Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue reaching 678 million yuan, a year-on-year increase of 52.29%. The net profit attributable to shareholders was 58 million yuan, up 167.04% [1][8]. - The company's strong performance is attributed to enhanced R&D efforts, leading to improved product quality and functionality, which has garnered widespread recognition in clinical applications [1]. - The company has expanded its domestic and international revenue streams, with domestic revenue growing by 63.96% to 564 million yuan and international revenue increasing by 11.66% to 113 million yuan [1]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 678 million yuan, with a growth rate of 52.29%. The net profit attributable to shareholders was 58 million yuan, reflecting a growth of 167.04% [1][9]. - The company’s R&D expenses for 2023 were 147 million yuan, representing a 52.26% increase, with a R&D expense ratio of 21.68% [1]. Business Segments - The endoscope equipment segment generated 622.20 million yuan in revenue, a 58.63% increase year-on-year. The endoscope consumables segment saw a decline of 13.73% to 42.57 million yuan, while the endoscope maintenance services segment grew by 235.20% to 12.35 million yuan [1]. - The company’s sales team expanded to 363 members, enhancing its academic service capabilities and contributing to the growth of high-end product sales [1]. Market Position and Strategy - The company has strengthened its marketing network and expanded its product line, which has led to increased domestic market penetration and brand influence [1][8]. - The introduction of new products, such as the AQ-300 4K ultra-high-definition endoscope system, has been pivotal in attracting large medical clients and boosting sales [1]. Profitability Metrics - The company’s gross profit margin for 2023 was 73.78%, an increase of 4.06 percentage points year-on-year. The net profit margin was 8.96%, up 3.33 percentage points [1][9].

Investment Rating - The investment rating for the company is "Buy" [5]. Core Views - The company achieved a record high revenue in Q4 2023, with a total revenue of 134.47 billion yuan for the year, representing a year-on-year growth of 15.05%. However, the net profit attributable to shareholders decreased by 15.37% to 12.83 billion yuan [2]. - In Q4 2023, the company reported a revenue of 48.85 billion yuan, a significant year-on-year increase of 95.04% and a quarter-on-quarter increase of 36.08%. The net profit for this quarter was 4.18 billion yuan, up 13.20% year-on-year and 30.37% quarter-on-quarter [2]. - The company is focusing on its own brand strategy, with innovative display products showing remarkable growth. The company invested approximately 2.17 billion yuan in R&D for innovative display products in 2023 [2]. - The company continues to expand its overseas customer base, with smart TV shipments reaching 7.314 million units in 2023, a growth of 37.31% year-on-year [2]. Summary by Sections Financial Performance - The company reported a total revenue of 134.47 billion yuan in 2023, with a year-on-year growth of 15.05%. The net profit attributable to shareholders was 12.83 billion yuan, down 15.37% from the previous year [2]. - In Q4 2023, the revenue reached 48.85 billion yuan, marking a 95.04% increase year-on-year and a 36.08% increase quarter-on-quarter. The net profit for this quarter was 4.18 billion yuan, reflecting a year-on-year growth of 13.20% [2]. Product Performance - The smart TV segment generated 72.90 billion yuan in revenue, up 32.00% year-on-year, although the gross margin decreased to 15.41% [2]. - Innovative display products achieved sales of 9.62 billion yuan, a remarkable growth of 128.92% year-on-year, with a gross margin of 14.42% [2]. - The interactive display products segment saw a revenue decline of 9.00% year-on-year, totaling 38.41 billion yuan, but maintained a higher gross margin of 25.92% [2]. Strategic Initiatives - The company is actively supporting its own brand strategy, with three major brands: KTC, Haoli, and FPD, targeting the esports display, smart conference, and smart home sectors [2]. - The company has implemented a stock option incentive plan with ambitious revenue targets for 2024-2026, aiming for revenues of 151 billion yuan, 174 billion yuan, and 188 billion yuan respectively [2][7].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a total revenue of 4.712 billion yuan in 2023, representing a year-on-year increase of 14.43%, with a net profit attributable to shareholders of 445 million yuan, up 15.24% year-on-year [1][2] - The company is focused on cost reduction, efficiency improvement, and digital transformation, which are expected to enhance operational efficiency in the long term [2] - The company’s revenue growth is driven by essential product categories and rapid growth in emerging categories, with overseas sales doubling year-on-year [8] Financial Summary - Revenue for 2023 was 4,711.89 million yuan, with projected revenues of 5,297.53 million yuan, 5,921.20 million yuan, and 6,579.68 million yuan for 2024, 2025, and 2026 respectively [12] - The net profit attributable to shareholders for 2023 was 445.27 million yuan, with forecasts of 515.80 million yuan, 579.48 million yuan, and 647.89 million yuan for the following three years [12] - The company’s sales expense ratio, management expense ratio, financial expense ratio, and R&D expense ratio for 2023 were 18.76%, 7.06%, 0.11%, and 3.03% respectively [2] - The company’s overseas revenue reached 370 million yuan in 2023, marking a 105.66% increase year-on-year, while domestic revenue was 4.342 billion yuan, up 10.27% [8] Product and Market Performance - In terms of product categories, the company reported revenues of 713 million yuan from electric appliances, 309 million yuan from electric heating appliances, 1.204 billion yuan from cooking pots, 849 million yuan from kettles, 568 million yuan from Western-style appliances, 485 million yuan from small household appliances, and 546 million yuan from other small appliances, with notable growth in cooking pots and kettles [8] - The company’s emerging product categories, particularly small household appliances, showed significant growth, contributing to overall revenue increases [8]

