Investment Rating - The report assigns a "Buy" rating for Yituo Co., Ltd. (601038.SH) [2][3] Core Views - The company reported a revenue of 11.534 billion yuan in 2023, a decrease of 8.20% year-on-year, while the net profit attributable to shareholders increased by 46.39% to 999.7 million yuan [2] - The agricultural machinery market is expected to experience a recovery in 2024 due to favorable policies and increasing demand, positioning the company to benefit as a leading player in the tractor industry [2][3] - The company has successfully launched National IV compliant products ahead of competitors, enhancing its market competitiveness [2] - The company has optimized its asset structure by focusing on tractor business development, selling off its financial subsidiary, which has impacted cash flow but is expected to benefit overall operations in the long run [2] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 11.534 billion yuan, with a net profit of 999 million yuan, reflecting a significant increase in profitability despite a decline in revenue [2][4] - The forecast for 2024-2026 indicates revenues of 12.779 billion, 14.377 billion, and 16.070 billion yuan respectively, with EPS projected at 1.03, 1.18, and 1.35 yuan [3][4] Market Outlook - The report highlights that the agricultural machinery market is poised for recovery in 2024, driven by government policies supporting equipment upgrades and the replacement of old machinery [2][3] - The company is expected to capture market share due to its early adoption of National IV standards and its strong export performance, with a 43% increase in tractor exports in 2023 [2] Competitive Position - The company maintains a leading market share in the tractor sector, having sold 72,300 units in 2023, and continues to expand its international market presence [2] - The strategic focus on high-quality products and technological advancements positions the company favorably against competitors [2]

证 券 2024 年 03 月 29 日 研 究 2023 年业绩大幅改善，看好长丝景气度持续提 报 升 告 —新凤鸣（603225.SH）公司事件点评报告 买入(维持) 事件 分析师：张伟保 S1050523110001 新凤鸣发布 2023 年报：公司实现营业收入 614.69 亿元，同 zhangwb@cfsc.com.cn 比增加 21.0%；归母净利润 10.86 亿元，同比扭亏为盈。其 联系人：刘韩 S1050122080022 中 2023Q4 实现营业收入 172.69 亿元，同比增加 34.5%，归 liuhan@cfsc.com.cn 母净利润1.99 亿元，同比扭亏为盈，环比-51%。 基本数据 2024-03-29 投资要点 当前股价（元） 14.64 总市值（亿元） 224 ▌ 长丝景气度修复，主营产品量价齐升 总股本（百万股） 1529 2023 年公司收入和利润都大幅提升，主要原因是长丝景气度 流通股本（百万股） 1529 恢复。2023 年纺织品类/服装品类社会零售额实现了 52周价格范围（元） 9.95-15.02 12.9%/15.4%的高增长。同时也带动了上游涤纶长丝的增 ...

证 券 2024 年 03 月 29 日 研 究 全年量价齐升，四季度销售结构短期承压 报 告 —珠江啤酒（002461.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024年 03 月28 日，珠江啤酒发布 2023年度业绩报告。 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 投资要点 liaowz@cfsc.com.cn 基本数据 ▌全年看量价齐升，高端化趋势明显 2024-03-28 当前股价（元） 7.81 公司 2023 年营收实现 53.78 亿元（+9.13%），归母净利润实 总市值（亿元） 173 现 6.24 亿元（+4.22%）。单四季度看，公司 2023Q4 营收实 现 8.27 亿元（+1.16%），实现平稳增长。拆分量价来看，公 总股本（百万股） 2213 司 2023 年总销量为 140.28 万千升（+4.80%），保持平稳增 流通股本（百万股） 2213 长态势，高档产品销量增长 15.96%，销售结构持续升级，带 52周价格范围（元） 6.79-9.59 动公司 2023 吨价同增 4.13%至 ...

