Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company achieved a total revenue of 3.389 billion CNY in 2023, with a gross profit of 2.068 billion CNY, reflecting a year-on-year increase of 12.7% and a gross margin of 61.03%, up by 7.54 percentage points from 2022 [2]. - The gaming segment generated revenue of 2.092 billion CNY, accounting for 61.72% of total revenue, which is a decrease of 9.77 percentage points year-on-year. The TapTap platform's revenue reached 1.297 billion CNY, growing by 32.63% year-on-year, increasing its revenue share to 38.28% [2]. - The company has focused on self-developed games, with several titles launched in 2023 and more expected in 2024, which are anticipated to drive future revenue growth [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 3.389 billion CNY, a slight decline of 1.22% compared to 2022. The adjusted EBITDA was 158 million CNY, marking a return to profitability [2][8]. - The company’s R&D expenditure was 1.016 billion CNY, with a R&D expense ratio of 29.97%, down by 7.45 percentage points year-on-year [2]. User Engagement - The average monthly active users for the company's online games reached 12.446 million, with 1.307 million average monthly paying users in 2023 [3]. - The TapTap platform's average monthly active users were 35.81 million, a decrease of 13.6% year-on-year, but showed signs of recovery in Q4 2023 [3]. Future Outlook - The company is expected to achieve net profits of 294 million CNY, 383 million CNY, and 475 million CNY for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.61, 0.80, and 0.99 CNY per share [4][8].

[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04月01日 [Ta通ble感_T一itle体] 为低空发展基石，光通信产业升级加速 [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 沪深300 通信(申万) 周行情：本周（2024.03.25-2024.03.29）上证综指回调 0.23%，深 29% 证成指回调1.72%，创业板回调2.73%。本周申万通信回调3.76%。 19% 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， 9% 我们给予通信及电子行业“推荐”评级。 -1% 细分行业方面：本周（2024.03.25-2024.03.29）通信板块三级子行 -11% 业中，通信终端及配件回调幅度最低，跌幅为1.78%，通信线缆及配 -21% 套回调幅度最高，跌幅为5.68%，本周各细分板块主要呈回调趋势。 3/24 6/24 9/24 12/24 3/24 个股方面：本周（2024.03.25-2024. ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [5][6]. Core Viewpoints - The company has made significant breakthroughs in various fields including civil communication, commercial satellites, and defense, with a rich technical reserve and notable achievements [3]. - The company's gross margin and net margin have shown a continuous upward trend since its listing, with gross margin increasing from 31.46% in 2019 to 41.51% in 2023, and net margin from 12.45% to 19.07% during the same period [4][11]. - The strategic value of low-orbit satellites is becoming increasingly recognized, with accelerated deployment in various countries, and the company is well-positioned to benefit from this trend [4][10]. Financial Performance - In 2023, the company achieved operating revenue of 815.14 million yuan, a year-on-year increase of 0.82%, and a net profit attributable to shareholders of 146.17 million yuan, up 2.34% year-on-year [3][5]. - The company expects net profits to reach 194.46 million yuan, 209.13 million yuan, and 221.19 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 16x, 15x, and 14x [5][20]. - The revenue from RF coaxial cable components and RF coaxial connectors was 385 million yuan and 420 million yuan, respectively, with year-on-year changes of -7.23% and +12.83% [11]. Market Trends - The civil communication sector has seen a significant increase in the number of 5G base stations, reaching 3.377 million by the end of 2023, up from 2.312 million at the end of 2022 [10]. - The company is actively involved in the satellite internet sector, with the Ministry of Industry and Information Technology promoting reforms in the satellite internet access system, which is expected to enhance the industry landscape [10][11]. - The defense sector is experiencing a shift towards information warfare, increasing the demand for advanced interconnect solutions, which the company is well-equipped to provide [10].

