Investment Rating - The report maintains a rating of "Accumulate" for the company [12]. Core Insights - The company has a significant advantage in the "One Card" positioning, with data services continuing to break through. In 2023, the revenue from the "One Card" and AIoT application business was 577 million yuan, a year-on-year decline of 17.42%, accounting for 68.44% of total revenue. The human resources operation and big data service business achieved revenue of 238 million yuan, a year-on-year increase of 44.15%, representing 28.26% of total revenue. Traditional social security card and reading device business saw revenue drop to 28 million yuan, down 33.68% year-on-year, making up 3.30% of total revenue [2][10]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 843 million yuan, a year-on-year decline of 6.94%, and a net profit attributable to shareholders of 73 million yuan, down 35.72%. The net profit for the year was 84 million yuan, a decrease of 31.53%. The operating cash flow was 185 million yuan, an increase of 144.71% year-on-year. In Q4 2023, the company reported operating revenue of 291 million yuan, a slight decline of 0.24%, and a net profit attributable to shareholders of 22 million yuan, down 57.01% year-on-year [10][11]. Revenue Forecast - The company is expected to achieve revenues of 1.03 billion yuan, 1.20 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is projected to be 93 million yuan, 117 million yuan, and 146 million yuan for the same years [15][16]. R&D Investment - In 2023, the company invested 84 million yuan in R&D, a year-on-year increase of 0.47%, accounting for 9.98% of revenue. Despite the decline in revenue, the company continues to increase investment in data services and AI products [11][15].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative performance of 5% to 15% above the benchmark index [7]. Core Insights - The company has shown significant growth in the first quarter of 2024, with a revenue increase of 159.33% year-on-year, reaching 1.07 billion yuan, and a net profit increase of 248.01%, amounting to 425 million yuan [3][8]. - The film market is experiencing a strong recovery, with the company participating in several successful film projects, contributing to a total box office of approximately 2.466 billion yuan in the first quarter of 2024 [2]. - The company has a robust pipeline of upcoming films and series, which is expected to support future revenue growth [2][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.546 billion yuan, a year-on-year increase of 104.74%, and a net profit of 418 million yuan, up 158.62% [2][9]. - The gross margin improved to 39.89%, an increase of 20.79 percentage points year-on-year, while the net margin reached 27.13%, marking a return to profitability [2][12]. Revenue Breakdown - The film and related derivative business generated 1.286 billion yuan in revenue, a year-on-year growth of 116.81% [2]. - The company has signed contracts with 25 artist groups, leading to a revenue of 260 million yuan from its agency and other businesses, reflecting a growth of 60.86% [2]. Future Projections - The company forecasts revenues of 2.871 billion yuan, 3.101 billion yuan, and 3.348 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 1.037 billion yuan, 1.174 billion yuan, and 1.329 billion yuan for the same years [8][9]. - The expected earnings per share (EPS) are projected to be 0.35 yuan, 0.40 yuan, and 0.45 yuan for 2024, 2025, and 2026, respectively [8].

]yrtsudnI_elbaT[ 2023年业绩承压，释放数字经济新动能 公 司 研 究 / 文 化 传 媒/ 证 券 研 究 报 告 [【投资要点】 Table_Summary] | --- | --- | |---------------------------------------|-----------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 2708.46 | | 流通市值（百万元 ) | 2536.59 | | 52 周最高/最低（元） | 7.64/3.15 | | 52 周最高/最低（PE） | 114.98/-1133.35 | | 52 周最高 /最低（PB） | 5.01/2.88 | | 52 周涨幅（%） | -44.16 | | | | | 52 周换手率（%） | 597.52 | | [Table_Report 相关研究 ] | | | 《短期业绩承压，探索数字政务新模 式》 | | | | 2024.02.01 | | 《政策利好频出，数字人民币业务蓄 | | | 势待发》 | | | | 2023. ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 15% relative to the market index [11]. Core Insights - The company has demonstrated strong performance in Q1 2024, with revenue growth of 41.36% year-on-year and a significant increase in net profit by 146.93% [10]. - The company is focusing on a "full-chain" platform strategy, enhancing its competitive edge in the market, particularly in the data center cooling and energy storage sectors [6][10]. - Revenue forecasts for 2024-2026 indicate a robust growth trajectory, with expected revenues of 46.24 billion, 60.85 billion, and 75.33 billion yuan, representing year-on-year growth rates of 31.04%, 31.60%, and 23.79% respectively [7][16]. Financial Summary - For 2023, the company reported total revenue of 35.29 billion yuan, a year-on-year increase of 20.72%, and a net profit of 3.44 billion yuan, up 22.74% [10]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.89, 1.17, and 1.53 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 34, 26, and 20 [7][16]. - The company’s EBITDA is expected to grow from 549.66 million yuan in 2023 to 1,110.78 million yuan by 2026, reflecting a strong operational performance [16].

