Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 63 yuan [1]. Core Insights - The company is a leading domestic GPU manufacturer, transitioning from military graphics control to the broader computing power market, aligning with national military-civilian integration strategies [2]. - The company has developed a comprehensive product iteration system for GPU chips, significantly reducing development cycles and expanding application areas [2]. - Despite facing challenges in 2023, the company is expected to return to a growth trajectory in 2024 due to cost reduction measures and the gradual rollout of new products [3]. - The report anticipates that the company will benefit from its unique position in the GPU sector and the potential for new business growth, justifying the "Accumulate" rating [3]. Financial Performance Summary - Revenue is projected to decline from 1,093 million yuan in 2022 to 719 million yuan in 2023, before rebounding to 1,023 million yuan in 2024 and reaching 1,302 million yuan by 2025, reflecting a growth rate of -34% in 2023 and 42% in 2024 [1]. - Net profit is expected to drop significantly from 293 million yuan in 2022 to 58 million yuan in 2023, with a recovery to 164 million yuan in 2024 and 306 million yuan in 2025, indicating a growth rate of -80% in 2023 and 183% in 2024 [1]. - Earnings per share (EPS) is forecasted to decrease from 0.64 yuan in 2022 to 0.13 yuan in 2023, then increase to 0.36 yuan in 2024 and 0.67 yuan in 2025 [1]. - The company's price-to-earnings (P/E) ratio is projected to be 497.5 in 2023, 175.9 in 2024, and 94.3 in 2025, indicating significant valuation changes as earnings recover [1]. Market Position and Strategy - The company has established a strong foothold in military graphics control and is now expanding into civilian high-performance GPU markets, with a focus on AI and computing power solutions [2][3]. - The establishment of a subsidiary in Wuxi in 2023 aims to enhance the company's capabilities in the computing power industry through talent acquisition and ecosystem development [3]. - The report highlights the company's ongoing efforts to close the technological gap with international competitors like NVIDIA and AMD, with a notable reduction in the generational gap of its GPU products [2].

顺络电子：23 年业绩符合预期，消费电子复苏+新领域拓展助力业绩高增 顺络电子（002138.SZ）/电子 证券研究报告/公司点评 2024 年 02 月 29 日 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|----------------------------|------------------|-------|------------------------------------|-------|--------| | 评级：买入（维持） \n市场价格：27.43 元/股 | 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：王芳 | 营业收入（百万元） | 4,238 | 5,040 | 6,377 | 8,083 | 10,014 | | | 增长率 yoy% | -7% | 19% | 27% | 27% | 24% | | 执业证书编号： S0740521120002 | 净利 ...

[Table_Industry] 全球锂资源跟踪系列1：海外矿山出清信号初现，盐湖项目多有延后 有色金属 证券研究报告/专题研究报告 2024年2月29日 [评Ta级ble：_I增nve持st（] 维持） [投Ta资ble要_S点um mary] [分Ta析b师le：_A安u永th超or s] ◼ 本篇报告旨在对海外锂资源项目进度及运营成本情况进行系统性梳理，整体来看，硬岩 执业证书编号：S0740522090002 型锂矿项目进度基本符合预期，盐湖项目多有延后。当前锂价已经逐渐靠近行业边际成 Email：anyc@zts.com.cn 本，供给端放量进度也可能会出现动态变化，Finniss项目暂停其采矿生产活动或是本轮 供给进入出清阶段一个信号，但距离真正供给出清尚有相当长一段路要走。 分析师：谢鸿鹤 ◼ 澳矿：出清信号开始出现。2023年锂精矿价格由5000-6000美元/吨逐渐跌至1000美 执业证书编号：S0740517080003 元/吨左右，开始考验矿山的运营成本。1）从澳矿成本（不含royalties及运费）来看： Email：xiehh@zts.com.cn Greenbushes 处于成本曲 ...

| --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|----------------------------------------------------------|-------------------|----------|-------|--------------------------------|-------| | 评级：买入（上调） \n市场价格：9.57 元 | 公司盈利预测及估值 \n指标 2021A 2022A 2023E 2024E 2025E | | | | | | | 分析师：张潇 | 营业收入（百万元） | | | | 8,139 8,017 8,039 9,418 11,357 | | | | 增长率 yoy% | 25% | -1% | 0% | 17% | 21% | | 执业证书编号：S0740523030001 | 净利润（百万元） | | | | -276 41 130 417 647 | | | Email：zhangxiao06@zts.c ...

