Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 252.36 CNY per share, based on an 18x PE ratio [11][27]. Core Insights - The company's revenue for 2023 is projected at 4.185 billion CNY, a decline of 19.02% year-on-year, with a net profit of 1.125 billion CNY, down 22.98% year-on-year [26]. - In Q1 2024, the company achieved a revenue of 0.927 billion CNY, a year-on-year decrease of 18.97%, but a quarter-on-quarter increase of 5.60% [26][27]. - The company has a rich product pipeline, with multiple new games expected to launch in 2024, which is anticipated to stabilize revenue from core products [15][27]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 4.096 billion CNY, 4.580 billion CNY, and 5.072 billion CNY, respectively, with growth rates of -2.12%, 11.81%, and 10.75% [19][27]. - Net profit forecasts for the same years are 1.010 billion CNY, 1.160 billion CNY, and 1.277 billion CNY, with corresponding growth rates of -10.23%, 14.89%, and 10.05% [19][27]. - The diluted earnings per share for 2024, 2025, and 2026 are projected at 14.02 CNY, 16.11 CNY, and 17.73 CNY, respectively [19][27].

◼ 走势比较 总股本/流通(亿股) 6.47/6.47 总市值/流通(亿元) 56.69/56.69 12 个月内最高/最低价 (元) 14.06/6.22 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 软件云服务业务转型顺利。2023 年，公司停车场云托管业务全年 实现营业收入 1.27 亿元，同比增长 61.22%。2023 年公司在原云托管 产品形态的基础上，面向商业园区类客户，推出了增收版云托管，即 将云托管业务和车位增收业务相结合，停车场云托管业务在托管运营 收费车道总数超 1.2 万条。 | --- | --- | --- | --- | --- | |--------------------|--------|---------------------------------|-----------------------------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 1644.76 1940.82 2328.98 2794.78 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near future [55]. Core Insights - The company is a leading player in the electric power electronics sector for new energy vehicles, with a strong market position and continuous revenue growth. It has maintained a market share of 33% in the onboard power supply sector for 2022 and 2023 [2][9]. - The company has a diverse customer base, including major automotive manufacturers such as Xpeng, Li Auto, and Stellantis, which opens up new growth opportunities, particularly with its 800V integrated power products [2][93]. - The company has demonstrated strong financial performance, with revenue increasing from 0.73 billion to 5.52 billion from 2019 to 2023, reflecting a compound annual growth rate (CAGR) of 65.91% [77]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of electric power electronics products for new energy vehicles, including onboard chargers, DC/DC converters, and electric drive systems [2][9]. - It has consistently ranked first in market share among third-party suppliers of onboard power supplies, with a market share of 28% in 2021, 33% in 2022, and 33% in 2023 [2][9]. Customer Base and Market Expansion - The company has established partnerships with a wide range of clients, including both domestic and international automotive manufacturers, enhancing its market reach [2][93]. - The introduction of 800V integrated power products has positioned the company to capitalize on the growing demand for high-voltage systems in electric vehicles [2][100]. Financial Performance - The company reported a revenue of 5.52 billion in 2023, a year-on-year increase of 44.09%, and a net profit of 0.50 billion, up 70.47% from the previous year [77]. - The gross margin for onboard power supply integrated products has remained stable around 20%, with a net profit margin of 9.1% in 2023 [79][75]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 7.4 billion, 9.3 billion, and 11.4 billion for 2024, 2025, and 2026 respectively, alongside net profits of 0.64 billion, 0.81 billion, and 1.02 billion [55][107]. - The increasing penetration of 800V systems is anticipated to significantly enhance the company's market position and profitability in the coming years [100].

