Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [8]. Core Insights - The company is leveraging its air traffic management advantages to accelerate its presence in the low-altitude economy, having initiated various projects and partnerships to enhance its service offerings in this sector [1]. - In 2023, the company reported a revenue of 1.676 billion yuan, reflecting a year-on-year growth of 6.35%, with significant contributions from its air traffic management and road traffic businesses [1][7]. - The company aims to become a leader in the domestic low-altitude industry by continuously innovating and enhancing its product offerings [1]. Summary by Sections Revenue and Financial Performance - In 2023, the company achieved a revenue of 1.676 billion yuan, a 6.35% increase from the previous year. The net cash flow from operating activities was 79 million yuan, up 36.15% year-on-year [1][4]. - The revenue breakdown for 2023 includes: - Air traffic management: 551 million yuan, up 15.66% - Urban governance: 511 million yuan, up 2.16% - Road traffic: 503 million yuan, up 31.11% [1]. Profitability and Forecast - The company's gross and net profit margins for 2023 were 28.21% and 8.14%, respectively, showing slight improvements year-on-year [7]. - The forecast for net profit from 2024 to 2026 is as follows: - 2024: 163 million yuan - 2025: 201 million yuan - 2026: 244 million yuan - The expected growth rates for net profit are 23.7%, 22.9%, and 21.6% for the respective years [4][7]. Market Position and Strategy - The company is actively working on integrating low-altitude flight services into its existing air traffic management framework, responding to national policies and market demands [7]. - The strategic focus on high-growth and high-margin businesses is expected to drive the company's quality development in the coming years [7].

Summary of Conference Call Company or Industry Involved - The conference call pertains to Xin Ye Securities, focusing on their client meeting audio and text records Core Points and Arguments - The content of the conference call is copyrighted by Xin Ye Securities, and any retention of the content must be approved by them [1] - Unauthorized reproduction or forwarding of the meeting content is considered infringement, and Xin Ye Securities reserves the right to pursue legal action [1] - Participants in the conference call are prohibited from disclosing insider information or any significant unpublished information [1] Other Important but Possibly Overlooked Content - The call emphasizes the importance of confidentiality and legal compliance regarding the information shared during the meeting [1]

Group 1 - The report indicates that the current market adjustment is primarily triggered by trading and sentiment factors, with three key indicators to assess the adjustment position [17][41]. - The first indicator, market congestion, shows that after recent fluctuations, trading pressure has significantly eased, with many sectors now at moderate to low congestion levels [17][41]. - The second indicator, rotation intensity, has reached a high level, and the upward slope has noticeably slowed, suggesting a potential window for new consensus and mainline formation [21][41]. - The third indicator highlights a rapid decline in A-share trading volume, approaching the lowest levels since the beginning of the year, indicating that the market is gradually building momentum during the adjustment [10][41]. Group 2 - The report draws parallels to the core asset market established in April and May 2019, suggesting that the true mainline will gradually solidify during the current market adjustment [14][41]. - It outlines three phases of the 2019 market: the initial rebound phase with unclear mainlines, the second phase where consensus on core assets began to form during market corrections, and the third phase where a unified front for core assets was established [31][34][41]. Group 3 - The report emphasizes the importance of focusing on leading blue-chip stocks and core assets, which have become significant sources of excess returns this year [49][69]. - It notes that the leading stocks have outperformed their respective sectors, with the top five stocks in various industries showing significant excess returns compared to the overall industry performance [69]. Group 4 - The report introduces the "15+3" investment strategy, which targets assets with a growth rate of 15% and a dividend yield of 3%, positioning them as key assets in the current market environment [57][58]. - This strategy is seen as a way to navigate market volatility, providing a balance between growth potential and income stability [57][58]. Group 5 - The report recommends several sectors for June, including home appliances, electronics, chemicals, new energy, and pig farming, highlighting their potential for recovery and growth [60][61]. - It specifically mentions that the home appliance sector is benefiting from sustained high demand and improved real estate policies, while the electronics sector is poised for growth due to the global consumer electronics cycle [60][62].

大家好欢迎参加新政策略深度一课中谁改变了风格目前所有参会者均处于静音状态下面开始播报免责声明声明播报完毕后主持人可直接开始发言本次电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权 新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的新业证券不保证其发言内容的准确性与完整性 商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位投资者下午好那欢迎大家在周末周六这个下午来参加我们这个深度一课中那这个今天主要汇报我们一个系列的这个专题的这个第一篇谁改变了这个市场风格 其实我们一直啊就从去年年底的年度策略我们就强调这个整个今年的市场就会回归这个核心资产其实今年以来我们看到整个龙头的风格确实表现非常的亮眼龙头也是各个行业超收益的这个主要的一个来源我们前两天做了一个非常有意思的数据因为如果我们从行业的风格上 大家会有一个直观感受比如说像有色像家电等等这种行业一直今年表现非常好的 ...

本次电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息 涉及外部嘉宾发言的商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位投资者朋友大家晚上好我是新政宏观段超欢迎大家来参加我们今天晚上的电话会议今天也是我们2024年以来的第75期电话会议了在每个工作日的晚上我们会为大家带来新政宏观的深度及时的研究分享我们在最近一段时间我们其实看到房地产政策是陆续出炉的 那这些政策的引导之下房地产的这样一个结构转型离整个调整底部还有多远的距离今天晚上呢将会有我的同事虞长青为大家带来房地产调整离底部还有多远的经济分享那接下来时间我就交给虞长青各位投资者大家晚上好我是宣众宏观的虞长青那接下来我给大家汇报一下这个专题就是房地产调整离底部还有多远 我们这里主要分了三块第一块其实是介绍当前房地产的位置如果参考海外经验 ...

