Investment Rating - The report maintains an "Add" rating for the company [1] Core Views - The company has signed a strategic agreement with Anlu Hotel Group to fully adopt its Shiji Enterprise Platform, enhancing management operations [3] - The new generation cloud products have gained market recognition, with significant clients like Peninsula, InterContinental, and Langham Hotels successfully implementing the platform [3] - The revenue from the hotel information management system has increased significantly, with a 30.09% year-on-year growth, contributing to an overall revenue of 2.749 billion yuan, a 5.93% increase [3] - The company has improved its cash flow, reporting a net cash flow from operating activities of 63 million yuan, compared to a negative 226 million yuan in the previous year [3] - The company’s SaaS business has accelerated, with a 24.62% year-on-year growth in annual recurring revenue (ARR) [4] - The company expects a net profit of 0.81 billion yuan in 2024, with projections of 1.41 billion yuan and 2.44 billion yuan for 2025 and 2026 respectively, maintaining the "Add" rating [4] Financial Summary - In 2023, the company reported a total revenue of 2.749 billion yuan, with a year-on-year growth of 5.93% [5] - The projected revenues for 2024, 2025, and 2026 are 3.302 billion yuan, 3.949 billion yuan, and 4.698 billion yuan respectively, with expected growth rates of 20.1%, 19.6%, and 19.0% [5] - The company’s net profit is projected to turn positive in 2024, with estimates of 0.81 billion yuan, 1.41 billion yuan, and 2.44 billion yuan for the following years [5] - The gross margin is expected to improve from 37.7% in 2023 to 40.9% by 2026 [5]

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 大家好,我是新兵策略的陈东元今天晚上的话主要就是跟大家汇报一下就是从资金链的角度来看的话就是今年以来我们一直在强调说市场的话就大市值或者说各个行业 而整体市场的话大市值是具有明显的超额收益的这个行情背后的话各类资金就资金链的角度来讲到底是如何演绎去推动这么一个龙头行情的那其实熟悉我们团队的这个投资者的话应该近几周都能看到说我们团队近几周一直是强调一点就是在投资中是多头思维另一方面的话我们觉得今年的风格并不是像过去几年一样去单纯的去赌方向赌赛道更多的会有点类似于17年或者说是19年就是 是各个行业的龙头就是具备高ROE就是具备相对稳定的盈利能力同时具有一定的这个股息回报率也就 ...

公 司 点 评 报 告 投资要点 ＃sum事ma件ry＃：近日，健帆生物发布了 2023 年年报及 2024 年一季报。2023 年， 公司实现营业收入 19.22 亿元，同比下降 22.84%；实现归母净利润 4.36 亿元，同比下降 50.93%；实现扣非归母净利润 4.09 亿元，同比下降 50.26%；毛利率为 80.03%，同比下降 2.31pp；归母净利率为 22.71%，同 比下降 12.99pp。2024 年 Q1 单季度，公司实现营业收入 7.44 亿元，同比 增长 30.00%；实现归母净利润 2.85 亿元，同比增长 44.90%；实现扣非 归母净利润 2.71 亿元，同比增长 42.74%；毛利率为 78.68%，同比下降 1.82pp；归母净利率为 38.26%，同比增长 3.94pp。 点评：2023 年，受到行业需求阶段性减少，政策调整影响，叠加公司销 售结构改变、HA130 产品价格下调、内部变革等多重因素影响，公司业 绩承压。目前，外部政策环境及内部团队生态均得到改善，多个省份的 医疗服务收费政策优化、公司内部主动优化组织结构，2024Q1 业绩恢复 较快增长。随着公司在肾科 ...

