融资问题依然凸显，贷款、狭义及广义社融继续放缓，这是长虑，在融资 从旺季走向淡季的过程中，市场对融资环境开始形成一些不及预期的共识。 这是理解当前资产形态的核心线索，也正因为此，市场自年初以来没有 太多交易相对亮眼的实体数据，甚至上周在商业银行配债行为进一步被监控 后，债券资产也没能出现太明显的调整。 外需其实没有太大问题，若抛去基数影响，出口仍然是稳中微升的，这个 原因应该是周期性的，比如从当前美日 PMI 看，全球经济可能已经进入了一 轮上升周期。 CPI 恢复正增长还是因为猪肉价格的恢复，但往前看，我们也不至于单 纯因猪价进入新一轮通胀状态，猪肉价格后续的弹性是有限的，原因是生猪 养殖产业化规模化后，没有出现过相对明显的去栏。 随着美国 CPI 回到 3.5%，美债收益率突破了 4.5%，往后看，美国 CPI 可能会趋势性变平，这导致美国今年在降息决策上，会存在偏大的阻力，当 然，美国是否降息这件事，对大多数资产的影响是有限的，唯一需要担心的是 美债及人民币汇率短时的压力。 金价历史新高还是因为地缘政治问题，比如说在伊朗军事行动后，黄金 价格出现了显著的下跌，在短时的不确定性及避险预期上，可能会节奏性趋 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.13 yuan, representing a potential upside from the current price of 21.60 yuan [4] Core Views - The company achieved robust growth in 2023, with revenue increasing by 18.08% YoY to 8.074 billion yuan and net profit attributable to shareholders surging 40.26% YoY to 816 million yuan [2] - Gross margin and net margin improved to 22.24% and 10.33% respectively, up 1.16 and 1.76 percentage points from the previous year [2] - The company is expected to maintain strong growth momentum, with projected net profit attributable to shareholders of 1.044 billion yuan, 1.366 billion yuan, and 1.664 billion yuan for 2024-2026, representing YoY growth of 27.84%, 30.91%, and 21.77% respectively [2] Business Performance Traditional Automotive Business - The traditional automotive gear business achieved revenue of 4.223 billion yuan in 2023, up 15.66% YoY, outperforming the industry's -0.65% growth [2] - The company demonstrated solid business fundamentals with traditional vehicle gear revenue reaching 2 billion yuan, a 15.15% increase [2] New Energy Vehicle Business - New energy vehicle gear revenue grew 16.46% YoY to 2.229 billion yuan, slightly below the pure EV market growth of 24.61% due to inventory reduction in the first half of 2023 [2] - The low base effect from 2023 is expected to benefit future growth [2] Emerging Businesses - Commercial vehicle, robotics, and civil gear businesses showed strong growth, with revenues of 880 million yuan, 556 million yuan, and 379 million yuan respectively, representing YoY increases of 71.25%, 45.62%, and 87.47% [2] - The shift from manual to automatic transmissions in commercial vehicles is driving growth, with major clients like ZF continuing to lead the trend [2] - Robotics and civil gear businesses are accelerating through domestic substitution and new customer development, with optimistic prospects due to expanding application scenarios [2] Competitive Advantages - The company maintains high barriers in process technology, primarily serving the mid-to-high-end market [2] - It has successfully diversified its international brand portfolio through partnerships with global Tier 1 suppliers like ZF and Schaeffler [2] - Management efficiency improvements have contributed to rising gross and net margins, with operating cash flow reaching 1.572 billion yuan, nearly double the net profit level [2] Financial Projections - Revenue is expected to grow from 9.522 billion yuan in 2024E to 13.444 billion yuan in 2026E, with YoY growth rates of 17.93%, 20.70%, and 16.97% respectively [3] - EPS is projected to increase from 1.22 yuan in 2024E to 1.95 yuan in 2026E [3] - ROE is forecasted to improve from 11.24% in 2024E to 13.84% in 2026E [3] Valuation - The company's P/E ratio is expected to decline from 17.65x in 2024E to 11.07x in 2026E, indicating potential undervaluation [3] - The target price of 28.13 yuan represents a 30.23% upside from the current price of 21.60 yuan [4]

