Investment Rating - Maintain "Overweight" rating [3] Core Views - Xiaomi Group achieved revenue of 270.97 billion yuan in 2023, a year-on-year decrease of 3.24%, with Q4 revenue of 73.244 billion yuan, a year-on-year increase of 10.9% [2] - Net profit attributable to the parent company in 2023 was 17.475 billion yuan, a year-on-year increase of 606.34%, with Q4 net profit of 4.727 billion yuan, a year-on-year increase of 50.02% [2] - The company's global smartphone market share reached 12.8% in 2023, maintaining its position in the top three globally for three consecutive years [2] - Xiaomi's high-end strategy showed significant progress in 2023, with a 16.9% market share in the RMB 4,000-6,000 price segment in mainland China, an increase of 9.2 percentage points year-on-year [2] - The company's AIoT platform connected 739 million IoT devices by the end of 2023, a year-on-year increase of 25.5% [2] - Internet service revenue grew by 6.3% year-on-year in 2023, with advertising revenue reaching 20.5 billion yuan, a year-on-year increase of 11.2% [2] - Xiaomi announced a strategic upgrade to the "Human x Car x Home" ecosystem and launched the Xiaomi HyperOS, with the Xiaomi SU7 series positioning as a C-class high-performance eco-tech sedan [2] Financial Performance - Smartphone business gross margin improved to 14.6% in 2023, up 5.6 percentage points year-on-year [2] - IoT and lifestyle products gross margin reached 16.3%, up 1.9 percentage points year-on-year [2] - Internet business gross margin was 74.2%, up 2.4 percentage points year-on-year [2] - The company repurchased 126.6 million shares in 2023, totaling HK$1.5 billion [2] - Revenue forecast for 2024/2025/2026 is 294.919/316.801/340.272 billion yuan, with net profit attributable to the parent company expected to be 18.553/19.897/21.809 billion yuan [5] Market Position and Strategy - Xiaomi's high-end smartphone shipments accounted for over 20% of total smartphone shipments in mainland China in 2023 [2] - The company achieved significant market share growth in the Middle East, Latin America, and Africa, with increases of 1.3%, 1.2%, and 2.4% respectively [2] - Xiaomi ranked third in tablet shipments and second in wearable wristband devices in mainland China in 2023 [2] - The new Xiaomi smartphone smart factory, with an annual capacity of 10 million units, officially started production in February 2024 [2] Future Outlook - Xiaomi's strategic focus on the "Human x Car x Home" ecosystem is expected to open new growth opportunities [5] - The company's high-end strategy and technological innovation are likely to drive further market share gains and profitability improvements [5]

Investment Rating - The report maintains a rating of "Accumulate" for the company [7]. Core Insights - The company has shown rapid growth in net profit, achieving a 109.63% year-on-year increase, with a total net profit of 64.45 million yuan for 2023 [5]. - The company is actively developing an autonomous driving cloud platform and has established partnerships to enhance its capabilities in this area [3][4]. - The company’s revenue for 2023 reached 520 million yuan, reflecting a growth of 2.35% compared to the previous year [5]. Summary by Sections Company Performance - In 2023, the company reported a revenue of 520 million yuan, with a net profit of 64.45 million yuan, marking a significant increase of 109.63% year-on-year [5]. - The company’s vehicle networking business is performing well, contributing to steady revenue growth and gradual profitability [5]. Strategic Developments - The company participated in the 2024 World Mobile Communications Conference, engaging with industry leaders to discuss advancements in vehicle networking and autonomous driving technologies [2]. - A strategic cooperation agreement was signed with FAW Fusheng to collaborate on data cloud platform construction and autonomous driving simulation [3]. - The company is also exploring partnerships with Langge Technology to develop high-performance computing platforms for autonomous driving applications [3]. Market Position and Future Outlook - The company is well-positioned in the vehicle networking sector, with plans to expand its services and capabilities in autonomous driving [4][14]. - The report projects revenue growth for the company, estimating revenues of 520 million yuan in 2023, 593.54 million yuan in 2024, and 709.11 million yuan in 2025 [15].

