此报告仅供内部客户参考 -5- 请务必阅读正文之后的免责条款部分 晨会纪要 【财经要闻】国家发改委：加快国家人工智能创新应用先导区建设，支持上海浦东等新区积极打造国际消 费中心重要承载地 王与碧（S0530522120001） 据财联社报道，国家发展改革委发布促进国家级新区高质量建设行动计划。支持新区优化重点产业布局。有序推 进智能制造和数字化转型。加快设在新区的国家新一代人工智能创新发展试验区和国家人工智能创新应用先导区建 设，上海浦东新区带动赋能千家企业数字化转型，天津滨海新区打造一批典型应用场景。研究支持在有条件的新区所 在地方布局建设未来产业先导区。依托设在新区的中小企业数字化转型试点和新区承担的建设国家算力枢纽节点等重 要任务，实施智能制造重大项目，布局一批工业互联网平台。培育消费新业态。支持具备条件的新区因地制宜做强"首 店经济"和"首发经济"。支持上海浦东、天津滨海、重庆两江、广州南沙等新区积极打造国际消费中心重要承载地。 深入实施增品种、提品质、创品牌"三品"行动，顺应消费理念转变趋势，发掘培育一批自主、新兴、高端、小众特 色品牌，培育国货"潮品"等新的消费增长点。 【财经要闻】证监会："申报 ...