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 深信服(300454)公司点评报告 2024年04月15日 [Table_Invest] [Tab业le_T绩itle实] 现平稳增长，海外业务表现亮眼 买入|维持 ——深信服(300454.SZ)2023年年度报告点评 [当Ta前b价le_：T argetPr5ic7e.6] 2元 [事Ta件ble：_S ummary] 公司于2024年4月9日收盘后发布《2023年年度报告》。 [基Ta本bl数e_据Ba se] 点评： 52周最高/最低价（元）： 136.70 / 51.90  营业收入和利润实现平稳增长，整体毛利率水平有所提升 A股流通股（百万股）： 276.26 2023 年，受多重因素影响，公司实现营业总收入 76.62 亿元，同比增长 A股总股本（百万股）： 419.85 3.36%；实现归母净利润1.98亿元，同比增长1.89%；实现扣非归母净利 流通市值（百万元）： 15918.09 润 1.10 亿元，同比增长 9.97%；公司整体毛利率为 65.13%，同比上升 总市值（百万元）： 24191.66 1.31%；三 ...

[Table_Main] 公司研究|国防军工 证券研究报告 中航高科(600862)公司首次覆盖 2024年04月11日 报告 [Table净_Ti利tle] 润保持快速增长，复材主业成长可期 [Table_ 增Inve 持st] |首次推荐 ——中航高科(600862)首次覆盖报告 [报Ta告ble要_S点um：m ary] [当Ta前b价le：_T argetP1r7ic.8e5] 元  聚焦“航空新材料”和“高端智能装备”，公司业绩保持快速增长 公司采取“集团管控型”经营管理模式，总部是成果转化统筹规划和资本 [基Ta本bl数e_据Ba se] 运作的平台，各业务板块以子公司形式独立经营。公司主营业务分为“航空 52周最高/最低价（元）： 26.01 / 16.25 新材料”和“高端智能装备”两大板块，业务范围涵盖航空新材料、高端 A股流通股（百万股）： 1393.05 智能装备、轨道交通零部件等应用领域，拥有航空工业复材、优材百慕、航 A股总股本（百万股）： 1393.05 智装备、万通新材四家全资或控股子公司。2019-2023 年公司营业收入年 流通市值（百万元）： 24865.93 均复合增速 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong growth potential and continuous business expansion [5] Core Viewpoints - The company achieved rapid revenue and profit growth in 2023, with revenues reaching 8.62 billion yuan, a 30.13% year-on-year increase, and net profit attributable to shareholders reaching 1.102 billion yuan, a 38.08% year-on-year increase [2] - The company's overseas business made significant breakthroughs, with new overseas contracts nearing 1 billion yuan, and it established subsidiaries in Singapore, Saudi Arabia, and Kazakhstan [3] - The company continues to invest heavily in R&D, with R&D expenses reaching 907.807 million yuan, accounting for 10.53% of total revenue, and R&D personnel accounting for 34.28% of the total workforce [4] Financial Performance - The company's domestic sales revenue increased by 29.54%, with significant growth in the metallurgical, energy, petrochemical, and chemical industries [3] - The company's gross margin was 33.19% in 2023, with a net margin of 12.78% and ROE of 11.21% [10] - The company's revenue is expected to grow to 10.806 billion yuan in 2024, 13.442 billion yuan in 2025, and 16.425 billion yuan in 2026, with corresponding net profits of 1.339 billion yuan, 1.617 billion yuan, and 1.939 billion yuan [5] Overseas Expansion - The company secured high-profile overseas projects, including digital projects with Saudi Aramco, Kuwait Oil Company, and Malaysia's national oil company, as well as digital management projects with Indorama Group and Singapore's Wilmar International [3] - The company's overseas localization capabilities have significantly improved, with major contracts in Saudi Arabia and other regions [3] R&D and Innovation - The company has made breakthroughs in AI technologies for process industries, including reinforcement learning, natural language models, and edge intelligent vision detection controllers [4] - The company's R&D team grew by 6.07% in 2023, with 2,219 R&D personnel, representing 34.28% of the total workforce [4] Market Valuation - The company's current P/E ratio is 31.46, with expected P/E ratios of 25.90, 21.44, and 17.88 for 2024, 2025, and 2026, respectively [5] - The company's target price is set at 43.88 yuan, with a 52-week high/low of 103.90 yuan and 35.23 yuan [6][7]

