Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 20% within the next six months [2]. Core Insights - The company reported a revenue of 11.474 billion yuan for 2023, representing a year-on-year growth of 8.81%. The net profit attributable to shareholders was 1.055 billion yuan, with a year-on-year increase of 6.69%. The net profit after deducting non-recurring items was 1.026 billion yuan, showing a growth of 22.73% [6][10]. - The company is expected to achieve net profits of 1.228 billion yuan, 1.458 billion yuan, and 1.731 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 16.40%, 18.68%, and 18.76% [10]. - The report highlights the company's strong performance in its CDMO (Contract Development and Manufacturing Organization) business, which generated revenue of 2.005 billion yuan in 2023, reflecting a year-on-year growth of 27.10% [12]. Financial Summary - The company's revenue is projected to grow from 11.474 billion yuan in 2023 to 16.888 billion yuan in 2026, with annual growth rates of 8.8%, 12.0%, 14.3%, and 15.0% respectively [9]. - The gross profit margin is expected to improve from 25.7% in 2023 to 28.4% in 2026, while the net profit margin is projected to increase from 9.2% to 10.3% over the same period [19]. - The earnings per share (EPS) is forecasted to rise from 0.90 yuan in 2023 to 1.47 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 14.82 to 9.03 [19].

Investment Rating - The report maintains an "Overweight" rating for the beauty care industry [7] Core Insights - The 38th Women's Day promotion has concluded, highlighting the performance of domestic brands [7][15] - The demand for sunscreen products continues to grow, with stable prices and new capacity being released [8][16] - The launch of Winona 2.0 marks a new era in sensitive skin care, focusing on comprehensive solutions [9][18] Summary by Sections 1. Main Insights - The 38th Women's Day promotion included two phases: Pre-sale from February 28 to March 3, and Renewal Week from March 4 to March 8. Promotions included direct discounts and cross-store reductions [7][15] - Li Jiaqi's beauty festival achieved a GMV exceeding 9 billion yuan, with domestic brands accounting for approximately 3.2 billion yuan, or 35.3% of the total [7][15] 2. Market Review - The beauty care industry index decreased by 2.24%, underperforming the CSI 300 index by 2.44 percentage points, ranking 26th among 31 sectors [20] - The individual stock performance showed significant fluctuations, with Kosi Co., Ltd. and others leading in gains, while brands like Proya and Huaxi Bio faced declines [24] 3. Industry News and Announcements - Kosi Co., Ltd. reported stable prices for sunscreen products and ongoing demand growth, with new production capacity expected to contribute positively in 2024 [8][16] - Winona's 2.0 strategy aims to enhance sensitive skin care solutions, introducing upgraded products with improved efficacy [9][18] - The company plans to expand internationally, starting with Southeast Asia in 2024 [9][19]

全球及国内投融资逐步恢复，两会定调医疗健 证 券 康行业全年工作任务 研 究 ——医药生物行业周报（20240304-0308） 报 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 告 持） 2024M2 全球及国内医药生物投融资环境继续回暖。据动脉橙产业智 [行Ta业bl:e _Indu医 st药ry]生 物 库不完全统计，2024年2月，全球医疗健康领域共发生193起融资事 日期: s 20h2z4q年da0t3e月m0a9r日k 件（不包括 IPO、定向增发等），披露融资总额约 76 亿美元。其中， 国内市场共发生 60 起融资事件，披露融资总额约 9.25 亿美元；海外 [T分ab析le师_A: utho邓r]周 宇 市场共发生 133 起融资事件，披露融资总额超 66.75 亿美元。从交易 金额、融资事件数量及新兴领域专注度等方面环比 2024M1 全球医疗 Tel: 0755-23603292 健康产业的投融资情况，2024M2 投融资规模整体呈现上升趋势，总 E-mail: dengzhouyu@shzq.com 额环比上升约79.68%。在医药生物细 ...

头部餐饮相继开放加盟，入境免签再扩 证 券 容 研 究 ——社服行业周报（2024.03.04-03.08） 报 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 告 持） 海底捞开放加盟模式，中国餐饮连锁化率持续走高。海底捞发布公 [行Ta业bl:e _Indu社st会ry]服 务 日期: s 20h2z4q年da0t3e月m1a0r日k 告，将推行海底捞餐厅的加盟特许经营模式，以多元经营模式进一步 推动餐厅网络的扩张步伐。截至 2023 年12 月31 日，海底捞年度持续 [T分ab析le师_A: utho翟r]宁 馨 经营业务收入预计将不低于人民币 414.0 亿元，增加比例不低于 Tel: 021-53686140 33.3%，净利润将不低于人民币 44.0 亿元。撇除汇兑收益及损失的影 E-mail: zhainingxin@shzq.com SAC编号: S0870523100005 响，相较 2023 年上半年，海底捞 2023 年下半年净利润预期增加不低 于 10.0%。2023 年以来，伴随餐饮市场的强势回暖，头部餐饮企业开 [最Ta近bl一e_年Q ...

