Investment Rating - The report assigns a "Buy" rating for the company [1][2][31]. Core Views - The company experienced a revenue decline of 18.46% year-on-year in 2023, with total revenue of 1.477 billion yuan and a net profit of 323 million yuan, down 25.75% year-on-year [1][2]. - Despite short-term pressure on performance due to weakened demand and increased competition, the company is expected to see a recovery in 2024, with projected revenues of 1.881 billion yuan, representing a year-on-year growth of 27.4% [2][27]. - The company has a comprehensive product lineup with over 3,000 models covering voltage ranges from 12V to 1700V, and is positioned to replace imports in the mid-to-high-end product segments [2][31]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 372 million yuan, a year-on-year decrease of 23.05% but a quarter-on-quarter increase of 7.67% [1]. - The net profit for Q4 2023 was 108 million yuan, showing a year-on-year increase of 11.03% and a quarter-on-quarter increase of 60.86% [1]. Product Line Outlook - The company has established four major product lines: IGBT, SGT-MOSFET, SJ-MOSFET, and Trench-MOSFET, with a focus on continuous innovation and new product launches [1][31]. - IGBT sales are expected to recover in 2024 due to a rebound in photovoltaic demand, with projected sales of 327 million yuan, a year-on-year increase of 23% [6][28]. - SGT-MOSFET sales are projected to grow significantly, reaching 710 million yuan in 2024, with a year-on-year growth of 30% [25][28]. - SJ-MOSFET and Trench-MOSFET are also expected to see growth, with projected revenues of 236 million yuan and 581 million yuan in 2024, respectively [7][26][28]. Future Projections - The company forecasts total revenues of 1.881 billion yuan in 2024, 2.340 billion yuan in 2025, and 2.823 billion yuan in 2026, with respective year-on-year growth rates of 27.4%, 24.4%, and 20.7% [2][27]. - The gross margin is expected to improve gradually, reaching 33.7% by 2026 [27].

2024年04月01日 公司研究●证券研究报告 当升科技（ ） 公司快报 300073.SZ 基础化工 | 锂电化学品Ⅲ 新一代锂电材料前瞻性布局，培育发展新动能 投资评级 买入-B(维持) 股价(2024-04-01) 40.66元 投资要点 交易数据 总市值（百万元） 20,594.32 事件：公司发布2023年度财报，实现营业总收入151.27亿元，同比下降28.86%， 流通市值（百万元） 20,548.09 归属于上市公司股东的净利润19.24亿元，同比下降14.80%。公司拟向全体股东每 总股本（百万股） 506.50 10股派发现金股利7.52元（含税），合计派发现金分红3.81亿元。 流通股本（百万股） 505.36 高镍产品性能领先行业。公司超高镍和高镍产品实现续航、安全、寿命、效率以及 12个月价格区间 59.64/29.40 低温性能全面提升， NCM811等产品在海外持续快速放量，广泛应用于包括4680 一年股价表现 大圆柱电池和方形电池等各类动力电池，业务规模持续增长；中镍电压产品技术性 能指标处于国际先进水平，配套用于国内外著名电池生产商、车企的产品中，得到 客户的高度认可，实 ...

图 2:PMI -- 分大、中、小型企业 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|---------------------|--------|-------|--------|-------|------------------------------------|-------|-------|-------------------|-------|--------|----------------------------------------|-------|-------|-----------------| | | PM I | 制造业 | 生产 | 新订单 | 进口 | 新出口订 原材料库 生产经营 . * | | 存 | 在手订单 产成品库 | 在 | 采购登 | 主要原材 棒购进价 出厂价格 从业人员 安 | | | 供货商配 送时间 | | | 2024年03月 | 51, 1 | 52. 7 | 53. 4 | 51 ...