证券研究报告 策略点评 国常会释放重大信号，系 统谋划房地产支持政策 房地产市场周报（03.18-03.24） 2024年 03月25日 投资要点  本周观点：长期来看，受人口老龄化和城镇化进程放缓等因素的影响， 上证指数-沪深 300走势图 房地产市场的长期需求增长空间或将有所收缩，但需求总量规模仍然 可观，根据贝克研究院数据，未来5-10年房地产市场的新房增量需求 上证指数 沪深300 中枢大约在 10 亿平方米左右，特别是核心城市的住房需求有望持续 9% 增长。中期来看，若 2024 年商品房销售面积的全年同比跌幅在 -1% 10%-20%区间内，则全年商品房销售面积为9万亿平方米左右，低于 -11% 新房增量需求中枢，这说明当前房地产市场或已超调，但周期拐点有 待观察。短期来看，近两周以来 30 城商品房销售量环比保持上升， -21% 2023-03 2023-06 2023-09 2023-12 2024-03 单周同比降幅也有所收窄，但绝对量仍处于低位。在房地产市场持续 承压的背景下，3月 22日召开的国常会针对房地产议题作出了重要指 % 1M 3M 12M 示，明确“系统谋划相关支持政策”。根 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [12]. Core Insights - The company has significantly increased its R&D investment, with expenses reaching 389 million yuan in 2023, a year-on-year increase of 73%. The number of R&D personnel has also doubled to 584, with an average salary of 392,800 yuan [2]. - The company is focusing on technological innovation in high-capacity, automated cutting equipment and has established a joint research lab with partners to advance n-type silicon wafer technology [2]. - The company is expected to experience substantial revenue growth, with projections of 7.52 billion yuan in 2024, 8.86 billion yuan in 2025, and 10.29 billion yuan in 2026, alongside net profits of 1.20 billion yuan, 1.49 billion yuan, and 1.78 billion yuan respectively [15]. Financial Performance - The company's total revenue for 2023 was 6.18 billion yuan, reflecting a 73.19% increase year-on-year. The net profit attributable to shareholders reached 1.46 billion yuan, an 85.28% increase [17]. - The gross margin for 2023 was 42.49%, while the net margin was 23.63%, indicating a slight improvement in profitability metrics compared to the previous year [17]. - The company reported a significant increase in cash flow from operating activities, amounting to 1.19 billion yuan, a 433% increase year-on-year [17]. Capacity Expansion and Market Position - The company is expanding its production capacity, with ongoing projects expected to enhance total capacity significantly. The anticipated completion of new facilities will further solidify its market position [14]. - The company has established long-term partnerships with major clients, which is expected to drive growth in its cutting and processing services [15].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company maintains a strong leading position in the non-bank financial sector, with accelerated overseas business expansion [1][7] - The company reported a revenue of 60.068 billion yuan in 2023, a year-on-year decline of 7.74%, and a net profit of 19.721 billion yuan, also down by 7.49% [6][8] - The company is expected to benefit from favorable capital market policies and has a stable market share in wealth management and brokerage services [7][8] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a total revenue of 600.68 billion yuan, with a net profit of 197.21 billion yuan, and basic earnings per share of 1.30 yuan, reflecting a decline of 8.45% year-on-year [6][8] - The company's total assets reached 1.45 trillion yuan, with a year-on-year increase of 11.09%, and total liabilities of 1.18 trillion yuan, up by 12.29% [6][8] Business Segments - Brokerage and proprietary trading revenues were 102.23 billion yuan and 218.47 billion yuan, respectively, with the proprietary trading segment showing a year-on-year growth of 23.87% [6][8] - The company’s overseas business revenue reached 9.404 billion yuan, marking a year-on-year increase of 14.78% [6][8] - The investment banking segment faced challenges, with net income from investment banking services declining by 27.28% to 62.93 billion yuan [7][8] Future Outlook - The company is expected to see a gradual increase in net profit, with projections of 22.264 billion yuan, 24.863 billion yuan, and 27.381 billion yuan for 2024, 2025, and 2026, respectively [6][8] - The company is focusing on enhancing its wealth management services and expanding its overseas wealth management footprint, which is anticipated to contribute positively to future growth [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company is a leading domestic office software provider, benefiting from the rise of AIGC (Artificial Intelligence Generated Content) [2][11]. - In 2023, the company achieved a revenue of 4.556 billion yuan, a year-on-year increase of 17.27%, with a CAGR of 34.98% from 2017 to 2023 [2][19]. - The net profit attributable to shareholders was 1.318 billion yuan, up 17.92% year-on-year, with a CAGR of 35.35% from 2017 to 2023 [2][19]. - The gross margin was 85.30%, an increase of 0.30 percentage points year-on-year, while the net margin was 28.85%, a decrease of 0.26 percentage points [2][29]. Summary by Sections Company Overview - The company has undergone a deep transformation towards cloud office solutions and is actively exploring AIGC applications [11]. - Its core products include WPS Office, Kingsoft Document, and a digital office platform [14]. Business Model - The company operates through personal subscriptions, institutional subscriptions, and institutional licensing [17]. - Personal subscription revenue reached 2.653 billion yuan in 2023, growing 29.42% year-on-year, while institutional subscription revenue was 0.957 billion yuan, up 38.36% [22]. Financial Analysis - The company’s total revenue for 2023 was 4.556 billion yuan, with a breakdown showing personal subscription revenue at 2.653 billion yuan, institutional subscription at 0.957 billion yuan, licensing at 0.655 billion yuan, and advertising at 0.288 billion yuan [22][24]. - The company’s contract liabilities reached 1.892 billion yuan by the end of 2023, a year-on-year increase of 9.30% [26]. Market Position and Competitive Advantage - The office software industry has high technical barriers, with Microsoft’s MS Office being the main competitor [2][37]. - WPS Office has differentiated itself through personalized features, better mobile experiences, and flexible pricing strategies [2]. Future Outlook - The company anticipates significant growth in both personal and institutional subscription markets, with projections indicating a potential market size reaching hundreds of billions [6][11]. - The introduction of WPS AI is expected to enhance product offerings and drive revenue growth [7].

证券研究报告 公司点评 天赐材料(002709.SZ) 电力设备｜ 电池 行业竞争加剧，综 合实力保持领先 2024年 03月 26日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 223.17 154 .05 154.07 186.76 212.92 归母净利润(亿元) 57.14 18.91 14.32 20.53 24.12 评级变动 维持 每股收益（元） 2.97 0.98 0.74 1.07 1.25 交易数据 每股净资产（元） 6.42 6.84 7.48 8.39 9.47 当前价格（元） 20.02 P/E 6.74 20.38 26.91 18.76 15.97 52周价格区间（元） 16.63-46.89 P/B 3.12 2.93 2.68 2.39 2.11 总市值（百万） 38521.70 资料来源：iFinD，财信证券 流通市值（百万） 27725.44 总股本（万股） 192415.70 投资要点： 流通股（万股） 138488.70  事件：3月 25日，公司发布 2023年年度报告，2023年实现营收154.05 亿元， ...

