Investment Rating - The report maintains a rating of "Accumulate" for the company [5][22]. Core Views - The company experienced a revenue decline of 18.19% in 2023, with a total revenue of 11.268 billion yuan, but achieved a net profit of 378 million yuan, reflecting a year-on-year increase of 20.29% [5]. - In Q1 2024, the company reported a revenue of 2.303 billion yuan, a significant year-on-year growth of 46.86%, although the net profit decreased by 83.49% to 14 million yuan [5]. - The company is focusing on new product development in storage modules, aiming to create a new growth curve through a "distribution + product" strategy [5][6]. - The stock price has increased by 193.45% year-on-year, with a current market capitalization of 16.9 billion yuan [5]. Financial Forecast - The company’s revenue is projected to reach 15.556 billion yuan in 2024, 17.822 billion yuan in 2025, and 20.321 billion yuan in 2026, with growth rates of 38.1%, 14.6%, and 14.0% respectively [3][22]. - The diluted earnings per share (EPS) are expected to be 0.85 yuan in 2024, 1.01 yuan in 2025, and 1.15 yuan in 2026 [3][22]. - The return on equity (ROE) is forecasted to be 13.6% in 2024, 14.9% in 2025, and 15.7% in 2026 [3][22]. Key Investment Points - The recovery in the storage industry is driving demand for storage devices, particularly in mobile, PC, and server applications, contributing to the company's revenue growth [5]. - The company has optimized its equity structure and introduced an employee stock incentive plan, reflecting its commitment to transformation [5][6]. - The company is developing high-end storage products, including eSSD and DRAM modules, to enhance its market position [5].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4] Core Views - The company reported strong Q1 2024 performance with revenue of 17.607 billion yuan, a year-on-year increase of 85.32%, and a net profit attributable to shareholders of 306 million yuan, up 64.39% year-on-year [2][3] - The growth in performance is attributed to increased customer demand and server sales, with a significant rise in contract liabilities indicating future revenue potential [2][3] - The company is positioned as a leader in the server industry, benefiting from the growing demand for AI servers and the expansion of the AI computing market in China [2][3] Summary by Sections Financial Performance - In Q1 2024, the company achieved a gross margin of 8.08% (down 4.93 percentage points year-on-year) and a net profit margin of 1.68% (down 0.39 percentage points year-on-year) [2] - The company’s contract liabilities reached 4.14 billion yuan, a year-on-year increase of 116.47%, primarily due to growth in advance payments [2] Market Position - The company is recognized as a leading player in the server market, with a comprehensive range of products across various segments [2][3] - The AI server market in China is projected to grow significantly, with the company expected to benefit from this trend [2][3] Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 76.646 billion yuan, 90.282 billion yuan, and 108.056 billion yuan respectively, with corresponding EPS of 1.47 yuan, 1.87 yuan, and 2.20 yuan [4][6] - The current stock price corresponds to a PE ratio of 28, 22, and 19 for the years 2024, 2025, and 2026 respectively [4]

究 报 告 证 2024 年 05 月 05 日 司 | --- | --- | --- | |------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 券 2024 年 05 月 05 日 研 究 汽车内外饰第一梯队，受益汽车“新四化”浪潮 报 迎来高速成长期 告 —新泉股份（603179.SH）公司动态研究报告 买入(首次) 投资要点 ▌深耕汽车内外饰二十余载，跻身国内饰件供应商 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 第一梯队 基本数据 二十余载深耕汽车内外饰，成为自主内饰龙头供应商。新泉 2024-04-30 股份成立于 2001 年，拥有较为完善的汽车内外饰件总成产品 当前股价（元） 46.37 系列，主要产品包括仪表板总成、顶柜总成、门内护板总 总市值（亿元） 226 成、立柱护板总成、流水槽盖板总成和保险杠总成等。2021- 总股本（百万股） 487 2023 年公司实现营收 46.1/69.5/105.7 亿元，YoY 分别为 流通股本（百万股） 487 25.3%/50.6%/52.2%。公司积极拓展海外市场，受益于国际知 52周价格范围（元） 36.7-54.62 名电动车客户，海外业务营收快速增长，2021-2023 年海外 日均成交额（百万元） 177.76 市 场 营 收 分 别 为 2. ...

