Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][10] Core Insights - The 2024 government work report emphasizes expanding domestic demand and fostering new consumption growth points, with a focus on increasing residents' income, optimizing supply, and reducing restrictive measures to stimulate consumption potential [3] - The report sets more aggressive targets for consumption promotion, highlighting new growth areas such as smart home products, cultural tourism, and domestic trendy goods, compared to the previous year's focus on recovery from the pandemic [3] - Key sectors to watch include the cultural tourism industry, which is expected to benefit from ongoing promotional policies, and the smart home sector, which is poised for growth due to its diverse supply chain and product categories [3][8] Summary by Sections Domestic Demand Expansion - The government aims to implement strategies to boost domestic demand, with specific measures to increase residents' income, stabilize traditional consumption, and promote new consumption types [3] New Consumption Growth Points - The report identifies new consumption growth areas, including smart home products and domestic trendy goods, indicating a shift towards more innovative and culturally relevant consumer products [3][8] Sector Focus - The cultural tourism sector is highlighted for its recovery potential, supported by local government initiatives and consumer incentives, while the smart home industry is recognized for its broad market opportunities across various product categories [3][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a 30% year-on-year increase in net profit attributable to shareholders for 2023, with total revenue reaching 71.436 billion yuan, a 13.37% increase year-on-year. The net profit attributable to shareholders was 2.214 billion yuan, reflecting a 30.23% increase year-on-year, although the annual performance was slightly below expectations [3] - In the fourth quarter of 2023, the company experienced a revenue of 9.370 billion yuan, a decrease of 1.08% year-on-year, and a net profit of 250 million yuan, down 27.41% year-on-year, indicating pressure on Q4 performance [3] - The company plans to accelerate store openings in the second half of the year, with a total of 5,994 marketing outlets globally by the end of 2023, an increase of 385 outlets from the end of 2022, with 363 of those added in the second half of the year [3] - The company continues to innovate in gold jewelry product design and production, benefiting from a recovering domestic consumption market and a booming gold jewelry industry [3] - Short-term prospects are positive due to the recovery of domestic gold jewelry consumption and rising gold prices, while medium to long-term growth is expected from product innovation and the implementation of a three-year action plan under state-owned enterprise reform [3] Financial Forecasts - The company’s net profit forecasts for 2023-2025 are adjusted to 2.214 billion, 2.621 billion, and 2.989 billion yuan respectively, with corresponding EPS of 4.23, 5.01, and 5.71 yuan per share [3] - The PE ratios based on the closing price on March 5, 2024, are projected to be 17, 14, and 13 times for 2023, 2024, and 2025 respectively [3]

[Table_Pagehead] 证券研究报告 [Table_InudstryRankInfo] 行业投资评级 强于大市：未来6个月内行业指数相对大盘涨幅10％以上； 同步大市：未来6个月内行业指数相对大盘涨幅10％至-10％之间； 弱于大市：未来6个月内行业指数相对大盘跌幅10％以上。 [Table_StockRankInfo] 公司投资评级 买入：未来6个月内公司相对大盘涨幅15％以上； 增持：未来6个月内公司相对大盘涨幅5％至15％； 观望：未来6个月内公司相对大盘涨幅-5％至5％； 卖出：未来6个月内公司相对大盘跌幅5％以上。 基准指数 ：沪深300指数 [Table_RiskInfo] 风险提示 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资 的相对比重建议；投资者买入或者卖出证券的决定取决于个人的实际情况，比如当前的持仓结构以及其他需要 考虑的因素。投资者应阅读整篇报告，以获取比较完整的观点与信息，不应仅仅依靠投资评级来推断结论。 [Table_Promi 证券分析师承诺seInfo] 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 ...

[Table_Title] 万联晨会 [Table_Summary] 概览 【市场回顾】 周一 A 股三大股指全部上涨，上证指数收涨 0.99%，报 3084.93 点； 深证成指收涨 1.46%，报 9752.83 点；创业板指收涨 2.25%，报 1926.40 点。A 股两市全天成交额 11,376.16 亿元人民币，北向资金净买入 28.25 亿元人民币，其中，沪股通净买入 17.67 亿元人民币，深股通 净买入 10.58 亿元人民币；南向资金净买入 29.31 亿港元。A 股两市 个股多数上涨，上涨个股数为 4445。申万行业方面，传媒、电子、电 力设备领涨，煤炭、家电、银行领跌；概念板块方面，低空经济、AI 手机、AI PC 概念指数涨幅居前，送转填权、特钢概念、黄金概念指 数跌幅居前。港股方面，恒生指数收涨 0.10%，恒生科技指数收涨 1.25%；海外方面，美国三大股指全线收涨，道指收涨 0.20%，报 38,790.43 点，标普 500 指数收涨 0.63%，报 5149.42 点，纳指收涨 0.82%，报 16,103.45 点。欧洲股市、亚太股市涨跌互现。 【重要新闻】 【中国 1- ...

