688249.SH 买入 原评级：买入 市场价格:人民币 15.26 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (11.7) (5.7) (8.9) (40%) (30%) (20%) (10%) 0% 10% May-23Jun-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Jan-24Feb-24 晶合集成 上证综指 相对上证综指 (12.2) (8.0) (6.8) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,006.14 | | 流通股 ( 百万 ) | | 375.54 | | 总市值 ( 人民币 百万 ) | | 30,613.62 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 116.45 | | 主要股东 | | | | 合肥市建设投资控股 ( 集团 ) | 有限公司 | 23.35 | | 资料来源：公司公告， W ...

Investment Rating - The investment rating for the company is "Accumulate" [1] - The previous rating was also "Accumulate" [1] - The market price is RMB 14.08 [1] Core Views - The company's revenue for Q4 2023 reached RMB 383 million, showing a quarter-on-quarter increase of 18% and a year-on-year increase of 50% [4] - The gross margin improved to 20.2%, with a quarter-on-quarter increase of 1.8 percentage points and a year-on-year increase of 8.5 percentage points [4] - The company achieved a net profit of approximately RMB 38 million in Q4 2023, a quarter-on-quarter increase of 35% and a return to profitability year-on-year [4] - The overall demand for consumer electronics improved in the second half of 2023, contributing to a significant performance increase for the company [4] - The global inventory destocking cycle for display driver chips is nearing its end, with expectations for a return to healthy inventory levels by Q2 2024 [4] Financial Summary - The company’s total revenue for 2023 is projected at RMB 1.209 billion, reflecting a year-on-year growth of 0.9% [5] - The net profit for 2023 is estimated at RMB 113 million, a decrease of 12.9% year-on-year [5] - The earnings per share (EPS) for 2023 is expected to be RMB 0.28, with a downward adjustment of 24.3% from previous forecasts [5] - The projected PE ratios for 2023, 2024, and 2025 are 51.0, 34.7, and 26.4 respectively [5] - The company’s market capitalization is approximately RMB 5.759 billion [3]

Investment Rating - The report maintains a "Buy" rating for Youdao, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [3]. Core Insights - Youdao achieved record high operating profit and operating cash flow in Q4 2023, with operating revenue of 1.48 billion RMB, a year-on-year increase of 1.8% and a quarter-on-quarter decrease of 3.8% [3]. - The company's GAAP operating profit reached 76.28 million RMB, up 209% year-on-year, while the GAAP net profit attributable to shareholders was 56.48 million RMB, a 359% increase year-on-year [3]. - Non-GAAP net profit attributable to shareholders was 69.28 million RMB, reflecting a 123% year-on-year increase [3]. - The total operating revenue for 2023 was 5.39 billion RMB, a year-on-year increase of 7.5%, with a non-GAAP net loss of 475.4 million RMB, narrowing by 25.7% year-on-year [3]. Summary by Sections Financial Performance - Q4 2023 operating revenue was 1.48 billion RMB, with a year-on-year growth of 1.8% and a quarter-on-quarter decline of 3.8% [3]. - The learning services revenue was 780 million RMB, down 2.8% year-on-year, while smart hardware revenue fell 45.3% year-on-year to 220 million RMB [3]. - Online advertising revenue surged to 470 million RMB, a 96.9% increase year-on-year, driven by effective advertising demand from third-party platform collaborations [3]. Cost Management - Marketing expenses were significantly reduced, with sales, management, and R&D expense ratios at 29.8%, 3.6%, and 11.4% respectively, showing improvements from the previous year [3]. - The overall sales/management/R&D expense ratios for 2023 were 42.1%, 4.1%, and 13.8%, respectively, indicating a decrease in costs [3]. AI Development - The company launched a new AI product matrix in January 2024, including the "Ziyue Education Model 2.0" and several innovative applications, enhancing its product offerings [3]. - The AI language model technology is expected to be applied more extensively in smart devices and online marketing in 2024, broadening monetization channels [3]. Valuation - The report projects revenues of 6.24 billion RMB, 6.99 billion RMB, and 7.64 billion RMB for 2024, 2025, and 2026 respectively, with corresponding price-to-sales ratios of 0.60, 0.54, and 0.49 [4].

