[Table_Main] 行业研究|信息技 术|技术硬件与设备 证 券研究报告 技术硬件与设备行业点 2024年03月21日 评报告 [Table_Invest] [T苹abl果e_T加itle] 速布局 AI，MR 加大出货量带动 推荐|首次 上游业绩进一步落地 [过Ta去bl一e_年Pic市Q场uo行te]情 13% [报Ta告ble要_S点um：m ary] 3% 近日果链供应商立讯精密涨势回暖，与苹果在 AI、MR 方面的布局进 -7% 展紧密相关。业界传出苹果在与Google洽谈，考虑将Google的大语 -17% 言模型 Gemini 导入 iPhone，以支持生成式 AI 功能。可见苹果在 AI -27% phone 战略节奏加快。对苹果手机的后续升级方向，我们预计除了更 3/21 6/20 9/19 12/19 3/19 高算力的 AP 芯片外，iPhone16 可能着重在摄像头领域进行升级， 技术硬件与设备 沪深300 iPhone 17将重点提升siri智能化能力，或开发类似于Siri的智能 资料来源：Wind 化助手。苹果与Google的合作在某种意义上来讲，预示着手机AI化 [相Ta关 ...

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 [5][13]. Core Insights - The company has entered a fully profitable era, achieving a total revenue of 1134.7 billion with a year-on-year growth of 20.5%. The gross margin improved to 50.6%, and the adjusted net profit reached 102.71 billion, marking the first annual profit since its listing [2]. - In Q4 2023, the company reported a revenue of 325.61 billion, a 15.1% increase year-on-year, with a gross margin of 53.1% and an adjusted net profit of 43.62 billion, resulting in a net profit margin of 13.4% [2]. User Growth and Content Strategy - The company achieved a MAU of 700 million in Q4 2023, with a DAU of 383 million, reflecting a year-on-year growth of 9.4% and 4.5%, respectively. The average daily usage time per DAU was 124.5 minutes [3]. - The company has launched nearly 1,000 short dramas, with over 300 achieving more than 100 million views. The number of heavy short drama users increased by over 50% year-on-year, and the daily average of paid short drama users grew more than threefold [3]. Advertising and E-commerce Performance - The online marketing revenue for the year reached 603.04 billion, a 22.97% increase year-on-year, with Q4 revenue of 182 billion, up 20.6% year-on-year. Active user numbers increased by 160% [4]. - The e-commerce GMV for the year was 11844 billion, growing 31.43% year-on-year, with Q4 GMV reaching 4039 billion, a 29.3% increase. The average monthly paid user count surpassed 130 million, with a penetration rate of 18.6% [4]. Profitability Forecast - The company is expected to continue releasing profits, with adjusted net profit forecasts of 161.48 billion, 199.02 billion, and 224.23 billion for 2024, 2025, and 2026, respectively [5].

[Table_Main] 行业研究|医疗保 健 证 券研究报告 医疗保健行业研究报告 2024年03月20日 [Table_Invest] [Ta血ble液_T透itle析] 持续高景气度，看好全产业链布局企业 推荐|首次 ——血液透析行业深度报告 [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情  血液透析疗法广泛应用于ESRD患者，行业增量空间广阔 7% 血液透析（HD）是世界上最常见的肾脏替代疗法，约占所有肾脏替代 -2% 疗法的69%和所有透析的89%，2022年全球血液透析市场规模达到 -10% 944.3亿美元，保持平稳增长。中国血液透析市场规模在2022年突破 -19% 687 亿元，但透析治疗渗透率较低，2020 年中国接受透析治疗的 -28% ESRD 患者数量为 5.71 每万人口，远低于日本 26.82 每万人口和韩 3/20 6/19 9/18 12/18 3/18 国23.76每万人口等发达国家。以2020年中国ESRD总患者数330.52 医疗保健 沪深300 万人为基数计算，透析治疗率仅为24.40%，处于较低水平，潜在发展 资料来源 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [6][14]. Core Insights - The company achieved a revenue of 2.869 billion yuan in 2023, representing a year-on-year growth of 47.99%. The net profit attributable to shareholders was 1.858 billion yuan, also up by 47.08% year-on-year [3][10]. - The gross margin for 2023 was 95.09%, with a slight increase of 0.25 percentage points year-on-year, while the net margin was 64.77%, down by 0.61 percentage points [3][10]. - The company has a robust product pipeline, including five drugs and biological products, and three medical devices currently under development [5]. Financial Performance - In 2023, the company reported a net profit of 1.858 billion yuan, a 47.08% increase from the previous year, with a non-recurring net profit of 1.831 billion yuan, up 52.95% [3][10]. - The company’s revenue for 2024 is projected to reach 3.975 billion yuan, with an expected year-on-year growth of 38.55% [10]. - The earnings per share (EPS) forecast for 2024-2026 is 11.63 yuan, 15.14 yuan, and 19.10 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 30x, 23x, and 18x [6][10]. Product and Market Development - The company has expanded its sales and marketing team to over 400 personnel, covering approximately 7,000 medical beauty institutions in China, an increase of about 2,000 from the previous year [3]. - The injection product segment showed strong growth, with solution-type injections generating 1.671 billion yuan in revenue, a 29.22% increase year-on-year, and gel-type injections achieving 1.158 billion yuan, up 81.43% [4]. - The company has signed a distribution agreement with Jeisys from South Korea to introduce two non-invasive skin rejuvenation devices to the domestic market, aiming to create a comprehensive solution for beauty treatments [4].

