Investment Rating - The investment rating for the company is "Buy" with a target price of 57.70 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [13][23]. Core Insights - The company reported a revenue of 1.16 billion CNY in 2023, representing a year-on-year increase of 8.7%, and a net profit attributable to shareholders of 256 million CNY, up 32.5% year-on-year [13]. - In Q1 2024, the company achieved a revenue of 335 million CNY, a quarter-on-quarter increase of 10.1%, and a net profit of 71.52 million CNY, up 6.9% from the previous quarter [13]. - The company is experiencing growth in its metal soft magnetic powder business, with revenue from this segment reaching 1.03 billion CNY, a significant increase of 406% year-on-year [13]. - The company is also expanding its product offerings, with new series of iron-silicon and iron-nickel magnetic powder cores gaining market share [13]. Financial Performance Summary - The company’s total revenue is projected to grow from 1.066 billion CNY in 2023 to 1.527 billion CNY in 2024, reflecting a growth rate of 31.83% [16]. - The net profit is expected to increase from 193 million CNY in 2023 to 343 million CNY in 2024, with a growth rate of 34.28% [16]. - The earnings per share (EPS) is forecasted to be 1.73 CNY in 2024, compared to 1.76 CNY in 2023 [16]. Business Segment Performance - The metal soft magnetic powder segment generated revenue of 1.03 billion CNY, with a production volume of 32,326 tons, reflecting a year-on-year increase of 5.35% [13]. - The company’s high-spherical ultra-fine iron-silicon-chromium powder has begun mass production, contributing to import substitution [13]. - The chip inductor segment has seen significant growth, with revenue reaching 1.03 billion CNY, driven by demand from AI chip manufacturers [13]. Market Outlook - The company anticipates continued growth in the photovoltaic inverter market, with increasing demand for replacement in existing installations [13]. - The introduction of new products and enhancements in existing product lines are expected to further drive revenue growth [13].

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Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown progress in deep processing and integration casting, particularly in the automotive sector, with significant collaborations for developing large-scale integrated casting components [2] - Despite a decline in revenue and profit in 2023, the company is expected to benefit from lower raw material prices and a shift towards high-value-added products, projecting revenue growth from 2024 to 2026 [30] Financial Summary - The company reported a revenue of 76.52 billion yuan in 2023, a decrease of 15.96% compared to 2022, with a net profit of 3.06 billion yuan, down 49.87% [5] - The projected revenue for 2024 is 96.94 billion yuan, with an expected growth rate of 26.69%, and net profit is anticipated to rise to 4.05 billion yuan, reflecting a growth rate of 32.03% [3][5] - Earnings per share (EPS) for 2023 was 0.43 yuan, with projections of 0.57 yuan for 2024 and 1.01 yuan for 2025 [3][5] Product Performance - The company has seen a significant increase in the proportion of deep processing products, with magnesium alloy deep processing products accounting for 38% of total revenue in 2023, up from 27% in 2022 [5] - The gross profit margins for magnesium and aluminum deep processing products were 18.1% and 12.4%, respectively, indicating a focus on improving product profitability despite market challenges [5] Market Context - The magnesium price has remained low due to weak downstream demand and reduced exports, with an average price of 22,200 yuan per ton in 2023, down 27.6% year-on-year [5] - The company is actively expanding its product structure to include high-value items such as dashboard supports and large magnesium castings, which are expected to enhance profitability [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of 10.80 CNY per share [1][16]. Core Views - The company reported a revenue of 3.565 billion CNY in 2023, a decrease of 7.16% year-on-year, while the net profit attributable to shareholders was 192 million CNY, an increase of 3.90% [1]. - The company has focused on its core business, leading to a rapid growth in net profit excluding non-recurring items, which increased by 26.71% to 177 million CNY [1]. - The gross margin improved to 24.80%, up by 3.21 percentage points, and the net margin increased to 7.02%, up by 0.33 percentage points [1]. - The company has significantly increased its R&D investment, which is expected to enhance its core competitiveness and drive future performance growth [1][11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 3.565 billion CNY, down 7.16% from the previous year, primarily due to tax policy adjustments [1]. - The net profit attributable to shareholders was 192 million CNY, reflecting a 3.90% increase, while the net profit excluding non-recurring items reached 177 million CNY, marking a 26.71% growth [1][17]. - The gross margin for the year was 24.80%, and the net margin was 7.02%, indicating improvements in profitability [1]. R&D and Competitive Position - The company has increased its R&D intensity, with R&D expenses rising by 18.70% to 245 million CNY, representing 6.88% of revenue, an increase of 1.50 percentage points [1]. - The company completed 86 projects and 78 technological innovations during the reporting period, enhancing its capabilities in guided control systems and military communications [1][11]. Future Outlook - The company expects to achieve a revenue of 3.8 billion CNY and a profit of 290 million CNY in 2024, ensuring steady growth in high-quality development [27]. - Forecasts for 2024-2026 indicate revenues of 3.988 billion CNY, 4.822 billion CNY, and 5.975 billion CNY, with net profits of 220 million CNY, 276 million CNY, and 344 million CNY respectively [16][17].

