Investment Rating - The report assigns a "Buy" rating for the company with a target price of 2.40 CNY, indicating a potential upside from the current price of 1.90 CNY [44][54]. Core Insights - The company has shown a steady revenue growth of 3.6% in 2023, achieving a total revenue of 12.09 billion CNY, despite facing a net loss of 850 million CNY due to non-operational and one-time factors [37][44]. - The company is focusing on digital transformation, with significant increases in R&D investment, reaching 40.1 million CNY in 2023, which has enhanced operational efficiency and customer engagement [54][6]. - The asset management business has demonstrated strong performance, with revenue growth of 1.9% in 2023, and a stable rental rate of 96.4% [46][3]. Summary by Sections 1. Business Performance - The company achieved a revenue of 12.09 billion CNY in 2023, with a CAGR of 2.5% from 2018 to 2023 [37]. - The brokerage business revenue increased by 15.9% to 4.09 billion CNY in 2023, with a gross margin improvement of 3.4 percentage points to 20.2% [45]. - The asset management segment reported a revenue of 5.76 billion CNY, with a total transaction value (GTV) of approximately 169 billion CNY [46]. 2. Financial Metrics - The company’s operating cash flow was robust, amounting to 4.67 billion CNY in 2023, reflecting an 8.4% year-on-year increase [39][44]. - The asset-liability ratio stood at 70.5% by the end of 2023, indicating a stable financial condition [39][44]. - The gross margin improved to 9.5% in 2023, showing signs of recovery as the industry stabilizes [39][44]. 3. Digital Transformation - The company has significantly increased its R&D spending, which has facilitated a comprehensive upgrade in service delivery through digital solutions [54][6]. - The proportion of mobile users has risen, with online listings accounting for 14.5% of total transactions in 2023 [54][6]. 4. Market Position - The company has maintained a strong market presence, particularly in core cities, with a market share increase in Shanghai [45]. - The total number of operational stores decreased to 2,853 in 2023, with a focus on enhancing the efficiency of direct operations [61].

《证券期货投资者适当性管理办法》于 2017 年 7 月 1 日起正式实施，本报告仅供本公司签约客户使用，若您并 非本公司签约客户，为控制投资风险，请取消接收、订阅或使用本报告中的任何信息。本公司也不会因接收人收到、 阅读或关注自媒体推送本报告中的内容而视其为客户。本公司或关联机构可能会持有报告中提到的公司所发行的证券 并进行交易，还可能为这些公司提供或争取提供投资银行或财务顾问服务。 本报告仅供参考之用，不构成出售或购买证券或其他投资标的要约或邀请。在任何情况下，本报告中的信息和意 见均不构成对任何个人的投资建议。投资者应结合自己的投资目标和财务状况自行判断是否采用本报告所载内容和信 息并自行承担风险，本公司及雇员对投资者使用本报告及其内容而造成的一切后果不承担任何法律责任。 本报告 须注明出处为"西南证券"，且不得对本报告及附录进行有悖原意的引用、删节和修改。未经授权刊载或者转发本报告 及附录的，本公司将保留向其追究法律责任的权利。 请务必阅读正文后的重要声明部分 数据点评 西南证券研究发展中心 上海 地址：上海市浦东新区陆家嘴 21 世纪大厦 10 楼 邮编：200120 北京 地址：北京市西城区金融大 ...

[Table_ReportInfo] 2024 年 04 月 30 日 证券研究报告•宏观简评报告 数据点评 请务必阅读正文后的重要声明部分 1 制造业 PMI：延续扩张态势，生产强于需求 数据来源：wind、西南证券整理 数据来源：wind、西南证券整理 分企业规模看，不同规模企业景气度走势分化。2024 年 4 月，大型企业 PMI 为 50.3%， 较上月下降 0.8 个百分点，中型企业 PMI 为 50.7%，较上月略升 0.1 个百分点，小型企业 PMI 为 50.3%，持平于上月，均高于临界线。具体来看，不同规模企业生产端景气度均回升， 而需求端景气度均走低。4 月，大、中、小型企业生产指数较上月分别回升 0.1、1.9 和 0.3 个百分点至 52.80%、53.40%和 52.40%，新订单指数分别下降 2.80、1.30 和 0.70 个百分 点至 50.60%、51.90%和 51.20%。进出口方面，大型企业新出口订单指数走低，中、小企 业回升，大、中、小型企业进口指数均走低。具体来看，4 月，大型企业新出口订单指数较 上月下降 1.8 个百分比至 50%，持平于荣枯线，中、小型企业新出 ...