[ 电Ta 子bl 设e_ 备T 行itl 业e] 专 题研究 行 业 研 新型显示系列报告之一：显示技术演进 究 挖掘价值 投资成长 / 之路，Mini LED承前启后 电 [Table_Rank] 子 设 强于大市 （维持） 备 2024 年 04 月 11 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：邹杰 券 [Table_Summary] 研 【投资要点】 证书编号：S1160523010001 究 联系人：袁泽生 报  显示技术发展车轮滚滚，中国企把握机遇延续行业优势。显示技术从 告 电话：021-23586475 过去的CRT演进至今，受到人们不断追求更高清、更低价、更大尺寸 的引导，当前站在了Mini LED和OLED等新型显示技术开始被广泛商 [相 T对 a指 bl数 e表 _现 Pi cQuote] 用的阶段。显示行业具有明确的周期性和重资产特征，中国企业利用 逆周期，对原有的优势企业实现弯道超车。当前显示技术创新丰富， 1.50% -6.17% 行业的竞争格局也在发生重大变化。 -13.84% -21.50%  Mini LED背光放量在即，电视率先受益。 ...

行 业 研 究 / 电 气 设 备/ 证 券 研 究 报 告 [Table_Title] 电气设备行业专题研究 非晶电机：新能源车领域应用加速，千 亿赛道0-1 2024 年 04 月 10 日 [Table_Summary] 【投资要点】 【配置建议】 驱动电机是整车实现电能与机械能转换的关键，电机提升有效功率密 度有两条主要路径。电机的功率、扭矩、效率等参数直接影响车辆的 加速性能、爬坡能力、能耗和续航里程，因此高效、高性能的电机是 新能源汽车的关键。电机提升有效功率密度有两条主要路径：一是在 重量或体积不变的情况下实现更大的功率输出，或在功率不变的情况 下实现更小体积、更轻量化；二是避免高功率输出损耗，从而对电机 材料、工艺、软件、封装等各方面提出更高要求。 电机的损耗主要包括铜耗、铁耗和其他杂散损耗。目前电机铁芯多用 硅钢材料，非晶合金材料与无取向硅钢相比具有诸多优势。具体对比 来看，非晶带材损耗密度更低、生产过程绿色节能；根据产业调研， 从车端角度看，非晶电机的替代有助于新能车节能提续航约 15%+；有 望成为电机定子铁芯主要材料。 新能源车领域非晶电机应用明显加速。比亚迪、蔚来、长安、广汽、 吉利 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Views - The company achieved a record high in quarterly revenue and significant profit growth in 2023, benefiting from strong demand in the ultra-high-definition video industry and strategic expansion into automotive electronics [9][13]. - The company maintains a long-term high investment in R&D, which has created a competitive advantage and is expected to enhance market share in both domestic and international markets amid the trend of domestic substitution [9][13]. - The company has set ambitious revenue growth targets in its 2024 restricted stock incentive plan, indicating confidence in its future performance [13]. Financial Summary - In 2023, the company reported revenue of 3.23 billion yuan, a year-on-year increase of 34.12%, and a net profit attributable to the parent company of 1.03 billion yuan, up 48.39% [9][13]. - The projected revenue for 2024, 2025, and 2026 is 4.55 billion yuan, 7.29 billion yuan, and 10.92 billion yuan, respectively, with corresponding net profits of 1.23 billion yuan, 2.12 billion yuan, and 3.35 billion yuan [4][9]. - The company's EPS for the same years is expected to be 1.78 yuan, 3.07 yuan, and 4.83 yuan, with P/E ratios of 46, 27, and 17, respectively [4][9].