2024年03月16日 行业研究●证券研究报告 电力设备及新能源 行业周报 宁德时代发布 年年报，多地海上风电项目 2023 领先大市-B维持 投资评级 获推进【第 期】 11 首选股票 评级 投资要点 300750.SZ 宁德时代 买入-A 新能源汽车：本周，中国石化集团与宁德时代新能源科技股份有限公司在北京签 署战略合作框架协议，双方将推动光储充微电网技术示范应用，加快乘用车换电 业务的开展，同时探索商用车换电的可行性。亿纬锂能V圆柱电池18条产线全 一年行业表现 面达产。宁德时代发布年报，2023年公司实现营业总收入4009.17亿元，同比 增长22.01%；归母净利润441.21亿元，同比增长43.58%。圆柱锂电池精密安 全结构件企业中瑞股份披露招股书拟创业板上市。我们预计待碳酸锂价格逐步企 稳后，锂电行业排产有望逐步向好，叠加行业估值已处于历史低位，我们认为锂 电行业有望迎来一定的估值修复，建议关注，建议关注，动力电池：宁德时代、 亿纬锂能、国轩高科、中创新航；正极：当升科技、容百科技、厦钨新能、振 华新材、长远锂科、中伟股份等；隔膜：恩捷股份、星源材质等；负极：尚太 科技、璞泰来、杉杉股份、中 ...

2024年04月01日 行业研究●证券研究报告 食品饮料 行业周报 良之隆热度依旧，高性价比颇受关注 投资评级 同步大市-A维持 投资要点 行情回顾：上周食品饮料（申万）行业下跌0.56%，在31个子行业中排名第15 首选股票 评级 位，跑输上证综指0.33pct，跑赢创业板指2.17pct。二级（申万）子板块对比， 上周休闲食品实现领跑，涨幅3.09%，其余各板块均有不同程度下跌，三级子 行业中零食和保健品涨幅领先，分别上涨7.62%、2.44%，肉制品表现最差，下 跌5.34%。 一年行业表现 上周大事： 良之隆热度依旧，高性价比颇受关注。3月28-30日，良之隆食材电商节在武汉 隆重举办，总体感觉展会热度较往年依旧，产品方面更为聚集、各家特色鲜明。 总体上，今年良之隆展会呈现出以下几点趋势：1）新品较往年偏少，烤肠、鸡 爪热度较高；2）食材调味微创新居多；3）企业多倾向打造自身特色，不再盲 目跟随；4）地方特色风味和食材涌现，消费选择更加多样；5）高性价比食材 热度上升，极致性价比品类、餐饮品牌更得青睐，其中水产预制菜好吃不贵且适 资料来源：聚源 用场景广泛，预计将持续增加。 升幅% 1M 3M 1 ...

Investment Rating - The investment rating for the company is "Maintain Buy-B" [2] Core Views - The company has benefited from multiple factors including domestic substitution, financial growth momentum, and the development of low-altitude economy, leading to a revenue increase of 15.71% year-on-year, reaching 6.587 billion yuan in 2023 [2] - The company's net profit attributable to shareholders decreased by 13.06% year-on-year to 28 million yuan, primarily due to non-operating impacts such as impairment losses and property disposal gains [2] - The company is actively expanding its market presence, particularly in the mobile sector, although new customer orders have a lag effect on revenue and profit [2][4] Financial Performance - In 2023, the company's main business revenue reached 6.556 billion yuan, a year-on-year increase of 15.16% [2] - The company’s ICT product distribution revenue was 4.968 billion yuan, growing by 20.21% year-on-year, becoming a significant revenue source [2] - The forecasted revenues for 2024-2026 are 7.674 billion yuan, 8.886 billion yuan, and 10.059 billion yuan respectively, with year-on-year growth rates of 16.5%, 15.8%, and 13.2% [5][7] Business Segments - The financial and telecommunications sectors contributed revenues of 703 million yuan and 652 million yuan respectively, accounting for 44% and 41% of software and service business revenue [2] - The company’s subsidiary, Jinhua Wei, is a key distributor for Huawei and has seen rapid growth due to investments in domestic computing infrastructure [2][4] - The company is exploring innovative applications in smart connected vehicles, agricultural insurance remote sensing analysis, and drone technology, aiming to accelerate productization and application scenarios [2][3] Future Outlook - The company is expected to maintain rapid growth as telecom operators transition into data technology enterprises and the financial sector continues its digital transformation [5] - The introduction of AI and data element products into state-owned enterprises is anticipated to accelerate the establishment of a second growth curve for the company [4] - The company is involved in the circulation of data elements and is upgrading its external data integration analysis platform, indicating a strategic focus on AI technology and applications [4]

| --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|-------------------|----------------------------------------|------------------------|--------------------| | 2024 年 04 月 01 日 \n春立医疗（ 688236.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | 集采影响逐步出清，海外业务拓展加速 | 投资评级 | | 医药 \| 买入 | 医疗器械Ⅲ -A(维持) | | 投资要点 | 股价 | (2024-04-01) | | 20.98 元 | | 事件：公司发布 2023 年年度报告， 2023 年实现营收 12.09 亿元（ +0.58% ，同比 | 交易数据 | | | | | 增速，下同）；归母净利润 2.78 亿元（ -9.72% ）；扣非归母净利润 2.54 ...

