Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.60 CNY over the next six months [1][11]. Core Insights - The company's Q1 2024 performance exceeded expectations, with a significant increase in revenue from 55nm products, indicating a recovery in market demand and improved operational efficiency [2][11]. - The company reported a total revenue of 7.24 billion CNY for 2023, a decrease of 27.9% year-on-year, but Q4 2023 showed a recovery with a revenue of 2.23 billion CNY, up 42.9% quarter-on-quarter [2][11]. - For Q1 2024, the company achieved a revenue of 2.23 billion CNY, representing a year-on-year growth of 104.4% [2][11]. Summary by Sections Financial Performance - The company’s revenue for 2023 was 7.24 billion CNY, with a net profit of 211.63 million CNY, down 93.1% year-on-year. The Q1 2024 revenue was 2.23 billion CNY, with a net profit of 80 million CNY, up 124% year-on-year [2][3][11]. - The gross margin for 2023 was 21.6%, while Q1 2024 saw an increase to 25.0% [2][11]. - The company’s cash flow from operating activities improved significantly in Q1 2024, with a net cash flow of 400 million CNY, up 197.2% year-on-year [2][11]. Product and Market Development - The product structure has been optimized, with the revenue share of 55nm products increasing significantly. In 2023, 55nm products accounted for 7.9% of total revenue, which further increased to 10.2% in Q1 2024 [2][11]. - The company is actively expanding its market presence in the OLED driver chip sector and has made progress in developing 40nm and 28nm technologies [2][11]. Earnings Forecast - The company is expected to achieve net profits of 880 million CNY, 1.38 billion CNY, and 1.58 billion CNY for 2024, 2025, and 2026, respectively, with corresponding growth rates of 317.8%, 55.6%, and 14.8% [3][11]. - The projected revenue for 2024 is 10.10 billion CNY, reflecting a growth rate of 39.4% [3][11]. Valuation - The report assigns a PE ratio of 40 for 2024, leading to a target price of 17.60 CNY, based on the company's strong market position and growth potential in the display driver IC sector [11][12].

[Table_StockInfo] 买入 2024年 05月 05日 （首次） 证券研究报告•23年年报&24Q1季报点评 当前价： 7.03元 徐工机械（000425） 机械设备 目标价： 9.18元（6个月） 海外业务稳定增长，盈利能力提升 投资要点 西南证券研究发展中心 [T a事ble件_：S公um司m发a布ry]2 023年年报和2024Q1业绩，23年实现营收928.5亿，同比-1.0%； 归母净利润53.3亿，同比+23.5%。24Q1公司实现营收241.7亿，同比+1.2%， [分Ta析bl师e_：Au邰th桂or龙] 归母净利润16.0亿，同比+5.1%。海外业务稳定增长，盈利能力提升。 执业证号：S1250521050002  国内工程机械下滑周期影响，起重机械、土方机械板块承压下滑；高机、矿机 电话：021-58351893 等新业务实现高增长。细分产品来看，23 年，传统板块部分业务受国内工程机 邮箱：tgl@swsc.com.cn 械行业下行周期影响，起重机械板块实现营收211.9亿，同比-11.2%，毛利率提 升至 22.6%，业务占比为22.8%；土方机械板块营收225.6亿 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 5.89 CNY over the next six months [1][3]. Core Insights - The company reported a steady increase in performance, with 2023 revenue reaching 26.5 billion CNY, a year-on-year growth of 11.2%. The net profit attributable to shareholders was 7.18 billion CNY, up 0.9% [2][3]. - The company continues to expand its installed capacity, with a total of 40.0 GW as of the end of 2023, and ongoing projects amounting to 18.8 GW [2][3]. - The company is a leader in the renewable energy sector, with significant growth in wind and solar power generation, and an increasing proportion of market-based electricity transactions [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 26.5 billion CNY, with a net profit of 7.18 billion CNY. The first quarter of 2024 saw revenue of 7.9 billion CNY, reflecting a 15.3% increase year-on-year [2][4]. - The wind power segment generated 18.6 billion CNY in revenue, a 