对于推动数字化协同发展,《指导意见》提出，在长三角、粤港澳大湾 区等城市群推动数字基础设施优化布局,强化数据要素共享利用,数字服务 普惠共享，数字治理高效协同。推动数字经济东西部协作,开展共建数字产 业园区、数字消费帮扶等活动,加强先进规划理念、建设经验、管理模式复 制推广。弥合城乡数字鸿沟,统筹推进智慧城市与数字乡村协同建设,推动 教清阅读本报告正文后各项声明 10 2017 [Table_yemei] 策略周报 城乡数字设施共享、数据资源整合，产业生态互促、公共服务共用。 此外，为保障相关政策举措落地见效，《指导意见》明确，强化要素保 障，鼓励各地区在依法依规、风险可控的前提下，通过各类资金渠道，加强 对城市数字化转型的资金支持，并积极吸引社会投资。 图表 16：智慧城市建设相关地方政策 | --- | --- | --- | |----------------|------------------------------------------------------------|-------------------------------------------------------------- ...

Investment Rating - The report assigns an "Accumulate" rating to the company [2][19]. Core Views - The company experienced a slight decline in revenue and a significant drop in profit in 2023, with total revenue of 11.94 billion yuan, down 3.4% year-on-year, and a net profit attributable to shareholders of 510 million yuan, down 73.8% year-on-year [1]. - The lithium hexafluorophosphate market is currently at a low price point, with many second and third-tier manufacturers operating at a loss, indicating that the current prices are likely at the bottom of the industry cycle [5]. - The company is expected to see revenue growth in the coming years, with projected revenues of 12.21 billion yuan in 2024, 14.61 billion yuan in 2025, and 18.79 billion yuan in 2026, reflecting year-on-year growth rates of 2.28%, 19.66%, and 28.65% respectively [2][10]. Financial Summary - In 2023, the company's gross margin and net profit margin were 16.25% and 5.37%, respectively, both showing significant declines of 14.3 percentage points and 11.0 percentage points year-on-year [1]. - The company's electronic materials business showed strong growth, achieving revenue of 1.24 billion yuan in 2023, a year-on-year increase of 79.0%, and contributing 23.3% to the total gross profit [18]. - The lithium battery segment generated revenue of 2.61 billion yuan, up 32% year-on-year, with a gross margin of 9.8% [18]. - The projected earnings per share (EPS) for the next three years are 0.30 yuan, 0.47 yuan, and 0.86 yuan, with corresponding price-to-earnings (P/E) ratios of 47, 30, and 17 times [2][10].

] y r t s u d n I _ e l b a T [ [Table_Title] 青瓷游戏（06633.HK）动态点评 公 司 研 业绩短期承压，关注后续新游上线表现 究 挖掘价值 投资成长 / [Table_Rank] 互 增持 （首次） 联 网 2024 年 04 月 03 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：高博文 报 证书编号：S1160521080001 告  公司于3月26日发布2023年度业绩公告。2023年公司实现收入9.06 证券分析师：陈子怡 亿元（yoy+43.7%）；归母净亏损3737万元，去年同期为盈利5028万元。 证书编号：S1160522070002 联系人：潘琪 电话：021-23586487 【评论】 [相Ta对b指le数_P表ic现Qu ote]  收入多元化，稳步增长。2023年公司实现收入9.06亿元（yoy+43.7%）， 0.00% 游戏运营收入中，自研游戏收入为5.08亿元（yoy-8.9%），主系《最强 -11.76% 蜗牛》内地版收入略有下滑；授权游戏收 ...

| --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------| | | | | 1. | A 股市场概览 | | | 1.1 市场涨跌跌览览………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | | 1.2 资金流向概览 | | | 1.3 沪深融资融券情况 | | 2. | 全球宏观日历 . | | | 2. 1. 工业企业利润恢复正增长. | | | 2.2. 大规模设备更新和消费品以旧换新工作持续推进 . | | | 2. 3. 制造业 PMI 重返扩张区间 . | | 3. | 全球财经大事概览 . | | | 3.1 美联储释放偏鹰信号,短期降息仍有分歧……………………………………… ...

