[Table_Invest] 推荐|维持 [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 4 月 7 日 [Table_Title] 北美 AI 巨头斥资千亿美元投硬件，3GPP 敲定 6G 时间表 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2024.04.01-2024.04.03）上证综指上涨 0.92%，深 证成指上涨1.53%，创业板上涨1.22%。本周申万通信回调 2.22%。 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， 我们给予通信及电子行业"推荐"评级。 细分行业方面：本周（2024.04.01-2024.04.03）通信板块三级子行 业中，通信终端及配件回调幅度最小，跌幅为 1.64%，通信应用增值 服务回调幅度最高，跌幅为 6.07%，本周各细分板块主要呈回调趋 势。 个股方面：本周（2024.04.01-2024.04.03）通信板块涨幅板块分析 方面，世嘉科技（33.05%）、天喻信息（18.94%）、ST 鹏博士 （15.47%）涨幅分列前三。 微软、Op ...

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 [1][11]. Core Views - The company achieved an annual revenue of 1.616 billion yuan in 2023, representing a year-on-year growth of 11.68%, with a net profit of 173 million yuan, up 164.02% year-on-year [9]. - The company continues to maintain a high dividend payout ratio of 80% during the operational period, reflecting strong cash flow management [1]. - The home care segment shows steady growth, with online sales channels maintaining a stable proportion of total revenue [1]. Financial Performance - Revenue breakdown for 2023 includes home care at 1.472 billion yuan (up 13.49%), personal care at 61 million yuan (down 4.55%), and pet products at 77 million yuan (up 0.47%) [1]. - The company's gross margin and net margin for 2023 were 44.46% and 10.70%, respectively, both showing improvements of 2.89 and 6.17 percentage points year-on-year [1]. - The company’s cash and cash equivalents stood at 2.901 billion yuan as of December 31, 2023 [9]. Business Strategy - The home care segment remains the core business, with the company maintaining its leading market position in insecticides and home cleaning products while launching differentiated high-margin products [1]. - In the pet segment, the company is actively building its supply chain and distribution capabilities, expanding its presence through strategic partnerships and investments [1]. - The company is pursuing a multi-channel strategy, integrating online and offline sales to drive growth across various dimensions [1]. Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 1.788 billion yuan, 1.937 billion yuan, and 2.083 billion yuan, respectively, with corresponding net profits of 183 million yuan, 195 million yuan, and 210 million yuan [3][9]. - The expected earnings per share (EPS) for the same years are 0.14 yuan, 0.15 yuan, and 0.16 yuan, with price-to-earnings (P/E) ratios of 11.46, 10.80, and 10.02 [3][9].

表 1：[Table_Title] 宏观研究报告 证券研究报告 深圳成指： 9544.77 创业板指： 1840.41 《孔雀东南飞：关于企业出海的一切(下)》 执业证书编号 S0020521060001 邮箱 yangweixue@gyzq.com.cn 电话 021-51097188 基建支出对行业的影响： （1） 政府职能的加速转变要使得市场在资源配置中起决定性作用。政府要更 加尊重市场经济一般规律，最大限度减少对市场资源的直接配置和对微 观经济活动的直接干预。 （2） 理论上看，根据蒙代尔-弗莱明的模型，扩张财政政策在固定汇率制度 下有效而在浮动汇率制度下无效。 （3） 根据一些学者的研究，我国财政政策的挤出效应严重，对扩大内部总需 求无益处且政府投资产出弹性在下降，产出的边际贡献率也在降低，盲 目扩大财政支出容易引起资源浪费。 因此，我们认为未来财政支出更多是结构性变动带来的行业机会，在以上 资料来源：Wind 请务必阅读正文之后的免责条款部分 2 / 19 | --- | --- | |-------|------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6][19] Core Views - The company has shown strong operational resilience with stable terminal market prices and a focus on enhancing its product matrix and channel ecosystem in 2024 [2][15] - The latest prices for Feitian Moutai are 2,630 CNY per bottle for bulk and 2,905 CNY per box, reflecting a slight decrease from the beginning of the year, indicating price stability [2] - Projected net profits for the company are expected to be 875.93 billion CNY, 1,017.82 billion CNY, and 1,180.51 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 17.21%, 16.20%, and 15.98% [2] Financial Performance Summary - In 2023, the company achieved total revenue of 150.56 billion CNY, a year-on-year increase of 18.04%, and a net profit attributable to shareholders of 74.73 billion CNY, up 19.16% year-on-year [15][16] - The company’s gross margin and net margin showed slight improvements, with gross margin at 92.12% and net margin at 51.49% for the year [15][18] - The average selling price of Moutai liquor was 300.62 CNY per ton, reflecting a year-on-year increase of 5.66% [15] Revenue and Profitability - The company’s revenue from direct sales and wholesale channels reached 672.33 billion CNY and 799.86 billion CNY respectively, with direct sales accounting for 45.67% of total revenue [15] - The company’s operating income is projected to grow from 173.98 billion CNY in 2024 to 230.92 billion CNY by 2026, with corresponding net profits increasing from 87.59 billion CNY to 118.05 billion CNY [16][18] Market Position and Strategy - The company is focusing on optimizing its marketing model and maintaining stable pricing, which is crucial for sustaining its market position [7][15] - The report highlights the importance of the i Moutai platform, which significantly contributed to the growth in direct sales revenue, achieving 223.74 billion CNY in 2023, a year-on-year increase of 88.29% [15]

