] y r t s u d n I _ e l b a T [ [ 沪Ta 电bl 股e_ 份T （itl 0e 0] 2 463）2023年报点评 公 营收利润齐增长，24Q1实现高增，AI+ 司 研 智能汽车贡献增长动能 挖掘价值 投资成长 究 / [Table_Rank] 增持 电 （维持） 子 设 2024 年 03 月 27 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 报  营收利润齐增长。2023 年公司实现营业收入 89.38 亿元，同比增长 联系人：刘琦 告 7.23%，实现归母净利润 15.13亿元，同比增长 11.09%，实现扣非归 电话：021-23586475 母净利润14.08亿元，同比增长11.36%。在市场需求疲软、库存过剩、 [相T对ab指le数_P表ic现Qu ote] 供过于求和价格激烈竞争的背景下，公司增强在人工智能、高速网络、 智能汽车等领域的布局，高端 HDI、高速高层 PCB 占比提升，进而实 47.17% 33.58% 现了营 ...

[Table_Title] 安车检测（300572）动态点评 2024 年 03 月 27 日 2 月 21 日，公司发布回购报告书，拟使用自有资金人民币 4000—8000 万元，以不超过 18.00 元/股的价格回购公司股票，用于后续实施员 工持股计划或股权激励，以及用于维护公司价值及股东权益所必需。 新能源车检测新规叠加设备更新政策，公司检测设备业务有望充分受 益。2023 年 6 月 30 日，《新能源汽车运行安全性能检验规程》征求意 见稿发布，拟对新能源车电池、驱动电机、电控系统、电气等运行安 全性能进行补充检验，新规有望带来新能源检测设备采购需求的大幅 增长。另外，近期国务院印发《推动大规模设备更新和消费品以旧换 新行动方案》，有望加速现有机动车检测设备更新进程。公司是国内 机动车检测领域整体解决方案的主要提供商，机动车检测系统产品覆 盖全国各地的机动车检验机构、汽车制造厂、科研机构等。另外，公 司新能源汽车检测设备已在公司检测站试运行。受益于检测新规和设 备更新政策的落地，公司检测设备业务短期有望实现大幅增长。 [Table_Rank] 增持（首次） -41.41% -23.81% -6.21% ...

Interest Rate Decision - The Federal Open Market Committee (FOMC) decided to maintain the federal funds rate at 5.25%-5.50%[1] - The decision was anticipated by the market, with a 96% probability of no change in rates prior to the meeting[1] Economic Outlook - The FOMC's statements were generally dovish, emphasizing the need for patience regarding future employment and inflation data[2] - Economic forecasts were optimistic, with GDP projections for 2024-2026 adjusted to 2.1%, 2.0%, and 2.0% respectively[26] Inflation and Employment - Recent inflation data did not alter the Fed's view on disinflation, with core PCE inflation expected to rise from 2.4% to 2.6% in 2024[26] - Strong employment data was not seen as a concern for inflation, according to Fed Chair Powell[9] Rate Cut Expectations - The dot plot maintained the expectation of three rate cuts in 2024, although there is a possibility of further adjustments based on future data[22] - Market expectations for a rate cut in June 2024 increased to 68.55% following the meeting[16] Balance Sheet Reduction - The Fed will continue its balance sheet reduction at a pace of $60 billion in U.S. Treasuries and $35 billion in mortgage-backed securities monthly[1] - Powell indicated that slowing the balance sheet reduction may be appropriate in the near future[17]

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Insights - The company achieved steady revenue and profit growth in 2023, driven by optical components and film optical panels, while the HUD (Heads-Up Display) business is expected to open a new growth curve [3][7]. - Revenue for 2023 reached 5.076 billion yuan, a year-on-year increase of 16.01%, with a net profit attributable to shareholders of 600 million yuan, up 4.15% year-on-year [3][7]. - The company is focusing on expanding its market share in the optical components and micro-prism sectors, with significant opportunities for innovation and collaboration with major domestic and international clients [3][7]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.076 billion yuan, with a growth rate of 16.01% and a net profit of 600 million yuan, reflecting a 4.15% increase [3][15]. - The fourth quarter of 2023 saw a revenue of 1.527 billion yuan, a year-on-year increase of 30.03%, while net profit for the same period was 162 million yuan, up 69.10% year-on-year [3]. Product Segmentation - The optical components segment generated 2.446 billion yuan in revenue, growing 21.11% year-on-year, with a gross margin of 30.66% [3]. - The film optical panel segment achieved 1.849 billion yuan in revenue, a 17.77% increase year-on-year, with a gross margin of 25.48% [3]. - The HUD and AR business became a new growth driver, with HUD shipments exceeding 200,000 units and revenue of 291 million yuan, up 54.39% year-on-year [3]. Future Outlook - The company expects significant growth in the market for reflective composite filters and micro-prisms, with enhanced collaboration with major clients leading to increased market share [3][7]. - The HUD business is positioned as a new growth point, with successful projects with major automotive brands and a focus on cost control to improve operational quality [3][7]. - The company has been strategically positioning itself in the VR/AR metaverse space, developing a comprehensive optical solution capability [3].

