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 ...

Core Insights - The report highlights that the A-share market has been supported by three positive factors since February 2024, leading to a stronger-than-expected recovery in market valuations [6][7] - The adjustment of the securities lending system to "T+1" has effectively controlled the short-selling activities in the A-share market, with the margin balance decreasing by 28.86% from 596.19 billion yuan to 424.11 billion yuan [7] - Strict regulatory measures on IPOs have fundamentally alleviated the supply-demand imbalance in the market, with 73 companies withdrawing their IPO applications as of March 19, 2024 [7] - Foreign capital inflows have exceeded expectations, with net purchases of A-shares reaching 66.43 billion yuan in 2024, surpassing the total net purchases of 43.7 billion yuan in 2023 [7][10] Summary by Sections Market Recovery Factors - The A-share market's recovery is driven by improved liquidity, economic stabilization expectations, and regulatory changes that have curtailed short-selling [6][7] - The transition to a "T+1" system for securities lending has reduced the short-selling balance significantly, indicating a tighter control over speculative activities [7] Regulatory Environment - The China Securities Regulatory Commission (CSRC) has emphasized strict IPO approval processes to prevent "problematic" companies from entering the market, resulting in a wave of IPO withdrawals [7][10] - The regulatory focus on enhancing the quality of listed companies aims to ensure that A-shares remain viable long-term investment options [10] Foreign Investment Trends - Recent trends show a strong recovery in foreign investment in A-shares, with significant net buying activity from global funds, reflecting improved perceptions of the Chinese market [7][10] - The report notes that despite rising U.S. Treasury yields, foreign capital continues to flow into A-shares, indicating confidence in the market's structural improvements [10]

资料来源：公司公告，弗若斯特沙利文，东方财富证券研究所 [Table_yemei] 易点云（02416.HK）深度研究 0 100 200 300 400 500 600 700 [Table_yemei] 易点云（02416.HK）深度研究 2.中小企业市场深耕多年，办公 IT 行业绝对零领跑 2.1.中国领先的办公 IT 综合解决方案供应商 公司是中国领先的办公 IT 综合解决方案供应商，以订阅方式为企业客户 （包括中小企业）提供一站式办公 IT 服务。我们提供的产品及服务包含： 1）IT 设备租赁。预安装有操作系统、选定软件（包括但不限于办公套件、 驱动程序、杀毒程序、即时通讯）及公司自主开发的办公 IT 管理工具（如打印 机自动配置程序）的 IT 设备（如台式机、笔记本电脑及显示器）； 2）托管 IT 服务。包括设备配置、设备/工程师部署、运维支持、性能优化、 数据迁移、备份及清除异己多种设备管理服务（如设备的下单、订阅管理、现 场检查及批量付运），以满足客户在使用设备的各个阶段的需求。在托管 IT 服 务模式下，公司负责运营安装有系统及软件的 IT 设备，客户无需管理其自身的 办公 IT，从而能更专 ...

]yrtsudnI_elbaT[ [Table_Title] 宏观数据点评 2024 年 03 月 21 日 北京时间 2024 年 3 月 19 日，日本央行（BOJ）公布最新利率决议， 上调基准利率水平至 0-0.1%区间。 济温和复苏、薪资增幅创 30 年以来新高带动日本央行货币政策向正 日本通胀超预期风险 全球流动性超预期紧缩风险 [Table_Author] 东方财富证券研究所 | --- | |----------------------------------| | | | [Table_ 相关研究 Reports] | | 《投资"接棒"消费成为经济主 | | 要增量—— 1-2 月经济增长数据 | | 点评》 | | | | 《春节因素引发制造业 | | 波动—— 2 月 PMI 数据点评》 | | | | | | 《走出低通胀的政策路径》 | | | | 《双重使命平衡风险， | | 许尚早——美联储 1 | | 点评》 | | | | 《如期完成年度经济目标，投资 | | 或为后续发力点—— | | 长数据点评》 | 2017 以 8-1 多数投票通过继续购买日本国债，金额与之前大致相同 ...

Investment Rating - The report maintains an "Outperform" rating for the information technology sector [3]. Core Insights - The continuous release of data factor value is driven by favorable policies and the establishment of data markets, with the data factor market in China expected to exceed 200 billion yuan by 2025, growing at a compound annual growth rate (CAGR) of over 25% [1][36]. - The value release of data factors can be likened to the "98 housing reform," which activated housing demand and increased real estate value, indicating that the value of data factors also relies on the increase in application scenarios and market demand [1][25]. - The "Data Factor ×" three-year action plan aims to create over 300 typical application scenarios by the end of 2026, focusing on key sectors such as smart manufacturing, commerce, logistics, financial services, and healthcare [1][15]. Summary by Sections 1. Policy Promotion of Data Factor Industry Development - The top-level design emphasizes data factors as a new productive force, with policies gradually establishing a framework for data factor marketization since 2014 [9][10]. - Local governments are actively formulating data regulations and action plans to explore and implement data factor development [16][20]. 2. Data Assetization Activating Factor Value - Data is increasingly recognized as a key production factor, with similarities to land in terms of assetization and income generation [23][24]. - The process of data assetization is compared to the "98 housing reform," which involved three stages: data resourceization, data assetization, and data capitalization [25][26]. - The current data trading platforms primarily offer basic data products, indicating a need for a more comprehensive data asset valuation and trading system [31][32]. 3. Data Empowering Industries and Releasing Multiplier Effects - The data factor market is segmented into commercial, livelihood, industrial, and governmental data factors, with livelihood data accounting for 25% of the market [38][40]. - The livelihood data factor market is projected to reach 45.9 billion yuan by 2025, driven by the integration of healthcare and social security data applications [42]. 4. Investment Recommendations - The report suggests focusing on companies such as Jiuyuan Yinhai, Desheng Technology, and Taiji Co., among others, as they are positioned to benefit from the ongoing data factor market development [2].