Investment Rating - The report assigns an "Add" rating for the company, marking it as the first coverage [10]. Core Views - The company achieved a revenue of 520 million yuan in 2023, representing a year-on-year growth of 25.41%, and a net profit attributable to shareholders of 65 million yuan, which is a 21.04% increase [10]. - The gross margin improved to 43.69%, an increase of 4.45 percentage points year-on-year, indicating enhanced profitability [10]. - The company is strategically positioning itself in various wireless communication technologies, including UWB, WIFI6, and StarFlash, and has joined the StarFlash Alliance to collaborate with ecosystem partners [2]. Financial Forecast - The forecasted revenue for 2024, 2025, and 2026 is 690 million yuan, 866 million yuan, and 1,153 million yuan, respectively, with growth rates of 32.7%, 25.6%, and 33.1% [4]. - The net profit attributable to shareholders is projected to be 92 million yuan in 2024, 148 million yuan in 2025, and 195 million yuan in 2026, with growth rates of 42.0%, 60.3%, and 31.4% [4]. - The diluted earnings per share (EPS) are expected to be 0.76 yuan in 2024, 1.21 yuan in 2025, and 1.59 yuan in 2026 [4]. Market Position and Product Development - The company has successfully penetrated leading brand clients in the Bluetooth audio SoC chip market, driving revenue growth [10]. - The Bluetooth audio SoC chip business generated 386 million yuan in revenue in 2023, a year-on-year increase of 42.58%, accounting for 74.25% of total revenue [10]. - The company is enhancing its SoC chips with a three-core AI heterogeneous architecture, aiming to meet the growing demand for edge AI computing in low-power devices [12].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][21]. Core Views - The company is expected to continue its store expansion at a steady pace, with a focus on the development of its group meal business, which is anticipated to contribute to new performance growth [21]. - Revenue for 2023 reached 1.63 billion yuan, a 7% increase year-on-year, driven by an increase in store numbers and rapid growth in group meal business outside East China [21]. - The company plans to distribute a cash dividend of 4 yuan for every 10 shares, increasing the dividend payout ratio to 47% of net profit [21]. Financial Summary - The company's gross profit margin and net profit margin for 2023 were 26.35% and 13.21%, respectively, with slight year-on-year changes [21]. - The company reported a net profit of 214 million yuan for 2023, a decrease of 4% year-on-year, primarily due to rising labor costs and depreciation expenses [21]. - The forecast for 2024-2026 indicates expected earnings per share (EPS) of 1.02, 1.17, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 16, 14, and 13 times [21]. Business Expansion and Product Segmentation - The company aims to open 1,000 new stores in 2024 while also expanding its semi-finished product business to cater to small B catering, providing a second growth curve for group meals [21]. - In 2023, revenue from different product categories was 662 million yuan for rice products, 414 million yuan for fillings, and 394 million yuan for purchased food, with year-on-year growth rates of 1%, 18%, and 4%, respectively [21]. - The company had a total of 5,043 franchise stores by the end of 2023, with a net increase of 570 stores, indicating a robust growth in the franchise channel [21].

