公司评级体系 收益评级： 买入—未来 6 个月的投资收益率领先沪深 300 指数 15%以上； 增持—未来 6 个月的投资收益率领先沪深 300 指数 5%至 15%； 中性—未来 6 个月的投资收益率与沪深 300 指数的变动幅度相差-5%至 5%； 减持—未来 6 个月的投资收益率落后沪深 300 指数 5%至 15%； 卖出—未来 6 个月的投资收益率落后沪深 300 指数 15%以上； 风险评级： A —正常风险，未来 6 个月投资收益率的波动小于等于沪深 300 指数波动； 本公司具备证券投资咨询业务资格的说明 华金证券股份有限公司（以下简称"本公司"）经中国证券监督管理委员会核准，取得证券投资咨询业务许可。本公司及其投资咨 询人员可以为证券投资人或客户提供证券投资分析、预测或者建议等直接或间接的有偿咨询服务。发布证券研究报告，是证券投资咨询 业务的一种基本形式，本公司可以对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投 资分析意见，制作证券研究报告，并向本公司的客户发布。 本报告基于已公开的资料或信息撰写，但本公司不保证该等信息及资料的完整性、准确性。本报告 ...

Investment Rating - The investment rating for the company is "Accumulate-A" [2] Core Views - The company reported strong performance in Q4 2023, with total revenue reaching 4.556 billion yuan, a year-on-year increase of 17.27%, and a net profit attributable to shareholders of 1.319 billion yuan, up 18.03% year-on-year [1] - The growth in subscription services for both individual and institutional clients is a key driver of revenue growth, with individual office service subscriptions growing approximately 29.42% year-on-year [1] - The launch of WPS AI is expected to reshape the domestic office software ecosystem, with commercial rollout anticipated in 2024 [2] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 1.286 billion yuan, a 17.99% increase year-on-year, and a net profit of 426 million yuan, up 39.86% year-on-year [1] - The annual revenue from individual office service subscriptions was approximately 2.653 billion yuan, with a growth of about 29.42% [1] - The annual revenue from institutional subscription and service business was approximately 957 million yuan, growing by about 38.36% [1] Business Segments - The individual office service subscription business showed robust growth due to enhanced content recommendation and value-added services [1] - The institutional subscription and service business growth was driven by the launch of the WPS 365 platform, addressing the needs of government and enterprise clients [1] - The institutional authorization business saw a decline in revenue due to the impact of the domestic innovation and transformation pace [1] Future Outlook - The company plans to accelerate the commercialization of WPS AI, which has already shown promising user engagement metrics [2] - Revenue projections for 2023-2025 are adjusted to 4.556 billion, 5.881 billion, and 7.843 billion yuan respectively [2] - The expected net profit for the same period is projected to be 1.319 billion, 1.745 billion, and 2.285 billion yuan respectively [2]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating of A [1] Core Views - The company has achieved rapid revenue and profit growth, with a total revenue of 8.619 billion yuan in 2023, representing a year-on-year increase of 30.1%, and a net profit attributable to shareholders of 1.1 billion yuan, up 37.8% year-on-year [1] - The company continues to expand its market share in traditional industries such as chemicals and petrochemicals while making significant progress in emerging sectors like metallurgy, batteries, and oil and gas [1] - The company has made notable breakthroughs in overseas markets, particularly in the Middle East and Southeast Asia, with a significant increase in new overseas orders [1] Financial Performance - The company reported a net profit margin of approximately 12.8% in 2023, an increase of 0.6 percentage points compared to the previous year [1] - Revenue and net profit for 2023 are projected to be 8.619 billion yuan and 1.1 billion yuan respectively, with forecasts for 2024 and 2025 set at 10.812 billion yuan and 1.306 billion yuan, and 13.748 billion yuan and 1.607 billion yuan respectively [2][4] - The company's gross profit margin is expected to decline slightly from 33.9% in 2023 to 32.7% in 2025 [2][4] Market Expansion - The company has successfully established its first overseas 5S store in Saudi Arabia and secured a project for a 350-ton sulfuric acid plant in Egypt [1] - In Southeast Asia, the company has signed a strategic cooperation memorandum with Indonesia's largest natural gas company, further solidifying its influence in the region [1] Future Outlook - The company is expected to continue its rapid expansion in overseas markets, leveraging its competitive advantages in product offerings [1] - Despite a slight downward adjustment in profit forecasts due to potential cyclical impacts from the chemical and petrochemical industries, the company maintains a positive growth outlook [1]

华 发 集 团 旗 下 企 业 同比增长(%) -29.07 47.10 14.69 同比增长(%) -60.44 147.90 49.98 新股覆盖研究/ 新股覆盖研究/ | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-----------------------------|---------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (一) 基本财务状况 . | | | | | | | | | | | (二) 行业情况 . | | | | | | | | | | | (三) 公司亮点 . | | | | | | | | | | | ( 四 ) | | | | | | | | | | (五) 同行业上市公司指标对比 | | | 表 1: 公司 IPO 募投项目概况 . 请务必阅读正文之后的免责条 ...

