[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02月28日 [Table_Invest] [Table_TitDle] DR5 与 AI 有望推升公司业绩弹性 买入|维持 ——澜起科技2023 年度业绩快报点评 [ Table_TargetPr ice] [事Ta件bl：e_ Summary] 澜起科技发布2023年度业绩快报公告：报告期内公司营业收入为 22.86 亿元，较上年 [基Ta本bl数e_据Ba se] 同期下降 37.76%，归属于母公司所有者的净利润为 4.51 亿元，较上年同期下降 52周最高/最低价（元）： 76.46 / 44.59 65.30%，归属于母公司所有者的扣除非经常性损益的净利润为 3.70 亿元，较上年同期 A股流通股（百万股）： 1141.46 下降 58.11%。 A股总股本（百万股）： 1141.46 第四季度营业收入为 7.61 亿元，较上年同期下降 3.79%，环比增加 27.26%，归属于 流通市值（百万元）： 60965.44 母公司所有者的净利润为 2.17 亿元，较上年同 ...

Investment Rating - The report recommends a "Buy" rating for the company, with a target price of 47.09 yuan [2]. Core Views - The company is a comprehensive large-scale financial information service enterprise that has opened up new growth opportunities through the acquisition of Maigao Securities. The company has seen a compound annual growth rate (CAGR) of 15.61% in total revenue from 2019 to 2023. In 2023, the company successfully turned a profit after the acquisition and is actively restoring Maigao Securities' business operations [3][4]. Company Overview - Founded in 1997, the company officially established in 2001, primarily provides timely and professional financial data analysis and securities investment consulting services through its securities tool software terminal. The company has expanded its business to include advertising services. The acquisition of Maigao Securities in 2022 has further enhanced its strategic layout and growth potential [3][14]. Financial Analysis - The company reported total revenue of 1.11286 billion yuan in 2023, a decrease of 11.33% year-on-year. The net profit attributable to shareholders was 72.61 million yuan, down 78.54% year-on-year. The financial information service business accounted for 85.24% of total revenue, while the securities service business contributed 11.32% [5][18][20]. Industry Analysis - The financial information service industry is rapidly developing, with a market size of 440 billion yuan in 2022, growing at a rate of 4.76%. The industry is characterized by a fragmented competitive landscape, with key players including Tonghuashun, Dongfang Caifu, and Dazhihui. The report emphasizes the importance of differentiated competition in this sector [3][31][43]. Growth Prospects - The company has a clear five-year plan for Maigao Securities, aiming to become a distinctive wealth management firm with strong profitability by 2026. The company is focusing on integrating financial technology with its securities services to enhance its operational capabilities and profitability [4][5][14]. Earnings Forecast - The company forecasts revenues of 1.43763 billion yuan, 1.85701 billion yuan, and 2.27896 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 214.15 million yuan, 398.94 million yuan, and 578.51 million yuan for the same years [5].

Investment Rating - The report assigns a "Buy" rating for the industry, indicating an expected stock price increase of over 20% compared to the Shanghai Composite Index within the next six months [9]. Core Insights - The rapid iteration of Tesla's Optimus robot provides assurance for the commercialization of humanoid robots, while the practical training results of UBTECH's Walker S offer a forward-looking perspective on future applications. The involvement of global tech leaders like NVIDIA is expected to catalyze the acceleration of the humanoid robot industry [5][4]. Summary by Sections Technological Advancements - The latest video released by Elon Musk showcases significant improvements in the Optimus robot, with walking speed increased to approximately 0.6 m/s, a 30% enhancement from the previous version. This advancement reflects a continuous acceleration in the industrialization process of humanoid robots [3]. Application Scenarios - UBTECH's Walker S has entered industrial applications, demonstrating capabilities such as real-time image collection for quality inspection and 3D navigation. The upcoming NVIDIA GTC2024 conference is anticipated to showcase breakthroughs in accelerated computing and robotics, further highlighting the industry's growth potential [4]. Investment Recommendations - The report suggests focusing on companies within the supply chain that have previously collaborated with Tesla in the electric vehicle sector, such as Sanhua Intelligent Controls and Top Group. It also recommends specific component manufacturers, including: - Screw manufacturers: Wuzhou Xinchun - Reducer manufacturers: Green Harmonic and Zhongdali [5].

