Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Insights - The company is expected to achieve a revenue of approximately 4.045 billion yuan in 2023, representing a year-on-year growth of about 45%. The net profit attributable to shareholders is projected to be between 310 million and 350 million yuan, reflecting a growth of 52.7% to 72.4% [1][6]. - The company has a strong overseas presence, with nearly 70% of its revenue coming from international markets. It has established a competitive advantage through its extensive experience in overseas markets and a robust network of partnerships across over 140 countries [3][6]. - The company is actively participating in major sports events, which is driving new demand for its LED display products. It has successfully provided products for international events such as the World Cup and NBA [10][11]. Financial Performance - The company’s revenue is projected to grow from 4.045 billion yuan in 2023 to 5.421 billion yuan in 2024 and 7.275 billion yuan in 2025, with corresponding net profits of 339 million yuan, 432 million yuan, and 550 million yuan respectively [6][16]. - The expected earnings per share (EPS) are forecasted to be 0.93 yuan in 2023, 1.19 yuan in 2024, and 1.51 yuan in 2025, with price-to-earnings (P/E) ratios of 17, 13, and 10 respectively [6][16]. Strategic Initiatives - The company plans to issue convertible bonds to raise 589 million yuan for the construction of manufacturing bases, research centers, and global market networks, which will enhance its production capacity and innovation capabilities [11][6]. - The company has optimized its governance structure, with the chairman increasing his shareholding and implementing employee stock ownership plans to boost team cohesion [9][6].

资料来源：Choice 宏观板块，东方财富证券研究所，数据截至 2023 年 国内与海外货币政策长期错位，流动性"内松外紧"，货币供应量 M 不是 本轮通胀走低的主要原因。2023 年我国央行两次下调存款准备金率，保持流动 性合理充裕，促进货币信贷总量适度、节奏平稳；同时，两次下调政策利率， 图表 5：全球加息潮下国内继续降息 图表 6：中美利差持续倒挂 图表 3：存款准备金率持续下调 图表 4：我国 M2 增速高于主要经济体 资料来源：Choice宏观板块，东方财富证券研究所，数据截至2024年1月 资料来源：Choice宏观板块，东方财富证券研究所，数据截至2023-12 5 7 9 11 13 15 17 19 21 23 2010-022010-112011-082012-052013-022013-112014-082015-052016-022016-112017-082018-052019-022019-112020-082021-052022-022022-112023-08 人民币存款准备金率:大型存款类金融机构(公告日期) 人民币存款准备金率:中小型存款类金融机构(公告日期) -10 -5 ...

Investment Rating - The report maintains a "Buy" rating for Dongwei Technology (688700) [7] Core Views - Dongwei Technology reported a revenue of 915 million yuan for 2023, a year-on-year decrease of 9.52%, and a net profit attributable to shareholders of 155 million yuan, down 27.44% year-on-year [5] - The decline in revenue is attributed to a significant drop in PCB equipment sales, which accounted for approximately 30% of total revenue, while general hardware plating equipment and new energy equipment saw some growth [5] - The company is making progress in photovoltaic copper plating equipment, which is expected to become a new growth point, with the third-generation equipment already shipped and in the commissioning phase [6] Revenue and Profit Forecast - The revenue forecast for 2023, 2024, and 2025 is adjusted to 915 million, 1.42 billion, and 2.04 billion yuan, with year-on-year growth rates of -9.52%, 55.55%, and 43.59% respectively [11] - The net profit forecast for the same years is 155 million, 290 million, and 393 million yuan, with growth rates of -27.44%, 87.51%, and 35.43% respectively [11] - The current price corresponds to a PE ratio of 55, 29, and 22 for the years 2023, 2024, and 2025 [11] Industry Insights - The composite fluid industry layout is gradually improving, with over 20 domestic customers and contracts signed with clients in North America and Southeast Asia [14] - The company has achieved mass production of water plating equipment for composite copper foil and is expected to complete testing of new evaporation design equipment for composite aluminum foil by January 2024 [14]