＃ dyStockco de＃ 688336 .SH ＃三生国健 dyCompany＃ ＃title＃ 2023 年报及 2024 一季报点评：核心产品收入稳步 增长，自免管线布局有序推进 ＃createTime1＃ 2024 年 5 月 17 日 | --- | --- | |----------------------------|--------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024.5.16 | | 收盘价（元） | 23.68 | | 总股本（亿股） | 6.17 | | 流通股本（亿股） | 0.93 | | 净资产（亿元） | 48.95 | | 总资产（亿元） | 53.11 | | 每股净资产（元） | 8.09 | | 数据来源： Wind | ，兴业证券经济与金融研究院整理 | 《自免深度报告-1：国产自免创 新药迎来落地期，有望改善庞大 患者群体生活质量》2024-4-29 《三生国健 2023 半年度报告点 评：收入利润稳步增长，自免管 线有序进展》2023-9-12 | --- | - ...

Investment Rating - The investment rating for the company is "Add" and it is maintained [1] Core Views - The company has joined the "Beijing Humanoid Robot Industry Alliance" and is actively developing and testing robot controllers with domestic robot manufacturers [3] - The company is expanding its collaboration in the industrial robot sector and has successfully launched several specialized chips in 2023, enhancing its industrial ecosystem in areas such as new energy and smart manufacturing [3] - The company has significantly increased its R&D investment, with a research expense ratio of 83.96% in 2023, up by 41.60 percentage points year-on-year, leading to improved cash flow [3] - The company is building a self-sufficient ecosystem based on its independent instruction set, with its self-developed 3A6000 CPU achieving performance levels comparable to Intel's 10th generation Core processors [3] - Profit forecasts indicate a net profit of -1.02 million in 2024, with a recovery to 0.13 million in 2025 and 0.89 million in 2026, maintaining the "Add" rating [3] Financial Summary - The company's revenue for 2023 is projected at 506 million, with a year-on-year decline of 31.5%, but expected to grow by 39.7% in 2024 [4] - The net profit for 2023 is forecasted at -329 million, with a significant recovery expected in subsequent years [4] - The gross profit margin is projected to improve from 36.1% in 2023 to 43.3% by 2026 [4] - The return on equity (ROE) is expected to rise from 36.1% in 2023 to 43.3% in 2026 [4]

Investment Rating - The investment rating for the company is "Accumulate" [1][4]. Core Views - The company is actively advancing its acquisition of Xinhua San and has seen a continuous increase in its market share for PC server procurement from China Mobile [3]. - The company's revenue for 2023 reached 77.308 billion yuan, a year-on-year increase of 4.39%, with the ICT infrastructure and services business contributing 51.506 billion yuan, up 10.15% [3]. - The company maintains stable expense and gross profit margins, with a gross profit margin of 19.6% in 2023 [3]. - The "AI in ALL" strategy is being deepened, enhancing the company's capabilities in digital infrastructure and AI applications [3]. Summary by Sections Market Data - Closing price: 21.96 yuan - Total shares: 2860.08 million - Net assets: 34,360.47 million yuan - Total assets: 84,605.41 million yuan - Net asset per share: 12.01 yuan [2]. Financial Performance - Revenue forecast for 2024-2026 is 87.854 billion, 98.670 billion, and 108.550 billion yuan respectively, with expected growth rates of 13.6%, 12.3%, and 10.0% [5]. - Net profit attributable to the parent company for the same period is projected to be 2.498 billion, 2.911 billion, and 3.372 billion yuan, with growth rates of 18.8%, 16.5%, and 15.8% [5]. - The company’s gross profit margin is expected to slightly increase to 19.7% in 2024 and reach 20.4% by 2026 [5]. Strategic Initiatives - The company is enhancing its full-stack ICT infrastructure capabilities and has made significant advancements in AI applications, including the launch of a 51.2T 800G CPO silicon photonic data center switch [3]. - The company is focusing on expanding its market share in the ICT sector, with a notable increase in revenue from its subsidiary Xinhua San [3].

