Investment Rating - The report maintains an "OUTPERFORM" rating for Dongyue Group [3][5]. Core Views - In 2023, the company's net profit decreased by 82% year-on-year, with revenue of approximately RMB 14.493 billion, down 27.63% from the previous year. The gross margin fell to 16.81%, a decrease of 15.72 percentage points year-on-year [9]. - The fluorine silicon chemical industry is experiencing low prosperity, with increased supply capacity and unmet downstream demand leading to significant price declines for several major products [9]. - The company benefits from rising refrigerant prices, with notable increases in market prices for R22, R32, R125, and R134a as of May 7, 2024 [4][9]. Financial Summary - Revenue and profit forecasts for 2024 to 2026 are as follows: - 2024E: Revenue of RMB 19.958 billion, net profit of RMB 1.636 billion - 2025E: Revenue of RMB 25.314 billion, net profit of RMB 2.133 billion - 2026E: Revenue of RMB 32.169 billion, net profit of RMB 2.562 billion [5][7]. - The company’s R&D expenditure in 2023 was approximately RMB 935 million, accounting for 6.45% of revenue, with significant achievements in technological innovation, including 101 new product registrations and 81 new patents [4][9]. Business Segment Performance - The fluorinated polymer materials division reported a profit of RMB 337 million, down 83.07% year-on-year due to significant price declines [4][9]. - The refrigerant division achieved a profit of RMB 311 million, down 69.59% year-on-year, primarily due to falling prices of R142b products [4][9]. - The organic silicon division incurred a loss of RMB 331 million, down 171.31% year-on-year, affected by weak demand and increased competition [4][9]. - The dichloromethane, PVC, and caustic soda divisions recorded a profit of RMB 248 million, down 46.04% year-on-year, due to weak market demand and declining product prices [4][9].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 29.26, based on previous ratings of 25.71 and 23.51 [11][30]. Core Insights - In Q1 2024, the company reported a recurring net profit growth of 142.37% quarter-over-quarter and reversed the loss year-over-year, achieving an operating income of 1.319 billion yuan, which is a decline of 7.35% quarter-over-quarter but an increase of 11.90% year-over-year [31]. - The company's profit growth is attributed to an improved macro-environment, the digestion of released production capacity, and significant increases in government grants year-over-year [31][32]. - The company is focusing on environmental protection and specialty adhesive tapes to achieve domestic substitution, with ongoing projects expected to enhance growth momentum [32]. Summary by Sections Financial Performance - The company achieved a net profit of 51.24 million yuan in Q1 2024, marking a growth of 51.23% year-over-year and reversing previous losses [31]. - Recurring net profit reached 34.11 million yuan, up 142.37% quarter-over-quarter [31]. Strategic Initiatives - The company is investing in environmentally friendly biodegradable materials and automotive functional adhesive films, with significant projects expected to complete by the end of 2024 [32]. Market Position - The report indicates that the company is well-positioned to benefit from domestic substitution trends in the industrial adhesive tape sector, leveraging its R&D strengths and customer resources [32].