京东 23 年收入增长超预期，加大回购及 证 券 分红强化股东回报 研 究 ——行业周报（20240304-0308） 报 告 [Table 增_R 持at （ing 维] [◼Ta bl周e_度Su核mm心a观ry]点 ： 持） 黄金珠宝： [行Ta业bl:e _Indu商st贸ry]零 售 日期: s 20h2z4q年da0t3e月m1a0r日k 上海黄金交易所金价首次突破 500 元，在金价震荡上行趋势下，黄金 品类有望延续高景气表现。上海金交所黄金现货 3 月 7 日收盘价首次 [T分ab析le师_A: utho张r]洪 乐 突破 500 元/g，创历史新高，2024 年以来金价涨幅为 5%；各大品牌 Tel: 021-53686159 商门店黄金首饰价格已经突破 650 元/g。2023 年以黄金产品销售为主 E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 的公司业绩兑现较强，近日老凤祥发布 2023年业绩快报， 2023年实 现营业总收入714.36亿元，同比增长13.37%；实现归母净利润22.14 [最Ta近bl一e_年Qu行o业teP指i ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by over 20% within the next six months [8]. Core Insights - The company is a leading player in tire frame materials, experiencing a profit reversal and performance recovery. It has shown continuous revenue growth, with a CAGR of 30% from 2020 to 2022, primarily due to capacity expansion and the acquisition of Shengtong Steel Cord [24][45]. - The company has successfully turned around its net profit in Q1 to Q3 of 2023, achieving a year-on-year increase of 162.73%, driven by recovering demand and a decrease in raw material prices [24][45]. - The company is actively expanding its overseas market presence and optimizing energy projects to reduce costs, with overseas orders increasing by 58% in H1 2023 [44][45]. Financial Summary - Revenue is projected to grow from 59.24 billion in 2023 to 71.67 billion in 2025, with year-on-year growth rates of 13.64%, 10.50%, and 9.48% respectively [45]. - The net profit is expected to recover from a loss of 255 million in 2022 to profits of 1.10 billion, 2.04 billion, and 3.29 billion in 2023, 2024, and 2025 respectively, reflecting significant year-on-year growth [45]. - The company's earnings per share (EPS) is forecasted to improve from -0.75 in 2022 to 0.32 in 2023, 0.60 in 2024, and 0.96 in 2025 [45]. Company Overview - The company was established in 2003 and initially focused on the production of tire steel wire. It has since expanded its product offerings to include steel cord and rubber hose steel wire, becoming a market leader in tire steel wire production [54]. - The company has a stable control structure, with the major shareholders holding approximately 58.62% of the shares, ensuring a professional management team [37][44]. Market Dynamics - The tire industry is experiencing a recovery, with a reported 13.22% year-on-year increase in tire production among key manufacturers in early 2023 [43]. - The company is positioned to benefit from technological advancements and a decrease in raw material prices, which are expected to enhance its competitive edge in the market [43][44].

Investment Rating - The industry investment rating is maintained at "Accumulate" [7][12]. Core Viewpoints - The humanoid robot industry is approaching a significant transition from "0-1" to "1", with 2024 expected to be the year of commercialization for humanoid robots, led by Tesla's humanoid robot [7][8]. - The inclusion of UBTECH in the Hong Kong Stock Connect list and its recent activities in the NIO factory highlight the positive developments in both domestic and international humanoid robot manufacturers [3][8]. - The upcoming NVIDIA GTC conference is anticipated to accelerate the development of humanoid robot software, showcasing advancements in AI and robotics [5][8]. Software Segment Summary - The NVIDIA GTC conference is expected to showcase breakthroughs in AI and robotics, enhancing the capabilities of humanoid robots [5]. - OpenAI's recent advancements in generative video models indicate a significant improvement in robots' perception and cognitive abilities, which may lead to more human-like functionalities [5]. Hardware Segment Summary - Domestic Tier 1 manufacturers are experiencing rapid growth in the bionic robot sector, indicating a promising market outlook [6]. - Tesla's humanoid robot, Optimus, has shown improvements in walking stability and speed, with a target for mass production by 2025 [6]. Investment Recommendations - The report suggests focusing on domestic component manufacturers that are likely to benefit from the humanoid robot industry's growth, particularly in high-tech and high-value segments [8]. - Key areas of interest include assembly, sensors, reducers, lead screws, motors, and equipment, with specific companies highlighted for their potential [8].

