] y r t s u d n I _ e l b a T [ [ 今Ta 世bl 缘e_ （Ti 6t 0l 3e 3] 6 9）动态点评 公 司 研 究 国缘开系挺价，品牌势能提振 挖掘价值 投资成长 / 食 [Table_Rank] 品 增持 （维持） 饮 料 2024 年 03 月 01 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  国缘开系产品全线提价。自 2 月 29 日起，公司将停止接收国缘四代 联系方式：021-23586305 开系产品销售订单，3月 1 日起五代国缘涨价。四开、对开、单开在 [相T对ab指le数_P表ic现Qu ote] 四代版本基础上分别上调出厂价20元/瓶、10 元/瓶、8元/瓶。通知 建议区域市场同步上调终端供货价、产品零售价及团购价。国缘四开 3.51% -3.88% 严格执行配额机制，计划内配额执行当期出厂价，计划外配额在当期 -11.26% 出厂价基础上，按照上调 10 元/瓶执行。 -18.65% -26.03%3/1 ...

[ 商Ta 贸bl 零e_ 售T 行itl 业e] 专 题研究 行 业 研 黄金珠宝行业专题：进击的逆周期品 究 挖掘价值 投资成长 类，大众与奢侈品的过渡 / 商 [Table_Rank] 贸 强于大市 零 （维持） 售 2024 年 03 月 01 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：高博文 券 [Table_Summary] 研 【投资要点】 证书编号：S1160521080001 究 证券分析师：陈子怡 报  23年国内外金价再创新高，黄金珠宝企业率先受益。黄金系衰退环境 告 证书编号：S1160522070002 中的进击品类，全球近 10 年回报率高于多数主流资产。国际金价与 联系人：班红敏 美元指数高度负相关，彰显全球经济景气度和恐慌指数。回顾23年， 电话：021-23586475 纽约商品交易所黄金期货价格累计涨幅超13%，12月初COMEX再创新 高。叠加降息预期及汇率因素，国内金价23Q3国内外溢价显著收窄， [相 T对 a指 bl数 e表 _现 Pi cQuote] 年末避险情绪缓释，以老凤祥为代表的黄金珠宝企业率先受益。 2.27%  全年金 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 30.02 CNY per share, based on a projected PE ratio of 25 for 2024 [52][53]. Core Insights - The company is positioned to benefit from the rapid growth of cross-border e-commerce and has established partnerships with major platforms like SHEIN and Amazon, which are expected to drive overseas business expansion [6][28]. - The company has a strong competitive edge due to its comprehensive coverage of the logistics industry chain, which differentiates it from many peers that primarily focus on system integration [29]. - The report highlights the potential for significant growth in overseas markets, driven by increasing demand for intelligent logistics solutions and the company's ability to leverage its technological advantages [28][64]. Summary by Sections Company Overview - The company, established in 1997, has over 20 years of experience in intelligent logistics technology and operates globally with production bases in multiple countries [10][39]. - It has developed a full industry chain covering core components, key equipment, and system integration, making it a leader in the logistics equipment sector [18][54]. Industry Situation - The global logistics equipment manufacturing market reached 200 billion CHF in 2022, with low concentration among leading companies, indicating significant room for industry consolidation [61][84]. - The rapid growth of cross-border e-commerce platforms is driving demand for intelligent logistics solutions, with the number of overseas warehouses increasing significantly [72][90]. Growth Drivers - The company is expected to see revenue growth driven by its overseas business, which has been increasing from 16.4% in 2018 to 28.4% in 2022 [40]. - The report anticipates that the company's revenue will grow at rates of 7.5%, 23.7%, and 11.0% from 2023 to 2025, respectively, due to the integration of acquired companies and expansion into new markets [47][53]. Financial Analysis - The company reported a net profit of 0.82 billion CNY in 2022, with a compound annual growth rate of 8.6% over three years [24]. - The report projects that the company's gross margin will improve, reaching 24.0% by 2025, driven by a higher proportion of revenue from core components [47]. Comparable Companies - The report compares the company to international peers, suggesting that it is undervalued relative to its growth potential and competitive advantages, with a recommended valuation range of 20-30X PE [29][84].

