Investment Rating - The report maintains a "Buy" rating for Midea Group, with a target price based on the last closing price of 64.22 [1][9]. Core Insights - Midea Group achieved a total revenue of 373.71 billion yuan in 2023, representing a year-on-year increase of 8.10%, and a net profit of 33.72 billion yuan, up 14.10% year-on-year. In Q4 2023, the company reported a revenue of 81.33 billion yuan, a 10.00% increase year-on-year, and a net profit of 6.00 billion yuan, up 18.08% year-on-year [3][5]. - The company experienced rapid growth in its new energy and industrial technology sectors in H2 2023, with revenues of 14.3 billion yuan and 15.9 billion yuan respectively, reflecting year-on-year growth of 51% and 3% [3][5]. - Midea Group's online and offline revenues for 2023 were 77.33 billion yuan and 294.71 billion yuan, respectively, with year-on-year growth of 13.7% and 6.8% [3][5]. Summary by Sections Financial Performance - In Q4 2023, Midea Group's gross margin was 28.82%, an increase of 2.25 percentage points year-on-year, while the net margin was 6.74%, a slight decrease of 0.22 percentage points year-on-year due to increased expenses [4][5]. - The company plans to distribute a cash dividend of approximately 20.76 billion yuan, representing a payout ratio of 61.57% [4][5]. Business Segments - The revenue from the HVAC and consumer appliances segments in H2 2023 was 69.1 billion yuan and 66.56 billion yuan, with year-on-year growth of 2.5% and 12.9% respectively [3][5]. - Midea Group's B2C and B2B strategies are driving growth, with retail revenue from high-end brands COLMO and TOSHIBA exceeding 20% year-on-year [5][6]. Future Projections - The report forecasts Midea Group's net profit for 2024, 2025, and 2026 to be 38.00 billion yuan, 43.12 billion yuan, and 47.80 billion yuan, respectively, with corresponding EPS of 5.45 yuan, 6.19 yuan, and 6.86 yuan [6][7].

2024年3月31日 行 业周报 看好 / 维持 行 基础化工 业 研 究 基础化工 制冷剂价格持续上涨，以旧换新政策有望拉动需求 ◼ 走势比较 报告摘要 10% 1.重点行业和产品情况跟踪 0% 太 (10%)13/3/32 11/6/32 22/8/32 2/11/32 31/1/42 52/3/42 氟化工：4月家用空调排产高增，以旧换新政策有望拉动需求。本周 制冷剂价格继续上涨。一方面，家用空调排产高涨，三代制冷剂需求 平 (20%) 持续增长。根据奥维云网排产监测数据，4 月国内家用空调总排产 洋 (30%) 2073万台，其中内销排产1205万台，同比增长18.5%；出口排产868 证 (40%) 万台，同比增长28.8%。另一方面，中央财经委员会召开会议，讨论 券 基础化工 沪深300 推动新一轮大规模设备更新和消费品以旧换新政策，鼓励传统消费品 股 相关研究报告 如汽车、家电等实行以旧换新政策。制冷剂的两大需求端空调和汽车 份 有望受益明显。根据百川盈孚数据，截至2024年3月29日，R32价 有 《钛白粉价格调涨，制冷剂延续强 ...

2024/3/28 两轮系列之全地形车赛道情况梳理及投资机遇 ——涛涛/春风 ...

2024年03月31日 行 业周报 看好 / 维持 行 机械 业 研 究 机械 油价保持涨势，油服设备有望维持景气 ◼ 走势比较 报告摘要 10% 本期（3月23日-3月28日），沪深300下跌0.2%，机械板块下跌 0% (10%)13/3/32 11/6/32 22/8/32 2/11/32 31/1/42 52/3/42 0.5%，在所有一级行业中排名 14。细分行业看，工程机械涨幅最 太 大，上涨5.6%；半导体设备跌幅最大，下跌5.8%。 平 (20%) 洋 (30%) 本周观点 证 (40%) 油价保持涨势，油服设备有望维持景气 券 机械 沪深300 股 3月28日，布伦特原油期货主力连续收盘价为87.07美元/桶，自2024 ◼ 子行业评级 份 年开年以来保持持续上涨的态势。根据OPEC在其2024年3月报中预 有 限 ◼ 推荐公司及评级 测，2024年全球原油库存变化分别为-169.90万桶/日，相较2月预测 公 值-47.17万桶/日。对于2024Q1，OPEC预测全球原油库存或将-97.08 司 相关研究报告 ...

