Investment Rating - The report initiates coverage with an "Outperform" rating for the company, targeting a price of RMB 210 based on a 30x and 21x PE for 2024 and 2025 respectively [10][61]. Core Insights - The optical module market is experiencing rapid growth driven by AI hardware trends, with significant demand for high-speed optical modules from key players like Google and NVIDIA [10][72]. - The company is positioned to benefit from the ongoing upgrades in optical modules, with expectations of leading the market in the deployment of 1.6T optical modules by late 2024 [10][72]. - The company has strong R&D capabilities, particularly in silicon photonics and LPO technologies, which are expected to enhance its competitive edge in the 800G and 1.6T segments [10][72]. Market Overview - The global optical module market is projected to grow significantly, with expectations of 7 million units shipped for 1.6T optical modules by 2025, driven by the demand from major cloud service providers [10][15][72]. - The company is one of the earliest manufacturers to release 400G and 800G optical modules, positioning itself favorably in the market [10][72]. Financial Forecast - The company is expected to achieve a net profit of RMB 55 billion and RMB 81 billion for 2024 and 2025 respectively, with EPS projected at RMB 6.9 and RMB 10.1, reflecting year-on-year growth of 163% and 47% [10][61]. - Revenue for 2023 is anticipated to be RMB 10.7 billion, with a significant increase expected in subsequent years due to the higher proportion of high-end product shipments [10][52]. Technology and Product Development - The company is leading in the development of new technologies such as silicon photonics, which is expected to lower BOM costs and increase market penetration in the 800G and 1.6T segments [10][72]. - The introduction of the 1.6T-LPO-DR8 OSFP product at the OFC demonstrates the company's commitment to expanding its low-power product matrix [10][72].

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[Table_MainInfo] 行业研究/房地产 证券研究报告 行业月报 2024年04月04日 [Table_InvestInfo] TOP100 房企 3 月销售数据点评—— 投资评级 优于大市 维持 单月销售环比上升，重点城市环比改善有望延续 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 14.37% 房地产 海通综指 6.43% -1.52%  2024年3月百强房企单月销售环比上升。根据克尔瑞公布的2024年1-3月销 售业绩排行榜数据，前 100强房企操盘口径销售金额达到 7792.4 亿元，较 23 -9.46% 年同期-47.5%，降幅较2月收窄1.1个百分点；权益金额达到6073.4亿元，较 -17.41% 23年同期-48.3%，降幅较2月收窄2.5个百分点，权益比78%。 -25.36% 2023/4 2023/7 2023/10 2024/1 资料来源：海通证券研究所 从2024年3月单月情况来看，TOP100房企实现操盘口径销售金额3583.2亿 元，环比 92.8%，同比-46.1%。2024 年 3 月 TOP100 房企实现权益销 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][18]. Core Views - The company's net profit attributable to shareholders decreased by 42.50% in 2023, with total revenue of 7.484 billion yuan, down 22.53% year-on-year [4][5]. - The organic fluorochemical business experienced rapid growth, achieving a gross profit of 999.7 million yuan, an increase of 30% year-on-year [4][5]. - The battery chemicals business faced pressure, with a gross profit of 814 million yuan, down 58% year-on-year due to intensified industry competition and price fluctuations [5]. - The company is focusing on international market development and enhancing efficiency to manage costs [5]. - The semiconductor chemicals business maintained stable supply to mainstream customers, with a gross profit of 84 million yuan, down 28% year-on-year [5]. Financial Summary - In 2023, the company reported total revenue of 7,484 million yuan and a net profit of 1,011 million yuan [6][14]. - The projected net profits for 2024, 2025, and 2026 are 1,407 million yuan, 1,969 million yuan, and 2,468 million yuan, respectively [5][14]. - The company expects a recovery in revenue growth starting in 2024, with an estimated increase of 8.0% [6][14]. - The gross margin is projected to improve from 28.9% in 2023 to 38.9% by 2026 [14]. Business Segment Performance - The organic fluorochemical segment is expected to grow, with projected revenues of 1,425 million yuan in 2024, increasing to 3,943 million yuan by 2026 [12]. - The battery chemicals segment is projected to stabilize, with revenues expected to remain around 5,174 million yuan from 2024 to 2026 [12]. - The semiconductor chemicals segment is anticipated to grow, with revenues projected to reach 380 million yuan by 2026 [12]. Valuation - The company is assigned a price-to-earnings (P/E) ratio of 30-33 times for 2024, corresponding to a reasonable value range of 56.10 to 61.71 yuan per share [5][14].

除非下文另有规定，否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。 和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相关金融工具（包括 ADR）可能存在一定风险。非美国发行的证券可能没有注册，或不受美国法规的 约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以外的其他货币计价的任何 证券或相关金融工具的投资或收益的价值受汇率波动的影响，可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系： Notice to Hong Kong investors: The research report is distributed by Haitong International Securities Company Limited ("HTISCL"), which is a licensed corporation to carry on Type 1 regulated activity (dealing ...