Investment Rating - The report maintains a rating of "Accumulate" for the company [15]. Core Views - The company is expected to recover its performance with a multi-point layout in new energy and new materials, despite a significant decline in revenue and net profit in 2023 [5][18]. - The company has a strong focus on technological upgrades and capacity expansion in its solar cell production, aiming to enhance competitiveness in the market [5]. - The report highlights the growth potential in the photovoltaic power generation sector, with a notable increase in revenue from solar power generation and related products [5]. Financial Summary - The company reported a revenue of 98.84 billion yuan in 2023, a decrease of 12.10% year-on-year, and a net profit attributable to the parent company of 0.46 billion yuan, down 90.46% year-on-year [5][9]. - For 2024, the expected revenue is 114.72 billion yuan, representing a growth of 16.06%, with a projected net profit of 2.16 billion yuan [9][18]. - The company’s EBITDA is forecasted to increase from 706.89 million yuan in 2023 to 807.55 million yuan in 2024 [9][18]. Product Performance - The revenue breakdown shows that battery cells account for 60% of total revenue, with significant growth in photovoltaic power generation and frame products [5]. - The company plans to invest in N-type monocrystalline TOPCon solar cell technology to enhance production efficiency and capacity [5]. Market Position - The company holds a 1.83% market share in China's crystalline silicon battery production, with a total production capacity of 10GW as of the end of 2023 [5]. - The photovoltaic power station business is expanding, with a total installed capacity of 227.62MWP and a significant increase in power generation [5]. Future Outlook - The report anticipates a recovery in profitability from 2024 onwards, with net profit projections of 2.16 billion yuan in 2024, 3.18 billion yuan in 2025, and 4.18 billion yuan in 2026 [9][18]. - The company is also exploring opportunities in the all-vanadium flow battery storage technology, which is expected to see significant growth in the coming years [8].

[Table_Title] 兴业科技（002674）2023年报&一季报点评 2024 年 04 月 25 日 开拓海外市场，探索多元化业务结构发展。2023 年，在行业景气度趋 冷的情况下，受益于休闲鞋、运动鞋等新品类使用量提升，以及海外 需求向好，公司鞋包带用皮革业务整体营业收入同比增长 19.59%至 18.66 亿元。报告期内，公司持续积极开拓海外市场，服务 VF 集团（威 富集团）、COLEHAAN（歌涵）等海外品牌，后续随着印尼工厂扩建完 成，产能进一步释放，有望贡献业绩增量。此外，公司还积极探索电 子包覆用皮革、家具用皮革等新品类，优化业务结构，2023 年销量和 收入均实现增长。子公司宝泰皮革从事的二层皮胶原产品原料业务也 实现高速增长，2023 年实现营业收入 1.35 亿元，同比大幅增长 165.52%。多元的业务结构有助于公司抗风险能力提升，助力业绩稳 健增长。 2023 年，公司实现营业收入 27.00 亿元，同比增长 35.81%；实现归 母净利润 1.86 亿元，同比增长 23.74%；实现扣非归母净利润 1.80 亿 元，同比增长 36.86%。 | --- | --- | |- ...

]yrtsudnI_elbaT[ 公 司 研 究 / 基 础 化 工/ 证 券 研 究 报 告 [Table_Title] 水羊股份（300740）2023年报&一季报点评 伊菲丹抖音翻倍增长，"自有+代理"双业务共进。伊菲丹：已打造出 超级面膜、精华防晒、精粹水及超级 CP 等核心 SKU，23 年通过品牌 艺术沙龙会、明星代言、南法溯源等推动高端人群进一步渗透，23 年 于杭州武林银泰华丽开启中国区首家专柜，新产品线孵化包括臻金系 列、樱花系列等。据青眼数据，23 年抖音 GMV 超 4.13 亿元（+108%）， 天猫 GMV 超 1.72 亿元（+61%），24Q1 抖音延续高增态势（+84%），电 商平台 GMV 已超过御泥坊。御泥坊：23Q3 聚焦整体升级，完成心智矫 正及产品体系迭代。23 年渠道仍以天猫为主，京东同比+57%。大水滴： 23 年抖音 GMV 达 1.57 亿元（+107%），京东 GMV 同增超 3 倍。代理品 牌：继续强化"1+5+N"层次结构，强生分拆 Kenvue 及团队费用调整 影响部分收入，美斯蒂克等 CP 品牌 23 年表现强劲。 抖音贡献占比提至 25%，线下渠道 ...