Investment Rating - The report maintains a rating of "Accumulate" for the company [10]. Core Insights - The company achieved a revenue of 2.065 billion yuan in 2023, representing a year-on-year growth of 41.26%, with a net profit attributable to the parent company of 209.58 million yuan, up 68.17% year-on-year [22]. - The company focuses on enhancing its product matrix, particularly in deep-sea fish products and quail eggs, aiming to maintain market share and product quality [9][11]. - The online and offline revenue for the company reached 1.649 billion yuan and 416 million yuan respectively, with a significant growth of 43.00% and 34.76% year-on-year, while new media channels saw an impressive increase of 142.60% [15]. Financial Performance Summary - The company’s projected revenues for 2024-2026 are 2.685 billion yuan, 3.392 billion yuan, and 4.141 billion yuan respectively, with corresponding net profits of 275.69 million yuan, 363.86 million yuan, and 473.01 million yuan [11]. - The EBITDA for 2023 was 303.51 million yuan, with projections of 359.92 million yuan, 471.82 million yuan, and 605.82 million yuan for the years 2024-2026 [5]. - The company’s gross margin for 2023 was 28.14%, with a net margin of 10.15%, both showing improvements compared to the previous year [9]. Product and Channel Performance - The company’s core products include deep-sea fish, quail eggs, tofu, and konjac, with sales growth rates of 25.87%, 147.56%, 18.68%, and 88.24% respectively [15]. - The second-largest core product, quail eggs, achieved annual sales exceeding 300 million yuan [15].

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company reported a revenue of 2.065 billion yuan in 2023, representing a year-on-year increase of 41.26%, and a net profit attributable to shareholders of 210 million yuan, up 68.12% year-on-year [1][18]. - The product matrix is gradually improving, with significant growth in new channels. Revenue from fish products, poultry products, bean products, and vegetable products reached 1.291 billion, 452 million, 217 million, and 72 million yuan respectively, with year-on-year growth rates of 25.87%, 147.56%, 18.68%, and 88.24% [5][18]. - The company is focusing on its major products, particularly the deep-sea fish and quail eggs, to maintain market share and product quality [10][18]. Financial Performance - In Q4 2023, the company achieved a revenue of 572 million yuan, a year-on-year increase of 26.51%, and a net profit of 76 million yuan, up 122.76% year-on-year [1]. - The gross margin for 2023 and Q4 2023 was 28.14% and 32.69% respectively, showing an increase of 2.49 and 7.91 percentage points year-on-year [10]. - The company expects revenues of 2.685 billion, 3.392 billion, and 4.141 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 276 million, 364 million, and 473 million yuan [18][19]. Market Position - The company has established a "20 billion-level" major product, the deep-sea fish, and a "1 billion-level" product, the konjac, among others [5]. - Online and offline revenues were 1.649 billion and 416 million yuan respectively, with year-on-year growth of 43.00% and 34.76%, and new media channels saw a remarkable growth of 142.60% [5][10]. Future Outlook - The company is expected to continue its growth trajectory with a focus on major products and innovative branding strategies for quail eggs [10][18]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.61, 0.81, and 1.05 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23.23, 17.60, and 13.54 [18][19].

] y r t s u d n I _ e l b a T [ [ 中Ta 国bl 电e_ 信T （itl 6e 0] 1 728）2023年报点评 公 司 智算高增长，打造科技型企业 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 电 （维持） 子 设 2024 年 03 月 29 日 备 / [东Ta方bl财e_富Au证th券or研] 究所 证 [【Ta投bl资e_要Su点mm】ar y] 券 证券分析师：邹杰 研 究 证书编号：S1160523010001  2023年总体经营稳健。2023年公司营收5078亿，同比增长6.9%，其 报 联系人：刘琦 告 中服务收入4650亿，同比增长6.9%，连续11年保持增长，归母净利 电话：021-23586475 润304亿，同比增长10.3%，扣非归母净利润296亿，同比增长8.7%， [相T对ab指le数_P表ic现Qu ote] 资本开支988亿。公司推出5G手机直连卫星、5G量子密话、5G云电 脑等算力产品，2023年移动通信服务收入1957亿元，同比增长2.4%， 11.44% 其中移动增值及应用收入 258 亿元，同比增长 12.4 ...

]yrtsudnI_elbaT[ 23年盈利改善，消费电子回暖，新能源 贡献第二增长极 [【投资要点】 Table_Summary] 00 [Table_ 东方财富证券研究所 Author] -50.34% -39.53% -28.72% -17.90% -7.09% 3.73% 3/28 5/28 7/28 9/28 11/28 1/28 2022.10.25 【投资建议】 资料来源：Choice，东方财富证券研究所 敬请阅读本报告正文后各项声明 2 货币资金 2257.41 2578.89 3183.35 4238.27 净利润 151.16 653.13 974.51 1349.81 [Table_Title] 长盈精密（300115）2023年报点评 2024 年 03 月 28 日 2023 年 3 月 19 日，长盈精密公告 2023 年年报，全球经济弱复苏态势 下终端需求疲软，公司在收入规模小幅下降的同时实现利润翻倍。 2023 年，公司实现营业收入 137.22 亿元，同比下降 9.74%；实现归 母净利润 0.86 亿元，同比增长 101.41%。单四季度来看，公司实现营 收 39.32 亿 ...