Group 1: Market Overview - The A-share market showed mixed performance, with the National Index 2000, ChiNext Composite, and CSI 1000 gaining 1.51%, 0.84%, and 0.72% respectively during the week of March 18-22, 2024 [11] - The top five performing sectors were Media (9.4%), Agriculture, Forestry, Animal Husbandry, and Fishery (4.49%), Comprehensive (3.15%), Computer (2.49%), and Social Services (2.24%) [11][31] - The sectors with the largest declines included Building Materials (-2.59%), Pharmaceutical and Biological Products (-2.13%), Non-ferrous Metals (-2.08%), Home Appliances (-2.02%), and Non-bank Financials (-1.59%) [11][31] Group 2: Capital Flow Overview - The main capital inflow in the concept sectors included Copper Cable High-Speed Connection (net inflow of 2.458 billion), Kimi Concept (net inflow of 1.609 billion), Intellectual Property (net inflow of 1.307 billion), Digital Reading (net inflow of 1.088 billion), and Data Elements (net inflow of 1.043 billion) [11] - Northbound capital recorded a net outflow of 7.776 billion, with the top three net inflow stocks being Luxshare Precision (0.936 billion), Changan Automobile (0.610 billion), and Yunsai Zhili (0.517 billion) [11][21] Group 3: Financing and Margin Trading - The financing net inflow for the week was 29.75 billion, with a total margin balance of 1548.862 billion as of March 21, 2024 [30] - The leading sectors in financing net inflow were Pharmaceutical and Biological Products (4.024 billion), Computer (3.435 billion), and Electronics (3.073 billion) [30] - The top individual stocks for net inflow included WuXi AppTec (1.136 billion), Wolong Electric (0.579 billion), and Zijin Mining (0.507 billion) [30][31] Group 4: Economic Indicators - In the first two months of 2024, the industrial added value grew by 7% year-on-year, which is 2.4 percentage points higher than the previous value [49] - Fixed asset investment increased by 4.2% year-on-year, which is 1.2 percentage points higher than the previous value [55] - Real estate development investment decreased by 9% year-on-year, but the decline was narrower compared to the previous year [62]

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 ...

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]

] 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 ...

Core Insights - The report highlights that the A-share market has been supported by three positive factors since February 2024, leading to a stronger-than-expected recovery in market valuations [6][7] - The adjustment of the securities lending system to "T+1" has effectively controlled the short-selling activities in the A-share market, with the margin balance decreasing by 28.86% from 596.19 billion yuan to 424.11 billion yuan [7] - Strict regulatory measures on IPOs have fundamentally alleviated the supply-demand imbalance in the market, with 73 companies withdrawing their IPO applications as of March 19, 2024 [7] - Foreign capital inflows have exceeded expectations, with net purchases of A-shares reaching 66.43 billion yuan in 2024, surpassing the total net purchases of 43.7 billion yuan in 2023 [7][10] Summary by Sections Market Recovery Factors - The A-share market's recovery is driven by improved liquidity, economic stabilization expectations, and regulatory changes that have curtailed short-selling [6][7] - The transition to a "T+1" system for securities lending has reduced the short-selling balance significantly, indicating a tighter control over speculative activities [7] Regulatory Environment - The China Securities Regulatory Commission (CSRC) has emphasized strict IPO approval processes to prevent "problematic" companies from entering the market, resulting in a wave of IPO withdrawals [7][10] - The regulatory focus on enhancing the quality of listed companies aims to ensure that A-shares remain viable long-term investment options [10] Foreign Investment Trends - Recent trends show a strong recovery in foreign investment in A-shares, with significant net buying activity from global funds, reflecting improved perceptions of the Chinese market [7][10] - The report notes that despite rising U.S. Treasury yields, foreign capital continues to flow into A-shares, indicating confidence in the market's structural improvements [10]

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 ...