10% increase, while the solar power segment brought in 7.41 billion CNY, growing by 13.4% [2][4]. Installed Capacity and Growth - The company added 13.54 GW of new installed capacity in 2023, with wind power contributing 3.49 GW and solar power 9.54 GW. The total installed capacity reached 40.0 GW, with wind power accounting for 19.4 GW [2][3]. - The company’s market share in the wind power sector is 4.4%, and in offshore wind, it is 14.7%. The solar power segment holds a 3.3% market share [2][3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 8.94 billion CNY, 10.16 billion CNY, and 11.13 billion CNY, respectively, with corresponding EPS of 0.31, 0.36, and 0.39 CNY [3][4]. - The company is expected to maintain a high growth rate in installed capacity, with a CAGR of 36.9% from 2020 to 2023. A PE ratio of 19 times is applied for the 2024 valuation, leading to a target price of 5.89 CNY [3][4].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 9.18 CNY over the next six months, based on the current price of 7.03 CNY [1]. Core Insights - The company reported a revenue of 92.85 billion CNY in 2023, a slight decrease of 1.0% year-on-year, while the net profit attributable to shareholders increased by 23.5% to 5.33 billion CNY. In Q1 2024, revenue was 24.17 billion CNY, up 1.2% year-on-year, and net profit was 1.60 billion CNY, up 5.1% [2][3]. - The company is experiencing stable growth in overseas markets, with overseas revenue reaching 37.22 billion CNY in 2023, a 33.7% increase year-on-year, accounting for 40.1% of total revenue. The gross margin for overseas operations improved by 1.9 percentage points to 24.2% [3][19]. - The domestic engineering machinery sector is expected to recover, benefiting the company as it is a leading player in the industry. The company has a comprehensive product range and holds leading market shares in various segments [3][4]. Summary by Sections Company Overview - The company has over 80 years of experience in the engineering machinery industry and has established itself as a leader. It has undergone significant restructuring and mixed ownership reforms, enhancing its competitiveness and operational efficiency [11][21]. Financial Performance - In 2023, the company achieved a revenue of 92.85 billion CNY, with a net profit of 5.33 billion CNY. The revenue is projected to grow to 101.52 billion CNY in 2024, with a compound annual growth rate (CAGR) of 24% for net profit from 2024 to 2026 [4][5][28]. - The company’s gross margin improved to 22.4% in 2023, up 2.2 percentage points year-on-year, driven by better cost control and an increase in high-margin overseas business [3][19]. Business Segments - The company’s traditional segments, such as lifting and earth-moving machinery, faced challenges due to the domestic market downturn, but new segments like high-altitude work machinery and mining machinery showed significant growth [2][3][12]. - The lifting machinery segment generated revenue of 21.19 billion CNY in 2023, down 11.2% year-on-year, while the earth-moving machinery segment reported 22.56 billion CNY, down 4.6% [12][26]. Future Outlook - The company is expected to benefit from a recovery in domestic demand, with projections indicating a rebound in the engineering machinery sector. The company’s diverse product offerings and strong market position are likely to support its growth [3][4][28]. - The report forecasts net profits of 6.42 billion CNY, 8.17 billion CNY, and 10.04 billion CNY for 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 0.54 CNY, 0.69 CNY, and 0.85 CNY [4][28].

