Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 53.23 per share [2][10]. Core Insights - The company has demonstrated steady growth in performance, achieving a revenue of RMB 3.103 billion in the first three quarters of 2023, representing a year-on-year increase of 22.98%. The net profit attributable to shareholders reached RMB 557 million, up 40.17% year-on-year [3][15]. - The company is expanding its hospital and optometry clinic operations, showcasing impressive profitability with a gross profit margin of 50.62% and a net profit margin of 18.35% for the first three quarters [3][15]. - The balanced development in comprehensive ophthalmology and consumer ophthalmology serves as dual growth engines, with plans to continue investing in ophthalmology and expanding scale [3][16]. - The company has acquired over 20 ophthalmology hospitals in 2023, laying a solid foundation for future growth [3][16]. - Earnings forecasts indicate revenue growth from RMB 4.124 billion in 2023 to RMB 6.665 billion in 2025, with net profits projected to rise from RMB 697 million to RMB 1.156 billion during the same period [3][16]. Financial Summary - For the first three quarters of 2023, the company reported a net cash flow from operating activities of RMB 725 million, a 17.88% increase year-on-year [3][15]. - The gross profit margin for the first three quarters was 50.62%, an increase of 2.60 percentage points year-on-year, while the net profit margin improved by 2.42 percentage points to 18.35% [3][15]. - The company’s revenue is expected to grow at rates of 27.5%, 28.1%, and 26.2% for the years 2023, 2024, and 2025, respectively [4][16].

Group 1: Economic Overview - China's economic growth target for 2023 was successfully achieved, with a focus on four key variables for 2024: real estate, new productivity, monetary and fiscal policy scale, and Federal Reserve monetary policy[3] - Real estate remains a significant component of household wealth, broad fiscal policy, and financial institution assets, influencing macroeconomic trends in 2024 despite low performance indicators[3] - The transition from old to new economic drivers is crucial, with new productivity being a key aspect of economic development in 2024[3] Group 2: Real Estate Market - As of 2023, the sales area of commercial housing in China saw a year-on-year decline of 8.5%, an improvement from a 24.3% drop in 2022, while sales revenue fell by 6.5%[10] - New housing sales remain at relatively low levels, with the new construction area down by 20.4% compared to 2021's peak, indicating ongoing pressure in the real estate sector[23] - Key factors affecting real estate recovery include the supply of second-hand homes and the pace of urban village renovations, with local government financing challenges impacting these efforts[12] Group 3: New Productivity - The contribution of strategic emerging industries to GDP increased from 7.6% in 2014 to over 13% in 2022, with a target of 17% by 2025 according to the 14th Five-Year Plan[16] - High-tech manufacturing's share of industrial added value rose from 9.4% in 2012 to 15.5% in 2022, reflecting a shift towards higher value-added production[16] - Emerging industries, particularly in new energy vehicles and information technology, are becoming significant drivers of export growth, with new energy vehicle exports reaching 1.06 trillion yuan in 2023, a 29.9% increase year-on-year[42] Group 4: Policy Implications - Monetary and fiscal policies are critical for boosting economic growth, with expectations for a more proactive fiscal stance in 2024, including potential increases in deficit ratios and special bond quotas[35] - The People's Bank of China has implemented measures to provide liquidity, including a 0.5 percentage point reduction in the reserve requirement ratio, injecting 1 trillion yuan into the market[32] - The Federal Reserve's monetary policy will continue to impact China's exchange rates and liquidity environment, with potential easing expected in 2024 if the Fed shifts towards rate cuts[58]

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 40.00 [1][30]. Core Insights - The company is experiencing short-term performance pressure, but the new COP-V8 platform is expected to initiate a second growth curve [1][22]. - The product system is diverse, with the COP-V8 platform entering commercial operation and generating significant contract signings [1][12]. - The company is well-positioned to benefit from trends in information innovation and digital transformation, with anticipated revenue growth in software products and improved gross profit margins [22][30]. Summary by Sections Product and Revenue - The company’s collaborative management software product revenue reached RMB 916 million in 2022, accounting for 88.73% of total revenue [1][12]. - The COP-V8 platform has signed contracts worth over RMB 90 million since its commercial launch in May 2023 [1][12]. Contract Growth - In 2023, the company saw a contract signing amount growth of over 20% year-on-year, with new customer contracts increasing by over 28% [2][29]. - The market share among top clients is increasing, particularly with central enterprises, where contract amounts grew over 35% [2][29]. Technology and Strategy - The COP-V8 platform is built on a strong technical foundation, utilizing cloud-native technology and a microservices architecture to meet high-performance requirements [4][13]. - The company has embraced AI, launching the AI-COP framework and various innovative products aimed at enhancing collaborative operations [5][53]. Financial Forecast - The company forecasts revenue growth of 8.8%, 18.3%, and 15.1% for the years 2023, 2024, and 2025, respectively, with expected net profits of RMB -30 million, RMB 115 million, and RMB 146 million [22][30]. - Gross profit margins are projected to improve gradually, with estimates of 71.73%, 71.97%, and 72.21% from 2023 to 2025 [22][30].