[Table_Report] 相关研究报告 1.全国各地 2024 年政府工作报告资本市场相关政策简汇........................................ 3 2.各地方政府工作报告资本市场发展内容梳理......................................................... 6 ②上海提出配合推动科创板完善科创型企业发行上市制度，加快设立科技创新引导 基金，引导长期资本、耐心资本投早、投小、投硬科技。 ③广东提出建立覆盖天使投资、创业投资、并购重组投资的科技创新投资基金体系， 强化省市创新创业基金引导撬动作用；加快基础设施领域 REITs 发行扩募和不动产 私募投资基金试点，提高存量资产盘活效率。 ④江苏提出促进社会综合融资成本稳中有降，加大战略性新兴产业基金投放力度。 ⑤浙江提出发挥"4+1"专项基金撬动作用；年度计划投资 200 亿元，撬动社会资本 1000 亿元，并扩大省科创母基金规模。 ⑥四川提出整合设立省级产业引导母基金。 ⑧安徽提出加快省新兴产业引导基金募投运营。 ⑨河北提出做大做强科技引导基金。 ⑩辽宁提出发挥好辽宁产业投资基 ...

Investment Rating - The report gives an "Accumulate" rating for Jiangling Motors [2][5]. Core Views - Jiangling Motors is a leading domestic light commercial vehicle company with a solid joint venture foundation and high dividend yield [2]. - The launch of new products is expected to drive sales growth and support the company's performance rebound [3]. - Cost reduction and efficiency improvement measures are showing initial results, indicating a promising future for performance enhancement [4]. Summary by Sections 1. Leading Domestic Light Commercial Vehicle Company - Jiangling Motors operates in the light commercial vehicle sector, focusing on a dual-brand strategy with JMC and Ford [14]. - The company has a strong market position in various segments, including light trucks, pickups, and SUVs, with a significant market share in light passenger vehicles [15][17]. 2. New Product Launches Driving Sales Growth - The introduction of Ford's iconic models, such as the RANGER pickup and BRONCO SUV, is expected to enhance product sales and initiate a new growth cycle for the company [3][24]. - The company is expanding its sales channels, including the establishment of the "Ford Beyond" brand to enhance customer engagement and product customization [30][32]. 3. Cost Reduction and Efficiency Improvement - Jiangling Motors has implemented several initiatives to reduce costs and improve operational efficiency, leading to a rebound in profit margins [4][36]. - The company has minimized its heavy truck operations and focused on its core light commercial vehicle and SUV segments, which are expected to drive future growth [39]. 4. Investment Recommendations and Profit Forecast - The report forecasts Jiangling Motors' net profit for 2023-2025 to be 1.475 billion, 1.782 billion, and 2.058 billion yuan, respectively, with significant year-on-year growth rates [5]. - The projected price-to-earnings ratios for the same period are 13.49, 11.17, and 9.67 times, indicating a favorable valuation [5]. 5. Financial Data and Valuation - The company's revenue is expected to grow from 33.46 billion yuan in 2023 to 43.85 billion yuan in 2025, with corresponding year-on-year growth rates of 11.17%, 12.98%, and 16.00% [7]. - The return on equity (ROE) is projected to improve from 14.25% in 2023 to 15.96% in 2025, reflecting enhanced profitability [7].

[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02月26日 [Table_Invest] [Table_央Tit企le] 布局人工智能，国产算力获加速推动 推荐|维持 ——通信行业周报 [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  市场整体行情及通信细分板块行情回顾 沪深300 通信(申万) 周行情：本周（2024.02.19-2024.02.25）上证综指上涨4.85%，深证 60% 成指上涨2.82%，创业板指上涨1.81%。本周申万通信上涨11.13%。 40% 考虑通信行业的高景气度延续，相关企业经营业绩的不断兑现可期， 20% 我们给予通信及电子行业“推荐”评级。 0% 细分行业方面：本周（2024.02.19-2024.02.25）通信板块三级子行业 -20% 2/5 5/5 8/5 11/5 2/5 -40% 中，通信工程及服务上涨幅度最高，涨幅为21.87%，通信线缆及配套 上涨幅度最低，涨幅为7.92%，本周各细分板块主要呈上涨趋势。 资料来源：Wind，国元证券研究所 个股方面：本周（2024 ...

