Investment Rating - The report maintains an "Accumulate" rating for the company [8][17]. Core Views - The company's performance in 2023 met expectations, with a significant year-on-year revenue growth of 152% [8]. - The company plans to distribute a dividend of 3.5 yuan per 10 shares, reflecting a dividend yield of 3.68% [8]. - The report highlights the continuous verification of the company's business climate, particularly during the 2024 Spring Festival [8]. Financial Summary - **Revenue Forecast**: - 2022: 317 million yuan - 2023: 799 million yuan - 2024E: 867 million yuan - 2025E: 949 million yuan - 2026E: 1,000 million yuan - Year-on-year growth rates: 2023: 152%, 2024E: 9%, 2025E: 9%, 2026E: 5% [8][10]. - **Net Profit Forecast**: - 2022: 4 million yuan - 2023: 227 million yuan - 2024E: 272 million yuan - 2025E: 309 million yuan - 2026E: 337 million yuan - Year-on-year growth rates: 2023: 6,072%, 2024E: 20%, 2025E: 14%, 2026E: 9% [8][10]. - **Earnings Per Share (EPS)**: - 2022: 0.01 yuan - 2023: 0.41 yuan - 2024E: 0.49 yuan - 2025E: 0.56 yuan - 2026E: 0.61 yuan [8][10]. - **Cash Flow**: - Operating cash flow for 2023 is projected at 405 million yuan, increasing to 513 million yuan by 2026 [15]. - **Key Financial Ratios**: - Return on Equity (ROE) is expected to stabilize at around 10% from 2024 onwards [10][20]. - The company's debt-to-equity ratio is projected to rise from 0.59% in 2023 to 17.19% by 2026, indicating a gradual increase in leverage [20]. Business Segments - **Cableway Business**: - The report emphasizes the growth in visitor numbers for the Yunshanping and Yangniuping cableways, with a significant increase in total visitors in 2023 [8]. - **Hotel Business**: - The Lijiang HeFu Hotel Company achieved a net profit of 368.34 million yuan in 2023, indicating a positive trend in hotel operations [8]. - **Cost Management**: - The company has effectively controlled its management and sales expenses, with a sales expense ratio of 3.36% in 2023 [8].

、 春节及高基数影响，房企销售大幅回落 -房地产行业点评 房地产 证券研究报告/行业点评报告 2024年3月10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：由子沛 股价 EPS PE 简称 评级 执业证书编号：S0740523020005 (元/港币) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 保利发展 9.0 1.5 1.7 2.1 2.7 5.9 5.3 4.4 3.3 买入 Email：youzp@zts.com.cn 招商蛇口 8.5 0.4 1.1 1.3 1.7 20.6 8.0 6.5 5.1 买入 滨江集团 6.4 1.2 1.4 1.8 2.3 5.4 4.5 3.6 2.8 买入 分析师：侯希得 万科A 9.2 2.0 2.2 2.5 2.5 4.7 4.1 3.7 3.6 买入 华发股份 6.4 1.1 1.4 1.6 1.8 5.7 4.5 3.9 3.5 买入 执业证书编号：S0740523080001 备注：股价使用2024年3月8日收盘价 Email：houxd@zt ...

Group 1: Core Insights - The issuance process of local government bonds in China is divided into preparation and formal issuance stages, with a limit management system governing the issuance [1] - The allocation of new local government debt limits follows a "positive incentive" principle, with "regional financial capacity" and "major project expenditures" being key determinants [1] - The special bonds' investment direction reflects government guidance on public welfare projects, with significant expansions in the scope and focus of special bonds from 2017 to 2023 [1] Group 2: Debt Limit Allocation and Management - There are three methods for adjusting local debt limits: between general and special debt limits, across regions, and across years [1] - The net increase in annual debt limit space is clearly defined, and relevant policies and case studies regarding the use of debt limit space have been summarized [1] - The repayment of local debt can utilize the method of refinancing, with a more reasonable calculation of the rollover rate proposed [1] Group 3: Market Dynamics and Trends - Local bonds are primarily issued through the national interbank bond market and exchange bond market, with a small proportion through over-the-counter issuance [1] - Commercial banks are the main holders of local bonds, and the yield spread of local bonds varies between primary and secondary markets [1] - The average issuance term of local bonds is categorized into five stages, with increasing trading volume and turnover rates observed in recent years [1]

