[Table_RightTitle] 证券研究报告|房地产 行 [Table_Title] [Table_IndustryRank] 业 广州拟优化商品房预售审批，二手房成交环 强于大市 (维持) 研 究 比延续涨幅 4533 [Table_ReportType] [Table_ReportDate] ——房地产行业周观点(03.18-03.24) 2024年03月26日 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 ⚫ 投资要点： 上周行情回顾：2024/3/18-2024/3/22，申万一级行业房地产指数下跌 房地产 沪深300 10% 1.33%，沪深300指数下跌0.70%，板块表现弱于大市。2024年以来，截至 5% 0% 3 月 22 日，房地产行业下跌 7.92%，沪深 300 指数上涨 3.32%，板块表现 行 -5% -10% 弱于大市。 业 -15% -20% 周 ⚫ 重点政策要闻：（1）3月18日，国家统计局公布了1-2月房地产行 -25% -30% 观 业数据。1—2 月份，全国房地产开发投资 11,842 亿元，同比下降 -35% -40 ...

Investment Rating - The investment rating for the company is "Buy" [4][15]. Core Views - The company achieved a revenue of 24.739 billion yuan in 2023, representing a year-on-year growth of 36.83%, with a net profit attributable to shareholders of 2.853 billion yuan, up 16.50% [2][4]. - The CHC (Consumer Health Care) business reported a revenue of 11.707 billion yuan, growing by 2.83%, with a gross margin of 60.60%, an increase of 3.89 percentage points year-on-year [3]. - The prescription drug business saw a revenue decline of 12.64% to 5.220 billion yuan, with a gross margin of 52.15%, down 0.68 percentage points [3]. - The integration with Kunming Pharmaceutical Group is progressing steadily, with the group generating a revenue of 7.703 billion yuan, a decrease of 6.99% [3]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 6.131 billion yuan, a growth of 2.72%, but a net profit of 450 million yuan, down 9.29% [2]. - The operating cash flow for 2023 was 4.192 billion yuan, an increase of 39.43% [2]. - The overall gross margin for 2023 was 53.24%, a decrease of 0.78 percentage points, and the net profit margin was 12.83%, down 0.98 percentage points [2]. Business Segments - The CHC business is driven by strong growth in OTC (Over-the-Counter) products, particularly the 999 brand, which includes products like 999 Cold Medicine and 999 Anti-Virus Oral Liquid [3]. - The professional brand business experienced a slight decline due to adjustments in generic drug varieties, while the children's health segment focused on digital marketing strategies [3]. - The prescription drug segment faced challenges due to national standard changes and the initiation of collective procurement in 15 provinces, leading to lower-than-expected performance [3]. Future Outlook - Revenue forecasts for 2024, 2025, and 2026 are projected at 29.191 billion yuan, 33.509 billion yuan, and 37.284 billion yuan, respectively, with corresponding net profits of 3.390 billion yuan, 3.845 billion yuan, and 4.263 billion yuan [4][11]. - The company is expected to maintain its leading position in the OTC market and achieve steady growth through the ongoing integration with Kunming Pharmaceutical Group [11].