Export Trends - Southeast Asia's export share has shown a steady increase, reaching 25% in recent years[1] - The export share to the United States has fluctuated, currently standing at 20%[1] - The export share to the European Union is at 15%, indicating a competitive market presence[1] Industry Performance - The energy equipment and services sector has a gross margin of 11.23% and a net margin of 2.28%[6] - The oil, gas, and consumable fuels sector boasts a gross margin of 22.43% and a net margin of 6.84%[6] - The chemical industry has a gross margin of 18.94% and a net margin of 9.00%[6] Investment Insights - The leasing and services industry holds a significant portion of foreign direct investment stock, indicating robust growth potential[2] - The transportation infrastructure sector has a gross margin of 28.00% and a net margin of 21.07%, reflecting strong profitability[6] - The healthcare technology sector shows a gross margin of 59.69% and a net margin of 18.17%, highlighting its lucrative nature[6]

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 今世缘(603369)公司首次覆盖报告 2024年02月21日 [Table_Title] 今世有缘，有缘相聚 [Table_ 买Inves 入t] |首次推荐 ——今世缘（603369）首次覆盖报告 [报Ta告bl要e_点Su：m mary] [基Ta本bl数e_据Ba se]  今世缘：苏酒优秀代表 52周最高/最低价（元）：6 6.35 / 42.12 江苏今世缘酒业股份有限公司位于江苏省涟水县高沟镇，地处淮河名酒带，其 前身国营高沟酒厂出产的“高沟”酒是江苏名酒“三沟一河”的代表之一，公 A股流通股（百万股）： 1254.50 司于 2014 年在上交所上市。2022 年，公司实现营业总收入 78.88 亿元 A股总股本（百万股）： 1254.50 （+23.09%），归母净利 25.03 亿元（+23.34%）。公司实控人为涟水县人民政 流通市值（百万元）： 62549.37 府，截至23H1，控制公司44.72%股权。  产能扩张中，产品结构优且不断升级 总 市值（百万元）： 62549.37 1）公司产能建设持续推 ...

[Table_Title] 宏观研究报告 证券研究报告 这次 LPR 利率的调降是有的放矢的，专门调降了更长的 5 年期 LPR， 而偏短期限的 1 年期 LPR 没有动。 况且，这种长期利率的定向调降若有效果，其先决条件是实体部门有货 币收紧的预期，感性看，这个货币收紧的预期几乎不存在。 | --- | --- | --- | |--------------------------|---------|-------| | | | | | [Table_Index] 主要数据： | | | | 上证综指： | 2922.73 | | | | | | | 深圳成指： | 8905.96 | | | 沪深 300 ： | 3410.85 | | | 中小盘指： | 3309.70 | | | 创业板指： | 1746.18 | | | --- | --- | |------------------------|------------------------| | | | | [Table_Author 报告作者 | ] | | 分析师 | 杨为敩 | | 执业证书编号 | S0020521060001 | | ...

[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02月19日 [Table_Invest] [Table_Title] 推荐|维持 Sora 及 Gemini 1.5 发布，大模型能力涌现 ——通信行业周报 [过Ta去bl一e_年Pic市Q场uo行te]情 [报Ta告ble要_S点um：m ary]  OpenAI Sora的技术细节：是数据驱动物理引擎 沪深300 通信(申万) 此前，我们已经见证过许多创业公司提出的视频生成模型。相比之下， 50% OpenAI 提出的新模型不论是效果还是理念上，似乎都具有划时代的 40% 30% 意义。有人第一时间总结道，Sora 不是一个简单的视频生成器，它是 20% 10% 一个数据驱动的物理引擎，其对于虚拟和现实世界进行模拟。在这个 0% 过程中，模拟器通过一些去噪和梯度数学方法来学习复杂的视觉渲染， -10% -20% 构建出「直观」的物理效果，以及进行长期推理和语义基础。 -30%2/18 5/18 8/18 11/18 2/18 在 Sora 推出后，OpenAI 很快公布了技术报告： 资料来源：Wind，国元证券 ...