Investment Rating - The report maintains a "Buy" rating for the company [4][33][36] Core Insights - In 2023, the company achieved operating revenue of 437.34 billion yuan, a year-on-year increase of 17.89%, driven by increased customer demand and product deliveries [4][8] - The net profit attributable to shareholders was 14.21 billion yuan, up 12.17% year-on-year, while the non-recurring net profit surged by 45.85% to 12.22 billion yuan [4][8] - The company exceeded its annual budget for both revenue and net profit, achieving 103.48% and 104.64% of the respective targets [4][8] - For 2024, the company aims for operating revenue of 497.62 billion yuan, a 17.74% increase from the budgeted 2023 figure, and a net profit of 15.12 billion yuan, reflecting an 11.34% increase from the 2023 budget [4][8] Financial Performance Summary - **Revenue and Profit Growth**: - 2023 operating revenue: 437.34 billion yuan, 17.89% YoY growth - 2023 net profit: 14.21 billion yuan, 12.17% YoY growth - 2023 basic EPS: 0.53 yuan, 10.42% YoY growth [2][4][8] - **Future Projections**: - Expected net profit for 2024: 16.78 billion yuan, with EPS of 0.63 yuan [4][33] - Revenue projections for 2024-2026 show steady growth, with 2025 expected at 588.89 billion yuan and 2026 at 676.75 billion yuan [2][33] Segment Analysis - **Product Revenue Breakdown**: - In 2023, revenue from aviation engines and related products was 408.93 billion yuan, accounting for 93.50% of total revenue, with a gross margin of 10.54% [4][14] - Foreign trade outsourcing generated 19.48 billion yuan, with a gross margin of 14.42% [4][14] - **Investment Plans**: - The company plans a total investment of 35.17 billion yuan for 2024, a 322.90% increase from 2023, with significant allocations to various subsidiaries [4][32] Cash Flow and Financial Health - **Cash Flow Improvement**: - The net cash flow from operating activities improved to -67.39 billion yuan, a 45.02 billion yuan increase from the previous year [4][23] - **Balance Sheet Strength**: - Total assets as of the end of 2023 were 99,795.55 million yuan, with net assets of 39,455.04 million yuan [1][35]

行 业 研 证券研究报告 究 ＃industryId＃ 电气设备 ＃title＃ 政策持续加码，充电桩行业乘势而上 ——充电桩行业月报 ＃inve推stSu荐ggest ion＃ ( 维＃持） i维nve持stS 行 ugg esti ＃createTime1＃ 2024年 4月 18日 onChan 业 ge＃ 投 重点公司 投资要点 资 ＃summary＃ 重点公司 评级 ⚫ 行情复盘。2021年以来充电桩行业需求显著提升，国内外利好政策频出，但 月 特锐德 增持 充电桩行业壁垒较低，二级市场担忧供需关系转向宽松后竞争格局恶化的风 度 通合科技 增持 险，充电桩指数整体呈现震荡上行。2024年3月充电桩指数（884114.WI）跑 报 盛弘股份 增持 赢沪深 300 大盘，政策加码和新能源汽车销量同比增加是支撑板块指数强力 告 表现的核心因素。截至2024年3月29日，充电桩（884114.WI）剔除负值后 科林电气 增持 平均市盈率TTM为27.18倍，平均市净率LF为2.87倍，低于历史平均值， 炬华科技 增持 估值水平已经具备一定吸引力。中长期视角来看，充电桩作为新能源汽车的 来源：兴业证券经济与金 ...

行 业 研 证券研究报告 究 ＃industryId＃ 啤酒 ＃title＃ 借鉴海外，股息率提升的逻辑框架 ＃ ——啤酒系列专题三 ＃inve推stSu荐ggest ion＃ (维持) investSuggestion C hange＃＃ createTime1＃ 2024年 4月 18日 行 业 重点公司 投资要点 跟 ＃行s业um进ma入ry成＃ 熟阶段，股息率、回购比例对股票收益率的重要性提升 重点公司 评级 踪 ⚫ 基于 G-K 模型推导可知，股票收益率主要由公司股息率、股本变化、盈利增 青岛啤酒 增持 长、估值变化四个因素所决定。当行业从成长阶段步入成熟阶段时，盈利增 报 燕京啤酒 增持 长、估值变化贡献弱化，而股息率、回购比例重要性提升。 告 ⚫ 当前美股呈现股份回购、现金分红两大分配方式兼顾的多元特征，而日股仍 重庆啤酒 增持 以现金分红为主、但股份回购受政策驱动已逐步强化。中国通过推出一系列 珠江啤酒 增持 改革措施强化现金分红，并不断完善股份回购政策。 来源：兴业证券经济与金融研究院 借鉴海外啤酒龙头，自由现金流量明显改善驱动分红率、股息率提升 ＃relatedReport＃ 相关报告 ⚫ ...

