Investment Rating - The investment rating for the company is "Buy" (maintained) [10][19]. Core Views - The company reported a revenue of 113.47 billion RMB for 2023, representing a year-over-year increase of 20.5%. The operating profit was 6.43 billion RMB, and the net profit was 6.40 billion RMB, with adjusted profit at 10.27 billion RMB [6][10]. - The company has entered a profitable phase, with significant growth in user engagement and revenue streams, particularly in e-commerce and advertising [7][8]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 113.47 billion RMB in 2023, with a year-over-year growth of 20.5%. The operating profit was 6.43 billion RMB, marking a turnaround from a loss of 12.6 billion RMB in 2022 [6][8]. - The gross profit for 2023 was 57.39 billion RMB, up 36.2% from 42.13 billion RMB in 2022, resulting in a gross margin of 50.6%, an increase of 5.9 percentage points [8][10]. User Growth and Engagement - Monthly active users reached 700 million in Q4 2023, with daily active users averaging 382.5 million, reflecting a year-over-year increase of 4.5% [7]. - The average daily usage time per user was 124.5 minutes, indicating strong user engagement [7]. Revenue Breakdown - Online marketing services generated 60.30 billion RMB in revenue, a year-over-year increase of 22.97%. The number of active marketing clients grew significantly, with Q4 revenue reaching 18.2 billion RMB [9]. - E-commerce revenue was 39.05 billion RMB, up 10.4% from the previous year, driven by an increase in active paying users and merchants [9]. - The overseas business reported a revenue of 847 million RMB in Q4 2023, nearly doubling year-over-year, with a significant reduction in operating losses [9]. Future Projections - Revenue projections for 2024-2026 are set at 128.36 billion RMB (up 13.12%), 141.48 billion RMB (up 10.22%), and 157.92 billion RMB (up 11.62%), respectively. Net profit is expected to reach 11.99 billion RMB, 17.11 billion RMB, and 22.04 billion RMB in the same period [10][13].

煤企业绩陆续发布，高分红彰显板块价 证 券 值 研 究 ——煤炭行业周报 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl核e_心Su观mm点a ry] 龙头煤企高分红提振板块信心。2023年中国神华共实现归母净利润 [行Ta业bl:e _Indu煤st炭ry] 596.94亿元，基本每股收益为 3.004 元/股（中国会计准则下）；根据 日期: s 20h2z4q年da0t3e月m2a6r日k 公司2023年度现金分红方案，派发 2023 年度末期股息现金人民币 2.26 元/股（含税），共计449.03亿元，占2023年度归属于公司股东净利润 [T分ab析le师_A: utho于r]庭 泽 的75.2%，高于2022年的72.8%。我们认为中国神华作为煤炭龙头率先 SAC编号: S0870523040001 公布高比例分红方案，彰显投资价值，有望大大提振板块信心。 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 动力煤：供强需弱，煤价阶段性下行 国内动力煤市场行情弱势下滑，煤价跌跌不休，降价幅度较大。截止到 煤炭 沪深300 23% 3月21日，动力煤市场均价 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [24]. Core Viewpoints - The company has established itself as a leader in the domestic high-end nano-silica market, focusing on high-value-added products and gradually achieving import substitution in the Asia-Pacific region [27][41]. - The global demand for silica is on the rise, with a projected growth rate of 8.6% for the silica industry [6]. - The company has a strong growth trajectory, with revenue and net profit expected to increase significantly in the coming years [41]. Summary by Sections 1. Domestic High-End Silica Industry Leader - The company has over ten years of experience in the nano-silica market, transitioning from raw material production to downstream applications [59]. - As of the end of 2022, the company had a silica production capacity of 14,000 tons, with a market share of 10-13% for its matting agents in the Asia-Pacific region [24][35]. 2. Nano-Silica: Broad Space for Import Substitution - The market for precipitated silica is expected to grow from $2.11 billion in 2014 to $3.49 billion in 2023 [9]. - The company’s products, including matting agents, adsorbents, opening agents, and anti-rust pigments, have significant potential for growth in market share [41][81]. 3. Company Focused on High-End Market and Capacity Expansion - The company plans to increase its production capacity by 20,000 tons of high-end silica, enhancing its market share [40]. - The company has established partnerships with well-known domestic and international clients in the coatings and petrochemical industries [35]. 4. Profit Forecast and Investment Recommendations - Revenue is projected to reach 460 million yuan in 2023, with a year-on-year growth rate of 14.7% [28]. - The net profit is expected to be 119 million yuan in 2023, reflecting a growth rate of 30.4% [28]. - The report anticipates a significant increase in earnings per share (EPS) from 1.09 yuan in 2023 to 2.17 yuan in 2025 [41].

