Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Views - The company is expected to turn a profit in 2023, with a projected net profit attributable to shareholders of between 2.1 billion to 2.4 billion yuan, a significant improvement from a loss of 5.136 billion to 5.436 billion yuan in 2022 [2]. - The demand for travel has been fully released, leading to a substantial improvement in the company's main business. The total passenger turnover for the year is expected to reach 42.43 billion person-kilometers, a year-on-year increase of 87.26% [2]. - The company's fleet capacity has returned to a growth trajectory, with an increase of 5 A320 series aircraft, resulting in available seat kilometers of 47.47 billion, a 56.4% increase compared to 2022 [2]. - The investment suggestion highlights the recovery of air travel demand and the holiday travel boom, which is expected to drive profitability recovery for the airline [2]. Summary by Sections Financial Performance - The company forecasts a revenue of 18.41 billion yuan for 2023, with a revenue growth rate of 120% compared to 2022 [3]. - The net profit attributable to shareholders is projected to be 2.29 billion yuan in 2023, with a staggering growth rate of 175.4% [3]. - The earnings per share (EPS) is expected to be 2.34 yuan in 2023, with a price-to-earnings (PE) ratio of 22.4 [3]. Operational Metrics - The passenger turnover for domestic routes is expected to be 37.18 billion person-kilometers, a year-on-year increase of 65.01%, while international routes are projected to reach 4.67 billion person-kilometers, a remarkable increase of 4602.14% [2]. - The overall passenger load factor for the year is anticipated to be 89.4%, with domestic routes exceeding 90% [2]. Future Outlook - The report adjusts the net profit forecasts for 2023-2025 to 2.29 billion, 3.26 billion, and 3.98 billion yuan respectively, reflecting the expected recovery in the airline industry [2]. - The company is strategically positioned in Shanghai, with a focus on major domestic regions and Southeast Asia for international routes, which is expected to enhance its market presence [2].

[Table_Title] 订单高速增长等待兑现，公司战略或进入新阶段 [Table_ReportDate] 用友网络(600588)公司简评报告 | 2024.02.02 [评Ta级ble：_R an增k]持 核心观点 [ Table_Authors] [Tabl e_Summary] 翟炜 ⚫ 事件：公司发布 2023 年业绩预告。2023 年，公司预计全年实现营收 首席分析师 97.25-98.20亿元，同比增长5.0%-6.0%；预计归属于母公司所有者的净 SAC执证编号：S0110521050002 亏损为8.80-9.80亿元，上年同期为盈利2.19亿元；预计归属于母公司 zhaiwei@sczq.com.cn 电话：13581945259 所有者的扣除非经常性损益后的净亏损为 11.00-12.00 亿元，上年同期 为盈利1.46亿元。 邓睿祺 分析师 ⚫ 大型企业客户业务订单充沛，后续收入转化值得期待：公司组织架构调 SAC执证编号：S0110522110004 整取得初步成效，2023年全年大型企业客户业务合同大幅增长，全年千 dengruiqi@sczq.com.cn 万级以上合同同比增长 ...

[Table_Title] 短期业绩承压，长期关注服务器&GPGPU 业务进展 [Table_ReportDate] 龙芯中科(688047)公司简评报告 | 2024.02.02 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm1a月ry]3 0日，龙芯中科发布2023年度业绩预告，根据公司财务部 何立中 门初步测算，预计2023年全年实现营收5.1亿元左右，归母净利润-3.1 电子行业首席分析师 亿元左右，扣非归母净利润-4.2亿元左右。 SAC执证编号：S0110522110002 ⚫ 营收方面，公司业务主要有解决方案、工控、信息化三部分，上半年分 helizhong@sczq.com.cn 电话：010-81152682 别实现营收 1.6/1.1/0.4 亿元，同比+86.9%/-37.1%/-54.8%，共计 3.1 亿 元。公司预计2023年全年实现营收5.1亿元左右，同比-31.2%。营收出 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） 现大幅下滑，一方面是由于整体宏观环境不利、半导体行业周期变化等 1 龙芯中科 沪深3 ...

