Investment Rating - The report maintains an investment rating of "Outperform the Market" for the electric equipment industry [3]. Core Insights - The lithium battery industry is expected to recover as supply-side reforms take place, with cost-leading companies likely to gain market share and profitability in the next cycle. Recommended companies include CATL, Yiwei Lithium Energy, Hunan Youneng, Shanshan Technology, Tianqi Lithium, and Keda Li [2]. - The industry has reached a price bottom, with lithium carbonate prices hovering around 100,000 yuan per ton since December 2023. Prices for various midstream materials have remained stable compared to the beginning of the year, with changes in prices for specific components ranging from -8% to +13% [2]. - Supply excess continues, with a total of 118.2 billion yuan in lithium battery projects under construction, potentially adding 591 GWh of capacity, which is a 63% increase compared to the total domestic production of 940 GWh in 2023. Demand for electric vehicles and energy storage is expected to grow by 20-30% in 2024-2025, indicating a potential clearing point in 2025-2026 [2]. - New regulations from the Ministry of Industry and Information Technology aim to promote supply-side reforms and industry consolidation by setting minimum parameters for battery and key materials, as well as mandating that companies invest at least 3% of their main business revenue in R&D and process improvements [2].

[医Ta药bl生e_物Ti行tle业] 动态点评 行 业 研 究 大规模设备更新政策启航，开局稳健 挖掘价值 投资成长 / 医 [Table_Rank] 药 强于大市 生 （维持） 物 2024 年 06 月 21 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [Table_Summary] 证券分析师：何玮 研 【事项】 证书编号：S1160517110001 究 联系人：崔晓倩 报  3 月 13 日，《推动大规模设备更新和消费品以旧换新行动方案》（以 告 电话：021-23586309 下简称《方案》），指出到2027年，工业、农业、建筑、交通、教育、 文旅、医疗等领域设备投资规模较2023年增长25%以上。 [相 T对 a指 bl数 e表 _P现 i cQuote]  《方案》将重点实施设备更新行动，对于医疗领域，指出要加强优质 高效医疗卫生服务体系建设，推进医疗卫生机构装备和信息化设施迭 2.28% -3.06% 代升级，鼓励具备条件的医疗机构加快医学影像、放射治疗、远程诊 -8.40% 疗、手术机器人等医疗装备更新改造。推动医疗机构病房改造提升， -13.74% -19.0 ...

[商Ta贸bl零e_售Ti行tle业] 动态点评 行 业 研 618美护品牌分化加剧，珀莱雅/可复美 究 挖掘价值 投资成长 / /韩束势能恒强 商 [Table_Rank] 贸 强于大市 零 （维持） 售 2024 年 06 月 20 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 [Table_Summary] 证券分析师：高博文 研 【事项】 证书编号：S1160521080001 究 证券分析师：陈子怡 报  19日，青眼发布618美护销售数据，多平台发布电商大促战报。 告 证书编号：S1160522070002 联系人：班红敏 【评论】 电话：021-23586475  618 全网 GMV 达 7428 亿元，平台加强会员留存和百亿补贴布局。 [相 T对 a指 bl数 e表 _P现 i cQuote] 据官方战报，618大促期间天猫365个品牌成交破亿，88 VIP新增会 5.72% 员人数同比+65%，会员规模创历史新高；百亿补贴成交额同比 -1.34% +550%，中小商家订单增幅明显。京东直播订单量同比+200%，累计 -8.41% 成交额过10亿的品牌共83个，超15 ...

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 究 华为开发者大会召开，关注华为产业链 挖掘价值 投资成长 / 信 [Table_Rank] 息 技 强于大市 （维持） 术 2024 年 06 月 20 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 证券分析师：向心韵 报  华为开发者大会（HDC 2024）将于 2024 年 6 月 21-23 日召开。本次 告 证书编号：S1160523100001 大会将推出HarmonyOS NEXT Beta版系统，并发布盘古大模型5.0以 联系人：童心怡 及全新小艺。 电话：021-23586757 【评论】 [相 T对 a指 bl数 e表 _现 Pi cQuote] 2.28%  本次华为开发者大会推出的HarmonyOS NEXT鸿蒙星河版系统底座全 -6.57% 线自研，去掉了传统Linux内核、AOSP（安卓开放源代码项目）等代 -15.42% 码，仅支持鸿蒙内核和鸿蒙系统的应用，因此被称为“纯血鸿 ...

