Investment Rating - The report maintains a recommendation for the home appliance industry, highlighting it as a quality asset with strong financial characteristics [1]. Core Insights - The home appliance industry exhibits characteristics of a cash cow, with a CAPEX to operating cash flow ratio of 25.5% for 2022-2023, ranking 4th among 31 primary industries [5][6]. - The industry has a high return on equity (ROE) average of 16.3% for 2022-2023, placing it 3rd among the 31 primary industries [14][15]. - The cash dividend rate is moderate, but the low valuation results in a high dividend yield of 3.5%, ranking 5th among the 31 primary industries [18][19]. Summary by Sections 1. Cash Cow Characteristics of the Home Appliance Industry - The CAPEX to operating cash flow ratio indicates a low capital expenditure proportion, reflecting the cash cow nature of the industry, with a ranking of 4th among 31 primary industries [5][6]. - The price-to-book (PB) ratio for the home appliance industry averages 2.5 for 2022-2023, ranking 21st among all industries and 4th among nine major consumer sectors, indicating a lighter asset model [8][9]. - The net cash to total market value ratio averages 13.4%, ranking 4th among 31 primary industries, showcasing the industry's strong cash asset characteristics [10][12]. 2. High ROE and Dividend Yield in the Home Appliance Industry - The average ROE of 16.3% for 2022-2023 ranks 3rd among the 31 primary industries, with a stable and balanced structure [14][15]. - The cash dividend rate is ranked 13th among the 31 primary industries, while the dividend yield is high due to low valuations, averaging 3.5% [18][19]. 3. Investment Recommendations - The report suggests long-term investment in the home appliance industry due to its dual attributes of cash assets and high returns, with short-term benefits expected from overseas replenishment demand and domestic upgrade policies [21]. - Recommended stocks include Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric for their high dividend and strong performance certainty [21].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 垂直应用软件 ＃investSuggestion＃ ＃ ＃dyC 指om 南pan 针y＃ （ 300803 ） investSug 增持 ( 维ges持tion ）Ch 3008 证03 券 业 务高增， 财＃ 富title＃ 管 理版 图持续完善 ange＃ ＃ createTime1＃ 2024 年 05月 14日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ：2 024年一季度，公司实现营业总收入2.94亿元，同比下降13.17%； 司 市场数据日期 2024-05-13 归母净利润 0.17 亿元，同比下降 70.74%；扣非净利润 0.16 亿元，同比 点 收盘价（元） 45.13 下降71.42%。 评 总股本（百万股） 408.96 报 流通股本（百万股） 404.19 ⚫ 金融信息业务受错月影响，证券业务同比高增。2024年一季度，公司实 净资产（百万元） 1902.46 现营业总收入2.94亿元，同比下降13.17%。金融信息业务方面，公司高 告 总资产（百万元） 652 ...

＃ investSug gestionCh ange＃ 维持 ） 证券研究报告 ＃industryId＃ IT 服务 ＃investSuggestion＃ 公 司 点 评 报 告 ＃相关报告 relatedReport＃ 《【兴证计算机】金证股份：证 券 IT 稳健增长，发力信创与 AI》2023-09-28 《【兴证计算机】金证股份：金 融业务稳健增长，积极拥抱 AI 应用》2023-05-05 《【兴证计算机】金证股份 202 三季报点评：业绩稳健增长， 金融 IT 业务发展良好》2021- 11-09 杨海盟 ＃dyCompany＃ 金证股份 （ 600446 ） 600446 ＃title＃ Q4 利润高增，毛利率同比提升 ＃createTime1＃ 2024 年 05 月 13 日 ⚫ 证券及银行 IT 稳健增长，资管 IT 略有下降。金融业务收入 24.55 亿元，同 比增长 5.61%。其中，证券经纪软件业务 7.35 亿元，同比增长 11.38%；资 管机构软件业务收入 2.21 亿元，同比下降 5.02%；银行软件业务收入 5.50 亿元，同比增长 8.11%。非金融业务收入 37.61 亿 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 光伏电池组件 ＃investSuggestion＃ ＃ ＃d 天yCo 合mp 光any＃能 （ 688599 ） investSug 买入 ( 维ges持tion ）Ch 68859 Q9 1 业 绩表现坚 挺＃ ，titl 长e＃ 期布 局光储协同 ange＃ ＃ createTime1＃ 2024年 05月 13 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年年报及2024年一季报，2023年全年实现营业总收入 司 市场数据日期 2024-05-13 1133.9亿元，同比+33.3%，实现归母净利润55.31亿元，同比+50.3%，实现 点 收盘价（元） 21.39 扣非归母净利润57.55亿元，同比+66.0%。其中，2023年Q4单季度实现营 评 总股本（百万股） 2179.36 业总收入322.7亿元，同比+20.2%，实现归母净利润4.54亿元，实现扣非归 报 流通股本（百万股） 2179.36 母净利润6.35亿元，2024年Q1单季度实现营业总收入 ...

