Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is one of the few in mainland China capable of providing both integrated and separated display driver solutions, with a strong technical foundation and over a decade of collaboration with major clients like BOE [6][12]. - The domestic panel industry is entering a deep phase of localization, with a significant demand for domestic substitutes in the display driver chip market, which is currently dominated by foreign players [6][51]. - The company is positioned as a leader in integrated display chips for wearable devices, with plans to leverage its proprietary technology to reduce costs and penetrate high-end markets [6][30]. Summary by Sections Company Overview - The company specializes in display driver chips, with a comprehensive product range and strong R&D capabilities, serving major brands like HP and Dell [12][29]. - The product lines include integrated display chips, separated display driver chips, and display power management chips, covering various terminal applications [12][29]. Market Potential - The global display driver chip market is valued at approximately $14.2 billion, with the domestic market around $6.5 billion, indicating substantial growth potential [6][66]. - The localization of the supply chain is expected to accelerate, driven by the increasing domestic production of display panels [6][67]. Financial Projections - The company is projected to achieve revenues of 4.80 billion yuan in 2023, with a year-on-year growth of 13%, and is expected to reach 10.44 billion yuan by 2025 [30][84]. - The gross margin is anticipated to improve gradually, reaching 28% by 2025 [30][84]. Competitive Landscape - The company ranks third globally in the LCD smart wearable market with a market share of 24.8% [6][74]. - The domestic market for display driver chips is characterized by low penetration of local manufacturers, with significant room for growth as the industry shifts towards localization [6][51].

算力竞赛持续加剧，卫星通信应用端不断突破 证 券 研 ——通信行业周报（2024.4.01-2024.4.07） 究 [Table 增_R 持at （ing 维] 持） ◼[T ab周le行_S情um mary] 报 行情回顾：过去一周（2024.4.1-4.3），上证指数、深证成指涨跌幅分别 告 [行Ta业bl:e _Indu通st信ry] 为0.92% 、1.16%，中信通信指数涨跌幅为-1.76%，在中信30个一级行业 日期: s20h2z4q年 da0t4e月m0a9r日k 排第28位。过去一周通信板块个股表现：股价涨幅前五名为:ST天喻 18.94%、ST鹏博士15.47%、亿联网络13.78%、广哈通信13.75%、ST通脉 [T分ab析le师_A: utho刘r]京 昭 8.63%。股价跌幅前五名为：鼎信通讯-21.36%、神宇股份-15.55%、司南 导航-12.52%、元道通信-12.35%、兆龙互连-12.13%。 E-mail: liujingzhao@shzq.com 过去一周通信板块呈现下跌走势，细分板块通信设备、通讯工程服务近 SAC编号: S0870523040005 一周涨跌幅 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the benchmark index by more than 20% over the next six months [26][28]. Core Insights - The company achieved a revenue of 3.332 billion yuan in 2023, a year-on-year decrease of 7.95%, while the net profit attributable to shareholders was 105 million yuan, reflecting a year-on-year increase of 21.84% [22][23]. - The company is focusing on dual-brand development and optimizing its offline store model, which has led to a significant growth in its new e-commerce channels, particularly on platforms like Douyin, which saw a 290% year-on-year increase [3][22]. - The company plans to expand its revenue in the coming years, with projections of approximately 3.410 billion yuan in 2024, 3.591 billion yuan in 2025, and 3.843 billion yuan in 2026, representing year-on-year growth rates of 2.4%, 5.3%, and 7.0% respectively [5][23]. Financial Summary - In 2023, the company's gross margin was 28.38%, a slight decrease of 0.16 percentage points year-on-year, while the net margin improved by 0.77 percentage points to 3.48% [3][22]. - The company has optimized its expenses, with the selling, general, and administrative expense ratio decreasing to 25.18%, down 0.47 percentage points year-on-year [3][22]. - The projected earnings per share for the next three years are 0.80 yuan in 2024, 0.89 yuan in 2025, and 1.02 yuan in 2026, with corresponding price-to-earnings ratios of 17.26, 15.64, and 13.66 [5][23].

