [5] - In ophthalmology, products like polyethylene alcohol eye drops and He Xue Ming Mu tablets have shown steady sales growth [61] - The respiratory segment includes products like Xiao Qing Zao enteric-coated soft capsules, which have maintained a strong market position [61]