Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [7]. Core Views - The company is expected to experience significant revenue growth, with projections of 2,651 million in 2023, increasing to 6,306 million by 2026, representing a compound annual growth rate (CAGR) of approximately 24% [7]. - The earnings per share (EPS) is forecasted to rise from 1.30 in 2024 to 2.96 in 2026, reflecting strong profitability growth [8]. - The report highlights a robust increase in operating income, with a year-on-year growth of 76% in 2023, followed by 47% in 2024, and a gradual decline to 24% by 2026 [7]. Financial Summary - Revenue projections are as follows: 2,651 million in 2023, 3,887 million in 2024, 5,087 million in 2025, and 6,306 million in 2026, indicating a strong upward trend [7]. - The company’s net income is expected to grow from 403 million in 2023 to 915 million in 2026, with a year-on-year growth rate of 80% in 2023 and 41% in 2024 [7]. - The price-to-earnings (P/E) ratio is projected to decrease from 22.8 in 2024 to 10.1 by 2026, suggesting an increasing valuation attractiveness over time [8]. Profitability Metrics - The report indicates a high return on equity (ROE) forecasted at 27.7% in 2023, slightly decreasing to 27.2% by 2026, which reflects strong management efficiency [8]. - The return on invested capital (ROIC) is expected to remain robust, starting at 35.1% in 2023 and declining to 31.7% by 2026, indicating effective capital utilization [8].

[Table_Title] 分析师：杨畅 [投资要点 Table_Summary ] ◼ 海关总署每月"统计快讯"列出了我国 15 个"进出口主要国别（地区）"，在此基础上， 我们加入"中西亚"地区（中亚 5 国及西亚 20 国），形成 16 个主要出口对象，出口金 额合计占比在 95%以上； ◼ 把 16 个主要出口对象合并为 12 个，并归纳为发达经济体（欧盟、美加、日本、韩国、 港台、澳新）和新兴经济体（东盟、印度、拉美、俄罗斯、非洲、中西亚）两类，作为 我们的观察对象； ◼ 2023 年，中国对新兴经济体的出口增速明显高于发达经济体，在此情况下，2023 年我 国对新兴经济体的出口占比上升 3.1 个百分点，而对发达经济体的出口占比下降 3.4 个 百分点，存在反向运动的特征； ◼ 将时间拉长到 2019-2023 年这一中期维度，可以发现短期的反向运动是中期变化趋势 的延续，对新兴经济体出口占比上升 7.1 个百分点，对发达经济体出口占比下降 8.1 个 百分点； ◼ 从长期来看，我国对发达经济体和新兴经济体的出口金额占比呈现反向变动，并在 2019 年后有所加速，表明支撑中国出口的力量呈现出结构转 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][6]. Core Insights - The company reported a 2023 revenue of 13.051 billion, reflecting a year-on-year growth of 19.7%, with a net profit of 1.343 billion, up 22.9% year-on-year [2][3]. - The revenue growth is attributed to an increase in managed area under the fixed-price model and growth in both residential and non-residential value-added services [3]. - The overall profitability remains stable, with a gross profit margin of 15.86% and a net profit margin of 10.22%, showing slight improvements from the previous year [3]. - The company has expanded its managed area by 8.12 million square meters, with a total managed area of 402 million square meters, marking a 25.4% increase year-on-year [3]. - The report highlights a shift in the structure of value-added services, with a slight pressure on profit margins due to changes in business composition [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 15.662 billion, 18.011 billion, and 20.352 billion respectively, with growth rates of 18.5%, 15.0%, and 13.0% [1][4]. - Net profit is projected to reach 1.608 billion, 1.861 billion, and 2.125 billion for the same years, with corresponding growth rates of 19.8%, 15.7%, and 14.1% [1][4]. - Earnings per share (EPS) are forecasted to be 0.49, 0.57, and 0.65 for 2024, 2025, and 2026 respectively [1][4]. Market Position - The company has increased its proportion of third-party projects, with independent third-party managed area rising to 40.5% from 32.8% in the previous year [3]. - The report notes that the company’s non-residential projects now account for 30.1% of its managed area, up from 24.5% [3]. - The company’s stock is currently priced at 4.33 HKD, with a market capitalization of 14.232 billion HKD [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 174.55 CNY [1]. Core Insights - The company has announced a 2.5 billion CNY refinancing project, which is expected to enhance its comprehensive competitiveness in vascular intervention [1]. - In 2023, the company achieved a revenue of 1.187 billion CNY, representing a year-on-year growth of 32.43%, and a net profit attributable to shareholders of 492 million CNY, up 37.98% year-on-year [11][33]. - The company is focusing on market penetration strategies in lower-tier cities, which has resulted in significant revenue growth in its aortic and peripheral intervention businesses [26]. Financial Performance Summary - The company reported a revenue of 1.187 billion CNY in 2023, with a year-on-year growth of 32.43% [11][33]. - The net profit attributable to shareholders for 2023 was 492 million CNY, reflecting a year-on-year increase of 37.98% [11][33]. - The gross margin for 2023 was 76.45%, an increase of 1.27 percentage points year-on-year, while the net margin was 41.04%, up 1.77 percentage points year-on-year [35]. Business Segment Performance - The aortic intervention segment generated 940 million CNY in revenue in 2023, a growth of 28.07% year-on-year [26]. - The peripheral intervention segment achieved revenue of 115 million CNY, marking a 49.30% increase year-on-year [26]. - The intraoperative stent business reported revenue of 132 million CNY, with a year-on-year growth of 54.59% [26]. International Expansion - The company has accelerated its international strategy, with six products entering the registration phase and overseas revenue reaching 82 million CNY, a year-on-year increase of 56.19% [40]. - The company has expanded its market presence to 31 countries, with its U.S. subsidiary officially operational [40]. Profit Forecast and Investment Recommendations - The revenue forecast for 2024-2026 is projected at 1.51 billion CNY, 1.92 billion CNY, and 2.42 billion CNY, with respective year-on-year growth rates of 27%, 27%, and 26% [11][30]. - The net profit forecast for the same period is expected to be 655 million CNY, 835 million CNY, and 1.051 billion CNY, with growth rates of 33%, 27%, and 26% [11][30]. - The current stock price corresponds to P/E ratios of 22, 17, and 14 for 2024-2026, indicating a strong competitive advantage in the vascular intervention market [11].

