Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 6 to 12 months [4]. Core Insights - The company has successfully completed significant national projects, enhancing its visibility and competitiveness. The current stock price reflects this achievement, and there is a strong focus on new consumer-end projects [1][6]. - The company has a robust order backlog, but uncertainties regarding the timelines and progress of large projects have led to a downward adjustment in profit forecasts [1][6]. - The company is expected to achieve substantial year-on-year growth in revenue and net profit, with a projected net profit of 134 million yuan in 2023, increasing to 254 million yuan in 2024 [1][8]. Financial Performance Summary - Revenue is forecasted to grow from 677 million yuan in 2023 to 1,011 million yuan by 2026, with a year-on-year growth rate of 111% in 2023 [1][8]. - Net profit is expected to rise from 134 million yuan in 2023 to 298 million yuan in 2026, reflecting a significant growth rate of 814% in 2023 [1][8]. - Earnings per share (EPS) are projected to increase from 0.98 yuan in 2023 to 2.17 yuan in 2026 [1][8]. Cash Flow Analysis - The operating cash flow is expected to be negative in 2023 at -42 million yuan, but it is projected to turn positive in subsequent years, reaching 604 million yuan by 2026 [3]. - The company anticipates a significant increase in cash earnings from 154 million yuan in 2023 to 597 million yuan in 2026 [3]. Key Financial Ratios - The gross profit margin is projected to improve from 37.37% in 2023 to 42.29% in 2026, indicating enhanced profitability [8]. - The return on equity (ROE) is expected to stabilize around 7% from 2024 onwards, reflecting efficient use of equity capital [8].

、 国内400G骨干网商用，工信部支持5G-A发展 -中泰通信行业周报（0304-0310） 通信 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：陈宁玉 股价 EPS PE 简称 PEG 评级 执业证书编号：S0740517020004 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 中际旭创 174.99 1.52 2.52 5.01 6.89 115.13 69.44 34.93 25.40 1.41 买入 电话：021-20315728 天孚通信 142.88 1.02 1.78 3.07 4.11 140.08 80.27 46.54 34.76 1.91 买入 Email：chenny@zts.com.cn 菲菱科思 98.16 2.82 2.48 4.62 5.80 34.81 39.58 21.25 16.92 1.24 买入 研究助理：杨雷 源杰科技 154 1.18 0.26 1.25 1.81 130.51 592.31 123.20 85.08 44.64 买 ...

23 年业绩符合预期，三大业务毛利率持续提升 中兴通讯（000063.SZ）/通信 证券研究报告/公司点评 2024年3月10 日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利ina预nc测e1]及 估值 市场价格：30.18元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 122,954 124,251 139,761 155,707 172,307 分析师：陈宁玉 增长率yoy% 7% 1% 12% 11% 11% 执业证书编号：S0740517020004 净利润（百万元） 8,080 9,326 10,645 12,292 14,423 电话：021-20315728 增长率yoy% 19% 15% 14% 15% 17% 每股收益（元） 1.69 1.95 2.23 2.57 3.02 Email：chenny@zts.com.cn 每股现金流量 1.58 3.64 4.64 3.20 3.34 研究助理：杨雷 净资产收益率 14% 14% 13% 13% 14% Email：yanglei01@z ...

证券研究报告/固定收益点评 2024 年 3 月 9 日 [Table_Industry] [Table_Title] 分析师：肖雨 投资要点 Email：xiaoyu@zts.com.cn 联系人：张可迎 [Table_Report] 相关报告 ◼ 事件：统计局公布，2024 年 2 月 CPI 同比上涨 0.7%，环比上涨 1.0%；PPI 同比下降 2.7%，环比下降 0.2%。我们点评如下： ◼ CPI：2 月 CPI 同比 0.7%（前值-0.8%），高于预期值 0.4%，自 2023 年 9 月份以来首 度回正。CPI 环比上涨 1.0%；核心 CPI 同比增速为 1.2%（2023 年 12 月和 2024 年 1 月分别为 0.6%、0.4%）。CPI 同比增速回正，可能一方面受到春节错位因素影响，去年 2 月份春节后物价回落，而今年 2 月份春节物价上涨；另一方面，猪肉、旅游价格 1-2 月同比增速较快，是本次居民价格指数超预期上行的主要拉动项，二者分别对应三分法 中的食品项和服务项。三分法来看，食品项同比由-5.9%回升至-0.9%，拉动 CPI 回落 约 0.2 个百分点，对 CPI 的 ...

、 山东3GW海风重点项目公示，硅料价格持续平稳 电力设备与新能源 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：曾彪 股价 EPS PE 评级 简称 PEG (元) 执业证书编号：S0740522020001 2022A 2023E 2024E 2025E 2022 2023E 2024E 2025E 天赐材料 19.34 2.97 1.74 2.29 2.76 6.52 11.11 8.45 7.01 -0.27 买入 Email：zengbiao@zts.com.cn 当升科技 32.96 4.46 4.60 5.49 6.44 7.39 7.17 6.00 5.12 2.3 买入 天合光能 26.31 1.69 2.55 3.60 4.50 15.54 10.32 7.31 5.85 0.2 - 分析师：吴鹏 阳光电源 99.40 2.42 4.70 6.40 8.16 41.08 21.15 15.53 12.18 0.2 买入 固德威 110.88 5.27 8.97 11.69 14.99 21.04 12.36 9 ...

