Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 5.95 per share based on a 17x PE for 2024 [2][10]. Core Insights - In 2023, the company achieved a revenue of RMB 13.29 billion, representing a year-on-year growth of 15.77%, with overseas revenue contributing RMB 6.10 billion, or 46% of total revenue [9]. - The company secured exclusive rights to the 'Legend' series in Continental China, which is expected to enhance its market position and unlock the commercial potential of the IP [9][10]. - The company is expanding into AI cloud data services, enhancing partnerships with Tencent Cloud and Huawei Cloud, and forming a joint venture for computing power services, which is anticipated to create broader growth opportunities [2][9]. Financial Performance - The company reported an operating profit of RMB 0.99 billion and a net profit attributable to shareholders of RMB 0.52 billion in 2023 [9]. - For Q1 2024, the company achieved a revenue of RMB 4.26 billion, a 40.99% increase year-on-year, with a net profit attributable to shareholders of RMB 0.65 billion, reflecting a 50.32% growth [9][10]. - The forecast for EPS is RMB 0.35, 0.41, and 0.49 for the years 2024, 2025, and 2026 respectively, indicating a strong recovery and growth trajectory [2][10]. Revenue Breakdown - The revenue forecast for 2024 is projected at RMB 15.92 billion, with continued growth expected in subsequent years, reaching RMB 21.31 billion by 2026 [3][4]. - The revenue from mobile network games is expected to grow from RMB 7.79 billion in 2023 to RMB 9.35 billion in 2024 [4][6]. - The company is also diversifying its revenue streams with contributions from cloud data services and other segments, which are expected to grow significantly in the coming years [4][6].

[Table_InvestInfo] 分红比例显著提升，全国化布局持续推进 请务必阅读正文之后的信息披露和法律声明 公司研究·千禾味业（603027）3 公司研究·千禾味业（603027）4 Event. The company reported its 2023 annual results: total revenue reached RMB 3.21 billion, up 31.6% YoY, with net profit attributable to shareholders at RMB 530 million, a 54.2% increase. Q4 saw total revenue of RMB 875 million, down 0.8% YoY, and net profit attributable to shareholders of RMB 143 million, down 8.5%. The company announced a dividend plan for 2023: a cash dividend of RMB 3.0 per 10 shares (tax i ...

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 口子窖（603589）公司季报点评 2024年05月26日 [ Table_InvestInfo] 兼系列持续投入，业绩增长稳健 [Table_Summary] 投资要点：  事件。公司发布2023年年报及2024年一季报：2023年公司实现营业总收入 59.62 亿元，同比+16.1%，归母净利润 17.21 亿元，同比+11.0%；其中 Q4单 季公司实现营业总收入 15.16亿元，同比+10.4%，归母净利润 3.73亿元，同 比+6.9%。年度现金分红 1.5元/股，分红率 52%。24Q1公司实现营业总收入 17.68亿元，同比+11.1%，归母净利润5.89亿元，同比+10.0%。  高档产品快增，省内驱动增长。1）23年公司白酒业务收入同比+15.6%至58.49 亿元。分产品看，公司高档/中档/低档白酒营收分别同比+16.6%/-19.8%/+0.7% 至56.78/0.76/0.95亿元。高档产品在战略大单品兼系列的推动下持续推进，高 档产品销量/均价分别同比+13.4/+2.8%。分区域看，23 年公司省内/省外营收 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 57.32, reflecting a 25X PE for 2024 [2]. Core Insights - The company achieved a revenue of RMB 462 million in 2023, representing a year-on-year growth of 43.72%, and a net profit attributable to shareholders of RMB 136 million, up 45.23% [20]. - The company has launched innovative products in the mental health and neurorehabilitation sectors, including a second-generation transcranial magnetic stimulator and a comprehensive "Rehabilitation Circle" solution for tertiary hospitals [21]. - The company is expanding its product matrix in the field of women's health, integrating pelvic floor rehabilitation with light medical aesthetics to create a comprehensive solution for women's health throughout their life cycle [14][15]. Financial Summary - The company's revenue for 2023 was RMB 462 million, with a year-on-year growth of 43.7%. The projected revenues for 2024, 2025, and 2026 are RMB 572 million, RMB 699 million, and RMB 857 million, respectively [3][16]. - The net profit for 2023 was RMB 136 million, with projections of RMB 157 million, RMB 192 million, and RMB 236 million for the following three years [3][18]. - The gross margin for 2023 was 71.8%, with a slight decline projected to 70.5% in 2024 and further to 69.0% by 2026 [3][18]. Product Performance - In the field of electrophysiological products, revenue grew by 30.67% in 2023, driven by the successful launch of new technologies and products [21]. - The company has also seen significant growth in its laser radiofrequency products, with a revenue increase of 476.5% in 2023 [16]. - The second-generation pelvic floor functional magnetic products were successfully launched in 2023, marking a significant advancement in the field of pelvic rehabilitation [14].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 14.85 based on a 28X PE for 2024 [51][56]. Core Insights - The company reported a revenue of RMB 1.63 billion in 2023, with a net profit attributable to shareholders of RMB 187 million, reflecting a decrease of 34.64% year-on-year. However, recurring net profit attributable to shareholders increased by 25.35% to RMB 133 million [23][74]. - The company has 13 preclinical TCM innovation projects, with significant progress in several key products, including one entering Phase III trials expected to apply for production in 2025 [5][20]. Financial Summary - Revenue and Profit Forecasts: The company is projected to achieve net profits of RMB 233 million, RMB 298 million, and RMB 368 million for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.53, RMB 0.68, and RMB 0.84 [51][56]. - Revenue Breakdown: In 2023, the pharmaceutical manufacturing segment generated revenue of RMB 1.44 billion, with notable growth in respiratory and pediatric medications, while cardiovascular and musculoskeletal medications saw declines due to centralized procurement policies [52][74]. - Financial Ratios: The gross margin is expected to improve gradually from 68.1% in 2023 to 69.6% by 2026, while the return on equity is projected to rise from 12.8% in 2023 to 17.1% in 2026 [2]. Market Position - The company is focusing on innovative TCM and has a rich product matrix, which is expected to enhance its market position and drive future growth [51][56].