000589 CH Guizhou Tyre Rating: OUTPERFORM Target Price: Rmb8.52 国内国外"双基地"布局。国内扎佐基地：以老厂整体搬迁为契机，摆脱过去 因空间受限制约发展、效率低下的不利影响，工艺布局和装备自动化、智能 化水平发生了质的变化，在扩大企业规模、提升经营质量以及延伸产业链等 方面进入了良性发展的"快车道"。截至 2023 年末，一期、二期项目除 5 万条 农业子午胎仍在进行设备调试和产品测试外均已达产。越南前江基地：一期、 二期项目的顺利实施，标志着公司国内国外"双基地"布局已实现，面向海外 市场的产能布局更加均衡，抗风险能力明显提升，市场和盈利空间得到有效 拓展，进一步提高了公司全球竞争力和影响力。 风险提示。贸易摩擦；国际贸易和技术壁垒升级；原材料价格大幅波动。 产能：600 万条轮胎建设期 12 个月，2024 年 3 月公告，假设 2024 年 6 月开工，预计 2025 年 6 月建成。 价格：根据 23 年轮胎价格，假设 24-26 年轮胎价格为 1111 元/条。 产量：根据全球轮胎市场持续增长，我们判断产量逐步提升，假设 24-26 年 ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健提供商与服务 证券研究报告 爱尔眼科（300015）公司年报点评 2024年05月07日 爱尔眼科 2023 年报&2024 一季报点评： 23 年恢复高增长，看好未来稳健增长 [Table_Summary] 投资要点：  公告：爱尔眼科发布2023年年度报告和2024年一季度报告  点评：  2023年业绩恢复高增长，2024年一季度利润率继续提升。 2023年，公司营 业收入203.67亿元（+26.43%），毛利率50.79%（+0.33pt），归母净利润33.59 亿元（+33.07%），扣非净利润为 35.14 亿元（+20.39%）。2024 年一季度， 营业收入51.96亿元（+3.50%），毛利率48.29%（+0.80pt），归母净利润8.99 亿元（+15.16%），扣非净利润为8.43亿元（+12.04%）。  “1+8+N”战略布局稳步落地，国际化战略持续推进。“1+8+N”战略正稳步推进， 长沙、上海、广州、成都、重庆等眼科中心已运营，武汉、沈阳正在推进建 设中，北京、深圳已开始筹备；通过新建或收购完善了省区 ...

[Table_MainInfo] 行业研究/机械工业/其他专用机械 证券研究报告 行业月报 出口链月度跟踪：美国消费向好持续， 3 月中国摩托车出口量同环比均增 [Table_Summary] 投资要点： 人民币兑美元汇率小幅升值，人民币兑欧元汇率小幅升值；欧洲航线、美东航  线、美西航线海运费环比下降，东南亚航线海运费环比上升。1）汇率：2024 年4月23日美元兑人民币即期汇率为7.25，环比+0.10%，欧元兑人民币汇率为 7.76，环比+0.89%。2）海运费：24年4月第三周中国出口集装箱运价指数（CCFI） 中，综合指数为1186.53，同比上升26.98%，环比上升0.12%；欧洲航线为1720.21， 同比上升46.52%，环比下降0.31%；美东航线为1037.94，同比上升19.63%，环 比下降2.40%；美西航线为914.67，同比上升35.21%，环比下降4.03%；东南亚 航线为719.09，同比上升10.02%，环比上升2.03%。  宏观数据：3 月美国通胀小幅回升，非农就业人数环比+12.22%。1）3 月美国 CPI同比+3.5%，季调后环比+0.4%，与2月持平。核心 ...

