[ 家Ta 电bl 行e_ 业T 动itl 态e] 点 评 行 业 研 新春新活力，家电更新需求逐步回暖 挖掘价值 投资成长 究 / [Table_Rank] 家 强于大市 电 （维持） / 2024 年 02 月 20 日 证 [东Ta方bl财e_富Au证th券or研] 究所 券 证券分析师：高博文 研 [Table_Summary] 究 【事项】 证书编号：S1160521080001 报 联系人：班红敏 告  苏宁易购发布春节消费数据，门店以旧换新订单增长两倍。2月17 电话：021-23586475 日，苏宁易购发布2024年春节消费数据,苏宁易购门店以旧换新订单 量同比增长2倍，“追新逐大”“家务减负”“即买即送”需求高，大 [相 T对 a指 bl数 e表 _现 Pi cQuote] 屏电视、大容量冰箱冷柜、智能清洁家电、潮流数码产品销售火热。 数据显示，2月10日至16日，大容量智能冰箱销售量同比增长超50%， 5.96% 0.16% 80英寸以上大屏电视销售量同比增长超120%,大尺寸、大容量、多功 -5.65% 能的升级类产品需求较高。 -11.46% -17.27% -23.08%2/20 ...

[ 汽Ta 车bl 行e_ 业T 动itl 态e] 点 评 行 业 1月出口延续快速增长态势， 研 究 挖掘价值 投资成长 新能源VS燃油车竞争加剧。 / 汽 车 [Table_Rank] 行 强于大市 （维持） 业 2024 年 02 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 【事项】 证书编号：S1160521050001 究 报 联系人：贾国琛 告  近日，中汽协发布汽车工业产销情况：2024年1月，我国汽车产销分 电话：021-23586316 别完成241万辆和243.9万辆，同比分别+51.2%和+47.9%，汽车出口 44.3万辆，同比+47.4%。 [相 T对 a指 bl数 e表 _现 Pi cQuote] 2月19日，比亚迪上市秦PLUS荣耀版，官方指导价7.98万元起，五  3.96% 菱、长安汽车、哪吒汽车、北京现代、上汽通用等多家车企宣布旗下 -1.70% 多款车型大降价，行业价格战全面打响。 -7.36% -13.01% -18.67% 【评论】 -24.33%2/20 4/20 6/20 ...

[ 传Ta 媒bl 互e_ 联T 网itl 行e] 行 业 动态点评 业 研 究 电影市场开门红，“二八效应”加剧 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 20 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 春节假期正式收官，春节档电影票房数据发布。  证书编号：S1160522070002 告 【评论】 联系人：陈子怡 电话：021-23586305  票房创历史新高。2024年春节档（2.10-2.17，共8天）总票房共80.16 [相 T对 a指 bl数 e表 _现 Pi cQuote] 亿，同比增长18.5%，超过2021年春节档的78.42亿，刷新历史记录； 其中，情人节档（2月14日，初五）票房11.91亿，环比增长25.2%， 36.07% 较2023年同期的2.13亿票房大幅提升。按往年春节档7天口径，2024 24.24% 年同期共实现票房73.37亿，同比增长8. ...

