◼ 事件：浙数文化发布 2023 年年报，报告期内公司实现营业总收入 30.78 亿，同比下滑 40.65%，归母净利润 6.63 亿，同比增长 34.91%，扣非后归母净利润为 3.59 亿，同 比下滑 38.95%。2023 年经营性净现金流为 8.4 亿，同比下滑 18.4%。 ◼ 1）游戏与社交业务：2023 年全年游戏收入为 13.17 亿，同比下滑 23.63%，下滑主要 由于子公司成本控制所致；社交业务收入为 7.69 亿，同比下降为 70.2%，社交业务的 整体收缩，对公司收入产生较大影响。毛利率端，游戏业务全年毛利率为 92.17%，较 2022 年增加 0.09 个百分点，社交业务毛利率为 57.18%，较去年同期增加 12.54 个百 分点，成本控制带动毛利率回升。子公司边锋网络 2023 年收入为 22.11 亿，同比下滑 49.8%，净利润为 6.39 亿，较 2022 年同期 7.06 亿略有下降，但净利率水平提升明显， 2023 年达到 28.9%，较 2022 年同期 16%大幅提升。 ◼ 2）IDC 业务：通过富春云科技开展 IDC 业务，提供基础设施建设及运营的服务。202 ...

、 关注轻纺Q1 业绩前瞻，嘉益、晨光披露年报 -轻工制造及纺织服装行业周报 轻工纺服 证券研究报告/行业周报 2024年3月31日 评级：增持(维持) [重Ta点bl公e_司Fin基an本ce状] 况 分析师：张潇 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740523030001 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 百亚股份 16.88 0.44 0.55 0.70 0.89 38.36 30.69 24.11 18.97 1.32 买入 Email：zhangxiao06@zts.com.cn 欧派家居 63.88 4.41 5.08 5.87 6.73 14.49 12.57 10.88 9.49 0.79 买入 分析师：郭美鑫 顾家家居 36.87 2.20 2.52 2.93 3.41 16.76 14.63 12.58 10.81 0.95 买入 执业证书编号：S0740520090002 索菲亚 15.41 1.17 1.47 1.72 2.00 13.17 10.48 8.96 7.71 0.40 买入 志邦家居 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company's performance is supported by capacity expansion and refined management, leading to high-quality development [2]. - The company achieved a revenue of 18.487 billion yuan in 2023, representing a year-on-year increase of 9.93% [2]. - The net profit for 2023 was 664 million yuan, a significant increase of 61.66% compared to the previous year [2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 16,817 million yuan - 2023A: 18,487 million yuan (10% growth) - 2024E: 21,571 million yuan (17% growth) - 2025E: 24,314 million yuan (13% growth) - 2026E: 27,504 million yuan (13% growth) [2][4]. - **Net Profit Forecasts**: - 2022A: 411 million yuan - 2023A: 664 million yuan (62% growth) - 2024E: 1,390 million yuan (109% growth) - 2025E: 2,015 million yuan (45% growth) - 2026E: 2,597 million yuan (29% growth) [2][4]. - **Earnings Per Share (EPS)**: - 2023E: 0.53 yuan - 2024E: 1.12 yuan - 2025E: 1.62 yuan - 2026E: 2.09 yuan [2][4]. - **Return on Equity (ROE)**: - 2023E: 6% - 2024E: 12% - 2025E: 15% - 2026E: 16% [2][4]. Market Position and Strategy - The company is actively expanding its production capacity and enhancing its management efficiency to maintain a leading position in the white-feather broiler industry [2]. - The company has made strategic acquisitions to bolster its production capabilities, with a focus on maximizing product value and cost leadership [2].

证券研究报告/策略周刊 2024 年 3 月 30 日 一、如何看待近期汇率波动与对市场的影响？ 同时，继去年十月后，美国众议院特朗普派再度针对现任议长约翰逊进行罢免。 这使得其愈发需要民主党的支持，并使得其此前对民主党强硬的立场开始松动， 进而推动美国一系列此前"久拖不决"的财政方案近期开始加速落地。我们认 为，下一步对于全球地缘格局有着更加直接影响的援乌-援以法案也有可能取得突 破，财政政策的恢复，对于美国经济与美元的短期稳定有着重要作用。 二、投资建议 执业证书编号：S0740520120003 Email:zhangwy01@zts.com.cn 如何看待近期汇率波动与影响？ [Table_Industry] [分Ta析bl师e_：Ti徐tle驰] 执业证书编号：S0740519080003 Email:xuchi@zts.com.cn 从海外来看，"大选年"中美等地缘扰动增加是周五人民币汇率贬值的直接因 素。就外生原因看，我们从去年底以来一直强调，24 年作为全球"换届年"地缘 扰动将显著增多。尤其要关注一季度后中美扰动重新回升的情况：近期美国对华 科技限制等一系列措施明显升级，欧盟亦开始对我国新能 ...

