Investment Rating - The investment rating for the company is "Buy" (maintained) [3][22]. Core Views - The company achieved a revenue of 4.115 billion yuan in 2023, representing a year-on-year increase of 42.22%, and a net profit of 506 million yuan, up 67.76% year-on-year [3]. - The company continues to focus on seven core product categories, each exceeding 200 million yuan in revenue, with significant growth in new categories such as egg snacks and konjac jelly [4]. - The company is enhancing its supply chain by investing in upstream raw material production, aiming for a competitive edge through cost leadership [6]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.111 billion yuan, a year-on-year increase of 20.22%, and a net profit of 110 million yuan, up 32.64% year-on-year [3]. - For Q1 2024, the company expects a net profit of 150-170 million yuan, reflecting a year-on-year growth of 34.48-52.41% [3]. Product and Channel Strategy - The company has a clear "multi-category, all-channel" strategy, with a focus on major products and collaboration with retail brands to enhance market penetration [4]. - Revenue from direct sales, distribution, and e-commerce channels in 2023 was 334 million yuan, 2.952 billion yuan, and 828 million yuan, respectively, with e-commerce showing a growth of 98.04% year-on-year [4]. Profitability and Cost Management - The net profit margin for 2023 was 12.47%, an increase of 2.04 percentage points year-on-year, with a decrease in sales, management, and R&D expense ratios [5]. - The company implemented an equity incentive plan in June 2023 to align interests with core talent, which is expected to boost long-term confidence despite short-term impacts on profitability [5]. Future Projections - Revenue projections for 2024-2026 are 5.376 billion yuan, 6.596 billion yuan, and 7.878 billion yuan, with growth rates of 30.6%, 22.7%, and 19.4%, respectively [6]. - Expected net profits for the same period are 690 million yuan, 875 million yuan, and 1.055 billion yuan, with growth rates of 36.4%, 26.9%, and 20.5% [6].

制冷剂价格持续上扬，下游积极备货迎 证 券 接旺季到来 研 究 ——基础化工行业周报（20240325-20240331） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl市e_场Su行mm情a走ry]势 过去一周，基础化工指数涨跌幅为0.53%，沪深300指数涨跌幅为- [行Ta业bl:e _Indu基st础ry]化 工 0.21%；基础化工板块跑赢沪深300指数0.74个百分点，涨幅居于所有 日期: s 20h2z4q年da0t4e月m0a1r日k 板块第10位。基础化工子行业涨幅靠前的有：聚氨酯（6.72%），无机 盐（4.57%），其他化学原料（4.50%）；跌幅靠前的有：橡胶助剂（- [T分ab析le师_A: utho于r]庭 泽 4.18%），合成树脂（-4.16%），有机硅（-3.91%）。 SAC编号: S0870523040001 ◼ 化工品价格走势 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 周涨幅排名前五的产品分别为：烧碱（36.62%）、硫酸（17.49%）、 R32（16.67%）、氢氟酸（8.03%）、苯胺（7.46%）。周跌幅前五 ...

巨子、美丽田园业绩亮眼，江苏吴中艾 证 券 塑菲蓄势启航 研 究 ——美容护理行业周报（20240325-0329） 报 告 [Table 增_R 持at （ing 维] 持） [➢Ta bl主e_S要u观mm点ar y] 巨子生物：业绩超预期，可复美实现高增 [行Ta业bl:e _Indu美st容ry]护 理 公司发布2023年业绩。2023年公司实现营收35.24亿元，同比+49%；归 日期: s 20h2z4q年da0t3e月m3a1r日k 母净利润14.52亿元，同比+44.9%。 可复美收入高增，明星单品表现亮眼。2023年可复美品牌实现收入 [T分ab析le师_A: utho梁r]瑞 27.88亿元，同比+72.9%。可复美坚持妆械协同的思路，医疗器械中明 Tel: 021-53686409 星单品可复美重组胶原蛋白敷料在2023年618和双十一大促中均蝉联天 E-mail: liangrui@shzq.com 猫伤口敷料类目TOP1，蝉联京东医用美护类目TOP1。可复美胶原修护 SAC编号: S0870523110001 系列专为敏感肌肤、屏障脆弱、泛红干燥等人群提供修护、舒缓解决 方案。明星单 ...