Investment Rating - The report assigns a "Buy" rating to the company [8] Core Views - The company is expected to achieve a significant profit growth in 2023, with a projected net profit attributable to shareholders ranging from 850 million to 1.05 billion yuan, representing a year-on-year increase of 27.57% to 57.59% [17] - The prices of the main products are stable with a slight increase, and shipping costs have decreased. The average annual price of iron ore contracts in 2023 is expected to be 847 yuan/ton, up 10.3% from 2022, while the average price of copper is projected to be 68,402 yuan/ton, an increase of 1.3% [17] - The second phase of the copper mine project is gradually being put into production, with full production expected by the end of 2024. The design capacity of the second phase is 11 million tons, with an estimated annual output of 70,000 tons of copper metal [17] - Supply constraints are expected to drive up the prices of copper and iron ore. The report anticipates a tight balance between supply and demand in 2024, with prices expected to rise further [17] - The company is well-positioned to benefit from these trends, with projected revenues of 6.908 billion, 7.298 billion, and 8.334 billion yuan for 2023, 2024, and 2025 respectively, and net profits of 958 million, 1.331 billion, and 1.514 billion yuan for the same years [17] Summary by Sections Company Basic Data - Latest closing price: 15.00 yuan - Market capitalization: 9.791 billion yuan - Current P/E ratio: 10.64 - Total shares: 653 million [10] Profit Forecast - Revenue for 2023 is estimated at 6.908 billion yuan, with a growth rate of 36.72% compared to 2022 - Net profit for 2023 is projected at 958 million yuan, with a growth rate of 43.77% [10] Financial Statements - Total assets are expected to reach 17.865 billion yuan by 2024 - Total liabilities are projected at 3.695 billion yuan in 2024 [11] Key Financial Ratios - Gross margin is expected to be 66.92% in 2023 - Net profit margin is projected at 13.87% in 2023 - Return on equity (ROE) is expected to be 9.81% in 2023 [11]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is expected to enhance its valuation through high-quality content and the leadership of a seasoned producer [4] - The cinema industry is showing signs of recovery, with the company benefiting from a positive supply-demand cycle [6] - The company has a strong market position, with a significant share of the domestic box office and a growing number of screens [3][4] Financial Performance Summary - The company forecasts a net profit attributable to shareholders of 0.9-1.2 billion yuan for 2023, with a basic earnings per share (EPS) of 0.4130-0.5506 yuan [3] - The domestic box office revenue reached 7.56 billion yuan in 2023, recovering to 96.4% of 2019 levels, with a market share of 16.7% [3] - The company expects revenues of 13.58 billion yuan in 2023, a 40.1% increase year-on-year, and a return to profitability with a net profit of 1.18 billion yuan [7] Management Changes - The company appointed Chen Xi as the new chairperson and CEO, who has a strong background in film production [3][4] - Chen Xi has been involved in several successful film projects, indicating potential for future content success [4] Market Position and Strategy - The company has a total of 905 cinemas and 7,546 screens, with a significant increase in market share for its direct-operated cinemas [3] - The acquisition of a controlling stake by Ru Yi Investment is expected to provide stable upstream resources and enhance content quality [6] Future Projections - Revenue projections for 2023-2025 are 13.58 billion, 15.04 billion, and 16.07 billion yuan, respectively, with corresponding net profits of 1.18 billion, 1.67 billion, and 1.80 billion yuan [7] - The company is expected to maintain a price-to-earnings (PE) ratio of 21, 15, and 14 times for the years 2023, 2024, and 2025, respectively [6][7]

Investment Rating - The report assigns a "Buy" rating to the company [1][13][17]. Core Views - The company has launched the "Tianmu" multimedia large model, enhancing its content generation capabilities, which includes video, audio, image, and text models, and is expected to complement its existing creative software products [1]. - The company is focused on deepening its digital creative software business, aiming to enrich its product matrix and provide users with a more engaging creative experience, with a user base exceeding 1.5 billion across over 200 countries [12][22]. - The company is expected to achieve significant revenue growth, with projected revenues of 1.573 billion, 1.973 billion, and 2.470 billion yuan for 2023, 2024, and 2025 respectively, alongside net profits of 88 million, 140 million, and 202 million yuan for the same years [13][14]. Summary by Sections Company Overview - The company specializes in digital creative software, offering products in video, drawing, documentation, and practical tools, with a global user base of over 1.5 billion [12][22]. Financial Projections - The company anticipates revenues of 1.573 billion yuan in 2023, 1.973 billion yuan in 2024, and 2.470 billion yuan in 2025, with corresponding net profits of 88 million, 140 million, and 202 million yuan [13][14]. - The expected growth rates for revenue and net profit are 14.7%, 33.3%, and 25.4% for revenue, and 48.2%, 113.9%, and 58.4% for net profit from 2023 to 2025 [14]. Product Development - The company has integrated AI functionalities into its creative design software, launching several AI-driven products, including marketing tools and image generation applications, which have enhanced product competitiveness and expanded its user base [22].