[ 电Ta 气bl 设e_ 备T 行itl 业e] 专 题研究 行 业 研 新能源发电比例提升、长时储能大势所 究 挖掘价值 投资成长 趋，钒电池潜力巨大 / 电 [Table_Rank] 气 强于大市 设 （维持） 备 2024 年 02 月 29 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 【投资要点】 证书编号：S1160521050001 究 联系人：郭娜 报  长时储能是碳中和时代的必然选择。可再生能源发电渗透率持续提 告 电话：021-23586475 升，由于新能源出力地域/季节差异显著，导致电力系统的消纳、调 峰调频等问题凸显，催生各种调峰/调频手段。当风光发电受气候、 [相 T对 a指 bl数 e表 _现 Pi cQuote] 地形等自然因素的影响，出现日/周/季节间歇时，需要有日/周/季节 调节能力的长时储能技术，长时储能可凭借其长周期、大容量的特性， 2.92% -5.93% 在更长的时间维度上调节新能源的出力波动，未来可再生能源占比越 -14.79% 大，建设长时储能的必要性和急迫性就越大。 -23.65% ...

[ 传Ta 媒bl 互e_ 联T 网itl 行e] 行 业 动态点评 业 研 究 2月版号如期发放，行业供给持续回暖 挖掘价值 投资成长 传/ 媒 [Table_Rank] 互 强于大市 （维持） 联 网 2024 年 02 月 29 日 [东Ta方bl财e_富Au证th券or研] 究所 / 证 证券分析师：高博文 [Table_Summary] 券 【事项】 证书编号：S1160521080001 研 究 证券分析师：陈子怡 报  2024年2月27日，国家新闻出版署公布2月国产网络游戏审批信息， 证书编号：S1160522070002 告 共有111款游戏获得版号；同时更新2024年游戏审批变更信息，共 联系人：潘琪 有5款游戏信息变更获批。 电话：021-23586487 [相 T对 a指 bl数 e表 _现 Pi cQuote] 【评论】 28.56%  版号数量持续过百，发放节奏趋于稳定。发放数量来看，本次获批游 17.64% 戏共有111款，略少于1月的115款，获批游戏数量连续3月破百， 6.73% -4.18% 高于2023年每月版号获批数量均值88款。发放批次来看，近半年来 -15.10 ...