、 宁德业绩表现亮眼，海外海风进展较多 电力设备与新能源 评级：增持（ 维持 ） [ 重Ta 点ble 公_F 司in 基anc 本e] 状 况 分析师：曾彪 股价 EPS PE 评级 简称 PEG 执业证书编号：S0740522020001 (元) 2022A 2023E 2024E 2025E 2022 2023E 2024E 2025E 科达利 82.02 3.84 4.3 5.28 6.35 21.36 19.07 15.53 12.92 1.59 买入 Email：zengbiao@zts.com.cn 宁德时代 190.1 12.58 10.03 12.48 16.1 15.12 18.96 15.24 11.78 -0.9 买入 天合光能 236.8 0 1.69 2.55 3.52 4.43 9 14.06 9.33 6.76 5.42 0.2 - 分析师：吴鹏 阳光电源 103.8 2.42 4.7 6.4 8.16 42.89 22.09 16.22 12.72 0.2 买入 固德威 1000. 5 5.27 5.02 11.69 14.9 19.08 20.03 8.60 6.71 -4 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][10] Core Views - The company reported a strong dividend, with a payout of 27.30 CNY per 10 shares, achieving a dividend rate of 100%, resulting in a dividend yield of 4.63% [4][5] - The company's revenue for 2023 was 21.304 billion CNY, reflecting a year-on-year growth of 6%, while net profit reached 2.180 billion CNY, up 5% year-on-year [4][5] - The company is expected to maintain steady growth in 2024, with a projected revenue of 22.604 billion CNY and net profit of 2.281 billion CNY, both showing a growth rate of 6% [2][8] Summary by Sections Financial Performance - In 2023, the company's total revenue was 21.304 billion CNY, with a net profit of 2.180 billion CNY, marking a growth of 6% and 5% respectively compared to 2022 [2][4] - The company achieved a gross margin of 20.5% in 2023, an increase of 2 percentage points from previous periods [5] - The earnings per share (EPS) for 2023 was 2.70 CNY, with projections of 2.83 CNY for 2024 and 3.08 CNY for 2025 [8] Market Position - The company has a total share capital of 807 million shares, with a market price of 58.20 CNY, resulting in a market capitalization of 47 billion CNY [3] - The company outperformed the kitchen small appliance industry, which saw a retail sales decline of 9.6% in 2023, due to its strong product categories and effective channel strategies [5] Future Outlook - For 2024, the company anticipates a return to a normal growth level of 3% for its related transactions, with a focus on maintaining competitive advantages through cost control and innovation [6][7] - The company is expected to continue emphasizing research and development to enhance product value and expand into new categories such as coffee machines and cleaning products [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 3.65 CNY [2]. Core Views - The company has significantly reduced its losses in 2023, achieving an operating revenue of 113.7 billion CNY and a net loss of 8.2 billion CNY, which is a substantial improvement compared to 2022 [5]. - The airline market continues to recover, but challenges remain due to slow recovery of international routes, increased domestic supply, and weak business travel demand [5]. - The company is expected to benefit from improved aircraft utilization and the recovery of international routes, leading to a forecasted profit of 6.7 billion CNY in 2024 and 12.7 billion CNY in 2025 [5]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022 Revenue: 46.1 billion CNY - 2023 Revenue: 113.7 billion CNY (YoY growth of 147%) - 2024 Revenue: 155.9 billion CNY (YoY growth of 37%) - 2025 Revenue: 175.3 billion CNY (YoY growth of 12%) - 2026 Revenue: 185.8 billion CNY (YoY growth of 6%) [2][5]. - **Net Profit**: - 2022 Net Profit: -37.4 billion CNY - 2023 Net Profit: -8.2 billion CNY - 2024 Net Profit: 6.7 billion CNY - 2025 Net Profit: 12.7 billion CNY - 2026 Net Profit: 13.6 billion CNY [2][5]. - **Earnings Per Share (EPS)**: - 2023 EPS: -0.37 CNY - 2024 EPS: 0.30 CNY - 2025 EPS: 0.57 CNY - 2026 EPS: 0.61 CNY [2][5]. - **Valuation Ratios**: - P/E Ratio: 2024 - 12.1, 2025 - 6.4, 2026 - 6.0 - P/B Ratio: 2024 - 1.6, 2025 - 1.3, 2026 - 1.1 [2][5]. Operational Insights - The company added 7 aircraft in 2023, with a total of 782 operational aircraft by the end of the year, which is still below pre-pandemic levels [5]. - Passenger revenue has significantly recovered, with a 199% increase in 2023 compared to 2022, while cargo revenue has returned to pre-pandemic levels [5]. - The average passenger load factor in 2023 was 74%, which is 7.6 percentage points lower than in 2019 [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% in the next 6-12 months [52][23]. Core Insights - The company's revenue growth is driven by non-interest income, with a year-on-year increase of 7.9% in Q4 2023, supported by a rise in net profit by 13.0% [10][56]. - The bank's asset quality remains stable, with a slight increase in overdue rates, necessitating closer monitoring [38][49]. - The bank is focusing on digital transformation and expanding its small and micro-enterprise market, aiming to set a new benchmark in inclusive finance [11]. Summary by Sections Financial Performance - The bank's total revenue for 2023 was 38.02 billion, with a year-on-year growth of 7.9%. The net profit reached 1.73 billion, reflecting a 13.0% increase [2][10]. - The bank's operating income for 2024E and 2025E is adjusted to 39.94 billion and 41.75 billion respectively, with net profit estimates of 19.00 billion and 20.76 billion [2][67]. Asset and Liability Management - The bank's total loans increased by 104.9 billion in 2023, with a significant portion coming from corporate loans, which accounted for 116.7% of new loans [27][60]. - Total deposits for the year were 205.3 billion, a decrease of 12.1% compared to the previous year, with Q4 showing a slight increase in new deposits [22][47]. Non-Interest Income - Non-interest income saw a substantial increase of 123.3% year-on-year, primarily driven by improved trading income and performance in agency services [28][62]. - The bank's fee income from agency services grew by 58.3%, contributing significantly to the overall non-interest income [63]. Asset Quality - The bank's non-performing loan (NPL) ratio improved to 0.97%, while the overdue rate increased to 1.84%, indicating a need for ongoing vigilance [38][64]. - The provision coverage ratio rose to 304.17%, enhancing the bank's risk mitigation capabilities [38][64].