、 白酒关注淡季价盘，大众品受益餐饮修复 -周思考（第11周) 食品饮料 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bl公e_司Fi基na本nc状e]况 分析师：范劲松 股价(元) EPS PE 简称 PEG 评级 执业证书编号：S0740517030001 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 贵州茅台 1671.43 49.9 58.2 68.28 78.37 33.4 28.71 24.48 21.33 1.77 买入 电话：021-20315138 五粮液 138.42 6.38 8 7.17 5 8.89 10.07 208. 1 17.86 15.57 13.75 1.32 买入 Email：fanjs@zts.com.cn 燕京啤酒 8.38 0.12 0.21 0.34 0.44 692. 8 39.90 24.65 19.05 0.74 买入 分析师：晏诗雨 山西汾酒 237.00 2.55 8.42 10.35 12.31 92 3. 9 28.15 22.90 19.25 0.41 买入 安井食品 8 ...

Group 1: Trade Data Analysis - In the first two months of 2024, China's exports reached USD 528.01 billion, and imports totaled USD 402.85 billion, with year-on-year growth rates of 7.1% and 3.5% respectively, exceeding expectations [20][21][22] - The significant increase in exports is attributed to the late timing of the Spring Festival, which resulted in a low base effect from the previous year [20][21] - Exports to the US and ASEAN showed recovery, while exports to the EU declined, with year-on-year growth rates of 2.6%, -2.3%, and 0.1% respectively [20][21] Group 2: Sector Performance - The textile and electronics sectors experienced a rebound in export growth, while the automotive sector saw a decline, with year-on-year growth rates of 10.4%, 1.9%, and 13.1% for textiles, electronics, and automotive respectively [20][21] - The electronics sector's export growth was driven by improvements in computer exports, while mobile phone exports faced a decline of 18.3% [20][21] - Import growth was primarily supported by electronic products and resource commodities, with significant contributions from semiconductors and integrated circuits, which saw year-on-year growth rates of 15.3% and 5.0% respectively [20][21] Group 3: Inflation and Economic Indicators - In February 2024, the Consumer Price Index (CPI) rose by 0.7% year-on-year, marking the first positive growth since September 2023, driven by seasonal factors and rising prices in pork and tourism [20][21] - The Producer Price Index (PPI) decreased by 2.7% year-on-year, indicating ongoing deflationary pressures in the manufacturing sector [20][21] - The overall economic recovery remains uncertain, with the need for further verification from financial and economic data in the coming months [20][21] Group 4: Medical Device Sector Performance - The medical device company reported a revenue of USD 11.836 billion in 2023, with a year-on-year growth of 11.54%, driven by increased sales and price hikes [12][21] - The orthopedic segment also showed strong performance, with revenue of USD 8.662 billion, reflecting a growth of 10.5% [12][21] - The company expects continued growth in 2024, with projected internal growth rates of 7.5% to 9% [12][21] Group 5: AI and Technology Developments - The release of the Claude 3 model by Anthropic demonstrated significant advancements over previous models, with improved performance in various benchmarks and a competitive pricing structure [13][21] - The model's capabilities in multi-modal data analysis and its emphasis on safety and alignment with human values position it as a strong contender in the AI market [13][21] - The focus on safety and regulatory compliance in AI development is becoming increasingly important for companies in the sector [13][21]

[Table_Title] 评级：买入（维持） 市场价格：13.27 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn [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） 10544.91 11474.16 12140.10 12996.45 14107.15 增长率 yoy% 17.92% 8.81% 5.80% 7.05% 8.55% 净利润 989.17 1055.34 1167.74 1366.82 1610.28 增长率 yoy% 3.52% 6.69% 10.65% 17.05% 17.81% 每股收益（元） 0.84 0.90 0.99 1.16 1.37 每股现金流量 1.13 0.88 0.75 1.14 1.32 净资产收益率 17.95% 16.96% 16.18% 16.72% 17.30% P/E 15.68 14.70 13.28 11.35 9.63 PEG 4.46 2.20 1.25 0.67 0.54 ...

[Table_Industry] 证券研究报告/行业周报 2024年3月10日 有色金属 锂期限基差收窄，产业链博弈加剧 [T[评aTab 级blele_ ：_MT增aitilne持]] （维持） [投Ta资bl要e_点Su mmary] 1. 【关键词】2024年 2月智利对中国出口锂盐 16059吨，同比+67%， 分析师：安永超 环比+64%，出口均价为15040美元/吨 执业证书编号：S0740522090002 2. 投资策略：维持行业“增持”评级，中长线继续推荐稀土永磁、锑和 Email：anyc@zts.com.cn 锡板块： 分析师：郭中伟 ➢ 1）稀土：国常会强调稀土是关键战略矿产资源，推动稀土产业未 执业证书编号：S0740521110004 来端化、智能化、绿色化发展，中长期机器人、新能源汽车等多 个消费场景有望爆发，板块长期趋势未改； Email：guozw@zts.com.cn ➢ 2）锑：作为缺乏供给的小金属品种，光伏领域消费维持高景气， 分析师：谢鸿鹤 一旦宏观经济底部向上，锑价弹性可期； 执业证书编号：S0740517080003 ➢ 3）锡：短期“高库存+需求低迷”的弱现实压 ...

、 华利Q4 订单正增，Amer披露2023 业绩、24 年展望积极 -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：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 15.20 0.44 0.59 0.72 0.89 34.55 25.76 21.11 17.08 1.11 买入 Email：zhangxiao06@zts.com.cn 欧派家居 65.80 4.41 5.08 5.87 6.73 14.92 12.95 11.21 9.78 0.82 买入 分析师：郭美鑫 顾家家居 38.05 2.20 2.52 2.93 3.41 17.30 15.10 12.99 11.16 0.98 买入 执业证书编号：S0740520090002 索菲亚 15.82 1.17 1.47 1.72 2.00 13.52 10.76 9.20 7.91 0. ...