假设 3：据公司公告，华龙一号、美国 AP1000 单机组核岛阀门价值量约 2 亿元，俄 罗斯 VVER1200 约 3 亿。 | --- | --- | --- | --- | |----------------------------------|-------|---------------|-------------------| | 华龙一号 | | 美国 AP1000 | 俄罗斯 VVER1200 | | 每千瓦造价（万 / 千瓦） | 1.6 | 2 | 2 | | 单台机组装机容量（万千瓦） | 120 | 120 | 120 | | 单台机组投资总额（亿元） | 192 | 240 | 240 | | 单台机组核岛阀门价值量（亿元） | 2 | 2 | 3 | | 单台机组非核岛阀门价值量（亿元） | 1.7 | 1.7 | 2.55 | | 单台机组阀门总价值量（亿元） | 3.7 | 3.7 | 5.55 | | 单台机组阀门价值量占比（ % ） | 1.93% | 1.54% | 2.31% | 我们以华龙一号机组为例（阀门价值量按 2%计），进一步测算核电阀门市场规模： 假设 2：据 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 重庆啤酒(600132)公司点评报告 2024年03月31日 [Table_T华itle东] 区潜力充足，大麦价连续回落 [Table_Inves 买t] 入|维持 ——重庆啤酒 2023 年报点评 [报Ta告ble要_S点um：m ary] [ Table_TargetPr ice]  事件 公司公告2023年报。2023年，公司实现总营收148.15亿元（+5.53%），归母 净利 13.37 亿元（+5.78%），扣非归母净利 13.14 亿元（+6.45%）。23Q4 单 [基Ta本bl数e_据Ba se] 季，公司实现总营收17.86亿元（-3.76%），归母净利-0.07亿元（-109.23%）， 扣非归母净利-0.13 亿元（-117.73%）。公司每股拟发放现金红利 2.80 元（含 52周最高/最低价（元）： 127.9 / 53.96 税），分红率为101.39%。 A股流通股（百万股）： 483.97  啤酒产品持续量价齐升，南区保持较快增长 1）公司啤酒产品持续量价齐升。2023年，公司啤酒总销量为299 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [22][29]. Core Insights - The company reported a revenue of 4.185 billion yuan in 2023, a year-on-year decrease of 19.02%, primarily due to the natural decline in revenue from key products such as "Wandao Mobile Game" and "Yinian Xiaoyao (Mainland Version)" [22][23]. - The net profit attributable to the parent company was 1.125 billion yuan, down 22.98% year-on-year, with adjusted net profit at 1.169 billion yuan, reflecting a 21.35% decline [22][23]. - The company is focusing on a "small steps, fast running" strategy, emphasizing stable long-term operations of core products and expanding its self-developed game portfolio [23][32]. Financial Performance - In 2023, the company’s sales, management, and R&D expense ratios were 26.94%, 7.53%, and 16.23%, respectively, with R&D expenses increasing by 3.22 percentage points year-on-year [22][23]. - The company had 855 R&D personnel by the end of 2023, accounting for 59.09% of its workforce [22][23]. - The forecast for net profit attributable to the parent company for 2024-2026 is 1.090 billion, 1.230 billion, and 1.316 billion yuan, respectively, with corresponding EPS of 15.13, 17.07, and 18.26 yuan [23][26]. Product Development and Market Strategy - The company’s core long-term products are performing steadily, with "Wandao" and "Yinian Xiaoyao" achieving significant rankings in the iOS game sales charts [32]. - The self-developed product matrix is expanding, with several new games set to launch in 2024, including "Zuiqiang Chengbao" and "Zhangjian Chuanqi" [32]. - The company is actively exploring overseas markets and has a rich pipeline of new games, including both self-developed and agency titles [32].

Investment Rating - The report maintains a "Buy" rating for companies involved in the humanoid robot industry [10]. Core Insights - The humanoid robot industry is expected to see significant advancements in hardware and software, with a focus on reducing costs through mass production. The timeline for mass production is anticipated between 2024 and 2025, with the potential for earlier deployment due to rapid AI advancements [3][5][19]. - Domestic manufacturers are prioritizing hardware breakthroughs, while international firms are focusing on algorithm iterations. The market for humanoid robots is projected to expand significantly, with potential sales reaching millions of units at prices below $20,000 [13][23]. Summary by Sections 1. Hardware and Algorithm Development - Humanoid robots are expected to replace complex human movements, with significant market potential as highlighted by Elon Musk's projections of millions of units sold at under $20,000 [13][19]. - Current hardware solutions are largely defined, with key components available commercially, while software and algorithms still require improvement to meet consumer demands for "embodied intelligence" [3][19]. 2. Domestic vs. International Focus - Domestic manufacturers are advancing demo models with a focus on hardware and motion performance, with commercial production expected in the next two years. Notable products include Walker X, Unitree H1, and Fourier GR-1, with prices anticipated to remain within several hundred thousand RMB [3][23][25]. - International firms are slower in commercializing their products, with a focus on industrial applications. Companies like Digit and Tesla plan to deliver their humanoid robots by 2025, with varying price points and application scenarios [4][23]. 3. Investment Opportunities in Components - Key investment opportunities are identified in the actuator and sensing components of humanoid robots. The demand for frameless torque motors is expected to grow, with recommendations to focus on companies like Step Science [5][19]. - In the sensing layer, visual technologies such as TOF and multi-view systems are highlighted, with six-dimensional force sensors presenting significant investment value [5][19].

