、 Kimi 更新点评：200 万上下文打造个性化C 端体验，有望促进行业基础模型进步 计算机 证券研究报告/行业点评报告 2024年3月24日 [T评ab级le_：M增ain持] （维持） [重Ta点ble公_F司in基anc本e]状 况 分析师：闻学臣 市值 收入（亿元） PS 简称 评级 执业证书编号：S0740519090007 (亿元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 科大讯飞 1,183 188.20 201.67 235.73 288.58 6 6 5 4 买入 Email：wenxc@zts.com.cn 金山办公 1,523 38.85 46.66 60.22 76.27 39 33 25 20 买入 分析师：苏仪 万兴科技 158 11.80 14.89 19.63 25.52 13 11 8 6 买入 执业证书编号：S0740519090003 浪潮信息 599 695.25 714.91 854.32 998.37 1 1 1 1 买入 中科曙光 792 130.08 143.54 171.8 202.37 6 6 5 4 未 ...

Investment Rating - Buy rating (first coverage) with a market price of 17.59 RMB [2] Core Views - The company is actively expanding its education business, leveraging its content and channel advantages to develop smart education products and after-school services, which are expected to drive future growth [6] - The publishing and distribution business remains stable, with steady growth in textbook and general book sales, supported by the company's reform efforts in education publishing and mass publishing [12] - The company is well-positioned to benefit from the stable competitive landscape in the book publishing industry and the increasing demand for educational services, particularly in the Guangdong region [12] Industry Analysis - The book publishing industry is stable, with steady growth in textbook and general book sales driven by both volume and price increases [5] - AI and other emerging technologies are expected to enhance the education sector, with smart education products likely to accelerate their market penetration [5] - After-school services are in high demand, and the company is well-positioned to capitalize on this trend through its content and channel advantages [6] Company Overview - The company is a leading publisher and distributor in Guangdong, with a comprehensive media business structure that includes traditional publishing, digital publishing, smart education, and after-school education [20] - The company's main revenue sources are publishing and distribution, which accounted for 83.2% of total revenue in 2022 [23] - The company has a strong presence in the textbook and general book markets, with steady growth in both segments over the past four years [24] Financial Performance - The company's revenue grew from 7,598 million RMB in 2021 to 9,647 million RMB in 2023E, with a projected growth rate of 7% in 2023E [2] - Net profit increased from 808 million RMB in 2021 to 1,254 million RMB in 2023E, with a projected growth rate of 33% in 2023E [2] - The company's EPS is expected to grow from 0.90 RMB in 2021 to 1.40 RMB in 2023E [2] Growth Drivers - The company is leveraging AI and other technologies to develop smart education products, such as the "Yuejiao Xunfei E Listening" and "Yuejiao-Aisitong" AI education products, which are expected to drive growth in the education sector [6] - The company is expanding its after-school services, offering customized value-added services and leveraging its strong content and channel advantages to tap into the growing demand for after-school education [6] - The company's textbook and general book businesses are expected to benefit from the stable competitive landscape in the publishing industry and the increasing demand for educational materials [12] Valuation and Forecast - The company's revenue is expected to grow to 96.47 billion RMB in 2023, 108.95 billion RMB in 2024, and 122.15 billion RMB in 2025, with year-over-year growth rates of 6.54%, 12.94%, and 12.11%, respectively [36] - Net profit is expected to reach 1.254 billion RMB in 2023, 1.019 billion RMB in 2024, and 1.127 billion RMB in 2025, with year-over-year growth rates of 32.96%, -18.73%, and 10.54%, respectively [36] - The company's PE ratio is projected to be 12.6x in 2023, 15.5x in 2024, and 14.0x in 2025 [36] Risks - Policy risks related to cultural regulation and changes in preferential policies for state-owned media enterprises [37] - Increased competition from short video and live streaming platforms offering discounted books [37] - Risks associated with outdated information and data used in the research report [37]

Investment Rating - The report assigns a "Buy" rating for the company, Huaron Co., Ltd. [46] Core Viewpoints - The company is positioned as a leader in the explosion-proof electrical equipment industry, with a comprehensive product range and advanced technology, holding the largest market share domestically and third globally [2][12] - The company has demonstrated strong profitability, with a gross margin of approximately 60% for its main product line, explosion-proof electrical equipment, which is significantly higher than its competitors [2][50] - The report emphasizes the company's transition from a traditional equipment manufacturer to a production-oriented safety service provider, indicating a strategic shift towards new business models and markets [68] Summary by Sections Company Overview - The company has a complete product series and leading technology, with certifications that are comprehensive and unique in the industry [1] - In 2022, the company achieved a revenue of 30.43 billion yuan, with the main revenue sources being factory explosion-proof equipment, accounting for 65.5% of total revenue [21][50] Industry Analysis - The explosion-proof electrical equipment market is characterized by strict market access and product certification, with a projected global market size of over 8 billion USD by 2025 [50] - The demand for explosion-proof equipment is expected to grow due to stricter safety production requirements and the expansion into new industries such as pharmaceuticals and nuclear power [69] Company Analysis - The company has established a business development model that ensures stable cash flow and reduces credit risk associated with accounts receivable [44] - The introduction of the Smart Safety Control System has positioned the company to capture new market opportunities, with significant growth potential driven by policy support [9][70] - The company has a strong international presence, with over 60 international agents and subsidiaries, indicating readiness for global competition [12][70] Financial Performance - The company has shown a compound annual growth rate (CAGR) of 15.52% in revenue and 23.23% in profit from 2017 to 2022, with a healthy cash flow and a high dividend payout ratio [50][63] - Forecasts for 2023-2025 predict continued growth in net profit, with estimates of 4.17 billion yuan, 5.07 billion yuan, and 5.96 billion yuan respectively [53]

