敬请阅读本报告正文后各项声明 29 [Table_yemei] 易点云（02416.HK）深度研究 东方财富证券股份有限公司（以下简称"本公司"）具有中国证监会核准的证券投资咨询业务资格 分析师申明： 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来 自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和 公正，结论不受任何第三方的授意或影响，特此声明。 投资建议的评级标准： 报告中投资建议所涉及的评级分为股票评级和行业评级（另有说明的除外）。评级标准为报告发布日后3到12 个月内的相对市场表现，也即：以报告发布日后的3到12个月内的公司股价（或行业指数）相对同期相关证 券市场代表性指数的涨跌幅作为基准。其中：A股市场以沪深300指数为基准；新三板市场以三板成指（针对 协议转让标的）或三板做市指数（针对做市转让标的）为基准；香港市场以恒生指数为基准；美国市场以标 普500指数为基准。 股票评级 买入：相对同期相关证券市场代表性指数涨幅15%以上； 增持：相对同期相关证券市场代表性指数涨幅介于5%～15%之间； 中性：相对同期 ...

] y r t s u d n I _ e l b a T [ [ 天Ta 孚bl 通e_ 信T （itl 3e 0] 0 394）动态点评 公 司 研 23年业绩快报高增长，致力于成为全球 究 领先的光器件企业 挖掘价值 投资成长 / 电 [Table_Rank] 子 增持 （维持） 设 备 2024 年 03 月 22 日 / 证 券 [东Ta方bl财e_富Au证th券or研] 究所 研 究 [【Tab事le_项Sum】ma ry] 证券分析师：邹杰 报 证书编号：S1160523010001 告  公司发布2023年业绩快报。2023年实现营收19.38亿，同比增长62%， 联系人：刘琦 归母净利润7.29亿，同比增长81%。这主要得益于公司前瞻布局和研 电话：021-23586475 [相Ta对b指le数_P表ic现Qu ote] 发投入的增加，公司2018至2022年研发投入年均复合增长率30.80%， 使得新产品快速满足客户需求，同时公司持续信息系统升级和自动化 271.46% 升级、江西生产基地降本增效，产能利用率明显提升。 213.31%  公司致力于成为全球领先的光器件企业。2018至2 ...

Investment Rating - Buy (首次覆盖) [2] Core Views - The company is expected to achieve revenue of 1.78/2.20/2.55 billion yuan in 2023-2025, with year-on-year growth of 16.30%/23.65%/16.00% [7] - Net profit attributable to the parent company is expected to be 0.65/1.24/1.74 billion yuan, with year-on-year growth of 116.27%/91.22%/40.37% [7] - The company's smart city business is stabilizing, and the profit side has a recovery expectation [7] - The smart energy sector is benefiting from the trend of grid intelligence, with strong performance in power generation and substation automation, and potential incremental contributions from power distribution and consumption [7] - The company is also expanding into electricity sales, which is expected to bring performance elasticity [7] Financial Performance - Total market capitalization: 3.87 billion yuan [2] - Circulating market capitalization: 3.83 billion yuan [2] - 52-week high/low stock price: 13.77/5.99 yuan [2] - 52-week high/low PE ratio: 175.50/42.83 [2] - 52-week high/low PB ratio: 4.39/2.11 [2] - 52-week stock price change: -24.98% [2] - 52-week turnover rate: 563.09% [2] - Revenue in 2022: 1.53 billion yuan, with a growth rate of -6.89% [3] - Revenue in 2023E: 1.78 billion yuan, with a growth rate of 16.30% [3] - Revenue in 2024E: 2.20 billion yuan, with a growth rate of 23.65% [3] - Revenue in 2025E: 2.55 billion yuan, with a growth rate of 16.00% [3] - EBITDA in 2022: 32.91 million yuan [3] - EBITDA in 2023E: 93.93 million yuan [3] - EBITDA in 2024E: 157.69 million yuan [3] - EBITDA in 2025E: 209.71 million yuan [3] - Net profit attributable to the parent company in 2022: 30.02 million yuan, with a growth rate of -79.29% [3] - Net profit attributable to the parent company in 2023E: 64.92 million yuan, with a growth rate of 116.27% [3] - Net profit attributable to the parent company in 2024E: 124.15 million yuan, with a growth rate of 91.22% [3] - Net profit attributable to the parent company in 2025E: 174.26 million yuan, with a growth rate of 40.37% [3] - EPS in 2022: 0.08 yuan/share [3] - EPS in 2023E: 0.16 yuan/share [3] - EPS in 2024E: 0.31 yuan/share [3] - EPS in 2025E: 0.43 yuan/share [3] - PE ratio in 2022: 153.99 [3] - PE ratio in 2023E: 56.85 [3] - PE ratio in 2024E: 29.73 [3] - PE ratio in 2025E: 21.18 [3] - PB ratio in 2022: 3.93 [3] - PB ratio in 2023E: 2.83 [3] - PB ratio in 2024E: 2.60 [3] - PB ratio in 2025E: 2.33 [3] - EV/EBITDA in 2022: 136.60 [3] - EV/EBITDA in 2023E: 34.31 [3] - EV/EBITDA in 2024E: 19.82 [3] - EV/EBITDA in 2025E: 14.06 [3] Business Segments Smart City - The smart city segment is divided into intelligent products and services, and IT-related products and services [9] - Revenue from the smart city segment has been declining due to the overall economic environment and market competition, but orders began to recover in the first half of 2023 [9] - The company's strategy for the smart city segment is to select high-quality projects to ensure reasonable profit margins while maintaining stable business scale [9] - Revenue from the smart city segment is expected to grow by 3% in 2024 and 2025 [9] - The gross margin for the smart city segment is expected to remain stable at the level of the first half of 2023 [9] Smart Energy - The smart energy segment is divided into power plant automation, substation automation, power distribution and consumption automation, and power design and integrated operation and maintenance [9] - In the power plant automation sector, the company is actively seizing opportunities in new energy and thermal power generation, with revenue expected to grow by 30% in 2024 and 20% in 2025 [9] - The gross margin for the power plant automation sector is expected to remain above 30% [9] - In the substation automation sector, the company is a major supplier to State Grid and China Southern Grid, with revenue expected to grow by 50% in 2024 and 20% in 2025 [9] - The gross margin for the substation automation sector is expected to be 32% in 2024 and 30% in 2025 [9] - In the power distribution and consumption automation sector, the company is benefiting from the trend of power distribution and consumption intelligence, with revenue expected to grow by 30% in 2024 and 25% in 2025 [9] - The gross margin for the power distribution and consumption automation sector is expected to be 34% in 2024 and 35% in 2025 [9] - In the power design and integrated operation and maintenance sector, the company is exploring opportunities in low-carbon parks, with revenue expected to grow by 55% in 2023, 30% in 2024, and 20% in 2025 [9] - The gross margin for the power design and integrated operation and maintenance sector is expected to remain at the level of the first half of 2023 [9] Industry Trends - The power grid investment is shifting towards power distribution and consumption, with a focus on high-quality development [12] - The construction of a new power system emphasizes smart grids, with investment in power distribution and consumption accounting for nearly half of the total investment [50] - The State Grid's investment in power distribution and consumption accounted for 57.4% of total investment in 2020, while China Southern Grid plans to invest 320 billion yuan in power distribution during the 14th Five-Year Plan period, accounting for 47.8% of total investment [50] - The power market is accelerating, with policies promoting virtual power plants and spot trading [12] Company History and Strategy - The company originated from Southeast University and has a clear equity structure [17] - The company's core subsidiaries include Nanjing Dongda Jinzhi, Jiangsu Dongda Jinzhi, and Shanghai Jinzhi Zuidong [19] - The company's smart energy segment has been growing steadily, with revenue accounting for 60.73% of total revenue in the first half of 2023 [20] - The company's strategy is to focus on smart city and smart energy businesses, with a strong emphasis on innovation and market opportunities [22]

