Investment Rating - The report maintains a "Buy" rating for the company [20][24]. Core Insights - The company achieved rapid revenue growth, with a total revenue of 827.59 million yuan in 2023, representing a year-on-year increase of 37.71%. The net profit attributable to shareholders reached 61.41 million yuan, a significant increase of 922.84% year-on-year [21][24]. - The company is expanding its domestic and international market presence, enhancing industry solutions and channel development. The overseas business revenue grew by 71.14% year-on-year [22][24]. - The company is increasing its R&D investment, which reached 40.38 million yuan in 2023, up 27.58% year-on-year. It has also made strategic acquisitions in the fluid simulation sector [23][24]. Financial Performance - Revenue projections for 2024-2026 are 1.01 billion yuan, 1.21 billion yuan, and 1.42 billion yuan, respectively. The net profit forecasts for the same period are 80.18 million yuan, 103.07 million yuan, and 129.12 million yuan, respectively [9][24]. - The company's earnings per share (EPS) are projected to be 0.66 yuan, 0.85 yuan, and 1.06 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 118.56, 92.23, and 73.63 [24].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's revenue and profit were under pressure in 2023, but business adjustments showed initial results in Q1 2024, with significant optimization in sales expense ratio [3] - The raw material business grew steadily, with overseas expansion and synthetic biology layout progressing steadily [3] - The medical aesthetics segment showed strong growth, while the skincare business underwent phased adjustments [4] - The company is expected to achieve EPS of 1.71/2.10/2.49 for 2024-2026, with PE ratios of 37/30/25X [5] Financial Performance - 2023 revenue was 6.076 billion yuan, down 4.45% YoY, with net profit attributable to the parent company at 593 million yuan, down 38.97% YoY [3] - Q1 2024 revenue was 1.361 billion yuan, up 4.24% YoY, with net profit attributable to the parent company at 243 million yuan, up 21.39% YoY [3] - The raw material business achieved revenue of 1.129 billion yuan in 2023, up 15.22% YoY [3] - The medical terminal business achieved revenue of 1.090 billion yuan in 2023, up 58.95% YoY [4] - The functional skincare business achieved revenue of 3.757 billion yuan in 2023, down 18.45% YoY [4] Business Segments - The raw material business saw steady growth, with overseas expansion and new product launches [3] - The medical aesthetics segment added coverage to over 3,500 institutions, with skin-related medical products achieving revenue of 747 million yuan, up 60.29% YoY [4] - The skincare business is undergoing phased adjustments, with a focus on building blockbuster product series and optimizing channel structure [4] Future Outlook - The company is expected to continue its growth trajectory, driven by its core hyaluronic acid business and diversified bio-active material product matrix [5] - The report forecasts revenue growth of 11.59%, 14.77%, and 13.29% for 2024-2026, respectively [9]

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 [Table_Title] 业务多元布局，高分红回馈股东 [Table_Summary] 事件： 公司发布 2023 年年报及 2024 年一季报。 点评： 净利润提升明显，高分红率回报股东 2023 年公司实现营业收入 43.07 亿元，同比提升 10.01%；归母净利润 5.62 亿元，同比增长 61.37%；扣非归母净利润 5.19 亿元，同比增加 51.72%。 24Q1 单季度实现营收 9.82 亿元，同比下降 17.38%；归母净利润 1.51 亿 元，同比下降 23.94%。公司公布 2023 年度利润分配方案，拟向全体股东 每 10 股派发现金股利人民币 9.00 元（含税），合计派发现金红利 3.71 亿 元（含税），占年度归母净利润的 65.94%。 游戏业务维持高毛利水平，数字营销稳健增长 2023 年公司游戏/数字营销业务实现营收 12.26/19.12 亿元，同比分别提升 1.94%/24.90%，业务毛利率分别为 96.01%/5.46%，游戏业务维持高毛利 率水平。游戏业务，公司坚持"聚焦精品，研运一体化"原 ...

