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].

] y r t s u d n I _ e l b a T [ [ 中Ta 集bl 车e_ 辆T （itl 3e 0] 1 039）2023年报点评 公 23年利润大幅提升，第三次创业新征程 司 研 高歌猛进 挖掘价值 投资成长 究 [Table_Rank] / 增持 汽 （维持） 车 2024 年 03 月 27 日 行 业 / 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：周旭辉 研 究 证书编号：S1160521050001 报 联系人：贾国琛 告  23年业绩稳定增长，公司有望积极把握国内外替换及增量需求。2023 电话：021-23586035 年全年公司实现营收 250.87 亿元，同比+6.21%，归母净利润 24.56 [相T对ab指le数_P表ic现Qu ote] 亿元，同比+119.66%，扣非归母净利润 15.53 亿元，同比+69.68%。 从销量看，公司2023年实现全球销量13.9万辆，同比-8.46%，主要 45.07% 系全球供应链紧张改善及欧美半挂车需求放缓等因素影响。其中专用 31.91% 18.74 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company achieved revenue growth of 7.23% year-on-year, reaching 8.938 billion yuan, and net profit growth of 11.09%, amounting to 1.513 billion yuan in 2023. The growth was driven by increased demand in AI, high-speed networks, and smart automotive sectors [2][5]. - In Q4 2023, the company reported a revenue of 2.856 billion yuan, reflecting a year-on-year increase of 11.02% and a quarter-on-quarter increase of 23.15%. The net profit for the same period was 559 million yuan, with a year-on-year increase of 27.16% [2]. - The company expects significant growth in Q1 2024, projecting a net profit of 460 to 520 million yuan, which represents a year-on-year increase of 129.66% to 159.62% [2]. Summary by Sections Revenue and Profit Growth - The company reported a total revenue of 89.38 billion yuan in 2023, with a year-on-year growth of 7.23%. The net profit attributable to shareholders was 15.13 billion yuan, up 11.09% year-on-year [2]. - In Q4 2023, the revenue was 28.56 billion yuan, with year-on-year and quarter-on-quarter growth rates of 11.02% and 23.15%, respectively. The net profit for Q4 was 5.59 billion yuan, showing a year-on-year increase of 27.16% [2]. Business Segments - The company’s revenue from the enterprise communication market reached 58.7 billion yuan, growing by 6.82% year-on-year, while the automotive segment generated 21.58 billion yuan, reflecting a growth of 13.74% [2]. - The contribution of AI servers and smart automotive products to revenue has increased significantly, with AI-related PCB products' revenue share rising from approximately 7.89% in 2022 to about 21.13% in 2023 [1]. Profitability and Cost Structure - The gross margin for 2023 was 31.17%, an increase of 0.89 percentage points year-on-year, while the net margin was 16.66%, up 0.33 percentage points [2]. - The company’s R&D expense ratio increased to 6.03%, indicating a continued focus on innovation and product development [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 111.34 billion yuan, 135.07 billion yuan, and 156.89 billion yuan, respectively. The net profit for these years is expected to be 22.36 billion yuan, 27.09 billion yuan, and 30.79 billion yuan, respectively [5][6].

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 assigns an "Accumulate" rating for the company [3]. Core Views - The company is expected to benefit significantly from new regulations on electric vehicle testing and government policies promoting equipment upgrades, leading to substantial growth in its testing equipment business in the short term [2][5]. - The company aims to establish a leading chain operation brand in the vehicle inspection market, enhancing operational efficiency and addressing industry pain points [14]. Summary by Sections Company Overview - The company plans to repurchase shares using its own funds ranging from RMB 40 million to 80 million at a price not exceeding RMB 18.00 per share, aimed at implementing employee stock ownership plans and maintaining shareholder value [1][26]. Financial Projections - Revenue projections for 2023, 2024, and 2025 are RMB 522 million, RMB 788 million, and RMB 1.166 billion, respectively, with corresponding net profits of RMB 5.44 million, RMB 102.79 million, and RMB 153.31 million [5][29]. - The expected EPS for the same years is RMB 0.02, RMB 0.45, and RMB 0.67, with P/E ratios of 553.67, 29.29, and 19.64 [5][29]. Market Dynamics - The new regulations for electric vehicle testing are anticipated to create a significant demand for testing equipment, while the government's equipment upgrade policies are expected to accelerate the replacement of existing vehicle testing equipment [2][5]. - The company operates 41 vehicle inspection stations and plans to acquire 11 more in 2023 to strengthen its market presence [14]. Growth Strategy - The company is focused on building a comprehensive service platform through a chain of branded inspection stations, which is expected to stabilize cash flow and enhance profit margins in the long term [5].

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]

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of HKD 8.70 [8][10][15] Core Viewpoints - The company is positioned as a leading provider of comprehensive IT solutions for enterprises, leveraging its remanufacturing capabilities and strong supply chain network to achieve economies of scale [15][21] - The demand for IT services in China is expected to grow significantly, driven by the digital transformation of small and medium-sized enterprises (SMEs), making the company's flexible and cost-effective IT leasing and management services a preferred choice [9][15] - The partnership with Xinnuo Era to expand AI office solutions marks a new growth opportunity, particularly in the SMB sector, enhancing the company's product offerings with Microsoft Azure OpenAI products [9][21][22] Summary by Sections 1. Strong Demand in Office IT Market - The digital transformation needs are driving IT investments, with the office IT market expected to continue expanding [34][35] - The penetration of pay-per-use models is increasing, addressing the pain points of SMEs in IT deployment and operations [48][49] 2. Deep Focus on SME Market - The company has established itself as a leading provider of comprehensive IT solutions, focusing on the needs of SMEs [15][20] - The combination of product strength, remanufacturing capabilities, and service excellence creates a high barrier to entry in the market [15][21] 3. New Growth Points from AI - The collaboration with Xinnuo Era is set to leverage AI technologies, particularly in office environments, which are expected to see rapid adoption [9][22] - The company is introducing new AI-driven products that cater to the evolving needs of enterprises [21][22] 4. Financial Analysis and Profit Forecast - Revenue projections for 2023, 2024, and 2025 are estimated at HKD 1.285 billion, HKD 1.523 billion, and HKD 2.068 billion respectively, with a return to profitability expected in 2024 [15][16] - The company anticipates significant growth in net profit, with projections of HKD 0.96 billion in 2024 and HKD 1.93 billion in 2025 [15][16]

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 ...