基础化工 | 证券研究报告 — 行业周报 2024年3月3日 强于大市 化工行业周报 20240303 海外天然气价格上涨，MDI、甲醇价格上涨 3月份建议关注：1、大型能源央企在中高油价背景下的高盈利与价值重估， 并关注部分央国企在新时代背景下的改革改善与经营业绩提升；2、春节过后 纺服、农化等产业链即将迎来旺季及补库行情；3、经过调整后估值大幅回落 的半导体、OLED等电子材料公司；4、年报一季报超预期公司行情。 行业动态  本周（2.26-3.3）均价跟踪的101个化工品种中，共有43个品种价格上涨，30个品种价格下 跌，28个品种价格稳定。周均价涨幅居前的品种分别是硫磺（CFR中国现货价）、液氯（长 三角）、硫酸（浙江巨化98%)、NYMEX天然气、炭黑（黑猫N330）；而周均价跌幅居前 的品种分别是氯化钾（青海盐湖 60%)、轻质纯碱（华东）、重质纯碱（华东）、醋酐（华 东）、二氯甲烷（华东）。  本周（2.26-3.3）国际油价上涨，WTI原油收于 79.97美元/桶，收盘价涨幅 4.55%；布伦特 原油收于83.55美元/桶，收盘价涨幅2.36%。宏观方面，美联储人员表示降息可能会至少再 推 ...

传媒 | 证券研究报告 — 行业点评 2024年3月1日 强于大市 游戏行业事件点评 网易23Q4:自研游戏表现亮眼，净利润同比大增 我们认为，目前游戏行业整体保持平稳增长，同时小游戏、互动游戏、AI游 戏等产业创新持续涌现，预期未来将受益于AI、XR等新技术发展。网易23Q4 营业收入271.4亿元，同比+7.04%，环比-0.48%；GAAP净利润65.8亿元， 同比66.52%，环比-16.01%；non-GAAP净利润73.8亿元，同比+53.38%， 环比-14.64%。网易 2023 年度营业收入 1,034.7 亿元，同比+7.23%；GAAP 净利润 294.2 亿元，同比+44.64%；non-GAAP 净利润 326.1 亿元，同比 +42.97%。网易自研游戏表现亮眼，带动手游收入强劲增长，净利润持续增 长。建议持续关注。 支撑评级的要点  自研游戏表现亮眼，AI技术带来全新游戏体验。23Q4游戏及相关增值服 务 209.2 亿元，同比+ 9.62%；毛利率 69.5%，同比+10.4ppts；在线游戏 占比93.7%，手游占比77.6%，手游收入约152亿元，同比+30.8%。《逆 ...

2024 年 3 月 1 日 2 月 PMI 数据点评 2 资料来源：wind，中银证券 2024 年 3 月 1 日 2 月 PMI 数据点评 3 2 月非制造业 PMI 指数延续回升。2 月非制造业 PMI 指数实现 51.4%，较 1 月继续增长 0.7 个百分点。 从需求端看，2 月新订单指数为 46.8%，较 1 月回落 0.8 个百分点；外部需求有所回升，新出口订单 指数实现 47.3%，较 1 月回升 2.1 个百分点。 春节假期对非制造业供给效率有所影响。2 月非制造业从业人员指数实现 47.0%，与 1 月持平，仍处 于荣枯线以下；供应商配送指数实现 50.3%，较 1 月回落 1.7 个百分点。 本报告准确表述了证券分析师的个人观点。该证券分析师声明，本人未在公司内、外部机构兼任有损本人独立性与客 观性的其他职务，没有担任本报告评论的上市公司的董事、监事或高级管理人员；也不拥有与该上市公司有关的任何 财务权益；本报告评论的上市公司或其它第三方都没有或没有承诺向本人提供与本报告有关的任何补偿或其它利益。 中银国际证券股份有限公司同时声明，将通过公司网站披露本公司授权公众媒体及其他机构刊载或者 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [12][5]. Core Insights - The company reported a slight decline in revenue for 2023, with total revenue of 6.81 billion RMB, down 1.1% year-on-year, and a net profit of 810 million RMB, down 17.5% year-on-year. The decline is attributed to the timing of the Spring Festival and rising sunflower seed costs [2][12]. - For Q4 2023, the company achieved revenue of 2.33 billion RMB, a decrease of 6.9% year-on-year, and a net profit of 300 million RMB, down 14.3% year-on-year. The report suggests that the pressure from raw material costs has eased [2][12]. - The company is expected to see a rapid recovery in revenue and net profit in 2024, supported by long-term category and channel expansion [2][12]. Summary by Sections Revenue Performance - The company’s revenue for 2023 was 6.81 billion RMB, reflecting a slight decline of 1.1% year-on-year. The timing of the Spring Festival affected revenue recognition, with some income from Q1 2023 reflected in 2022's results [2][12]. - In Q4 2023, revenue was 2.33 billion RMB, down 6.9% year-on-year, primarily due to a high base from the previous year and the timing of the Spring Festival in 2024 [2][12]. Profitability Analysis - The net profit for 2023 was 810 million RMB, a decrease of 17.5% year-on-year, with a net profit margin of 11.8%, down 2.4 percentage points. This decline is mainly due to increased sunflower seed procurement costs [2][12]. - In Q4 2023, the net profit was 300 million RMB, with a net profit margin of 12.8%, down 1.1 percentage points. The report notes that raw material cost pressures have eased since the new procurement cycle began in October [2][12]. Future Outlook - The company is expected to recover quickly in 2024, with revenue and net profit projected to improve significantly due to favorable timing for revenue recognition related to the Spring Festival [2][12]. - The report anticipates that the increase in sunflower seed planting area will lead to a decline in procurement prices, which should enhance gross margins as high-cost inventory is depleted [2][12]. - Long-term growth is supported by a solid foundation for channel expansion and the synergistic promotion of nut products alongside sunflower seeds [2][12].

