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 ...

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 ...

] 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， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [5]. Core Views - The company's financial performance in 2023 was under pressure due to the absence of new game launches and the natural decline in revenue from existing games. The total revenue for 2023 was 783 million, a year-over-year decrease of 16.6%, with a net loss attributable to shareholders of 31 million, compared to a profit of 10 million in the previous year [3][9]. - The company is focusing on product development and has seven games in the pipeline, with "Aola Star 2" expected to launch within the year. This game is anticipated to leverage its existing fan base and enhance user engagement [4][9]. - The company is restructuring its global publishing team to accelerate its overseas expansion, with plans to release international versions of existing games and prepare new titles for foreign markets [4][9]. Financial Summary - The company reported a sales cost of 465 million in 2023, down 19.6% year-over-year, leading to a gross margin increase to 40.6%. The average quarterly active users were 7.3 million, a decrease of 27.7% year-over-year, while the average revenue per paying user increased by 15.9% to 176.1 [3][10]. - The revenue projections for 2024-2026 are 1,004 million, 1,104 million, and 1,187 million respectively, with expected net profits of 23 million, 35 million, and 54 million. The earnings per share (EPS) are projected to be 0.01, 0.01, and 0.02 respectively, with corresponding P/E ratios of 27, 18, and 12 [9][10].

敬请阅读本报告正文后各项声明 2 [Table_yemei] 腾讯控股（00700.HK）动态点评 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 - The report maintains a "Buy" rating for the company [4][20]. Core Insights - The company has experienced significant growth in revenue and profitability, with a 245% year-on-year increase in revenue to 1.544 billion yuan in 2023, and a return to profitability with a net profit of 42.32 million yuan [13][20]. - The company's gross margin improved to 11.91% in 2023, up 6.33 percentage points year-on-year, while the net margin increased by 22.58% to 2.86% [1][20]. - The company is expanding into emerging markets such as industrial catalysts, hydrogen fuel cells, and solid-state batteries, which are expected to contribute to long-term growth [12][20]. Financial Performance - In Q4 2023, the company reported revenue of 420 million yuan, a year-on-year increase of 207%, and a net profit of 9.47 million yuan, up 127% year-on-year [13][20]. - The sales volume of exhaust catalysts reached 2.979 million units in 2023, a remarkable increase of 168.95% year-on-year [1][20]. - The company anticipates revenues of 2.584 billion yuan, 3.519 billion yuan, and 3.869 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 129.53 million yuan, 199.29 million yuan, and 260.19 million yuan [20][24]. Market Dynamics - The growth in the natural gas heavy truck market, which saw sales increase by 308% year-on-year to 152,000 units in 2023, has significantly benefited the company's exhaust catalyst business [13][20]. - The company is positioned to capitalize on the domestic substitution trend in catalyst supply, particularly as vehicle manufacturers seek to reduce costs [20][13]. Emerging Business Development - The company has completed the construction of a pilot platform for solid-state batteries, with an annual production capacity of 9,600 soft-pack batteries and 24,000 cylindrical batteries [12][20]. - The company is actively involved in national key research projects related to high-performance fuel cell catalysts, enhancing its technological capabilities [12][20].