Investment Rating - The report initiates coverage with an "Outperform" rating for Visionox (002387 CH) [4][10]. Core Views - The OLED industry is entering an upcycle, with expectations of rising prices and improved capacity utilization leading to a gradual recovery in operating profits. The projected operating profit margins for 2025 are 4% for the listed company, 12% for Hefei Visionox, and 9% for consolidated operations, approaching the margins of comparable companies [2][10]. - The ViP technology, a proprietary RGB self-alignment pixelization technology, significantly enhances product performance while reducing costs. This technology is expected to lower cash costs as domestic material breakthroughs continue [1][71]. Demand and Supply Dynamics - Demand for OLED displays is driven by the continuous penetration of smartphones, with OLED penetration rates expected to reach 61% by 2025. The report anticipates that global smartphone shipments will grow by 3% in 2024, with a notable increase in the adoption of OLED in lower-end models [5][7][16]. - The supply side indicates that domestic manufacturers are making progress in replacing imports, although capacity increases are limited in the medium term. The report highlights that the domestic market share of AMOLED smartphone panels has reached 45% as of Q3 2023, with Visionox holding a 10% share [28][53]. Financial Projections - The report forecasts revenues of RMB 5.87 billion, RMB 8.12 billion, and RMB 9.32 billion for the years 2023, 2024, and 2025, respectively, with a significant recovery in net profit expected by 2025 [10][69]. - The target price for Visionox is set at RMB 11, corresponding to a 2x price-to-book ratio for 2025, indicating a potential upside from the current price of RMB 7.20 [2][10]. Technology and Innovation - Visionox is focusing on the development of Micro LED technology, which is expected to become a key player in the AR market. The company has invested in a leading Micro LED firm, which has achieved significant production milestones [11][76]. - The ViP technology not only enhances the effective luminous area and pixel density but also allows for a significant increase in device lifespan and brightness, while reducing preparation costs [71][76]. Strategic Partnerships - Visionox maintains close collaborations with leading domestic smartphone manufacturers, which positions the company to benefit from the increasing market share of its core clients. The return of Huawei to the market is expected to further boost OLED demand [10][68].

[Table_MainInfo] 行业研究/纺织与服装 证券研究报告 行业周报 2024年02月18日 制造台企 1 月多数环比改善，1 月美国 TSA 出行较 23Q4 加速 [Table_Summary] 投资要点：  制造台企 1 月同比增速多数环比改善。据各公司官网，中国台湾制造企业发布 2024年1月的营收数据，鞋类制造企业：①丰泰营收17.1亿元，同比增长16.5% （去年同期：-15.2%），环比 12 月增速转正（12 月：-1.7%）；②裕元集团制 造板块营收 28.4 亿元，同比增长 12.5%（去年同期：-25.0%），环比 12 月增速 转正（12月：-2.4%）；③钰齐营收3.1亿元，同比下降12.6%（去年同期：+6.8%）， 环比12月降幅收窄（12月：-48.7%）；④志强营收2.8亿元，同比增长3.9%（去 年同期：-20.8%），环比 12 月增速转正（12 月：-2.8%）；⑤宝胜营收同比下 降25.8%（去年同期：-0.3%），环比12月增速转负（12月：15.93%）。成衣、 面料制造企业：①儒鸿营收6.1亿元，同比增长25%（去年同期：-42.8%），环 比12月 ...

[Table_MainInfo] 行业研究/金融/综合金融服务 证券研究报告 行业周报 2024年02月18日 2 月日均超万亿，“开门红”未来可期 [投Tab资le要_Su点mm：ar2y0] 24 年 2 月日均股基交易额提升明显，两融余额有所下 滑。资本市场各项改革持续推进，头部券商优势显著。保险行业 2023 年以来负债端持续大幅改善，中长期看好康养产业发展；十年期国 债收益率仍在低位，如果后续经济预期改善、长端利率上行，保险 公司投资端压力将显著缓解。建议关注：中国人寿、中国太保、中 国平安、新华保险、中信证券、华泰证券、中金公司等。  非银行金融子行业近期表现：最近 4个交易日（2024 年 2月 5日-2月 8日）， 保险行业、证券行业跑赢沪深 300 指数，多元金融行业跑输沪深 300 指数。保 险行业上涨 6.97%，证券行业上涨 5.96%，多元金融行业上涨 2.94%，非银金融 整体上涨6.18%，沪深300指数上涨5.83%。  证券：2024 年 2 月交易量提升，证监会连续发声维护市场稳定。1）2024 年 2 月交易量同比、环比皆提升。截止至2024年2月8日，2月日均股基交 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 45.25 [14][15][29]. Core Insights - The company is expected to achieve a significant increase in net profit attributable to shareholders for 2023, estimated between RMB 0.7 billion and RMB 0.8 billion, representing a year-on-year growth of 1463.19% to 1686.50% [23][29]. - The dividend yield for 2023 is projected to be high, with various payout scenarios indicating a potential yield of 17.08% if the highest payout ratio from 2018-2022 is applied [52][45]. - The company has demonstrated strong past dividend capability, with annual dividend yields above 1.40% from 2018 to 2022, except for 2021 when no dividends were issued [28][20]. Financial Performance Summary - The company’s revenue is projected to grow from RMB 4.317 billion in 2022 to RMB 8.112 billion by 2025, with a compound annual growth rate (CAGR) of approximately 20.5% [22]. - Net profit is expected to increase significantly from RMB 0.45 billion in 2022 to RMB 1.294 billion by 2025, reflecting a CAGR of approximately 30.9% [22][29]. - Earnings per share (EPS) is forecasted to rise from RMB 0.08 in 2022 to RMB 2.38 by 2025, indicating strong profitability growth [22][29]. Dividend Analysis - The company’s dividend payout ratio for 2023 could reach as high as 262.85%, translating to cash dividends of RMB 1.978 billion and a dividend per share (DPS) of RMB 3.63 if the highest historical payout ratio is used [45][52]. - If the average payout ratio from 2018-2022 is considered, the expected DPS would be RMB 1.36, yielding a dividend yield of 6.36% [52][45]. Comparative Valuation - The report includes a comparative analysis of similar companies, indicating that the company’s price-to-earnings (P/E) ratio for 2024 is estimated at 25 times, which is competitive within its sector [25][22].

