Investment Rating - The report maintains an "Accumulate" rating for the beauty and personal care industry [1] Core Insights - The 618 shopping festival has commenced, highlighting the full-cycle performance of beauty brands, with notable performances from Proya and Kefu Mei. The first live broadcast by Li Jiaqi on May 19 generated a GMV of over 2.675 billion yuan, marking a 194.9% increase compared to this year's major promotional events [1] - The adjustment of medical beauty surgical projects in Guangdong is expected to boost investor confidence in the medical beauty sector. The inclusion of physical and injection treatments in the surgical project category is anticipated to enhance market compliance and increase the supply of medical professionals [2][3] Summary by Sections Beauty and Personal Care Performance - The first live broadcast of the 618 festival by Li Jiaqi featured 500 products, with 371 being beauty items from 141 brands. Domestic brands accounted for 36.9% of the GMV, totaling approximately 806 million yuan, while foreign brands made up 69.9% with 1.869 billion yuan [1] - Proya and Kefu Mei ranked first and fifth in skincare sales on Tmall during the event, with Proya achieving a GMV of 2.14 billion yuan and Kefu Mei 1.55 billion yuan [1] Medical Beauty Sector Developments - The Guangdong Provincial Health Commission announced adjustments to medical beauty surgical projects, adding physical and injection treatments. This includes various laser and injection therapies, which are expected to enhance the compliance and efficiency of the medical beauty market [2] - The report suggests that the adjustments will facilitate the entry of more doctors into the light medical beauty sector, potentially increasing its market share [2][3] Long-term Investment Outlook - The report indicates a positive long-term outlook for the medical beauty sector, with expectations of continued penetration and growth. Companies such as Kefu Mei and others in the medical beauty space are highlighted for their strong sales performance and product development [3]

证 汽车行业 23Q4+24Q1 财报总结：销量高增与 券 价格战扰动并存，看好电动化和智能化主线 研 究 报 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 告 [行Ta业bl:e _Indu汽 st车ry] 行情复盘：销量高增与价格战扰动并存，电动化和智能化是主线。 日期: s 20h2z4q年da0t5e月m2a5r日k 2023年8-9月，特斯拉降价1.4万元，其他厂商纷纷跟进，引发市场对 [T分ab析le师_A: utho仇r]百 良 价格战担忧，汽车股市震荡下行；10-11月，问界推出新M7销量高 增，华为与长安宣布成立合资公司整合智能化，同时汽车行业销量高 E-mail: qiubailiang@shzq.com SAC编号: S0870523100003 增；2023年12月-2024年2月，年底车企又开启价格战，比亚迪等多家 分析师: 李煦阳 车企降价促销，开年后乘用车市场产销下滑，以价换量是普遍现象；3 E-mail: lixuyang@shzq.com 月-4月，价格战成交量转化效率一般，北京车展来临各厂商陆续发布 SAC编号: S087 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is deeply engaged in the laptop keyboard backlight module market, with ongoing expansion into Mini LED backlight applications. It has established itself in the supply chains of major laptop manufacturers like Lenovo and HP, achieving a global penetration rate of approximately 40% for its laptop backlight modules, which is expected to increase further [5]. - The company has successfully broken the international monopoly on ultra-small waterproof switches, with products now meeting IP67 standards and gaining acceptance from major clients like Huawei. The acquisition of Xinfeng Technology is expected to enhance its precision component business and facilitate entry into the automotive sector [5]. - The company is transitioning towards the new energy sector, with plans to produce 12 million CCS modules and 39 million FPC modules, aiming to enter the power and energy storage battery supply chains. This shift is anticipated to significantly boost the company's performance [5]. Summary by Sections 1. Core Business and Expansion - The company focuses on backlight modules and is gradually expanding its business scope into new energy sectors. It has a stable shareholding structure and subsidiaries that specialize in niche markets, ensuring efficient collaboration [11][14]. - The core business maintains stable gross margins, while new ventures are expected to enhance overall performance [1][62]. 2. Market Recovery and Product Penetration - The company is embedded in the supply chains of leading laptop manufacturers, with expectations for market recovery to drive performance improvements. The Mini LED backlight products for automotive applications are projected to have significant market potential [2][46][52]. - The company anticipates a recovery in demand for keyboard backlight modules as the laptop market is expected to grow by approximately 3.60% in 2024, reaching 172 million units [45][76]. 3. Acquisition and New Business Development - The acquisition of Xinfeng Technology enriches the consumer product line while developing automotive connectors, creating synergies in technology, customer resources, and supply chains [92]. - The company is expanding its CCS and FPC module business, which is expected to facilitate a transition towards the new energy sector, responding to the growing demand for lightweight battery modules [96]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve a net profit of 209 million, 260 million, and 300 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20, 16, and 14 times [5][19].