[Table_Title] 协创数据（300857）2023年报点评 [【投资要点】 Table_Summary] [Table_Report] 相关研究 [Table_Rank] 买入（维持） 2023.10.13 《智能物联网硬件解决方案领导者，助力 AI、大数据、云计算产业加速发展》 2023.05.18 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 敬请阅读本报告正文后各项声明 2 [Table_Finance] 资产负债表（百万元） 现金流量表（百万元） 至 12 月 31 日 2023A 2024E 2025E 2026E 至 12 月 31 日 2023A 2024E 2025E 2026E 流动资产 4366.99 5610.64 6637.84 7802.73 经营活动现金流 -96.67 720.70 732.26 900.73 货币资金 1816.78 2510.90 3035.37 3709.98 净利润 286.14 462.93 571.31 686.58 应收及预付 958.33 1193.52 1436.03 1690.09 折旧摊销 92.62 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Insights - The company has turned a profit in 2023, achieving a revenue of $585 million, a year-on-year increase of 19.4%, and a net profit of $77.48 million, compared to a loss of $16 million in the previous year [2][3]. - The company is expanding its channels and experiencing rapid growth across various product categories, with Amazon channel revenue increasing by 11% and non-Amazon channel revenue growing by 61% year-on-year [3]. - The company is enhancing its product development capabilities, launching new products based on deep consumer insights, which has led to increased brand share and recognition, including multiple iF design awards for its products [3]. - Operational efficiency has improved, with a decrease in cost-to-revenue ratio due to better negotiation power with suppliers and reduced shipping costs [3]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are $698.51 million, $815.28 million, and $942.59 million respectively, with corresponding net profits of $93.76 million, $112.88 million, and $135.55 million [4][6]. - Earnings per share (EPS) are expected to be $0.08, $0.10, and $0.12 for the years 2024, 2025, and 2026, respectively, with price-to-earnings (P/E) ratios of 7.89, 6.56, and 5.46 [4][6].

[Table_Title] 盐津铺子（002847）2023年报点评 2024 年 03 月 28 日 1Q24 公司延续了 2023 年的高速增长，2024 年及以后业绩可期。我们预计 公司 2024-2026 年收入分别为 52.03/64.79/78.78 亿元，归母净利润分别为 6.74/8.48/10.02 亿元，对应 EPS 分别为 3.44/4.33/5.11 元，2024-2026 年 PE 分 别为 20.01/15.90/13.46 倍。给予"增持"评级。 盈利预测 | --- | --- | --- | --- | --- | |-----------------------------------|---------|-------------------------|---------|---------| | [Table_FinanceInfo 项目\年度 ] | | 2023A 2024E 2025E 2026E | | | | 营业收入（百万元） | 4115.18 | 5202.54 | 6478.87 | 7877.64 | | 增长率 (%) | 42.22% | 26 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [12]. Core Insights - The company has implemented a "high-end cost-performance" strategy, which has begun to show results, with a focus on short video e-commerce contributing significantly to revenue growth [22]. - In 2023, the company achieved a revenue of 7.115 billion yuan, a year-on-year decrease of 2.45%, while the net profit attributable to shareholders increased by 70.30% to 220 million yuan [5][12]. - The company aims to return to a revenue target of 10 billion yuan by 2024, with projected revenues of 10.036 billion yuan, 12.205 billion yuan, and 14.157 billion yuan for 2024, 2025, and 2026 respectively [12]. Summary by Sections Revenue and Profitability - In 2023, the company reported a revenue of 71.15 billion yuan, with a net profit of 2.20 billion yuan, and a significant increase in non-recurring net profit by 150.82% [5][12]. - The fourth quarter of 2023 saw a revenue of 25.32 billion yuan, reflecting a year-on-year growth of 29.18% [5]. Financial Projections - The company forecasts revenues of 10.036 billion yuan in 2024, with a net profit of 325.67 million yuan, and an EPS of 0.81 yuan [12]. - The projected P/E ratios for 2024, 2025, and 2026 are 28.28, 21.17, and 16.28 respectively, indicating a favorable valuation trend [12]. Market Performance - The company has successfully leveraged the Douyin platform, achieving a revenue of 1.204 billion yuan from this channel in 2023, which represents a year-on-year growth of 118.51% [22]. - The offline distribution channel generated revenue of 1.641 billion yuan in 2023, with daily sales products contributing over 30% to this figure [5].