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The display control equipment industry is expected to accelerate its development, with the domestic market projected to exceed 10 billion yuan by 2025, driven by policies supporting 5G and ultra-high-definition video [4] - The company is a leading provider of professional audio-visual display control equipment and solutions in China, with products widely used in various multimedia scenarios across government, defense, emergency management, energy, and transportation sectors [11][17] - The company's self-developed ASIC chips are expected to significantly reduce procurement costs and improve gross margins, with successful sample delivery anticipated by the end of 2023 [15][99] Summary by Sections Company Overview - The company specializes in audio-visual control equipment and solutions, with a product range that includes signal processing, audio conferencing, platform management, and central control systems [17] - The company has experienced revenue growth from 276 million yuan in 2018 to 483 million yuan in 2020, with a CAGR of 32.33%, but faced a decline in 2021 due to the pandemic and fluctuations in military demand [37] Financial Performance - The company's revenue for the first three quarters of 2023 reached 337 million yuan, a year-on-year increase of 24.56%, while net profit decreased by 46.28% due to declining gross margins [37] - The gross margin for the first three quarters of 2023 was 46.25%, down 3.89 percentage points year-on-year, but showed a quarterly increasing trend [37] Market Potential - The display control equipment market is expected to grow significantly, with the LED display market projected to reach 82.5 billion yuan by 2025, contributing to an overall market size exceeding 100 billion yuan for display control equipment [64] - The recovery of downstream demand in sectors such as defense and public security is anticipated to provide a favorable environment for the growth of display control equipment [68] Competitive Landscape - The company faces competition from both domestic and international players, with notable competitors including Barco and Extron, but has been gaining market share due to its technological advancements and local production capabilities [92] - The domestic market is characterized by rapid development and increasing competition, with local companies like Nova Star and Kalet also emerging as significant players [92] Strategic Initiatives - The company has implemented employee stock ownership and stock option plans to align employee interests with long-term company performance, with ambitious growth targets set for 2023 and 2024 [44][57]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company, China CNR Corporation, has shown steady growth in its performance, driven by the recovery in railway equipment demand and expansion in overseas markets [3][4]. - In 2023, the company achieved a revenue of 234.26 billion yuan, reflecting a year-on-year increase of 5.08%, and a net profit attributable to shareholders of 11.71 billion yuan, with a slight increase of 0.5% [3][7]. - The report highlights the significant growth in the railway equipment sector, with a projected increase in domestic and international orders, indicating a robust market outlook [4][6]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 234.26 billion yuan, with a net profit of 11.71 billion yuan, and a non-recurring net profit of 9.11 billion yuan, showing a year-on-year growth of 14.24% [3][7]. - The forecast for 2024-2026 indicates revenues of 258.81 billion yuan, 283.27 billion yuan, and 310.29 billion yuan, respectively, with corresponding EPS of 0.46 yuan, 0.53 yuan, and 0.58 yuan [7][11]. Market Dynamics - The railway equipment sector is experiencing a recovery, with China's railway fixed asset investment reaching 764.5 billion yuan in 2023, a year-on-year increase of 7.5% [4]. - The demand for new railway lines and the replacement of aging locomotives are expected to contribute positively to the company's performance [5]. Business Segments - The company reported a 4.01% growth in domestic revenue and a 13.75% increase in overseas revenue, with significant contributions from railway equipment and urban infrastructure sectors [6]. - The total new orders signed in 2023 amounted to approximately 298.6 billion yuan, with international orders accounting for about 58.4 billion yuan [6]. Profitability Metrics - The report projects a net profit growth rate of 13.2% for 2024, with a net profit of 13.26 billion yuan, and a return on equity (ROE) expected to rise from 6.0% in 2023 to 7.2% by 2026 [11].