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 究 多地车路云项目落地进行中 挖掘价值 投资成长 / 信 [Table_Rank] 息 技 强于大市 （维持） 术 2024 年 06 月 20 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 联系人：向心韵 报  2024年6月14日，湖北省投资项目在线审批监管平台最新显示，武 告 电话：021-23586478 汉“车路云”一体化重大示范项目已获市发改委批准，备案金额为170 亿。备案内容显示，本项目旨在建设全市统一的智能网联汽车服务平 [相 T对 a指 bl数 e表 _现 Pi cQuote] 台、1.5 万个智慧泊位、5.578km 智慧道路（经开区）改造，16 万方 智能网联汽车产业研发基地（东湖高新区）、车规级芯片产业园、无 2.28% -6.57% 人驾驶产业园。推动城市级智慧道路覆盖率及车载终端装配率的显著 -15.42% 提升。 -24.27%6/20 8/20 10/20 12/20 2/ ...

[ 电Ta 子bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 究 面板价格高位企稳，旺季备货需求开启 挖掘价值 投资成长 / 电 [Table_Rank] 子 设 强于大市 （维持） 备 2024 年 06 月 20 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：周旭辉 券 [Table_Summary] 研 【事项】 证书编号：S1160521050001 究 联系人：袁泽生 报  6月手机和平板面板价格稳定。根据群智咨询数据，2024年6月，a-Si 告 电话：021-23586475 LCD 面板需求因市场促销和旺季备货而小幅反弹，供应相对紧张导致 cell低价部分价格波动，模组价格因新项目量产而持续下降。LTPS LCD [相 T对 a指 bl数 e表 _现 Pi cQuote] 面板处于弱需求，价格下调。刚性OLED面板价格稳定，而FOLED面 板需求放缓，价格将经历稳定期。平板面板需求因新机型发布而回暖， 2.28% -4.75% 价格保持稳定，得益于供应多样性和品牌成本控制 -11.78%  6月IT与TV面板价格小幅上涨。6月份，（1）Monito ...

行 业 研 究 / 汽 车 行 业/ 证 券 研 究 报 告 [Table_Title] 汽车行业动态点评 武汉"车路云一体化"项目将开工， 智能网联汽车加速发展 2024 年 06 月 20 日 [Table_Summary] 【事项】 近日，湖北省投资项目在线审批监管平台披露，武汉市智能网联新能 源汽车"车路云"一体化重大示范项目已获武汉市发改委批准，备案 金额约 170 亿元，拟于 6 月开工。 【评论】 武汉"车路云一体化"项目获批将开工，推荐车路协同发展。湖北省 投资项目在线审批监管平台 6 月 14 日披露，武汉市智能网联新能源 汽车"车路云"一体化重大示范项目已获武汉市发改委批准，备案金 额约 170 亿元，拟于 6 月开工。项目单位为国有企业武汉车网智联测 试运营管理有限公司。本项目将建设全市统一的智能网联汽车服务平 台、1.5 万个智慧泊位、5.578km 智慧道路（经开区）改造，16 万方 智能网联汽车产业研发基地（东湖高新区）、车规级芯片产业园、无 人驾驶产业园，推动城市级智慧道路覆盖率及车载终端装配率的显著 提升。 政策端发力，智能网联汽车车路云一体化项目加速落地。2024 年 1 月 ...

] y r t s u d n I _ e l b a T [ [ 盐Ta 湖bl 股e_ 份T （itl 0e 0] 0 792）2024年一季报点评 公 司 钾肥销量短期承压，锂盐产能稳步扩张 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 基 （维持） 础 化 2024 年 06 月 20 日 工 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：周旭辉 研 究 证书编号：S1160521050001 报 证券分析师：程文祥 告  公司2024Q1收入和利润大幅回落，现金流表现优异。2024Q1公司实 证书编号：S1160522090002 现营业收入27.2亿元，同比下降42.1%，环比下降52.9%；实现归母 联系人：程文祥 净利润 9.3 亿元，同比下降 58.0%，环比下降 59.6%；实现扣非后归 电话：021-23586475 母净利润8.8亿元，同比下降60.4%，环比下降72.8%。2024Q1公司 [相T对ab指le数_P表ic现Qu ote] 实现毛利率48.7%，同比回落23.5个百分点，环比回 ...