3.1 低空经济市场规模 4000 4633 5035 29.03% 15.83% 8.68% 0% 5% 10% 15% 20% 25% 30% 35% 0 1,000 2,000 3,000 4,000 5,000 6,000 2022 2023E 2024E 市场规模（亿元） 增速 3.1 低空经济三大核心市场及其规模 0 200 400 600 800 1,000 1,200 1,400 1,600 共享出行 货运 短途航空 市场规模（亿美元） 3.1 城市交通（UAM）市场规模与容量及预测 27 • 根据统计，我国上市公司及新三板挂牌公司低空经济产业营业收入从2018的210.52亿元增长至2022年418.35亿 元，年复合增长率达18.73%。其中，航空器制造业务是总收入的主要部分，占比88%，飞行业务、保障服务业 务分别占比7%、5%。按开展有人机/无人机类型，有人机业务占低空经济产业收入81%，无人机占比16%，双 领域占比3%。 图表：2022年低空经济相关业务上市公司数量 • 无人机执照数量快速增长：截至2022年底，中国全行业无人机有效驾驶员执照15.28万本，同比增长26.49%。根 ...

Investment Rating - The report suggests a positive investment outlook for the Optical Circuit Switch (OCS) industry, particularly benefiting from the increasing demand for AI computing power and the integration of optical connections in data centers [6][57]. Core Insights - The introduction of OCS technology significantly enhances the efficiency of AI supercomputing clusters, addressing the limitations of traditional electrical switches in terms of power consumption and latency [6][19]. - The OCS industry is expected to see substantial growth, with key players in the supply chain poised to benefit from the rising demand for optical connections in AI applications [6][57]. - Optical connections are deemed essential for high-speed data transmission in the AI era, with advancements in optical technologies driving the need for robust optical connection infrastructure [51][54]. Summary by Sections Section 1: OCS Technology and AI Supercomputing - OCS technology can significantly improve the efficiency of AI supercomputing clusters, reducing power consumption and latency compared to traditional electrical switches [6][19]. - Google has integrated OCS into its TPU clusters, enhancing performance and scalability for large model training [21][27]. Section 2: Growth of the OCS Industry - The OCS industry is experiencing notable growth, with various companies in the supply chain expected to benefit from increased demand for optical components [6][57]. - Key components in the OCS supply chain include MEMS arrays, optical modules, and optical devices, with specific companies highlighted for their roles [57][58]. Section 3: Importance of Optical Connections - Optical connections are critical for high-speed data transmission in AI applications, with a shift from electrical to optical technologies anticipated across various network layers [51][54]. - The report emphasizes the need for a comprehensive optical connection infrastructure to support the growing demands of AI and data centers [54][51]. Section 4: Investment Recommendations - The report recommends focusing on key players in the OCS supply chain, including companies involved in MEMS manufacturing, optical modules, and optical components [57][58]. - A broader focus on the optical connection industry is advised, highlighting companies engaged in optical chips, optical devices, and fiber optics [58].

| --- | --- | --- | --- | --- | |-----------------------|---------|---------|---------|---------------------| | 现金流量表 \n会计年度 | 2022 | 2023E | 2024E | 单位:百万元 \n2025E | | 经营活动现金流 | 205,574 | 184,438 | 183,774 | 209,751 | | 现金收益 | 206,217 | 180,561 | 183,940 | 210,246 | | 存货影响 | -536 | -378 | -296 | -437 | | 经营性应收影响 | -9,069 | 4,742 | 2,237 | 229 | | 经营性应付影响 | 10,799 | 3,621 | 2,834 | 4,189 | | 其他影响 | -1,838 | -4,108 | -4,942 | -4,476 | | 投资活动现金流 | -98,473 | -56,324 | -51,683 | -71,148 | | 资本支出 | -68,729 | -56 ...

