] 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. ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company reported a revenue of 3.524 billion yuan, an increase of 49% year-on-year, and a net profit attributable to shareholders of 1.452 billion yuan, up 44.9% [2]. - The company has a strong focus on expanding its cosmetic product line and advancing the approval process for injectable products [2]. - The company maintains a high dividend payout ratio of 61%, with a final dividend of 0.44 yuan per share and a special dividend of 0.45 yuan per share [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 35.24 billion yuan (+49%) and a net profit of 14.52 billion yuan (+44.9%) [2]. - Adjusted net profit, excluding share-based payments, was 14.69 billion yuan (+39%) [2]. - The gross margin was 83.6% (-0.8 percentage points), primarily due to the increased proportion of lower-margin cosmetic products [2]. - The net profit margin was 41.2% (-1.2 percentage points) [2]. Product Segments - The "Kefumei" brand saw a revenue increase of 73%, contributing approximately 80% of total revenue [2]. - The "Kailijin" brand experienced a slight decline in revenue by 0.3%, attributed to brand positioning and product strategy adjustments [2]. - The company is actively developing four new skin rejuvenation products and has a broad application space for collagen injectables [2]. Sales Channels - Direct-to-consumer (DTC) sales continued to grow, with DTC online revenue reaching 21.5 billion yuan (+77.5%), accounting for 61% of total revenue [2]. - The company has established a distribution network covering approximately 1,500 public hospitals, 2,500 private clinics, 6,000 chain pharmacies, and 650 CS/KA stores [2]. Future Projections - The company is projected to achieve revenues of 45.9 billion yuan, 57.5 billion yuan, and 69.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30.4%, 25.1%, and 21.6% [6]. - Net profit is expected to grow by 23.8%, 18.9%, and 17.8% for the same years, with corresponding EPS of 1.81, 2.15, and 2.53 yuan [6].

] y r t s u d n I _ e l b a T [ [ 时Ta 代bl 电e_ 气T （itl 6e 8] 8 187）2023年财报点评 公 轨交业务稳步复苏， 司 研 新兴装备业务突飞猛进 挖掘价值 投资成长 究 / [Table_Rank] 买入 交 （维持） 运 设 2024 年 04 月 02 日 备 / 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：付丹蕾 告  公司盈利能力稳步向上。2023年，公司实现营业收入 217.99亿元， 电话：021-23586316 同比+20.88%；实现归母净利润31.06亿元，同比+21.51%；实现扣非 [相T对ab指le数_P表ic现Qu ote] 归母净利润 25.95 亿元，同比+29.89%。Q4 公司实现营业收入 77.04 亿元，同/环比+7.62%/+39.43%；实现归母净利润10.52亿元，同/环 9.01% 比+5.98%/+17.10%。分业务来看，2023年公司轨交装备业务实现129. ...

Investment Rating - Buy (Maintained) [2] Core Views - The company achieved revenue of 372.04 billion yuan in 2023, a YoY increase of 8.18%, and non-GAAP net profit attributable to the parent company of 32.98 billion yuan, a YoY increase of 15.26% [1] - The company's ToB business accelerated growth, with HVAC/consumer appliances/robotics, automation systems, and other manufacturing revenues of 161.11/124.69/37.26 billion yuan, YoY increases of 6.95%/7.51%/24.49% respectively [1] - Domestic and overseas revenues increased by 9.87% and 5.79% YoY respectively, while online and offline revenues increased by 13.7% and 6.81% YoY respectively [1] - The "COLMO + Toshiba" dual high-end brand strategy achieved a retail sales growth of over 20% in 2023 [1] - The company strengthened its global presence and self-brand building, with significant sales growth in North America and EMEA regions [1] - The company's operating cash flow increased significantly to 57.90 billion yuan, a YoY increase of 67.07%, and contract liabilities increased by 49.38% to 41.77 billion yuan [1] - The company announced a cash dividend of 30 yuan per 10 shares, with a total cash dividend of 20.76 billion yuan and a dividend payout ratio of 61.57% [2] - The company launched a 2024 equity incentive plan, targeting a weighted average ROE of no less than 18%, 18%, 17%, and 16.5% from 2024 to 2027 respectively [2] Financial Forecasts - The company's revenue is expected to be 399.62/429.41/458.22 billion yuan in 2024/2025/2026, with net profit attributable to the parent company of 37.72/42.31/45.62 billion yuan, and EPS of 5.41/6.07/6.55 yuan [5] - The company's PE ratios are expected to be 11.93/10.64/9.87 times in 2024/2025/2026, and PB ratios are expected to be 2.24/1.85/1.56 times [5] - The company's EV/EBITDA ratios are expected to be 8.67/7.16/5.99 times in 2024/2025/2026 [6] Business Performance - The company's operating cash flow was 57.90 billion yuan in 2023, a YoY increase of 67.07%, while investment cash flow was -31.22 billion yuan, a YoY increase of 177.10 billion yuan [1] - The company's contract liabilities were 41.77 billion yuan at the end of 2023, a YoY increase of 49.38% [1] - The company's total assets were 486.04 billion yuan in 2023, with total liabilities of 311.74 billion yuan and equity attributable to the parent company of 162.88 billion yuan [8] - The company's ROE was 20.70% in 2023, with a net profit margin of 9.07% and a gross profit margin of 26.49% [8]