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 [14]. Core Insights - The company achieved a significant revenue growth of 21.45% year-on-year, reaching 5.204 billion yuan in 2023, with a net profit of 326 million yuan, up 28.76% year-on-year [8]. - The system integration business experienced rapid growth, contributing to the overall performance, while the software development and services segment grew by 5.54% [8]. - The company is deepening its collaboration with Huawei, focusing on native application development for the financial sector, and has seen positive feedback from overseas markets such as Singapore and Indonesia [9]. - Research and development investment increased by 13.63% to 568 million yuan in 2023, with a focus on core areas such as innovative ecological products and large model applications [10]. - Revenue projections for 2024-2026 are estimated at 5.801 billion, 6.348 billion, and 6.818 billion yuan, respectively, with corresponding net profits of 370 million, 427 million, and 485 million yuan [10]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.204 billion yuan, a 21.45% increase from the previous year, and a net profit of 326 million yuan, reflecting a 28.76% growth [8][15]. - The software development and services segment generated 3.322 billion yuan, growing by 5.54%, while the system integration segment surged by 77.47% to 1.720 billion yuan [8]. Research and Development - The company invested 568 million yuan in R&D, marking a 13.63% increase, focusing on innovative products and large model applications [10]. - A partnership was established with Beijing Zhipu Huazhang Technology for large model collaboration, aiming to enhance technology innovation and business synergy [10]. Market Position and Strategy - The company is a key partner of Huawei in the financial sector, working on native applications and expanding its presence in international markets [9]. - The ongoing national strategy for "self-controllable" and "domestic" development in information technology is expected to benefit the company's system integration business [8].

[Table_Main] 公司研究|信息技术|半导体与半导体生产设备 证券研究报告 澜起科技(688008)公司点评报告 2024年04月11日 [TD aD blR e4 _T补 itle库 ] 存带动一季度成长，AI 芯片规模出货 [Table_Inv买est]入 |维持 ——澜起科技 2024 年第一季度业绩预告点评 [事Ta件bl：e_S ummary] 澜起科技 2024 年第一季度业绩预告：2024 年第一季度实现营业收入 7.37 [[基TT本aabb数llee据__BT aasrege] tPrice] 亿元，较上年同期增长75.74%；2024年第一季度实现归属于母公司所有者 52 周 最 高 / 最 低 价76.46 / 43.15 （元）： 的净利润 2.10 亿元-2.40 亿元，较上年同期增长 9.65 倍-11.17 倍；2024 A股流通股（百万股）： 1141.46 年第一季度实现归属于母公司所有者的扣除非经常性损益的净利润，2.10 A股总股本（百万股）： 1141.46 亿元-2.35亿元，较上年同期增长708.62倍-793.10倍。 流通市值（百万元）： 53819.8 ...