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for investment based on its market position and growth potential [13]. Core Viewpoints - The company is a leading domestic supplier of sputtering targets, with a comprehensive product range and a wide customer base, including major players in the semiconductor display industry [12][26]. - The demand for sputtering targets is recovering, and the company is expected to benefit from this trend, with projections indicating significant market growth in the coming years [12][34]. - The company has successfully passed product certifications with major clients, which is expected to drive revenue growth in the near future [12][34]. Summary by Sections 1. Domestic Leader in Sputtering Targets - The company has been deeply involved in the sputtering target industry for many years, offering a complete range of products including copper, aluminum, molybdenum, and ITO targets [12][26]. - The company has established partnerships with well-known clients such as BOE, Huaxing Optoelectronics, and SK Hynix, enhancing its market presence [12][26]. 2. Broad Application of Sputtering Targets - The sputtering target market is expected to grow steadily, with significant opportunities for domestic replacements as the semiconductor and solar energy markets expand [45][57]. - The demand for sputtering targets in consumer electronics is substantial, with projections indicating a robust market space driven by the growth of smartphones and laptops [57][59]. 3. Continuous Product Certification and Capacity Expansion - The company’s products have achieved global standards, and it is actively working on expanding production capacity to meet increasing demand [12][34]. - The company plans to invest 384 million yuan in projects aimed at enhancing production capabilities and reducing costs, which will support its growth trajectory [12][34]. 4. Profit Forecast and Valuation - Revenue projections for the company are optimistic, with expected revenues of 528 million yuan in 2024, 605 million yuan in 2025, and 705 million yuan in 2026 [13][15]. - The company is positioned to benefit from the recovery in demand across various sectors, particularly in semiconductor displays and renewable energy applications [12][34].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [10]. Core Insights - The company reported a steady increase in revenue and profit, with 2023 revenue reaching 2.924 billion RMB, a year-on-year increase of 43.50%, and a net profit of 1.086 billion RMB, up 27.67% year-on-year [2][4]. - The flagship mobile game "Original Journey" under the Journey IP generated over 300 million RMB in its first month and 1.5 billion RMB for the year, attracting over 15 million new users [3]. - The company is actively integrating AI technologies across its operations, enhancing productivity in areas such as art production and game development [4]. Financial Performance - In 2023, the company achieved a revenue of 2.924 billion RMB, with a net profit of 1.086 billion RMB, and a non-GAAP net profit of 1.373 billion RMB, reflecting growth rates of 43.50%, 27.67%, and 34.84% respectively [2][6]. - For Q1 2024, the company reported a revenue of 696 million RMB, a year-on-year increase of 37.21%, and a net profit of 352 million RMB, up 43.97% year-on-year [2]. - The projected net profits for 2024-2026 are 1.473 billion RMB, 1.624 billion RMB, and 1.756 billion RMB, with corresponding EPS of 0.75, 0.82, and 0.89 RMB [5][6]. Business Segments - The Journey IP continues to perform well, with multiple products maintaining stable user numbers and revenue. The casual competitive segment has solidified its category advantage, with "Ball Battle" seeing a significant increase in daily active users [3]. - The company has launched the iMagine AI painting platform, achieving a 50%-70% improvement in production efficiency for character and scene designs [4]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 15x, 13x, and 12x respectively, indicating a favorable valuation trend [5][6].

行业研究报告 发布时间：2024年5月8日 电动市场需求深化，智能生态加速赋能 ——新能源汽车行业专题报告 ...

[Table_Main] 公司研究|工业|资本货物 证券研究报告 [Table_Title] 全球化布局，海外海上业务发展提速 大金重工(002487)公司点评报告 2024 年 05 月 07 日 ——大金重工(002487.SZ)2023 年年报及 2024 年一季报点评 [Table_Summary] 事件： 公司发布 2023 年年报及 2024 年一季报：公司 2023 年营收 43.25 亿元， 同比下滑 15.30%；归母 4.25 亿元，同比下滑 5.58%。2023 年公司营收下 滑主要系公司对部分存在风险的国内陆上产品项目主动去化。公司利润下 滑主要系：1）某海外项目执行时间延长，公司与客户经协商，减少该项目 的结算金额，影响约 9100 万元净利润。2）阜新彰武风场转固形成的折旧 摊销及相关财务费用，影响净利润约 1600 万元。 2024Q1 公司营收 4.63 亿元，同比下滑 45.83%；归母 0.53 亿元，同比下 滑 29.12%。2024Q1 公司业绩下滑主要系一季度为行业淡季，同时公司计 提公允价值变动和资产减值等损失约 1000 万元。 报告要点： 出海业务占比提升，公司 ...