Investment Rating - The report assigns an "Accumulate" rating for the company [3]. Core Insights - The company is focusing on expanding its AI+3D digital twin and information software business while solidifying its traditional 3D visualization products and integrated digital services. The company is increasing R&D investment and creating benchmark cases [2][6]. - The company has made significant advancements in video technology with the launch of the Sora AI video model, which is expected to drive rapid growth in the AR/VR industry. The global VR market is projected to grow at a CAGR of 24.74% from 2023 to 2028 [1][6]. - The company plans to repurchase shares worth between RMB 25 million and RMB 50 million, with a maximum repurchase price of RMB 22 per share, to maintain company value and protect shareholder interests [1]. Financial Summary - The company’s total market capitalization is approximately RMB 2.49 billion, with a circulating market value of about RMB 1.56 billion. The stock has seen a 52-week high of RMB 57.37 and a low of RMB 15.71, with a 52-week decline of 34.74% [4][14]. - Revenue projections for 2023, 2024, and 2025 are RMB 645 million, RMB 748 million, and RMB 902 million, respectively, with corresponding net profits of RMB 16.23 million, RMB 59.63 million, and RMB 96.01 million [14][15]. - The company is expected to achieve an EPS of RMB 0.15, RMB 0.57, and RMB 0.92 for the years 2023, 2024, and 2025, respectively, with P/E ratios of 147, 40, and 25 [14][15].

]yrtsudnI_elbaT[ [Table_Title] 焦点科技（002315）动态点评 2024 年 02 月 22 日 AI 麦可模型集众家之长，功能迭代可塑性强。AI 麦可此前已接入了 包括 ChatGPT、百度文心一言在内的诸多开源大模型，叠加 New Bing 调取实时数据的能力，积极拥抱与合作 AI 领域资深玩家，集众家之 所长。我们认为多模态技术进步有助于跨境 B2B 领域的 AI 应用发展， 进一步提升 AI 麦可助手的产品价值，丰富用户体验。 [Table_ 【事项Summary 】 ] 2 月 16 日，OPENAI 发布首个视频生成模型 Sora，根据用户的文本提示， 最高可生成一分钟的高清视频，可以呈现"具有多个角色、特定类型的 动作、以及主题和背景的准确细节的复杂场景"。 [Table_ 东方财富证券研究所 Author] 电话：021-23586475 | --- | --- | |-------------------------------|---------------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - Chuangjian Medical successfully developed type III recombinant human collagen protein, which aligns with the amino acid sequence of natural human collagen and has a natural triple helix structure, enabling industrialization [2][3] - The market currently features products primarily made from humanized collagen, with human collagen being scarce. The National Medical Products Administration categorizes recombinant collagen into three levels, with human collagen being the highest [3] - Chuangjian Medical has initiated clinical trials for aesthetic implant agents and has made significant technological breakthroughs in stable genetic expression systems and fermentation purification technology [3] - The successful development of type III recombinant human collagen protein is expected to advance the commercialization of high-performance fillers with excellent anti-aging properties and low immunogenicity [3] Summary by Relevant Sections Market Dynamics - The report highlights the growth potential in the collagen-based skincare and filler product sectors, emphasizing the importance of upstream and downstream companies in this market [4] - Key players such as Juzhi Biotechnology and Jinbo Biotechnology are noted for their strong performance and innovative products in the collagen market [4][11] Company Developments - Juzhi Biotechnology reported over 1.6 billion in revenue for 2022, with a projected 2 billion+ for 2023, showcasing significant growth [4] - Jinbo Biotechnology anticipates a net profit of 280-300 million for 2023, reflecting a year-on-year increase of 156%-175% [4] - Jiangsu Wuzhong's subsidiary has received approval for a facial filler, indicating growth opportunities in regenerative injectables [11] - Chuangjian Medical has received approval for type II medical devices and is focusing on anti-aging skincare products [11] - Other companies like Marubi and Juyuan Biotechnology are also making strides in the collagen market with innovative products and significant investments planned for the future [11]