Investment Rating - The investment rating for the company is Neutral, indicating that the expected total return over the next 12-18 months is anticipated to be in line with the relevant broad market benchmark [11][26]. Core Insights - The company has sufficient orders and is expected to benefit from the ongoing expansion of lithium battery production overseas. As of the end of Q1 2022, 2023, and 2024, the company's inventory was approximately 2.38 billion RMB, 2.90 billion RMB, and 2.88 billion RMB, respectively, with contractual liabilities of 1.50 billion RMB, 2.24 billion RMB, and 2.21 billion RMB, confirming a robust order book [2][7]. - The company is well-positioned to benefit from the capacity expansions of lithium battery manufacturers in the USA, Europe, and Southeast Asia, with key clients including SK, LG, Samsung SDI, Panasonic, Toyota, and BYD [2][7]. - The company's gross profit margin (GPM) for 2023 was 37.54%, an increase of 4.64 percentage points year-on-year, while the net profit margin (NPM) was 20.58%, up 6.38 percentage points year-on-year, primarily due to a higher proportion of high-margin overseas business [13][19]. Financial Performance and Forecast - The company’s revenue is projected to grow at a rate of 20% annually from 2024 to 2026, with a stable gross margin of 55% during the same period [3]. - For 2023, the company reported overseas revenue of 0.77 billion RMB, a significant increase of 221.2% year-on-year, accounting for 19.54% of total revenue [19]. - The financial forecast indicates that total revenue will reach approximately 5.85 billion RMB by 2026, with a consistent gross margin around 37.4% [18].

Investment Rating - The investment rating for the company is "Outperform" [8] Core Views - The report highlights that the company is acquiring a 30% stake in New H3C through a cash transaction, which is expected to enhance profits and reduce valuation levels [9][19] - The acquisition is anticipated to significantly increase the company's control over New H3C, raising its stake from 51% to 81%, potentially adding RMB 1.02 billion to profits, a 49% increase [9][20] - The company is positioned to benefit from national policies encouraging mergers and acquisitions, aimed at strengthening companies and enhancing shareholder returns [9][20] Financial Performance - In 2023, the company reported revenue of RMB 77.308 billion, a year-on-year increase of 4.39%, and a net profit of RMB 2.103 billion, a decrease of 2.54% [11] - Revenue projections for 2024-2026 are RMB 86.484 billion, RMB 98.077 billion, and RMB 111.459 billion, with corresponding net profits of RMB 2.512 billion, RMB 2.979 billion, and RMB 3.523 billion [20] - The company's earnings per share (EPS) are forecasted to be RMB 0.88, RMB 1.04, and RMB 1.23 for 2024, 2025, and 2026 respectively [20] Business Segmentation - The company's IT services revenue for 2023 was RMB 51.5 billion, with a gross margin of 25.6%, while IT distribution revenue was RMB 29.1 billion, with a gross margin of 6.4% [11][14] - New H3C's revenue is projected to grow significantly, with estimates of RMB 57.3 billion, RMB 67.5 billion, and RMB 80.2 billion for 2024-2026, reflecting a strong growth trajectory [9][20] Market Position - New H3C is recognized as a leading player in the ICT sector, holding significant market shares in various segments, including 32.9% in Ethernet switches and 19.7% in GPU servers [11] - The company has launched an "AIGC Open Strategy," aiming to capitalize on the rapid development of AI technologies, positioning itself as a comprehensive leader in the market [11]