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 智能汽车系列报告之一： 城区NOA快速落地，产业迎来“iPhone4时刻” 2 0 2 4 . 3 . 2 8 ...

投资要点：3 月份以来资金面有哪些变化，4 月份流动性水位和缺口有多大？围绕这两个问题，我 们对近期资金面进行梳理，并对 4 月份超储率和资金缺口进行测算，供投资者参考。 3 月流动性回顾： 1）资金价格：3 月份资金面总体平稳，资金价格中枢与上月基本持平，波动幅度较小，1Y 股份行 存单发行利率和 SHIBOR 利率略有下行。 2）央行公开市场操作：截至 3 月 27 日，央行流动性总体回收 10010 亿元，3 月央行逆回购资金净 回笼，MLF 缩量续作，国库定存小额净投放。 3）流动性缺口：3 月份流动性预计补充约 9352 亿元，叠加信贷需求边际走弱减少资金需求，这或 能与央行缩量操作并能够"全额满足了金融机构需求"的说法相互印证。 4）银行融出情况：3 月份银行净融出下降。大行+股份行净融出余额由 4.59 万亿元降至 4.49 万亿 元，银行整体净融出余额由 4.56 万亿元降至 4.13 万亿元。 5）杠杆率：3 月份总体杠杆率下降，银行间市场整体杠杆率由 108.8%降至 108.5%（处于 48%分位 数，高于 2021 年以来平均值 108.4%）。分机构来看，银行、券商、保险、广义基金的 ...