Investment Rating - The investment rating for the company is "Increase Holding" [1] Core Views - The company achieved revenue and net profit attributable to shareholders of 17.317 billion and 6.427 billion yuan in 2023, representing year-on-year growth of 9.1% and 5.6% respectively. In the fourth quarter alone, revenue and net profit reached 4.874 billion and 1.554 billion yuan, with quarter-on-quarter increases of 15.1% and 21.0% [1] - The company’s weighted average ROE increased by 0.07 percentage points to 6.6%, while the operating leverage, excluding customer funds, rose by 17.6% to 3.68 times [1] - The company’s revenue from fee-based and capital-based businesses was 6.471 billion and 8.326 billion yuan in 2023, showing a year-on-year decline of 14.6% and an increase of 35.7% respectively. The decline in fee-based revenue was primarily due to pressure on brokerage and investment banking businesses, while self-operated investment income growth contributed positively to performance [1] - The company’s brokerage, investment banking, and asset management net income for 2023 was 4.355 billion, 1.363 billion, and 0.496 billion yuan, reflecting year-on-year changes of -15.1%, -24.9%, and +54.3% respectively [1] - The company’s asset management scale grew by 14.7% to 155.1 billion yuan, with both collective and single asset management scales expanding [1] - The company’s bond investment scale significantly expanded, with net interest income and investment income reaching 1.748 billion and 6.578 billion yuan, showing year-on-year changes of -4.5% and +52.8% respectively [1] - The company is expected to achieve net profits attributable to shareholders of 6.618 billion and 7.360 billion yuan in 2024 and 2025, representing year-on-year growth of 3.0% and 11.2% respectively [1]

Investment Rating - The report maintains a positive outlook on the smart driving industry and investment opportunities, particularly focusing on Tesla's advancements in Full Self-Driving (FSD) technology [2][21]. Core Insights - The FSD Beta V12 has significantly improved user experience and iteration speed compared to previous versions, indicating a pivotal moment for high-level automation in the automotive industry [4][20]. - Tesla's advancements in FSD are driven by superior computing power, algorithms, and data accumulation, positioning it as a leader in the smart driving sector [6][9][10]. Summary by Sections FSD Progress and User Experience - FSD Beta V12 offers enhanced driving experience with better speed and steering control, and faster updates compared to FSD Beta V11 [4][6]. - The introduction of an end-to-end neural network model in FSD Beta V12 replaces over 300,000 lines of C++ code, leading to significant improvements in user perception [9][10]. Computing Power - Tesla's AI computing power has seen substantial growth, with the introduction of the Dojo supercomputer expected to enhance training capabilities significantly, projecting an equivalent of 300,000 A100 chips by the end of 2024 [6][7]. Algorithm Development - The transition to an end-to-end architecture in FSD Beta V12 marks a significant milestone in Tesla's algorithm development, enhancing the overall driving experience [9][10]. Data Accumulation - As of April 2024, Tesla's FSD has accumulated 1 billion miles of driving data, which greatly enhances the AI algorithm's capabilities [10][11]. Market Penetration and Future Outlook - FSD penetration in North America is expected to rise significantly, with projections indicating an increase from 7% in 2023 to 25% by 2025, driven by regulatory changes and expanded market access [12][15][20]. - The introduction of Robotaxi is anticipated to open new growth avenues for Tesla, with a formal announcement expected in August 2024 [18][20]. Investment Recommendations - The report suggests focusing on companies collaborating with Tesla, such as Changan Automobile and Xpeng Motors, as well as component suppliers benefiting from high-end automation [21].

行 业 研 证券研究报告 究 ＃industryId＃ 商贸零售 ＃title＃ 2024 年 3 月社零总额 39020 亿元，同比增长 3.1% ＃inve推stSu荐ggest ion＃ （ 维＃ 持 ） investS ugg esti ＃createTime1＃ 2024年 4月 17 日 onCha 投资要点 行 ＃ 相关rel 报ate 告dR eport＃ nge＃ ＃summary＃ ⚫ 2024 年 3 月，社会消费品零售总额 39020 亿元，同比增长 3.1%。其 业 《社零数据跟踪：2024年1-2月 中，除汽车以外的消费品零售额34968亿元，增长3.9%。 跟 社零总额81307亿元，同比增长 5.5%》2024-3-18 ⚫ 2024 年 1-3 月，社会消费品零售总额 120327 亿元，同比增长 4.7%。 踪 其中，除汽车以外的消费品零售额109163亿元，增长4.7%。 报 《2023年12月社零总额43550 告 ⚫ 按经营单位所在地分，3月，城镇消费品零售额33843亿元，同比增长 亿元，同比增长7.40%》2024-1- 17 3.0%；乡村消费品零售额16047 ...