Investment Rating - The report maintains an "Overweight" rating for the media industry [6]. Core Insights - The report emphasizes the importance of selecting targets based on the benefits from the fundamentals, particularly focusing on the AI + text/virtual human sector, followed by AI + images [7]. - It also highlights the need to choose targets that possess quality data or content, particularly in the AI + content/IP/copyright sector [7]. Market Review - In the past week (March 18-24, 2024), the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index fell by 0.22%, 0.49%, and 0.79% respectively, while the media sector index rose by 8.92% [14]. - The top three gainers in the media sector were Huace Film & TV (95.4%), Dook Culture (59.7%), and Zhangyue Technology (42.9%) [14]. - In the overseas media sector, the top three gainers were Qutoutiao (122.0%), Pop Mart (18.2%), and Aurora (12.9%) [14]. Weekly Industry Tracking Film - The top three films by box office in the past week were "Kung Fu Panda 4" (0.95 billion), "Zhou Chu Eliminates Three Harms" (0.73 billion), and "Dune 2" (0.49 billion) [18][19]. - The total box office for the week was approximately 360.54 million, with a total of 9.71 million viewers, reflecting a week-on-week decrease of 25.28% and a year-on-year decrease of 29.98% [23][25]. Television and Variety Shows - The top ten TV dramas by popularity included "With the Phoenix" and "Flame" [26]. - The top ten variety shows included "Let's Farm Season 2" and "Detective Season 9" [27]. Online Movies - The top ten online movies by popularity included "Xiangxi Strange Events" and "End of Days Warrior" [28]. Animation - The top ten animations included "Salty Fish Cultivation" and "Translation Diary Season 4" [29]. Game Sector - The report suggests focusing on the gaming sector, recommending companies such as ShengTian Network and Perfect World, while also paying attention to Mingchen Health [8]. - The estimated weekly revenue for key games on iOS was tracked, indicating significant performance metrics [30].

全新机制口服降压药获 FDA 批准上市，关注 证 券 心血管药物赛道 研 究 ——医药生物行业周报（20240325-0329） 报 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 告 持） 全新机制口服降压药Tryvio获批。2024年3月19日，美国FDA宣布批 [行Ta业bl:e _Indu医st药ry]生 物 准Idorsia研发的新分子实体药物Tryvio上市。Tryvio是一种内皮素受体 日期: s 20h2z4q年da0t3e月m3a0r日k 拮抗剂，用于治疗与其他降压药联用仍不能充分控制的高血压。Tryvio 是目前首款也是唯一一款内皮素受体拮抗剂，是近30多年来首个获批 [T分ab析le师_A: utho邓r]周 宇 通过新治疗途径发挥作用的口服抗高血压疗法。 Tel: 0755-23603292 Tryvio的有效成分为Aprocitentan，可抑制内皮素-1（ET-1）与内皮素 E-mail: dengzhouyu@shzq.com 受体A（ETA）和内皮素受体B（ETB）受体的结合。ET-1及其受体在 SAC编号: S08705230400 ...

制冷剂、液氯等产品价格上行，轮胎行 证 券 业迎来涨价潮 研 究 ——基础化工行业周报（20240318-20240324） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl市e_场Su行mm情a走ry]势 过去一周，基础化工指数涨跌幅为-0.12%，沪深300指数涨跌幅为- [行Ta业bl:e _Indu基st础ry]化 工 0.70%；基础化工板块跑赢沪深300指数0.58个百分点，涨幅居于所有 日期: s 20h2z4q年da0t3e月m2a6r日k 板块第15位。基础化工子行业以下跌为主，跌幅靠前的子行业有：钾肥 （-5.25%），氮肥（-3.72%），有机硅（-2.95%）。 [T分ab析le师_A: utho于r]庭 泽 ◼ 化工品价格走势 SAC编号: S0870523040001 周涨幅排名前五的产品分别为：烧碱（54.35%）、R32（20.00%）、 液氯（9.96%）、硫酸（8.23%）、国际氯化钾（6.83%）。周跌幅前 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 五的产品分别为：二氯乙烷（-8.40%）、辛醇（-5.36%）、尿素（- ...

Investment Rating - The investment rating for BYD is "Buy" (maintained) [4][13]. Core Views - In 2023, BYD achieved a revenue of 602.31 billion yuan, a year-on-year increase of 42.04%, and a net profit attributable to shareholders of 30.04 billion yuan, up 80.72% year-on-year. The fourth quarter alone saw a revenue of 180.04 billion yuan, growing 15.14% year-on-year, with a net profit of 8.67 billion yuan, an increase of 18.64% year-on-year [4]. - The significant growth in 2023 was driven by a 67.69% increase in vehicle sales, with a domestic market share of 31.9%, up 4.8 percentage points year-on-year [4]. - The company improved its profitability with a gross margin of 20.21%, up 3.17 percentage points year-on-year, and an automotive gross margin of 23.02%, up 2.63 percentage points year-on-year [4]. - Despite a 6.14% year-on-year decline in sales in the first two months of 2024, the company remains optimistic about future growth due to new policies and brand strategies [4]. Summary by Sections Financial Performance - In 2023, BYD's revenue was 602.31 billion yuan, with a year-on-year growth of 42.04%. The net profit was 30.04 billion yuan, reflecting an 80.72% increase [4][6]. - The company expects net profits for 2024, 2025, and 2026 to be 37.76 billion yuan, 44.95 billion yuan, and 51.55 billion yuan, respectively, with growth rates of 25.70%, 19.05%, and 14.67% [4][6]. Market Position and Strategy - BYD's vehicle sales surged in 2023, contributing to its strong financial performance. The company aims to leverage new policies and its brand matrix to stimulate future sales growth [4]. - The launch of its first automotive transport roll-on/roll-off ship in January 2024 is expected to enhance overseas sales as the company expands into over 50 international markets [4]. Cost Management and R&D - The overall gross margin for 2023 was 20.21%, with a focus on cost management and efficiency improvements. R&D expenses accounted for 6.57% of revenue, reflecting the company's commitment to innovation [4][6].