业绩整体稳健，看好产品升级迭代+海 外拓展 ]yrtsudnI_elbaT[ 2024 年 04 月 10 日 [【投资要点】 Table_Summary] 公司加大海外市场开拓力度，业绩加速。2023 年全年，公司海外收入 实现 3311 万元，同比+128.10%（不包含通过国内外贸公司销往海外 的收入），连续三年实现倍增。报告期内，公司骨干多次带队出国， 参加海外展会、拜访客户、开拓当地代理商，同时公司建立了亚马逊 销售渠道，并建立了德国、印度尼西亚、新加坡、美国、英国、西班 牙等国的官方网站，增加品牌露出度。 全年毛利率微增，产品迭代升级效果显著。2023 年全年毛利率/净利 率为 46.39%/17.93%，同比 2022 年+0.24/1.18pcts。毛利率方面，我 们推测主要为公司积极推动产品升级迭代，2023 年 EMS 2.0 系列拓展 顺利，随着产品向互联互通互动的方向升级，产品含软量提升，带动 毛利率上升。费用方面，2023 年销售费用率/管理费用率/财务费用率 分别为 14.55%/6.03%/-0.01%，控费效果明显。研发方面，持续投入， 2023 全年投入研发费用 1.28 亿 ...

]yrtsudnI_elbaT[ 2020.08.31 2024 年 04 月 10 日 公司发布 2023 年年报。2023 年，公司实现营业收入 13.47 亿元，同 比增长 5.01%；实现归母净利润 1.68 亿元，同比下滑 8.83%；实现扣 非归母净利润 1.35 亿元，同比下滑 20.61%；实现经营活动净现金流 1.88 亿元，同比增长 401.38%。单季度看，2023Q4，公司实现营业收 入 5.43 亿元，同比下滑 12.70%；实现归母净利润 0.54 亿元，同比下 滑 9.13%；实现扣非归母净利润 0.33 亿元，同比下滑 39.27%。公司 利润下滑主要是受宏观经济波动影响，项目实施、验收及销售回款周 期延长，项目实施成本增加较大所致。2024 年，随着经济增长环境改 善，公司利润端有望恢复增长。费用端方面，公司 2023 年销售费用 率为 12.57%（-1.72pct），管理费用率为 9.00%（-4.01pct），研发费 用率为 11.31%（-12.32pct），整体费用端管控良好。 挖掘价值 投资成长 公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 [Ta ...

] y r t s u d n I _ e l b a T [ [ 珠Ta 海bl 冠e_ 宇T （itl 6e 8] 8 772）2023年报点评 公 司 消费业务份额高，动储聚焦差异化赛道 研 挖掘价值 投资成长 究 / [Table_Rank] 买入 有 （维持） 色 金 2024 年 04 月 10 日 属 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 证券分析师：周旭辉 研 [【Ta投bl资e_要Su点mm】ar y] 究 证书编号：S1160521050001 报 证券分析师：李京波 告  2024 年 4 月 8 日，公司发布 2023 年年报。公司 23 年实现营业收入 证书编号：S1160522120001 114.46 亿元，同比增长 4.29%，实现归母净利润 3.44 亿元，同比增 联系人：李京波 长 278.45%，主要得益于原材料降价、美元汇率上升、生产运营效率 电话：13127673698 的提升。23Q4 实现营业收入 29.05 亿元，同比增长 10.19%，环比变 [相T对ab指le数_P表ic现Qu ote] 化-5.25%，实现归母净利润0.55亿元， ...

T [ [ 中Ta 矿bl 资e_ 源T （itl 0e 0] 2 738）动态点评 公 司 研 究 Bikita再扩储，新增碳酸锂当量百万吨 挖掘价值 投资成长 / 有 [Table_Rank] 色 增持 （维持） 金 属 2024 年 04 月 10 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：周旭辉 报 证书编号：S1160521050001 告  截至2023年12月31日，Bikita矿山西区与东区保有（探明+控制+ 证券分析师：程文祥 推断类别）锂矿产资源量为11,335.17万吨矿石量（已扣除矿山生产 证书编号：S1160522090002 动用资源量），Li2O金属含量116.79万吨，Li2O平均品位1.03%，折 联系人：程文祥 合 288.47 万吨碳酸锂当量（LCE）。较上一报告期（2022 年 12 月 31 联系电话：021-23586475 日）锂矿产资源量增加4,793.24万吨矿石量，折合碳酸锂当量（LCE） [相Ta对b指le数_P表ic现Qu ote] 增加104.69万吨。 25.34 ...