Investment Rating - The report maintains an **OUTPERFORM** rating for Fufeng Group (546 HK) with a target price of HK$6.51 [2][9] Core Views - Fufeng Group's net profit in 2023 decreased by **18.57% YoY** to RMB 3.144 billion, primarily due to reduced gross profit in the food additives, animal nutrition, and other segments [2][6] - The company achieved a **1.94% YoY increase** in main business revenue to RMB 28.007 billion, while gross profit declined by **13.38%** to RMB 6.247 billion [2][6] - Fufeng Group plans to distribute a total cash dividend of approximately RMB 1.342 billion, with a dividend payout ratio of **42.68%** and a dividend yield of **13.39%** [2][6] Business Segment Analysis - **Food Additives Segment**: Revenue increased by **1.5% YoY** to RMB 13.495 billion, driven by stable MSG revenue and increased starch sweetener contributions, but gross margin declined by **3.5 pct** to **16%** [7] - **Animal Nutrition Segment**: Revenue decreased by **7.1% YoY** to RMB 8.901 billion, with gross margin dropping by **10.8 pct** to **17.1%**, mainly due to price declines in 98% and 70% lysine [7] - **High-Grade Amino Acid Segment**: Revenue surged by **64.2% YoY** to RMB 1.973 billion, with gross margin increasing by **7.6 pct** to **39.6%**, driven by new product launches and improved customer portfolio [7] - **Colloid Segment**: Revenue grew by **26.3% YoY** to RMB 2.828 billion, with gross margin rising by **4.5 pct** to **59.1%**, supported by increased demand for xanthan gum [7] Domestic and Overseas Expansion - Domestically, Fufeng Group's new MSG production capacity is in trial operation, with further capacity additions expected in 2024 to optimize cost advantages and consolidate market leadership [8] - Overseas, the company is conducting feasibility studies in the US and Eastern Europe to establish production bases for threonine and lysine, aiming to enhance efficiency by sourcing local raw materials and selling locally [8] - The company has successfully set up regional marketing centers in Vietnam, the US, and the Netherlands to better serve overseas customers [8] Financial Forecasts - Revenue is expected to grow by **5% YoY** in 2024 to RMB 29.496 billion, with further growth of **8%** and **9%** in 2025 and 2026, respectively [4] - Net profit is projected to decline by **3% YoY** in 2024 to RMB 3.061 billion, followed by growth of **10%** and **11%** in 2025 and 2026, respectively [4] - EPS is forecasted at RMB 1.21, 1.32, and 1.47 for 2024, 2025, and 2026, respectively [4]

Investment Rating - The report maintains an "Outperform" rating for Soochow Securities with a target price of Rmb 8.61 [1][3][17]. Core Insights - Soochow Securities, a regional brokerage, excels in bond underwriting and benefits from a robust risk control system and comprehensive business expansion, particularly in the Yangtze River Delta development [3][17]. - In 2023, the company achieved a revenue of Rmb 11.28 billion, a year-on-year increase of 7.6%, and a net profit attributable to shareholders of Rmb 2 billion, up 15.4% year-on-year [3][17]. - The company's investment profit (including fair value) surged by 267.4% year-on-year to Rmb 2.35 billion in 2023, indicating strong performance driven by proprietary trading [20][21]. Financial Performance Summary - For 2023, Soochow Securities reported: - Revenue: Rmb 11.28 billion, up 7.6% YoY - Net Profit: Rmb 2 billion, up 15.4% YoY - EPS: Rmb 0.40, ROE: 5.2%, up 0.5 percentage points YoY - Q4 2023 revenue: Rmb 3.24 billion, up 83.5% YoY; NPAtS: Rmb 260 million, down 48.7% YoY [3][17]. - For Q1 2024: - Revenue: Rmb 2.23 billion, down 1.3% YoY - Net Profit: Rmb 460 million, down 21.8% YoY - EPS: Rmb 0.09, ROE: 1.14%, down 0.37 percentage points YoY [3][17]. Brokerage and Investment Banking Performance - Brokerage