[ 2T 0a 2b 4l 年e_S 0t 5o 月ckI 0n 5f 日o] 买入 （维持） 证券研究报告•2024财年二季度财报点评 当前价： 179.64美元 高通（QCOM.O） 半导体 目标价： ——美元 业绩持续回升，积极推动混合 AI 战略 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司aFryY]2 024Q2（即自然年2024Q1）实现营收93.9亿美元，同比增长 [分Ta析bl师e_：Au王th湘or杰] 1.2%；毛利率56.3%，同比提升1.1pp；GAAP净利润23.3亿美元，同比增长 执业证号：S1250521120002 36.5%；Non-GAAP净利润 27.6亿美元，同比增长14%。公司连续两个季度实 电话：0755-26671517 现业绩正向增长。 邮箱：wxj@swsc.com.cn  中国品牌客户推动手机业务回升，汽车业务增长加速。公司FY24Q1 QCT（半 分析师：杨镇宇 导体）分部收入80.3亿美元，同比增长1.1%；EBT为22.9亿美元，税前利润 执业证号：S1250517090003 率 28.5%，同比提升2pp。其中：1）手机 ...

Azure 云服务快速增长，资本支出创新高 Azure 云服务加速增长，资本支出创新高。FY24Q3 智能云业务收入 267 亿美 元，同比增长 21%。其中，微软 Azure云持续加速，同比增长 31%。这主要得 益于消费增长恢复和 AI商业化的推进，其中有 7个百分点的增长与 AI相关，采 用 Azure AI 服务开发信息汇总和文档编写功能的企业不断增长。目前 Github Copilot 付费用户达到 180万，环比增长 38.5%。公司资本支出从 FY24Q2财季 的 115亿美元增长至 FY24Q3财季的 140亿美元，预计 FY24Q4资本开支将继 续提升，以支持训练和运行 AI 模型。未来 AI 服务的增长将随着 Azure 人工智 能规模的扩展和 Copilot 的全面上线而逐渐增长，微软产品线 AI 化依然是未来 最大的看点。公司预计 FY24Q4 智能云收入为284~287 亿美元之间。 Windows重回两位数增长，动视暴雪并表带动游戏业务高增长。个人计算业务 FY24Q3营收 155.8亿美元，同比增长 17.5%。其中，Windows 系统收入同比 增长 11%；Windows O ...

[Table_StockInfo] 买入 2024年 05月 05日 （首次） 证券研究报告•2024年一季报点评 当前价： 5.40元 中国通号（688009） 机械设备 目标价： 8.75元（6个月） 轨交控制系统龙头，有望深度受益于更新改造 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2024年一季报，24Q1营收 65.1亿元，同比-13.1%，归母净 [分Ta析bl师e_：Au邰th桂or龙] 利润 6.04亿元，同比-10.8%；扣非归母净利润5.94亿元，同比-10.3%。24Q1 执业证号：S1250521050002 业绩下滑，铁路板块新签订单增长。 电话：021-58351893  24Q1 公司业绩承压，略低于预期。24Q1，铁路、城轨、海外、工程总承包业 邮箱：tgl@swsc.com.cn 务分别实现营收35.6亿、16.2亿、1.8亿、11.4亿，分别同比-9.7%、-7.2%、 -34.9%、-24.6%，整体略低于预期。考虑到23年铁路、城轨、海外、以上板块 [相Tab对le指_Q数u表ot现eP ic] 新签订单均同比+5.0%、+3. ...