Investment Rating - The report maintains a "Buy" rating for Anker Innovations, with a target price of 105.3 CNY for 2024 [4][7]. Core Insights - Anker's rise is attributed to several strategic choices, including close ties with Apple, leveraging Amazon for channel growth, benefiting from domestic supply chain advantages, and a long-term commitment to brand building. These factors create a competitive edge that is difficult for new entrants to replicate [2][18]. - The company is positioned to benefit from emerging trends in XR and AI devices, with a clear growth trajectory in the charging product sector. Anker's diverse product offerings and continuous investment in innovation are expected to drive new growth points [3][41]. - Anker's historical performance shows a significant improvement in profitability, with a projected net profit of 2.1 billion CNY for 2024, reflecting a 30.13% year-on-year growth [4][6]. Summary by Sections 1. Development Overview - Anker adopts a "shallow sea" strategy, focusing on moderately sized markets with diverse product categories, including mobile power banks, chargers, and smart home devices. The company has established six major brands, with Anker as the core brand for charging products [12][14]. 2. Competitive Positioning - Anker has successfully differentiated itself in a competitive market by targeting high-quality, price-sensitive consumers, particularly iPhone users. The company has leveraged Apple's brand strength and MFi certification to enhance its market position [19][20]. - The company has effectively utilized Amazon as a primary sales channel, achieving approximately 30% market share on the platform, while also expanding into offline retail and independent e-commerce sites [23][25]. 3. Growth Drivers - Anker's growth is supported by the increasing demand for charging products driven by new consumer electronics, with a focus on portable and home energy storage solutions. The company is also investing in innovative audio products to capture market demand [3][41]. - The report forecasts a significant increase in revenue, with projected sales reaching 22.3 billion CNY in 2024, reflecting a 25.31% year-on-year growth [6][4]. 4. Valuation and Financial Projections - Anker's current P/E ratio is projected at 17.7x for 2024, close to historical lows, indicating potential for valuation recovery. The report estimates a target price range of 105.3 CNY to 131.6 CNY based on optimistic and neutral scenarios [4][6]. 5. Market Position and Brand Development - Anker has established itself as a leading brand in the charging accessories market, with a focus on quality and customer feedback. The company has a strong commitment to R&D, with a significant portion of its workforce dedicated to innovation [35][39].