具身智能是 AI 的终极形态，持续关注人形机器人产 证 券 业链 研 ——机械行业周报（2024.2.26-2024.3.1） 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（2024.2.26-2024.3.1），中信机械行业上涨5.16%，表现处 [行Ta业bl:e _Indu机st械ry] 于中上游，在所有一级行业中涨跌幅排名第6。具体来看，工程机械上 日期: s 20h2z4q年da0t3e月m0a7r日k 涨1.83%，通用设备上涨5.53%，专用设备上涨6.14%，仪器仪表上涨 3.04%，金属制品上涨1.37%，运输设备上涨6.84%。 [T分ab析le师_A: utho刘r]阳 东 ◼ 主要观点 Tel: 021-53686144 具身智能具备由“大脑”“小脑”“脑干”组成的完整人脑结构以及 E-mail: liuyangdong@shzq.com 可实现行动的机器身体：具身智能概念在1950年首次被提出，指能够 SAC编号: S0870523070002 与环境交互感知，具备自主规划、决策、行动、执行能力的机器人或 分析 ...

Investment Rating - The investment rating for the company is "Buy" [53] Core Viewpoints - The company is a leading domestic transmission system enterprise with a strong focus on the automotive, rail transit, and aerospace sectors. Its main products include synchronizer series products, differential series products, and aerospace components. The synchronizer business is expected to achieve stable growth due to its competitive advantages and high industry entry barriers [81][87]. - The company is actively expanding its differential business, which has a large market size and is transitioning to direct procurement of assembly products by vehicle manufacturers. The company has three competitive advantages in this area: a complete industrial chain layout, a broad customer base, and well-established production capacity [81][82]. - The company is also rapidly entering the aerospace sector through acquisitions and partnerships, enhancing its product structure and core competitiveness [81][82][37]. - The company is investing in new businesses such as motor shafts and precision planetary reducers, which are expected to see significant demand growth driven by the rapid penetration of new energy vehicles [81][82][40]. Summary by Sections Motor Shaft Market - The motor shaft is a key component for electric motors, with a projected demand of 15.98 million units in China by 2026, driven by the growth of the new energy vehicle market. The company is investing 5.5 billion yuan to establish a production base for 2 million motor shafts annually, expected to start production in 2024 [40][70][12]. Synchronizer Business - The synchronizer is the company's largest business segment, generating 994 million yuan in revenue in 2022, accounting for 67.53% of total revenue, with a gross margin of 31.19%. The business is expected to grow steadily, with revenue projections of 740 million yuan, 780 million yuan, and 820 million yuan over the next three years [5][47][36]. Aerospace Business - The company is actively developing its aerospace business, having acquired Haoyiqiang and established partnerships with leading commercial aerospace companies. This segment is projected to achieve revenues of 222 million yuan, 255 million yuan, and 294 million yuan over the next three years, with a stable gross margin of 60% [21][23][48]. Precision Planetary Reducer - The company is entering the precision planetary reducer market, which is crucial for robotics. The product is expected to achieve mass production by Q4 2023, with a projected revenue of 40 million yuan in 2024 and 150 million yuan in 2025 [71][73][33].

关注新质生产力，赋能轻纺制造和消费 证 券 ——轻工纺服行业周报（20240226-0301） 研 究 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 报 告 行情回顾：本周（2024.02.26-2024.03.01，下同），A股SW纺织服装 [行Ta业bl:e _Indu纺 st织ry]服 饰 行业指数上涨 0.66%，轻工制造行业上涨 1.02%，而沪深 300 上涨 日期: s 20h2z4q年da0t3e月m0a3r日k 1.38%，上证指数上涨 0.74%。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19位和第16位。 [T分ab析le师_A: utho杜r]洋 Tel: 021-53686169 1） 纺织服装：两会提出新质生产力赋能，多家纺服企业业绩预喜。 E-mail: duyang@shzq.com 2024 年全国“两会”纺织行业代表委员提出纺服行业相关话题。从中 SAC编号: S0870523090002 央到地方，围绕发展新质生产力、优化营商环境、深化改革开放等方 面密集出台政策，树信心、鼓干劲、作部署、抓落实。提出我 ...