[Table_StockInfo] 买入 2024年 04月 30日 （维持） 证券研究报告•23年年报和24年一季报点评 当前价： 57.42元 今 世 缘（603369） 食品饮料 目标价： ——元（6个月） 百亿目标已达成，新百亿开局顺利 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 2023年年报和 2024年一季报，2023年实现营业总收入101.0 [分Ta析bl师e_：Au朱th会or振] 亿元，同比+28.1%；实现归母净利润31.4亿元，同比+25.3%左右。24Q1实现 执业证号：S1250513110001 营业总收入46.7亿元，同比+22.8%；实现归母净利润15.3亿元，同比+22.1%， 电话：023-63786049 业绩符合市场预期。 邮箱：zhz@swsc.com.cn  高增势能延续，结构持续升级。24Q1：1、分产品结构看，特A+类、特A类、 分析师：王书龙 A 类产品分别实现营收 29.7亿元（+22.4%）、14.1亿元（+26.5%）、1.8亿元 执业证号：S1250523070003 （+16.4%），百元以上价位高增势能延 ...

Investment Rating - The report assigns a "Hold" rating to the company, indicating that the stock is expected to perform in line with the market over the next six months [20][47]. Core Insights - The company has experienced rapid growth in its digital marketing segment, with a revenue increase of 150.8% in 2023, reaching 260 million yuan, which now accounts for 30.7% of total revenue [3][34]. - The acquisition of 51% of Yitong Jiayue has significantly contributed to revenue growth and enhanced the company's capabilities in the OTT marketing sector [3][34]. - The company is focusing on AI-driven solutions to improve efficiency and reduce costs in its information technology services, with a 14.5% increase in R&D investment in 2023 [4][40]. Summary by Sections Company Overview - The company is a provider of mobile internet application technology and information services, focusing on digital technology and application solutions, mobile information services, and digital marketing services [12][57]. - It has established stable partnerships with major enterprises such as China Mobile and State Grid, enhancing its service capabilities [57]. Financial Analysis - In 2023, the company achieved a total revenue of 854.32 million yuan, a year-on-year increase of 30.8%, and a net profit of 59.07 million yuan, up 24.1% [18][66]. - The gross margin for 2023 was 16.9%, a slight decrease of 0.8 percentage points from the previous year, while the net margin remained stable at 9% [19][67]. Profit Forecast and Valuation - The company is projected to have earnings per share (EPS) of 1.04 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 33 [20][47]. - Revenue growth is expected to continue, with a forecasted increase of 23.3% in 2024, driven by the robust development of 5G value-added services and sustained growth in digital marketing [20][44].

Investment Rating - The report assigns a "Hold" rating to the company, indicating that the stock is expected to perform in line with the market over the next six months [33]. Core Insights - The company is experiencing a performance turning point, with a 27.3% year-on-year increase in revenue for 2023, driven by a recovery in smartphone market demand and successful new product launches [31][48]. - The company has optimized its product structure, with an increasing share of pressure sensors and inertial sensors, while the revenue share of MEMS acoustic sensors has slightly declined to 68.7% in 2023 [2][4]. - The company is focusing on expanding its MEMS sensor product matrix and entering new markets, including automotive and industrial control, which are expected to provide new revenue growth drivers [4][34]. Summary by Sections Company Overview - The company, Suzhou Minxin Microelectronics Technology Co., Ltd., is a leading MEMS sensor manufacturer in China, established in 2007 and listed on the Shanghai Stock Exchange in 2020 [17][18]. - It is the only listed company in China that possesses the design and manufacturing capabilities for multiple types of MEMS chips [4][17]. Financial Performance - In 2023, the company reported a revenue of 372.66 million yuan, with a net profit attributable to the parent company of -101.85 million yuan [36][48]. - The gross margin for 2023 was 16.8%, with a significant recovery to 22.1% in Q1 2024, indicating improved profitability as market demand recovers [33][34]. Product Development - The company has successfully launched various new MEMS sensors, including micro-differential pressure sensors and waterproof barometers, which have gained recognition in the market [34][56]. - The sales volume of MEMS acoustic sensors, pressure sensors, and inertial sensors increased by 43.7%, 192.3%, and 39.9% respectively in 2023, reflecting strong demand recovery [48]. Market Position and Strategy - The company is actively expanding its market presence in non-consumer sectors, particularly in automotive pressure sensors, which are experiencing rapid growth [2][4]. - The management team is highly experienced, with a strong focus on R&D, which is crucial for maintaining the company's competitive edge in the MEMS sensor industry [24][25].