[Table_MainInfo] 行业研究/金融/银行 证券研究报告 行业周报 2024年02月18日 周报：1 月社融数据超预期 [投Tab资le_要Su点mm：ar建y] 议继续关注行业相关投资机会，重点关注杭州银行、 江苏银行、齐鲁银行、苏州银行、招商银行和沪农商行。 近期行业观点：展望未来银行业绩，我们认为随着后续维稳经济的政策的推出，  后续银行的营收增速有望逐步企稳，利润增速有望维持高位，不良率保持低位， 拨备覆盖率保持高位，我们建议继续关注行业相关投资机会。重点关注杭州银 行（资产质量向好，低估值高安全边际）、江苏银行（利润增速维持高位，资产 质量优异）、齐鲁银行（资产质量向好，低估值高安全边际）、苏州银行（资产 质量向好，规模较快增长）、招商银行（零售业务持续向好，资产质量优异）和 沪农商行（地理位置优越，资产质量优异）。  1 月社融数据超预期。 2024 年 1 月社融新增 6.5 万亿元，较 2023 年同期多增 约5000亿元；各项贷款新增4.92万亿元，基本与2023年持平，社融信贷新增 额均高于wind一致预期。其中人民币贷款、外币贷款、未贴现银票三项之和为 5.5万亿元，较2 ...

Investment Rating - The report indicates a positive market reaction to CF Industries' performance, with an expected revenue of $1.571 billion for Q4 2023, exceeding consensus estimates of $1.501 billion [2]. Core Insights - CF Industries' ammonia business drove better-than-expected performance, with adjusted gross profit of $216 million, despite a 52% year-over-year decline due to a 50% drop in average selling prices [2][3]. - The company raised its quarterly dividend by 25% to $0.50 per share and has $2.6 billion remaining in its $3 billion share repurchase program, expected to be completed by December 2025 [2]. - Capital expenditure guidance for FY2024 is set at $550 million, slightly above market expectations of $567 million, with a final investment decision on its low-carbon ammonia project anticipated in FY2024 [2]. Summary by Sections Financial Performance - CF Industries reported Q4 2023 revenue of $1.571 billion, a 23% increase quarter-over-quarter but a 40% decrease year-over-year [3]. - Capital expenditures for the quarter were $188 million, aligning with the company's FY2023 guidance of $450 million to $500 million [2]. - Cash and cash equivalents decreased by 38% to $2.032 billion compared to Q3 2023 [3]. Ammonia Business - The ammonia segment achieved revenue of $496 million, a 111% increase from Q3 2023, but a 38% decrease year-over-year [3]. - Adjusted gross profit for the ammonia business was $216 million, down 52% year-over-year, primarily due to lower average selling prices [2][3]. Urea and Other Segments - Granular urea business reported adjusted gross profit of $233 million, a 38% decline year-over-year, with average selling prices down 35% [2][3]. - The urea ammonium nitrate segment's adjusted gross profit was $185 million, down 66% year-over-year, attributed to a 54% drop in average selling prices [2][3]. - The ammonium nitrate segment reported adjusted gross profit of $38 million, also reflecting a 52% year-over-year decline [2][3].

[Table_Title] 研究报告 Research Report 16 Feb 2024 [Table_yemei1] 热点速评 Flash Analysis Table_APPENDIX] [Table_disclaimer] 附录 APPENDIX * 3.9% 5.1% 5.6% 第三条 本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修 改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造 成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。 除对本文内容承担责任的分析师除外，HTISG 及我们的关联公司、高级管理人员、董事和雇员，均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖。 340 Madison Avenue, 12th Floor New York, NY 10173 Attn: Sales Desk at (212) 351 6050 CIN U7414 ...