2024 年 04 月 07 日 3 月 PMI 超季节性反弹，当前的经济状态出现了预期和现实的向上共振， 但往远来看，经济的隐忧仍存，比如仍在加速向下的地产销售（3 月 30 个大 中城市商品房成交面积的同比降幅 47%，较 1~2 月进一步扩大），比如缺乏 弹性的库存周期（3 月 PPI 同比增速约-3%，继续窄幅震荡），而这些都是当 前流动性梗阻的根因。 经济当前的稳定会导致政策也许不会非常规宽松，但脆弱性会导致政策 重启宽松，往前看，政策可能会出现两个加速拐点，这两个拐点所出现的时间 点对资产配置尤为重要。 美国就业数据继续超预期，PMI 重回 50 以上，大宗商品价格也在相应反 弹，无论孰因孰果，可以看到美国的状态是 risk-on 的，如果这些来自于美联 储的数量政策的持续宽松，那该趋势也许有持续性，往后看，美联储降息的时 点会晚于市场预期。我们维持此前的观点，不要对海外降息过于乐观，美股优 于美债。 虽然看似这个共振 risk-on 的背后是利率债的压力，其实不然，一则当前 利率债实际交易的是经济的脆弱性（大量资金堆积在商业银行体系，银行的 配债需求推升了债券价格的上涨）；二则美国的货币趋向从来 ...

Investment Rating - The report maintains a "Buy" rating for Runbang Co., Ltd. (002483) with a target price of 4.68 yuan, indicating an expected price increase of over 20% in the next six months [6][7][18]. Core Insights - The company reported a revenue of 7.183 billion yuan in 2023, a year-on-year increase of 38.82%, and a net profit attributable to shareholders of 55.37 million yuan, up 4.12% year-on-year [5][23]. - The material handling equipment, marine engineering and supporting equipment, and ship supporting equipment segments achieved revenues of 4.112 billion, 1.439 billion, and 715 million yuan respectively, with year-on-year growth rates of 70.12%, 21.11%, and 56.93% [5][23]. - The company is expanding its high-end equipment production capacity, which is expected to support future revenue growth [6][19]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 71.83 billion yuan, with a gross margin of 20.43% and a net margin of 2.80%, both showing improvements from the previous year [5][12][23]. - The company actively managed expenses, resulting in a sales expense ratio of 1.55% and a management expense ratio of 4.90%, both down year-on-year [5][12]. Business Segments - The marine engineering segment saw significant growth, with the company successfully delivering nearly 130,000 tons of foundation piles and related products to Japanese clients [19]. - The company has also entered the LNG sector, delivering two sets of 1800 cubic meter LNG fuel tanks in 2023 [19]. Future Outlook - The forecast for net profit attributable to shareholders is projected to be 354.36 million yuan in 2024, representing a substantial year-on-year increase of 539.96% [20]. - The company plans to invest 2.2 billion yuan in the Tongzhou Bay Equipment Manufacturing Base project, which aims to enhance production capacity for high-end equipment [19].

[Table_Main] 行业研究|可选消 费|媒体Ⅱ 证 券研究报告 媒体Ⅱ行业周报、月报 2024年04月02日 [Table_Invest] [Ta多ble模_Tit态le] AI 应用持续落地，3 月版号超百款 推荐|维持 ——传媒互联网行业月报（2024.3.1-2024.3.31） [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情  市场表现 12% 月度涨跌情况（2024.3.1-2024.3.31，下同）：传媒行业（申万）上涨 2% 1.50%，排名子行业第 18 名，同期沪深 300 涨 0.61%，上证指数涨 -8% 0.86%，创业板指涨0.62%。 -18%  重点板块跟踪 -29% 人工智能：多厂商发布多模态模型，Suno V3音乐模型出圈，OpenAI 4/3 7/3 10/2 1/1 4/1 发布Voice Engine。2024年3月，模型端，Anthropic发布Claude3 媒体Ⅱ 沪深300 系列模型，谷歌发布SIMA模型，Meta推出SceneScript AI 视觉模 资料来源：Wind 型，StabilityAI发布 ...

