Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [7]. Core Views - The company has shown a recovery in its three main business segments in Q1 2024, achieving profitability after a challenging 2023 where revenue declined due to macroeconomic factors [8]. - The company is focusing on R&D, with a significant portion of its revenue (12.73% in 2023) allocated to research and development, indicating a strong commitment to innovation in the optical chip industry [9]. - The demand for optical communication products is expected to grow rapidly, driven by the explosion of AI models and computing power needs, with the global optical module market projected to exceed $20 billion by 2027 [10]. Financial Performance - In 2023, the company reported a revenue of 755 million yuan, a decrease of 16.46% year-on-year, and a net loss of 48 million yuan, down 173.97% from the previous year [51]. - For Q1 2024, the company achieved a revenue of 198 million yuan, a year-on-year increase of 32.85%, and a net profit of 8.44 million yuan, marking a return to profitability [51]. - The projected revenues for 2024 to 2026 are 951 million yuan, 1.173 billion yuan, and 1.372 billion yuan, respectively, with corresponding net profits expected to be 40 million yuan, 77 million yuan, and 106 million yuan [11][38]. Business Development - The company is actively developing high-power DFB chips and devices for data centers and AI applications, indicating a strategic focus on high-growth areas [34]. - The company maintains strong partnerships with leading research institutions, enhancing its R&D capabilities and talent pool [34]. - The gross margin for Q1 2024 improved to 24.1%, reflecting a recovery in profitability compared to the previous year [23].

证券研究报告-晨会聚焦 发布日期：2024 年 05 月 06 日 分析师：周建华 登记编码：S0730518120001 zhoujh-yjs@ccnew.cm 021-50586758 晨会聚焦 | --- | --- | --- | |------------|-----------|------------| | 指数名称 | 收盘 | 涨跌幅 (%) | | 道琼斯 | 30,772.79 | -0.67 | | 标普 500 | 3,801.78 | -0.45 | | 纳斯达克 | 11,247.58 | -0.15 | | 德国 DAX | 12,756.32 | -1.16 | | 富时 100 | 7,156.37 | -0.74 | | 日经 225 | 26,643.39 | 0.62 | | 恒生指数 | 18,475.92 | 1.48 | 行业月报：重点板块 23 年年报回顾，建议近期关注合成生物学概念投资 机会 l 【上市公司一季报表现分化，整体企业盈利承压】全部 A 股 2024 年一季度归母净利润同比 下降 4.7%，剔除金融石油石化公司后，整体净利润同比下降 6.0%；创 ...

Market Overview - The A-share market opened high and experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3142 points during the day [4][21] - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are 12.50 times and 30.65 times, respectively, both below the median levels of the past three years, indicating a low valuation suitable for medium to long-term investment [4][26] - The total trading volume for both markets reached 1,107.3 billion yuan, which is in line with the median trading volume over the past three years [4][26] Sector Performance - The healthcare, home appliance, and pharmaceutical sectors performed well, while the securities, communication equipment, and tourism hotel sectors lagged [4][21] - Over 80% of stocks in the two markets rose, with the chemical raw materials, chemical products, and biopharmaceutical sectors showing the highest gains [9][30] - The manufacturing PMI remains in the expansion zone, and real estate sales have shown improvement, contributing to a positive market outlook [4][26] Investment Recommendations - Investors are advised to focus on short-term investment opportunities in the healthcare, consumer, engineering machinery, and consumer electronics sectors [4][26] - The report highlights that the overall environment and market expectations are favorable for continued upward movement in the market, with stock indices expected to maintain a trend of gradual increases [4][26]

——市场分析 投资要点： 《市场分析：医药消费行业领涨 A 股窄幅波 动》 2024-04-30 《市场分析：金融地产助力 沪指突破 3100 点》 2024-04-29 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 ◼ A 股市场综述 ◼ 后市研判及投资建议 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政策及经 济复苏进度不及预期；宏观经济超预期扰动；政策超预期变化；国际关 系变化带来经济环境变化；海外宏观流动性超预期收紧；海外波动加剧。 表 1: A股主要指数表现 (单位:点) . 表 3: 中信一级行业全天深跌幅分布情况（单位: 点）. 1. A股市场走势综述… 2. 后市研判及投资建议 图 1: 最近三年沪深两市平均市盈率变化（单位:倍) 图 2: 最近三年沪市和深市成交金额变化（单位: 亿元) 图 3: 最近三年沪股通和深股通资金净流入变化(单位:亿元) 请阅读最后一页各项声明 周二（05 月 07 日）A 股市场低开高走、小幅震荡上扬，早盘股指低开后震荡上行，沪指盘 中在 3147 点附近遭遇阻力，午后股指震荡整固，盘中军工、化工 ...

Market Overview - The A-share market experienced slight fluctuations with a small correction on May 8, 2024, as the Shanghai Composite Index faced resistance around 3144 points and closed at 3128.48, down 0.61% [7][12][16] - Defensive sectors such as coal, agriculture, and medical devices performed well, while software development, internet, communication equipment, and securities sectors lagged behind [12][16][21] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices were 13.42 times and 31.50 times, respectively, both below the median levels of the past three years, indicating a favorable environment for medium to long-term investments [12][16] Future Market Outlook and Investment Recommendations - The report suggests that the overall market environment and expectations are conducive to upward movement, with stock indices expected to maintain a trend of oscillating upward [12][16] - Investors are advised to focus on short-term investment opportunities in sectors such as biopharmaceuticals, medical devices, and coal [12][16] - The recent release of the "New National Nine Articles" is expected to enhance market maturity and boost long-term confidence [12][16] Sector Performance - On May 8, 2024, the coal sector led the market with a gain of 2.62%, followed by agriculture with a 2.28% increase, while sectors like real estate and media saw significant declines [23][21] - The report highlights that over 80% of stocks in the two markets declined, with significant capital inflows into coal, agriculture, medical devices, and precious metals, while sectors like software development and internet services experienced capital outflows [21][12]