Investment Rating - The report maintains a "Buy" rating for the company [2][15]. Core Insights - The company's revenue for 2023 reached 92.16 billion yuan, a year-on-year increase of 0.80%, while the net profit attributable to shareholders was 655 million yuan, a decrease of 10.26% [2][15]. - In Q1 2024, the company reported revenue of 21.65 billion yuan, a year-on-year decrease of 13.38%, with a net profit of 168 million yuan, down 3.89% [2]. - The smart retail business has seen an increase in revenue, contributing 32.75% to total revenue, with a year-on-year growth of 8.48% [2][3]. - The company has expanded its offline channels and made breakthroughs in overseas markets, including the establishment of new authorized stores and partnerships with major brands [2][3]. Summary by Sections Financial Performance - The company achieved a revenue of 92.16 billion yuan in 2023, with a projected revenue of 98.17 billion yuan for 2024, reflecting a growth rate of 6.5% [15]. - The net profit for 2023 was 655 million yuan, with expectations of 705 million yuan for 2024, indicating a recovery with a growth rate of 7.7% [15]. - The gross margin improved to 3.58% in Q1 2024, up 0.66 percentage points year-on-year [2]. Business Development - The company has increased its investment in research and development, with R&D expenses rising by 73.88% to 35 million yuan in 2023 [2]. - New business lines, including self-operated live streaming and recycling programs, have been launched, all achieving profitability [2][3]. - The company has successfully expanded its self-owned brands, enhancing product value and gross margin [2]. Market Position - The company has strengthened its market position by increasing the number of authorized stores and expanding its customer base, including significant growth in overseas markets [2][3]. - The smart distribution business, however, faced a revenue decline of 3.08% in 2023, indicating a shift in focus towards the smart retail segment [2].

2024 年 05 月 04 日 ▌ 投资要点一 投资要点二投资要点二投资要点二投资要点二投资要点二投 资要点二投资要点二投资要点二投资要点二投资要点二投资 要点二投资要点二投资要点二投资要点二投资要点二投资要 点二。 ▌ …… 工 证 告 ▌ 投资要点二 投资要点三投资要点三投资要点三投资要点三投资要点三投 资要点三投资要点三投资要点三投资要点三投资要点三投资 要点三投资要点三投资要点三投资要点三投资要点三投资要 点三。 金 程 究 —定量策略周报 ▌ 一周鑫思路 A 股市场小盘指数跑赢大盘指数，成长跑赢稳定、价值。 我们认为资产荒下，红利板块继续保持压舱石配置，并在 内部更多向高质量风格偏离增加弹性；成长风格中短期买 超跌反弹的高流动性指标股，待回补结束后小盘成长 Alpha 机会有望接棒。风格方面继续强 Call "红利质 量"和"小盘成长"的新杠铃配置；H 股中可以同时布局 "港股高自由现金流"+"恒生科技"。 板块建议： 仓位建议：维持 80%。 ▌ 风格观点 分析师：吕思江 S1050522030001 lvsj@cfsc.com.cn 分析师：马晨 S1050522050001 machen@c ...

证 券 2024 年 05 月 04 日 研 究 铝合金压铸中小件“隐形冠军”，积极延伸产品 报 矩阵迎全球化发展 告 —爱柯迪（600933.SH）公司动态研究报告 买入(首次) 投资要点 分析师：林子健 S1050523090001 ▌深耕铝合金精密压铸领域，积极丰富产品矩阵 linzj@cfsc.com.cn “小、中、大件”协调发展 联系人：谢孟津 S1050123110012 公司二十年深耕铝合金压铸领域，从中小件“隐形冠军”向 xiemj@cfsc.com.cn 中大件产品进行延伸。爱柯迪成立 2003 年，是国内领先的汽 基本数据 车铝合金精密压铸件专业供应商。中小件方面，公司竞争优 2024-04-30 势显著：公司一直以来专注于汽车铝合金精密压铸件的自主 当前股价（元） 19.26 研发与生产，并已经成为转向、雨刮、动力、制动等系统的 总市值（亿元） 186 中小件产品龙头企业，其中雨刮器壳体全球市占率约为 3 总股本（百万股） 964 0%。中大件方面，公司积极延伸布局：公司的产品结构积极 流通股本（百万股） 897 从中小件领域延伸至新能源汽车三电系统、车身结构件、热 52周价格范围（元 ...