、 轻纺龙头业绩表现良好，低估值布局前景乐观 -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24日 评级：增持(维持) 重点公司基本状况 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 16.26 0.44 0.55 0.70 0.89 36.95 29.56 23.23 18.27 1.27 买入 Email：zhangxiao06@zts.com.cn 欧派家居 63.85 4.41 5.08 5.87 6.73 14.48 12.57 10.88 9.49 0.79 买入 分析师：郭美鑫 顾家家居 36.73 2.20 2.52 2.93 3.41 16.70 14.58 12.54 10.77 0.95 买入 执业证书编号：S0740520090002 索菲亚 15.53 1.17 1.47 1.72 2.00 13.27 10.56 9.03 7.77 0.41 买入 志邦家居 15.45 1.23 1.44 ...

1 、 清明假期临近，出行热度回升 证券研究报告/行业周报 2024年03月23日 交运 评级：增持（维持） ≈[投T a资ble要_S点um mary] 分析师：杜冲 n 投资建议：一、航空机场：清明假期临近，出行热度回升。根据航班管家数据显示， 执业证书编号： S0740522040001 2024 年清明节三天民航预计执飞客运航班 4.33 万班次，日均达 1.44 万班次，预计同 电话： 比2019年增长3.1%，其中国内航班增长11.2%、国际/地区航班下降31.5%。根据携 Email：duchong@zts.com.cn 程发布的《2024 年清明节旅游预测洞察》报告显示，清明小长假期间，国内返乡的机 票、火车票订单同比去年上涨243%，相较2019年上涨21%；入境游订单量同比去年 联系人：李鼎莹 增长 153%，瑞士、匈牙利、奥地利等新免签六国入境游订单同比增长 359%。我们认 电话： 为航空市场正有序恢复，国内市场稳步发展，国际市场随着航线恢复、签证政策利 Email：lidy@zts.com.cn 好，供需同步回升。中长期看行业基本面向好趋势不改，“十四五”期间飞机引进增速 放缓趋势确 ...

详解常熟银行2023年报：净利润同比增19.6%；业绩增长韧性较强 常熟银行(601128)/银行 证券研究报告/公司点评 2024年03月22日 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：6.94 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,808 9,869 10,797 11,581 12,221 分析师 戴志锋 增长率yoy% 15.0% 12.0% 9.4% 7.3% 5.5% 执业证书编号：S0740517030004 净利润（百万元） 2,742 3,280 3,915 4,385 4,820 Email：daizf@zts.com.cn 增长率yoy% 25.3% 19.6% 19.4% 12.0% 9.9% 每股收益（元） 1.00 1.20 1.43 1.60 1.76 分析师 邓美君 每股现金流量 执业证书编号：S0740519050002 净资产收益率 12.94% 13.69% 14.73% 14.77% 14.34% Email：den ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [12][8]. Core Insights - The company achieved a revenue of 15.63 billion yuan in 2023, representing a year-on-year growth of 19.99%. The net profit reached 736 million yuan, up 23.96% year-on-year [3][2]. - The property management segment generated 14.76 billion yuan in revenue, growing 18.03% year-on-year, driven by the expansion of existing projects and the addition of new ones [3]. - The company signed new contracts worth 4.04 billion yuan in 2023, with third-party project contracts accounting for 3.54 billion yuan, reflecting a year-on-year increase of 27.44% [4]. - The company has demonstrated strong market expansion capabilities, maintaining a high growth rate in its core property management business despite industry challenges [5]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 18.75 billion yuan in 2024, 21.94 billion yuan in 2025, and 25.23 billion yuan in 2026, with growth rates of 20%, 17%, and 15% respectively [2]. - **Net Profit Forecast**: Expected net profits are 897 million yuan in 2024, 1.08 billion yuan in 2025, and 1.26 billion yuan in 2026, with growth rates of 22%, 21%, and 16% respectively [2]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 0.85 yuan in 2024, 1.02 yuan in 2025, and 1.19 yuan in 2026 [2]. - **Valuation Ratios**: The Price-to-Earnings (P/E) ratio is projected to decrease from 15.4 in 2024 to 9.0 in 2026, indicating improving valuation attractiveness [2]. Business Development Highlights - The company has actively innovated in its platform value-added services, achieving sales of over 560 million yuan from procurement services and expanding its service offerings [5]. - The company has maintained strong collaboration with major clients, securing significant projects and expanding its operational scale [4]. - The asset management business has shown a robust recovery, with a revenue increase of 50.13% year-on-year, primarily due to a low base effect from the previous year [3].