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 深夜证券不保证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 中间的各位投资者朋友各位领导大家上午好非常感谢大家参加我们本周的新业证券计算体研究团队组织的智能驾驶系列的线上沙龙活动那么本场交流我们很荣幸邀请到了世卫图星的证券部总经理韩总在线上跟大家进行 分享和互动交流四维图形是我国在地图领域布局很早那么产品非常成熟而且业务落地非常全面的这么一个龙头公司最近大家对智能驾驶围绕着地图相关的那么因为智能驾驶 这个放开之后那么其实地图非常重要所以围绕地图这一块非常的关注所以今天我们组织的本次交流希望对大家能有一些帮助好下面的话我们就先有请韩总给大家做一个关于公司业务近况的分享那么后面的话我们再进行互动本场交流 由我和我们团队的孙浅陈欣三个主持 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][29]. Core Insights - The company is steadily increasing its overseas production capacity, with factories established in Germany and Hungary, and a planned factory in the US in collaboration with Ford, aiming for a total overseas capacity of 149GWh by 2026 [4][7][29]. - The company has actively expanded its upstream mineral resources since 2018, securing lithium and nickel resources globally, which helps reduce operational costs and enhance supply chain reliability [4][22]. - The company's market share reached 37.8% in Q1 2024, a significant increase from 35.0% in Q1 2023, with overseas revenue accounting for 32.7% of total revenue in 2023 [25][26]. Summary by Sections Overseas Production Capacity - The company has established a factory in Germany with a capacity of 14GWh, which began production in January 2023, and is constructing a 100GWh factory in Hungary expected to start production in 2026 [10][12]. - A partnership with Ford in the US aims to build a 35GWh lithium iron phosphate battery factory, utilizing a licensing and service model (LRS) [17][20]. Mineral Resource Layout - The company has invested in various mineral resources across North America, Africa, Australia, South America, and Asia, including significant stakes in North American lithium and nickel companies [22][24]. Market Share and Revenue Growth - The company’s overseas revenue grew by 70.29% year-on-year in 2023, reflecting its successful expansion into international markets [25]. - The report forecasts net profits for 2024-2026 at 48.2 billion, 55.8 billion, and 66.9 billion yuan, respectively, with corresponding PE ratios of 18.6, 16.0, and 13.4 [29].

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Views - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 20.77 billion, 23.01 billion, and 25.32 billion yuan, representing year-on-year growth of 11.1%, 10.8%, and 10.0% respectively [2][19]. - The net profit attributable to shareholders is forecasted to be 734 million, 1.011 billion, and 1.171 billion yuan for 2024 to 2026, with significant year-on-year growth of 303.8%, 37.7%, and 15.8% respectively [2][19]. - The report highlights an improvement in profitability metrics, with a projected PE ratio of 10.8, 7.9, and 6.8 for 2024 to 2026 [2][19]. Financial Summary - Revenue for 2023 is reported at 18.693 billion yuan, with a year-on-year growth of 1.8% [19]. - The gross margin is expected to improve from 10.8% in 2023 to 13.9% in 2024, and remain stable at 14.6% for 2025 and 2026 [19]. - Return on equity (ROE) is projected to increase from 2.7% in 2023 to 10.0% in 2024, reaching 12.3% and 12.8% in 2025 and 2026 respectively [19]. - Earnings per share (EPS) are expected to rise from 0.14 yuan in 2024 to 0.88 yuan in 2026 [19]. Operational Insights - The company has a current production capacity of 4.25 million tons, with a production output of 4.19 million tons and sales of 4.30 million tons in 2023 [18]. - The report indicates that the company is optimizing its product structure and enhancing profitability, with plans for additional capacity expansion in Jiangsu [18].

