Investment Rating - The report maintains a "Buy" rating for the company with a market price of 35.43 CNY per share [1]. Core Views - The company faced pressure in 2023 but is expected to see growth in 2024 driven by market recovery and high-end product launches [2][5]. - The semiconductor market is projected to recover with a 13% growth in 2024, providing a favorable demand backdrop for the company [5]. - The company has reduced its chip inventory by 43% in 2023, setting a healthy inventory level for 2024 [5]. - The company is expanding its overseas market presence and has established a manufacturing base in Vietnam to serve international clients [6]. Financial Performance Summary - In 2023, the company's main revenue was 5.41 billion CNY, a slight increase of 0.12% year-on-year, while net profit decreased by 12.85% to 924 million CNY [3][4]. - The gross margin for 2023 was 30.26%, down by 6 percentage points compared to the previous year [3]. - For Q4 2023, the company reported a revenue of 1.369 billion CNY, a year-on-year increase of 38.92%, and a net profit of 306 million CNY, up 130.95% year-on-year [3][4]. - The company expects revenues of 6.94 billion CNY in 2024, 8.33 billion CNY in 2025, and 9.83 billion CNY in 2026, with corresponding net profits of 1.1 billion CNY, 1.5 billion CNY, and 1.87 billion CNY respectively [5][6]. Valuation Metrics - The report provides a P/E ratio forecast of 17.5 for 2024, 12.8 for 2025, and 10.3 for 2026, indicating significant valuation attractiveness [1][5]. - The P/B ratio is projected to decrease from 2.1 in 2024 to 1.5 in 2026, further supporting the investment case [1][5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [8]. Core Views - The company demonstrated steady revenue growth in 2023, achieving operating income of 89.34 billion yuan, a year-on-year increase of 7.42%, and a net profit of 14.11 billion yuan, up 9.89% year-on-year [6]. - In Q1 2024, the company reported operating income of 17.82 billion yuan, a year-on-year increase of 9.98%, although it experienced a quarter-on-quarter decline of 36.5% [6]. - The company is expected to see a trend of improving performance throughout 2024, with anticipated net profits of 16.3 billion yuan, 19 billion yuan, and 22.1 billion yuan for 2024, 2025, and 2026 respectively [6]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 44.4%, up 2.15 percentage points year-on-year, and a net margin of 16.96%, up 0.66 percentage points year-on-year [6]. - The company’s revenue in Q4 2023 reached a record high of 28.06 billion yuan, with a year-on-year growth of 19.71% and a quarter-on-quarter growth of 18.4% [6]. - The company’s revenue forecast for 2024 is 102.6 billion yuan, with a growth rate of 15% year-on-year [5]. Business Segments - The company’s EBG (Enterprise Business Group) and innovative business segments performed well, with EBG revenue reaching 17.84 billion yuan, a year-on-year increase of 8.12% [6]. - The overseas revenue for the company was 23.98 billion yuan, showing a year-on-year growth of 8.83% [6]. - The innovative business segment generated revenue of 18.55 billion yuan, a year-on-year increase of 23.11%, indicating a strong competitive position in digital transformation [6]. Economic Outlook - The report suggests that the domestic economy is gradually stabilizing, which may lead to improved performance in the latter half of 2024 [6]. - The company is focusing on AI capabilities and digital transformation across various industries, which is expected to enhance its growth potential [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 65.29 CNY [1]. Core Views - The company reported a revenue of 4.625 billion CNY in 2023, representing a year-on-year growth of 36.68%, and a net profit of 609 million CNY, up 35.26% year-on-year. In Q1 2024, revenue reached 1.417 billion CNY, a 55.22% increase year-on-year, with a net profit of 219 million CNY, growing 66.24% year-on-year [3][4]. - The company is experiencing high growth driven by both new and existing businesses, with significant contributions from automotive industry recovery and increased market demand. The revenue from various segments, including lighting control systems and motor control systems, has shown stable growth, while new business areas like domain controllers have seen rapid expansion [3][4]. - The company has a robust pipeline of projects, having secured 73 new projects from major clients like BMW, Audi, and Ford, with an expected lifetime sales volume exceeding 100 million units. The establishment of a production base in Japan and ongoing global expansion efforts are expected to enhance its market presence [4][7]. Financial Summary - The company's financial projections indicate a revenue increase from 4.625 billion CNY in 2023 to 9.450 billion CNY by 2026, with corresponding net profits expected to rise from 609 million CNY to 1.381 billion CNY over the same period. The earnings per share (EPS) is projected to grow from 1.51 CNY in 2023 to 3.42 CNY in 2026 [1][9]. - The company maintains a healthy financial position with a projected return on equity (ROE) increasing from 13% in 2023 to 17% by 2026, and a price-to-earnings (P/E) ratio decreasing from 43.3 in 2023 to 19.1 in 2026, indicating improved valuation metrics [1][9].

[Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： - 2 - 请务必阅读正文之后的重要声明部分 - 6 - 请务必阅读正文之后的重要声明部分 【中泰研究丨晨会聚焦】汽车何俊艺：人形机器人系列深度 2：特斯拉发布 Optimus 请务必阅读正文之后的重要声明部分 晨会聚焦 【汽车】何俊艺：人形机器人系列深度 2：特斯拉发布 Optimus Gen2，传感 器为最大边际变化 国企拿地金额、占比均明显提升。从 2023 年开始到 2024 年 3 月，国企拿地金额和占比在不同月份 有所波动，但整体呈现增长趋势；3 月，国企拿地金额达到 1,157.54 亿元，相较于去年 3 月增长了 6.57%；国企拿地占比为 63.98%，增长了 18.81pct。分省份看，上海、福建国企拿地占比分别为 96.75% 和 91.56%，四川、重庆、江苏等 8 个省份占比超 60%。天津、四川占比同比增长显著，分别为 46.03pct 和 43.57pct。 细看省份：浙江：宁波土地出让金破百亿，土地整体下滑严重。3 月全省土地出 ...

中国人民解放军信息支援部队成立，关注军工信息化和新质作战装备产业链 证券研究报告/行业周报 行业名称：国防军工 2024年4月22日 评级：增持（维持） [重Ta点ble公_F司in基anc本e]状 况 分析师： 陈鼎如 简称 股价 EPS PE PEG 评级 执业证书编号：S0740521080001 (元) 2021 2022 2023E 2024E 2021 2022 2023E 2024E 2023E 中航重机* 18.20 0.85 0.82 0.90 1.08 21.49 22.30 20.30 16.79 1.92 买入 Email：chendr01@zts.com.cn 中核科技 18.80 0.31 0.45 0.66 0.92 60.50 42.15 28.57 20.36 0.61 买入 中航沈飞* 36.57 0.86 1.18 1.09 1.25 42.28 31.11 33.51 29.16 1.10 买入 分析师： 马梦泽 航发动力* 32.87 0.45 0.57 0.53 0.85 73.78 57.45 61.64 38.45 -9.08 买入 航发控制* 18.54 0. ...

、 深度推荐｜沪农商行: 稳字当头，增量确定；业务和业绩持续性强 沪农商行(601825)/银行 证券研究报告/公司深度报告 2024年 4月 22日 评级：增持（维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：6.96 指标 2021A 2022A 2023E 2024E 2025E 分析师 戴志锋 营业收入（百万元） 24,150 25,614 26,509 27,472 28,494 执业证书编号：S0740517030004 增长率yoy% 9.70% 6.10% 3.50% 3.60% 3.70% 净利润（百万元） 9,698 11,154 12,310 13,125 13,913 Email：daizf@zts.com.cn 增长率yoy% 18.80% 15.00% 10.40% 6.60% 6.00% 分析师 邓美君 每股收益（元） 1.01 1.16 1.28 1.36 1.44 净资产收益率 11.34% 11.40% 11.58% 11.34% 11.05% 执业证书编号：S0740519050002 P/E 6.89 6.00 5.44 5.12 4.83 Ema ...

给"稳健性"资产以溢价 ——2024年二季度资本市场策略展望 1、当前国内整体政策框架 6、关注金融供给侧改革 P 去年以来，美国在AI等领域不断突破,中美相关领域差距加大; 图表：2010年以来沪深300与标普500走势 -- 标普500(右轴) 沪深300 6,000 6,000 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 资料来源：中泰证券研究所 S0740519080003 xuchi@zts.com.cn 徐驰 S0740520120003 zhangwy01@zts.com.cn 王永健 张文宇 S0740522050001 wangyj09@zts.com.cn 目 3、三中全会政策预期或催生三季度行情 其背后逻辑在于：面对22年以来国际地缘冲突日趋增多，以及今年美国大选年的高度 为何两会总量政策定力仍将显著超预期？ 1-2月国内经济、金融、出口数据好转。 • 两会与24年全年政策整体思路 当前地缘政治环境已经由合作共赢转向大国竞争时代。 8 0 0 过去两年，美国经济与股市在高利率下强势，最直接 选举年下，财政被动紧缩 ...