联系电话：010-59219558 传真：010-59562637 2024年04月24日 证券研究报告|公司研究|公司点评 比+19.39%;加强采购和存货周转管理,采购支付款同比-16.46%。业绩预告,公司 2024Q1 收入质量有较大提升。毛利率同比增长超过 13 个 pcts, 毛利额同比增长超过 15%。研发费用和管理费用持续下降,研发费用同比下降约7%,管理费用同比下降约 23%。若不考虑增值税退税减少的影响,归母净利润同比减亏 30%左右。综合来看,公 司持续推进管理提质增效, 2024年或实现扭亏为盈。 � 我军信息支援部队成立,凸显网络空间安全产业国家战略地位。 ◆ 投资建议 | --- | --- | --- | |-------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------- ...

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Investment Rating - The report maintains a positive outlook on TSMC, with a focus on AI demand and advanced packaging technology as key growth drivers [2][9][10]. Core Insights - TSMC's Q1 2024 revenue was USD 18.87 billion, showing a year-over-year increase of 16.5% but a quarter-over-quarter decrease of 3.8%, slightly exceeding guidance [9][11]. - The company has adjusted its semiconductor growth forecast for 2024, now expecting a 3% increase in the global semiconductor market (excluding memory), down from previous expectations of over 5% [10][17]. - AI demand is highlighted as a standout area, with expectations for server AI processor revenue to more than double in 2024, contributing to over 20% of total revenue [10][18]. Financial Performance - TSMC's gross margin for Q1 2024 was 53.1%, which is a year-over-year decrease of 3.2 percentage points but an increase of 1.4 percentage points from the previous quarter [11][12]. - The company shipped 3,030 thousand wafers in Q1 2024, reflecting a year-over-year decrease of 6.1% but a quarter-over-quarter increase of 25.4% [30][32]. Market Demand - Smartphone revenue saw a seasonal decline of 8% quarter-over-quarter, accounting for 40% of Q1 revenue, while high-performance computing (HPC) revenue increased by 10% [10][13]. - TSMC has lowered its automotive electronics demand forecast, now expecting a decline in this segment for the year [10][17]. Technology and Capacity Expansion - TSMC is expanding its global manufacturing footprint, particularly in Arizona, to support AI-related demand and enhance customer trust [20][21]. - The company plans to maintain its capital expenditure (CAPEX) forecast for 2024 at USD 32-36 billion, with a significant portion allocated to advanced processes [16][26]. Future Outlook - The report anticipates a gradual recovery in the semiconductor market, with TSMC's business expected to grow sequentially throughout 2024, with an overall growth slightly exceeding 5% for the year [17][18]. - The N3 technology is projected to begin mass production in 2025, with significant customer interest and expected revenue contributions [19][25].

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