income faced pressure in 2023, with a total market average daily trading volume of Rmb 962.5 billion, down 4.0% YoY [18]. - The company's brokerage income for 2023 was Rmb 1.64 billion, down 9.9% YoY, while Q1 2024 brokerage income was Rmb 370 million, down 6.8% YoY [18]. - Investment banking income for 2023 was Rmb 1.08 billion, down 4.3% YoY, with a notable decline in equity underwriting volume by 38.3% YoY, while bond underwriting volume increased by 12.4% YoY [19]. Asset Management and Proprietary Trading - Asset management income in 2023 was Rmb 110 million, down 45.0% YoY, but saw a significant increase in Q1 2024 to Rmb 40 million, up 64.0% YoY [20]. - The total scale of asset management business reached Rmb 61.39 billion by the end of 2023, with active management scale at Rmb 53.91 billion [20]. - Proprietary trading was a key driver of overall performance growth in 2023, with investment profit reaching Rmb 2.35 billion [20]. Earnings Forecast - The forecast for EPS from 2024 to 2026 is Rmb 0.40, Rmb 0.42, and Rmb 0.46 respectively, with BVPS projected at Rmb 8.61, Rmb 9.08, and Rmb 9.56 [21].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 37.10 per share, based on a projected PE of 35 for 2024 [4][11]. Core Insights - The company reported a revenue of RMB 749 million for 2023, reflecting a year-on-year increase of 20.2%, and a net profit attributable to shareholders of RMB 158 million, up 15.7% year-on-year [8][12]. - The gross profit margin for 2023 was 57.6%, an increase of 3.6 percentage points compared to the previous year [14][16]. - The "Easy Control" product series achieved sales of RMB 130 million in 2023, marking a significant year-on-year growth of 70% [2][9]. - Revenue breakdown by product for 2023 shows lenses at RMB 595 million (+24.6% YoY), materials at RMB 90 million (+1.4% YoY), finished glasses at RMB 54 million (+10.4% YoY), and frames at RMB 5 million (+50.1% YoY) [2][9]. Financial Performance Summary - The company forecasts net profits of RMB 210 million for 2024 and RMB 270 million for 2025, with corresponding PEs of 26.2 and 21.1 [4][10]. - The comprehensive gross profit margin for Q1 2024 was reported at 58.1%, up 1.9 percentage points from the previous quarter [14][16]. - The company had 194 hospital clients by the end of 2023, including partnerships with notable medical institutions [3][17]. Revenue by Channel and Region - In 2023, revenue from direct sales was RMB 453 million (+14.6% YoY), distribution generated RMB 234 million (+31.2% YoY), e-commerce brought in RMB 57 million (+18.9% YoY), and model experience stores contributed RMB 5 million (+170.3% YoY) [3][17]. - Revenue from Continental China was RMB 708 million (+23.7% YoY), while overseas revenue was RMB 40 million, reflecting a decline of 19.8% [3][17].

研究报告Research Report 7 May 2024 中国必需消费 China Staples HTI 中国消费行业 5 月投资报告：分红率如期提高，资金面预期改善 The dividend rate has increased as scheduled, and the improvement in funding is expected [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 需求：24年4月重点跟踪的8个行业中6个保持正增长，2个负增 长。实现双位数增长的行业有次高端及以上白酒（主要受贵州茅台 股票名称 评级 股票名称 评级 带动）、速冻食品和餐饮；个位数增长的行业包括软饮料、调味品 贵州茅台 Outperform 安琪酵母 Outperform 和啤酒；乳制品和大众及以下白酒负增长。与上月相比，3 个行业 五粮液 Outperform 安井食品 Outperform 增速加快或降幅收窄，4 个行业增速下滑，1 个持平。进入传统消 山西汾酒 Outp ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业信息点评 2024年05月07日 国家两部门联合印发《数字经济 2024 年 工作要点》 [Table_Summary] 投资要点：  2024年4月，国家发展改革委办公厅、国家数据局综合司印发《数字经济2024 年工作要点》（以下简称《工作要点》）。  九方面落实举措。《工作要点》提出9方面落实举措：一是适度超前布局数字基 础设施，深入推进信息通信网络建设，加快建设全国一体化算力网，全面发展 数据基础设施。二是加快构建数据基础制度，推动落实“数据二十条”，加大公 共数据开发开放力度，释放数据要素价值。三是深入推进产业数字化转型，深 化制造业智改数转网联，大力推进重点领域数字化转型，营造数字化转型生态。 四是加快推动数字技术创新突破，深化关键核心技术自主创新，提升核心产业 竞争力，大力培育新业态新模式，打造数字产业集群。五是不断提升公共服务 水平，提高“互联网+政务服务”效能，提升养老、教育、医疗、社保等社会服务 数字化智能化水平，推动城乡数字化融合，打造智慧数字生活。六是推动完善 数字经济治理体系，强化数字化治理能力，加强新就业形态 ...