Investment Rating - The report maintains an "Accumulate" investment rating for Wanda Film [2][4] Core Views - The company's business has significantly rebounded, with the content segment expected to encounter new opportunities [2][4] - In 2023, Wanda Film's operating revenue reached 14.62 billion yuan, a year-on-year increase of 50.79%, and the net profit attributable to shareholders was 912 million yuan [2][4] - The domestic film market is recovering well, with total box office revenue in 2023 reaching 54.915 billion yuan, an increase of 83.4% compared to 2019 [2][4] Summary by Sections Financial Performance - In Q1 2024, the company reported operating revenue of 3.821 billion yuan, a year-on-year increase of 1.70%, and a net profit of 326 million yuan, up 3.25% [2][4] - The gross profit margin for the film screening business improved significantly, reaching 30.59% [2][4] - The company achieved a market share of 16.7%, maintaining its leading position in the industry for 15 consecutive years [2][4] Business Segments - The film investment and production segment saw a revenue decline of 12.06%, but the gross profit margin increased by 50.65 percentage points to 45.71% [4] - The merchandise and advertising business experienced notable growth, with revenue of 1.944 billion yuan, a year-on-year increase of 39.60% [4] - The television production and distribution segment generated revenue of 742 million yuan, a year-on-year increase of 388.53% [4] Future Outlook - The new management team is expected to bring new development opportunities while maintaining existing operational advantages [4] - The company plans to expand its market share to over 20% through various strategies [2][4] - Earnings per share (EPS) are projected to be 0.61 yuan, 0.73 yuan, and 0.87 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 22.85, 18.95, and 15.95 [4][5]

市场数据(2024-05-08) 2023 年公司销售回转支承产品 23110 件，同比增长 20.01%，平均价格为 9.79 万/件，同比下滑 11.86%；风电锁紧盘销售 9116 件，同比增长 16.41%， 平均价格为 3.68 万/件，同比增长 7.21%；销售锻件产品 194969.27 吨， 同比增长 35%。 通用设备 ——新强联(300850)2023 年报&2024 年一季报点评 发布日期：2024 年 05 月 09 日 新强联披露 2023 年年度报告。2023 年，公司实现营业收入 28.24 亿元， 同比增长 6.41%；归母净利润 3.75 亿元，同比增长 18.58%；扣非净利润 3.00 亿元，同比下降 7.43%。 ⚫ 2023 年风电轴承稳健增长，其他业务快速成长 分业务看：回转支承业务实现营业收入 22.63 亿，同比增长 5.78%，占营 业收入比例 80.13%；锁紧盘业务实现营业收入 3.35 亿，同比增长 24.8%， 占营业收入比例 11.87%。 ⚫ 回转支承毛利率小幅下滑 ⚫ 行业季节性因素和公允价值变动致 2024Q1 业绩承压 -51% -43% - ...

分析师：周建华 登记编码：S0730518120001 zhoujh-yjs@ccnew.cm 021-50586758 晨会聚焦 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,154.32 | 0.83 | | 深证成指 | 9,788.07 | 1.55 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,664.56 | 0.95 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,505.54 | 1.03 | | 中证 500 | 5,556.77 | 1.80 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | 7,801.23 | 0.58 | | 资料来源： Wind | ，中原证券 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业走强 A 股震荡上涨 ——市场分析 《市场分析：防御行业领涨 A 股震荡整理》 2024-05-08 周四 A 股市场平开高走、小幅震荡上涨，早盘股指低开后震荡上行，沪指 盘中在 3157 点附近遭遇阻力，午后股指震荡整理，盘中新能源、半导体、 军工以及工程机械等行业表现较好；酿酒、医药以及农牧饲渔等行业表现 较弱，沪指全天基本呈现小幅上涨的运行特征。当前上证综指与创业板指 数的平均市盈率分别为 13.34 倍、31.01 倍，处于近三年中位数以下水平， 市场估值依然处于较低区域，适合中长期布局。两市周四成交金额 9057 亿元，处于近三年日均成交量中位数区域。新国九条发布，推动市场走向 成熟，提振市场长期信心。制造业 PMI 继续处于扩张区间，地产销售有所 改善。政治局会议定调三中全会，为未来数年经济改革和社会发展指明方 向。美联储主席表态加息结束，海外市场出现反弹。当前整体环境和市场 预期有利于市场继续向上，未来股指总体预计将保持震荡上扬格局，同时 仍需密切关注政策面、资金面以及 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 核心业务优势稳固，重配债轻配股推动业绩逆势连续增长 z hangyang-yjs@ccnew.com 021-50586627 ——方正证券(601901) 2023 年年报及 2024年一季报点评 证券研究报告-年报点评 增持(首次) 市场数据(2024-05-08) 发布日期：2024年05月09日 收盘价(元) 8.76 2023年年报及 2024年一季报概况:方正证券2023年实现营业收 一年内最高/最低(元) 10.05/6.29 入71.19亿元，同比-8.46%；实现归母净利21.52亿元，同比+0.21%； 沪深300指数 3,630.22 加权平均净资产收益率4.88%，同比-0.21个百分点。2023年拟10派 市净率(倍) 1.56 0.13元（含税）。24Q1实现营业收入19.85亿元，同比+11.97%；实现 总市值(亿元) 721.13 归母净利7.84亿元，同比+41.06%。 流通市值(亿元) 721.13 点评：1.23 年客户数和代买市场份额双升，机构经纪业务快速破局，合 基础数据(2024-03-31) 并口径 ...