Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][40]. Core Insights - The company is positioned to benefit from the growing demand for ultrasonic sensors in the automotive sector, driven by the trend towards vehicle intelligence and automation [42]. - The company aims to replace traditional rotary and linear motors with its pressure touch sensors in consumer electronics, which have already received validation from major clients like Huawei, Xiaomi, and Samsung [21][45]. - The company is actively expanding its production capacity for ultrasonic sensors and pressure touch sensors to meet anticipated market demand [19][20]. Summary by Sections Company Overview - The company specializes in ultrasonic sensors and actuators, with a focus on automotive electronics, smart home applications, and consumer electronics [59]. - It has established itself as a leading domestic manufacturer of ultrasonic sensors, competing against international giants like Texas Instruments, Bosch, and Valeo [13][45]. Market Dynamics - The global market for automotive ultrasonic sensors is dominated by a few key players, with the top six companies holding a combined market share of 69.3% as of 2022 [13][42]. - The report highlights the increasing integration of ultrasonic sensors in smart meters and consumer electronics, indicating a robust growth trajectory for the company's products [9][28]. Financial Projections - Revenue forecasts for the company are projected at RMB 468 million, RMB 606 million, and RMB 725 million for the years 2023, 2024, and 2025 respectively, with corresponding EPS estimates of RMB 0.55, RMB 0.66, and RMB 0.80 [42][46]. - The company's PE ratios for 2023, 2024, and 2025 are estimated to be 25.8, 21.6, and 17.9 respectively, indicating a favorable valuation compared to peers [25][26]. Product Development - The company has successfully developed its first pressure touch sensor, which has been validated by clients for use in smartphones, replacing traditional mechanical buttons [5][6]. - The pressure touch actuators are positioned as next-generation tactile feedback products, with potential applications in various consumer electronics [21][24]. Competitive Landscape - The company is leveraging its technological advancements to penetrate the consumer electronics market, aiming to replace existing motor technologies with its innovative pressure touch solutions [21][45]. - The report emphasizes the company's strategic focus on expanding its market share in the automotive sector while also diversifying into consumer electronics [42][45].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [20]. Core Insights - The report suggests gradually increasing the allocation to the pharmaceutical sector in the second quarter, as the overall valuation remains low at an average of 24.43 times as of March 27, 2024 [2][4]. - Concerns among investors are expected to ease as the impact of "pharmaceutical anti-corruption" factors diminishes, leading to a potential recovery in performance throughout 2024 [2][4]. - The government's clear support for innovation in the pharmaceutical industry is anticipated to gradually materialize across the entire industry chain [4][15]. Summary by Sections Industry Performance - The pharmaceutical sector has shown relatively weak performance recently, with the SW Pharmaceutical Index declining by 2.96% from March 1 to March 27, 2024, underperforming the CSI 300 Index by 2.58 percentage points [3][6]. - Among sub-sectors, the medical services sector saw a decline of 7.99%, while the traditional Chinese medicine and chemical pharmaceutical sectors managed slight gains of 0.41% and 0.53%, respectively [8][10]. Valuation and Growth Potential - The pharmaceutical sector's valuation is at historical lows, with a TTM P/E ratio of 24.43 as of March 27, 2024 [11][12]. - The report anticipates a gradual acceleration in earnings growth starting in the second quarter, as the negative impacts from high performance bases in the first quarter of 2023 and "pharmaceutical anti-corruption" factors begin to fade [12][13]. Policy Support and Long-term Outlook - The report highlights a shift in policy towards stronger support for pharmaceutical innovation, with the 2024 government work report emphasizing the importance of the biopharmaceutical industry as a new productive force [15][16]. - Long-term growth potential in the innovative drug sector is supported by China's large population, abundant clinical research resources, and a pool of skilled talent in the life sciences [16]. Investment Recommendations - The report recommends focusing on investment opportunities in innovative drugs and devices, particularly companies expected to see significant sales growth in 2024, such as Heng Rui Medicine and Innovent Biologics [5].