Summary of Conference Call Company or Industry Involved - The conference call is specifically for New Industry Securities clients [1] Core Points and Arguments - No specific company or industry details were provided in the content [1] Other Important but Possibly Overlooked Content - The call is exclusively for clients of New Industry Securities, indicating a focus on client-specific insights [1]

可直接发言 谢谢本次电话会议仅服于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权专载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息 涉及外部嘉宾发言的深夜证券不保障其发言内容的准确性与完整性深夜证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 尊敬的各位投资的朋友各位领导大家上午好非常感谢大家今天抽出时间来参加我们信义证券基准集团队主席的朗星集团线上的一个交流会今天出席会议的领导由朗星集团的副总经理董事会秘书王总朗星集团的投管总监李总两位领导会就行业和公司近期的一些 动向给大家做一些分享和交流最近电力信息化关注度明显提升继电力市场运行基本规则2024年版发布之后上周济南会议对电改这一块也提升了一定的预期所以整个行业的趋势包括朗星集团在当前的大环境下 会有哪些新的机会我们本场会议会逐一进行探讨我是本次会议的主持人新业证券的计算机首席蒋嘉玲今天跟我一起主持会议的还有我们团队的张旭光下面的话我们就先有请公 ...

证券研究报告 ＃industryId＃ 电子 ＃title＃ ＃ 看好 CIS 需求复苏，国产替代加速进行时 ＃inve推stSu荐ggestion＃ (维持） investS uggesti ＃createTime1＃ 2024 年05 月23 日 onChan 投资要点 ge＃ ＃ 相关rel报ate告dReport＃ ＃summary＃  手机摄像头是CIS最大的下游应用领域，据Yole数据，手机约占CIS下游领 《【兴证电子】周报：OpenAI 域的63%。过去高性能手机CIS主要由索尼和三星两家国际大厂垄断，据 推出全新大模型GPT-4o，重视 AI落地终端趋势和自主可控》 TechInsights数据，2023年索尼智能手机CIS市场份额约58%，三星市场份额 2024-05-18 超过20%。其中，索尼在大像素50MPCIS市场占据较高份额，而三星则重 《【兴证电子】周报：苹果发布 点布局高分辨率小像素产品。但随着韦尔股份、思特威和格科微等国内企业 M4芯片，持续看好AI落地终 端趋势和自主可控》2024-05-12 在CIS领域取得显著进展，国产CIS的替代进程正在加速。豪威在2022-20 ...

证券研究报告 ＃industryId＃ 家用电器 ＃title＃ 家电出海专题：风起海外，踏浪而行 ＃ ＃inve推stSu荐ggestion＃ (维持） investS uggesti ＃createTime1＃ 2024 年05 月23日 onChan ge＃ 投资要点 重点公司 ＃summary＃  海外空间：海外家电市场空间广阔，中资品牌竞争优势巩固。当前全球主要家电品类 重点公司 评级 合计规模超6000亿美元，海外整体增速快于国内，行业空间广阔。分品类来看，海 外冰洗、厨电品类持续增长，家用空调受地区环境差异影响，渗透率仍有空间。扫地 美的集团 增持 机等新品类快速成长。分地区来看，欧美地区市场成熟，换新需求拉动价格上涨，短 海尔智家 买入 期以本土品牌为主，中系厂商通过品牌收购及自主出海实现逐步渗透；南亚及东南亚 海信家电 增持 市场增长潜力充足，家电渗透率加速提升，大家电率先普及，中系品牌相对强势。短 海信视像 增持 期，美国地产复苏叠加海外渠道去库，中国家电出口趋势向好；中长期，中国家电企 业凭借制造与供应链优势及持续提升的品牌力，全球份额提升大有可为。 石头科技 增持 来源：兴业证券经济 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 3.565 billion yuan in 2023, a year-on-year decrease of 7.16%, with a completion rate of 86.94% against the annual target of 4.1 billion yuan [1][14] - The total profit reached 280 million yuan, an increase of 6% year-on-year, achieving 96.94% of the annual target [1][14] - The net profit attributable to shareholders was 192 million yuan, a year-on-year growth of 3.90%, with a basic earnings per share of 0.13 yuan, up 8.33% [1][14] - The first quarter of 2024 saw a significant decline in revenue to 79 million yuan, down 86.54% year-on-year and 93.26% quarter-on-quarter [1][14] Financial Performance Summary - In 2023, the company's operating income was 3.565 billion yuan, with a gross profit margin of 24.80%, an increase of 3.21 percentage points year-on-year [1][40] - The net profit margin was 7.02%, up 0.33 percentage points year-on-year [40] - The company's cash flow from operating activities was 200 million yuan, a decrease of 57.37% year-on-year [46] - The company expects to achieve a net profit of 212 million yuan in 2024, with corresponding PE ratios of 61.4, 38.3, and 31.8 for 2024-2026 [1][11] Subsidiary Performance - The subsidiary Hengyang Optoelectronics achieved a net profit of 70 million yuan in 2023, a significant increase of 168.51% year-on-year [53] - The revenue from Hengyang Optoelectronics was 220 million yuan, up 13.17% year-on-year [53] Sales and Client Transactions - In 2023, the company had an expected sales amount of 4 billion yuan to the Weapon Industry Group, with an actual amount of 2.676 billion yuan, achieving a completion rate of 66.90% [28] - The expected sales amount for 2024 remains at 4 billion yuan, which is consistent with the 2023 expected amount, representing a growth of 49.48% compared to the actual amount in 2023 [28] Cost and Expense Management - The total expenses for the company in 2023 were 528 million yuan, a slight decrease of 0.51% year-on-year, with the expense ratio increasing to 14.83% [9] - Research and development expenses increased by 18.70% year-on-year, amounting to 245 million yuan, representing 6.88% of operating income [9]