英伟达发布 Project GR00T 赋能人形机器人产业发 证 券 展，CME 预估国内挖机销量 边际改善 研 ——机械行业周报（2024. 3. 18-2024.3.22） 究 报 [Table 增_R 持at （ing 维] [◼T abl行e_情Su回mma顾ry ] 持） 告 过去一周（2024.3.18-2024.3.22），中信机械行业下跌0.19%，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da0t3e月m2a7r日k 械下跌1.25%，通用设备下跌0.82%，专用设备上涨0.01%，仪器仪表 上涨1.29%，金属制品上涨0.97%，运输设备上涨0.73%。 [T分ab析le师_A: utho刘r]阳 东 ◼ 主要观点 Tel: 021-53686144 英伟达发布机器人基础模型项目 Project GR00T，有望赋能人形机器 E-mail: liuyangdong@shzq.com 人产业发展。2024年3月19日，英伟达在举办的GTC大会上推出了 SAC编号: S087052307000 ...

证 券 研 究 报 告 2024年03月25日 [日期Table_Industry] : shzqdatemark [◼Table_Summary] 投资摘要 [Table_QuotePic] 最近一年沪深 300 走势 [Table_ReportInfo] 相关报告： 《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 《新质生产力或为下一条大主线》 ——2024 年 03 月 04 日 ——策略（权益&转债）周报（2024-03-18—2024-03-22） 中信一级行业指数表现（周涨幅前5）：传媒(8.92%)，农林牧渔 (4.51%)，计算机(3.51%)，电子(1.48%)，国防军工(1.00%) 议息会议维持利率不变：美国联邦储备委员会美国时间3月20日结束为 期两天的货币政策会议，将联邦基金利率目标区间维持在5.25%至 5.5%之间。这是美联储自2023年9月以来连续第五次会议维持利率不 变。根据当天同步发布的经济前景展望，负责制定货币政策的联邦公 开市场委员会19名成员中的多数预计今年内将有三次 ...

供需结构逐渐好转，AI 提供新动能 证 券 ——铜价跟踪系列 研 究 [Table 增_R 持at （ing 维] [Ta bl主e_要Su观mm点a ry] 持） 报 告 铜供需结构逐渐好转提供上涨的良好基础 [行Ta业bl:e _Indu有 st色ry]金 属 从23年末开始，铜供给端的扰动不断，首先是23年11月末，第一量子 日期: s 20h2z4q年da0t3e月m2a6r日k 旗下的Cobre Panama被认为违宪，该矿年产量达35万吨，占全球铜 产量的1.5%；同时英美资源将2024年的铜产量指引从91万—100万吨 [T分ab析le师_A: utho花r]小 伟 下调至73万—79万吨，其中智利和秘鲁铜矿指引分别下调约13万吨和 Tel: 021-53686135 6.5万吨；2024年3月，Codelco旗下的Radomiro Tomic铜矿由于一名 E-mail: huaxiaowei@shzq.com 工人意外身亡而发生罢工事件（2023年Radomiro Tomic铜产量为31.5 SAC编号: S0870522120001 万吨）。综上，2024年全球铜供给可能会收缩60万吨以上 ...