金价持续上涨，建议关注黄金珠宝头部 证 券 品牌商 研 究 ——行业周报（20240401-0405） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl周e_度Su核mm心a观ry]点 ： [行Ta业bl:e _Indu商st贸ry]零 售 黄金珠宝： 日期: s 20h2z4q年da0t4e月m0a7r日k 金价持续上涨，黄金品类有望延续高景气表现。1-2月限额以上单位金 银珠宝零售额为 708 亿元，同比增长 5%，增速环比 12 月-24.4pct。 [T分ab析le师_A: utho张r]洪 乐 从金价角度看，上海金交所黄金现货 3 月 7 日收盘价首次突破 500 元 Tel: 021-53686159 /g，创历史新高，金价持续上涨，4月3日收盘价为537.5元/g，2024 E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 年以来金价涨幅达11%，2023年涨幅为16%。展望2024年，我们认 为在外部不确定因素累积下，彰显了黄金的避险及保值属性，从而有 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比 ...

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： 《短期或聚焦结构性机会》 ——2024 年 03 月 25 日 《全面深化资本市场改革，夯实市场信 心》 ——2024 年 03 月 17 日 《关注新兴产业和未来产业机会》 ——2024 年 03 月 11 日 主 要权 益指 数表 现(周涨跌幅)： 沪深300红 利(0.67%)，中 证红利 (0.62%)，上证50(0.49%)，沪深300(-0.21%)，上证指数(-0.23%)，万 得 全A(-1.45%)，中证500(-1.83%)，北证50(-1.87%)，创业板指(- 2.73%)，科创50(-3.96%) 中信一级行业指数表现（周涨幅前5）：石油石化(4.28%)，有色金属 (3.72%)，家电(2.14%)，电力及公用事业(1.25%)，银行(0.97%) 转债行业表现：公用事业(0.25%) 金融(0.16%) 日常消费品(-0.40%) 可 选消费(-0.61%) 工业(- ...

PMI 回暖叠加开工率提升，关注服装零 证 券 售和出口订单改善 研 究 ——轻工纺服行业周报（20240401-0405） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 行情回顾：本周（2024.04.01-2024.04.05，下同），A股SW纺织服饰 [行Ta业bl:e _Indu纺st织ry]服 饰 行业指数上涨 2.61%，轻工制造行业上涨 2.91%，而沪深 300 上涨 日期: s 20h2z4q年da0t4e月m0a7r日k 0.86%，上证指数上涨 0.92%。纺织服装和轻工制造在申万 31个一级 行业中涨幅排名分别为第9位和第7位。 [T分ab析le师_A: utho杜r]洋 Tel: 021-53686169 1）纺织服装：3月制造业景气度继续向好，开工率重回高位。 E-mail: duyang@shzq.com 3月份制造业供给和需求加速扩张，市场景气度继续改善。4月1日公 SAC编号: S0870523090002 布的3月财新中国制造业采购经理人指数（PMI）为51.1，微升 0.2pcts，创13个月新高。财新智库高级经 ...

通胀预期平稳，利率预期趋降 风险提示 请务必阅读尾页重要声明 2 俄乌冲突等地缘政治事件恶化，国际金融形势改变：俄乌战 争久拖不决并进一步扩大化，西方对俄罗斯制裁升级或引致国际 大宗商品市场动荡，并对国际金融市场产生扰动。 分析师声明 投资评级体系与评级定义 在法律许可的情况下，本公司或其关联机构可能会持有报告中涉及的公司所发行的证券或期权并进行交易，也可能 为这些公司提供或争取提供多种金融服务。 请务必阅读尾页重要声明 4 证 券 研 究 报 告 宏 观 数 据 ——中国经济中长期前景 POLL（2024 年 3 月/PB） [Table_ReportInfo] 相关报告： 《开局较好，仍需巩固》 ——2024 年 03 月 22 日 《CPI 回正，PPI 偏弱》 ——2024 年 03 月 13 日 《外贸重振，高顺差延续》 ——2024 年 03 月 12 日 经济景气前景信心趋升 从物价市场预期的中值变化看，市场认为中国经济低通胀态势逐渐缓 解，通缩认识趋消退：与上月相比，本月市场对未来 4Q 的 CPI 增速预 期中值"三升一平"，未来 3 年度预期则都趋上移；PPI 预期变化则表 现相反，未来 ...