强于大市：预计该行业指数在未来 6-12 个月内表现强于基准指数； 中 性：预计该行业指数在未来 6-12 个月内表现基本与基准指数持平； 弱于大市：预计该行业指数在未来 6-12 个月内表现弱于基准指数； 未有评级：因无法获取必要的资料或者其他原因，未能给出明确的投资评级。 沪深市场基准指数为沪深 300 指数；新三板市场基准指数为三板成指或三板做市指数；香港市场基准指数为恒生指数 或恒生中国企业指数；美股市场基准指数为纳斯达克综合指数或标普 500 指数。 风险提示及免责声明 本报告由中银国际证券股份有限公司证券分析师撰写并向特定客户发布。 本报告发布的特定客户包括：1) 基金、保险、QFII、QDII 等能够充分理解证券研究报告， 具备专业信息处理能力的中银国际证券股份有限公司的机构客户；2) 中银国际证券股份有 限公司的证券投资顾问服务团队，其可参考使用本报告。中银国际证券股份有限公司的证券 投资顾问服务团队可能以本报告为基础，整合形成证券投资顾问服务建议或产品，提供给接 受其证券投资顾问服务的客户。 中银国际证券股份有限公司不以任何方式或渠道向除上述特定客户外的公司个人客户提供 本报告。中银国际证券 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company's revenue for 2023 was 6.53 billion RMB, a slight decrease of 0.4% year-on-year, while the net profit attributable to shareholders dropped significantly by 88.0% to 120 million RMB, primarily due to increased labor costs, depreciation, and asset impairment [3][4] - The digital cost management segment remains stable, with strong growth momentum from new digital cost products, achieving cloud revenue of 600 million RMB, a year-on-year increase of 52.4% [3][4] - The construction business has been optimized, focusing on profitability and cash flow management, resulting in improved sales collection compared to 2022 [3][4] Summary by Sections Financial Performance - The company reported total revenue of 6.53 billion RMB in 2023, with a projected revenue increase to 8.09 billion RMB in 2024, reflecting a growth rate of 24.0% [4][6] - The net profit for 2023 was 120 million RMB, with forecasts of 1.02 billion RMB for 2024, indicating a substantial recovery [4][6] - The earnings per share (EPS) for 2023 was 0.07 RMB, expected to rise to 0.61 RMB in 2024 [4][6] Business Segments - The digital construction business generated 860 million RMB in revenue for 2023, a decrease of 35.0% due to fewer construction projects starting [3][4] - The overseas business segment saw a revenue increase of 26.4% to 194 million RMB, driven by the acquisition of EQUA Simulation AB [3][4] Valuation - The projected net profits for 2024, 2025, and 2026 are 1.02 billion RMB, 1.29 billion RMB, and 1.56 billion RMB respectively, with corresponding PE ratios of 20.5X, 16.2X, and 13.4X [4][6][7] - The company maintains a strong digital cost management foundation, with robust growth potential from new digital products, justifying the "Buy" rating [3][4]

商贸零售 | 证券研究报告 — 调整盈利预测 2024年3月29日 601888.SH 中国中免 买入 盈利能力稳步提升，关注口岸渠道快速修复 原评级：买入 市场价格:人民币 86.18 公司发布 2023 年年报。23 年公司实现营收 675.40 亿元，同比+24.08%，归 母净利润 67.14 亿元，同比+33.46%。公司盈利能力持续优化，并提高分红 板块评级:强于大市 比例回馈股东，看好后续各渠道高质量发展，维持买入评级。 支撑评级的要点 股价表现  盈利能力持续优化，拟提高现金分红比例。23年公司实现营收675.40亿 5% 元，同比+24.08%，归母净利润 67.14 亿元，同比+33.46%。其中 23Q4 (8%) 实现营收 167.03 亿元，同比+10.85%，归母净利润 15.07 亿元，同比 +274.72%。且公司显著提高分红力度，拟向全体股东每股派发现金红利 (21%) 1.65 元（含税），共计派发现金红利34.14亿元，分红比例达到50.85%。 (33%) (46%)  线下免税销售持续恢复，销售结构优化带动毛利提升，1)分板块来看，免 税 / 有 税 业 态 的 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's performance in 2023 met expectations, with a reported profit of 1.891 billion RMB, a year-on-year decline of 66.92%. The decrease aligns with the company's prior earnings forecast [3][4]. - Despite the overall slowdown in the electrolyte market and intensified competition, the company's core product sales continued to grow, with electrolyte sales reaching 396,000 tons, a year-on-year increase of approximately 24% [3][4]. - The company has improved its integration level, with self-supply ratios for key raw materials exceeding 93% for liquid lithium hexafluorophosphate and 80% for some core additives, maintaining a leading market share of 36.4% in the domestic electrolyte market [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 15.405 billion RMB, a decrease of 31% compared to 2022. The EBITDA was 3.022 billion RMB, and the net profit attributable to shareholders was 1.891 billion RMB, reflecting a significant decline of 66.9% [4][5]. - The gross profit margin decreased to 25.92%, down 12.05 percentage points year-on-year, while the net profit margin fell to 11.96%, a decrease of 14.23 percentage points [5][7]. Future Projections - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to 0.68, 1.04, and 1.39 RMB, respectively, with corresponding price-to-earnings ratios of 32.1, 20.9, and 15.7 times [3][4]. - Revenue projections for 2024 are set at 15.383 billion RMB, with a slight decline expected, followed by a recovery in 2025 and 2026 [4][6]. Market Position - The company continues to enhance its market position, with a focus on maintaining a competitive edge through increased self-supply of key materials and strategic partnerships with major domestic and international clients [3][4].