Economic Performance - In January-February 2024, national fixed asset investment (excluding rural households) reached 50,847 billion yuan, with a year-on-year growth of 4.2%, accelerating by 1.2 percentage points compared to the full year of 2023[6] - Industrial production continued to accelerate, with a year-on-year growth of 7.0% in January-February 2024, up from 6.8% in December 2023[69] - The real estate development investment in January-February 2024 was 11,842 billion yuan, a year-on-year decline of 9.0%, indicating a narrowing of the decline[10] Investment Trends - Manufacturing investment grew by 9.4%, accelerating by 2.9 percentage points[6] - Infrastructure investment (excluding power, heat, gas, and water production and supply) increased by 6.3%, with an acceleration of 0.4 percentage points[6] - Private fixed asset investment was 26,753 billion yuan, with a year-on-year growth of 0.4%[6] Consumption Insights - The total retail sales of consumer goods in January-February 2024 reached 81,307 billion yuan, with a year-on-year growth of 5.5%, indicating a decline in consumption growth primarily due to base effects[52] - Retail sales of consumer goods excluding automobiles amounted to 74,194 billion yuan, growing by 5.2%[52] Market Outlook - The macroeconomic environment is expected to stabilize and recover, supported by policy incentives and economic resilience, with a dual recovery pattern anticipated in 2024[38] - The government plans to issue 1 trillion yuan in special long-term bonds this year to enhance fiscal stimulus, which is expected to support infrastructure investment growth[49]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [6][27]. Core Insights - The capital expenditures of China Mobile and China Unicom remained stable in 2023, with accelerated construction of computing networks [7][21]. - China Unicom reported a revenue of 372.6 billion yuan in 2023, a year-on-year increase of 5.0%, and a net profit of 8.2 billion yuan, up 12.0% year-on-year [7][21]. - China Mobile achieved a revenue of 1,009.3 billion yuan, a 7.7% increase year-on-year, with a net profit of 131.8 billion yuan, up 5.0% year-on-year [21][23]. - The AI market is experiencing increased differentiation, with significant growth opportunities in quantum technology and computing power leasing [8][24][26]. Summary by Sections 1. Market Performance - The communication sector index increased by 0.96% from January 18 to January 24, 2024, ranking third among 30 primary industries [6][16]. - Top-performing stocks included Xinya Electronics (+43.94%) and Guodun Quantum (+26.16%) [18]. 2. Key Insights - China Unicom's cloud business saw a revenue increase of 41.6% year-on-year, reaching 51 billion yuan, with cloud resources covering over 230 cities [7][20]. - China Mobile's capital expenditure was approximately 180.3 billion yuan, accounting for 20.9% of its main revenue, with a focus on enhancing connectivity and computing capabilities [21][23]. 3. Industry News - The demand for Ethernet optical modules is recovering, with 800G module sales surpassing 400G for the first time in Q4 2023 [29][31]. - The 50G PON network is expected to see significant growth, with a projected compound annual growth rate of 90% from 2024 to 2029 in Asia [32]. 4. Important Announcements - The report suggests focusing on key players in the industry, including China Mobile, China Unicom, and companies in the optical module and computing power leasing sectors [27][33].

低空经济备受瞩目，重视半导体零部件 证 券 细分赛道国产替代机遇 研 究 ——电子行业周报（2024.03.18-2024.03.22） 报 [Table 增_R 持at （ing 维] [◼Ta bl核e_心Su观mm点a ry] 告 持） 市场行情回顾 [行Ta业bl:e _Indu电st子ry] 过去一周（03.18-03.22），SW电子指数上涨1.74%，板块整体跑赢沪 深300指数2.44 pct，从六大子板块来看，其他电子Ⅱ、消费电子、半 日期: s 20h2z4q年da0t3e月m2a5r日k 导体、电子化学品Ⅱ、元件、光学光电子涨跌幅分别为 6.21%、 4.55%、1.29%、1.05%、0.61%、-0.23%。 [T分ab析le师_A: utho马r]永 正 核心观点 Tel: 021-53686147 低空经济：低空经济为新质生产力代表，政策利好频出。2024 年以 E-mail: mayongzheng@shzq.com 来，中央陆续颁布多个低空经济政策——3月5日，国务院两会政府工 作报告提及“打造低空经济等新增长引擎”；3月18日，民航局召开通 SAC编号: S08705230 ...

周观点：Kimi 升级 200 万超长文本输入， 证 券 Colossal AI 开源视频生成模型 Open Sora 研 1.0 究 报 ——互联网传媒行业周报（20240318-20240324） 告 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 3 月 18 日，月之暗面宣布 Kimi 智能助手启动 200 万字无损上下文内 [行Ta业bl:e _Indu传st媒ry] 测，过去要 10000 小时才能成为专家的领域，现在只需要 10 分钟， 日期: s 20h2z4q年da0t3e月m2a5r日k Kimi 就能接近任何一个新领域的初级专家水平。Kimi 是人工智能初创 公司月之暗面于 2023 年 10 月推出的一款智能助手，主要有长文总结 [T分ab析le师_A: utho陈r]旻 和生成、联网搜索、数据处理、编写代码、用户交互、翻译 6 项功 Tel: 021-53686134 能，是全球首个支持输入 20 万汉字的智能助手产品。Kimi Chat 最多 E-mail: chenmin@shzq.com 支持 20万汉字的超长文本输入，是目前全 ...