Investment Rating - The report maintains a "Buy" rating for Tongling Nonferrous Metals Group Co., Ltd. (stock code: 000630) [1] Core Views - The company's 2023 annual report and 2024 Q1 report indicate a revenue of 137.45 billion yuan, a year-on-year increase of 12.8%, while the net profit attributable to shareholders decreased by 35.5% to 2.70 billion yuan [2] - The industry outlook suggests a widening supply-demand gap for copper, with long-term copper prices expected to rise due to increasing demand from the renewable energy sector and decreasing supply growth [2] - The company’s self-produced copper output is projected to increase, with the Mirador copper mine's second phase expected to be operational by June 2025, enhancing the company's resource self-sufficiency [2] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 137.45 billion yuan, with a net profit of 2.70 billion yuan, reflecting a decrease of 35.5% year-on-year. The Q4 net profit was 590 million yuan, down 14.3% quarter-on-quarter [2] - For Q1 2024, the company reported a revenue of 32.72 billion yuan, a decrease of 4.7% year-on-year, but a net profit of 1.10 billion yuan, an increase of 7.4% year-on-year [2] Production and Pricing - The company’s production figures for 2023 included 175,600 tons of cathode copper, a year-on-year increase of 7.8%, and 41,400 tons of copper processing materials, up 5.9% [2] - The average copper spot price for 2023 was 68,272 yuan per ton, a 1.2% increase year-on-year, while the average price for Q1 2024 was 69,000 yuan, also up 1% year-on-year [2] Future Projections - The report forecasts net profits for the next three years to be 3.88 billion yuan, 4.51 billion yuan, and 5.33 billion yuan, with corresponding EPS of 0.31 yuan, 0.36 yuan, and 0.42 yuan, leading to PE ratios of 13, 11, and 9 respectively [3][4] - The company is expected to enhance its copper foil production capacity from 55,000 tons to 80,000 tons by mid-2024, further solidifying its industry leadership [2]

买入 [2T0a2b4l年e_0S5t月oc0k9In日fo ] （维持） 证券研究报告•2023年年报点评 当前价： 6.06元 华发股份（600325） 房地产 目标价： 7.28元（6个月） 销售稳健排名提升，高分红凸显价值 投资要点 西南证券研究发展中心 [T a业ble绩_S总u结mm：2a0r2y3] 年公司实现营业收入721.5亿元，同比增长19.4%；净利润34.7 [分Ta析bl师e_：Au池th天or惠] 亿元，同比下降29.0%；归母净利润18.4亿元，同比下降29.6%。公司拟每10 执业证号：S1250522100001 股派发现金红利3.7元（含税），分红比例55.4%，股息率约6%。 电话：13003109597  销售稳健排名提升，土地储备充足。2023年实现销售1260亿元，同比增长4.8%， 邮箱：cth@swsc.com.cn 连续 4年稳居千亿阵营，克而瑞销售排名升至第14，较上年提升4位。公司调 分析师：刘洋 整优化了组织结构框架，形成了“3+1”业务布局，华东大区/华南大区/珠海大 执业证号：S1250523070005 区/北方区域销售占比分别为 55.0%/ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 3.71 billion yuan, up 77.7% year-on-year, and net profit of 970 million yuan, up 448.3% year-on-year [2][4] - The first quarter of 2024 showed continued strong performance, with revenue of 760 million yuan, up 66.5% year-on-year, and net profit of 230 million yuan, up 1539.4% year-on-year [2][4] - The company is expected to see a doubling of production capacity in the long term due to ongoing technical upgrades and expansions [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 3.71 billion yuan and a net profit of 970 million yuan, with a significant increase in production across various metals [2][4] - The company forecasts revenues of 5.13 billion yuan in 2024, 6.16 billion yuan in 2025, and 7.12 billion yuan in 2026, with corresponding net profits of 1.89 billion yuan, 2.33 billion yuan, and 2.78 billion yuan respectively [4][14] Production and Pricing - The company’s production of tin concentrate, zinc concentrate, and lead concentrate increased by 111%, 33%, and 204% respectively in 2023 [2] - The average tin price in 2023 was 212,000 yuan per ton, down 14.9% year-on-year, while the average silver price was 5,571.1 yuan per kilogram, up 17.8% [2][4] Strategic Initiatives - The company plans to accelerate resource transfer and expansion of its silver mine, as well as increase its investment in gold resources [3] - The company aims to enhance its risk resilience through acquisitions of copper and gold resources abroad [3] Earnings Forecast - Future earnings are projected to grow significantly, with expected EPS of 1.03 yuan in 2024, 1.27 yuan in 2025, and 1.51 yuan in 2026, corresponding to PE ratios of 13, 10, and 9 respectively [3][4]

[Table_StockInfo] 买入 2024年 05月 08日 （维持） 证券研究报告•2024年一季报点评 当前价： 17.41元 潍柴动力（000338） 汽车 目标价： 21.28元（6个月） 利润增速超收入增速，产品结构优化显著 投资要点 西南证券研究发展中心 [T a事ble件_S：公um司m发ar布y] 2024年一季报，24Q1实现营业收入563.80亿元，同比+5.51%； [分Ta析bl师e_：Au郑th连or声] 环比+5.24%，实现归母净利润 26.0亿元，同比+40.07%，环比+3.44%，实现 执业证号：S1250522040001 扣非归母净利润23.44亿元，同比+34.57%，环比-3.96%。 电话：010-57758531 邮箱：zlans@swsc.com.cn  高利润率产品上量，驱动利润快速增长。24Q1公司盈利能力同比改善明显，毛 利 率 /净 利 率 分 别 为 22.11%/5.93% ， 同 比 +3.41pp/+1.73pp， 环 比 联系人：冯安琪 -1.55pp/-0.07pp，归母净利润同比+40.07%至 26.0亿元。预计公司利润同比 ...