2024年05月08日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 诺华盐酸伊普可泮胶囊在华获批，用于治疗 PNH  走势比较 报告摘要 10% 市场表现： 2% 太 (6%)8/5/32 02/7/32 1/01/32 31/21/32 42/2/42 7/5/42 涨跌幅20 居24 申年 万5月 317 个日 子，医 行药 业板 第块 1涨 8名跌 。幅 各+ 医0. 药40 子%， 行跑 业赢 中沪 ，深 体3 外00 诊指 断数 (+0 1. .3 57 6p %c )t 、， 平 (14%) 医疗耗材(+0.93%)、医疗设备（+0.76%）表现居前，其他生物制品(-0.49%)、 洋 (22%) 线下药店(-0.07%)、医院(-0.05%)表现居后。个股方面，日涨幅榜前3位 分别为宝莱特(+20.03%)、拓新药业(+19.99%)、富士莱(+19.99%)；跌幅 证 (30%) 榜前3位为海普瑞（-5.62%）、ST百灵(-5.05%)、ST大药(-5.04%)。 券 医药 沪深300 股 行业要闻：  子行业评级 份 近日，诺华盐酸伊普可泮胶囊获得中国国家药品监督管理局（N ...

2024年05月07日 公 司点评 公 买入 / 维持 司 福斯特(603806) 研 究 昨收盘:27.46 福斯特 2024 年一季报点评：胶膜龙头盈利优势凸显，电子材料 有望加速放量 事件：公司近日发布2024年一季报，实现营业收入53.21亿元，同 ◼ 走势比较 +8.32%，环-10.40%，实现归母净利5.22亿元，同+43.13%，环+24.40%， 实现扣非归母5.16亿元，同+49.42%，环+37.77%。 太 20% 胶膜龙头地位巩固，盈利水平明显改善。公司胶膜龙头地位稳固，我 8% 们预计2024年一季度公司实现光伏胶膜出货约6.5-7亿平，行业市占率 平 有望达 50%+。受益于公司经营水平领先、上游树脂报价回升、胶膜竞争 洋 证 (1( 64 %% ))8/5/32 91/7/32 92/9/32 01/21/32 02/2/42 2/5/42 格 pc局 ts优 ，化 盈等 利， 水2 平0 明24 显年 改一 善季 。度 公司毛利率达到 15.28%，同比上升 2.99 个 券 (28%) 光伏产能出海大势所趋，公司积极布局海外产能。公司是光伏胶膜行 股 (40%) 业内率先在 ...

2024 年 05 月 07 日 公司点评 增持/维持 公 司 研 究 IP 衍生业务高速发展，AI 布局加速内容资产变现 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司点评 预计公司 2024-26 年营收分别为 17.71/20.73/23.00 亿元，对应增速 25.73%/17.06%/10.91%，归母净利润分别为 1.42/1.76/2.14 亿元，对应 增速 58.94%/23.99%/21.17%。维持公司"增持"评级。 政策监管趋紧的风险，行业竞争加剧的风险，海外业务拓展不及预期的风 险。 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------|--------|--------|--------|--------|--------|----------------|----------|---------|----------|--------|--------| ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 56.68 [1][5]. Core Insights - The company reported a revenue of 7.662 billion yuan in 2023, a year-on-year increase of 3.36%, and a net profit attributable to shareholders of 198 million yuan, up 1.89% year-on-year. However, the Q1 2024 revenue decreased by 14.66% year-on-year to 1.035 billion yuan, with a net loss of 489 million yuan, down 18.64% year-on-year [4][5]. - The company is focusing on integrating AI and security, having launched its self-developed large model, Security GPT, which achieved a phishing detection rate of over 91.4% in its latest version [4][5]. - The company maintains a stable industry position, being ranked highly in various cybersecurity and cloud computing sectors by organizations like Gartner and IDC [4]. Financial Performance - The company's revenue is projected to grow from 7.662 billion yuan in 2023 to 8.428 billion yuan in 2024, with an expected growth rate of 10% [6]. - Net profit is forecasted to increase from 198 million yuan in 2024 to 237.94 million yuan in 2025, reflecting a growth rate of 20.27% [6][7]. - The diluted earnings per share (EPS) are expected to rise from 0.47 yuan in 2023 to 0.57 yuan in 2024, and further to 0.93 yuan by 2026 [6][7]. Industry Outlook - The report expresses optimism about the company's prospects in the cybersecurity and cloud computing sectors, anticipating that the company's EPS will continue to grow significantly over the next few years [5][9].