[Table_Industry] 四部门联合印发通航装备创新方案，低空经济发展再迎春风 计算机 证券研究报告/行业通用类 2024年3月28日 [评Ta级ble：_I增nve持st（] 维持 ） [重Ta点ble公_F司in基anc本e]状 况 股价 EPS PE [分Ta析b师le：_A苏u仪th ors] 简称 PEG 评级 (元) 2021 2022 2023E 2024E 2025E 2021 2022 2023E 2024E 2025E 执业证书编号：S0740520060001 莱斯信息 67.50 0.59 0.55 0.80 0.E9 5 1.E2 0 113.89 123.29 83.95 70.72 56E.1 0 3.78 — Email：suyi@zts.com.cn 四川九洲 13.11 0.14 0.19 0.20 0.29 0.37 92.51 67.74 66.92 45.32 35.58 0.95 — 万丰奥威 15.74 0.16 0.38 0.34 0.49 0.59 100.25 41.31 46.91 32.42 26.64 0.73 — 研究助理：刘一哲 中直股份 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 149.26 CNY per share [2]. Core Views - The company's stock option incentive plan aims to enhance employee motivation, with 10.8 million restricted shares proposed for allocation, representing 1.74% of the total share capital. The grant price is set at 76.10 CNY per share, which is 50% of the closing price on March 27 [4]. - The incentive plan covers 99.72% of employees, which is expected to boost overall employee engagement and performance [5]. - In 2023, the company achieved a revenue of 6.26 billion CNY, a year-on-year increase of 32%, and a net profit of 1.79 billion CNY, up 53%. The fourth quarter of 2023 saw a revenue of 2.22 billion CNY, marking a 31% year-on-year increase and a 47% quarter-on-quarter increase [6]. - The company signed new orders worth 8.36 billion CNY in 2023, with a significant growth in etching orders, which increased by 60% [6]. - The company is expected to maintain a strong upward trend in performance due to a full order book and favorable industry conditions, with net profit forecasts for 2024-2026 adjusted to 2.12 billion CNY, 2.68 billion CNY, and 3.47 billion CNY respectively [7]. Summary by Sections Company Overview - The company is a leader in the etching segment, benefiting from domestic demand and expected to see revenue growth exceeding previous years [6]. Financial Performance - The company reported a significant increase in both revenue and net profit for 2023, with a notable performance in the fourth quarter [6]. - The financial forecasts for the upcoming years indicate continued growth in revenue and net profit, with corresponding P/E ratios decreasing from 44 in 2024 to 27 in 2026 [7]. Incentive Plan - The stock option incentive plan is designed to cover nearly all employees, which is anticipated to enhance motivation and align employee interests with company performance [5]. Market Position - The company is positioned well within the semiconductor equipment industry, with strong order growth and a favorable market outlook [6][7].

[Table_Title] 评级：买入（维持） 劲仔食品（003000.SZ）/食 品饮料 证券研究报告/公司点评 2024 年 3 月 28 日 [Table_Industry] 再上台阶，砥砺前行 市场价格：14.2 元 分析师：范劲松 Email：fanjs@ zts.com.cn [Table_QuotePic] 股价与行业-市场走势对比 投资要点 ◼ 收入端，新渠道带动高增，新品类表现亮眼。2023 年，公司鱼制品/禽类制品/豆 制品/蔬菜制品实现收入 12.91/4.52/2.17/0.72 亿元，同比增长 25.87%/147.56%/18.68%/88.24%，占比 63%/22%/11%/3%；华东/华中/西南/华北/ 华南/西北/东北/境外实现收入 4.88/2.68/2.50/2.32/2.32/1.23/0.50/0.07 亿 元，同比增长 57.42%/33.24%/31.17%/51.38%/34.01%/36.65%/52.68%/135.08%， 占比 23.61%/12.96%/12.11%/11.24%/11.22%/5.97%/2.40%/0.34%；线上实现收入 4.1 ...

优质资产，持续把握 ——石头科技23年报点评 石头科技（688169）/家电 证券研究报告/公司点评 2024年3月29日 [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：341.93 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,629 8,654 10,452 12,176 14,100 分析师：姚玮 增长率yoy% 14% 31% 21% 16% 16% 执业证书编号：S0740522080001 净利润（百万元） 1,183 2,051 2,313 2,630 3,008 Email：yaowei@zts.com.cn 增长率yoy% -16% 73% 13% 14% 14% 每股收益（元） 9.00 15.60 17.60 20.00 22.88 每股现金流量 8.52 16.63 24.22 17.07 28.29 净资产收益率 12% 18% 17% 17% 16% P/E 38.0 21.9 19.4 17.1 14.9 备 注：股价选自20240328收 ...