Compa n y U pda te Ch in a Resea rch Dep t . 2024年3月11日 中兴通讯（000063.SZ/00763.HK） Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 35 盈利能力表现优异，关注第二曲线尤其是AI算力进展 公司基本资讯 结论与建议： 产业别 通信 公司发布2023年年报，2023年实现营业收入1,242.51亿元，同比增长1.05%； A股价(2024/3/11) 30.00 实现归母净利润93.26亿元，同比增长15.41%；实现扣非归母净利润74.00亿元， 深证成指(2024/3/11) 9581.53 同比增长19.99%。 股价12个月高/低 46.75/20.89 总发行股数(百万) 4783.25 单看第四季度，2023Q4现营业收入348.57亿元，同比增长14.68%；实现归 A股数(百万) 4027.02 母净利润14.85亿元，同比增长17.80%，业绩符合预期，维持“买进”评级。 A市值(亿元) 1208.11 主要股东 中兴新通讯有  各项业务毛利率快速爬升，带动整体盈利能力表现优异：分业务 ...

Compa n y U pda te Ch in a Resea rch Dep t . 202423年2月29日 中际旭创（300308.SZ） Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 180 全年业绩高增长，AI将继续带动高速光模块爆发式增长 结论与建议： 公司基本资讯 产业别 通信 公司发布2023年业绩快报，公司全年营收107.25亿元，YOY+11.23%，归 A股价(2024/2/28) 149.81 深证成指(2024/2/28) 9047.10 母净利润预计为21.81亿元，YOY+78.19%，；扣非归母净利润21.25亿元， 股价12个月高/低 170/32.3 YOY+104.81%。业绩符合预期，维持“买入”建议。 总发行股数(百万) 802.83  800G光模块等高端产品带动盈利增长：单看Q4，公司营收36.95亿元， A股数(百万) 750.21 A市值(亿元) 1123.88 同比增长33.05%，环比增长22.11%，归母净利润8.85亿元，同比增长 主要股东 山东中际投资 138.27，落于此前预告区间中值偏上，业绩符合预期。Q4业 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [2][3]. Core Views - The aviation industry is experiencing a recovery, with the company's performance significantly improving, leading to a substantial reduction in losses for the year [3]. - The company is the only flag carrier in China, establishing a robust aviation network centered around major cities, and holds the largest share of flight slots at key airports [3]. - The recovery in domestic routes has surpassed pre-pandemic levels, with available seat kilometers (ASK) and revenue passenger kilometers (RPK) recovering to 89.8% and 80.8% of 2019 levels, respectively [3]. - International routes are expected to recover further in 2024, supported by recent policy changes and negotiations that will increase flight frequencies [3]. Summary by Sections Company Overview - The company operates in the transportation sector, specifically in aviation, with a current A-share price of 7.48 as of February 28, 2024 [2]. - Major shareholders include China National Aviation Holding Company, holding 39.57% of shares [2]. Financial Performance - The company reported a significant reduction in losses, with a projected net loss of 11.66 billion RMB for 2023, compared to a loss of 39.2 billion RMB in 2022 [4]. - The forecasted net profit for 2024 is 9.502 billion RMB, indicating a turnaround from previous losses [4]. - Earnings per share (EPS) are expected to improve from -0.07 RMB in 2023 to 0.59 RMB in 2024 [4]. Market Outlook - The report anticipates that the recovery in passenger travel will continue, with domestic passenger transport expected to reach 630 million in 2024, a 7.7% increase from 2019 [3]. - The company’s aircraft utilization rates are expected to improve as international routes recover, enhancing profitability [3].