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 [4][18]. Core Views - The company's performance in 2023 met expectations, with revenue reaching 10.897 billion yuan, a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 609.65 million yuan, up 59.0% year-on-year [13]. - The company has seen significant growth across its three main business segments, driven by the rapid development of the new energy vehicle market and increased demand in commercial vehicles [13]. - The company has achieved overall profitability in the North American region as of Q1 2024, reflecting successful global operations and localization strategies [13]. Financial Summary - Revenue Forecast: The company is projected to achieve revenues of 10.897 billion yuan in 2023, 13.420 billion yuan in 2024, and 16.584 billion yuan in 2025, with year-on-year growth rates of 28.51%, 23.15%, and 23.57% respectively [5][13]. - Net Profit Forecast: The net profit attributable to shareholders is expected to be 609.65 million yuan in 2023, 806.48 million yuan in 2024, and 1.04673 billion yuan in 2025, with corresponding year-on-year growth rates of 59.06%, 32.28%, and 29.79% [5][13]. - Earnings Per Share: The basic earnings per share are projected to be 0.76 yuan in 2023, 1.00 yuan in 2024, and 1.30 yuan in 2025 [5][13]. - Price-to-Earnings Ratio: The estimated P/E ratios are 23.36 for 2023, 17.66 for 2024, and 13.61 for 2025 [5][13].

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 [6][8]. Core Views - The company achieved steady revenue growth with a total revenue of 1.347 billion yuan in 2023, representing a year-on-year increase of 5.01%. However, the net profit attributable to shareholders decreased by 8.83% to 168 million yuan [3][6]. - The company is focusing on three strategic areas: medical insurance, digital governance, and smart city initiatives, which are expected to drive future growth [6][4]. - The company has significantly improved its cash flow from operating activities, which reached 188 million yuan, a year-on-year increase of 401.38% [3]. Revenue and Profit Analysis - In 2023, the medical insurance business generated 707 million yuan in revenue, up 15.07%, while the digital governance business saw a decline of 7.48% to 550 million yuan. The smart city business experienced substantial growth, with revenue increasing by 62.81% to 68 million yuan [3][4]. - The company's R&D investment reached 276 million yuan, accounting for 20.51% of its revenue, reflecting a year-on-year increase of 12.29% [5]. Financial Forecast - The forecast for 2024-2026 projects revenues of 1.547 billion yuan, 1.746 billion yuan, and 1.945 billion yuan, respectively. The net profit attributable to shareholders is expected to be 198 million yuan, 231 million yuan, and 265 million yuan for the same period [6][12]. - The earnings per share (EPS) are projected to be 0.49 yuan, 0.57 yuan, and 0.65 yuan, with corresponding price-to-earnings (P/E) ratios of 41.67, 35.65, and 31.09 [6][12]. Market Position and Strategy - The company is actively exploring innovative applications of medical insurance data and expanding its smart city business, having undertaken multiple projects in various regions [4][5]. - The company aims to leverage the AIGC wave by developing large models for the public welfare sector and integrating AI into healthcare, digital governance, and smart city initiatives [5].

[Table_Main] 公司研究|能源|能源Ⅱ 证券研究报告 杰瑞股份(002353)公司点评报告 2024年04月09日 [TablQe_T4itle业] 绩略超预期，海外业绩增长亮眼 [Table_Inves 买t] 入|维持 ——杰瑞股份 2023 年度报告点评 [事Ta件ble：_S ummary] [ Table_TargetPr ice] 公司发布 2023 年度报告：2023 年公司实现营收 139.12 亿元，同比增长 21.94%；对应实现归母净利润24.54亿元，同比增长9.33%；实现扣非归 [基Ta本bl数e_据Ba se] 母净利润23.87亿元，同比增长12.27%。其中第四季度公司实现收入51.56 52周最高/最低价（元）： 33.16 / 23.11 亿元，同比上升20.02%，实现归母净利润8.90亿元，同比上升18.78%。 A股流通股（百万股）： 693.44  油气工程及设备增长迅速，海外市场表现亮眼 A股总股本（百万股）： 1023.86 2023年Q1-Q4公司分别实现营收22.80/31.40/33.36/51.56亿元，同比分 流通市值（百万元）： 221 ...