[Table_Title] 评级：买入(维持) 市场价格：43.96 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,996 9,655 10,203 11,084 11,944 增长率 yoy% 18% 7% 6% 9% 8% 净利润（百万元） 2,171 2,823 3,114 3,430 3,730 增长率 yoy% 26% 30% 10% 10% 9% 每股收益（元） 2.35 3.06 3.38 3.72 4.05 每股现金流量 2.84 3.76 1.87 3.47 4.03 净资产收益率 19% 21% 19% 17% 16% P/E 18.7 14.4 13.0 11.8 10.9 P/B 3.6 3.0 2.5 2.1 1.7 备注：数据截止 2024/4/20 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn [Table_Profit] 基本状况 总股本(百万股) 922 流通股本(百万股) 916 市价(元 ...

Q1 超预期，合同负债维持高位 华润三九（000999.SZ）/中 证券研究报告/公司点评 2024年04月21日 药 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：59.25 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 18,079 24,739 28,067 31,483 34,769 分析师：祝嘉琦 增长率yoy% 18% 37% 13% 12% 10% 执业证书编号：S0740519040001 净利润（百万元） 2,449 2,853 3,298 3,782 4,245 电话：021-20315150 增长率yoy% 20% 17% 16% 15% 12% 每股收益（元） 2.48 2.89 3.34 3.83 4.30 Email：zhujq@zts.com.cn 每股现金流量 3.04 4.24 3.29 4.85 4.39 分析师：孙宇瑶 净资产收益率 14% 12% 12% 12% 12% 执业证书编号：S0740522060002 P/E 23.9 2 ...

Industry Investment Rating - The report does not explicitly mention an industry investment rating [1][2][3] Core Views - The report identifies the humanoid robot sector as a key investment opportunity based on spatial structure and growth path criteria [2] - Tesla's release of Optimus Gen2 is highlighted as a major driver, with sensors being the most significant marginal change [2][6] - Key sensors include tactile, torque, IMU, and vision sensors, with foreign companies dominating the market while domestic players are catching up [2][6][14] Industry Drivers - Tesla's Optimus Gen2 focuses on weight reduction, speed improvement, and enhanced control and balance stability [6] - Sensors provide robots with visual, force, and tactile perception capabilities, benefiting both the robot's body and external environment awareness [6][8] - Domestic companies like Ubtech, Zhiyuan, and Unitree are also incorporating multiple sensors in their robot products [6][8] Sensor Analysis Tactile Sensors - Convert physical waveforms into electrical signals to perceive force and temperature changes, with barriers in materials and algorithms [2][18] - Early-stage development dominated by foreign companies like Canatu, Sensel, and Flexpoint, with domestic leaders including Hanwei Technology's subsidiary Nensda, Audiowell, and Paxini [2][21] Torque Sensors - Convert force signals into electrical signals to measure external pressure, with barriers in calibration, detection, and data decoupling [2][23] - Six-dimensional torque sensors are dominated by foreign brands, but domestic companies like Kunwei are leading in collaborative robot segments [2][30] IMU Sensors - Measure acceleration, angular acceleration, and magnetic field strength to output speed, position, and posture, with hardware barriers in gyroscopes and software barriers in algorithm control [2][14][34] - Dominated by foreign companies like TDK, Honeywell, and ADI, with domestic players like Daoyuan, Huayi, and CoreMEMS catching up [2][14] Vision Sensors - Divided into 2D and 3D, primarily for imaging perception, with Keyence as the global leader with over 50% market share, and domestic leader Opt [2][37] Industry Chain and Related Companies - Tactile sensors: Hanwei Technology, Audiowell [2] - Torque sensors: Donghua Testing, Haozhi机电, Anpelon [2] - IMU sensors: Huayi Technology, CoreMEMS, Minghao Sensing [2] - Vision sensors: Orbbec, Opt [2] Competitive Landscape - Tactile sensors: Foreign companies dominate, with domestic players like Nensda, Audiowell, and Paxini making progress [21] - Torque sensors: Foreign brands lead, but domestic companies like Kunwei are gaining traction in collaborative robots [30] - IMU sensors: Foreign companies like TDK, Honeywell, and ADI dominate, with domestic players gradually catching up [14][34] - Vision sensors: Keyence leads globally with over 50% market share, while domestic players like Opt are advancing [37] Technology and Market Trends - Tactile sensors: Flexible solutions are preferred, with resistive types being relatively mainstream [18] - Torque sensors: Six-dimensional sensors offer higher precision but face challenges in calibration and data decoupling [23][28] - IMU sensors: High precision and zero-bias stability are critical, with hardware and software integration being key barriers [34][35] - Vision sensors: 3D imaging is gaining traction, with domestic companies like Orbbec and Opt making strides [37]