其他电源设备Ⅱ | 证券研究报告 — 行业点评 2024年3月1日 强于大市 氢能行业动态点评 氢能政策持续催化，绿氢应用经济性提升 山东省 2 年内免除氢燃料电池汽车高速公路通行费，氢燃料电池商用车运营 经济性提升；工信部等七部门发表《关于加快推动制造业绿色化发展的指导 意见》，围绕石化化工、钢铁、交通、储能、发电等领域用氢需求，构建氢 能制、储、输、用等全产业链技术装备体系。在政策引导下，氢能有望在交 通、冶金、炼化等领域铺开应用，氢能下游需求提升或引导上游规模化投资， 具备技术优势的电解槽、燃料电池、氢储运、加注装置企业有望受益；维持 行业强于大市评级。 支撑评级的要点  山东省免除氢燃料电池汽车通行费，燃料电池商用车经济性有望提升：山 东省发布《关于对氢能车暂免收取高速公路通行费的通知》，通知明确， 自 2024 年 3 月 1 日起，对行驶山东省高速公路安装 ETC 套装设备 的氢能车辆暂免收取高速公路通行费，试行期 2 年。根据行业媒体 香橙会测算，商用重卡全生命周期高速公路通行费成本约 171 万元， 占氢燃料电池重卡全生命周期成本比例约 25%。若不考虑氢燃料电 池重卡购置、运营补贴，免除高 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved its best annual performance in 2023, with a revenue of 31.87 billion RMB, a year-on-year increase of 9.9% [4] - The company expects profit growth to outpace revenue growth in 2024, with new growth drivers anticipated from overseas business, IP derivative payments, and AIGC [4] Financial Performance - In Q4 2023, the company reported revenue of 7.71 billion RMB, a year-on-year increase of 1.5% and a quarter-on-quarter decrease of 3.9% [4] - The GAAP net profit for Q4 2023 was 466 million RMB, up 53.2% year-on-year but down 2.0% quarter-on-quarter [4] - The non-GAAP net profit for Q4 2023 was 682 million RMB, down 20.4% year-on-year but up 9.6% quarter-on-quarter [4] - The company’s total revenue for 2023 was 31.87 billion RMB, with a non-GAAP net profit of 2.84 billion RMB, reflecting a year-on-year increase of 121% [4] Membership and Advertising - Membership revenue in Q4 2023 was 4.81 billion RMB, a year-on-year increase of 1.4% [4] - The average monthly payment per member reached 16.0 RMB, a year-on-year increase of 12.8% [4] - The company had a total advertising revenue of 6.22 billion RMB in 2023, a year-on-year increase of 16.7% [4] Cost and Efficiency - Content costs in Q4 2023 were 3.7 billion RMB, down 5% year-on-year, with the cost-to-revenue ratio decreasing to 48% [4] - The company maintained a sales and management expense ratio of 12.6% for 2023, a slight increase of 0.6 percentage points year-on-year [4] Future Projections - The report projects non-GAAP net profits of 3.89 billion RMB for 2024 and 4.41 billion RMB for 2025, with corresponding PE ratios of 6.6 and 5.9 [5]

医药生物 | 证券研究报告 — 调整盈利预测 2024年2月28日 688301.SH 奕瑞科技 买入 业绩整体增长平稳，长期看好公司高端制造能力 原评级：买入 市场价格:人民币 258.00 奕瑞科技发布业绩快报，公司2023年实现营业收入18.86亿元(+21.72%)，实现扣 板块评级:强于大市 非归母净利润5.99亿元(+15.97%)。X射线平板探测器行业下游仍然存在扩容空间， 公司聚焦核心技术及高端制造能力，长期仍然具有较好的成长性。维持买入评级。 股价表现 支撑评级的要点 10%  公司收入端整体平稳增长，四季度单季收入增长有所放缓。奕瑞科技 2023 年实 现营业收入18.86亿元，同比增长21.72%。公司2023年实现归母净利润6.19亿 2% 元，同比降低3.53%，主要受到金融资产公允价值变动的影响。公司2023年实现 (6%) 扣非归母净利润5.99亿元，同比增长15.97%。剔除股份支付影响后，公司2023 年归母净利润为6.63亿元。2023年四季度单季公司实现营业收入4.89亿元，同 (15%) 比增长9.76%，增速相较全年有所放缓。公司2023年四季度实现归母净利润1.8 ...