] y r t s u d n I _ e l b a T [ [ 联Ta 影bl 医e_ 疗T （itl 6e 8] 8 271）动态点评 公 司 研 究 业绩基本符合预期，全球市场大有可为 挖掘价值 投资成长 / 医 [Table_Rank] 药 增持 （维持） 生 物 2024 年 02 月 28 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：何玮 报 证书编号：S1160517110001 告  公司发布 2023 年业绩快报。预计实现营业收入 114.11 亿元，同比增 联系人：崔晓倩 长23.52%；预计实现归母净利19.74亿元，同比增长19.21%；预计实 电话：021-23586309 [相Ta对b指le数_P表ic现Qu ote] 现扣非归母净利16.65亿元，同比增长25.38%。单2023Q4预计实现营 业收入 39.78 亿元，同比增长 17.72%；预计实现归母净利 9.1 亿元， 2.92% 同比增长20.17%；预计实现扣非归母净利8.36亿元，同比增长37.55%。 -5.73% 预计2023 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Viewpoints - The company is investing 1 million to acquire Xinjiang Hengsheng Zhican Communication Technology Co., Ltd., which has signed a procurement contract worth approximately 400 million for high-end computing servers and networking accessories with Nanjing Kunqian Computer Technology Co., Ltd. [1][3] - The collaboration with Nanjing Kunqian, a mature domestic server manufacturer, is expected to enhance the company's intelligent computing business and support the digital transformation across various industries [3]. - The high-end computing server procurement is anticipated to meet the future computing needs of the smart home sector, thereby accelerating the rollout of smart home products and enhancing brand image [3]. Financial Projections - The company forecasts revenues of 82.12 billion, 96.13 billion, and 111.50 billion for the years 2023, 2024, and 2025, respectively, with corresponding net profits of 4.61 billion, 5.71 billion, and 6.70 billion [14]. - The projected earnings per share (EPS) for 2023, 2024, and 2025 are 3.31, 4.11, and 4.81, respectively, with price-to-earnings (P/E) ratios of 13.45, 10.86, and 9.26 [14][15].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Insights - The company reported a revenue of 339 million yuan in 2023, a year-on-year decline of 9.47%, while the net profit attributable to shareholders increased by 8.54% to 59 million yuan [1][15] - The decline in revenue was primarily influenced by the significant drop in the average procurement price of palladium sulfate, which negatively impacted overall revenue but improved profitability due to cost optimization and product formulation adjustments [2] - The company is benefiting from the domestic substitution trend in the ABF substrate market, with key clients in the validation and ramp-up stages, indicating potential for future growth [3] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 92 million yuan, a year-on-year decline of 2.5% but a quarter-on-quarter increase of 5.5%. The net profit attributable to shareholders reached 18 million yuan, showing a year-on-year growth of 49.1% [7] - The company’s revenue and profit forecasts for 2023, 2024, and 2025 are set at 339 million, 435 million, and 578 million yuan respectively, with net profits of 59 million, 85 million, and 117 million yuan, corresponding to EPS of 1.02, 1.46, and 2.01 yuan [15] Product Development and Market Position - The company is focusing on advanced packaging trends, particularly in RDL and bumping processes, with successful development of related basic liquids and electroplating additives, which are currently in the final validation stage with end customers [8] - The company is actively promoting the development of TSV-related products and is accelerating the domestic substitution process for core materials in the high-end packaging sector [8]

]yrtsudnI_elbaT[ 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 [Table_Title] 海泰新光（688677）动态点评 2024 年 02 月 28 日 业绩略有波动，国内市场增势迅猛 【评论】 新老产品更替期致业绩承压，1788 销售提速有望带动出货量逐步恢 复。2022H2 因史赛克为 1788 系统上市备货，公司内窥镜镜体出货量 大幅增加。而 1788 系统实际上市时间比原计划延迟 6-9 个月，至 2023 年 9 月史赛克才正式发布 1788 系统,受 22 年高基数及新老产品更替 期的影响，短期内客户需求的波动传递到公司业绩层面。随着 1788 系统的销售提速，公司内窥镜出货量逐步恢复正常并有望逐步提升。 国内市场增势迅猛，同比增长 85%。2023 年 10 月 28 日，中国史赛克 TS88 4K 除雾内窥镜系统正式上市；2023 年 11 月 7 日，专为水下设 计的 4K 关节内窥镜系统全线上市；2023 年 11 月 14 日， 4K 内窥镜 摄像系统 N760 获批上市。公司积极开拓国内市场，完善营销网络体 系，带动品牌影响力提升，2024 年国内 ...

[ 食Ta 品bl 饮e_ 料T 行itl 业e] 动 态点评 行 业 研 究 市场监管总局发文，促进保健食品发展 挖掘价值 投资成长 / 食 [Table_Rank] 品 强于大市 饮 （维持） 料 2024 年 02 月 28 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：高博文 券 [Table_Summary] 研 【事项】 证书编号：S1160521080001 究 联系方式：021-23586305 报 告  国家市场监管总局发布《2024年特殊食品安全监管工作要点》。要点 [相 T对 a指 bl数 e表 _现 提出立足提质增效，健全完善制度机制。完善制度机制主要体现为， Pi cQuote] 完善注册备案制度、细化监管制度、健全标准体系、推进机制创新、 2.92% 鼓励探索实践。具体细则包括持续完善保健食品原料目录，优化保健 -2.90% 食品备案管理模式，研究新增允许保健食品声称的保健功能目录，加 -8.72% -14.55% 快建设保健食品新功能审评专家库，创新保健食品新原料、新功能、 -20.37% -26.19%2/28 4/30 6/30 8/31 10/ ...