英伟达发布新一代 GPU 架构，NVLink 证 券 连接技术迭代升级 研 究 ——人工智能行业跟踪报告 报 告 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 事件描述 [行Ta业bl:e _Indu计st算ry]机 2024年3月19日，英伟达正式发布Blackwell架构的GPU B200、计算 日期: s 20h2z4q年da0t3e月m2a9r日k 平台HGX B200以及新一代NVLink 5.0连接技术。同时，英伟达基于 B200和Grace CPU推出了超级芯片GB200，以及由72张GB200组成 [T分ab析le师_A: utho刘r]京 昭 的DGX GB200 NVL72超级计算机。 SAC编号: S0870523040005 值得关注的是，新一代NVLink连接技术支持单块Blackwell架构的GPU [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 实现1.8TB/s的传输带宽。根据SemiAnalysis的测算，鉴于DGX GB200 NVL72拥有72个OSFP端口，每个端口对应于1个400G或 计算机 沪深 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][23]. Core Insights - The company reported a revenue of 38.42 billion yuan, an adjusted net profit of 9.01 billion yuan, and an adjusted net profit attributable to the parent of 9.00 billion yuan for 2023, representing year-on-year growth of 8.6%, 32.3%, and 29.4% respectively [5]. - The company achieved a package volume of 30.2 billion pieces in 2023, a year-on-year increase of 23.8%, and expanded its market share by 0.8 percentage points to 22.9% [6]. - The company plans to distribute a cash dividend of $0.62 per share for 2023, a year-on-year increase of 67.6%, and has announced a dividend payout ratio of no less than 40% for 2024 [6][8]. Revenue Analysis - The core express business revenue increased from 34.16 billion yuan to 37.51 billion yuan, a year-on-year growth of 9.8%, with express service revenue accounting for 92.4% of total revenue [6]. - The average revenue per package decreased by 11.3% to 0.16 yuan, with 0.05 yuan attributed to incremental subsidies [6]. Cost Analysis - Total operating costs for 2023 were recorded at 26.76 billion yuan, with a year-on-year increase of only 1.6% [6]. - The company benefited from economies of scale, optimized transportation routes, and a decrease in fuel prices, leading to a 12.1% year-on-year decline in unit transportation costs [6]. Profitability - The gross profit for 2023 was 11.66 billion yuan, a year-on-year increase of 29.0%, with the gross margin improving by 4.8 percentage points to 30.4% [6]. - The operating profit margin increased by 4.1 percentage points to 26.0% for the year [6]. Future Projections - The company expects a package volume of 34.73 to 35.64 billion pieces in 2024, representing a year-on-year growth of 15% to 18% [8]. - Revenue projections for 2024 to 2026 are 44.25 billion yuan, 49.28 billion yuan, and 52.84 billion yuan, with corresponding year-on-year growth rates of 15.2%, 11.4%, and 7.2% [8].

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [6]. Core Insights - The 110th National Sugar and Wine Fair was held from March 20 to 22, 2024, in Chengdu, with a record exhibition area of 325,000 square meters, aimed at boosting consumption and economic vitality in the food and beverage sector [6][45]. - The liquor, beverage, and refined tea manufacturing industry grew by 8.1% in January-February 2024, indicating strong performance within the sector [6][45]. - New product launches from major brands like Moutai and Luzhou Laojiao highlight the ongoing innovation and market expansion efforts in the liquor segment [6][45][47]. - The fruit wine market is projected to grow significantly, with the market size expected to exceed 200 billion yuan by 2025 [9][48]. Summary by Sections Industry News - The 110th National Sugar and Wine Fair showcased a transformation in format, promoting a global benchmark for consumer festivals [6][45]. - The 20th China International Wine Expo took place in Luzhou, focusing on international collaboration and brand promotion [6][45]. - Moutai launched new products, including blueberry sparkling wine, reflecting a trend towards diversification in product offerings [6][9][48]. Performance Metrics - The SW Food and Beverage Index decreased by 0.85% this week, underperforming compared to the CSI 300 Index [52]. - The liquor manufacturing sector showed robust growth, with a reported increase of 8.1% in early 2024 [6][45]. Investment Recommendations - For liquor, focus on companies like Luzhou Laojiao and Moutai, which are positioned to benefit from both high-end and mass-market demand [12][51]. - In the beer segment, companies such as China Resources Beer and Qingdao Beer are recommended due to their product optimization and market expansion strategies [12][51]. - The report suggests monitoring the frozen food sector, particularly companies like Anjui Foods, which are expected to benefit from the growing demand for pre-prepared meals [12][51].