Investment Rating - The investment rating for the company is "Accumulate" [3][6]. Core Insights - The company reported a revenue of 2.87 billion yuan, representing a 48.0% increase year-on-year, and a net profit attributable to shareholders of 1.86 billion yuan, up 47.1% [2][6]. - The gross margin improved to 95.09%, benefiting from an increase in the proportion and gross margin of gel injection products [2]. - The product "Ru Bai Tian Shi" continued to show high growth, with gel injection products generating 1.16 billion yuan in revenue, a 81.43% increase [2]. Financial Performance - Revenue growth by quarter: Q1 +46%, Q2 +83%, Q3 +18%, Q4 +56% [2]. - Net profit growth by quarter: Q1 +51%, Q2 +77%, Q3 +13%, Q4 +59% [2]. - The company achieved a net profit margin of 64.77% [2]. Product and Market Development - The company has a rich pipeline of products, including medical-grade polyvinyl alcohol gel microspheres and A-type botulinum toxin, currently in the registration phase [2]. - The company has established a direct sales team of over 400 personnel covering approximately 7,000 medical beauty institutions in China, with a direct sales ratio of 62.26% [2]. Future Projections - The company expects net profits of 2.56 billion yuan, 3.36 billion yuan, and 4.32 billion yuan for the years 2024, 2025, and 2026, respectively [6][7]. - Earnings per share (EPS) are projected to be 11.81 yuan, 15.53 yuan, and 19.95 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 30, 23, and 18 [6][7].

] y r t s u d n I _ e l b a T [ [ 深Ta 南bl 电e_ 路T （itl 0e 0] 2 916）2023年报点评 公 Q4营收同环比增长，数据中心、汽车、 司 研 高端载板均有新进展 挖掘价值 投资成长 究 / [Table_Rank] 增持 电 （维持） 子 设 2024 年 03 月 20 日 备 / [东Ta方bl财e_富Au证th券or研] 究所 证 [【Ta投bl资e_要Su点mm】ar y] 券 证券分析师：邹杰 研 究 证书编号：S1160523010001 报  全年业绩略有承压，Q4 营收同环比均有提升。2023 年公司实现营业 联系人：刘琦 告 收入135.26亿元，同比下滑3.33%，实现归母净利润13.98亿元，同 电话：021-23586475 比下滑14.81%，实现扣非归母净利润9.98亿元，同比下滑33.46%。 [相T对ab指le数_P表ic现Qu ote] 主要原因是 23 年下游市场需求下行，公司封装基板和 PCB 稼动率同 比下降，同时封装基板新项目建设和新工厂爬坡等费用和固定成本增 14.33% 3.01% 加对公司业绩产生负向影 ...

[ 汽Ta 车bl 行e_ 业T 专itl 题e] 研 究 行 业 空气悬架不断向下渗透， 研 究 挖掘价值 投资成长 自主供应商纷纷崛起 / 汽 [Table_Rank] 车 强于大市 行 （维持） 业 2024 年 03 月 20 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 券 证券分析师：周旭辉 [Table_Summary] 研 【投资要点】 证书编号：S1160521050001 究 报 联系人：贾国琛 告  国产降本开拓空悬增量空间。空气悬架作为主动悬架，能通过ECU对 电话：021-23586316 悬架的刚度和阻尼比进行调节。与传统悬架相比，空气悬架在车辆安 全性、驾乘舒适性和能耗经济性等方面更具优势。2023年国内标配空 [相 T对 a指 bl数 e表 _现 Pi cQuote] 气悬架的新车销量约为56.4万辆，渗透率达2.7%，搭载车型起售价 最低下探到19万元。随着空气悬架产业链国产化，国产空悬系统有 14.37% 7.64% 望比进口空悬系统价格下降25%，推动市场空间快速增长。盖世汽车 0.91% 研究院预测2025年空气悬架渗透率上涨到15%左右，市场规模接近 ...

投资"接棒"消费成为经济主要增量 ——1-2月经济增长数据点评 地缘政治冲突恶化风险 海外经济体衰退风险外溢 ]yrtsudnI_elbaT[ [Table_Title] 宏观数据点评 【风险提示】 挖掘价值 投资成长 [Table_Author] 东方财富证券研究所 证券分析师：曲一平 证书编号：S1160522060001 联系人：陈然 电话：021-23586458 [Table_Summary] 【事项】 【评论】 2024 年 03 月 20 日 | --- | |--------------------------------------------------------------------------| | | | 《春节因素引发制造业 PMI 数值 | | 波动—— 2 月 PMI 数据点评》 2024.03.04 | | 《走出低通胀的政策路径》 | | 2024.02.23 | | 《双重使命平衡风险， 3 月降息 或许尚早——美联储 1 月议息会 议点评》 | | 2024.02.01 | | | | 《如期完成年度经济目标，投资 或为后续发力点—— 12 月经济增 长数据点评》 ...