Investment Rating - The report assigns an "Accumulate" rating for the company [4]. Core Views - The company, a leader in the nylon industry, has demonstrated resilience through vertical integration and the introduction of new products, enhancing its competitive edge. The forecast for 2024 indicates a revenue of 143 billion yuan, reflecting a growth rate exceeding 10% [5]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 12.919 billion yuan, a year-on-year decrease of 11.34%, and a net profit attributable to shareholders of 123 million yuan, down 69.06% year-on-year. In Q4 2023, revenue was 3.488 billion yuan, up 11.55% year-on-year but down 7.30% quarter-on-quarter, with a net profit of 53 million yuan, up 160.44% year-on-year but down 49.63% quarter-on-quarter [1]. Product Sales and Pricing - The sales volume of various products showed mixed results, with nylon 66 industrial yarn and nylon 66 chips seeing increases of 2.05% and 28.22% respectively. However, due to price declines, revenues for most products decreased significantly, with nylon 66 tire fabric revenue dropping by 27.07% [1]. Cost Structure - The company’s expense ratios for sales, management, finance, and R&D were 0.72%, 3.98%, 2.40%, and 3.24% respectively, with changes of +0.14, -0.23, +0.41, and +0.45 percentage points year-on-year [1]. Growth Strategy - The company is focusing on vertical integration and new product development, with plans to produce 61,000 tons of nylon 66 industrial yarn and 199,000 tons of nylon 66 chips in 2024, indicating a strong growth trajectory [1]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 143.29 billion yuan, 157.50 billion yuan, and 176.91 billion yuan respectively, with year-on-year growth rates of 10.91%, 9.92%, and 12.33%. Net profit is expected to rise significantly, with projections of 3.86 billion yuan, 5.37 billion yuan, and 7.59 billion yuan for the same years [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7][11]. Core Insights - The company has demonstrated strong long-term operational capabilities, with its gaming business achieving a revenue of 4.497 billion yuan, reflecting a year-on-year growth of 26.51%. The company plans to launch two new games in overseas markets in H2 2024, which are expected to contribute to revenue growth [2][7]. - The software and information technology services segment has also shown continuous growth, with revenue reaching 1.465 billion yuan, a year-on-year increase of 17.08%. The company has been actively developing its digital technology base, evidenced by the filing of 90 patents and the authorization of 92 patents during the reporting period [2][7]. - The company reported a total revenue of 5.962 billion yuan for 2023, marking a year-on-year increase of 24.06%, and a net profit attributable to shareholders of 888 million yuan, up 63.84% year-on-year [2][7]. Financial Performance Summary - Revenue for 2023: 5.962 billion yuan, with a growth rate of 24.06% [8]. - Net profit for 2023: 888 million yuan, with a growth rate of 63.84% [8]. - Q4 2023 revenue: 1.911 billion yuan, with a year-on-year growth of 21.67% [2]. - Q4 2023 net profit: 324 million yuan, with a year-on-year growth of 104.55% [2]. - Forecasted revenue for 2024-2026: 7.064 billion yuan (2024), 8.074 billion yuan (2025), and 8.992 billion yuan (2026) [7][8]. - Forecasted net profit for 2024-2026: 1.048 billion yuan (2024), 1.216 billion yuan (2025), and 1.355 billion yuan (2026) [7][8].

]yrtsudnI_elbaT[ 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 挖掘价值 投资成长 【投资建议】 资料来源：Choice，东方财富证券研究所 行业政策风险； 药品降价风险； 安全环保风险； 并购整合风险； 产品质量风险； 新药品开发风险； 制造工业稳步增长，加大投入储备新药 2024 年 04 月 23 日 [Table_Title] 方盛制药（603998）2023年报&一季报点评 [【投资要点】 Table_Summary] 制造工业稳步增长扣非归母净利润上升。2023 年公司实现营业收入 16.28 亿元，同比-9.12%；归母净利润 1.86 亿元，同比-34.64%；扣 非归母净利润 1.33 亿元，同比+25.35%。公司营收、归母净利润同比 均出现一定程度下降，前者主要是佰骏医疗不再并表、部分重点品种 进入国家集采降价所致；后者主要是因为上年确认了佰骏医疗股权转 让的投资收益，而 2023 年无该部分收益。公司扣非归母净利润上升 是由于制药工业稳步增长。公司聚焦主业，"338 大产品打造计划"中 大部分品种均呈现稳健增长态势。2024Q1，公司实现营收 4.38 ...

