[ 电Ta 气bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 究 4月光伏玻璃报价上调，盈利有望修复 挖掘价值 投资成长 / 电 [Table_Rank] 气 设 强于大市 （维持） 备 2024 年 04 月 08 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：周旭辉 券 [Table_Summary] 研 【事项】 证书编号：S1160521050001 究 证券分析师：朱晋潇 报  据4月2日SMM数据，2.0mm单层镀膜玻璃价格为17.5-18.5元/平方 告 证书编号：S1160522070001 米，3.2mm单层镀膜玻璃价格为27.0-27.5元/平方米，主流成交价格 分别为18.0、27.0元/平方米，均价较3月分别上涨1.85元/平方米、 [相 T对 a指 bl数 e表 _现 Pi cQuote] 1.5元/平方米。 8%  据隆众资讯数据，截至3月末，重质纯碱主流价2110元，同比下跌 0% -8% 32%，较年初下跌27%。 -16% -24% 4/8 6/8 8/8 10/8 12/8 2/8 -32% ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [22][27]. Core Views - The company has shown significant improvement in profitability, with a rapid increase in net profit for 2023, achieving a revenue of 520.68 million yuan, a year-on-year increase of 2.35%, and a net profit of 64.45 million yuan, up 109.63% year-on-year [24][22]. - The growth in net profit is primarily attributed to the high-margin connected vehicle business, which saw a substantial increase in revenue [24][22]. - The company is focusing on expanding its connected vehicle services and has plans to develop autonomous driving-related businesses in collaboration with partners [22][24]. Financial Summary - Revenue projections for 2024-2026 are 635.77 million yuan, 794.19 million yuan, and 1,005.87 million yuan, respectively, with corresponding net profits of 97.14 million yuan, 138.96 million yuan, and 194.75 million yuan [6][22]. - The company’s EBITDA for 2023 is reported at 89.12 million yuan, with projections of 130.17 million yuan, 182.22 million yuan, and 250.89 million yuan for the following years [6][22]. - The company’s P/E ratios are projected to decrease from 76.04 in 2023 to 22.75 by 2026, indicating improving valuation metrics [6][22]. Business Segments - The connected vehicle segment, led by the subsidiary Youka Technology, reported a revenue of 178 million yuan in 2023, a year-on-year increase of 48% [24][22]. - The traditional communication products segment experienced a decline of approximately 13%, while the medical information segment saw a decrease of about 14% [24][22]. - The company is also expanding its international business and has made significant progress in the renewable energy storage sector [24][22].

Investment Rating - The investment rating for the company is "Accumulate" [6]. Core Views - The company is experiencing significant revenue growth driven by the innovation in the financial technology sector and AI-enabled product optimization. The revenue for 2023 reached 5.204 billion yuan, a year-on-year increase of 21.45%, with a net profit of 326 million yuan, up 28.76% [4][8]. Summary by Sections Revenue and Profitability - In 2023, the company's software development business generated revenue of 3.322 billion yuan, a growth of 5.54%, accounting for 63.84% of total revenue with a gross margin of 31.13% [3]. - The system integration business benefited from innovation, achieving revenue of 1.72 billion yuan, a year-on-year increase of 77.47%, representing 33.05% of total revenue with a gross margin of 10.48% [3]. - The innovative operation business saw a revenue decline of 4.53%, totaling 157 million yuan, which accounted for 3.02% of total revenue [3]. Research and Development - The company invested 568 million yuan in R&D in 2023, an increase of 13.63%, focusing on core areas such as the innovation ecosystem, large model applications, and data asset applications [1]. Market Position and Strategy - The company is a leader in the banking IT solutions market, actively expanding its innovative business and steadily advancing its overseas operations. It has formed strategic partnerships to explore the personal loan non-performing asset market [3][8]. - The overseas business is progressing well, with projects in Indonesia entering stable operation and generating revenue, while also receiving positive feedback from markets in Singapore, Cambodia, and Hong Kong [3]. Financial Forecast - The company forecasts revenues of 6.007 billion yuan, 7.025 billion yuan, and 8.266 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 436 million yuan, 516 million yuan, and 622 million yuan for the same years [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 1.245 billion yuan in 2023, representing a year-on-year growth of 16.7%, and a net profit attributable to shareholders of 264 million yuan, up 11.5% year-on-year [2][3]. - The main business segments are performing well, with AR/VR marketing services generating 845 million yuan in revenue (up 24.0% year-on-year) and AR/VR SaaS business achieving 59 million yuan (up 31.7% year-on-year) [3]. - The company is expanding its business footprint internationally, having served four overseas advertising agencies and reaching 374 overseas media outlets, generating 100 million yuan in revenue [3]. - The company is exploring new development directions by launching digital human development and operation services, accumulating nearly 5 million followers and over 20 million likes for its virtual characters [3]. - The report anticipates significant growth in the AR/VR content and marketing market, driven by new device launches, with projected revenues of 1.43 billion yuan, 1.65 billion yuan, and 1.92 billion yuan for 2024, 2025, and 2026 respectively [3]. Financial Summary - For 2023, the company reported a revenue of 1.245 billion yuan and a net profit of 264 million yuan, with growth rates of 17% and 11% respectively [9]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.18 yuan, 0.20 yuan, and 0.24 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 3, 3, and 2 [9].

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 ...

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]

Group 1: A-Share Market Overview - The A-share market experienced fluctuations with the dividend index, Shanghai Composite Index, and CSI 100 showing gains of 0.53%, 0.49%, and 0.22% respectively during the week of March 25-29 [6][12] - The top five performing sectors included oil and petrochemicals (4.08%), non-ferrous metals (3.72%), home appliances (2.1%), public utilities (1.34%), and textiles and apparel (0.96%), while the worst performers were media (-9.52%), computers (-6.47%), electronics (-4.43%), telecommunications (-3.76%), and social services (-2.76%) [6][12] - The net inflow of main funds was led by basic metals (2.173 billion), gold concepts (2.126 billion), scarce resources (1.929 billion), engineering machinery concepts (0.672 billion), and small metals (0.504 billion) [6][12] Group 2: Global Macro Calendar - Industrial profits in China showed a cumulative total of 914.06 billion yuan for January-February 2024, with a year-on-year growth of 10.2%, marking a significant increase of 14.6 percentage points compared to the previous value [24][49] - The manufacturing PMI returned to the expansion zone, with the production index at 52.2%, up 2.4 percentage points from the previous month, indicating accelerated production activities [58][86] - The U.S. PCE index showed a year-on-year increase of 2.8%, a slight decrease of 0.1 percentage points from the previous value, while new home sales in the U.S. decreased by 0.3% month-on-month [47][75] Group 3: Financing and Margin Trading Situation - As of March 28, 2024, the margin trading balance was 15,433.02 billion yuan, with a net outflow of 20.84 billion yuan for the week [42][71] - The pharmaceutical and biological sector led the net buying with 0.999 billion yuan, followed by electric equipment (0.771 billion yuan) and basic chemicals (0.528 billion yuan) [42][71] - Notable individual stocks with significant net buying included CITIC Securities (0.483 billion yuan), Guangxun Technology (0.467 billion yuan), and Inspur Information (0.388 billion yuan) [42][71] Group 4: Strategic Insights - The report highlights the potential opportunities arising from Xiaomi's automotive ventures, suggesting a revival in smart technology [5] - The focus on state-owned enterprises' market value management and the emphasis on new fields such as artificial intelligence, quantum information, and biomedicine are expected to drive market dynamics [46] - The upcoming annual report season is anticipated to refocus market attention on technology and state-owned enterprise value management, presenting core opportunities [46]

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].