Compa n y U pda te Ch in a Res ear ch Dep t . 阿 2024年2月29日 盛美上海(688082.SH) Buy 买进 朱吉翔 C0044@capitalcom.tw 目标价(元) 115.0 新业务快速增长，2023年业绩靓丽 结论与建议： 公司基本资讯 产业别 电子设备制造 2023年公司营收端增长35%，净利润增长36%，扣非后净利润增长26%。 A股价(2024/2/28) 87.05 同时公司电镀设备获得客户批量重复订单，带动其他半导体设备收入增速增 上证指数(2024/2/28) 2957.85 股价12个月高/低 129.03/68.8 长超过8成，形成新的业绩增长点，标志公司半导体设备平台型企业初具规 总发行股数(百万) 435.71 模。 A股数(百万) 75.86 A市值(亿元) 66.04 展望未来，得益于国内半导体设备市场需求增长、公司在清洗设备领域 主要股东 ACM Research, Inc.(82.09%) 竞争优势的提升以及不断开拓新的半导体设备产品，其业绩具备持续快速增 每股净值(元) 14.82 长潜力。2024-2025年实现净 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2023年2月28日 费倩然 天赐材料（002709.SZ） Trading Buy 区间操作 H70507@capital.com.tw 目标价(元) 21 供需格局宽松，业绩同比下降 公司基本资讯 事件： 产业别 化工 公司发布2023年业绩快报，全年预计实现营收155.06亿元，yoy-31%,实 A股价(2024/2/28) 19.48 现归母净利润19.08亿元，yoy-66.61%，处于业绩预告中值，符合预期。其中 深证成指(2024/2/28) 9047.10 Q4单季预计实现营收33.82亿元，yoy-43%，qoq-18%,归母净利润1.56亿 股价12个月高/低 47.68/16.07 元,yoy-88%,qoq-66%。 总发行股数(百万) 1924.16 A股数(百万) 1384.89 结论与建议： A市值(亿元) 269.78 主要股东 徐金富(36.31%) 2023年锂电产业链产能快速扩张，叠加原材料价格大幅降低，盈利能力 每股净值(元) 6.94 整体下滑。公司主营产品电解液量增价减，正 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [3]. Core Insights - The company has shown a significant recovery in performance, with a 20% increase in revenue and a 9% increase in net profit for 2023. The fourth quarter of 2023 saw a remarkable 97% growth in revenue and a 313% increase in net profit, reflecting improved market conditions and increased sales of RF module products [3]. - The company is positioned as a leader in the domestic RF chip sector, benefiting from the recovery in smartphone sales in China. The production of new products is expected to enhance its competitive edge and shift its product structure towards RF modules [3]. - Future earnings projections indicate a net profit of 16.6 billion RMB and 21.1 billion RMB for 2024 and 2025, respectively, with year-over-year growth rates of 42% and 28% [3]. Financial Summary - For 2023, the company reported a revenue of 4.38 billion RMB, a year-over-year increase of 19.1%, and a net profit of 1.165 billion RMB, reflecting a 9% increase [5]. - The earnings per share (EPS) for 2023 is projected at 2.18 RMB, with forecasts of 3.10 RMB and 3.96 RMB for 2024 and 2025, respectively [5]. - The price-to-earnings (P/E) ratios for 2024 and 2025 are estimated at 33 and 26, respectively, indicating a favorable valuation compared to historical performance [5].

Compa n y U pda te Ch in a Re sea rch Dep t . 2024年2月28日 何利超 金山办公 (688111.SH) Buy 买进 H70529@capital.com.tw 目标价(元) 310 全年业绩略高于预期中值，关注“办公+AI”商用进展 公司基本资讯 事件： 产业别 计算机 A股价(2024/2/27) 261.40 公司发布2023年业绩快报，2023全年营业收入45.56亿元，YOY+17.27%； 上证指数(2024/2/27) 3015.48 归母净利润13.19亿元，YOY+18.03%；扣非后净利润12.64亿元，YOY+34.58%。 股价12个月高/低 529.63/198.5 营收和归母净利润均处于此前预告的中值偏上，扣非后净利润接近此前预告 总发行股数(百万) 461.82 上限，维持“买进”评级。 A股数(百万) 461.82  Q4维持较高增长态势，订阅业务仍是前进主力：单看Q4，公司营收12.86 A市值(亿元) 1207.19 亿元，YOY+18%；归母净利润4.26亿元，YOY+40%。全年来看，人订阅业 主要股东 Kingso ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][5]. Core Insights - The company reported a significant increase in profits for Q4 2023, with a net profit of 9.35 billion RMB, representing a year-over-year growth of 72.93% [3]. - The overall revenue for 2023 was 39.703 billion RMB, slightly down by 0.16% year-over-year, but the net profit reached a historical high of 3.072 billion RMB, up by 9.38% year-over-year [3]. - The report highlights the company's integrated cost advantages in the pulp and paper industry, which are expected to support continued profit growth [3][4]. Summary by Sections Company Overview - The company operates in the light industry manufacturing sector, with a current A-share price of 13.73 RMB as of February 28, 2024 [1]. - The market capitalization is approximately 37.962 billion RMB, with major shareholders including Shandong Sun Paper Holdings Group Co., Ltd. holding 44.73% [1]. Financial Performance - For Q4 2023, the company achieved a revenue of 10.501 billion RMB, a quarter-over-quarter increase of 3.39% [3]. - The average prices for various paper products have increased significantly since July 2023, with double glue paper prices rising by 12.40% [3]. - The report forecasts net profits of 3.072 billion RMB for 2023, 3.475 billion RMB for 2024, and 3.816 billion RMB for 2025, with respective year-over-year growth rates of 9.39%, 13.09%, and 9.81% [4][7]. Market Dynamics - The report anticipates that the price of pulp may enter a phase of stabilization in 2024, which could further alleviate cost pressures for the company [4]. - The demand for paper products is expected to recover gradually, supported by price increases announced by major paper companies [3][4]. Investment Projections - The earnings per share (EPS) are projected to be 1.10 RMB for 2023, 1.24 RMB for 2024, and 1.37 RMB for 2025, with corresponding price-to-earnings (P/E) ratios of 12.49, 11.04, and 10.06 [4][7]. - The report suggests that the company is well-positioned for sustained growth in the paper manufacturing sector, given the easing of cost pressures and improving demand [4].