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's strong performance and growth potential in various sectors [6][19]. Core Insights - Haige Communication achieved a revenue of 6.449 billion yuan in 2023, representing a year-on-year growth of 14.84%, with a net profit of 703 million yuan, up 5.21% year-on-year [3][10]. - The company’s four main business segments—wireless communication, Beidou navigation, aerospace, and digital ecology—showed growth, with Beidou navigation revenue soaring by 113.27% [4][10]. - The company is focusing on high investment in satellite, unmanned systems, and next-generation communication technologies, with R&D expenditure reaching approximately 934 million yuan, an increase of 18.49% year-on-year [5][6]. Summary by Sections Financial Performance - In 2023, Haige Communication's revenue was 6.449 billion yuan, with a net profit of 703 million yuan. The fourth quarter alone saw a revenue of 2.414 billion yuan, up 26.62% year-on-year, and a net profit of 344 million yuan, up 26.24% year-on-year [3][10]. - The company’s revenue from wireless communication was 2.667 billion yuan (up 5.06%), Beidou navigation was 937 million yuan (up 113.27%), aerospace was 419 million yuan (up 25.98%), and digital ecology was 234 million yuan (up 4.19%) [4][10]. Business Segments - Wireless Communication: Achieved significant milestones in product development and market penetration, including breakthroughs in 5G technology [4][10]. - Beidou Navigation: The Beidou III products are becoming a new pillar for the company, with successful project bids and production line establishment for atomic clock chips [4][10]. - Aerospace: The company has received substantial orders and is expanding into large unmanned aircraft development [4][10]. - Digital Ecology: The company is successfully collaborating with major telecom operators and expanding into non-telecom sectors [4][10]. Investment and Future Outlook - The company plans to invest in the "Beidou + 5G" integration project, satellite internet, and unmanned systems, with a total fundraising of 1.855 billion yuan [13][14]. - Future profit forecasts for 2024-2026 are 896 million yuan, 1.163 billion yuan, and 1.314 billion yuan, respectively, with corresponding PE ratios of 31x, 24x, and 21x [6][7].

[Table_TargetPrice] 执业证书编号 S0020522080001 可借此进一步扩大市场份额，夯实头部企业优势地位。 研发不及预期，市场竞争加剧，行业政策风险。 分析师声明 A 股总股本（百万股）： 519.60 [Table_Invest]买入|维持 0 2 4 6 8 10 12 14 16 2019 2020 2021 2022 2023 血液净化 输注 心胸外科 其他业务 资料来源：公司公告，国元证券研究所 [Table_Base 基本数据 ] 52 周最高/最低价（元）：10.56 / 5.08 流通市值（百万元）： 2788.95 电话 021-51097188 [Table_Title] 集采落地加速国产化，聚焦全期肾病产业 ——三鑫医疗（300453.SZ）2023 年报点评 疫苗注射产品拖累营收，整体经营效率显著提升 血液透析业务稳健增长，集采落地加速行业集中 投资建议与盈利预测 请务必阅读正文之后的免责条款部分 1 / 5 总市值（百万元）： 3990.50 [Table_ 过去一年股价走势 PicQuote] -32% -22% -12% -2% 8% 4/3 7/3 1 ...

[Table_Main] 公司研究|可选消费|消费者服务II 证券研究报告 奈雪的茶(2150.HK)公司点评报告 2024年04月03日 [Tab年le_T度itle净] 利扭亏为盈，加盟提升拓店空间 [Table_Inves 增t] 持|维持 ——奈雪的茶(2150.HK) 2023年年度业绩点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司发布2023年全年业绩。 52周最高/最低价（港币）：9 .1 / 2.4 港股流通股（百万股）： 1715.13 点评： 港股总股本（百万股）： 1715.13  全年经调整净利润实现扭亏为盈，奈雪的茶单店模型持续优化 流通市值（百万港币）： 4,562.24 2023 年，公司实现营业收入 51.64 亿元，同比增长 20.33%；全年经调整 总市值（百万港币）： 4,526.24 净利润为0.21亿元，较前一年实现扭亏为盈。分业务线看，现制茶饮业务 [[相TTaa关bbll研ee__究PDioc报cQR告ueop toe]r t] 全年实现收入37.77亿，同比增长20.46%，收入占 ...