Investment Rating - The report assigns a "Buy" investment rating to the company, indicating a positive outlook for its future performance [7]. Core Views - The company is positioned as a global leader in the ODM (Original Design Manufacturer) sector for smart hardware, with a diversified product structure termed "2+N+3" [4][12]. - The company has shown resilience in its revenue growth despite market fluctuations, with a projected revenue CAGR of 22.5% from 2018 to 2023 and a net profit CAGR of 71.2% [4][16]. - The report highlights the company's strategic expansion into server and automotive electronics, which are expected to drive long-term growth [6][7]. Summary by Sections Company Overview - The company, Huqin Technology, was established in 2005 and has evolved from a focus on feature phone IDH services to a comprehensive ODM model, now leading in the global smart hardware market [4][12]. Financial Performance - The company reported total revenue of 83,759 million yuan in 2021, with a projected revenue of 101,564 million yuan in 2024, reflecting a growth rate of 19.3% [4]. - Net profit is expected to grow from 2,682 million yuan in 2023 to 2,980 million yuan in 2024, indicating a growth rate of 11.1% [4]. Product Structure - The "2+N+3" product structure includes smartphones, laptops, consumer electronics, enterprise data center products, automotive electronics, and software, positioning the company as a leader in multiple categories [4][12]. Market Position - The company holds a significant market share in the global smartphone ODM sector, with a 31% market share in 2021, which slightly decreased to 28% in 2022 [5]. - The ODM model is gaining traction in the smartphone industry, with global penetration rates expected to rise from 39.6% in 2022 to 42% by 2025 [5]. Strategic Initiatives - The company is actively expanding its server and automotive electronics segments, with recent product launches in AI servers and smart cockpit solutions [6][7]. - The report emphasizes the potential for growth in the AI PC market, which is expected to accelerate hardware upgrades and replacements [5][6]. Investment Recommendations - The report forecasts revenues of 851.4 billion yuan in 2023, 1,015.6 billion yuan in 2024, and 1,239.8 billion yuan in 2025, with corresponding net profits of 26.8 billion yuan, 29.8 billion yuan, and 35.2 billion yuan [7]. - The company’s valuation is higher than the industry average, but its leadership position in the ODM sector and growth potential in emerging markets justify the "Buy" rating [7].

Investment Rating - Buy (Maintained) [3] Core Views - The company's 2023 performance was slightly affected by multiple factors, including the impact of the Spring Festival and rising sunflower seed procurement costs, leading to a slight decline in revenue and profit [1] - The company focused on channel refinement projects, improving weak markets, breaking through in rural areas, and expanding new scenarios and channels, which increased the penetration rate of daily nuts and nut gift boxes [1] - E-commerce channels, such as Douyin and Pinduoduo, continued to break through, and overseas markets deepened their penetration in Southeast Asia, leading to a recovery in overall sales [1] - For 2024, revenue and profit are expected to recover steadily, with lower base effects for sunflower seed products and new products and channels expected to contribute to growth [1] - Nut products are expected to accelerate channel refinement, increase product distribution, and new products are expected to contribute incremental growth [1] - Sunflower seed costs are expected to decline, leading to a clearer trend of net profit margin recovery quarter by quarter [1] Financial Forecasts and Valuation - Revenue is projected to grow from RMB 6,806 million in 2023E to RMB 9,174 million in 2025E, with a CAGR of 15% [1] - Net profit is expected to increase from RMB 805 million in 2023E to RMB 1,302 million in 2025E, with a CAGR of 13% [1] - EPS is forecasted to rise from RMB 1.59 in 2023E to RMB 2.57 in 2025E [1] - P/E ratio is expected to decrease from 21.3 in 2023E to 13.2 in 2025E, indicating potential undervaluation [1] - P/B ratio is projected to decline from 2.9 in 2023E to 2.1 in 2025E [1] Financial Ratios and Performance - Revenue growth rate is expected to rebound from -1.1% in 2023E to 17.2% in 2024E and 15.0% in 2025E [8] - Net profit margin is forecasted to recover from 11.9% in 2023E to 14.4% in 2024E and 14.2% in 2025E [8] - ROE is expected to improve from 14% in 2023E to 17% in 2024E and 16% in 2025E [1] - Debt-to-equity ratio is projected to decrease from 24.1% in 2023E to 17.4% in 2025E, indicating improved financial health [8] Cash Flow Analysis - Operating cash flow is expected to recover significantly from RMB 267 million in 2023E to RMB 1,306 million in 2025E [7] - Capital expenditures are projected to decrease from RMB -323 million in 2023E to RMB -213 million in 2025E [7] - Financing cash flow is expected to remain negative but improve from RMB -299 million in 2023E to RMB -54 million in 2025E [7] Market and Industry Context - The company's stock price as of February 27, 2024, was RMB 33.86, with a market capitalization of RMB 17,167 million [4] - The company's performance is in line with market expectations, and the "Buy" rating is maintained based on the expected recovery in revenue and profit growth [13]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [9][14]. Core Insights - The company is projected to achieve a revenue of 1.187 billion yuan in 2023, representing a year-on-year growth of 32.43%. The net profit attributable to the parent company is expected to be 492 million yuan, with a year-on-year increase of 37.98% [19]. - The company has seen strong growth in its core products, particularly in the aortic and peripheral intervention sectors, with significant contributions from new products like the Talos and Fontus systems [19]. - The company is actively expanding its overseas market presence, with products already in clinical use in multiple countries, leading to over 50% growth in international business [19]. - The research and development pipeline is progressing well, with several innovative products expected to enter the market soon, reinforcing the company's competitive position in the vascular intervention market [19]. Financial Summary - The company’s revenue forecast for 2023-2025 is set at 1.187 billion, 1.557 billion, and 2.041 billion yuan, respectively, with corresponding net profits of 492 million, 642 million, and 838 million yuan [19]. - The projected earnings per share for 2023-2025 are 4.31, 5.94, and 7.76 yuan, respectively, indicating a strong growth trajectory [11][19]. - The company's current stock price corresponds to P/E ratios of 30, 23, and 18 for the years 2023-2025, reflecting its status as a leading player in the vascular intervention sector [19].