Investment Rating - Buy rating for the company [1] Core Views - The company expects a net profit attributable to the parent company of 21 1 billion yuan in 2023 a year-on-year increase of 5 28% with a non-GAAP net profit of 21 3 billion yuan up 9 06% year-on-year [4] - In Q4 2023 the company achieved a net profit attributable to the parent company of 4 935 billion yuan a year-on-year increase of 46 2% but a quarter-on-quarter decrease of 15 8% [4] - The company achieved record high production of mineral copper and gold in 2023 with mineral copper production reaching 1 01 million tons a year-on-year increase of 11% making it the only Chinese company to surpass 1 million tons of mineral copper production [4] - Mineral gold production reached 67 7 tons a year-on-year increase of 20% while mineral zinc (lead) production was 467 000 tons up 3% year-on-year and mineral silver production was 412 tons up 4% year-on-year [4] - For 2024 the company plans to achieve mineral copper production of 1 11 million tons mineral gold production of 73 5 tons mineral zinc (lead) production of 470 000 tons lithium carbonate equivalent of 25 000 tons mineral silver production of 420 tons and mineral molybdenum production of 9 000 tons [4] - Multiple projects are progressing smoothly including the Kamoa Copper Mine Phase III expansion expected to be operational by Q3 2024 increasing annual copper production to 620 000 tons and the Julong Copper Mine Phase II expansion expected to be operational by 2025 increasing annual copper production capacity to 350 000 tons [4] - The company is also advancing lithium projects in Argentina Tibet and Hunan with total lithium carbonate production capacity expected to reach 120 000-150 000 tons by 2025 [4] - The company is invited to lead the exploration and development of the world-class Manono lithium mine in the Democratic Republic of Congo further solidifying its position as a global lithium leader [4] - The company is expected to achieve revenues of 302 336 billion yuan 322 834 billion yuan and 331 196 billion yuan in 2023 2024 and 2025 respectively with net profits attributable to the parent company of 21 07 billion yuan 25 709 billion yuan and 31 331 billion yuan respectively [4] Financial Data Summary - The company's latest closing price is 12 04 yuan with a one-year high/low of 13 85 yuan and 10 13 yuan respectively [2] - The current P/E ratio is 34 31 and the P/B ratio is 3 07 [2] - The total market capitalization is 316 972 billion yuan with a total share capital of 26 327 billion shares [2] - The company's revenue is expected to grow from 270 329 billion yuan in 2022 to 302 336 billion yuan in 2023 322 834 billion yuan in 2024 and 331 196 billion yuan in 2025 [5] - Net profit attributable to the parent company is expected to grow from 20 042 billion yuan in 2022 to 21 07 billion yuan in 2023 25 709 billion yuan in 2024 and 31 331 billion yuan in 2025 [5] - EPS is expected to increase from 0 76 yuan in 2022 to 0 80 yuan in 2023 0 98 yuan in 2024 and 1 19 yuan in 2025 [5] Financial Ratios and Performance - The company's gross margin is expected to increase from 15 74% in 2022 to 15 98% in 2023 and 17 59% in 2024 [6] - Net margin is expected to be 7 41% in 2022 6 97% in 2023 and 7 96% in 2024 [6] - ROE is expected to be 19 90% in 2022 16 92% in 2023 and 17 71% in 2024 [6] - The company's debt-to-asset ratio is expected to decrease from 59 33% in 2022 to 48 27% in 2023 and 42 13% in 2024 [6] - The current ratio is expected to improve from 1 12 in 2022 to 1 65 in 2023 and 1 71 in 2024 [6]

点评： 请务必仔细阅读本报告最后部分的重要法律声明 1 本报告由首创证券股份有限公司（已具备中国证监会批复的证券投资咨询业务资格）制作。本报告所在资料的来 源及观点的出处皆被首创证券认为可靠，但首创证券不保证其准确性或完整性。该等信息、意见并未考虑到获取 本报告人员的具体投资目的、财务状况以及特定需求，在任何时候均不构成对任何人的个人推荐。投资者应当对 本报告中的信息和意见进行独立评估，并应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商 业、财务、税收等方面咨询专业财务顾问的意见。对依据或者使用本报告所造成的一切后果，首创证券及/或其关 联人员均不承担任何法律责任。投资者需自主作出投资决策并自行承担投资风险，任何形式的分享证券投资收益 或者分担证券投资损失的书面或口头承诺均为无效。 本报告的版权仅为首创证券所有，未经书面许可任何机构和个人不得以任何形式转发、翻版、复制、刊登、发表 或引用。 [Table_Rank] 评级： 买入 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn 电话： [Tabl ...