Investment Rating - The investment rating for the company is "Buy" [6][8]. Core Views - The company has demonstrated steady revenue growth, achieving an operating income of 4.013 billion yuan in 2023, a year-on-year increase of 24.12%, and a net profit attributable to shareholders of 666 million yuan, up 29.60% year-on-year [3]. - The growth momentum continues into 2024, with Q1 revenue reaching 978 million yuan, a 5.09% increase year-on-year, and a net profit of 156 million yuan, up 3.75% year-on-year [3]. - The company's expansion strategy is progressing steadily, with a focus on both organic growth and acquisitions, including the acquisition of 100% equity in Xiamen Huaxia Juxin No.1 Investment Consulting Co., Ltd. [3]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 40.13 billion yuan, with a net profit of 6.66 billion yuan and a non-recurring net profit of 6.62 billion yuan, reflecting growth rates of 24.12%, 29.60%, and 22.37% respectively [3]. - The first quarter of 2024 showed a revenue of 9.78 billion yuan and a net profit of 1.56 billion yuan, indicating continued growth [3]. - The overall gross margin slightly improved to 49.03% in 2023, with the main business gross margin at 49.04%, a minor increase of 0.88% from 2022 [3]. Business Segments - All business segments showed growth, with the cataract business experiencing the most significant increase, achieving revenue of 9.87 billion yuan, a year-on-year growth of 31.38% [3]. - The refractive project revenue reached 1.207 billion yuan, up 12.43%, while the optical project revenue was 1.017 billion yuan, growing by 14.94% [3]. - The company has established 60 optical centers by the end of 2023, with plans to increase this number significantly in the coming years [3]. Future Projections - The company expects revenues of 47.32 billion yuan, 56.74 billion yuan, and 68.76 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 7.07 billion yuan, 8.67 billion yuan, and 11.53 billion yuan [8][9]. - The earnings per share (EPS) are forecasted to be 0.84 yuan, 1.03 yuan, and 1.37 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 28.00, 22.85, and 17.17 [8][9].

Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [7][11]. Core Views - The company has secured a global project for temperature sensor harnesses with a total lifecycle value of 180 million RMB, with mass production expected in Q2 2026 [2]. - In 2023, the company achieved revenue of 5.897 billion RMB, a year-on-year increase of 23%, and a net profit attributable to shareholders of 379 million RMB, up 77% year-on-year [3]. - The company is expected to see revenue growth driven by new projects and cost reduction measures, with projected revenues of 7.413 billion RMB, 9.460 billion RMB, and 10.892 billion RMB for 2024, 2025, and 2026 respectively [7]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.897 billion RMB, with a year-on-year growth of 23%. The net profit attributable to shareholders was 379 million RMB, reflecting a 77% increase year-on-year. The first quarter of 2024 saw revenue of 1.483 billion RMB, a 25% increase year-on-year, but a net profit decrease of 27% [3][14]. - The company’s traditional businesses, including TPMS and automotive metal fittings, saw revenue increases of 29% and 6% respectively, while new businesses like air suspension and sensors grew by 175% and 45% [3]. Business Development - The company has gained 13 new project approvals since 2024, with a total lifecycle value exceeding 6.77 billion RMB. The air suspension products account for 54.6 billion RMB of this total, while sensors contribute 730 million RMB [10]. - The company aims to enhance its core component self-manufacturing rate and reduce costs through upstream initiatives, which is expected to drive revenue and profit growth [3]. Profitability Outlook - The company’s gross margin for 2023 was 27.40%, a slight decrease of 0.6 percentage points year-on-year, while the net margin improved by 1.71 percentage points to 6.47% [23]. - The first quarter of 2024 showed a gross margin of 29.45%, reflecting a year-on-year increase, but the net margin decreased to 4.60% due to rising costs [23]. Future Projections - The company is projected to achieve revenues of 7.413 billion RMB in 2024, 9.460 billion RMB in 2025, and 10.892 billion RMB in 2026, with corresponding net profits of 448 million RMB, 597 million RMB, and 694 million RMB [14][7].