T[ 2024 年 03 月 22 日 【风险提示】 | --- | --- | |---------------------------|-------| | | | | 证券分析师：曲一平 | | | 证书编号： S1160522060001 | | | 联系人：陈然 | | | 电话： 021-23586458 | | | 联系人：李嘉文 | | | 电话： 021-23586458 | | | [Table_Reports] 相关研究 | | 2017 【风险提示】 强监管政策力度不及预期风险 全球经济衰退风险 2017 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[ 信Ta 息bl 技e_ 术T 行itl 业e] 专 题研究 行 业 研 究 从“98房改”看数据要素价值释放 挖掘价值 投资成长 / 信 [Table_Rank] 息 强于大市 技 （维持） 术 2024 年 03 月 21 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 【投资要点】 证书编号：S1160522040001 究 联系人：向心韵 报  政策利好频出，数据要素市场建设加速。数据要素政策持续落地，政 告 电话：021-23586478 府层面，数据局、大数据中心、数据交易所等陆续设立，各地方也在 中央宏观战略指引下，加紧制定数据条例与行动方案，持续释放数据 [相 T对 a指 bl数 e表 _现 Pi cQuote] 要素红利，数据要素价值创造的新业态日益成为经济增长新动力。据 工信部数据显示，2025年，中国数据要素市场规模将突破2000亿元， 19.06% 8.91% 年均复合增长率超过25%。 -1.24% -11.39%  类比土地价值释放，激活数据要素价值。“数据”和“土地”同属五 -21.54% -31.70 ...

]yrtsudnI_elbaT[ [Table_Title] 宏观数据点评 2024 年 03 月 21 日 北京时间 2024 年 3 月 19 日，日本央行（BOJ）公布最新利率决议， 上调基准利率水平至 0-0.1%区间。 济温和复苏、薪资增幅创 30 年以来新高带动日本央行货币政策向正 日本通胀超预期风险 全球流动性超预期紧缩风险 [Table_Author] 东方财富证券研究所 | --- | |----------------------------------| | | | [Table_ 相关研究 Reports] | | 《投资"接棒"消费成为经济主 | | 要增量—— 1-2 月经济增长数据 | | 点评》 | | | | 《春节因素引发制造业 | | 波动—— 2 月 PMI 数据点评》 | | | | | | 《走出低通胀的政策路径》 | | | | 《双重使命平衡风险， | | 许尚早——美联储 1 | | 点评》 | | | | 《如期完成年度经济目标，投资 | | 或为后续发力点—— | | 长数据点评》 | 2017 以 8-1 多数投票通过继续购买日本国债，金额与之前大致相同 ...