Group 1: Macroeconomic Insights - The report highlights that the expectation of monetary easing by the Federal Reserve has receded, impacting the attractiveness of U.S. securities investments [1] - The U.S. securities assets continue to hold certain appeal for global funds due to the historically high level of yield spread in U.S. Treasury bonds and the absence of rapid deterioration in expected returns from U.S. stocks [4] Group 2: Consumer Electronics Industry - The consumer electronics sector, particularly smartphones and PCs, is expected to see a recovery in demand driven by both "passive replacement" and "active replacement" needs, supported by the introduction of new products like AI PCs [2] - The report emphasizes that the depletion of inventory in the supply chain is nearing completion, which bodes well for the industry's outlook [2] - New materials and technologies, such as titanium alloys, XR devices, and foldable screens, are anticipated to create new growth opportunities for related equipment manufacturers [2] Group 3: Company Performance - The company is projected to maintain stable performance with an increasing core competitiveness, leading to adjusted earnings forecasts for 2024-2026, with EPS expected to be 6.51 yuan, 7.79 yuan, and 8.54 yuan respectively [3] - The current stock price corresponds to PE ratios of 15.0x, 12.6x, and 11.5x for the respective years, indicating a favorable valuation [3] - The report maintains a "buy" rating based on the company's integrated advantages and technological research capabilities [3] Group 4: Industrial Insights - The profitability of industrial enterprises is supported by both volume and price factors, with the equipment manufacturing sector continuing to contribute positively to earnings [4] - There is an indication that domestic demand needs to strengthen further to sustain growth in the industrial sector [6]

食品饮料 | 证券研究报告 — 调整盈利预测 2024年3月28日 000858.SZ 五粮液 买入 淡季普五价格坚挺，未来持续稳健增长可期 原评级：买入 市场价格:人民币 155.22 政策组合拳叠加春节旺销，淡季普五价格表现坚挺。2024年公司加强市场监 管，进一步完善“1+3”产品矩阵，未来持续稳健增长可期。五粮液消费者的基 板 块评级:强于大市 本盘稳固，千元价格带品牌优势突出，维持买入评级。 本报告要点 支撑评级的要点  公司最新信息跟踪  政策组合拳叠加春节旺销，淡季普五价格表现坚挺。3 月五粮液平均批价为 940元，环比年初提升了10-15元左右，我们认为有两个原因。（1）提价缩 股价表现 量、加强管控，政策组合拳促使经销商珍惜在手库存。根据酒业家、云酒头 4% 条等媒体报道，自2024年2月5日起，第八代五粮液出厂价由969元/瓶提 升至 1019 元/瓶，此次经销商打款可在规定时间节点前按照原价打款，最高 (3%) 可执行年度计划的80%，且新的年度合同规定第八代五粮液对传统渠道适当 (11%) 缩量。近期，公司对电商的低价货进行了查处，并鼓励商家回收渠道低价货 (18%) 源。（2）主 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a market price of RMB 40.33 and an industry rating of "Outperform" [1][3]. Core Views - The company has experienced significant growth in 2023, with revenue reaching RMB 835 million, a year-on-year increase of 139.72%, and a net profit of RMB 188 million, up 273.54% [16]. - The recovery of overseas self-organized exhibitions has driven the company's performance, and the transition to specialized exhibitions is expected to contribute to future growth [16]. - The company is expanding its global footprint by focusing on countries along the RCEP and "Belt and Road" initiatives, successfully hosting exhibitions in ten countries in 2023 [16]. - The introduction of eight specialized exhibitions in 2023 has shown promising trends, with significant participation and exhibition space [16]. Financial Summary - The company's projected revenue for 2024 is RMB 1,055 million, with a growth rate of 26.3% [8]. - The expected net profit for 2024 is RMB 270 million, reflecting a growth rate of 43.5% [8]. - The earnings per share (EPS) for 2024 is estimated at RMB 1.77, with corresponding price-to-earnings (P/E) ratios of 22.8 for 2024, 16.9 for 2025, and 14.7 for 2026 [8][16]. - The company has a strong cash flow position, with operating cash flow projected to reach RMB 333 million by 2024 [17].

电力设备 | 证券研究报告 — 调整盈利预测 2024年3月28日 603606.SH 东方电缆 增持 业绩稳步增长符合预期，手握订单静候需求释放 原评级：增持 公司公布2023年年度报告，2023年公司实现营业收入73.10亿元，同比增长4.30%，实现 市场价格:人民币 44.10 归母净利润 10.00亿元，同比增长 18.78%，实现扣非后归母净利润 9.68亿元，同比增长 板块评级:强于大市 15.50%。公司作为国内的领先的海缆企业，目前在手订单充足，未来有望充分受益海风需 求的释放，继续维持增持评级。 股价表现 支撑评级的要点 14% ◼ 海缆系统业务量利齐升，助力公司业绩稳步增长。根据公司公告，2023年公司实现营 5% 业收入73.10亿元，同比增长4.30%，实现归母净利润10.00亿元，同比增长18.78%， (4%) 业绩实现稳步增长，基本符合我们之前的预期。分产品来看，陆缆系统营收 38.27 亿 元，同比下滑3.77%，毛利率为7.96%，同比下降1.71pct；海缆系统收入27.66亿元， (14%) 同比增长 23.47%，毛利率为 49.14%，同比提升 5.87pct；海洋 ...