[ 商Ta 贸bl 零e_ 售T 行itl 业e] 动 态点评 行 业 研 究 春节假期正式收官，黄金珠宝表现靓丽 挖掘价值 投资成长 / 商 [Table_Rank] 贸 强于大市 零 （维持） 售 2024 年 02 月 19 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 证券分析师：陈子怡 报  春节假期正式收官，多地消费数据发布。（以下同比均较农历同期） 告 证书编号：S1160522070002 联系人：班红敏 【评论】 电话：021-23586475  社会消费稳健复苏，生活服务业“开门红”。人民银行数据显示，除 [相 T对 a指 bl数 e表 _现 Pi cQuote] 夕至初五（9-14日）网联和中国银联处理的网络支付交易共计153.8 0.69% 亿笔（+15.8%），金额7.74万亿元（+10.1%）。其中餐饮、住宿、旅 -7.81% 游、影视娱乐等场景同增均超20%。美团2024春节“吃喝玩乐”消费 -16.31% 洞察显示，春节假期日均消费规模同增36% ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment industry [4] Core Insights - REC Silicon announced the closure of its polysilicon production line in Montana, USA, primarily due to high electricity costs and an unfavorable regional power supply-demand balance [1][2] - The closure of the Montana facility, which had a capacity of over 20,000 tons of high-purity polysilicon, is part of a long-term operational strategy to ensure profitability [2] - In 2023, polysilicon sales reached 749 tons, nearly half of the 1,502 tons sold in 2022, indicating a significant decline in production [2] - REC Silicon is restarting approximately 20,000 tons of granular silicon capacity in Washington State, expected to be operational by the end of 2024, highlighting the competitive advantage of granular silicon under high electricity costs [2] - The closure of high-cost overseas production lines suggests that the industry is entering a phase of gradual consolidation, favoring companies with scale, low costs, and technological advantages [2] Summary by Sections Industry Overview - REC Silicon's Montana polysilicon production line closure is attributed to structural imbalances in regional electricity supply and demand, with expectations of continued price increases [1][2] Company Performance - The Montana facility, employing around 300 workers, was the largest private employer in the region, and its closure reflects broader industry challenges [2] - The report suggests focusing on leading companies with low polysilicon costs, such as GCL-Poly Energy, Tongwei Co., Daqo New Energy, and Xinte Energy [2]

Investment Rating - The report assigns an "Accumulate" rating to the company [4][6]. Core Views - The company is expected to maintain high growth in 2023, with a projected net profit of 510-565 million yuan, representing a year-on-year increase of 42.45%-57.81% [3]. - The acquisition of control by Mindray Medical is anticipated to strengthen the company's leading position in the vascular intervention market, enhancing product performance and expanding overseas market access [4]. - The company's three main business segments—electrophysiology, coronary access, and peripheral intervention—are expected to continue high growth due to increased hospital coverage and ongoing product upgrades [6]. Summary by Sections Financial Performance - The company forecasts revenue for 2023, 2024, and 2025 to be 1.672 billion, 2.280 billion, and 3.063 billion yuan, respectively, with corresponding net profits of 539 million, 727 million, and 996 million yuan [6]. - The expected earnings per share (EPS) for the same years are 8.07, 10.88, and 14.89 yuan, with price-to-earnings (P/E) ratios of 49, 36, and 26 times [6]. Market Position and Strategy - The company is actively expanding its market presence through promotional activities and enhancing brand recognition, alongside efforts to penetrate international markets [3]. - The collaboration with Mindray is expected to significantly enhance the company's product capabilities in areas where it has been relatively weak, such as 3D measurement systems and radiofrequency ablation devices [4]. Growth Drivers - Continuous iteration and optimization of product research and development are expected to improve the company's manufacturing automation and product competitiveness [3]. - The integration of Mindray's resources and expertise is projected to bolster the company's capabilities in electrophysiology and vascular intervention, further solidifying its market position [4].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Viewpoints - The OLED panel market has seen a recovery in prices after a challenging period, with a slight increase in prices expected due to rising demand and tight supply conditions [1] - The acquisition of a 40.91% stake in Hefei Visionox is progressing smoothly, which will allow the company to consolidate its financials and expand its revenue base [3] - The penetration of domestic OLED screens is increasing, with strong demand for foldable screens contributing to growth in the sector [4] - The company is expected to face short-term performance pressure but is projected to benefit from increasing OLED panel penetration in smartphones and a recovery in prices [20] Summary by Sections Market Overview - The OLED panel prices have decreased significantly in the first three quarters of 2023, with rigid AMOLED panels down 24% and flexible AMOLED panels down 33%. However, prices are expected to rebound in the fourth quarter due to improved demand and supply constraints [1] Company Performance - The company anticipates a revenue of 5.727 to 6 billion yuan for 2023, with a projected net loss of 3.58 to 3.98 billion yuan. Despite the overall industry pressure, the company has seen a significant increase in smartphone panel shipments, ranking third globally and second domestically [15][14] Future Outlook - The company forecasts revenues of 11.46 billion yuan in 2024 and 19.34 billion yuan in 2025, with a return to profitability expected in 2025. The anticipated increase in OLED panel penetration and the recovery in prices are expected to drive growth [20][21]