Group 1 - The median return for all A-share industries in March 2024 was 1.30%, indicating a general slowdown in the rebound momentum. The top five performing industries were non-ferrous metals (12.73%), petroleum and petrochemicals (6.22%), automobiles (4.92%), electric equipment and new energy (4.08%), and national defense and military (4.01%). The bottom five performing industries were comprehensive finance (-9.14%), non-bank finance (-6.01%), coal (-3.97%), real estate (-3.42%), and pharmaceuticals (-2.16%) [9][14][42] - The recommended industry portfolio for March achieved an average monthly return of 2.65%, outperforming the equal-weighted industry portfolio's return of 1.64%, resulting in an excess return of 1.0 percentage point. Cumulatively, the recommended portfolio's return for the first three months of 2024 was 4.91%, exceeding the equal-weighted portfolio's return by 5.98 percentage points [9][42][42] Group 2 - In terms of industry performance tracking for March, significant upward adjustments in analyst earnings forecasts were noted for the national defense and military, as well as agriculture, forestry, animal husbandry, and fishery sectors. Conversely, notable downward adjustments were observed in petroleum and petrochemicals, coal, steel, basic chemicals, construction, building materials, electric equipment and new energy, automobiles, consumer services, banking, non-bank finance, real estate, transportation, electronics, and computers, with declines exceeding 2% [16][17][40] - The report highlights that industries with PE valuations below the 20th percentile historically include non-ferrous metals, basic chemicals, construction, machinery, national defense and military, electric equipment and new energy, and communication. Similarly, industries with PB valuations below the 20th percentile include non-ferrous metals, steel, basic chemicals, construction, building materials, light industry manufacturing, machinery, national defense and military, retail, consumer services, textiles, pharmaceuticals, agriculture, banking, non-bank finance, real estate, transportation, electronics, communication, computers, and media [36][40][40] Group 3 - The report recommends industry allocations for April 2024, focusing on electric power and utilities, agriculture, forestry, animal husbandry, and fishery, retail, pharmaceuticals, textiles, national defense and military, and media [9][42][42] - The report indicates that the current ROE has significantly increased in industries such as non-ferrous metals (+0.5 percentage points), steel (+0.51 percentage points), consumer services (+0.59 percentage points), and media (+0.56 percentage points). However, industries like agriculture, forestry, animal husbandry, and fishery (-1.46 percentage points) and retail (-0.61 percentage points) have seen significant declines [33][34][42]

Investment Rating - The investment rating for the company is "Accumulate" [3]. Core Views - The company faced performance pressure in 2023 due to weak demand and intense industry competition, with a revenue decline of 7.93% year-on-year to 16.586 billion yuan and a net profit drop of 23.96% to 1.164 billion yuan. The fourth quarter saw a revenue of 4.239 billion yuan, down 2.30% year-on-year and 5.11% quarter-on-quarter [2][4]. - The company is expected to see a recovery in 2024, with projected revenues of 18.965 billion yuan, representing a growth of 14.34% [4][5]. - The company is making significant progress in AI and advanced packaging fields, with high-end products gaining certification from major AI server manufacturers, indicating a potential turning point for profitability as copper-clad laminate prices are expected to rise [1][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 16.586 billion yuan, a decrease of 7.93% year-on-year, and a net profit of 1.164 billion yuan, down 23.96% year-on-year. The fourth quarter revenue was 4.239 billion yuan, with a net profit of 0.265 billion yuan, reflecting a year-on-year decline of 20.67% [2][5]. - The gross margin for 2023 was 19.24%, down 2.79 percentage points year-on-year, while the net margin was 6.93%, down 2.13 percentage points year-on-year [1][2]. Business Segments - The revenue from copper-clad laminates and bonding sheets was 12.632 billion yuan, down 9.76% year-on-year, while PCB revenue was 3.135 billion yuan, down 7.90% year-on-year [2][5]. - The company is focusing on high-end products in the AI and packaging sectors, which are expected to drive future growth [1][4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 18.965 billion yuan, 21.659 billion yuan, and 24.005 billion yuan, respectively, with corresponding net profits of 1.648 billion yuan, 1.965 billion yuan, and 2.322 billion yuan [4][5]. - The expected EPS for 2024, 2025, and 2026 are 0.70 yuan, 0.83 yuan, and 0.99 yuan, with P/E ratios of 25, 21, and 17, respectively [4][5].

证券分析师：高博文 证书编号：S1160521080001 证券分析师：陈子怡 证书编号：S1160522070002 联系人：刘雪莹 电话：021-23586475 开始显现》 资料来源：Choice，东方财富证券研究所 盈利预测 行业竞争加剧； 政策监管风险。 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 ...