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's revenue for 2023 was CNY 37.625 billion, a year-on-year decrease of 11.89%, while the net profit attributable to shareholders was CNY 5.905 billion, an increase of 22.07% [2] - The decline in profit is primarily attributed to the drop in prices of key products such as coal, electrolytic aluminum, and aluminum foil [2] - The company is expected to see a recovery in profitability in 2024 due to the resumption of production and expansion projects [4] Summary by Sections Financial Performance - In 2023, the company produced 1.518 million tons of aluminum, a decrease of 7.16% year-on-year, while coal production increased by 5.25% to 7.1696 million tons [2] - The average price of aluminum in 2023 was CNY 18,702 per ton, up 6.43% year-on-year, while the average price of coal dropped by 18.72% to CNY 812 per ton [2] Production and Expansion Plans - The company plans to produce 1.5 million tons of aluminum and 6.9 million tons of raw coal in 2024, with significant projects like the Liangbei coal mine expansion expected to reach full production [4] - The second phase of the new materials project, focusing on battery foil, is expected to commence production in August 2024 [4] Profit Forecast - The forecast for the company's main revenue from 2024 to 2026 is CNY 39.995 billion, CNY 41.754 billion, and CNY 43.383 billion, respectively, with net profits projected at CNY 6.351 billion, CNY 6.869 billion, and CNY 7.333 billion [4][6] - The current price-to-earnings ratio (PE) is projected to be 6.7, 6.2, and 5.8 for the years 2024, 2025, and 2026, respectively [4]

Investment Rating - The report assigns an "Accumulate" investment rating for the company [2]. Core Insights - The company is gradually increasing its share in Apple's supply chain, leveraging its advantages in yield and technology integration to participate deeply in the assembly of leading consumer electronics products such as iPhone, AirPods, and Apple Watch [3]. - The demand for AI servers is surging, and the company's copper interconnect technology is positioned to benefit from this growth, offering cost-effective solutions for data centers [4]. - The company is capitalizing on the trends of automotive intelligence and electrification, expanding its product offerings in the automotive electronics sector and establishing strategic partnerships with major automotive manufacturers [5]. Summary by Sections 1. Company Overview - The company has established a strong presence in the consumer electronics, automotive, communication, and medical industries, focusing on vertical integration from components to systems [12]. - It has a diverse product line across various application scenarios, including smart displays, wearables, and automotive components [12][13]. 2. Financial Projections - Revenue projections for 2023, 2024, and 2025 are estimated at 249.64 billion, 296.55 billion, and 359.13 billion yuan respectively, with corresponding EPS of 1.56, 2.00, and 2.51 yuan [7][113]. - The company has maintained a strong revenue growth trend, particularly in the consumer electronics sector, which has been a significant contributor to its overall revenue [23][25]. 3. Market Positioning - The company has deepened its integration into Apple's supply chain, with its largest customer accounting for 73% of total revenue in 2022, reflecting its strong supply capabilities [25]. - The automotive business has seen rapid growth, with revenue increasing from 0.84 billion yuan in 2015 to 6.15 billion yuan in 2022, showcasing a compound annual growth rate of 32.86% [27]. 4. R&D and Innovation - The company has consistently increased its R&D investment, reaching 8.44 billion yuan in 2022, which supports its technological advancements and product innovation [30]. - It has implemented effective cost management strategies, resulting in a significant reduction in expense ratios over recent years [29]. 5. Strategic Partnerships - The company has signed strategic cooperation agreements with major automotive manufacturers, enhancing its capabilities as a Tier 1 supplier [5][18]. - It is actively pursuing opportunities in the AI server market, leveraging its proprietary technologies to meet the growing demand for high-performance computing solutions [4][71].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][30]. Core Insights - The company, Nuwei CNC (688697.SH), reported a revenue of 2.321 billion yuan for the year 2023, reflecting a year-on-year increase of 25.76%. The net profit attributable to shareholders was 318 million yuan, up 21.13% year-on-year, while the net profit excluding non-recurring items was 276 million yuan, increasing by 24.57% year-on-year. The gross profit margin stood at 26.46%, a decrease of 1.03 percentage points year-on-year [2][30]. - The company has successfully expanded its overseas market, achieving a significant increase in overseas revenue, which reached 705 million yuan, a year-on-year growth of 113%. The proportion of overseas revenue rose from 17.9% in 2022 to 30.4% in 2023, with products sold in over 50 countries and regions [2][30]. - Despite a challenging environment in the machine tool industry, where the overall consumption of metal processing machine tools in China decreased by 6.2%, Nuwei CNC's revenue growth of 25.8% significantly outperformed the industry average [2][30]. Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 2,321 million yuan, with a growth rate of 25.8%. The net profit was 318 million yuan, with a growth rate of 21.1%. The diluted earnings per share (EPS) was 0.97 yuan [20][30]. - Forecasts for 2024 to 2026 indicate revenues of 2,693 million yuan, 3,157 million yuan, and 3,733 million yuan, respectively, with corresponding growth rates of 16.0%, 17.2%, and 18.2% [20][30]. Market Position - The company is positioned favorably in the domestic CNC metal cutting machine market, ranking among the top players. It has established a dedicated overseas sales network, which has contributed to its revenue growth [2][30]. Cost Management - The company has maintained effective cost control, with a period expense ratio of 13.14% and a research and development expense ratio of 4.39% for the year [2][30].