] y r t s u d n I _ e l b a T [ [ 闻Ta 泰bl 科e_ 技T （itl 6e 0] 0 745）2023年报&一季报点评 公 23年多双“靴子”落地，阶段性推进ODM 司 研 业务领域扩展 挖掘价值 投资成长 究 / [Table_Rank] 买入 电 （维持） 子 设 2024 年 04 月 25 日 备 / 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 联系人：袁泽生 告  2024年4月23日，闻泰科技公告2023年报和2024年一季报。2023 年公司实现营业收入612.13亿元，同比增长5.40%；实现归母净利润 电话：021-23586475 11.81亿元，同比下降19.08%，其中受专用资产减值影响减少归母净 [相T对ab指le数_P表ic现Qu ote] 利润5.00亿元。2023年四季度，公司实现营收168.01亿元，同比增 2.01% 长 5.05%，环比增长 10.49%；实现归母净利润-9.18 亿元，同比下降 -7. ...

[Table_Title] 策略专题 2024 年 04 月 25 日 在季度区间的时长内，通过量价类信息，和分析师盈利预期的信 息，构建两大类因子，分别寻找每个因子的优化参数。最后将两大 类因子联合使用，构建多因子模型。回测结果表明，该多因子模型 能够较为有效的预测每个自然季度内的各个行业间的走势强弱。在 44 个季度的回测期当中，该模型的年化超额回报达到 9.90%，季度 胜率达到 72.73%，平均 IC 值为 0.1758，IC 为正的季度占比为 77.27%。 调仓时点不同，对于季度区间的行业轮动模型的表现有一定影响， 当调仓时点位于 1、4、7、10 这四个月的月初时，季度行业轮动模 型的表现相对较好。当调仓时点位于其它时点时，轮动模型的表现 有所下滑，但总体仍然有效。 测试结果基于有限的历史数据和量化模型，模型可能存在过拟合风 险，不能保证对样本外的数据做出有效判断。 电话：021-23586470 ]yrtsudnI_elbaT[ 季度区间内的行业配置方法探索 [Table_Summary] 【核心观点】 季度区间下的多因子模型，不但能够用来做优选行业组合的配置， 还可以用于排除预期表现较差的 ...

Investment Rating - The report maintains a "Hold" rating for the company [8][15]. Core Insights - The company achieved a revenue of 1.176 billion yuan in 2023, representing a year-on-year growth of 20.63%. The net profit attributable to shareholders was 170 million yuan, up 36.3% year-on-year [1]. - The smart manufacturing segment saw a revenue of 850 million yuan, growing by 20.92%, while the rehabilitation medical segment generated 325 million yuan, with a growth of 19.89% [1]. - The company is focusing on the application of brain-computer interfaces in rehabilitation, aiming to shift from passive to active recovery [1]. - R&D expenses increased to 73.5 million yuan, a growth of 15.46%, with a R&D expense ratio of 6.25% [1]. - The company’s management expense ratio decreased to 7.31%, and the sales expense ratio fell to 9.5%, indicating improved profitability [1]. Summary by Sections Performance Overview - In 2023, the company reported total revenue of 1.176 billion yuan, a 20.63% increase year-on-year. The net profit attributable to shareholders was 170 million yuan, reflecting a 36.3% increase [1]. - For Q4 2023, revenue was 247 million yuan, down 11.56% year-on-year, and net profit was 42 million yuan, down 14.39% [1]. Smart Manufacturing - The smart manufacturing segment generated 850 million yuan in revenue, a 20.92% increase, with a net profit of 85 million yuan, up 42.92% [1]. - The company is expanding its capabilities in synthetic biology and green manufacturing, contributing to growth in non-pharmaceutical sectors [1]. Rehabilitation Medical - The rehabilitation medical segment achieved 325 million yuan in revenue, a 19.89% increase, with a net profit of 85 million yuan, up 30.30% [1]. - The company collaborates with multiple educational institutions to explore brain-computer interface applications in rehabilitation [1]. R&D Investment - R&D expenses reached 73.5 million yuan, a 15.46% increase, with a R&D expense ratio of 6.25% [1]. - The company has obtained 10 new medical device registrations in 2023, bringing the total to 94 [1]. Cost and Profitability - The management expense ratio decreased to 7.31%, and the sales expense ratio fell to 9.5% [1]. - The gross profit margin improved to 42.93%, and the net profit margin increased to 14.27% [1].