[Table_StockInfo] 买入 2024年 05月 01日 （维持） 证券研究报告•2023年年报及2024年一季报点评 当前价： 11.95元 爱旭股份（600732） 电力设备 目标价： ——元（6个月） ABC 下游市场打开，轻舟已过万重山 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a2ry0]2 3年实现营业收入 271.7亿元，同比下滑22.54%，归母净利润 7.57亿元，同比下滑67.54%，扣非归母净利润3.23亿元，同比下滑85.11%。 [分Ta析bl师e_：Au韩th晨or ] 2024年 Q1实现营业收入 25.1亿元，同比下滑67.55%，归母净利润-0.91亿元， 执业证号：S1250520100002 同比下滑113%，扣非归母净利润-7.59亿元，同比下滑215.54%。受行业整体 电话：021-58351923 需求下滑影响及公司计提资产及存货的影响，公司近两季度业绩出现亏损。 邮箱：hch@swsc.com.cn  行业需求下滑，PERC电池亟需升级。2023年公司电池出货38.2GW，同比增 长 11%。由于 Q4开始行业需求迅速下滑 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a revenue of 29.1 billion yuan in 2023, a year-on-year increase of 3.4%, and a net profit attributable to shareholders of 3.46 billion yuan, up 220% year-on-year [2]. - In Q1 2024, the company achieved a revenue of 8.07 billion yuan, representing a 10.9% year-on-year growth, with a net profit of 1.16 billion yuan, up 58.0% year-on-year [2]. - The company plans to distribute a cash dividend of 4 yuan for every 10 shares, with a dividend payout ratio of 56.6% and a dividend yield of 4.7% based on the stock price as of April 30 [2]. - The decline in fuel costs has significantly improved the performance of the coal power business, with a 17.5% year-on-year decrease in coal costs, leading to a gross margin of 10.68%, up 10.61 percentage points year-on-year [2]. - The company’s investment income reached 1.57 billion yuan in 2023, a 476% increase year-on-year, with 650 million yuan from investments in joint ventures [2]. - The wind and solar power segments showed steady growth, with revenues of 2.7 billion yuan and 940 million yuan respectively in 2023, and generation increases of 1.9% and 17.6% year-on-year [2]. - In Q1 2024, the company’s electricity generation increased by 15.9% year-on-year, driven by rising local electricity demand [2]. Summary by Sections Financial Performance - The company’s total revenue for 2023 was 29.14 billion yuan, with a growth rate of 3.36% [4]. - The net profit attributable to shareholders for 2023 was 3.46 billion yuan, reflecting a growth rate of 219.52% [4]. - Earnings per share (EPS) for 2023 was 0.71 yuan, with projected EPS for 2024, 2025, and 2026 at 0.80, 0.88, and 0.95 yuan respectively [4][3]. Revenue and Profitability Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 3.90 billion yuan, 4.32 billion yuan, and 4.66 billion yuan respectively [3]. - The report anticipates a gross margin improvement across various segments, with coal power gross margin expected to reach 15.5% by 2024 [11]. Business Segments - The coal power segment is projected to generate revenue of 13.09 billion yuan in 2023, with a slight decline of 0.9% year-on-year [11]. - The gas power segment is expected to see significant growth, with a revenue increase of 31.7% in 2023 [11]. - The wind power segment is projected to grow at a rate of 2.7% in 2023, while the solar power segment is expected to grow by 16.2% [11].

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company reported a revenue of 6.1 billion yuan in 2023, a year-on-year increase of 3.6%, while the net profit attributable to shareholders decreased by 26.5% to 780 million yuan [3][4] - In Q1 2024, the company experienced a revenue decline of 15.6% year-on-year, amounting to 1.4 billion yuan, with a significant drop in net profit to 20 million yuan, down 93.7% [3][4] - The company is expected to see a recovery in shipments and profitability in Q2 2024 as overseas demand for grid-connected inverters improves [4][9] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 61.0 billion yuan, with a net profit of 7.8 billion yuan, reflecting a decline in profitability [3][4] - The company sold approximately 740,000 inverters in 2023, a decrease of 20.7% year-on-year, primarily due to high inventory levels in Europe [4] - The gross margin for Q4 2023 and Q1 2024 was 21.5% and 24.2%, respectively, down from over 30% previously [4] Market Outlook - The overseas market is showing signs of recovery, with expectations of inverter shipments exceeding 300,000 units in Q2 2024, including over 200,000 units for international markets [4][9] - The company’s household photovoltaic system business grew significantly, with revenue reaching 1.19 billion yuan in 2023, a year-on-year increase of 106.2% [4][10] Profitability Forecast - The company is projected to experience a compound annual growth rate (CAGR) of 29.87% in net profit over the next three years, driven by the end of inventory depletion in Europe [4][11]