资料来源：公司公告，弗若斯特沙利文，东方财富证券研究所 [Table_yemei] 易点云（02416.HK）深度研究 0 100 200 300 400 500 600 700 [Table_yemei] 易点云（02416.HK）深度研究 2.中小企业市场深耕多年，办公 IT 行业绝对零领跑 2.1.中国领先的办公 IT 综合解决方案供应商 公司是中国领先的办公 IT 综合解决方案供应商，以订阅方式为企业客户 （包括中小企业）提供一站式办公 IT 服务。我们提供的产品及服务包含： 1）IT 设备租赁。预安装有操作系统、选定软件（包括但不限于办公套件、 驱动程序、杀毒程序、即时通讯）及公司自主开发的办公 IT 管理工具（如打印 机自动配置程序）的 IT 设备（如台式机、笔记本电脑及显示器）； 2）托管 IT 服务。包括设备配置、设备/工程师部署、运维支持、性能优化、 数据迁移、备份及清除异己多种设备管理服务（如设备的下单、订阅管理、现 场检查及批量付运），以满足客户在使用设备的各个阶段的需求。在托管 IT 服 务模式下，公司负责运营安装有系统及软件的 IT 设备，客户无需管理其自身的 办公 IT，从而能更专 ...

] y r t s u d n I _ e l b a T [ [ 德Ta 业bl 股e_ 份T （itl 6e 0] 5 117）深度研究 公 司 研 储能微逆白马，高成长+高弹性可期 究 挖掘价值 投资成长 / [Table_Rank] 家 买入 （上调） 电 2024 年 03 月 20 日 / 证 目标价：147元 券 研 [东Ta方bl财e_富Au证th券or研] 究所 究 报 [【Tab投le_资Sum要ma点ry] 】 证券分析师：周旭辉 告 证书编号：S1160521050001  公司全面覆盖储能、组串、微型逆变器产品矩阵，是行业内少见的实 证券分析师：朱晋潇 现三类产品协同增长的逆变器企业。我们认为公司具备小家电基因， 证书编号：S1160522070001 [相Ta对b指le数_P表ic现Qu ote] 已然成长为储能微逆板块白马，当前时点仍具备高成长性和高弹性。 9.01%  高成长：差异化市场、多元化产品、高效率渠道。公司微型逆变器的 -5.24% 主要市场为巴西、德国等,组串式逆变器的主要市场为巴西、印度等, -19.50% -33.75%3/20 5/20 7/20 9/20 ...

[ 汽Ta 车bl 行e_ 业T 专itl 题e] 研 究 行 业 空气悬架不断向下渗透， 研 究 挖掘价值 投资成长 自主供应商纷纷崛起 / 汽 [Table_Rank] 车 强于大市 行 （维持） 业 2024 年 03 月 20 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 证券分析师：周旭辉 [Table_Summary] 研 【投资要点】 证书编号：S1160521050001 究 报 联系人：贾国琛 告  国产降本开拓空悬增量空间。空气悬架作为主动悬架，能通过ECU对 电话：021-23586316 悬架的刚度和阻尼比进行调节。与传统悬架相比，空气悬架在车辆安 全性、驾乘舒适性和能耗经济性等方面更具优势。2023年国内标配空 [相 T对 a指 bl数 e表 _现 Pi cQuote] 气悬架的新车销量约为56.4万辆，渗透率达2.7%，搭载车型起售价 最低下探到19万元。随着空气悬架产业链国产化，国产空悬系统有 14.37% 7.64% 望比进口空悬系统价格下降25%，推动市场空间快速增长。盖世汽车 0.91% 研究院预测2025年空气悬架渗透率上涨到15%左右，市场规模接近 ...

] y r t s u d n I _ e l b a T [ [ 汇Ta 量bl 科e_ 技T （itl 0e 1] 8 60.HK）2023年报点评 公 司 研 规模效应显现，程序化广告进入收获期 究 挖掘价值 投资成长 / 互 [Table_Rank] 买入 联 （维持） 网 2024 年 03 月 20 日 / 证 券 [东Ta方bl财e_富Au证th券or研] 究所 研 究 [【Tab投le_资Sum要ma点ry] 】 证券分析师：高博文 报 告 证书编号：S1160521080001  公司发布2023年全年业绩公告。2023年公司实现营业收入10.54亿 证券分析师：陈子怡 美元，同比增长 17.85%；实现归母净利润 2180 万美元，同比增长 证书编号：S1160522070002 45.42%，公司实现经调整EBITDA 1.05亿美元，同比增长191.32%。 联系人：刘雪莹 电话：021-23586475 [相Ta对b指le数_P表ic现Qu ote]  Ad-tech（广告技术）板块：实现收入 10.38 亿美元（yoy+17.8%）， 扣除流量成本后实现净收入 2.69 亿美元 ...