Industry Investment Rating - The report maintains a "Stronger than Market" rating for the defense and equipment industry [3] Core Viewpoints - Intelligent individual soldier equipment, characterized by high integration, informatization, and intelligence, can comprehensively enhance combat capabilities and drive the development of intelligent individual soldiers [1] - The global landscape is increasingly volatile, necessitating continuous upgrades in ground military equipment to build a high-quality army [1] - Ground conventional weapons are the core equipment for individual soldiers, with companies like Hunan Ordnance, Great Wall Military, and others making significant advancements in lightweight and intelligent weaponry [1] - The capabilities of individual soldiers in reconnaissance and targeting are continuously improving, with companies like GaoDe Infrared and DaLi Technology leading in infrared imaging and related technologies [1] - Military robots are becoming a new increment in modern warfare, with companies like Jingpin Special Equipment developing core technologies in this field [1] - The future of information and electronic warfare demands new requirements for specialized protective equipment, with companies like Tianqin Equipment focusing on ammunition storage and transportation protection [1] - Small drones have shown significant potential in recent local wars, with companies like HuaQing Innovation and CETC developing advanced micro-drones and swarm combat systems [1] Summary by Relevant Sections 1. Review of the Israel-Palestine Conflict Since October 2023 - Urban warfare has highlighted the importance of individual soldier equipment and combat capabilities, with the Israel-Palestine conflict demonstrating the challenges of urban combat and the need for specialized equipment [8][9][10] - The conflict has shown that traditional urban warfare tactics are insufficient without advanced individual soldier systems, as seen in the difficulties faced by the Israeli military in Gaza [8][9] 2. Development Directions of Individual Soldier Intelligent Combat Systems in the US and Russia - The US has developed the "Land Warrior" system, integrating weapon subsystems, helmet subsystems, computer/radio subsystems, software subsystems, and protective clothing subsystems to enhance soldier lethality, survivability, and flexibility [18][19][20] - Russia's "Warrior-3" system, currently under development, aims to improve upon previous systems with features like microclimate support, health monitoring, and exoskeletons, reducing weight by 30% [29][30][31] 3. Potential Opportunities in the Military Industry from Individual Soldier System Upgrades 3.1 Individual Soldier Weapons - Hunan Ordnance Example - Hunan Ordnance focuses on the R&D and production of conventional weapons like artillery, ammunition, and firearms, with significant contributions to national defense and a strong presence in both domestic and international markets [40][41][42] 3.2 Individual Soldier Protection - Tianqin Equipment Example - Tianqin Equipment specializes in protective devices for ammunition storage and transportation, with products designed to withstand harsh environments and improve operational efficiency [45][46][47] 3.3 Individual Soldier Reconnaissance and Targeting - GaoDe Infrared Example - GaoDe Infrared is a leader in infrared imaging technology, with a comprehensive product line that includes infrared detectors, thermal imaging systems, and military ammunition, contributing to national defense and technological self-reliance [48][49][50] 3.4 Individual Soldier Robot Systems - Jingpin Special Equipment Example - Jingpin Special Equipment develops and produces military robots and optoelectronic reconnaissance equipment, with a focus on unmanned and intelligent systems that enhance battlefield capabilities [51][52][53] 3.5 Individual Soldier Micro-Drones - HuaQing Innovation Example - HuaQing Innovation's "Hummingbird" micro-drone is a lightweight, low-noise reconnaissance tool with advanced imaging capabilities, showcasing the potential of small drones in modern warfare [56][57] Investment Recommendations - The report recommends focusing on companies with growth potential in the individual soldier intelligent system upgrade sector, including Hunan Ordnance, Great Wall Military, XinYu Guoke, ZhongBing HongJian, XianFeng Machinery, Tianqin Equipment, GaoDe Infrared, DaLi Technology, Raytron, and Jingpin Special Equipment [58]

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company experienced a significant recovery in performance in 2023, benefiting from the high demand for gas vehicles, with revenue reaching 63.905 billion yuan, a year-on-year increase of 66.71%, and a net profit attributable to shareholders of 0.763 billion yuan, up 107.49% year-on-year [2][7]. - The company is actively integrating resources with Huawei to lead industry development, focusing on smart driving and digital transformation [2]. Summary by Sections Financial Performance - In 2023, the company achieved a total vehicle sales volume of 241,700 units, a year-on-year increase of 42.11%, with heavy truck sales reaching 205,200 units, up 46.14% year-on-year. Notably, natural gas heavy truck sales surged by 325%, capturing a market share of 33.6% [2]. - The gross margin improved to 8.25%, an increase of 0.22 percentage points year-on-year, while the net margin rose to 1.19%, up 0.23 percentage points year-on-year [2][8]. Future Outlook - The company is expected to continue benefiting from the high demand for natural gas heavy trucks in 2024, with projected revenues of 76.659 billion yuan, representing a growth rate of 19.96% [7][8]. - The company plans to enhance its product offerings in new energy and smart connected vehicles, aiming for stable growth in the coming years [7]. Strategic Partnerships - The partnership with Huawei, established in 2015 and deepened in 2023, aims to leverage both companies' strengths in smart vehicle technology, with expectations for demonstration operations of autonomous driving products by 2025 [2].