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 加快发展新质生产力，推动高水平科技自立 强于大市 (维持) 研 究 自强 [Table_ReportType] [Table_ReportDate] ——电子行业快评报告 2024年03月06日 [行Ta业ble事_S件um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024 年 3 月 5 日上午，十四届全国人大二次会议开幕。李强总理作政 府工作报告。 电子 沪深300 15% 10% 行 投资要点： 5% 0% 业 -5% ⚫ 加快发展新质生产力被列为十大政府工作任务之首：2023 年政府工作 -10% 快 -15% 任务中将“加快建设现代化产业体系”列为第二位，重点在于强化科技 -20% 评 -25% 创新对产业发展的支撑。当前，新一轮科技革命和产业变革蓄势待发， -30% 报 -35% 科技创新不仅需要支撑产业发展，更需要颠覆传统业态，因而2024年 告 政府工作任务中，将“大力推进现代化产业体系建设，加快发展新质生 数据来源：聚源，万 ...

[Table_RightTitle] 证券研究报告|银行 行 [Table_Title] [Table_IndustryRank] 业 强于大市 (维持) 研 政策总基调保持不变 标本兼治化解风险 究 [Table_ReportType] ——银行行业跟踪报告 [Table_ReportDate] 2024年03月06日 [事Ta件ble：_S ummary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年3月5日，李强总理在十四届全国人大二次会议上作《政 银行 沪深300 府工作报告》。 15% 10% 5% 行 投资要点： 0% 业 -5% 货币政策总基调保持不变：《政府工作报告》中对货币政策的表 -10% 跟 述为“稳健的货币政策要灵活适度，精准有效”，此提法和 2023 -15% 踪 -20% 年第四季度货币政策执行报告保持一致。具体来看，保持流动性 -25% 报 合理充裕，社会融资规模、货币供应量同经济增长和价格水平预 数据来源：聚源，万联证券研究所 告 期目标相匹配。按照 2024 年的预期 5%的 GDP 增速以及相应的物 [相Ta关ble研_R究ep ortList] ...

[Table_RightTitle] 证券研究报告|房地产 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 兼顾行业长短期发展助力地产行业修复 (维持) 究 [Table_ReportType] [Table_ReportDate] ——房地产行业快评报告 2024年03月06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 当前房地产行业仍在低位运行，板块受市场修复进展缓慢影 响较大，短期仍需持续关注后续销售端表现情况，政策端， 房地产 沪深300 5% 从“两会”以及近期出台的相关政策来看，预计后续仍以托 0% 行 底支持房地产市场修复为主，地产筑底修复以及基建保持稳 -5% -10% 业 定增长或仍是2024年经济实现稳健增长的关键支撑，建材 -15% -20% 快 或有望受益。建议关注基本面优秀的房地产开发类头部企业 -25% -30% 评 超跌反弹机会、受益于“三大工程”以及基建投资稳增长的 -35% -40% 报 优质建材个股、地产产业链中低估值高股息类个股。 -45% 告 数据来源：聚源，万联 ...

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 推动数字经济高质量发展，开展“人工智能 强于大市 (维持) 研 究 +”行动 [Table_ReportType] [Table_ReportDate] ——计算机行业快评报告 2024年03月06日 [事Ta件ble：_S ummary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年3月5日上午，十四届全国人大二次会议开幕。李强总理作政府工 作报告。在2024年十大工作任务的第一项第三点，明确提出要“深入推进 计算机 沪深300 30% 数字经济创新发展”。 20% 行 10% 业 投资要点： 0% -10% 快 -20% ⚫ 深化核心产业的数字化转型，推动数据开发开放和流通使用。2023年的政 -30% 评 府工作报告中提出要大力发展数字经济，而 2024 年的政府工作报告则是 -40% 报 -50% 进一步提出要深入推进、创新发展，强调数字经济的高质量发展。数字经 告 济和实体经济的深度融合一直是我国数字经济发展的核心，数字产业化和 数据来源 ...

Investment Rating - The investment rating for the company is "Maintain Buy" [5][9]. Core Viewpoints - The company announced on March 4 that its wholly-owned subsidiary, Changdian Technology Co., Ltd., plans to acquire 80% of the shares of Shengdi Semiconductor (Shanghai) Co., Ltd. for approximately USD 62.4 million [2][3]. - Shengdi Semiconductor is one of the largest packaging and testing factories for flash memory storage products globally, with a strong financial performance that is expected to positively impact the company's overall performance post-acquisition [3][4]. - The acquisition is anticipated to deepen the collaboration with storage giant Western Digital, enhancing customer loyalty and positioning the company favorably in the growing storage chip market, which is projected to reach USD 130 billion in 2024 [3][4]. Summary by Sections Financial Performance - Shengdi Semiconductor achieved revenues of CNY 3.498 billion in 2022 and CNY 1.605 billion in H1 2023, accounting for 10.36% and 13.19% of Changdian Technology's revenue during the same periods [3]. - The net profit for Shengdi Semiconductor was CNY 357 million in 2022 and CNY 222 million in H1 2023, with net profit margins of 10.21% and 13.80%, respectively, outperforming Changdian Technology's figures [3]. Market Outlook - The storage chip market is the second-largest segment in the semiconductor industry, accounting for approximately 28%, with NAND flash memory chips representing about 40% of this market [3]. - The compound annual growth rate (CAGR) for NAND flash memory chips is projected to be 8% from 2021 to 2027 [3]. Earnings Forecast - The company is expected to generate revenues of CNY 29.42 billion, CNY 33.97 billion, and CNY 38.16 billion for the years 2023, 2024, and 2025, respectively [4][9]. - The forecasted net profit for the same years is CNY 1.56 billion, CNY 2.73 billion, and CNY 3.47 billion, indicating a significant recovery and growth trajectory [4][9].

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