本人具有中国证券业协会授予的证券投资咨询执业资格并登记为证券分析师，以勤勉的执业态度，独立、 客观地出具本报告。本报告清晰准确地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中 的具体推荐意见或观点而直接或间接收到任何形式的补偿。 [Table_MeetReliefTip] 免责声明 本报告由万联证券股份有限公司（以下简称"本公司"）制作及发布。 本晨会纪要仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为本公司的当然客户。 本晨会纪要是基于本公司认为可靠的且目前已公开的信息撰写，本公司力求但不保证该信息的准确性和完 整性，客户也不应该认为该信息是准确和完整的。同时，本公司不保证文中观点或陈述不会发生任何变 更，在不同时期，本公司可发出与本晨会纪要所载资料、意见及推测不一致的研究报告。本公司会适时更 新我们的研究，但可能会因某些规定而无法做到。除了一些定期出版的报告之外，绝大多数研究报告是在 分析师认为适当的时候不定期地发布。 在任何情况下，本晨会纪要中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到个别客 户特殊的投资目标、财务状况或需求。客户应考虑本报告中的任何意见或建议是否 ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [36]. Core Insights - The report highlights a significant focus on investment opportunities in the artificial intelligence sector, particularly in product technology updates, AIGC applications, and smart ecological applications [1][2]. - The computer industry outperformed the Shanghai Composite Index, with a 2.49% increase compared to a 0.70% decrease in the index, ranking 4th among the primary industries [1][12]. - The report notes a slight undervaluation of the industry, with a current PE (TTM) of 45.63, below the historical average of 48.65 [15]. Summary by Sections Industry Dynamics - **Artificial Intelligence**: Moonshot AI announced a breakthrough in long-context window technology, with its Kimi assistant now supporting 2 million characters in lossless context [5]. - **Cybersecurity**: 360 launched its 3.0 security model, claiming superior performance compared to GPT-4 [6]. - **Artificial Intelligence**: Alibaba's Tongyi Qianwen upgraded to offer free processing of 10 million characters in long documents, surpassing capabilities of existing AI applications [7]. - **Data Elements**: The National Internet Information Office released regulations to promote and standardize cross-border data flow [8]. - **5G**: The world's first 5G-A smart airport integrated sensing base station was opened in Yunnan, marking a significant application of AI in airport security [11]. Market Performance - The computer industry saw a trading volume of 586.45 billion yuan over the past week, with an average daily trading volume increase of 14.98% [17]. - Among 355 stocks in the computer sector, 262 stocks rose, indicating a strong upward trend [19]. Investment Recommendations - The report suggests focusing on the dual themes of digitalization and intelligence, with particular attention to the ecological construction of the Xinchuang industry [33]. - It recommends monitoring the entire data element industry chain, public data operations, and the impact of new AI models on the industry chain [33].

[Table_Chart] 个股相对沪深 300 指数表现 -25% -20% -15% -10% -5% 0% 5% 10% 15% 招商银行 沪深300 数据来源：聚源，万联证券研究所 [Table_ReportList] 相关研究 业绩增长放缓 资产质量保持稳健 零售信贷增速稳定 客户基础进一步夯实 规模稳健扩张 [Table_Authors] 分析师: 郭懿 执业证书编号： S0270518040001 电话： 01056508506 邮箱： guoyi@wlzq.com.cn [Table_Pagehead] | --- | --- | --- | --- | --- | |----------------------------------------------|-------------------------------------------------------------|-------|-------|--------------| | 利润表 至 12 月 31 日 \n净利息收入 | 2023A 2024E 2025E 2026E \n 214,669 219,780 232, ...

[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 多家美护公司利润高增，关注业绩超预期个 强于大市 (维持) 研 究 股 [Table_ReportType] [Table_ReportDate] ——美容护理行业周观点(03.18-03.24) 2024年03月25日 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 行业核心观点： 美容护理 沪深300 近月消费呈现平稳恢复态势，2024 年政府工作报告特别明确指出从增 10% 加收入、优化供给、减少限制性措施等方面综合施策，激发消费潜能， 5% 0% 预计未来随着经济的逐步恢复和扩大消费措施的出台，消费活力有望得 -5% 行 -10% 到进一步刺激。建议关注：①化妆品&医美：短期来看，在理性消费背 -15% 业 -20% 景下，消费者更注重产品性价比，部分国货品牌近期表现优异；中长期 -25% 周 -30% 来看，颜值经济下医美、化妆品需求较大，多项化妆品、医美相关法规 -35% 观 -40% 4433 发布，行业洗牌背景下 ...