扣非净利率大幅提升，《旭日之城》流水创新高 神州泰岳（300002.SZ）/传 证券研究报告/公司点评 2024年02月27日 媒 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：11.41 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 4,314 4,806 5,965 6,969 7,805 分析师：康雅雯 增长率yoy% 20% 11% 24% 17% 12% 执业证书编号：S0740515080001 净利润（百万元） 385 542 893 993 1,204 Email：kangyw@zts.com.cn 增长率yoy% 10% 41% 65% 11% 21% 每股收益（元） 0.20 0.28 0.46 0.51 0.61 分析师：朱骎楠 每股现金流量 0.21 0.53 0.19 0.74 0.30 执业证书编号：S0740523080003 净资产收益率 9% 11% 16% 15% 16% Email：zhuqn01@zts.com.cn P/E 58 ...

请务必阅读正文之后的重要声明部分 - 1 - 公司点评 图表 2：2023 预计归母净利 3.2 亿，同比+39.3% 图表 3: 2023Q4 预计营收 6.5 亿，同比+22.1%，环 比+0.2% -0.2%，环比-38.1% 归最净利润（百万元） — 网比理这 (%, 右船) 120 1 00% 80% 100 60% 80 40% 20% 60 0% 40 – 20% 20 -40% -60% Porcept - 3 - 请务必阅读正文之后的重要声明部分 - 4 - 公司点评 特气业务贡献显著，以综合型定位稳步成长 能力，在苏州区域实现高市占率的同时仍可实现高增速增长，据公司公众号，截至 2023 年 12 月 18 日，公司吴江分公司 2023 年未税销售超过 1 亿元，同比增长 43%，超额 实现年度既定目标，且瓶装气销售也突破百万瓶，创历史新高。苏州区域的成功基因 使公司坚定推进从苏州向异地扩张的横向战略布局，加速形成区位卡位，公司开拓区 域战略：1）以苏州优势区域为中心向外开拓，围绕长三角区域布局；2）聚焦经济体 量相对好的区域。据公司公告，2023 年 1 月，公司参股了北京悟空气体有限公 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company is projected to achieve a revenue of 2.26 billion yuan in 2023, reflecting a year-on-year growth of 13.1%. However, net profit is expected to decline by 47.6% to 317 million yuan [2][4]. - The report highlights that the company's sales volume continues to improve, with prices stabilizing at a low point. The anticipated sales volume for Q4 2023 is expected to increase by 19.4% year-on-year [2]. - The company is advancing its capacity construction, aiming to enhance its market share. It has successfully developed various grades of carbon fiber, positioning itself as a leading producer in the high-performance carbon fiber market [2][4]. Financial Summary - Revenue is projected to grow from 1.995 billion yuan in 2022 to 3.31 billion yuan by 2025, with a compound annual growth rate (CAGR) of approximately 32% [2][4]. - Net profit is expected to fluctuate, with a forecast of 242 million yuan in 2024 and a rebound to 580 million yuan in 2025, indicating a significant recovery [2][4]. - The company's gross margin is projected to decline from 48.1% in 2022 to 28.1% in 2024, before recovering to 36.8% in 2025 [5]. Operational Insights - The company has a total production capacity of 30,000 tons, with ongoing projects expected to further enhance its production capabilities [2]. - The report notes that the company has made significant advancements in carbon fiber production technology, which is expected to improve operational efficiency and reduce costs [2][4]. - The company is also focusing on optimizing its product structure to maintain competitive advantages in both traditional and emerging markets [2].