行 业 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃title＃ 因地制宜，创新启航 ＃inve推stSu荐ggestion＃ (维＃ 持） ——中国医疗器械“智造”出海之路 investS uggesti ＃createTime1＃ 2024年04月 17日 行 onChan ge＃ 投资要点 业 重点公司 ＃summary＃  医疗器械“智造”出海：制造为基石，人群与体系优势助力创新。近年来， 深 重点公司 评级 我国医疗器械企业通过其差异化的产品优势或规模化的成本优势等开启国际 度 迈瑞医疗 买入 化之路。医疗器械的出海路径可大致分为“制造”出海与“智造”出海。在 研 联影医疗 增持 我国制造优势的基础上，国内患者群体庞大，可积累大量的真实世界数据， 究 新产业 增持 有利于产品迭代创新，并且我国拥有人口红利+工程师红利+产学研医体系优 报 奕瑞科技 增持 势，助力创新医疗器械产品性能脱颖而出。在医疗设备、高值耗材领域，我 告 惠泰医疗 增持 国正处于“智造”出海的关键转折时期。 南微医学 增持  高值耗材：欧美市场壁垒较高、创新医疗器械有望跑出优势。对于国内企业 心脉医疗 增持 来 ...

公 ＃分e析m师ail：Author＃ 石康 shikang@xyzq.com.cn S1220517040001 李博彦 liboyan@xyzq.com.cn S0190519080005 | --- | --- | --- | --- | --- | |--------------------------------------------------|----------------------------------------------------------------------|-------|-------|-------| | 主要财务指标 ＄ zycwzb\| 主要财务指标＄ 会计年度 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 1040 | 1290 | 1612 | 2015 | | 同比增长 | 24.3% | 24.0% | 25.0% | 25.0% | | 归母净利润 ( 百万元 ) | 141 | 181 | 222 | 289 | | 同比增长 | 27.3% | 28.4% | 22.8% | 30.3% | ...

公 司 研 +证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 中药 ＃investSuggestion＃ ＃ ＃dyC 达om 仁pan 堂y＃ （ 6 00329.SH ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 工业板块双位数增长，核心品种表现良好 ange＃ ＃ createTime1＃ 2024年 4月 16日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 全ma 年ry＃ 业 绩表现符合预期。2023 年公司实现营业收入 82.22 亿元，同比下 司 日期 2024-04-12 降0.33%，归母净利润9.87亿元，同比增长14.49%，扣非归母净利润9.52 点 收盘价（元） 31.57 亿元，同比增长23.80%，2023年投资收益为3.08亿元，其中对联营企业 评 总股本（百万股） 770 和合营企业的投资收益为 2.95 亿元，同比增长 49.8%，主要由于公司持 报 流通股本（百万股） 566 股25%的中美天津史克2023年净利润同比增长39.0%。2023年单四季度 净资产（亿元） 66 告 公司实 ...

Investment Rating - The report maintains a "Buy" rating for Tongrentang (600085.SH) [2][8] Core Views - The company achieved steady annual growth in 2023, with total revenue reaching 17.861 billion yuan, a year-on-year increase of 16.19%. The net profit attributable to shareholders was 1.669 billion yuan, up 16.92% year-on-year [5][6] - The pharmaceutical industry showed stable performance, with a continued implementation of the major product strategy, leading to a revenue of 11.079 billion yuan, a 12.60% increase year-on-year [3][6] - The pharmaceutical commercial segment also performed well, generating revenue of 10.246 billion yuan, a 20.82% increase year-on-year, with an expansion of retail stores to 1,001 by the end of 2023 [3][6] Financial Summary - **2023 Financial Performance**: - Total Revenue: 17,861 million yuan, up 16.19% year-on-year - Net Profit: 1,669 million yuan, up 16.92% year-on-year - Cash Flow from Operating Activities: 1,869 million yuan, down 39.58% year-on-year [2][5][6] - **2024-2026 Forecast**: - Expected Revenue: 20,246 million yuan (2024E), 22,920 million yuan (2025E), 25,898 million yuan (2026E) - Expected Net Profit: 1,913 million yuan (2024E), 2,190 million yuan (2025E), 2,504 million yuan (2026E) - Corresponding PE Ratios: 29.41 (2024E), 25.69 (2025E), 22.46 (2026E) [2][8] Product Performance - The top five product series generated revenue of 4.953 billion yuan, a 9.97% increase year-on-year, with a gross margin of 54.82% [3][6] - Revenue from various product categories: - Cardiovascular: 4.388 billion yuan, up 8.02% - Nutritional supplements: 1.730 billion yuan, up 10.41% - Heat-clearing products: 615 million yuan, up 16.10% - Gynecological products: 377 million yuan, up 8.16% - Other categories: 3.970 billion yuan, up 19.12% [3][6] Retail Expansion - The company expanded its retail presence, adding 59 new stores in 2023, with a total of 1,001 retail stores by year-end [3][6]