Investment Rating - The investment rating for Changshu Bank is maintained as "Accumulate" [4] Core Views - Revenue and profit continue to grow at a high rate: In 2023, operating income increased by 12.1% year-on-year, while net profit attributable to shareholders grew by 19.6% year-on-year. The growth in scale is the main contributor to revenue growth [2] - Scale remains high: In 2023, total loans increased by 15% year-on-year, with new personal loans amounting to 16.073 billion yuan, a decrease of 0.597 billion yuan year-on-year, accounting for 55.4% of new loans, slightly down. Total assets grew by 16.2%, and risk-weighted assets increased by 13.54% [2] - Net interest margin decreased by 9 basis points: The cumulative net interest margin for 2023 was 2.86%, down 9 basis points from the third quarter. The narrowing of the net interest margin is expected to be affected by the decline in asset-side yields [2] - Asset quality remains stable, with slight fluctuations in attention rates: The non-performing loan ratio at the end of 2023 was 0.75%, unchanged from the third quarter, while the attention rate rose by 12 basis points to 1.17% [2] - Earnings forecast and investment suggestion: Revenue and net profit attributable to shareholders are expected to maintain steady growth in 2023. The profit forecasts for 2024, 2025, and 2026 are adjusted to 3.773 billion yuan, 4.294 billion yuan, and 4.748 billion yuan respectively, with a price-to-book ratio of 0.66 and 0.58 for 2024 and 2025 [2][3] Summary by Sections Revenue and Profit - Operating income for 2023 is projected at 9,870 million yuan, with a growth rate of 12.05% [3] - Net profit attributable to shareholders for 2023 is projected at 3,282 million yuan, with a growth rate of 19.60% [3] Asset and Liability - Total loans are projected to reach 222,439 million yuan in 2024, with a growth rate of 15% [7] - Total assets are projected to reach 334,456 million yuan in 2024, with a growth rate of 16.2% [7] - Deposits are projected to reach 254,453 million yuan in 2024, with a growth rate of 16.2% [7] Profitability Metrics - Earnings per share for 2024 is projected at 1.20 yuan, with a price-to-earnings ratio of 5.65 [3] - The price-to-book ratio for 2024 is projected at 0.73 [3]

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[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 HBM 供给端仍偏紧，电视面板价格调涨 (维持) 究 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(03.18-03.24) 2024年03月25日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年3月18日至3月24日期间，沪深300指数下降0.70%，申万电子 电子 沪深300 指数上涨1.74%，在31个申万一级行业中排第7，跑赢沪深300指数2.44 10% 5% 个百分点。把握终端复苏和 AI 产业链加速建设的催化下，AIPC 等创新终 0% 行 端、HBM、先进封装、存储芯片、面板等领域呈现的结构化投资机会。 -5% -10% 业 -15% 投资要点： -20% 周 -25% -30% 4433 观 产业动态：（1）HBM：美光科技CEO Sanjay Mehrotra表示，用于开发复 -35% -40% 点 杂人工智能应用的高带宽存 ...

[Table_RightTitle] 证券研究报告|通信 行 [Table_Title] [Table_IndustryRank] 业 鹊桥二号中继星成功发射，天翼云上海临港 强于大市 (维持) 研 究 国产万卡算力池正式启用 [Table_ReportType] [Table_ReportDate] ——通信行业周观点(03.18-03.24) 2024年03月25日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周（3.18-3.22）沪深300指数下跌0.70%，申万通信行业指数上涨 通信 沪深300 1.77%，在31个申万一级行业中排名第6位，跑赢沪深300指数2.47个百 25% 20% 分点。建议重点关注5G建设及应用、算力、数据中心、卫星通信等细分 15% 10% 行 板块投资机会。 5% 0% 业 -5% 投资要点： -10% 周 -15% -20% 4433 观 产业动态：（1）卫星通信：3月20日8时31分，在中国文昌航天发射场， -25% 点 长征八号遥三运载火箭搭载鹊桥二号中继星成功发射升空。（2）互联 数据来源：聚源，万 ...