[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 ...

[Table_Main] 公司研究|国防军工|电子信息化 证券研究报告 国博电子(688375)公司首次覆盖 2024年03月17日 报告 [Table_Invest] [Table_TTit/leR] 组件领军者，多维度发力未来可期 买入|首次推荐 ——国博电子(688375)公司首次覆盖报告 [报Ta告ble要_S点um：m ary] [当Ta前b价le_：T a rgetPr7ic2e.4] 6元  T/R组件领军者，军民领域齐头并进 国博电子背靠中电科 55 所，T/R 组件技术积累深厚，目前是国内面向各军 [基Ta本bl数e_据Ba se] 工集团销量最大的有源相控阵 T/R 组件研发生产平台，同时公司设计的射 52周最高/最低价（元）： 96.09 / 53.28 频集成电路多项指标达到国际先进水平，在射频芯片新产品上取得突破，是 A股流通股（百万股）： 176.97 全球范围内具备 GaN 射频模块批量供货能力的极少数企业之一。近 5 年， A股总股本（百万股）： 400.01 公司的营业收入和净利润持续稳定增长，并积极开展技术研发和市场开拓， 流通市值（百万元）： 12823.18 募投项目 ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Jahwa (600315) [6][10]. Core Views - The company faced revenue and profit pressure in 2023 due to multiple internal and external factors, but profitability has been optimized. The revenue for 2023 was CNY 6.598 billion, a year-on-year decrease of 7.16%, while the net profit attributable to shareholders was CNY 500 million, an increase of 5.93% year-on-year [3][6]. - The company is undergoing organizational restructuring, which is expected to enhance growth potential in the future. The average age of newly recruited and replaced personnel is around 30 years, with a focus on digital operations and sales management [5][6]. Revenue and Profit Analysis - In 2023, the skincare category achieved revenue of CNY 1.994 billion, a year-on-year increase of 0.98%, while the personal care and baby products category saw a revenue decline of 13.35% to CNY 1.856 billion [4]. - The company’s gross margin improved to 58.97%, up 1.85 percentage points year-on-year, while the net margin increased to 7.58%, up 0.94 percentage points year-on-year [3][4]. Channel Performance - Online and special channels generated revenue of CNY 1.773 billion and CNY 361 million, respectively, with e-commerce channels growing by 4.6% year-on-year. Interest e-commerce saw growth exceeding 100% [4]. - The company closed 82 counters and stores in the department store channel, with a total of 574 counters and stores remaining by the end of the year [4]. Future Projections - The report forecasts revenue for 2024-2026 to be CNY 7.370 billion, CNY 8.033 billion, and CNY 8.650 billion, respectively, with net profits projected at CNY 633 million, CNY 742 million, and CNY 848 million [6][11].

[Table_Title] 宏观研究报告 证券研究报告 2024 年 2 月金融数据印象 在资本市场上，这个现象会映射为持续性的 risk-off，毕竟在风险偏好上， 银行的风险偏好是显著低于非银的，因此，银行的资本权重越大，资产风格越 向债券倾斜，这比起 2016 年的债券市场牛平行情，有了更坚实的基本面。 库存周期，经济增长也能稳住，但这也不解决长期问题，如果实体的资产负债 表不扩张，基本面也会有隐忧。 | --- | --- | --- | |--------------------------|---------|-------| | [Table_Index] 主要数据： | | | | 上证综指： | 3054.64 | | | 深圳成指： | 9612.75 | | | 沪深 300 ： | 3569.99 | | | 中小盘指： | 3549.36 | | | 创业板指： | 1884.09 | | 请务必阅读正文之后的免责条款部分 1 / 6 资料来源：Wind，国元证券研究所 资料来源：Wind，国元证券研究所 同样重要的是，财政也没法出清这些资金： 资料来源：Wind，国元证券研究所 资 ...

Investment Rating - The report assigns a "Recommended" rating to the telecommunications and electronics industry, anticipating continued high prosperity and performance realization from related enterprises [3]. Core Insights - The telecommunications sector is experiencing a positive market trend, with the Shanghai Composite Index rising by 0.28%, the Shenzhen Component Index by 2.60%, and the ChiNext Index by 4.25% during the week of March 11-15, 2024. The Shenwan Communications Index increased by 1.30% [3][10]. - The report highlights the significant investment by China Telecom Quantum Group, which plans to invest 1.9 billion yuan to acquire a controlling stake in Guoshield Quantum, marking a strategic move in the quantum technology sector [3][4]. - The global quantum computing market is projected to grow from $1.1 billion in 2022 to $7.6 billion by 2027, with a compound annual growth rate (CAGR) of 48.1% [3]. Market Overview - The telecommunications sector's index rose by 0.43% this week, with the highest increase in the communication engineering and services sub-sector, which saw a rise of 7.66% [10][13]. - Individual stocks within the telecommunications sector showed significant gains, with Putian Technology leading at 36.15%, followed by Mingpu Optoelectronics at 35.42% and Huaxing Chuangye at 27.54% [15]. Key Company Announcements - China Telecom's quantum group has launched its first operational quantum communication solution, which has surpassed one million users, and has developed several benchmark cases in quantum security applications [3][4]. - Notable company announcements include: - Yitong Technology reported a revenue of 182 million yuan for 2023, a decrease of 46.12% year-on-year [30]. - Fuzhida reported a revenue of 815 million yuan for 2023, an increase of 0.82% year-on-year [30]. - Tianfu Communication's preliminary report indicated a revenue of 1.939 billion yuan, up 62.07% year-on-year [30]. Suggested Investment Focus - The report suggests focusing on the computing power industry chain and satellite internet as potential investment directions [3]. - Recommended stocks include: - Computing Power: Zhongji Xuchuang, Xinyi Sheng, Yuanjie Technology, Huhua Electric, and Industrial Fulian [4]. - Satellite Communication: Haige Communication, Fuzhida, China Telecom, Zhenlei Technology, and Fudan Microelectronics [4].

[Table_Title] 宏观研究报告 证券研究报告 2024 年 03 月 17 日 宏观与大类资产周报：有为方治 投资要点： | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------------------------------------| | 投资建议： | 2024.03.12 | | | 宏观经济：虽然金融周期至此，但当前靠全球定价的库存周期，经济增长 | | | | 也能暂时性稳住，经济基本面不是定价资产的核心线索。 | [Table_Author 报告作者 | ] | | 资产配置：流动性梗阻现象映射在资产配置上就是持续性的 risk-off ，这 | 分析师 | 杨为敩 | | 超出了周期定义的范畴。 | 执业证书编号 | S0020521060001 | | | 邮箱 ...