Investment Rating - The report gives a "Buy" rating for Hengshuai Co Ltd (300969) [8] Core Views - Hengshuai is a leading domestic supplier of automotive motor technology solutions, focusing on micro motors and related products since its establishment in 2001 [1] - The company has strategically divided its business into four units: motor business, electric module business, driving vision cleaning system, and thermal management system business [1] - With the trend of intelligent and new energy vehicles, the number of micro motors used per vehicle and their value are expected to increase annually, with the domestic automotive micro motor market projected to reach 42.47 billion yuan by 2026, with a CAGR of 6.8% from 2020 to 2026 [1] - The company has successfully developed various motor products, particularly in the tailgate motor segment, and has expanded its customer base significantly [1] - Hengshuai has proactively developed active perception cleaning systems for ADAS sensors, which are expected to benefit from the trend of automotive intelligence [1] Business Segments Motor Business - The motor business is the fastest-growing segment, with a CAGR of 68.7% from 2019 to 2022 [45] - As of Q3 2023, the motor business contributed 263.79 million yuan in revenue, accounting for 40.3% of total revenue [45] - The company has developed a range of motor products, including tailgate motors, fan motors, and ABS motors, with a focus on upgrading from single motor components to integrated systems [104] Cleaning System Business - The cleaning system business includes products such as cleaning pumps, cleaning systems, and ADAS sensor cleaning systems [46] - As of Q3 2023, the cleaning system and cleaning pump businesses contributed 185.04 million yuan and 147.95 million yuan in revenue, accounting for 28.3% and 22.6% of total revenue, respectively [46] - The company has a strong presence in the domestic market and is expanding its overseas production capacity, with plans to build 34.41 million sets of fluid-related products, which are expected to generate over 380 million yuan in revenue upon full production [1] Thermal Management System Business - The thermal management system business includes products such as cooling manifolds and electronic circulation pumps [21] - The company has achieved a breakthrough in cooling manifold products and is continuing to develop technologies and products in the thermal management system field [21] Market Opportunities - The ADAS cleaning system market is in its early stages of penetration, with significant growth potential as intelligent driving technologies become more widespread [130] - The global automotive cleaning system market is expected to grow from 10.65 billion USD in 2020 to 13.3 billion USD by 2027, with China's market share increasing to 18.8% [108] - Hengshuai has proactively developed active perception cleaning systems for ADAS sensors, which are expected to benefit from the trend of automotive intelligence [1] Financial Projections - The company is expected to achieve net profits attributable to the parent company of 205 million yuan, 272 million yuan, and 338 million yuan in 2023, 2024, and 2025, respectively [1] - The corresponding PE ratios are estimated at 32.81x, 24.80x, and 19.94x based on the latest stock price [1] - Revenue is projected to grow from 738.75 million yuan in 2023 to 1.57 billion yuan in 2025, with a CAGR of 30.4% from 2023 to 2025 [120] Capacity Expansion - The company has planned and started construction on motor and actuator assembly projects totaling 17.6 million sets, which are expected to contribute over 450 million yuan in revenue upon full production [1] - For fluid-related products, the company has planned and started construction on projects totaling 34.41 million sets, including overseas production capacity in the US and Thailand, which are expected to generate over 380 million yuan in revenue upon full production [1]

[Table_Main] 公司研究|光伏|光伏电池片制造 证券研究报告 钧达股份(002865)公司首次覆盖 报告 2024 年 03 月 29 日 [Table_Invest] 增持|首次推荐 [Table_Title] N 型未来星辰大海，业务出海放量可期 图 21：美国本土电池片产能落地情况预测（单位：GW） 0 10 20 30 40 50 60 2024E 2025E 2026E 规划产能 预计落地产能 资料来源：Wood Mackenzie，国元证券研究所 海外电池片需求旺盛，出口占比不断提升。受限于硅料、硅片环节重资产的特性以及 电池片环节的技术壁垒，海外厂商投资主要围绕组件环节，因此对国内电池片的需求 长期存在且伴随着组件制造产能的提升渐趋旺盛。海外出口结构来看，根据 CPIA 统 计，2023 年硅片、电池、组件出口量分别为 70.3GW/39.3GW/211.7GW，同比增长 93.6%、65.5%、37.9%，电池片出口量呈递增趋势。受海外产能崛起和贸易政策的 影响，该变化趋势或将延续，国内电池环节有望持续受益出海链条。 图 22：光伏各环节出口量 0 20 40 60 80 100 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved steady growth in 2023, with total revenue reaching 7.281 billion yuan, a year-on-year increase of 11.98%, and a net profit attributable to shareholders of 1.424 billion yuan, up 30.50% year-on-year [4]. - The company successfully adapted all major products to the new technology environment, aiding over 70 financial institutions in upgrading their core business systems [5]. - The company has significantly increased its R&D investment, totaling 2.661 billion yuan, which accounts for 36.55% of its revenue, reflecting a 13.42% year-on-year growth [6]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 74.85%, an improvement over the past two years, maintaining market leadership and product competitiveness [4]. - The company’s operating income for 2024-2026 is projected to be 8.247 billion, 9.243 billion, and 10.221 billion yuan, respectively, with net profits expected to be 1.718 billion, 1.963 billion, and 2.189 billion yuan [7][11]. Product Development - Key products have been successfully launched, with the O45 product achieving further maturity and completion of projects for leading fund and asset management companies [5]. - The company’s SaaS business and data services have experienced rapid growth, contributing to its overall performance [5]. Research and Development - The company has invested heavily in R&D, with 9,535 technical personnel making up 72.3% of its workforce, focusing on developing advanced financial models and platforms [6]. - The LightGPT financial model was released for public testing, showcasing the company's commitment to innovation in the financial IT sector [6].