Investment Rating - The report maintains a "Buy" rating for Hikvision (002415) [3][5] Core Views - Hikvision demonstrated resilient performance in 2023 with revenue reaching 89340 billion yuan, up 7.42% YoY, and net profit attributable to parent company reaching 14108 billion yuan, up 9.89% YoY [2] - The company's gross margin improved to 44.44% in 2023, up 2.15 percentage points, driven by supply chain scale advantages and cost reduction through technological innovation [2] - In Q4 2023, revenue grew 19.71% YoY to 28065 billion yuan, with net profit attributable to parent company surging 31.51% YoY to 5256 billion yuan [2] - For Q1 2024, revenue increased 9.98% YoY to 17818 billion yuan, while net profit attributable to parent company rose 5.78% YoY to 1916 billion yuan [2] Business Segment Analysis - EBG (Enterprise Business Group) revenue grew 8.12% YoY to 17845 billion yuan in 2023, driven by growth in industries like industrial and commercial enterprises, energy and metallurgy, education, and financial services [3] - Overseas business revenue increased 8.83% YoY to 23977 billion yuan in 2023, showing strong resilience with accelerating growth [3] - Innovation business revenue surged 23.11% YoY to 18553 billion yuan in 2023, with competitive advantages emerging across various scenarios [3] - PBG (Public Business Group) revenue declined 4.84% YoY to 15354 billion yuan in 2023 due to reduced government investment, though transportation and traffic police sectors still achieved growth [3] Strategic Development - Hikvision is deepening its AIoT (Artificial Intelligence of Things) layout, leveraging AI to enhance perception technology and build a comprehensive AIoT technology system [3] - The company is transitioning towards becoming an OT (Operational Technology) provider, benefiting from enterprise digital transformation trends [5] - Scenario-based digital business is emerging as the company's second growth curve [3] Financial Projections - Revenue is projected to grow to 99291 billion yuan in 2024, 112524 billion yuan in 2025, and 128139 billion yuan in 2026 [5][6] - Net profit attributable to parent company is expected to reach 16549 billion yuan in 2024, 19378 billion yuan in 2025, and 22391 billion yuan in 2026 [5][6] - EPS is forecasted to be 1.77 yuan in 2024, 2.08 yuan in 2025, and 2.40 yuan in 2026 [5][6] Valuation Metrics - The company's P/E ratio is projected at 18.5x for 2024, 15.8x for 2025, and 13.7x for 2026 [5][6] - P/B ratio is expected to be 3.29x in 2024, 2.91x in 2025, and 2.57x in 2026 [6] - EV/EBITDA is forecasted at 12.52x in 2024, 10.66x in 2025, and 8.95x in 2026 [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][5]. Core Insights - The company achieved a revenue of 48.784 billion yuan in 2023, representing a year-on-year growth of 34.38%, and a net profit attributable to shareholders of 4.050 billion yuan, up 15.42% year-on-year [2]. - The consumer battery segment remains a market leader, with revenue of 8.362 billion yuan in 2023, slightly down by 1.78% year-on-year, and a gross margin of 23.73% [2]. - The energy storage business saw significant growth, with power battery shipments of 28.08 GWh, ranking fifth in China, and energy storage battery shipments of 26.29 GWh, ranking third globally [2]. - The company invested 2.871 billion yuan in R&D in 2023, a 26.97% increase year-on-year, focusing on new technologies such as lithium metal secondary batteries and sodium batteries [2]. Financial Performance Summary - Revenue for 2023 was 48.784 billion yuan, with a growth rate of 34.38% [6]. - The net profit attributable to shareholders for 2023 was 4.050 billion yuan, with a growth rate of 15.42% [6]. - The company forecasts revenues of 59.118 billion yuan, 73.202 billion yuan, and 91.619 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 21.18%, 23.83%, and 25.16% [5][6]. - The projected net profit for 2024, 2025, and 2026 is 5.021 billion yuan, 5.980 billion yuan, and 7.365 billion yuan, with growth rates of 23.98%, 19.09%, and 23.16% [5][6]. Market Position and Competitive Advantage - The company is the leading supplier of lithium primary batteries in China, maintaining its position for eight consecutive years [2]. - The company has established effective partnerships with major clients in the small lithium-ion battery sector, enhancing its market presence [2]. - The launch of new products, such as the 21700 series batteries, has strengthened the company's competitive edge in the two-wheeler market [2].

图表 19：住宅开发投资完成额加速下行 图表 20：商品房去化周期刷新历史高点 12 基数走高和物价水平回落，社零增速边际降低。2024 年 3 月社会消费品 零售总额同比增长 3.1%，较 1-2 月低 2.4 个百分点；边际变化看，2024 年 3 月份社零环比增长 0.26%，较 2 月份提高 0.25 个百分点，但环比增速仍处于 历史较低水平，反映当前消费复苏偏温和。 3. 全球财经大事概览 敬请阅读本报告正文后各项声明 预期 0.5%，前值 0.3%；除汽车和天然气外零售销售环比增加 1%，预期 0.3%， 前值 0.5%。13 个类别中有 8 个类别出现增长，其中电子商务居首。随着当月 油价上涨，加油站的收入增加，而汽车销量下降。其中杂货店的收入增幅为 去年八月以来最大。 美国雇主在 3 月份再次交出了一份强劲的报告，他们的工资单上增加了 303,000 名员工，尽管利率高企，经济有望能在物价上涨的情况下继续发展， 而不至于陷入衰退。上个月的就业增长高于 2 月份修正后的 27 万个就业岗位， 远远超过了经济学家预测的 20 万个就业岗位，凸显了经济抵御美联储加息带 来的高借贷成本压力的能力。随着 ...