Investment Rating - The report maintains a "Buy" rating for the company [11] Core Insights - The company has achieved significant growth in revenue and net profit for 2023, with revenue reaching 722.6 million yuan, a year-on-year increase of 55.81%, and net profit attributable to shareholders amounting to 151.4 million yuan, a staggering increase of 670.72% [9][10] - The business structure has been significantly optimized, with the tourism-related business accounting for 71.77% of total revenue, an increase of 28.59 percentage points year-on-year [10] - The company has successfully integrated its acquisitions and improved operational efficiency, leading to record-high visitor numbers and revenue at key scenic spots [2] Financial Performance - The company reported a gross margin of 51.96% in 2023, an increase of 8.98 percentage points year-on-year, and a net margin of 20.96%, up by 16.72 percentage points [10] - The forecast for 2024-2026 indicates continued revenue growth, with projected revenues of 1.08 billion yuan, 1.46 billion yuan, and 1.90 billion yuan respectively, alongside net profits of 227 million yuan, 304 million yuan, and 399 million yuan [12][19] - The company's earnings per share (EPS) is expected to rise from 0.14 yuan in 2023 to 0.37 yuan by 2026, reflecting strong growth potential [19] Business Developments - The company has made strategic acquisitions, including an 80% stake in the Sichuan Yaan Bifengxia Scenic Area, enhancing its presence in the Sichuan-Chongqing region [2] - Internal restructuring has involved asset swaps that have strengthened the company's portfolio, integrating various tourism-related services such as hotel operations and tea sales [2][10]

Investment Rating - The report maintains an "Add" rating for the company [2][21]. Core Views - The company demonstrates stable operating conditions with a slight improvement in profitability, achieving a gross margin of 91.96% in 2023, up by 0.09 percentage points year-on-year [1]. - The company has announced a special dividend, reflecting confidence in its market position [1][18]. - The company reported a revenue of 1,505.60 billion yuan in 2023, representing an 18.04% year-on-year growth, and a net profit of 747.34 billion yuan, up by 19.16% [8][21]. Financial Summary - **Revenue and Profitability**: - 2023 revenue: 1,505.60 billion yuan, with a growth rate of 18.04% [4][21]. - 2023 net profit: 747.34 billion yuan, with a growth rate of 19.16% [4][21]. - 2023 EBITDA: 1,038.20 billion yuan [4]. - **Earnings Per Share (EPS)**: - 2023 EPS: 59.49 yuan, projected to grow to 70.06 yuan in 2024 [4][21]. - **Valuation Ratios**: - 2023 P/E ratio: 29.01, expected to decrease to 24.47 in 2024 [4][21]. - 2023 P/B ratio: 10.05, projected to decline to 8.71 in 2024 [4][21]. - **Cash Flow**: - Operating cash flow for 2023: 665.93 billion yuan, up by 81.46% year-on-year [18]. - Total dividends distributed in 2023: 565.5 billion yuan, accounting for 75.67% of net profit [18]. - **Segment Performance**: - Revenue from Moutai liquor and series liquor in 2023: 1,265.89 billion yuan and 206.30 billion yuan, respectively, with year-on-year growth of 17.39% and 29.43% [19]. - Direct sales channel revenue in 2023: 672.33 billion yuan, up by 36.16% [19]. - **Future Projections**: - Expected revenue for 2024: 1,768.20 billion yuan, with a growth rate of 17.44% [4][21]. - Expected net profit for 2024: 880.04 billion yuan, with a growth rate of 17.76% [4][21].

] y r t s u d n I _ e l b a T [ [ 汇Ta 通bl 达e_ 网T 络itl （e] 0 9878.HK）动态点评 公 司 研 究 聚焦经营质量，业绩稳步增长 挖掘价值 投资成长 / 传 媒 [Table_Rank] 增持 互 （维持） 联 网 2024 年 04 月 03 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：高博文 报 证书编号：S1160521080001 告 证券分析师：陈子怡  公司发布2023年全年业绩公告，经营业绩稳步增长。2023年公司实 证书编号：S1160522070002 现营业收入824.3亿元，同比增长0.4%;实现归母净利润4.48亿元， 联系人：刘雪莹 同比增长 41.7%；实现经营活动现金流净额 4.71 亿元，同比增长 电话：021-23586475 80.1%。 [相Ta对b指le数_P表ic现Qu ote]  向上加强头部品牌战略合作，提升供应链掌控能力。2023年公司交易 11.33% 业务收入 824.33 亿元，同比增长 0.5%。丰富各行业头 ...