Investment Rating - Buy rating maintained for Juewei Food (603517) [2] Core Views - Juewei Food achieved total revenue of 7.261 billion yuan in 2023, a year-on-year increase of 9.64%, with net profit attributable to the parent company of 344 million yuan, up 46.63% [3] - In 2023Q4, the company's revenue was 1.630 billion yuan, up 8.45%, but net profit attributable to the parent company was -45 million yuan, down 394.98% [3] - In 2024Q1, the company's revenue was 1.695 billion yuan, down 7.04%, but net profit attributable to the parent company was 165 million yuan, up 20.02% [3] - The company plans to distribute a cash dividend of 0.50 yuan per share (tax included), with a dividend payout ratio of 89.89% [3] Business Performance - The company added 874 new stores in 2023, with a single-store shipment increasing by approximately 1.22% year-on-year [3] - In 2023, the company's sales of braised food, franchisee management, and other (logistics and raw material sales) revenues were 6.050 billion yuan, 83 million yuan, and 974 million yuan, up 7.09%, 11.38%, and 33.82% year-on-year, respectively [3] - In 2023, the company's revenue from poultry, livestock, vegetables, other products, and packaged products was 4.478 billion yuan, 27 million yuan, 680 million yuan, 583 million yuan, and 282 million yuan, up 6.50%, 26.78%, 5.57%, 2.80%, and 32.75% year-on-year, respectively [3] - The company's total number of stores in mainland China (excluding Hong Kong, Macao, and overseas) reached 15,950 at the end of 2023, with a net increase of 874 stores, a growth rate of 5.80% [3] Regional Performance - In 2023, the company's revenue in Central China, South China, East China, North China, Southwest China, Northwest China, and other regions was 2.219 billion yuan, 1.605 billion yuan, 1.293 billion yuan, 887 million yuan, 832 million yuan, 141 million yuan, and 130 million yuan, up 10.81%, 12.06%, 8.72%, 19.04%, -3.76%, 106.52%, and -13.22% year-on-year, respectively [3] Financial Performance - In 2023, the company's gross profit margin was 24.77%, down 0.80 percentage points year-on-year, while the net profit margin attributable to the parent company was 4.74%, up 1.23 percentage points year-on-year [3] - In 2024Q1, the company's gross profit margin was 30.03%, up 5.73 percentage points year-on-year and 3.13 percentage points quarter-on-quarter [3] - The company's net profit margin attributable to the parent company in 2024Q1 was 9.73%, up 2.19 percentage points year-on-year [3] Future Projections - The company's net profit attributable to the parent company is expected to be 790 million yuan, 982 million yuan, and 1.129 billion yuan in 2024, 2025, and 2026, with year-on-year growth rates of 129.54%, 24.27%, and 14.90%, respectively [3] - The company's PE ratios as of May 6 are expected to be 16x, 13x, and 12x for 2024, 2025, and 2026, respectively [3]

[Table_Main] 行 业研究|电信服务 证 券研究报告 电信服务行业周报 2024年05月05日 [Ta行ble业_T业itle绩] 分化明显，以太网架构将重回增长正轨 [Table_Invest] 推荐|维持 ——通信行业周报 [Table_Summary] 报告要点： [过Ta去bl一e_年Pic市Q场uo行te]情  市场整体行情及通信细分板块行情回顾 24Q1通信板块细分行业间分化明显，光模块&光器件、物联网、IDC 沪深300 通信(申万) 及运营商业绩表现较好，AI 硬件及智算算力需求持续验证。主动权 30% 益型基金通信行业配置环比向上，24Q1 运营商、光模块仍为重点配 20% 10% 置及增持方向。 0% 周行情：本周（2024.04.29-2024.04.30）上证综指上涨 0.52%，深 -10% 证成指上涨1.30%，创业板上涨1.90%。本周申万通信上涨0.95%。 -20% 考虑通信行业的高景气度延续，相关企业经营业绩的不断兑现可期， -30% 5/5 8/5 11/5 2/5 5/5 我们给予通信及电子行业“推荐”评级。 资料来源：Wind，国元证券研究所 细分行业方面 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 20.91 yuan [4][9] Core Views - The company achieved record-high revenue, profit, and order reserves in 2023, driven by increased management efficiency and reduced expenses [1] - The company is expected to maintain high growth in the future, with projected net profits of 141 million yuan, 174 million yuan, and 205 million yuan for 2024-2026, respectively [4] - The company's PE ratios for 2024-2026 are estimated at 34.00x, 27.65x, and 23.43x, indicating strong growth potential [4] Business Performance - In 2023, the company's total revenue reached 851 million yuan, a year-on-year increase of 106.25%, with net profit attributable to shareholders of 113 million yuan, a significant turnaround from the previous year [25] - The company's R&D investment in 2023 was 66.68 million yuan, accounting for 7.84% of revenue, focusing on new product designs and platform improvements [2] - The company's main business segments, including airborne equipment, aviation maintenance, and measurement and control equipment, all achieved significant growth in 2023 [17] Industry and Market Position - The company is a leading domestic manufacturer of aviation seats and cabin equipment, with a strong market position in the defense industry [16] - As the first domestic manufacturer to obtain the CTSOA airworthiness certificate, the company has rich experience in airworthiness and is a pioneer in the localization of civil aircraft equipment [3][27] - The company's products are widely used in the helicopter sector, and its core technologies are highly adaptable to the low-altitude economy, positioning it well for future growth in this emerging sector [20] Future Growth Drivers - The company is actively developing products for the eVTOL (electric vertical take-off and landing) sector, with some products already in the business negotiation stage [20] - The company's multi-business breakthroughs and the strong demand from the low-altitude economy are expected to drive sustained high growth in the future [4][11] - The company's ongoing R&D efforts and new product developments, such as the SIPDM research management system and helicopter support systems, are expected to contribute to future growth [25]