[Table_Main] 公司研究|金融|多元金融 证券研究报告 东方财富(300059)公司点评报告 2024年03月20日 [Table_Invest] [T多able种_Tit因le] 素致业绩承压，积极探索大模型应用 买入|维持 ——东方财富(300059.SZ)2023年年度报告点评 [当Ta前b价le_：T argetPr1ic3e.7] 1元 [事Ta件ble：_S ummary] 公司于2024年3月14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）： 22.89 / 12.33  收入利润有所下滑，证券自营固定收益业务收益同比大幅提升 A股流通股（百万股）： 13430.73 2023年，公司始终坚持以用户需求为中心，顶住外部压力，保持战略定力， A股总股本（百万股）： 15857.00 重点加强内部运营管理，推进各项工作提质增效，努力实现各项业务持续健 流通市值（百万元）： 184135.33 康发展。受资本市场景气度等因素影响，公司实现营业总收入110.81亿元， 总市值（百万元）： 217399.40 同比下降11.25%； ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company achieved a total revenue of 9.407 billion yuan in 2023, representing a year-on-year increase of 19.66%, with a net profit attributable to shareholders of 1.746 billion yuan, up 26.01% [3]. - The main brand,汤臣倍健, experienced accelerated growth, particularly in immunity-enhancing products, with a revenue increase of 21.48% [3]. - Online sales channels have gained significant traction, with online revenue accounting for approximately 42.09% of domestic income [3][4]. - The company's profitability improved, with a gross margin of 68.89% and a net profit margin of 18.56% for the year [4]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 94.07 billion yuan, a 19.66% increase from the previous year, and a net profit of 17.46 billion yuan, reflecting a 26.01% growth [3]. - The fourth quarter of 2023 saw a total revenue of 16.25 billion yuan, a decrease of 4.53%, and a net loss of 1.55 billion yuan, down 61.06% [3]. - The company's main brands generated revenues of 54.00 billion yuan for汤臣倍健, 11.79 billion yuan for健力多, and 4.45 billion yuan for Life-Space, with respective year-on-year growth rates of 21.48%, -2.52%, and 46.84% [3]. Profitability - The gross margin for 2023 was 68.89%, an increase of 0.60 percentage points year-on-year, while the net profit margin was 18.56%, up 0.94 percentage points [4]. - In Q4 2023, the gross margin decreased to 65.22%, and the net profit margin was -9.53% due to rising costs [4]. Growth Strategy - The company is focusing on multi-category growth, leveraging a combination of flagship products and differentiated market strategies to enhance its market position [4]. - Online sales channels are expected to continue growing rapidly, with the company aiming to increase its market share in this area [4]. Future Projections - The company forecasts net profits of 1.955 billion yuan, 2.157 billion yuan, and 2.367 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 11.94%, 10.36%, and 9.74% [4][5].

[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 浙江仙通(603239)公司首次覆盖 报告 2024 年 03 月 18 日 ——浙江仙通(603239)首次覆盖报告 公司是国内领先的汽车密封条专业供应商，下游客户资源优质 公司盈利水平显著高于竞争对手，成本端壁垒显著。 升。 风险提示 [Table_Invest] 增持|首次推荐 | --- | --- | |----------------------------|---------------| | [Table_Base] 基本数据 | | | 52 周最高/最低价（元）： | 18.36 / 10.11 | | A 股流通股（百万股）： | 270.72 | | A 股总股本（百万股）： | 270.72 | | 流通市值（百万元）： | 4085.16 | | 总市值（百万元）： | 4085.16 | [Table_DocReport] 相关研究报告 请务必阅读正文之后的免责条款部分 1 / 26 图 8: 公司 2018 至 2023 年前三季度净利润及增速（单位: 百万元）.................... ...

[Table_Invest]增持|维持 | --- | --- | --- | --- | --- | --- | |--------------------------|----------------------|---------|---------|---------|---------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 2011.73 | 2547.61 | 3071.66 | 3658.50 | 4296.02 | | 收入同比 (%) | 12.49 | 26.64 | 20.57 | 19.10 | 17.43 | | 归母净利润 ( 百万元 ) | 280.24 | 328.86 | 404.41 | 493.98 | 599.90 | | 归母净利润同比 (%) | -13.73 | 17.35 | 22.97 | 22.15 | 21.44 | | ROE(%) | 8.90 | 9.89 | 11.45 | 12.91 | 14.36 | | 每股收益 ( 元 ) | 0.55 | ...

[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03月17日 点评报告 [Table_Invest] [T从abl国e_Ti内tle] 到海外，智电政策差异化下的产 推荐|维持 业逻辑推演 [过Ta去bl一e_年Pic市Q场uo行te]情 ——汽车行业点评报告 16% [报Ta告ble要_S点um：m ary] 7%  国内政策：两会报告坚定电动智能汽车发展方向 -2% 3月5日，2024年政府工作报告发布。报告在2023年工作回顾中将 -11% 新能源汽车产销量占全球比重超过 60%列为现代化产业体系建设取 -20% 得重要进展的内容之一，将电动汽车、锂电池、光伏产品“新三样” 3/17 6/16 9/15 12/15 3/15 出口增长近30%列为推动外贸稳规模、优结构，深化改革扩大开放的 汽车与汽车零部件 沪深300 重要内容之一。同时在 2024 年工作任务积极培育新兴产业和未来产 资料来源：Wind 业中，提出要巩固扩大智能网联新能源汽车等产业领先优势，加快前 [相Ta关bl研e_究Do报cR告ep ort] 沿新兴氢能、新材料等产 ...