Investment Rating - The report assigns a rating of "Accumulate" for the company [6]. Core Views - The company is a leading digital city construction and operation service provider in China, advocating for the smart city concept through the integration of AI, big data, and IoT technologies [3]. - The company has established a comprehensive strategic partnership with Huawei, focusing on the development of smart computing centers and health AI models [3][16]. - The company aims to enhance the utilization of data elements and explore sustainable industry transaction models, contributing to the national data element strategy [3][16]. Financial Summary - The company is projected to achieve revenues of 2.102 billion, 2.416 billion, and 2.770 billion yuan for the years 2023, 2024, and 2025 respectively, with a growth rate of 30.41%, 14.97%, and 14.63% [8]. - The net profit attributable to the parent company is expected to be 199.84 million, 266.85 million, and 328.71 million yuan for the same years, reflecting growth rates of 187.98%, 33.53%, and 23.18% [8]. - The company’s PE ratios are projected to be 24.69, 18.49, and 15.01 for the years 2023, 2024, and 2025 respectively [8]. Business Development - The company has launched various innovative products, including the HealthGPT health service platform and AI-powered health monitoring devices [3]. - The company has successfully implemented smart traffic solutions in Cangzhou, enhancing urban traffic management through AI technologies [3]. - The company is actively involved in establishing city brain companies across multiple provinces, focusing on data value extraction and urban data asset activation [16].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7]. Core Insights - The company is expected to achieve an annual revenue of 661-700 million yuan in 2023, representing a year-on-year growth of 48.44-57.13%. The net profit attributable to shareholders is projected to be between 52-65 million yuan, reflecting a significant increase of 138.36-200.76% [3]. - The launch of the AQ-300 product has enhanced the company's brand strength, supported by improved marketing strategies and increased research and development investments [4]. - The company has introduced a new stock incentive plan, granting 5 million shares to 112 eligible participants, which underscores its confidence in sustaining high growth in performance [4]. - The company is focusing on expanding its overseas business, particularly in Europe, by replicating successful service and maintenance models from its Munich subsidiary [4]. Financial Summary - The company’s projected revenues for 2023, 2024, and 2025 are 676 million, 1,004 million, and 1,441 million yuan, respectively, with net profits expected to be 60 million, 88 million, and 135 million yuan [10]. - The earnings per share (EPS) are forecasted to be 0.44, 0.65, and 1.01 yuan for the years 2023, 2024, and 2025, respectively, with corresponding price-to-earnings (P/E) ratios of 115.16, 78.29, and 50.66 [11]. - The company’s total market capitalization is approximately 6.694 billion yuan, with a circulating market value of about 4.606 billion yuan [2].

] y r t s u d n I _ e l b a T [ [ 润Ta 泽bl 科e_ 技T （itl 3e 0] 0 442）动态点评 公 司 研 23年业绩预告亮眼，上架率较好，AIDC 究 发展迅速 挖掘价值 投资成长 / 信 [Table_Rank] 息 买入 （维持） 技 术 2024 年 02 月 02 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  23年业绩预计高增长，传统IDC稳步推进，新增AIDC拓展顺利。2023 联系人：刘琦 年业绩预告显示公司 2023 年归母净利润 17.5-18.5 亿，同比增长 电话：021-23586475 46-54%。2023年公司传统IDC业务稳步推进，上架机柜总量和单机柜 [相Ta对b指le数_P表ic现Qu ote] 功率持续提升，受益于液冷解决方案应用和 AI 人工智能爆发带动智 算需求快速增长，新增 AIDC 相关业务拓展顺利。2023 年公司营业收 55.80% 入约44亿左右，其中传统IDC业务收入35 ...