芯瑞达 沪深300 [Table_Title] 芯瑞达（002983）动态点评 Mini LED 在电视领域持续高速渗透，市场增量空间客观。根据奥维云 网数据，2023 年中国彩电 Mini LED 市场零售量渗透率为 2.9%，较去年 增长 1.8PCT，零售额渗透率为 9.8%，较去年增长 5.4PCT，预计 2024 年国内 Mini LED 电视零售量渗透率将达到 4.9%。公司生产的显示模组 下游是一线电视品牌客户，2023H1 公司净利润增长主要来自于 Mini 显 示模组，增量贡献近 70%。我们预测 Mini LED 电视在 2024 年将保持快 速渗透趋势，并从公司当前在手订单来看，Mini LED 显示模组在 2024Q1 延续增长态势，为 2024 年公司利润持续增长打下基础。 2024 年 1 月 10 日，公司发布 2023 年业绩预告，2023 年预计实现归 母净利润 1.59-1.85 亿元，同比增长 50%-75%；预计实现扣非归母净 利润 1.44-1.70 亿元，同比增长 70%-100%；预计实现 EPS 为 0.86-1.00 元/股。 [Table_ 东方财富证券研究 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of 32.7 yuan [5]. Core Viewpoints - The company is a leader in the smart display industry in China, focusing on display technology for 29 years, with significant growth driven by smart TVs and interactive flat panels [2][15]. - The company has achieved the highest global shipment volume for smart interactive panels among manufacturing suppliers in the first half of 2023 and ranks fifth for smart TVs [2]. - The dual strategy of self-owned brands and OEM business opens up growth opportunities, with a projected shipment of 8 million TVs in 2023, a 15% year-on-year increase [2][15]. - The company benefits from flexible production capabilities, catering to diverse customer needs, especially in emerging markets [2]. - The establishment of a wholly-owned automotive electronics subsidiary aims to tap into new growth areas, including smart cockpit and automotive parts manufacturing [2][5]. Summary by Sections Company Overview - The company has been deeply involved in the smart display industry for 29 years, with a focus on customized and differentiated flat display products [15]. - The ownership structure is stable, with the controlling shareholder holding 47.40% of the shares, ensuring strong management continuity [19]. Industry Status - The overseas demand for smart TVs is recovering, with a forecasted slight increase in global TV shipments in 2024 [30][32]. - The market for large-size TVs and new technologies like Mini LED and OLED is becoming a significant growth point [35][37]. Business Performance - The company’s revenue is primarily from smart TVs, smart interactive displays, design processing, and component sales, with a notable increase in high-margin product revenue [25][26]. - The gross margin for smart interactive displays is the highest among the company's business segments, contributing to overall profitability [26]. Investment Highlights - The company is advancing its self-owned brand strategy, which has shown promising sales results [10]. - The flexible manufacturing strategy allows the company to form differentiated market strategies and customer resources [10]. - The automotive electronics business is positioned as a new growth point, with ongoing collaborations with high-end automotive brands [11].

] y r t s u d n I _ e l b a T [ [ 传Ta 音bl 控e_ 股T （itl 6e 8] 8 036）动态点评 公 司 研 营收与利润创历史新高，手机出海走向 究 全世界 挖掘价值 投资成长 / 电 [Table_Rank] 子 买入 （维持） 设 备 2024 年 02 月 21 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  2023年12月27日传音控股公布2023年业绩预增公告，2023年度， 联系人：刘琦 公司预计实现营业收入621.22亿元左右，比上年同期增加155.26亿 电话：021-23586475 元左右，同比增长 33.32%左右；预计 2023 年度实现归母净利润为 [相Ta对b指le数_P表ic现Qu ote] 54.93亿元左右，比上年同期增加30.09亿元左右，同比增长121.15% 左右；预计 2023 年度实现归母扣非净利润为 50.10 亿元左右，比上 90.56% 67.83% 年同期增加28.00亿元左右 ...

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 全国数据资源调查启动，数据要素价值 究 挖掘价值 投资成长 持续释放 / 信 [Table_Rank] 息 强于大市 技 （维持） 术 2024 年 02 月 20 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 联系人：向心韵 报  2024年2月19日，国家数据局综合司、中央网信办秘书局、工业和 告 电话：021-23586478 信息化部办公厅、公安部办公厅联合发布《关于开展全国数据资源调 查的通知》，调研各单位数据资源生产存储、流通交易、开发利用、 [相 T对 a指 bl数 e表 _现 Pi cQuote] 安全等情况。  本次调查工作截止3月5日。调查对象包括：1.省级数据管理机构、 29.83% 18.76% 工业和信息化主管部门、公安厅（局）；2.各省重点数据采集和存储 7.69% 设备商、消费互联网平台和工业互联网平台企业、大数据和人工智能 -3.37% -14.44% 技术企业、应用企业、 ...