集采提质扩面，省级集采有望升级；上海 12 证 券 项辅助生殖技术纳入医保 研 究 ——医药生物行业周报（20240520-0524） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 集采提质扩面，省级联盟采购有望升级。国家医保局近日印发《国家 [行Ta业bl:e _Indu医st药ry]生 物 医疗保障局办公室关于加强区域协同做好2024年医药集中采购提质扩 日期: s 20h2z4q年da0t5e月m2a6r日k 面的通知》（以下简称《通知》）。《通知》主要包括四部分内容。 （1）扩大联盟范围，形成全国联盟集中采购。在国家组织集采的基础 [T分ab析le师_A: utho张r]林 晚 上，加强区域协同，将条件具备的省级联盟采购提升为全国联采。全 Tel: 021-53686155 国联采要规范、高效开展，做好执行监测，增强效果；公平对待各类 E-mail: zhanglinwan@shzq.com 经营主体，严防“地方保护”。这有利于实现一地集采、全国跟进， SAC编号: S0870523010001 助力全国统一大市场，降低企业重复投标成本，营造 ...

美妆关注 618 全周期表现，广东调整医 证 券 美外科项目 研 究 ——美容护理行业周报（20240520-0524） 报 告 [Table 增_R 持at （ing 维] 持） [➢Ta bl主e_S要u观mm点ar y] 618大促拉开帷幕，建议关注美妆品牌全周期表现 [行Ta业bl:e _Indu美st容ry]护 理 珀莱雅和可复美表现亮眼。（1）618李佳琦首场直播美妆类目 日期: s 20h2z4q年da0t5e月m2a6r日k GMV超26.75亿元。李佳琦618预售首场直播在5月19日8点开播。根据 青眼情报统计，5月19日李佳琦直播间共上架500个商品，其中371个 [T分ab析le师_A: utho梁r]瑞 为美妆商品，涉及141个品牌。其中国产品牌52个，占比36.9%。按照 Tel: 021-53686409 商品最低到手价和商品实时显示的预定件数计算（件数如页面显示售 E-mail: liangrui@shzq.com 已预定10万+，则按10万件计算），2024年618李佳琦首场直播美妆类 SAC编号: S0870523110001 目GMV超26.75亿元，相较于今年38大促首次 ...

尊敬的各位投资者大家好我是上海环境的董事长王色兰首先感谢上交所上镇路演中心让我们有机会与各位投资者进行深入的交流在此我代表公司董事会及管理层对今天参加上海环境2023年度业绩说明会的各位投资者表示热烈的欢迎并向长期以来关心和支持我们的广大投资者朋友们表示衷心的感谢 绿回春见 少华如始2023年是全面贯彻党的二十大精神的开局之年也是实施十四五规划的承上启下之年回首2023年上海环境接续奋斗 砥砺前行向本增效稳增长 凝精聚力谋发展向高质量发展稳步迈进开新局 我们上谈轻重并举合奏曲传统赛道 并进年内新增龙南西河生活垃圾焚烧项目宁波相保污水处理项目为上海市公卫中心焚烧炉的大修巴斯福湛江威费焚烧技术培训华曹建筑垃圾资源化处置等提供最优质的新资产 创新业 我们传播资本市场好声音 新一届董事会全新启航 首次荣获中国上市公司协会董事会优秀实践案例荣誉我们持续强化信批体系建设 连续四年荣获上交所 年度信息披露工作 最高评级A级 连续两年荣获中国上市公司协会上市公司董办最佳实践荣誉我们注重头冠响应业绩说明会常态化号召荣获中国上市公司协会上市公司2022年报业绩说明会优秀实践案例荣誉 预新机我们复立运营管理新动能以上海市全域进行无 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [16]. Core Viewpoints - The company is a veteran in the automotive electronics industry, with a strong growth trajectory driven by its mature and expanding business segments [45]. - The company has established a leading position in the smart power controller market, with a compound annual growth rate (CAGR) of 23.68% in revenue from 2019 to 2023, and a significant increase in net profit in 2023 [16][31]. - The company is well-positioned to benefit from the ongoing trend of import substitution, particularly in its smart power controller segment, which is expected to see increased market share [41]. Summary by Sections 1. Business Overview - The company specializes in automotive smart core electronic products, including smart power controllers, intelligent wiper systems, precision injection molded products, and sensors [45]. - The smart power controller segment includes rectifiers, regulators, and high-power diodes, which are essential for automotive engine and generator systems [48]. 2. Financial Performance - The company achieved a revenue of 1.671 billion yuan in 2023, representing a year-on-year growth of 42.29% [16]. - The net profit attributable to shareholders reached 305 million yuan in 2023, a remarkable increase of 124.07% compared to the previous year [16][31]. - The gross margin slightly increased to 30.90% in 2023, attributed to improved procurement efficiency and production processes [33][51]. 3. Market Position and Growth - The company has a strong customer base, including major automotive manufacturers such as Ford, General Motors, and BMW, which enhances its market credibility [24][66]. - The growth segment, particularly in intelligent wiper systems and nitrogen oxide sensors, has shown a CAGR of 57.65% from 2020 to 2023, increasing its revenue share from 7.10% to 27.01% [51]. - The company is expanding its overseas market presence, with a CAGR of 46.25% in export revenue from 2020 to 2023 [51]. 4. Technological Advancements - The company has developed key technologies in its product lines, such as high-temperature co-firing ceramics for nitrogen oxide sensors, which positions it favorably in the market [80][84]. - The intelligent wiper system incorporates advanced features like rain sensors and control units, enhancing vehicle safety and user experience [71][74]. 5. Future Projections - Revenue projections for 2024 to 2026 are estimated at 2.273 billion, 3.000 billion, and 3.816 billion yuan, respectively, with corresponding net profits of 419 million, 549 million, and 711 million yuan [41]. - The company is expected to maintain a high growth rate, driven by its solid foundation in mature business and the expansion of its growth segments [41].