请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 2024 年 05 月 08 日 公司点评 买入/上调 能科科技(603859) 目标价: 昨收盘:37.40 自研产品加速落地，经营效率持续提升 ◼ 走势比较 (40%) (28%) (16%) (4%) 8% 20% 23/5/8 23/7/2023/10/1 23/12/1324/2/2424/5/7 能科科技 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.67/1.67 总市值/流通(亿元) 62.3/62.3 12 个月内最高/最低价 (元) 52.23/26.17 相关研究报告 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 电话： E-MAIL：wangjy@tpyzq.com 分析师登记编号：S1190523090002 事件：公司发布 2023 年及 2024 年一季度报告 2023 年，公司实现营业收入 14.1 亿元，同比+14.1%，归母净利润为 2.2 亿元，同比+10.71%。扣非后净利润为 2.08 亿元，同比+11.5% ...

Investment Rating - The report maintains a "Buy" rating for Tianyu Digital Technology (002354) [1][6] Core Views - The company's digital platforms are driving steady growth in digital marketing business [5][6] - Data Valley has gathered 16 major digital application scenarios, providing rich resources for digital and intelligent business [17] - Three major digital platforms serve over 2000 clients daily, with 400 million+ video materials and 260TB of video/image data accumulated [18] Financial Performance - 2023 revenue reached 1.761 billion yuan, up 1.07% YoY, with net profit of -1.087 billion yuan [4] - Q1 2024 revenue was 370 million yuan, down 22% YoY, but net profit grew 30.09% to 13.31 million yuan [4] - Forecasted 2024-2026 revenue: 2.079/2.439/2.843 billion yuan, with growth rates of 18.01%/17.35%/16.56% [6] - Expected net profit for 2024-2026: 69/90/119 million yuan, with growth rates of 30.04%/33.30% [6] Business Development - Data Valley has attracted about 750 enterprises, forming 16 major digital application scenarios [17] - Three major digital platforms: 1) MetaSurfing-Yuanxiang Intelligent Cloud Platform with self-developed AI digital human model [18] 2) Magic Cube Mix Intelligent Marketing Cloud Platform with AI creative script production [18] 3) Mobile application intelligent distribution platform with 312 million registered users [18] Industry Analysis - The company is positioned in the media internet sector, focusing on digital marketing and game development [30] - Digital effect traffic business is shifting to high-value business, improving gross margin [30]

Investment Rating - The report assigns a "Buy" rating to the company, with an upward adjustment [1][4]. Core Insights - The company is experiencing accelerated implementation of self-developed products and continuous improvement in operational efficiency [1][10]. - In 2023, the company achieved a revenue of 1.41 billion yuan, representing a year-on-year growth of 14.1%, and a net profit attributable to shareholders of 220 million yuan, up 10.71% year-on-year [14]. - The company has optimized its internal organizational structure, leading to a decrease in sales and management expenses by 0.23 and 1.5 percentage points respectively [3][10]. - The company reported a significant increase in operating cash flow, reaching 315 million yuan in 2023, a year-on-year growth of 183.86% [3]. Financial Projections - Expected revenues for 2024, 2025, and 2026 are projected to be 1.85 billion yuan, 2.29 billion yuan, and 2.77 billion yuan respectively [4][16]. - The net profit attributable to shareholders is forecasted to be 322 million yuan, 405 million yuan, and 507 million yuan for the years 2024, 2025, and 2026 respectively [4][16]. - The company’s gross margin for 2023 was reported at 50.23%, an increase of 6.17 percentage points year-on-year [14]. Business Performance - The company’s cloud products and services revenue reached 430 million yuan, a year-on-year increase of 109.23% [14]. - The industrial engineering and electrical products and services generated 428 million yuan, reflecting a growth of 180% year-on-year [14]. - The company has successfully integrated AI capabilities into its offerings, generating additional revenue from AI applications [14]. Efficiency Metrics - The company’s per capita income and profit increased by 5.5% and 2.34% respectively, with per capita income reaching 991,600 yuan and per capita profit at 154,400 yuan [3]. - The company’s operating efficiency has improved, with sales and management expenses as a percentage of revenue decreasing [3]. Market Position - The company is positioned to replace imported equipment with its high-end products, particularly in the LNG electric drive high-voltage frequency converter segment [15]. - The report indicates a strong outlook for the company, with expectations of continued growth driven by self-developed products and market demand [1][10].