Lin Yang lin.yang@htisec.com [Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 京北方（002987）公司研究报告 公司持续推动业务和产品结构转型、不断巩固并扩大核心客户市场份额的同 时挖掘增量业务与增量客户，其重点发力的中小银行和非银金融机构市场实 现了较快发展。同时，公司围绕软件产品及解决方案打造第二增长曲线，持 续加大研发投入丰富产品矩阵。 目前，公司可为客户提供盘庚测试云平台、大数据类、人工智能类、影像及 流程管理类、基础技术平台类等通用产品及解决方案，还可为银行、保险、 证券等金融行业客户提供运营管理类系统、资产管理系统、同业业务管理系 统、风险管理系统、数字人民币统一接入与运管系统等金融行业应用解决方 案。 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（ ...

[Table_MainInfo] 行业研究/建筑工程 证券研究报告 行业专题报告 建筑央国企矿产资源业务梳理 [Table_Summary] 投资要点： 以中国中铁、中国中冶等为代表的建筑央国企矿产资源业务有望迎来价值重 估，为此，我们对包括中国中铁、中国中冶、中国电建、上海建工、四川路桥的建 筑央国企矿产资源相关的业务进行梳理如下：  中国中铁：铜、钴、钼保有量国内领先，资源利润占比14%。目前在境内外全资、 控股或参股投资建成5座现代化矿山，分别为黑龙江鹿鸣钼矿，刚果（金）绿纱 铜钴矿、MKM 铜钴矿、华刚 SICOMINE 铜钴矿以及蒙古乌兰铅锌矿；截至 2023 年末，铜、钼、钴权益资源量分别323.74、51.59、23.91万吨，分别约为洛阳钼 业的 11.77%、37.87%、5.83%；铜资源产量 13.57万吨，约为紫金矿业的 16%， 江西铜业的67%，洛阳钼业的44%；钼资源产量1.26万吨，约为江西铜业的1.26 倍，洛阳钼业的81%。全资子公司中铁资源集团有限公司具体负责矿产资源开发 业务，2023 年中铁资源实现净利率 21.39%，显著高于公司综合净利率 2.99%； 归母净利 ...

Investment Rating - The mechanical sector of the Beijing Stock Exchange has a total market capitalization of 77.577 billion RMB, accounting for 22.34% of the overall market value [2][18]. Core Insights - In April 2024, the mechanical equipment industry underperformed relative to the overall exchange, ranking 12th with a monthly excess return of +3.26 percentage points. Year-to-date, the sector's excess return stands at +6.15 percentage points, with textile machinery and industrial robots leading the performance [4][18]. - The top monthly performers in the mechanical sector include Wuxi Haidaer Precision Slides Co., Ltd (+25.72%) and Jiangsu Vibo Hydraulics Joint Stock Co., Ltd (+14.67%) [14][18]. Summary by Sections Market Overview - As of April 30, 2024, there are 51 listed companies in the mechanical sector on the Beijing Stock Exchange, with a total market capitalization of 77.577 billion RMB [2][18]. - The mechanical equipment industry has shown a year-to-date excess return of +6.15 percentage points, with notable subsectors such as textile machinery (+96.56%) and industrial robots (+7.48%) outperforming the overall market [4][18]. Monthly Performance - In April 2024, the mechanical sector's monthly excess return was +3.26 percentage points, ranking it 12th among all sectors. The subsectors that outperformed include textile machinery (+8.79%) and railway transportation equipment (+8.02%) [4][18]. - The top ten companies by monthly growth within the mechanical sector include Wuxi Haidaer (+25.72%), Vibo Hydraulics (+14.67%), and Tianfang Biao (+11.84%) [14][18]. Key Company Announcements 1. Wuxi Haidaer Precision Slides Co., Ltd reported a revenue of 289 million RMB in 2023, a year-on-year increase of 9.74%, with a net profit of 39 million RMB, up 30.26% [3][19]. 2. Jiangsu Vibo Hydraulics Joint Stock Co., Ltd reported a revenue of 296 million RMB in 2023, a slight decrease of 0.55% year-on-year, with a net profit of 19 million RMB, down 36.28% due to various economic factors [3][19]. 3. Shanghai Tieda Electronic and Information Technology Co., Ltd achieved a revenue of 249 million RMB in 2023, up 7.01% year-on-year, with a net profit of 39 million RMB, up 16.61% [3][19]. 4. Hebei Meibang Engineering and Technology Co., Ltd reported a revenue of 478 million RMB in 2023, down 15.32% year-on-year, with a net profit of 23 million RMB, down 63.75% due to declining prices in its industry [3][19].