Group 1: Market Strategy - The report recommends a broad index strategy focusing on asset allocation, emphasizing position selection and style judgment, which can accommodate large capital volumes with lower volatility and better liquidity [2][29] - The strategy has been running for 162 trading days, achieving a win rate of 56%, outperforming the CSI 300 Index by 5.20%, with a maximum drawdown of -14.30% and an annualized volatility of 13.70% [2][29] Group 2: Industry Recommendations - The report highlights that the A-share market continues to show a trend of strength in Shanghai and weakness in Shenzhen, with the Shanghai Composite Index down 0.23% and the Shenzhen Component Index down 1.72% [10] - Recommended sectors include oil and petrochemicals, consumer electronics, and public utilities, with a focus on communication and automotive from a policy perspective [33][61] - The report notes that the mechanical equipment, defense, automotive, and oil and petrochemical sectors are at relatively high levels of market congestion, while food and beverage, construction materials, and real estate are at lower levels [49] Group 3: Economic Outlook - The report projects that China's actual economic growth will stabilize between 4-5% over the next 1-2 years, with nominal growth expected to be between 6-7% [24][25] - It emphasizes that the actual output may begin to stabilize or improve as April approaches, following a period of weak performance in February [18][24] Group 4: Bond Market Insights - The report indicates that the bond market is currently favoring bonds over stocks, with a slight decline in yields across various maturities, suggesting a preference for fixed income in the current environment [19][26] - It recommends a strategy of duration and credit quality downshift for bond investments, indicating a favorable window for bond allocation [19]

2024年03月30日 行业研究●证券研究报告 通信 行业快报 正式进入建设周期，设备更新市场打开 5G-A 领先大市-B维持 投资评级 首选股票 评级 投资要点 600941.SH 中国移动 增持-B 600050.SH 中国联通 增持-B 事件：3月28日，中国移动在浙江杭州举行5G-A商用发布会。中国移动网端 601728.SH 中国电信 增持-B 业协同加速推进5G-A商用。 000063.SZ 中兴通讯 增持-B 002792.SZ 通宇通讯 增持-A 建设规划明确，2024年15亿投资实现5G-A百城商用：中国移动将分阶段实 002446.SZ 盛路通信 增持-B 现5G-A全覆盖：第一波5G-A商用启动期（商用元年），2024年底覆盖超300 300322.SZ 硕贝德 增持-A 个城市；2025年第二波5G-A规模发展期，通感一体&网络AI应用&无源物联 &XR多媒体增强规模商用；2026年第三波5G-A全量商用期，探索星地融合& 一年行业表现 绿色低碳。2024年底5G-A网络部署城市超300个，5G-A终端种类超20款， 5G-A终端销量超2000万，5G-A行业标杆100个。5G-A ...

2024年03月31日 行业研究●证券研究报告 消费电子 行业快报 桌面机器人或为 新载体，开启消费电子新需求 AI 投资评级 同步大市-A维持 事件点评 首选股票 评级 根据kicktraq网站显示，截至2024年03月31日，TangibleFuture公司LOOI机 器人项目共募集资金31.65万美元，共2231人参与项目，平均每位支持者认捐金 额为142 美元，平均每日认捐金额为9,592 美元，项目周期为2 月 27 日至 4 月 一年行业表现 12 日（45 天）。 LOOI：将用户的智能手机变成桌面机器人。只需一台智能手机，透过磁吸环无 线连接到LOOI就能变成桌面移动机器人，可通过语音、手势、APP来控制并 互动，具备自然对话能力，配备触控感应器、障碍物感应器。（1）视觉识别： 借助智能手机摄像头和计算能力，LOOl 可实现面部识别、广泛对象识别和直观 的手势交互。（2）语音控制：LOOl 具有理解自然语言输入的能力，可理解用 户下达指令并以充满活力的性格做出回应。（3）情绪反应：从愤怒到高兴到悲 伤等，LOOl拥有超过 623 个自定义动作和 50 种触发机制与上述感官能力相 资料来源：聚 ...