海 外 研 证券研究报告 究 食品饮料行业 ＃investSuggestion＃ ＃ 海外食品饮料啤酒行业2023年报业绩综述: investSug 推荐 （ 维ges持tion ）Ch 结构升级持续，销＃ 量tit及le＃ 成 本有望边际改善 ange＃ ＃ createTime1＃ 2024年 5月 17日 ＃relatedReport＃ 投资要点 行 ＃ 相m 关a 报rk 告etD ata＃ ＃summary＃ ⚫ 复盘：1、收入及销量：1）按营收计，百威亚太仍位居港股上市啤企第一。2023 年 业 《啤酒行业 2022 年报业绩综 百威亚太收入为486.2亿元（68.6亿美元，按2023年12月29日汇率计），同期，华 跟 述：旺季行情催化，超配啤酒板 润、青啤、重啤、燕啤分别为389.3、339.4、148.1、142.1亿元。2）按销量计，华润 块》20230413 踪 啤酒继续稳居港股上市啤企第一，重庆啤酒增速第一。2023 年，各啤企销量同比增 报 《海外食品饮料行业2023年中 速为重庆啤酒（+4.9%）>百威亚太（+4.8%）>燕京啤酒（+4.6%）>华润啤酒（+0.5%）> 报业绩综述 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [4][9]. Core Views - The company has achieved significant revenue growth due to rapid capacity expansion in 2023, resulting in a year-on-year increase of 32.66% in Q1 2024 revenue, reaching 21.11 billion yuan [5][7]. - The company successfully turned around its profitability in Q1 2024, reporting a net profit of 580 million yuan, compared to losses in the previous periods [5][7]. - The integration of upstream and downstream operations, particularly through the investment in Zhejiang Petrochemical, enhances the company's competitive position and profitability [4][8]. Financial Summary - Revenue for 2023 is projected at 82.64 billion yuan, with a year-on-year growth of 33.3% [3]. - The net profit attributable to shareholders is expected to reach 797 million yuan in 2023, reflecting a substantial increase of 539.1% [3]. - The gross margin is forecasted to improve from 5.1% in 2023 to 7.6% in 2024 [3]. - Earnings per share (EPS) are projected to be 0.33 yuan for 2023, increasing to 1.31 yuan in 2024 and 1.95 yuan in 2025 [3][9].

＃相关报告 relatedReport＃ | --- | --- | --- | --- | --- | --- | |-------------------------------------|----------------|--------|------------|------------------------|-------| | 主要财务指标 ＄ 会计年度 zycwzb\| | 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | | | 1481 1802 2145 2447 | | | 同比增长 | | 25.5% | 21.6% | 19.1% | 14.1% | | 归母净利润 ( | 百万元 ) | | | 86 111 151 199 | | | 同比增长 | | 113.2% | 28.8% | 35.6% | 32.0% | | 毛利率 | | 94.8% | 94.5% | 94.8% | 95.5% | | ROE | | 6.5% | 7.5% | 9.3% | 11.0% | | 每股收益 ( 元 ) | ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 横向通用软件 ＃investSuggestion＃ ＃ ＃d 用yCo 友mp 网any＃络 （ 600588 ） investSug 增持 ( 维ges持tion ）Ch 600588 ＃title＃ 组织模式升级完成，持续打磨 BIP 和 AI 应用 ange＃ ＃ createTime1＃ 2024 年 05月 17日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年度报告和2024年第一季度报告：2023年，公司实现 司 市场数据日期 2024-05-16 营业收入97.96亿元，同比增长5.77%；归母净利润亏损9.67亿元，上年同 点 收盘价（元） 11.49 期盈利 2.19 亿元；扣非净利润亏损 11.04 亿元，上年同期盈利 1.46 亿元。 评 总股本（百万股） 3418.52 2024年第一季度，公司实现营业收入17.49亿元，同比增长18.61%；归母净 利润亏损4.53亿元，上年同期亏损3.97亿元；扣非净利润亏损4.51亿元， 报 流通股本（百万 ...