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Views - The report highlights that Yabao auctioned 10,000 tons of lithium concentrate (SC5.77) at a final transaction price of 9,372 CNY/ton (including tax), while Sigma reached an agreement with Glencore for 22,000 tons of lithium concentrate at 1,160 USD/ton [5] - The investment strategy continues to recommend sectors such as rare earth permanent magnets, antimony, and tin for medium to long-term investment [5] - The report notes a seasonal decline in demand for February, with a significant drop in new energy vehicle sales in China [5][18] Summary by Sections Market Overview - The industry has 131 listed companies with a total market value of 28,097.05 billion CNY and a circulating market value of 24,775.99 billion CNY [3] Price Trends - The report indicates a mixed price trend for energy metals, with the main contract LC2407 down by 6.91%, battery-grade lithium carbonate down by 3.54%, and various rare earth prices showing divergence [5][6] - Lithium prices are under pressure, with domestic battery-grade lithium carbonate priced at 10.90 million CNY/ton, reflecting a 3.54% decrease [10][40] Supply and Demand Dynamics - The report discusses the supply chain dynamics, noting that lithium prices are stabilizing amid increased competition and high inventory levels [5][40] - In the photovoltaic sector, domestic new installations reached 36.72 GW in January-February, a year-on-year increase of 80.27% [17] - The new energy vehicle sector saw a decline in sales, with February sales at 477,000 units, down 9.2% year-on-year [18] Sector-Specific Insights - Rare earth prices are under pressure due to weak demand, with praseodymium-neodymium oxide prices down by 0.70% [6] - Antimony prices remain stable at 75,500 CNY/ton, supported by tight raw material supply [6] - Tin prices are expected to face upward pressure due to supply constraints and recovering semiconductor demand [5][6] Lithium Market Analysis - The report notes that lithium prices are fluctuating, with the main contract LC2407 down to 107,100 CNY/ton, and the lithium concentrate auction prices indicating a cost structure around 100,000 CNY/ton [40] - The report highlights that lithium salt manufacturers are facing profitability challenges due to high raw material costs and inventory levels [40]

2023Q4 收入加速增长 24.39%，医疗影像新品储备多 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|-----------------------------------------------|------------------------|-------|-------|-------|-------| | ble_Title] 评级：买入(维持) [Table_Industry] \n市场价格： 19.35 | [Table_Finance] 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：王可 | 营业收入（百万元） | 2,117 | 2,425 | 2,815 | 3,252 | 3,684 | | | 增长率 yoy% | 17% | 15% | 16% | 16% | 13% | | 执业证书编号： S0740519080001 ...