[Table_Messa2g0e2]4 -03- 31 行业周 报 行 看好/维持 业 传媒互联网 研 究 [Table_Title] 传媒互联网 报 告 OpenAI 发布 Voice Engine，11 部影片定档五一档 [Table_Summary] ◼ 走势对比 报告摘要 ➢ OpenAI发布语音模型Voice Engine 太 3月29日OpenAI发布语音模型Voice Engine，其可根据输入文本 平 和15秒音频样本生成逼真且情感丰富的声音。通过小范围测试，该 洋 模型的早期应用有为阅读障碍者和儿童提供阅读帮助、翻译视频和 证 播客内容等。目前，基于对合成语音安全隐患、政治风险等因素的考 券 量，OpenAI 并未计划公开发布该模型，同时正积极部署安全措施， 如为生成语音添加水印等。我们认为，Voice Engine有望为多模态 股 模型生成内容提供语音支持，看好未来更生动多样的AI内容生成技 份 术的发展。 有 限 ➢ 《维和防暴队》、《小倩》等11部影片定档五一档 公 ◼ 子行业评级 截止 3 月 31 日，五一档已定档 11 部电影，首部海外维和题材大片 司 《维和防暴队》、光线传媒中 ...

2024年03月30日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 吉利德超 6 亿美元囊获创新肿瘤免疫疗法 ◼ 走势比较 报告摘要 10% 市场表现： 2% (6%)92/3/32 01/6/32 22/8/32 3/11/32 51/1/42 82/3/42 0.272 p0 c2 t4 ，涨年 跌3 幅月 居申29 万日 3， 1医 个药 子行板 业块 第涨跌 25幅 名+ 。0. 各20 医%， 药跑 子输 行沪 业深 中，30 血0 液指 制数 太 平 (14%) 品(+3.26%)、医药流通(+1.68%)、线下药店（+1.05%）表现居前，医疗研 洋 (22%) 发外包(-1.24%)、其他生物制品(-0.48%)、疫苗(-0.30%)表现居后。个股 方面，日涨幅榜前3位分别为微芯生物(+12.37%)、瑞康医药(+10.18%)、 证 (30%) 江苏吴中(+9.99%)；跌幅榜前 3 位为圣达生物（-10.03%）、大理药业(- 券 医药 沪深300 8.77%)、博晖创新(-6.60%)。 股 ◼ 子行业评级 份 行业要闻： 3月29日，Xilio Therapeutics宣布 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 15.44 [1]. Core Insights - The company reported impressive performance for 2023, with revenue of 2.15 billion, a year-on-year increase of 31%, and a net profit of 0.23 billion, up 108% year-on-year [2]. - The acquisition of Long Er Nai Rui Er is expected to strengthen the company's market position, as it consolidates the largest and second-largest traditional beauty service providers in China [2][3]. - The company's business model, which includes a dual beauty approach and digital marketing tools, is anticipated to enhance market penetration and accelerate customer conversion [2][3]. Financial Performance Summary - Revenue for 2023 was 2.15 billion, with a growth rate of 31%. Projections for 2024, 2025, and 2026 are 2.68 billion, 3.25 billion, and 3.72 billion, respectively, with growth rates of 25%, 21%, and 14% [3]. - Net profit for 2023 was 0.216 billion, with a growth rate of 109%. Expected net profits for 2024, 2025, and 2026 are 0.284 billion, 0.347 billion, and 0.405 billion, with growth rates of 32%, 22%, and 16% [3]. - The diluted earnings per share for the upcoming years are projected to be 0.91, 1.20, 1.47, and 1.72, with corresponding price-to-earnings ratios of 16.9, 12.8, 10.5, and 9.0 [3]. Market Position and Strategy - The company has expanded its store count to over 400, with a net increase of 50 stores, indicating a strong growth trajectory [2]. - The report highlights the increasing penetration rate of the dual beauty model, which rose by 1.3 percentage points to 25.0%, showcasing the effectiveness of the company's strategy [2]. - The acquisition of Nai Rui Er, a significant player in the beauty industry, is expected to enhance the company's market share and operational synergies [2][3].