[Table_Title] 策略快报 2024 年 04 月 22 日 根据 2024 年 4 月 17 日美国驻华大使馆官网披露：贸易代表在对五个 全国性工会向美国贸易代表办公室（USTR）提交的请愿书进行审查后， 将针对中华人民共和国（PRC）在海运、物流和造船行业寻求支配地 位的行为、政策和做法启动调查。2024 年 3 月 12 日，美国五个全国 性工会提交了一份请愿书，要求针对中国在海运、物流和造船行业寻 求支配地位的行为、政策和做法进行调查。 【评论】 能快速改变全球行业现状：中国造船业三大指标连续 14 年位居世界第一 2023 年我国造船完工量 4232 万载重吨，同比增长 11.8%；新承接订单量 7120 万载重吨，同比增长 56.4%；截至 2023 年底，手持订单量 13939 万 载重吨，同比增长 32.0%，三大指标占国际市场份额分别是 50.2%、66.6% 和 55.0%。中国建造的总吨位与美国建造的总吨位之比增加了两倍多，从 2014 年的 108 比 1 增加到 2022 年的 356 比 1，当前市场格局是较难快速 扭转的。 实际来看美国造船业提出的 301 条款指控反映 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][12]. Core Insights - The company achieved a record high revenue of 11.018 billion yuan in 2023, representing a year-on-year growth of 29.93%. The net profit attributable to shareholders reached 612 million yuan, up 59.71% year-on-year [1]. - The passenger vehicle segment generated 5.428 billion yuan in revenue, surpassing the commercial vehicle segment for the first time, with a growth rate of 51% [1]. - The digital energy business also showed strong performance with a revenue of 696 million yuan, reflecting a 37% year-on-year increase [1]. - The company has successfully expanded its international customer base, securing 223 projects with an estimated annual sales revenue of over 6.106 billion yuan [9]. - The company is positioned to become a Tier 1 player in the global new energy thermal management industry, with a focus on digital and energy thermal management as a third growth curve [4]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 13.269 billion, 15.566 billion, and 17.761 billion yuan, respectively, with corresponding net profits of 806 million, 1.003 billion, and 1.248 billion yuan [4][14]. - The earnings per share (EPS) are expected to increase from 0.98 in 2024 to 1.52 in 2026, with price-to-earnings (P/E) ratios decreasing from 18 to 12 over the same period [4][14]. - The gross margin for 2023 was reported at 21.57%, with a net margin of 6.36%, showing improvements from the previous year [10].

] y r t s u d n I _ e l b a T [ [ 珀Ta 莱bl 雅e_ （Ti 6t 0l 3e 6] 0 5）2023年报&一季报点评 公 业绩增长略超预期，持续关注强品牌势 司 研 能标的 挖掘价值 投资成长 究 / [Table_Rank] 买入 基 （维持） 础 化 2024 年 04 月 22 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：高博文 研 究 证书编号：S1160521080001 报 证券分析师：陈子怡 告  公司发布 2023&24Q1 业绩，净利润增速略超预期。公司 2023 年实现 证书编号：S1160522070002 收入89.05亿元（+39.5%），归母净利11.94亿元（+46.1%），扣非后 联系人：班红敏 11.74亿元（+48.9%）；单季度看，Q4实现收入36.56 亿（+50.9%）； 电话：021-23586475 归母净利4.48亿（+39.1%）。24Q1公司实现收入21.82亿（+34.6%）， [相T对ab指le数_P表ic现Qu ote] 归母净 ...

公 司 研 究 / 传 媒 互 联 网/ 证 券 研 究 报 告 [Table_Title] 德马科技（688360）2023年报点评 2024 年 04 月 22 日 跨境电商带动新需求。公司在电商、快递、消费等领域经验更丰富， 核心用户包括 SHEIN、京东、亚马逊、e-bay、LAZADA 等标杆企业。 近年来国内跨境电商平台发展迅速，海外智能物流需求激增。以 SHEIN、Temu、Tiktok 为代表的跨境电商平台加速扩张，海外仓储可 以降低成本、提高时效性，成为其未来重要规划。公司有望受益于跨 境电商投入加大，带动系统业务收入提升。 坚持全球化战略。分地区看，公司国内、海外分别实现收入 10.75/3.04 亿元，营收占比分别为 77.7%/21.9%，毛利率分别为 21.4%/29.1%。 公司拥有十余年海外业务经验，目前已经形成了"中央工厂+全球区 域工厂+本地合作组装工厂"的创新布局，拥有覆盖全球各大洲的销 售服务网络和海外客户基础。海外业务享有较高毛利率，随海外业务 占比提升，有利于带动公司整体盈利能力。 公司发布 2023 年报。2023 年公司实现营业收入 13.84 亿元，归母净 利润 ...