Investment Rating - The report maintains a "Buy" rating for the company, with a focus on expanding its market presence and enhancing profitability through various strategies [1][14]. Core Views - The company has significantly improved its profitability, driven by initiatives such as the "Torch Project," which has enhanced its gross margin [2][5]. - The company is actively expanding its store network, having opened 3,388 new stores in 2023 and 642 in Q1 2024, bringing the total to 14,109 stores [1][9]. - The company is focusing on digital transformation and cost reduction to improve operational efficiency and profitability [11][12]. Financial Performance Summary - In 2023, the company achieved revenue of 22.437 billion yuan, a year-over-year increase of 11.21%, and a net profit of 929 million yuan, up 18.35% [4][5]. - For Q4 2023, revenue was 6.396 billion yuan, with a slight decline of 0.05% year-over-year, while net profit increased by 21.17% to 212 million yuan [4][5]. - In Q1 2024, the company reported revenue of 5.539 billion yuan, a year-over-year increase of 1.81%, and a net profit of 321 million yuan, up 10.27% [4][5]. Profitability and Margin Analysis - The gross margin for Q1 2024 improved to 35.20%, an increase of 2.20 percentage points year-over-year, attributed to the implementation of the "Torch Project" [2][9]. - The company’s gross margin for 2023 was 32.55%, reflecting a year-over-year increase of 0.67 percentage points [13]. Market Expansion and Strategy - The company has established a presence in 18 provincial markets and over 150 cities, capturing approximately 75% of the Chinese pharmaceutical retail market [1][9]. - The company is focusing on a multi-faceted growth strategy that includes direct sales, acquisitions, franchising, and alliances to enhance market share in key provinces [9][11]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is projected at 1.47, 1.77, and 2.14 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 24.1X, 19.9X, and 16.5X [1][14].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 其他计算机设备 ＃investSuggestion＃ ＃ ＃d中yCo科mpa曙ny＃光 （ 603019 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 业绩稳健增长，持续完善计算产业布局 ange＃ ＃createTime1＃ 2024年 05月 13日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：2023年，公司实现营收 143.53亿元，同比增长 10.34%；实现归母 市场数据日期 2024-05-10 净利润 18.36亿元，同比增长 18.88%；实现扣非净利润 12.78亿元，同比 收盘价（元） 44.50 增长 10.98%。 总股本（百万股） 1463.58 流通股本（百万股） 1454.53  营收增速稳健，净利润保持较快增长。2023年四季度公司实现营收 65.95 净资产（百万元） 18796.26 亿元，同比增长 17.31%；归母净利润 10.86亿元，同比增长 21.89%；扣 总资产（百万元） 31894.7 非净利润 8.68亿元，同比增 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a revenue of 124.30 billion yuan in 2023, a decrease of 1.58% year-on-year, and a net profit attributable to shareholders of 19.54 billion yuan, an increase of 2.32% year-on-year [5]. - For Q1 2024, the company achieved a revenue of 32.43 billion yuan, down 4.99% year-on-year, with a net profit attributable to shareholders of 6.08 billion yuan, up 4.45% year-on-year [5]. - The report forecasts EPS for 2024-2026 to be 2.32, 2.58, and 2.98 yuan respectively, corresponding to PE ratios of 17.36, 15.60, and 13.50 times [2]. Financial Summary - Major financial indicators for 2023 include: - Revenue: 12430 million yuan - Net profit: 1954 million yuan - Gross margin: 64.08% - Net margin: 15.27% [3][5]. - For 2024E, the expected revenue is 13048 million yuan, with a net profit of 2149 million yuan, reflecting a growth rate of 10.0% [3]. - The company’s gross margin is projected to be 63.9% in 2024E, slightly down from 64.1% in 2023 [3]. Business Segments - In 2023, the chemical preparation segment generated revenue of 65.71 billion yuan, a decline of 6.13% year-on-year, while the traditional Chinese medicine segment saw a revenue increase of 39.19% to 17.45 billion yuan [5]. - For Q1 2024, the chemical preparation segment's revenue was 15.86 billion yuan, down 2.31% year-on-year, while the traditional Chinese medicine segment's revenue decreased by 29.61% to 3.89 billion yuan [5]. Clinical and Product Development - The company is advancing innovative drugs and complex formulations with high barriers to entry, including the approval of Triptorelin Acetate for prostate cancer and ongoing clinical trials for other products [6].