Investment Rating - The industry investment rating is maintained as "Accumulate" [1] Core Viewpoints - The report highlights that Zhonggu Logistics has announced a dividend plan that exceeds expectations, indicating a strong dividend attribute for the company [4] - In 2023, Zhonggu Logistics reported a revenue of 12.439 billion yuan, a year-on-year decline of 12.46%, and a net profit attributable to shareholders of 1.717 billion yuan, down 37.36% year-on-year [1][2] - The report notes a significant shift in the shipping industry, with the average freight rate returning to normal levels after a period of high demand [2] - The demand for water and rail transport is expected to increase under carbon emission constraints, with the "bulk to container" trend showing promising growth potential [3] Summary by Sections Financial Performance - In 2023, Zhonggu Logistics achieved an operating revenue of 12.439 billion yuan, a decrease of 12.46% compared to 2022, and a net profit of 1.717 billion yuan, down 37.36% year-on-year [1][7] - The company plans to distribute a cash dividend of 7.2 yuan per 10 shares, totaling 1.512 billion yuan, which represents 88.05% of the net profit attributable to shareholders [4] Business Segments - The water transport segment generated revenue of 10.112 billion yuan, a decline of 17.93% year-on-year, while the land transport segment saw revenue of 2.326 billion yuan, an increase of 25.10% [2] - The company completed a transportation volume of 14.83 million TEU in 2023, reflecting a year-on-year growth of 22% [2] Market Trends - The average industry freight rate (PDCI) fell by 25% year-on-year in 2023 as foreign trade container freight rates decreased [2] - The report emphasizes the advantages of water transport in terms of lower energy consumption and costs for long-distance, large-volume shipments [3]

餐企业绩强势修复，掘金假日经济 证 券 ——社服行业周报（2024.04.01-04.05） 研 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 报 告 [行Ta业bl:e _Indu社st会ry]服 务 餐企业绩强势修复，消费动能持续增强。在国内消费市场复苏背景 日期: s 20h2z4q年da0t4e月m0a7r日k 下，餐饮消费需求迎来快速反弹，餐饮上市公司 2023 年业绩迎来修 复。海底捞：2023 年实现收入 414.53 亿元，同比增长 33.6%；实现净 [T分ab析le师_A: utho翟r]宁 馨 利润 44.95 亿元，同比增长 174.6%。海底捞餐厅翻台率显著提升，促 Tel: 021-53686140 进了业绩增长。呷哺呷哺：得益于公司对门店网络结构的持续优化和 E-mail: zhainingxin@shzq.com SAC编号: S0870523100005 运营效率的不断提升，2023 年亏损较 2022 年有所收窄。实现营收 59.18 亿元，同比增长 25.25%；净利润亏损 1.99 亿元，去年同期亏损 [最Ta近b ...

国内人形机器人厂商进展持续落地，制造业 PMI 时 证 券 隔 5 个月后重返扩张区间 研 ——机械行业周报（2024.3.25-2024.3.29） 究 报 [Table 增_R 持at （ing 维] 持） [◼T abl行e_情Su回mma顾ry ] 告 过去一周（2024.3.25-2024.3.29），中信机械行业下跌0.50%，表现 [行Ta业bl:e _Indu机st械ry] 处于中上游，在所有一级行业中涨跌幅排名第13。具体来看，工程机 日期: s 20h2z4q年da0t4e月m0a4r日k 械上涨4.40%，通用设备下跌2.55%，专用设备下跌2.08%，仪器仪表 下跌1.85%，金属制品上涨0.28%，运输设备上涨3.63%。 [T分ab析le师_A: utho刘r]阳 东 ◼ 主要观点 Tel: 021-53686144 E-mail: liuyangdong@shzq.com ➢ 人形机器人产业链 SAC编号: S0870523070002 1、国内人形机器人厂商进展持续落地，有助于加速人形机器人商业 分析师: 吴婷婷 化。 1）3 月中下旬，宇树科技在官方视频号上发布人形机器人 U ...