2024年02月28日 行业研究●证券研究报告 消费者服务 行业专题报告 加速出海，跨境电商乘风破浪 领先大市-B维持 投资评级 投资要点 全球电商渗透率稳步提升，中国跨境电商行业规模增长空间较大：全球电商渗 透率自2017年的10.4%提升至2023年的19.5%。分地区来看，当前全球主要 一年行业表现 国家电商零售渗透率相较中国（47%）仍有一定差距，未来具备较大提升空间。 根据艾瑞咨询数据预计，伴随全球电商渗透率的稳步提升，2025年我国跨境出 口电商行业规模有望达到10.4万亿元，2022-2025年CAGR为16.4%。 中国企业乘风而起，积极布局跨境出海赛道：需求端：1、欧美高通胀背景下， 消费者生活成本日渐提升，欧美“平价消费”崛起，我们预计国内产品有望凭借 高性价比优势赢得海外消费者青睐；2、美国去库存接近尾声，若2024年终端 消费需求回暖，美国或将进入主动补库阶段，有望带动我国跨境电商出口规模持 资料来源：聚源 续增长。供给端：1、受制于前期产能扩张以及国内需求端萎靡，国内轻工业存 在产能过剩，出海打开需求新通道；2、中国制造业规模优势庞大，从而显著降 升幅% 1M 3M 12M 低制 ...

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1]. Core Viewpoints - The rapid development of AI generation is driving breakthroughs in content creation, exemplified by Google's release of Genie, an innovative AI generative interactive environment that trains on unlabelled internet video data [1]. - The short drama sector is experiencing positive growth, supported by various platforms enhancing their business models to mitigate piracy and improve user engagement [1]. Summary by Sections AI Development - The Genie model, with 11 billion parameters, is trained on over 200,000 hours of public internet game videos, enabling it to generate playable interactive environments based on text, images, and sketches [1]. - Key features of Genie include the ability to transfer learned actions to real human-designed environments, learn control without action labels, and serve as a foundation for general intelligence [1]. Short Drama Growth - Platforms like Bilibili and Douyin are optimizing their short drama monetization strategies, moving away from free access to paid models, which has reduced piracy issues [1]. - Douyin is enhancing user engagement by requesting more permissions for notifications related to short dramas, thereby increasing exposure and user retention [1]. Investment Recommendations - The report suggests focusing on AIGC-related stocks such as Jiecheng Co., Visual China, Kunlun Wanwei, and others, as well as short drama-related stocks like Zhongwen Online and Huayi Brothers, due to the expected continued growth in these sectors [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company is expected to achieve a revenue of 1.2115 billion yuan in 2023, representing a year-on-year increase of 154.92%, primarily driven by technical service income [6]. - The company anticipates a loss of 800.1 million yuan in 2023, which is a 39.03% increase in loss compared to the previous year [6]. - The research pipeline is progressing efficiently, with core products advancing ahead of competitors, and the company is poised to enter a commercial phase in 2024 [6]. Financial Performance - The company reported a significant increase in R&D expenses, expected to reach 620 million yuan in 2023, up 36.50% year-on-year [6]. - The projected revenue for 2024 is 900 million yuan, reflecting a staggering year-on-year growth of 7324.5% [9]. - The net profit for 2024 is expected to improve to a loss of 556 million yuan, a reduction in loss compared to 2023 [9]. Clinical Development - The company's product GR1501 is anticipated to be the first domestically produced IL-17A monoclonal antibody, with promising clinical efficacy [6]. - GR1501 has shown significant results in clinical trials for moderate to severe plaque psoriasis, with a 90.7% response rate at 12 weeks [6]. - The company has multiple products in clinical stages, including GR1802 and GR2002, which are advancing in autoimmune and infectious disease areas [6]. Market Position - The company is strategically positioned with a forward-looking commercial layout, aiming for a strong market entry in 2024 [6]. - The report highlights the competitive edge of the company's pipeline, suggesting that it is ahead of domestic peers in terms of clinical progress [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 Index [97]. Core Insights - The company specializes in the research, development, production, and sales of asphalt mixing equipment and its supporting devices, which are essential for road construction and maintenance [79][80]. - The company has established a strong competitive advantage in the RAP (Reclaimed Asphalt Pavement) hot recycling field, being one of the earliest firms in China to focus on technology for recycling asphalt road materials [11][66]. - The company has seen a compound annual growth rate (CAGR) of 6.17% in revenue from 2021 to 2023, with revenues of 2.44 billion, 3.59 billion, and 4.12 billion yuan respectively [80]. - The net profit has also shown a CAGR of 13.73% over the same period, with net profits of 0.17 billion, 0.42 billion, and 0.63 billion yuan [80]. Summary by Sections Basic Financial Status - The company reported revenues of 2.44 billion yuan in 2021, 3.59 billion yuan in 2022, and 4.12 billion yuan in 2023, with year-over-year growth rates of -29.07%, 47.10%, and 14.69% respectively [80][44]. - The net profit figures were 0.17 billion yuan, 0.42 billion yuan, and 0.63 billion yuan for the same years, with year-over-year changes of -4.43%, -61.29%, and 149.24% [80][46]. Industry Situation - The asphalt mixing equipment industry is experiencing a shift in demand from traditional equipment to integrated recycling equipment due to increasing availability of reclaimed asphalt materials [86]. - The demand for asphalt mixing equipment is expected to grow as infrastructure investments increase, particularly in regions along the Belt and Road Initiative [60]. Company Highlights - The company has a comprehensive product system covering the entire lifecycle of asphalt mixing, including various types of mixing equipment and recycling devices [52]. - The company’s RAP hot recycling equipment has been recognized as a national champion product, indicating its leading position in the market [66]. Comparison with Peers - The report compares the company with peers such as Southern Road Machinery and Senyuan Co., noting that the average revenue for comparable companies was 676 million yuan with a gross profit margin of 25.51% [15]. - The company's market share in the original and recycled asphalt mixing equipment was reported at 15.97% in 2022 [66].