Investment Rating - Buy rating maintained for the company [1] Core Views - The company achieved revenue of 1750 08 billion yuan in 2023 a year-on-year decrease of 4 37% while net profit attributable to the parent company was 6 319 billion yuan a year-on-year increase of 48 20% [4] - Revenue decline was mainly due to reduced settlement scale while profit growth was driven by lower asset and credit impairment losses and increased equity ratio [5] - Sales remained stable with contracted sales area of 12 2341 million square meters and sales amount of 2936 35 billion yuan ranking among the top five in the industry [6] - The company focused on acquiring land in key cities with 51% of total investment in Beijing Shanghai Guangzhou and Shenzhen [6] - Financial health remained robust with a net debt ratio of 54 58% and cash-to-short-term debt ratio of 1 28 meeting the "three red lines" green criteria [7] - The company optimized its capital structure by replacing high-interest debt with lower-cost financing reducing the comprehensive financing cost to 3 47% [7] Financial Performance and Forecast - Revenue is expected to grow by 15% in 2024 reaching 201 259 billion yuan and further increase to 225 953 billion yuan by 2026 [4] - Net profit attributable to the parent company is forecasted to grow by 29% in 2024 reaching 8 167 billion yuan and further increase to 10 411 billion yuan by 2026 [4] - EPS is projected to be 0 90 yuan in 2024 1 07 yuan in 2025 and 1 15 yuan in 2026 [4] - The company's P/E ratio is expected to decrease from 13 6 in 2024 to 8 3 in 2026 indicating improving valuation [4] Key Financial Ratios - Gross margin was 15 89% in 2023 a decrease of 3 36 percentage points year-on-year [5] - Net profit margin improved to 5 20% in 2023 up by 0 23 percentage points year-on-year [5] - ROE is expected to increase from 2% in 2023 to 3% in 2026 [4] - The company's debt-to-equity ratio is projected to decrease from 76 3% in 2023 to 70 0% in 2026 [8] Strategic Focus - The company's land acquisition strategy focuses on high-tier cities with 99% of investments in "strong core 30 cities" and 88% in "core 6+10 cities" [6] - This strategy is expected to ensure stable and sustainable sales performance in the future [6]

JKLM23N;I!#2OPQARS24NTUVWXYZ[\] JKLM(603606.SH)/L^ abcd;I! 2024N3e23f _‘ [Table_Industry] [!Ta"ble#_T$itle%] &’() [=Ta>ble?_F@inAancBe1C] DE !"#$%46.51& 23 2022A 2023A 2024E 2025E 2026E V-WXY78&Z 7,009 7,310 9,499 11,577 13,952 ’()%*+ [\]yoy% -12% 4% 30% 22% 21% ,-./01%S0740522020001 ^_‘Y78&Z 842 1,000 1,264 1,727 2,161 Email%zengbiao@zts.com.cn [\]yoy% -29% 19% 26% 37% 25% a5WbY&Z 1.22 1.45 1.84 2.51 3.14 a5cd9e 0.94 1.73 0.69 1.55 1.98 ’()%23 ^fgWb] 15% 16% 18% 20% 21% ,-./01%S0740522040004 P/E 38.0 32.0 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 1.825 billion yuan in 2023, representing a year-on-year growth of 70.30%, with a net profit of 501 million yuan, up 175.98% year-on-year [3][7] - The company’s shingles vaccine is in a growth phase, contributing significantly to revenue, while the chickenpox vaccine remains stable [3][7] - The company has a rich pipeline of products under development, which is expected to create a long-term competitive advantage [3][17] Financial Performance Summary - **Revenue Forecasts**: The company is projected to generate revenues of 2.645 billion yuan in 2024, 3.387 billion yuan in 2025, and 4.128 billion yuan in 2026, with growth rates of 44.98%, 28.02%, and 21.89% respectively [1][3] - **Net Profit Forecasts**: Expected net profits are 769.63 million yuan in 2024, 1.029 billion yuan in 2025, and 1.290 billion yuan in 2026, with growth rates of 53.62%, 33.76%, and 25.31% respectively [1][3] - **Earnings Per Share**: Projected earnings per share are 1.86 yuan in 2024, 2.49 yuan in 2025, and 3.12 yuan in 2026 [1] - **Valuation Metrics**: The company’s P/E ratio is expected to decrease from 43.47 in 2023 to 16.88 by 2026, indicating improving valuation as earnings grow [1] Market Position and Product Pipeline - The company is a leader in the chickenpox vaccine market and is expected to see significant contributions from the newly launched shingles vaccine [3][17] - The company is also advancing its pipeline with various vaccines, including a nasal flu vaccine and a rabies monoclonal antibody, which are in different stages of clinical trials [17][18]