Investment Rating - The report assigns a "BUY" rating for China Duty Free Group (601888.SH/1880.HK) [1] Core Views - The company plans to increase investment in the Sanya International Duty-Free City project by RMB 1.07 billion, enhancing its duty-free business [3][4] - The company has seen a significant recovery in customer traffic, with daily visits to Sanya International Duty-Free City exceeding 60,000 during the Spring Festival, a year-on-year increase of 40.4% [4] - The projected net profits for 2023-2025 are RMB 6.72 billion, RMB 8.65 billion, and RMB 10.97 billion, representing year-on-year growth of 33.5%, 28.8%, and 26.8% respectively [4] Summary by Sections Company Information - Industry: Leisure Services - A-share price as of February 27, 2024: RMB 86.19 - Market capitalization: RMB 168.28 billion - Major shareholder: China Tourism Group Co., Ltd. (50.30%) [2] Financial Performance - Net profit for 2022 was RMB 5.03 billion, with a year-on-year decrease of 47.89% - Expected net profit for 2023 is RMB 6.72 billion, with a year-on-year increase of 33.52% - Earnings per share (EPS) for 2023 is projected at RMB 3.25, with a year-on-year increase of 11.45% [3][4] Investment and Growth Strategy - The company is focusing on enhancing its duty-free business in Hainan, with a comprehensive retail complex that includes duty-free shopping and high-end hotels [4] - The company has signed supplementary agreements with major airports to streamline future cooperation, which is expected to boost airport duty-free sales [4] Market Outlook - The report anticipates a steady recovery in international passenger flow, with January 2024's international passenger volume reaching 5.12 million, recovering to 72% of 2019 levels [4] - The projected price-to-earnings (P/E) ratios for 2023-2025 are 27x, 21x, and 16x respectively, indicating a favorable valuation [4]

Compa n y U p da te Ch in a Res ear ch Dep t . 2024年02月27日 海尔智家(600690.SH/6690.HK) Buy 买进 王睿哲 C0062@capital.com.tw 目标价(元/港币) 29/30 冰洗龙头，静待行业政策推动 公司基本资讯 结论及建议： 产业别 家用电器 A股价(2024/2/26) 23.81  家电“以旧换新”政策值得关注：2月23日中央财经委第四次会议中提出 上证指数(2024/2/26) 2977.02 鼓励汽车、家电等传统消费品以旧换新，推动耐用消费品以旧换新，要 股价12个月高/低 26/19.86 坚持中央财政和地方政府联动，统筹支持全链条各环节，更多惠及消费 总发行股数(百万) 9438.11 A股数(百万) 6308.55 者。我们认为本次政策值得关注：首先，此次“以旧换新”政策具有全 A市值(亿元) 1502.07 国性，并提出了中央财政和地方政府联动，我们认为这有别于2021-2023 主要股东 香港中央结算 年鼓励有条件地区，以地方补贴主导的“家电以旧换新”、“家电下乡” (代理人)有限 公司(23.64 ...