尊敬的各位投资者大家好我是上海环境的董事长王色兰首先感谢上交所上镇路演中心让我们有机会与各位投资者进行深入的交流在此我代表公司董事会及管理层对今天参加上海环境2023年度业绩说明会的各位投资者表示热烈的欢迎并向长期以来关心和支持我们的广大投资者朋友们表示衷心的感谢 绿回春见 少华如始2023年是全面贯彻党的二十大精神的开局之年也是实施十四五规划的承上启下之年回首2023年上海环境接续奋斗 砥砺前行向本增效稳增长 凝精聚力谋发展向高质量发展稳步迈进开新局 我们上谈轻重并举合奏曲传统赛道 并进年内新增龙南西河生活垃圾焚烧项目宁波相保污水处理项目为上海市公卫中心焚烧炉的大修巴斯福湛江威费焚烧技术培训华曹建筑垃圾资源化处置等提供最优质的新资产 创新业 我们传播资本市场好声音 新一届董事会全新启航 首次荣获中国上市公司协会董事会优秀实践案例荣誉我们持续强化信批体系建设 连续四年荣获上交所年度信息披露工作最高评级A级 连续两年荣获中国上市公司协会上市公司董办最佳实践荣誉我们注重头冠响应业绩说明会常态化号召荣获中国上市公司协会上市公司2022年报业绩说明会优秀实践案例荣誉 预新机我们复利运营管理新动能以上海市全域进行无废城 ...

证 券 研 究 报 告 [Table_Author] 分析师: 廖旦 E-mail: liaodan@shzq.com SAC 编号: S0870521110003 [Table_ReportInfo] 相关报告： 《关注估值左侧的"焕"新板块》 ——2024 年 05 月 14 日 《关注外资核心配置方向》 ——2024 年 04 月 29 日 《关注"安全"资产和"内循环"经济》 ——2024 年 04 月 22 日 主 要权益指 数表现(周涨 跌幅)：沪深300红利(1.37%)，中证红利 (1.08%)，上证50(0.62%)，沪深300(0.32%)，万得全A(0.06%)，上证 指 数(-0.02%)， 创 业 板 指(-0.70%)， 中 证500(-0.79%)， 科 创50(- 1.66%)，北证50(-1.89%) 市 场 预 期9月 首 次 降 息 ： 芝加哥商品交易所美联储观察工具 "FedWatch"的2024年5月18日数据显示，投资者预计美联储6月按 兵不动的概率为91.1%， 7月不动的概率为70.4%；预计9月首次降息 25BP的概率为49.0%。 工业生产较快增长，制造业增 ...

Economic Performance - In April, the industrial added value grew by 6.7% year-on-year, rebounding from a decline in March, indicating resilience in China's economy[21] - Fixed asset investment (excluding rural households) for January to April reached 14,340.1 billion yuan, with a year-on-year growth of 4.2%, showing a slight decline of 0.3 percentage points[9][27] - Real estate investment for January to April was 3,092.8 billion yuan, down 9.8% year-on-year, with signs of improvement in some related data[51] Investment Trends - Investment in infrastructure and manufacturing showed a slight decline after high growth at the beginning of the year, indicating a need for stable investment momentum moving forward[27] - Private fixed asset investment was 73,913 billion yuan, with a year-on-year growth of only 0.3%, reflecting a cautious investment environment[9] Consumer Behavior - Social retail sales totaled 35,699 billion yuan in April, growing by 2.3% year-on-year, continuing a downward trend influenced by high base effects from the previous year[46] - Retail sales excluding automobiles reached 32,196 billion yuan, with a growth of 3.2%, indicating a mixed consumer sentiment[46] Policy and Market Outlook - The macroeconomic environment is expected to stabilize and improve, supported by policy incentives and economic resilience, leading to a dual recovery in both the economy and capital markets in 2024[3][58] - The monetary environment remains accommodative, with expectations for potential interest rate cuts or reserve requirement ratio reductions in the future[4][36]