证券研究报告 公司点评 银泰黄金(000975.SZ) 有色金属｜ 贵金属 规划远景广阔， 业绩持续增长 2024年 03月 26日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 83.82 81. 06 92.65 107.09 125.76 归母净利润(亿元) 11.24 14.24 18.97 24.07 30.70 评级变动 维持 每股收益（元） 0.40 0.51 0.68 0.87 1.11 交易数据 每股净资产（元） 3.93 4.16 4.56 5.07 5.72 当前价格（元） 16.73 P/E 41.31 32.62 24.49 19.30 15.13 52周价格区间（元） 11.57-16.81 P/B 4.26 4.02 3.66 3.30 2.92 总市值（百万） 46454.57 资料来源：iFinD，财信证券 流通市值（百万） 41599.72 总股本（万股） 277672.30 投资要点： 流通股（万股） 248653.50  事件：公司发布2023年年度报告，2023年公司实现营业收入81.06亿 元，同比减少 3.2 ...

Market Data - The Shanghai Composite Index closed at 3054.64, up 0.54% [1] - The Shenzhen Component Index closed at 9612.75, up 0.60% [1] - The ChiNext Index closed at 1884.09, up 0.06% [1] - The STAR 50 Index closed at 808.67, up 0.47% [1] - The North Exchange 50 Index closed at 892.73, up 3.42% [1] - The CSI 300 Index closed at 3569.99, up 0.22% [1] Economic Insights - The People's Bank of China reported that the total social financing increased by 8.06 trillion yuan in the first two months, marking the second-highest level for the same period in history [22][23] - The M2 money supply grew by 8.7% year-on-year in February, consistent with the previous month [22][46] Company Dynamics - Contemporary Amperex Technology Co., Limited (宁德时代) achieved a net profit of 44.1 billion yuan in 2023, a 44% increase year-on-year [27] - Deep South Circuit (深南电路) reported a net profit decrease of 14.81% in 2023, with a total revenue of 13.5 billion yuan [26][55] - BeiGene (百济神州-U) received FDA approval for its drug Tevimbra for treating advanced esophageal squamous cell carcinoma [31] - Zhongmin Resources (中矿资源) acquired a 65% stake in the Kitumba copper mine in Zambia [28] Industry Trends - The China Securities Regulatory Commission (CSRC) released a series of policies aimed at improving the quality of listed companies and enhancing market regulation [24][48] - The real estate market showed a continued decline in housing prices across major cities, with first-tier cities experiencing a 0.3% drop in new home prices [11][14] - The TMT sector is expected to benefit from the ongoing AI industry wave, with significant growth potential in software and media [19] - The renewable energy sector is projected to recover, with a focus on solar, electric vehicles, and lithium batteries, despite potential overcapacity risks [19]

% 1M 3M 12M 证券研究报告 2024 年 03 月 26 日 上证指数 沪深300 2023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-122024-012024-022024-03 相关报告 1 大类资产跟踪周报（03.04-03.08）：欧美央行 宽松预期升温，金价创历史新高 2024-03-12 2 大类 资产 跟踪 周报 （02.26-03.01）： 债牛 未 尽，国内股市横盘整理 2024-03-05 ——大类资产跟踪周报（03.18-03.22） 债券市场：多空因素交织，利率震荡下行。上周前半周1-2月经济 数据公布，整体稳中向好，但未对债市形成明显扰动，叠加资金面 宽松，央行重提"降准空间"，债市情绪有所提振，利率一路下 行，但在周五汇率大幅贬值后，引发资金面收紧预期，债市情绪转 弱。当前背景下，尽管在资产荒环境中，债牛未尽，但当前点位性 价比不高，叠加市场对供给放量预期将至，长端利率进一步下行面 临一定阻力，债市波动性提升。 此报告仅供内部客户参考 请务必阅读正文之后的免责 ...

2024 年 03 月 18 日 | --- | --- | --- | --- | --- | |------------|-------|---------|-------|--------| | | | | | | | 市场数据 | | | | | | 指数名称 | | 收盘 | | 涨跌 % | | 上证指数 | | 3054.64 | | 0.54 | | 深证成指 | | 9612.75 | | 0.60 | | 创业板指 | | 1884.09 | | 0.06 | | 科创 50 | | 808.67 | | 0.47 | | 北证 50 | | 892.73 | | 3.42 | | 沪深 300 | | 3569.99 | | 0.22 | | --- | --- | --- | --- | --- | |------------|-----------------|--------------------|-----------|-----------| | 类别 | 总市值 ( 亿元 ) | 流通市 值 ( 亿元 ) | 市盈率 PE | 市净率 PB | | 上证指数 | 56717 ...