【中泰研究丨晨会聚焦】银行戴志锋：银行业月度跟踪：银行板块录得绝对收益 4.4%；节后板块普涨、高股息策略延续 证券研究报告 2024 年 3 月 11 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 今日重点>> Email： 【银行】戴志锋：银行业草根调研最新：外需较强，内需分化，揽储压力增 加 研究分享>> 【银行】戴志锋：银行业月度跟踪：银行板块录得绝对收益 4.4%；节后板 块普涨、高股息策略延续 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【银行】戴志锋：银行业草根调研最新：外需较强，内需分化，揽储压力增加 戴志锋｜中泰银行业首席 S0740517030004 核心观点：近期我们集中调研了沿海地区的中小银行。总体看外需较好，内需分化；地产和传统制 造业相关产业链景气度不高，而制造业中的新兴产业类景气度较高；中长期和短期贷款端利率整体 下行，存款端也有下降趋势；存款方面，较于去年"不缺存款"，中小银行今年的揽储压力明 ...

、 中泰化工周度观点24W10：OPEC+自愿减产延期，支撑油价偏强震荡 化工 证券研究报告/行业周报 2024年3月10日 评级：增持（维持） [重Ta点ble公_F司in基anc本e]状 况 分析师：孙颖 股价 EPS PE PB 简称 （ MRQ 评级 执业证书编号：S0740519070002 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E ） 万华化学 77.2 5.2 5E.6 7.3 8.3 17.9 13.8 10.6 9.3 2.9 买入 Email：sunying@zts.com.cn 华鲁恒升 26.3 3.0 2.1 2.9 3.5 11.2 12.4 9.1 7.5 2.0 买入 宝丰能源 15.6 0.9 0.9 1.4 2.0 14.0 18.2 11.4 7.8 3.1 买入 桐昆股份 14.3 0.1 0.7 1.4 2.1 267.6 21.9 10.3 6.7 1.0 买入 新凤鸣 15.0 -0.1 0.7 1.1 1.6 -81.2 20.6 13.3 9.2 1.4 买入 [基Ta本ble状_P况ro fit] 易 ...

、 房价长期稳定的德国、新加坡有何特殊之处？ -德国、新加坡保障房体系研究 房地产 证券研究报告/专题研究报告 2024年3月11日 评级：增持（维持） [Table_Finance] 重点摘要 分析师：由子沛 ◼ 核心观点：德国和新加坡被公认为全球住房问题解决的较好的两个国家。新加 执业证书编号：S0740523020005 坡有着超过90%的住房拥有率，大多数居民住在政府建设的组屋中；不同于新 Email：youzp@zts.com.cn 加坡，德国仅有45%左右的房屋拥有率，通过完善制度让过半居民安心租在市 场化建设的住房里。新加坡和德国分别是政府主导模式和市场主导模式的成功 代表，不同的地方仅在于政府参与市场的深度，相同之处有很多，比如对征地 分析师：李垚 的立法与修正案来控制土地成本、在交易环节设置较多税赋与限制来压制住房 执业证书编号：S0740520110003 金融属性、供给端根据申请数量来制定建房计划、需求端针对不同阶层给予相 应的住房补贴、政策端面对市场的突然变化快速制定政策调整等。 Email：liyao01@zts.com.cn 分析师：侯希得 ◼ 德国：租赁市场成熟，目前超过一半人选 ...

美国失业率超预期走高，大宗板块领涨 有色金属 证券研究报告/行业周报 2024年03月10日 行业评级：增持 投资要点 分析师：郭中伟 ◼ 【本周关键词】：美国2月失业率超预期走高、国内央行继续增持黄金 执业证书编号：S0740521110004 ◼ 投资建议：维持行业“增持”评级 1）贵金属上行趋势不变：本周美国 2 月失业率弱于预期，支撑金价走高，在超额储 Email：guozw@zts.com.cn 蓄消耗及高利率下，美国经济周期性回落难以避免，去全球化背景也将支撑贵金属价 格上行至新高度，重视板块内高成长及资源优势突出标的投资机会。 分析师：谢鸿鹤 2）基本金属恰处布局良机：国内逆周期政策持续发力，同时美元指数走低，基本金 执业证书编号：S0740517080003 属价格整体走高。在供给瓶颈下，基本金属终将在弱复苏带动下，迎来新一轮景气周 Email：xiehh@zts.com.cn 期，尤其是铜铝更是如此，我们坚定看好2024年大宗板块的投资表现。 ◼ 行情回顾：大宗价格整体抬升：1）周内，LME 铜、铝、铅、锌、锡、镍本周涨跌幅 分析师：刘耀齐 为0.5%、0.0%、3.0%、3.7%、4.6% ...