证 券 2024 年 05 月 05 日 研 究 港股互联网板块回暖拾遗珠 A 股业绩期落地后 报 如何看？ 告 —传媒行业周报 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 ▌ 本周观点更新 zhuzhu@cfsc.com.cn 2024 年 4 月港股互联网板块热度起，5 月迎开门红，从行业 分析师：于越 S1050522080001 头部代表企业到垂类小而美的企业均呈现回暖态势，β与α yvyue@cfsc.com.cn 因子皆有。β角度看，发展 AI 成为新质生产力共识，移动互 行业相对表现 联网时期企业均在积极投入，AI 应用获头部大厂持续加码， 同时，中小企业也在积极借力 AI 求市值的阶级跃升，以 AI 表现 1M 3M 12M 为矛，激活大企业与中小企业发展新动能。α角度看，大型 传媒(申万) -6.1 13.2 -28.2 沪深300 0 .7 13.4 -10.5 港股互联网企业在历经“反垄断”政策、疫情压力测试、移 动互联网红利见顶后的新转变下，积极向内求变，通过组织 市场表现 架构调整来应对外部环境新变化，降本增效，注重现金流， (%) 传媒 沪深300 积极进行 ...

证 券 2024 年 05 月 04 日 研 究 积极推动电气化转型，三次创业开启长安新历程 报 告 —长安汽车（000625.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：林子健 S1050523090001 ▌中国汽车行业领跑者，三次创业开启长安新历程 linzj@cfsc.com.cn 重庆长安汽车股份有限公司成立于 1996 年，前身为兵工厂的 联系人：谢孟津 S1050123110012 xiemj@cfsc.com.cn 长安于上世纪 80 年代开启“军转民”征程，现已成为中国品 牌汽车行业领跑者。目前公司主要业务涵盖整车研发、制造 基本数据 2024-04-30 和销售以及发动机的研发、生产，并整合优势资源积极发展 当前股价（元） 14.72 出行服务、新零售、金融投资等领域，进行多维度的产业布 总市值（亿元） 1460 局。现已形成轿车、SUV、MPV、交叉型乘用车、客车、货车 总股本（百万股） 9917 等多档次、宽系列、多品种的产品谱系，覆盖传统燃油和新 流通股本（百万股） 8214 能源车型，拥有排量从 1.0L 到 2.0L 的发动机平台。公司旗 52周价格范围（元） 11. ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS of 0.24/0.33/0.47 yuan for 2024-2026 and corresponding P/E ratios of 32/24/17 times [13] Core Viewpoints - The company is a global leader in the plant extraction industry, leveraging R&D, process, and management advantages to build core competitiveness [13] - With the end of the industry's inventory destocking cycle and rising product prices, the company's profitability is expected to improve continuously [13] - The company's globalization strategy is steadily advancing, with overseas revenue reaching 994 million yuan in 2023, a 6% YoY increase [29] - The company initiated a global supply chain layout in 2023, exploring opportunities in Southeast Asia, Central Asia, South America, and Africa to enhance risk resilience [29] Financial Performance - The company's 2023 revenue was 1.494 billion yuan, a 7% YoY increase, with Q4 revenue of 605 million yuan, a 43% YoY increase [34] - Net profit attributable to the parent company in 2023 was 83 million yuan, a 53.8% YoY decrease, but Q4 net profit was 42 million yuan, a 1323% YoY increase [34] - The company's gross margin in 2023 was 24.41%, a 6 percentage point YoY decrease, mainly due to price declines in core plant extraction products and inventory impairment [34] - The company's net profit margin in 2023 was 6.58%, a 7 percentage point YoY decrease, but improved to 8.17% in Q1 2024 [34] Business Segments - The plant extraction business achieved revenue of 1.484 billion yuan in 2023, a 12% YoY increase [34] - Natural sweetener business revenue was 903 million yuan in 2023, a 2% YoY increase, driven by volume growth despite price declines in monk fruit [34] - Tea extract business revenue was 179 million yuan in 2023, a 10% YoY increase, with a gross margin exceeding 30% [34] - Industrial hemp business incurred a loss of 70 million yuan in 2023 due to market clearing, but the company is accelerating capacity release in the hemp vaping sector [34] Future Outlook - The company is expected to achieve revenue of 1.793/2.115/2.453 billion yuan in 2024-2026, with YoY growth rates of 20%/18%/16% [35] - Net profit attributable to the parent company is expected to reach 180/246/347 million yuan in 2024-2026, with YoY growth rates of 117.9%/37%/40.7% [35] - ROE is projected to improve from 2.6% in 2023 to 5.6%/7.8%/11.1% in 2024-2026 [35] Share Repurchase - The company plans to repurchase 1-2 billion yuan worth of shares at a price not exceeding 8.50 yuan per share for equity incentive or employee stock ownership plans [40] - As of March 31, 2024, the company has repurchased 7.9921 million shares, accounting for 1.08% of the total share capital [40]