688379 CH Hangzhou Huaguang Advanced W elding Materials Rating: OUTPERFORM Target Price: Rmb24.85 23 年归母净利润 0.42 亿元，同比增长 377.19%，拓展电子和新能源汽车赛道 [Table_Summary] 投资要点： 公司积极推进新投项目建设，进行技术改进，研发新产品。1）"新型连接材 料与工艺研发中心建设项目"已于 2023 年 12 月达预定可使用状态。2）"年产 550 吨绿色环保锡基钎料技改项目"、"年产 100 吨新型钎焊材料技改项目" 已于 2023 年 2 月达预定可使用状态。3）"年产 4000 吨新型绿色钎焊材料智 能制造建设项目"将于 2024 年 12 月达预定可使用状态。 公司研究·华光新材（688379）2 [Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 华光新材（688379）公司年报点评 2024 年 04 月 05 日 Huaichao Zhuang hc.zhuang@htisec.com 2023 年归母净利润增长主要系 2023 ...

| --- | --- | --- | --- | --- | |-------------------------------------------------------------|------------------------|----------|----------------------------------|------------------| | [Table_Info] 维持优于大市 \n评级 | | | Maintain OUTPERFORM \n优于大市 | OUTPERFORM | | 现价 | | | | Rmb9.13 | | 目标价 | | | | Rmb12.00 | | HTI ESG | | | | 3.5-4.0-4.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | | | | 市值 | | | Rmb8.32bn / US$1.15bn | | | 日交易额 (3 个月均值 ) | | | | US$11.65mn | | 发行股票数目 | | | | 911.54m ...

研究报告Research Report 4 Apr 2024 药明生物 Wuxi Biologics Cayman (2269 HK) 2023年报点评：收入利润稳健增长，看好公司多项技术平台驱动一体化CRDMO龙头长期增长 Revenue and profit grew steadily, optimistic about long-term growth driven by multiple technology platforms [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件 评级 优于大市OUTPERFORM 现价 HK$14.20 公司发布2023年业绩：2023年，公司收入170.34亿元，同比增长 目标价 HK$30.88 11.6%，非新冠项目收入 165.1 亿元，同比增长 37.7%。毛利率 HTI ESG 5.0-3.2-4.0 40.1%（-3.9pp），经调整归母纯利 47.0 亿元，同 ...

研究报告Research Report 4 Apr 2024 中国必需消费 China Staples 消费行业 4 月投资策略：高股息主线暂歇，资金面经济面预期升温 The theme of high dividends is on hold for a while, and expectations for capital repatriation and economy are heating [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 需求：24年3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、餐饮和速冻食 股票名称 评级 股票名称 评级 品；个位数增长的行业包括调味品、软饮料和乳制品；啤酒和大众 贵州茅台 Outperform 安琪酵母 Outperform 及以下白酒负增长。与上月相比，3 个行业增速加快或降幅收窄， 五粮液 Outperform 安井食品 Outperform 4 个行业增速下滑，1 个持平。 ...

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 39.08 [2][4]. Core Insights - The company achieved a revenue of RMB 14.65 billion in 2023, representing a year-on-year increase of 29.53%, and a net profit attributable to shareholders of RMB 1.00 billion, up 691.14% year-on-year [3][9]. - The company exceeded its operational plan by opening 1,407 new stores, with a RevPAR recovery rate of 106.28% compared to 2019 levels [3][10]. - The company plans to open 1,200 new stores in 2024, with projected revenue growth of 5-9% year-on-year [4][11]. Financial Performance Summary - **2023 Financials**: Revenue reached RMB 14.65 billion, with a net profit of RMB 1.00 billion. The company turned around its performance with a net profit of RMB 774 million excluding non-recurring items [3][9]. - **Quarterly Performance**: In Q4 2023, revenue was RMB 3.69 billion, with a net profit of RMB 26.73 million [3][10]. - **Future Projections**: Expected revenue for 2024 is between RMB 15.4 billion and RMB 16.0 billion, with net profit projected at RMB 1.67 billion [4][11]. Operational Highlights - The company added 1,407 hotels in 2023, surpassing the initial plan of 1,200, with a net increase of 888 hotels [3][9]. - The RevPAR for the full year reached 106.28% of the 2019 level, with quarterly recoveries showing consistent improvement [3][10]. - The overseas revenue grew by 24% to RMB 4.3 billion, although losses in overseas operations increased [10][11]. Earnings Forecast - Revenue is projected to grow to RMB 15.42 billion in 2024, RMB 16.21 billion in 2025, and RMB 17.48 billion in 2026, with net profits expected to reach RMB 1.67 billion, RMB 1.78 billion, and RMB 2.02 billion respectively [4][11].