] y r t s u d n I _ e l b a T [ [ 达Ta 仁bl 堂e_ （Ti 6t 0l 0e 3] 2 9）2023年报点评 公 司 深耕核心品种，盈利提升明显 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 医 （维持） 药 生 2024 年 04 月 02 日 东 方财富证券研究所 物 证券分析师：何玮 / 证 证书编号：S1160517110001 券 [【Ta投bl资e_要Su点mm】ar y] 联系人：崔晓倩 研 究 电话：021-23586309 报 告  工业收入双位数增长再创新高。2023 年公司实现营业收入 82.22 亿 元，同比-0.33%；归母净利润9.87亿元，同比+14.49%。公司工业收 [相T对ab指le数_P表ic现Qu ote] 入49.30亿元，同比+10.34%，再创新高；公司商业收入37.62亿元， 36.91% 同比-11.19%，此次分类维度按照工业、商业进行了重新划分，以更 22.08% 7.26% 加清晰地反映公司的主要经营情况。公司系统推进“三核九翼”战略， -7.56% 持续深耕主品有战绩。销售额过亿品种达到 10 ...

]yrtsudnI_elbaT[ 跨境社交电商龙头，业绩增长强劲 2024 年 04 月 02 日 东南亚消费复苏，跨境社交电商业务乘势而上。2023 年跨境社交电商 业务实现营业收入 42.57 亿元，同比增长 37.02%；占营业收入比重为 63.58%。据灼识咨询数据，社交媒体流量是国内 B2C 出口电商市场增 长最快的流量来源，公司在 Meta、TikTok、Google 等国外社交网络 平台上精准推送独立站广告进行线上 B2C 销售，以 2.2%的市场份额位 居行业第二。未来通过在已打造自有品牌 SENADA BIKES（自行车）、 Veimia（内衣）、Konciwa（遮阳伞）及 PETTENA（宠物用品）的基础 上，持续建立多品牌产品矩阵长期驱动业绩增长。 盈利能力提升。2023 年公司毛利率达 46.66%，同比提升 5.97pct。销 售 / 管 理 / 研发费用率分别为 34.99%/3.35%/2.12% ，同比变动 +5.69/+0.48/-0.64pct。2023 年公司第三期员工持股计划和 2023 年 限制性股票激励计划合计产生股份支付摊销金额 2637.88 万元，导致 管理费 ...

]yrtsudnI_elbaT[ 行业电子化发展迅猛，数据业务持续探 索 [【投资要点】 Table_Summary] 分业务增速。1）支付电子化：实现营收 6.46 亿元，同比增长 5%，毛 利率上升 1.7pcts 至 64.8%。2023 年公司稳步推进支付电子化升级和 下沉市场推广；2）财政预算管理一体化：实现营收 2.18 亿元，同比 增长 84.2%，毛利率为 45.9%，同比下降 13.5pcts。公司在预算管理 一体化新的建设周期下，积极参与推进 12 个省份的一体化对标升级 改造工作。3）行业电子化：实现营收 0.54 亿元，同比增长 126.2%， 毛利率为 60.6%，同比上升 2.6pcts。去年公司完成国家商标局商标 电子印章管理项目，积极探索推动数字人民币智能合约建设方案，完 成了国家医保局电子票据应用区块链平台及电子票据共享项目上线 及验收。4）预算单位云服务：实现营收 0.54 亿元，同比增长 183.8%， 毛利率为 54.6%，同比下降 11.2pcts。公司对"电子凭证综合服务平 台"进行升级研发，使该平台完全遵循电子凭证会计数据标准。5） 运维及增值服务：实现营收 2. ...