2024年03月31日 行 业周报 看好 / 维持 行 生物医药Ⅱ 业 研 究 医药 低浓度阿托品滴眼液获批，儿童近视防控市场空间广阔  走势比较 报告摘要 10% 本周我们探讨低浓度阿托品滴眼液用于儿童近视防控的市场前 2% 太 (6%)13/3/32 11/6/32 22/8/32 2/11/32 31/1/42 52/3/42 景。 平 (14%) 我国首款0.01%阿托品滴眼液经NMPA获批上市 洋 (22%) 2024年3月12日，兴齐眼药0.01%硫酸阿托品滴眼液经NMPA 证 (30%) 获批上市，用于延缓儿童近视进展。该产品是国内首款获批NMPA的 券 医药 沪深300 近视防控药物，此前阿托品药物仅在部分省份以院内制剂方式经省级 股  子行业评级 药监局批准在院内有条件使用。 份 根据专家共识和相关临床实验，阿托品药物是目前唯一经循证医 有 化学制药 无评级 学验证能有效延缓近视进展的药物，且0.01%浓度的阿托品滴眼液和 限 生物医药Ⅱ 无评级 高浓度阿托品滴眼液相比具有最小不良反应以及停药后最小反弹效 公 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 43.48 [1][10]. Core Insights - The company reported a revenue of 10.572 billion yuan in 2023, representing a year-on-year increase of 52.19%, and a net profit attributable to shareholders of 806 million yuan, up 71.19% year-on-year [3][4]. - The company is transitioning its Mexican factory to domestic suppliers, which is expected to enhance operational efficiency and reduce costs [1]. - The company is expanding its product offerings from interior components to exterior components, which is anticipated to create new growth opportunities [3][4]. - The company has made significant investments in international markets, including the establishment of subsidiaries in Singapore and Slovakia, to further its global presence [3][4]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 3.253 billion yuan, with a quarter-on-quarter increase of 46.16% and a year-on-year increase of 21.09% [3]. - The company's main business segments, such as dashboard assemblies and door panel assemblies, reported revenues of 6.983 billion yuan and 1.748 billion yuan, respectively, with year-on-year growth rates of 53.13% and 37.08% [3][4]. - The company is expected to achieve revenues of 13.799 billion yuan, 18.112 billion yuan, and 23.125 billion yuan in 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 30.53%, 31.25%, and 27.68% [4][6]. Profitability Metrics - The gross profit margin for the automotive parts industry is reported at 20.55%, with specific margins for various components such as dashboards at 22.02% and bumpers at 31.33% [3]. - The report projects net profit margins to improve, with net profits expected to reach 1.079 billion yuan, 1.569 billion yuan, and 2.177 billion yuan for the years 2024, 2025, and 2026, respectively [4][6]. Market Position and Strategy - The company is positioned as a leading domestic manufacturer of interior components, with a comprehensive product range that is expected to increase the per-vehicle value of its offerings [3][4]. - The internationalization strategy includes significant investments in Mexico, Singapore, and the United States, aimed at establishing the company as a global leader in both interior and exterior automotive components [3][4].

2024年03月29日 公 司点评 公 买入 / 维持 司 石头科技(688169) 研 究 目标价: 昨收盘:341.93 23 年业绩亮眼，海外迈入加速成长期 事件：公司 23 年实现营业收入 88.54 亿元，同比增长 3055%；归母 ◼ 走势比较 净利润20.51 亿元，同比增长 73.32%；扣非后归母净利润 18.26 亿元， 同比增长52.46%。23Q4实现营业收入29.65亿元，同比增长32.60%；归 10% 母净利润6.91亿元，同比增长110.33%；扣非后归母净利润5.72亿元， 太 0% 同比增长68.62%。 (10%)92/3/32 01/6/32 22/8/32 3/11/32 51/1/42 82/3/42 平 23年业绩高速增长，海外市场步伐加速。分地区来看，公司内销/外 销收入分别为44.12亿元/42.29亿元，同比增长41.01%/21.42%；分产品 洋 (20%) 来看，公司智能扫地机/其他智能电器收入分别为80.85亿元/5.54亿元， 证 (30%) 同比增长27.41%/109.40%。公司欧美地区产品+渠道布局逐步完善，凭借 券 (40%) 领先产品力 ...