2024年02月27日 行业研究●证券研究报告 消费电子设备 行业快报 对标苹果， 产业迈入“双芯”时代 XR 同步大市-A维持 投资评级 投资要点 首选股票 评级 单一芯片难以应对XR复杂任务，M2+R1“双芯”方案凸显行业未来方向。传 统VR 产品仅使用一颗主处理芯片来应对各种任务，如 GPU 绘图和 RGB Camera图像。然而，随着VST需求的增长，传统单芯片方案往往导致资源抢 一年行业表现 占，引发多种问题，如端到端延迟过长导致用户出现晕动症，或是图像质量降低 影响沉浸体验。因此，单一主处理芯片已经无法满足XR产业对功能和性能不断 增长的需求。苹果推出VisionPro后，其M2+R1双芯片架构清晰地展示了XR 行业的未来的方向：双芯架构。然而，在非苹果阵营中，尽管高通可以提供与 M2相似的主芯片，但像R1的协处理芯片仍处于缺席阶段。 核心计算芯片正向XR专用芯片发展。根据扩展现实头显设备特有功能和更高性 能要求（如更高算力以支撑高品质图像处理、丰富交互功能、多传感器信息融合， 功耗和散热），其核心计算芯片正向XR专用芯片发展。（1）XR核心计算芯 资料来源：聚源 片CPU至少满足四核 A7X ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" [3] Core Views - The company is expected to achieve a revenue of 17.423 billion yuan in 2023, representing an increase of 82.1% year-on-year, with product revenue reaching 15.504 billion yuan, also up by 82.8% [1] - The company anticipates a significant narrowing of losses, with expected losses of 6.716 billion yuan in 2023, a reduction of 50.77% year-on-year [1] - The company is actively expanding its product pipeline and has made significant progress in both domestic and international markets [2][5] Summary by Sections Financial Performance - The company reported a projected revenue of 17.423 billion yuan for 2023, with a year-on-year growth of 82.1% [6] - The expected loss for 2023 is 6.716 billion yuan, which is a 50.8% improvement compared to the previous year [6] - The gross margin is projected to be 82.7% in 2023, slightly down from 86.0% in 2021 [6] Product Development - The global sales of Baiyueze (BTK inhibitor) are expected to reach 9.138 billion yuan in 2023, a remarkable increase of 138.7% [1] - Baiyueze has received approval for five indications in China and has expanded its global indications, further solidifying its market position [1] - The company is advancing its pipeline with multiple clinical trials, including sonrotoclax and BGB-16673, targeting various hematological malignancies [2] Market Expansion - The sales of Baizean (PD-1) are projected to be 3.806 billion yuan in 2023, with a year-on-year growth of 33.1% [2] - The company has received approval for 12 indications in the domestic market, with several more under review [2] - The international market presence is expanding, with multiple registration applications submitted across various regions [2]